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, 2018—June 30, 2018
Item 1: Reports to Shareholders
Semiannual Report | June 30, 2018 |
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 |
CEO’s Perspective. | 3 |
Tax-Managed Balanced Fund. | 5 |
Tax-Managed Capital Appreciation Fund. | 93 |
Tax-Managed Small-Cap Fund. | 114 |
About Your Fund’s Expenses. | 134 |
Trustees Approve Advisory Arrangements. | 136 |
Glossary. | 138 |
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 generally climbed over the six months ended June 30, 2018, even as volatility heightened. The overall U.S. bond market declined as inflation concerns increased.
• For the period, returns for the Vanguard Tax-Managed Funds ranged from more than 1% for Vanguard Tax-Managed Balanced Fund to more than 9% for Vanguard Tax-Managed Small-Cap Fund. Vanguard Tax-Managed Capital Appreciation Fund returned nearly 3%.
• The municipal bond market, as measured by the Bloomberg Barclays 1–15 Year Municipal Bond Index, returned –0.07% for the period. Municipal bonds compose about half the Balanced Fund’s assets.
• All three funds performed in line with their benchmark indexes and exceeded the average returns of their peers.
• The funds’ advisors—Vanguard Equity Index Group and Vanguard Fixed Income Group—use various portfolio management strategies to minimize the funds’ taxable gains, while deviating as little as possible from an indexing strategy.
Total Returns: Six Months Ended June 30, 2018 | |
Total | |
Returns | |
Vanguard Tax-Managed Balanced Fund | 1.35% |
Tax-Managed Balanced Composite Index | 1.55 |
Mixed-Asset Target Allocation Moderate Funds Average | -0.45 |
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 | 2.74% |
Institutional Shares | 2.74 |
Russell 1000 Index | 2.85 |
Multi-Cap Core Funds Average | 1.76 |
Multi-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
Vanguard Tax-Managed Small-Cap Fund | |
Admiral Shares | 9.27% |
Institutional Shares | 9.28 |
S&P SmallCap 600 Index | 9.39 |
Small-Cap Core Funds Average | 4.77 |
Small-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. |
Admiral Shares carry lower expenses and are available to investors who meet certain account-balance requirements. Institutional Shares are available to certain institutional investors who meet specific administrative, service, and account-size criteria.
1
Expense Ratios | |||
Your Fund Compared With Its Peer Group | |||
Admiral | Institutional | Peer Group | |
Shares | Shares | Average | |
Tax-Managed Balanced Fund | 0.09% | — | 0.83% |
Tax-Managed Capital Appreciation Fund | 0.09 | 0.06% | 1.11 |
Tax-Managed Small-Cap Fund | 0.09 | 0.06 | 1.20 |
The fund expense ratios shown are from the prospectus dated April 25, 2018, and represent estimated costs for the current fiscal year. For the six months ended June 30, 2018, the funds’ annualized expense ratios were: for the Tax-Managed Balanced Fund, 0.09%; for the Tax-Managed Capital Appreciation Fund, 0.09% for Admiral Shares and 0.06% for Institutional Shares; and for the Tax-Managed Small-Cap Fund, 0.09% for Admiral Shares and 0.06% for Institutional Shares. Peer-group expense ratios are derived from data provided by Lipper, a Thomson Reuters Company, and capture information through year-end 2017.
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
CEO’s Perspective
Tim Buckley
President and Chief Executive Officer
Dear Shareholder,
I feel extremely fortunate to have the chance to lead a company filled with people who come to work every day passionate about Vanguard’s core purpose: to take a stand for all investors, to treat them fairly, and to give them the best chance for investment success.
When I joined Vanguard in 1991, I found a mission-driven team focused on improving lives—helping people retire more comfortably, put their children through college, and achieve financial security. I also found a company with purpose in an industry ripe for improvement.
It was clear, even early in my career, that the cards were stacked against most investors. Hidden fees, performance-chasing, and poor advice were relentlessly eroding investors’ dreams.
We knew Vanguard could be different and, as a result, could make a real difference. We have lowered the costs of investing for our shareholders significantly. And we’re proud of the performance of our funds.
Vanguard is built for Vanguard investors—we focus solely on you, our fund shareholders. Everything we do is designed to give our clients the best chance for investment success. In my role as CEO, I’ll keep this priority
3
front and center. We’re proud of what we’ve achieved, but we’re even more excited about what’s to come.
Steady, time-tested guidance
Our guidance for investors, as always, is to stay the course, tune out the hyperbolic headlines, and focus on your goals and what you can control, such as costs and how much you save. This time-tested advice has served our clients well over the decades.
Regardless of how the markets perform in the short term, I’m incredibly optimistic about the future for our investors. We have a dedicated team serving you, and we will never stop striving to make Vanguard the best place for you to invest through our high-quality funds and services, advice and guidance to help you meet your financial goals, and an experience that makes you feel good about entrusting us with your hard-earned savings.
Thank you for your continued loyalty.
Sincerely,
Mortimer J. Buckley
President and Chief Executive Officer
July 13, 2018
Market Barometer | |||
Total Returns | |||
Periods Ended June 30, 2018 | |||
Six | One | Five Years | |
Months | Year | (Annualized) | |
Stocks | |||
Russell 1000 Index (Large-caps) | 2.85% | 14.54% | 13.37% |
Russell 2000 Index (Small-caps) | 7.66 | 17.57 | 12.46 |
Russell 3000 Index (Broad U.S. market) | 3.22 | 14.78 | 13.29 |
FTSE All-World ex US Index (International) | -3.83 | 7.28 | 6.35 |
Bonds | |||
Bloomberg Barclays U. S. Aggregate Bond Index | |||
(Broad taxable market) | -1.62% | -0.40% | 2.27% |
Bloomberg Barclays Municipal Bond Index | |||
(Broad tax-exempt market) | -0.25 | 1.56 | 3.53 |
FTSE Three-Month U. S. Treasury Bill Index | 0.78 | 1.33 | 0.38 |
CPI | |||
Consumer Price Index | 2.22% | 2.87% | 1.54% |
4
Tax-Managed Balanced Fund
Fund Profile
As of June 30, 2018
Equity and Portfolio Characteristics | |||
DJ | |||
Russell | U.S. Total | ||
1000 | Market | ||
Fund | Index | FA Index | |
Number of Stocks | 924 | 988 | 3,779 |
Median Market Cap | $78.7B | $83.3B | $64.0B |
Price/Earnings Ratio | 21.0x | 20.9x | 20.7x |
Price/Book Ratio | 3.1x | 3.1x | 3.0x |
Return on Equity | 15.4% | 15.6% | 15.0% |
Earnings Growth Rate | 8.4% | 8.3% | 8.3% |
Dividend Yield | 1.6% | 1.8% | 1.8% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | |||
(Annualized) | 9% | — | — |
Ticker Symbol | VTMFX | — | — |
Expense Ratio1 | 0.09% | — | — |
30-Day SEC Yield | 2.04% | — | — |
Short-Term Reserves | -0.2% | — | — |
Fixed Income Characteristics | |||
Bloomberg | Bloomberg | ||
Barclays | Barclays | ||
1-15 Year | Municipal | ||
Municipal | Bond | ||
Fund | Index | Index | |
Number of Bonds | 1,890 | 42,542 | 53,158 |
Yield to Maturity | |||
(before expenses) | 2.5% | 2.4% | 2.7% |
Average Coupon | 4.6% | 4.7% | 4.7% |
Average Duration | 5.1 years | 4.8 years | 6.0 years |
Average Stated | |||
Maturity | 8.5 years | 7.9 years | 12.8 years |
Total Fund Volatility Measures | ||
DJ | ||
Tax-Managed | U.S. Total | |
Balanced | Market | |
Comp Index | FA Index | |
R-Squared | 1.00 | 0.88 |
Beta | 0.96 | 0.44 |
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 | 3.5% | |
Microsoft Corp. | Computer Services | |
Software & Systems | 2.8 | |
Amazon.com Inc. | Diversified Retail | 2.6 |
Alphabet Inc. | Computer Services | |
Software & Systems | 2.6 | |
Facebook Inc. | Computer Services | |
Software & Systems | 1.8 | |
Berkshire Hathaway Inc. Insurance: Multi-Line | 1.5 | |
JPMorgan Chase & Co. | Diversified Financial | |
Services | 1.3 | |
Exxon Mobil Corp. | Oil: Integrated | 1.3 |
Johnson & Johnson | Pharmaceuticals | 1.2 |
Bank of America Corp. | Banks: Diversified | 1.0 |
Top Ten | 19.6% | |
Top Ten as % of Total Net Assets | 9.2% |
The holdings listed exclude any temporary cash investments and equity index products.
Fund Asset Allocation
1 The expense ratio shown is from the prospectus dated April 25, 2018, and represents estimated costs for the current fiscal year. For the six months ended June 30, 2018, the annualized expense ratio was 0.09%.
5
Tax-Managed Balanced Fund
Sector Diversification (% of equity exposure) | |||
DJ | |||
Russell | U.S. Total | ||
1000 | Market | ||
Fund | Index | FA Index | |
Consumer | |||
Discretionary | 14.8% | 14.3% | 14.4% |
Consumer Staples | 5.8 | 5.8 | 5.5 |
Energy | 6.1 | 6.2 | 6.1 |
Financial Services | 20.6 | 20.6 | 21.0 |
Health Care | 12.8 | 13.2 | 13.3 |
Materials & | |||
Processing | 3.3 | 3.3 | 3.6 |
Other | 0.0 | 0.0 | 0.2 |
Producer Durables | 10.6 | 10.2 | 10.4 |
Technology | 21.2 | 21.6 | 20.8 |
Utilities | 4.8 | 4.8 | 4.7 |
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 | 21.8% |
AA | 47.1 |
A | 21.4 |
BBB | 7.9 |
BB | 0.4 |
B | 0.4 |
Not Rated | 1.0 |
Credit-quality ratings are obtained from Moody's and S&P, and the higher rating for each issue is shown. "Not Rated" is used to classify securities for which a rating is not available. For more information about these ratings, see the Glossary entry for Credit Quality.
Equity Investment Focus
Fixed Income Investment Focus
Distribution by Stated Maturity | |
(% of fixed income portfolio) | |
Under 1 Year | 6.7% |
1 - 3 Years | 10.3 |
3 - 5 Years | 12.4 |
5 - 10 Years | 28.9 |
10 - 20 Years | 40.8 |
20 - 30 Years | 0.7 |
Over 30 Years | 0.2 |
Largest Area Concentrations (% of fixed | |
income portfolio) | |
New York | 14.1% |
California | 11.2 |
Texas | 10.4 |
Pennsylvania | 5.2 |
Florida | 5.1 |
Illinois | 5.1 |
Maryland | 3.5 |
Ohio | 3.4 |
Georgia | 3.0 |
New Jersey | 2.9 |
Top Ten | 63.9% |
" Largest Area Concentration" figures exclude any fixed income futures contracts.
6
Tax-Managed Balanced Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Fiscal-Year Total Returns (%): December 31, 2007, Through June 30, 2018
For a benchmark description, see the Glossary.
Note: For 2018, performance data reflect the six months ended June 30, 2018.
Average Annual Total Returns: Periods Ended June 30, 2018 | ||||||
Ten Years | ||||||
Inception Date | One Year | Five Years | Income | Capital | Total | |
Admiral Shares | 9/6/1994 | 7.60% | 8.12% | 2.49% | 4.82% | 7.31% |
See Financial Highlights for dividend and capital gains information.
7
Tax-Managed Balanced Fund
Financial Statements (unaudited)
Statement of Net Assets
As of June 30, 2018
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 (47.4%)1 | |||
Consumer Discretionary (7.0%) | |||
* | Amazon.com Inc. | 30,064 | 51,103 |
Home Depot Inc. | 88,099 | 17,188 | |
* | Netflix Inc. | 30,867 | 12,082 |
Walt Disney Co. | 112,666 | 11,809 | |
Comcast Corp. Class A | 338,389 | 11,103 | |
McDonald’s Corp. | 59,574 | 9,335 | |
Walmart Inc. | 105,249 | 9,015 | |
NIKE Inc. Class B | 94,128 | 7,500 | |
* | Booking Holdings Inc. | 3,696 | 7,492 |
Costco Wholesale Corp. | 31,393 | 6,561 | |
Lowe’s Cos. Inc. | 59,297 | 5,667 | |
Starbucks Corp. | 97,023 | 4,740 | |
* | Charter Communications | ||
Inc. Class A | 14,541 | 4,264 | |
* | Tesla Inc. | 12,335 | 4,230 |
TJX Cos. Inc. | 43,186 | 4,110 | |
Twenty-First Century Fox | |||
Inc. Class A | 76,951 | 3,824 | |
General Motors Co. | 94,300 | 3,715 | |
* | eBay Inc. | 97,361 | 3,530 |
Marriott International Inc. | |||
Class A | 27,645 | 3,500 | |
* | Dollar Tree Inc. | 36,234 | 3,080 |
Ford Motor Co. | 257,400 | 2,849 | |
Ross Stores Inc. | 32,367 | 2,743 | |
Estee Lauder Cos. Inc. | |||
Class A | 17,690 | 2,524 | |
* | O’Reilly Automotive Inc. | 8,852 | 2,422 |
Domino’s Pizza Inc. | 8,213 | 2,317 | |
CBS Corp. Class B | 41,216 | 2,317 | |
Target Corp. | 28,667 | 2,182 | |
VF Corp. | 26,400 | 2,152 | |
* | Visteon Corp. | 16,649 | 2,152 |
Dollar General Corp. | 21,792 | 2,149 | |
* | Mohawk Industries Inc. | 10,016 | 2,146 |
* | AutoZone Inc. | 3,166 | 2,124 |
* | NVR Inc. | 702 | 2,085 |
Market | |||
Value• | |||
Shares | ($000) | ||
* | LKQ Corp. | 64,985 | 2,073 |
Sirius XM Holdings Inc. | 274,776 | 1,860 | |
Yum! Brands Inc. | 23,005 | 1,799 | |
Lear Corp. | 9,633 | 1,790 | |
* | Live Nation | ||
Entertainment Inc. | 36,660 | 1,781 | |
* | Lululemon Athletica Inc. | 13,633 | 1,702 |
* | Madison Square Garden | ||
Co. Class A | 5,455 | 1,692 | |
* | ServiceMaster Global | ||
Holdings Inc. | 27,158 | 1,615 | |
Las Vegas Sands Corp. | 20,800 | 1,588 | |
Royal Caribbean Cruises | |||
Ltd. | 15,032 | 1,557 | |
MGM Resorts | |||
International | 52,646 | 1,528 | |
Hilton Worldwide | |||
Holdings Inc. | 18,834 | 1,491 | |
* | Ulta Beauty Inc. | 6,136 | 1,433 |
DR Horton Inc. | 34,933 | 1,432 | |
Twenty-First Century | |||
Fox Inc. | 28,200 | 1,389 | |
Carnival Corp. | 24,050 | 1,378 | |
Expedia Group Inc. | 11,176 | 1,343 | |
Yum China Holdings Inc. | 34,065 | 1,310 | |
Aptiv plc | 13,993 | 1,282 | |
PVH Corp. | 8,403 | 1,258 | |
* | WABCO Holdings Inc. | 10,448 | 1,223 |
Lennar Corp. Class A | 22,169 | 1,164 | |
Thor Industries Inc. | 11,733 | 1,143 | |
Best Buy Co. Inc. | 15,300 | 1,141 | |
Tapestry Inc. | 24,420 | 1,141 | |
* | Liberty Media | ||
Corp-Liberty SiriusXM | |||
Class C | 25,005 | 1,134 | |
News Corp. Class A | 71,840 | 1,114 | |
* | CarMax Inc. | 14,734 | 1,074 |
Gentex Corp. | 46,360 | 1,067 |
8
Tax-Managed Balanced Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Liberty Media | ||
Corp-Liberty SiriusXM | |||
Class A | 22,216 | 1,001 | |
Fortune Brands Home & | |||
Security Inc. | 18,483 | 992 | |
Service Corp. International | 26,808 | 959 | |
Tractor Supply Co. | 12,514 | 957 | |
* | Norwegian Cruise Line | ||
Holdings Ltd. | 20,099 | 950 | |
Dunkin’ Brands Group Inc. | 13,333 | 921 | |
Newell Brands Inc. | 35,513 | 916 | |
Wendy’s Co. | 51,618 | 887 | |
Wynn Resorts Ltd. | 5,191 | 869 | |
Advance Auto Parts Inc. | 6,304 | 855 | |
Omnicom Group Inc. | 11,079 | 845 | |
Kohl’s Corp. | 11,385 | 830 | |
* | Hilton Grand Vacations | ||
Inc. | 21,558 | 748 | |
Vail Resorts Inc. | 2,700 | 740 | |
* | Under Armour Inc. | ||
Class A | 31,760 | 714 | |
* | Discovery | ||
Communications Inc. | 26,958 | 687 | |
* | Liberty Expedia Holdings | ||
Inc. Class A | 15,603 | 686 | |
* | Liberty Broadband Corp. | 8,992 | 681 |
* | TripAdvisor Inc. | 12,195 | 679 |
Wyndham Hotels & | |||
Resorts Inc. | 11,225 | 660 | |
Tiffany & Co. | 5,000 | 658 | |
* | Bright Horizons Family | ||
Solutions Inc. | 6,390 | 655 | |
AMERCO | 1,804 | 642 | |
Polaris Industries Inc. | 5,200 | 635 | |
* | Liberty Media | ||
Corp-Liberty Formula | |||
One Class C | 16,491 | 612 | |
Hanesbrands Inc. | 27,600 | 608 | |
Lions Gate Entertainment | |||
Corp. Class B | 25,277 | 593 | |
* | Chipotle Mexican Grill | ||
Inc. Class A | 1,319 | 569 | |
John Wiley & Sons Inc. | |||
Class A | 9,018 | 563 | |
* | Michael Kors Holdings Ltd. | 8,446 | 563 |
* | Liberty Broadband Corp. | ||
Class A | 7,384 | 559 | |
* | AutoNation Inc. | 11,211 | 545 |
Gap Inc. | 16,771 | 543 | |
Darden Restaurants Inc. | 4,980 | 533 | |
* | Burlington Stores Inc. | 3,517 | 529 |
* | Under Armour Inc. | 24,748 | 522 |
Harley-Davidson Inc. | 12,290 | 517 | |
* | GCI Liberty Inc. Class A | 11,360 | 512 |
Market | |||
Value• | |||
Shares | ($000) | ||
* | Qurate Retail Group Inc. | ||
QVC Group Class A | 23,423 | 497 | |
Mattel Inc. | 29,845 | 490 | |
* | DISH Network Corp. | ||
Class A | 14,505 | 488 | |
Genuine Parts Co. | 5,303 | 487 | |
* | Urban Outfitters Inc. | 10,257 | 457 |
Hasbro Inc. | 4,500 | 415 | |
BorgWarner Inc. | 8,952 | 386 | |
Ralph Lauren Corp. | |||
Class A | 3,073 | 386 | |
Dillard’s Inc. Class A | 3,953 | 374 | |
Nielsen Holdings plc | 11,637 | 360 | |
Whirlpool Corp. | 2,408 | 352 | |
Hyatt Hotels Corp. | |||
Class A | 4,521 | 349 | |
Viacom Inc. Class B | 11,524 | 348 | |
* | Floor & Decor Holdings | ||
Inc. Class A | 6,974 | 344 | |
Macy’s Inc. | 8,700 | 326 | |
* | Wayfair Inc. | 2,703 | 321 |
Aramark | 7,898 | 293 | |
* | AMC Networks Inc. | ||
Class A | 4,574 | 284 | |
Nordstrom Inc. | 5,400 | 280 | |
Adient plc | 5,647 | 278 | |
* | Liberty Media | ||
Corp-Liberty Formula | |||
One Class A | 7,814 | 276 | |
* | Skechers U. S. A. Inc. | ||
Class A | 9,179 | 275 | |
Interpublic Group of Cos. | |||
Inc. | 11,683 | 274 | |
Lions Gate Entertainment | |||
Corp. Class A | 10,046 | 249 | |
* | Fitbit Inc. Class A | 37,908 | 248 |
Williams-Sonoma Inc. | 4,000 | 246 | |
Brinker International Inc. | 5,137 | 245 | |
* | Murphy USA Inc. | 3,205 | 238 |
* | Sally Beauty Holdings Inc. | 14,853 | 238 |
* | Michaels Cos. Inc. | 12,033 | 231 |
* | Tempur Sealy | ||
International Inc. | 4,665 | 224 | |
L Brands Inc. | 5,900 | 218 | |
PulteGroup Inc. | 6,000 | 172 | |
KAR Auction Services Inc. | 2,800 | 153 | |
Goodyear Tire & Rubber Co. | 5,972 | 139 | |
Garmin Ltd. | 2,000 | 122 | |
* | Vista Outdoor Inc. | 7,611 | 118 |
* | Avis Budget Group Inc. | 3,466 | 113 |
* | Discovery | ||
Communications Inc. | |||
Class A | 3,841 | 106 | |
Penske Automotive | |||
Group Inc. | 2,200 | 103 |
9
Tax-Managed Balanced Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Leggett & Platt Inc. | 2,300 | 103 | |
Coty Inc. Class A | 6,862 | 97 | |
Toll Brothers Inc. | 2,401 | 89 | |
* | Pandora Media Inc. | 11,184 | 88 |
Foot Locker Inc. | 1,100 | 58 | |
* | Hertz Global Holdings Inc. | 3,462 | 53 |
Lennar Corp. Class B | 1,151 | 49 | |
Carter’s Inc. | 400 | 43 | |
H&R Block Inc. | 1,700 | 39 | |
* | Caesars Entertainment | ||
Corp. | 3,100 | 33 | |
Pool Corp. | 200 | 30 | |
Brunswick Corp. | 400 | 26 | |
* | Dropbox Inc. Class A | 462 | 15 |
Bed Bath & Beyond Inc. | 100 | 2 | |
Entercom Communications | |||
Corp. Class A | 171 | 1 | |
294,676 | |||
Consumer Staples (2.8%) | |||
Procter & Gamble Co. | 198,656 | 15,507 | |
Coca-Cola Co. | 284,364 | 12,472 | |
PepsiCo Inc. | 96,864 | 10,546 | |
Philip Morris International | |||
Inc. | 121,249 | 9,790 | |
Altria Group Inc. | 141,780 | 8,052 | |
CVS Health Corp. | 75,992 | 4,890 | |
Mondelez International Inc. | |||
Class A | 109,437 | 4,487 | |
* | Monster Beverage Corp. | 73,396 | 4,206 |
Colgate-Palmolive Co. | 64,670 | 4,191 | |
Walgreens Boots Alliance | |||
Inc. | 58,778 | 3,527 | |
Constellation Brands Inc. | |||
Class A | 12,436 | 2,722 | |
Kraft Heinz Co. | 39,559 | 2,485 | |
Kimberly-Clark Corp. | 22,621 | 2,383 | |
* | Herbalife Nutrition Ltd. | 40,994 | 2,202 |
Sysco Corp. | 30,297 | 2,069 | |
Dr Pepper Snapple Group | |||
Inc. | 16,512 | 2,014 | |
* | US Foods Holding Corp. | 49,882 | 1,886 |
Tyson Foods Inc. Class A | 27,013 | 1,860 | |
Kroger Co. | 58,600 | 1,667 | |
Archer-Daniels-Midland Co. | 35,973 | 1,649 | |
McCormick & Co. Inc. | 12,780 | 1,484 | |
Brown-Forman Corp. | |||
Class B | 28,063 | 1,375 | |
Church & Dwight Co. Inc. | 25,710 | 1,367 | |
Clorox Co. | 10,000 | 1,352 | |
Hershey Co. | 13,200 | 1,228 | |
Hormel Foods Corp. | 30,684 | 1,142 | |
* | Post Holdings Inc. | 12,502 | 1,075 |
JM Smucker Co. | 9,651 | 1,037 | |
Ingredion Inc. | 9,319 | 1,032 |
Market | |||
Value• | |||
Shares | ($000) | ||
Molson Coors Brewing | |||
Co. Class B | 14,200 | 966 | |
Kellogg Co. | 11,975 | 837 | |
Conagra Brands Inc. | 18,122 | 647 | |
Bunge Ltd. | 7,914 | 552 | |
* | Sprouts Farmers Market | ||
Inc. | 23,225 | 513 | |
Energizer Holdings Inc. | 6,965 | 438 | |
* | Pilgrim’s Pride Corp. | 20,390 | 410 |
Lamb Weston Holdings | |||
Inc. | 5,600 | 384 | |
* | TreeHouse Foods Inc. | 5,369 | 282 |
General Mills Inc. | 5,914 | 262 | |
Pinnacle Foods Inc. | 2,500 | 163 | |
Flowers Foods Inc. | 4,800 | 100 | |
Campbell Soup Co. | 1,900 | 77 | |
* | Edgewell Personal Care Co. | 1,441 | 73 |
Casey’s General Stores | |||
Inc. | 200 | 21 | |
115,422 | |||
Energy (2.9%) | |||
Exxon Mobil Corp. | 309,015 | 25,565 | |
Chevron Corp. | 138,132 | 17,464 | |
Schlumberger Ltd. | 100,467 | 6,734 | |
ConocoPhillips | 84,912 | 5,912 | |
EOG Resources Inc. | 44,956 | 5,594 | |
Phillips 66 | 32,275 | 3,625 | |
Valero Energy Corp. | 31,400 | 3,480 | |
Pioneer Natural | |||
Resources Co. | 17,381 | 3,289 | |
Occidental Petroleum | |||
Corp. | 35,566 | 2,976 | |
* | Concho Resources Inc. | 20,166 | 2,790 |
Halliburton Co. | 59,825 | 2,696 | |
Anadarko Petroleum | |||
Corp. | 35,092 | 2,570 | |
Marathon Petroleum | |||
Corp. | 34,482 | 2,419 | |
Kinder Morgan Inc. | 126,000 | 2,226 | |
* | Continental Resources | ||
Inc. | 31,835 | 2,062 | |
* | Transocean Ltd. | 140,144 | 1,884 |
* | Cheniere Energy Inc. | 24,543 | 1,600 |
ONEOK Inc. | 20,484 | 1,430 | |
Andeavor | 10,812 | 1,418 | |
Diamondback Energy Inc. | 10,060 | 1,324 | |
Williams Cos. Inc. | 48,200 | 1,307 | |
Devon Energy Corp. | 28,454 | 1,251 | |
* | Energen Corp. | 17,013 | 1,239 |
Marathon Oil Corp. | 57,682 | 1,203 | |
Hess Corp. | 16,730 | 1,119 | |
* | Newfield Exploration Co. | 36,054 | 1,091 |
Noble Energy Inc. | 28,498 | 1,005 | |
Cimarex Energy Co. | 9,876 | 1,005 |
10
Tax-Managed Balanced Fund
Market | |||
Value• | |||
Shares | ($000) | ||
EQT Corp. | 17,576 | 970 | |
National Oilwell Varco Inc. | 21,529 | 934 | |
HollyFrontier Corp. | 12,392 | 848 | |
Apache Corp. | 15,838 | 740 | |
Cabot Oil & Gas Corp. | 31,004 | 738 | |
* | Antero Resources Corp. | 32,958 | 704 |
* | Parsley Energy Inc. | ||
Class A | 22,957 | 695 | |
* | Chesapeake Energy Corp. | 132,158 | 692 |
Baker Hughes a GE Co. | 18,850 | 623 | |
* | WPX Energy Inc. | 33,156 | 598 |
CNX Resources Corp. | 29,651 | 527 | |
Patterson-UTI Energy Inc. | 28,702 | 517 | |
Helmerich & Payne Inc. | 7,915 | 505 | |
* | Extraction Oil & Gas Inc. | 33,774 | 496 |
* | RSP Permian Inc. | 10,713 | 472 |
* | Centennial Resource | ||
Development Inc. | |||
Class A | 25,688 | 464 | |
* | QEP Resources Inc. | 32,295 | 396 |
RPC Inc. | 26,456 | 385 | |
Valvoline Inc. | 17,015 | 367 | |
PBF Energy Inc. Class A | 7,200 | 302 | |
* | Whiting Petroleum Corp. | 5,656 | 298 |
* | Kosmos Energy Ltd. | 35,887 | 297 |
Targa Resources Corp. | 5,300 | 262 | |
Murphy Oil Corp. | 7,300 | 246 | |
* | CONSOL Energy Inc. | 5,029 | 193 |
* | Laredo Petroleum Inc. | 18,354 | 177 |
* | Weatherford International | ||
plc | 52,044 | 171 | |
Oceaneering International | |||
Inc. | 6,475 | 165 | |
* | First Solar Inc. | 2,122 | 112 |
* | Diamond Offshore Drilling | ||
Inc. | 5,249 | 109 | |
Nabors Industries Ltd. | 16,420 | 105 | |
* | Apergy Corp. | 2,431 | 101 |
Range Resources Corp. | 6,046 | 101 | |
* | Rowan Cos. plc Class A | 4,859 | 79 |
SM Energy Co. | 2,600 | 67 | |
120,734 | |||
Financial Services (9.8%) | |||
* | Berkshire Hathaway Inc. | ||
Class B | 164,319 | 30,670 | |
JPMorgan Chase & Co. | 254,316 | 26,500 | |
Bank of America Corp. | 714,336 | 20,137 | |
Wells Fargo & Co. | 323,191 | 17,918 | |
Visa Inc. Class A | 135,019 | 17,883 | |
Mastercard Inc. Class A | 68,100 | 13,383 | |
Citigroup Inc. | 193,936 | 12,978 | |
* | PayPal Holdings Inc. | 97,853 | 8,148 |
Goldman Sachs Group Inc. | 30,493 | 6,726 | |
American Express Co. | 58,035 | 5,687 |
Market | |||
Value• | |||
Shares | ($000) | ||
US Bancorp | 103,272 | 5,166 | |
American Tower Corp. | 33,519 | 4,832 | |
Charles Schwab Corp. | 89,405 | 4,569 | |
Morgan Stanley | 90,019 | 4,267 | |
American International | |||
Group Inc. | 80,341 | 4,260 | |
BlackRock Inc. | 8,531 | 4,257 | |
PNC Financial Services | |||
Group Inc. | 29,640 | 4,004 | |
Simon Property Group Inc. | 23,328 | 3,970 | |
Chubb Ltd. | 30,702 | 3,900 | |
Bank of New York | |||
Mellon Corp. | 71,801 | 3,872 | |
CME Group Inc. | 22,895 | 3,753 | |
* | E*TRADE Financial Corp. | 59,940 | 3,666 |
* | Fiserv Inc. | 46,422 | 3,439 |
* | SBA Communications | ||
Corp. Class A | 19,275 | 3,183 | |
Crown Castle | |||
International Corp. | 29,483 | 3,179 | |
S&P Global Inc. | 15,531 | 3,167 | |
Aon plc | 22,428 | 3,076 | |
* | SVB Financial Group | 10,384 | 2,998 |
* | Equity Commonwealth | 94,595 | 2,980 |
Capital One Financial | |||
Corp. | 32,292 | 2,968 | |
Intercontinental | |||
Exchange Inc. | 36,987 | 2,720 | |
Progressive Corp. | 44,997 | 2,662 | |
MetLife Inc. | 59,540 | 2,596 | |
BB&T Corp. | 51,319 | 2,589 | |
Marsh & McLennan Cos. | |||
Inc. | 31,397 | 2,574 | |
Prudential Financial Inc. | 27,432 | 2,565 | |
SunTrust Banks Inc. | 37,898 | 2,502 | |
* | Square Inc. | 40,533 | 2,498 |
Allstate Corp. | 27,285 | 2,490 | |
Moody’s Corp. | 14,200 | 2,422 | |
Public Storage | 10,472 | 2,376 | |
Synchrony Financial | 69,572 | 2,322 | |
Fidelity National | |||
Information Services Inc. | 21,481 | 2,278 | |
Equinix Inc. | 5,196 | 2,234 | |
* | CBRE Group Inc. Class A | 46,565 | 2,223 |
State Street Corp. | 23,798 | 2,215 | |
* | Markel Corp. | 2,020 | 2,190 |
Prologis Inc. | 33,300 | 2,187 | |
MSCI Inc. Class A | 13,073 | 2,163 | |
Equity Residential | 33,625 | 2,142 | |
Travelers Cos. Inc. | 17,346 | 2,122 | |
Aflac Inc. | 46,274 | 1,991 | |
* | Howard Hughes Corp. | 14,745 | 1,954 |
Comerica Inc. | 20,726 | 1,884 | |
Global Payments Inc. | 16,878 | 1,882 |
11
Tax-Managed Balanced Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Zions Bancorporation | 34,541 | 1,820 | |
Weyerhaeuser Co. | 48,386 | 1,764 | |
AvalonBay Communities | |||
Inc. | 10,200 | 1,753 | |
Hartford Financial | |||
Services Group Inc. | 33,742 | 1,725 | |
* | Arch Capital Group Ltd. | 64,698 | 1,712 |
Discover Financial | |||
Services | 24,229 | 1,706 | |
Digital Realty Trust Inc. | 15,110 | 1,686 | |
First Republic Bank | 17,226 | 1,667 | |
Alleghany Corp. | 2,888 | 1,661 | |
KeyCorp | 84,218 | 1,646 | |
Total System Services | |||
Inc. | 19,350 | 1,635 | |
* | Worldpay Inc. Class A | 19,664 | 1,608 |
Boston Properties Inc. | 12,781 | 1,603 | |
Loews Corp. | 32,874 | 1,587 | |
* | Credit Acceptance Corp. | 4,431 | 1,566 |
* | First Data Corp. Class A | 74,086 | 1,551 |
Regions Financial Corp. | 87,002 | 1,547 | |
TransUnion | 21,483 | 1,539 | |
Equifax Inc. | 12,213 | 1,528 | |
* | Zillow Group Inc. | 24,978 | 1,475 |
Essex Property Trust Inc. | 5,973 | 1,428 | |
* | Western Alliance Bancorp | 24,375 | 1,380 |
Torchmark Corp. | 16,679 | 1,358 | |
Nasdaq Inc. | 14,723 | 1,344 | |
East West Bancorp Inc. | 20,444 | 1,333 | |
Extra Space Storage Inc. | 13,300 | 1,327 | |
Huntington Bancshares | |||
Inc. | 89,700 | 1,324 | |
TD Ameritrade Holding | |||
Corp. | 23,647 | 1,295 | |
* | Signature Bank | 10,103 | 1,292 |
Welltower Inc. | 20,203 | 1,267 | |
M&T Bank Corp. | 7,399 | 1,259 | |
Equity LifeStyle | |||
Properties Inc. | 13,123 | 1,206 | |
Cboe Global Markets Inc. | 11,525 | 1,199 | |
Synovus Financial Corp. | 22,625 | 1,195 | |
SEI Investments Co. | 18,913 | 1,182 | |
Fifth Third Bancorp | 40,475 | 1,162 | |
Realty Income Corp. | 21,500 | 1,156 | |
WR Berkley Corp. | 15,951 | 1,155 | |
Vornado Realty Trust | 15,600 | 1,153 | |
Brown & Brown Inc. | 41,088 | 1,139 | |
Ventas Inc. | 19,800 | 1,128 | |
Commerce Bancshares | |||
Inc. | 17,378 | 1,125 | |
* | FleetCor Technologies Inc. | 5,328 | 1,122 |
Reinsurance Group of | |||
America Inc. Class A | 8,395 | 1,121 |
Market | |||
Value• | |||
Shares | ($000) | ||
FactSet Research | |||
Systems Inc. | 5,644 | 1,118 | |
American Homes 4 Rent | |||
Class A | 47,925 | 1,063 | |
Northern Trust Corp. | 10,272 | 1,057 | |
Assurant Inc. | 10,042 | 1,039 | |
Lincoln National Corp. | 16,530 | 1,029 | |
Raymond James | |||
Financial Inc. | 11,434 | 1,022 | |
Everest Re Group Ltd. | 4,400 | 1,014 | |
SL Green Realty Corp. | 10,059 | 1,011 | |
JBG SMITH Properties | 27,687 | 1,010 | |
Host Hotels & Resorts Inc. | 46,699 | 984 | |
Morningstar Inc. | 7,630 | 979 | |
Camden Property Trust | 10,700 | 975 | |
Associated Banc-Corp | 35,476 | 968 | |
Douglas Emmett Inc. | 24,033 | 966 | |
Assured Guaranty Ltd. | 26,202 | 936 | |
Mid-America Apartment | |||
Communities Inc. | 9,294 | 936 | |
Federal Realty | |||
Investment Trust | 7,319 | 926 | |
Lamar Advertising Co. | |||
Class A | 13,558 | 926 | |
TCF Financial Corp. | 37,574 | 925 | |
Kilroy Realty Corp. | 12,189 | 922 | |
RenaissanceRe Holdings | |||
Ltd. | 7,551 | 909 | |
HCP Inc. | 35,100 | 906 | |
T. Rowe Price Group Inc. | 7,774 | 902 | |
Unum Group | 24,293 | 899 | |
Popular Inc. | 19,791 | 895 | |
Alliance Data Systems | |||
Corp. | 3,804 | 887 | |
Forest City Realty Trust | |||
Inc. Class A | 38,889 | 887 | |
Citizens Financial Group | |||
Inc. | 22,243 | 865 | |
Jones Lang LaSalle Inc. | 5,012 | 832 | |
Hanover Insurance Group | |||
Inc. | 6,939 | 830 | |
White Mountains | |||
Insurance Group Ltd. | 882 | 800 | |
Apartment Investment & | |||
Management Co. | 18,776 | 794 | |
GGP Inc. | 36,600 | 748 | |
Ameriprise Financial Inc. | 5,293 | 740 | |
Regency Centers Corp. | 11,800 | 733 | |
Principal Financial Group | |||
Inc. | 12,590 | 667 | |
Dun & Bradstreet Corp. | 5,400 | 662 | |
* | Athene Holding Ltd. | ||
Class A | 14,991 | 657 | |
Ally Financial Inc. | 24,954 | 656 |
12
Tax-Managed Balanced Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
Empire State Realty | |||
Trust Inc. | 37,439 | 640 | |
Franklin Resources Inc. | 19,575 | 627 | |
* | WEX Inc. | 3,040 | 579 |
Affiliated Managers | |||
Group Inc. | 3,684 | 548 | |
Bank of the Ozarks | 12,100 | 545 | |
XL Group Ltd. | 9,693 | 542 | |
Broadridge Financial | |||
Solutions Inc. | 4,631 | 533 | |
TFS Financial Corp. | 32,290 | 509 | |
Invitation Homes Inc. | 21,896 | 505 | |
Legg Mason Inc. | 14,354 | 499 | |
Wyndham Destinations | |||
Inc. | 11,225 | 497 | |
First Hawaiian Inc. | 16,576 | 481 | |
PacWest Bancorp | 9,700 | 479 | |
* | CoreLogic Inc. | 9,161 | 475 |
Invesco Ltd. | 17,511 | 465 | |
Santander Consumer | |||
USA Holdings Inc. | 23,585 | 450 | |
Alexandria Real Estate | |||
Equities Inc. | 3,430 | 433 | |
People’s United Financial | |||
Inc. | 23,399 | 423 | |
Annaly Capital | |||
Management Inc. | 40,800 | 420 | |
Willis Towers Watson plc | 2,700 | 409 | |
CNA Financial Corp. | 8,693 | 397 | |
Arthur J Gallagher & Co. | 6,070 | 396 | |
First Horizon National Corp. | 21,630 | 386 | |
BOK Financial Corp. | 4,040 | 380 | |
Iron Mountain Inc. | 10,300 | 361 | |
UDR Inc. | 9,595 | 360 | |
FNF Group | 9,532 | 359 | |
Duke Realty Corp. | 12,213 | 355 | |
Cincinnati Financial Corp. | 5,301 | 354 | |
Park Hotels & Resorts Inc. | 11,514 | 353 | |
Western Union Co. | 15,276 | 311 | |
* | OneMain Holdings Inc. | 9,270 | 309 |
Jack Henry & Associates | |||
Inc. | 2,332 | 304 | |
CIT Group Inc. | 5,244 | 264 | |
Retail Properties of | |||
America Inc. | 19,700 | 252 | |
Lazard Ltd. Class A | 5,025 | 246 | |
* | SLM Corp. | 21,360 | 245 |
Voya Financial Inc. | 4,700 | 221 | |
Jefferies Financial Group | |||
Inc. | 8,733 | 199 | |
American Financial Group | |||
Inc. | 1,720 | 185 | |
Thomson Reuters Corp. | 4,562 | 184 | |
* | Euronet Worldwide Inc. | 2,192 | 184 |
Market | |||
Value• | |||
Shares | ($000) | ||
ProAssurance Corp. | 5,000 | 177 | |
AGNC Investment Corp. | 9,100 | 169 | |
MarketAxess Holdings Inc. | 800 | 158 | |
* | Donnelley Financial | ||
Solutions Inc. | 9,058 | 157 | |
* | Brighthouse Financial Inc. | 3,422 | 137 |
* | Zillow Group Inc. Class A | 2,247 | 134 |
Macerich Co. | 2,327 | 132 | |
Interactive Brokers | |||
Group Inc. | 1,820 | 117 | |
Sun Communities Inc. | 1,000 | 98 | |
Liberty Property Trust | 2,100 | 93 | |
VEREIT Inc. | 11,100 | 83 | |
Paramount Group Inc. | 4,666 | 72 | |
National Retail Properties | |||
Inc. | 1,600 | 70 | |
Gaming and Leisure | |||
Properties Inc. | 1,800 | 64 | |
Kimco Realty Corp. | 3,700 | 63 | |
WP Carey Inc. | 900 | 60 | |
CyrusOne Inc. | 1,000 | 58 | |
Axis Capital Holdings Ltd. | 1,000 | 56 | |
CubeSmart | 1,700 | 55 | |
Cullen/Frost Bankers Inc. | 500 | 54 | |
Omega Healthcare | |||
Investors Inc. | 1,100 | 34 | |
DCT Industrial Trust Inc. | 500 | 33 | |
New Residential | |||
Investment Corp. | 1,900 | 33 | |
LPL Financial Holdings Inc. | 500 | 33 | |
Webster Financial Corp. | 500 | 32 | |
Eaton Vance Corp. | 600 | 31 | |
American Campus | |||
Communities Inc. | 700 | 30 | |
* | AXA Equitable Holdings | ||
Inc. | 1,456 | 30 | |
Starwood Property Trust | |||
Inc. | 1,300 | 28 | |
Old Republic International | |||
Corp. | 1,400 | 28 | |
Healthcare Trust of | |||
America Inc. Class A | 1,000 | 27 | |
Highwoods Properties Inc. | 500 | 25 | |
Navient Corp. | 1,600 | 21 | |
* | Fair Isaac Corp. | 100 | 19 |
VICI Properties Inc. | 400 | 8 | |
409,904 | |||
Health Care (6.0%) | |||
Johnson & Johnson | 197,244 | 23,934 | |
UnitedHealth Group Inc. | 65,862 | 16,159 | |
Pfizer Inc. | 435,787 | 15,810 | |
Merck & Co. Inc. | 199,121 | 12,087 | |
AbbVie Inc. | 115,854 | 10,734 | |
Amgen Inc. | 50,856 | 9,388 |
13
Tax-Managed Balanced Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
Medtronic plc | 102,810 | 8,802 | |
Abbott Laboratories | 120,988 | 7,379 | |
Gilead Sciences Inc. | 93,774 | 6,643 | |
Bristol-Myers Squibb Co. | 119,260 | 6,600 | |
Thermo Fisher Scientific | |||
Inc. | 28,667 | 5,938 | |
Eli Lilly & Co. | 68,900 | 5,879 | |
* | Biogen Inc. | 17,430 | 5,059 |
* | Intuitive Surgical Inc. | 9,129 | 4,368 |
Becton Dickinson and Co. | 18,069 | 4,329 | |
* | Boston Scientific Corp. | 131,620 | 4,304 |
Danaher Corp. | 42,651 | 4,209 | |
Anthem Inc. | 17,496 | 4,165 | |
Aetna Inc. | 22,455 | 4,121 | |
Stryker Corp. | 23,449 | 3,960 | |
Allergan plc | 22,808 | 3,803 | |
* | Celgene Corp. | 45,226 | 3,592 |
Cigna Corp. | 19,591 | 3,329 | |
Zoetis Inc. | 38,368 | 3,269 | |
* | Vertex Pharmaceuticals Inc. | 18,931 | 3,218 |
Humana Inc. | 10,348 | 3,080 | |
* | Illumina Inc. | 10,940 | 3,055 |
* | Express Scripts Holding Co. | 39,128 | 3,021 |
HCA Healthcare Inc. | 27,987 | 2,871 | |
Baxter International Inc. | 35,100 | 2,592 | |
* | Cerner Corp. | 39,125 | 2,339 |
* | Edwards Lifesciences | ||
Corp. | 15,920 | 2,317 | |
* | Laboratory Corp. of | ||
America Holdings | 12,653 | 2,272 | |
* | Alexion Pharmaceuticals | ||
Inc. | 17,657 | 2,192 | |
* | Regeneron | ||
Pharmaceuticals Inc. | 6,317 | 2,179 | |
Agilent Technologies Inc. | 29,707 | 1,837 | |
* | Mylan NV | 49,481 | 1,788 |
McKesson Corp. | 13,136 | 1,752 | |
Cooper Cos. Inc. | 6,988 | 1,645 | |
* | QIAGEN NV | 45,032 | 1,628 |
* | Align Technology Inc. | 4,629 | 1,584 |
Zimmer Biomet Holdings | |||
Inc. | 13,970 | 1,557 | |
* | IDEXX Laboratories Inc. | 7,003 | 1,526 |
* | DaVita Inc. | 21,419 | 1,487 |
* | Centene Corp. | 11,675 | 1,438 |
* | Varian Medical Systems | ||
Inc. | 12,140 | 1,381 | |
* | BioMarin Pharmaceutical | ||
Inc. | 14,634 | 1,379 | |
* | ABIOMED Inc. | 3,335 | 1,364 |
AmerisourceBergen | |||
Corp. Class A | 14,706 | 1,254 | |
* | IQVIA Holdings Inc. | 12,114 | 1,209 |
PerkinElmer Inc. | 16,358 | 1,198 |
Market | |||
Value• | |||
Shares | ($000) | ||
Universal Health Services | |||
Inc. Class B | 10,172 | 1,134 | |
Hill-Rom Holdings Inc. | 11,772 | 1,028 | |
* | Hologic Inc. | 23,986 | 953 |
Bio-Techne Corp. | 6,325 | 936 | |
* | Incyte Corp. | 13,568 | 909 |
* | Charles River Laboratories | ||
International Inc. | 7,921 | 889 | |
* | Premier Inc. Class A | 24,414 | 888 |
Quest Diagnostics Inc. | 8,019 | 882 | |
Dentsply Sirona Inc. | 19,508 | 854 | |
* | Henry Schein Inc. | 11,560 | 840 |
* | athenahealth Inc. | 5,271 | 839 |
* | Bio-Rad Laboratories Inc. | ||
Class A | 2,729 | 787 | |
* | Veeva Systems Inc. | ||
Class A | 9,583 | 737 | |
Perrigo Co. plc | 9,600 | 700 | |
* | Alnylam Pharmaceuticals | ||
Inc. | 7,037 | 693 | |
* | Seattle Genetics Inc. | 10,129 | 672 |
* | Alkermes plc | 15,995 | 658 |
* | Neurocrine Biosciences | ||
Inc. | 6,346 | 623 | |
* | WellCare Health Plans Inc. | 2,462 | 606 |
ResMed Inc. | 5,700 | 590 | |
* | Ionis Pharmaceuticals Inc. | 13,354 | 556 |
* | United Therapeutics Corp. | 4,843 | 548 |
Teleflex Inc. | 1,638 | 439 | |
* | Agios Pharmaceuticals Inc. | 4,742 | 399 |
* | DexCom Inc. | 3,272 | 311 |
* | LifePoint Health Inc. | 5,114 | 250 |
* | Exelixis Inc. | 11,281 | 243 |
* | Acadia Healthcare Co. Inc. | 5,870 | 240 |
STERIS plc | 2,000 | 210 | |
* | Envision Healthcare Corp. | 4,680 | 206 |
* | Nektar Therapeutics | ||
Class A | 4,100 | 200 | |
Cardinal Health Inc. | 3,845 | 188 | |
* | Allscripts Healthcare | ||
Solutions Inc. | 14,086 | 169 | |
West Pharmaceutical | |||
Services Inc. | 1,541 | 153 | |
* | Varex Imaging Corp. | 4,097 | 152 |
* | MEDNAX Inc. | 3,331 | 144 |
* | Tenet Healthcare Corp. | 3,620 | 122 |
* | Intrexon Corp. | 8,508 | 119 |
* | TESARO Inc. | 2,530 | 113 |
* | Mallinckrodt plc | 5,898 | 110 |
* | Endo International plc | 11,541 | 109 |
* | Jazz Pharmaceuticals plc | 500 | 86 |
Patterson Cos. Inc. | 3,600 | 82 | |
* | Sarepta Therapeutics Inc. | 600 | 79 |
* | Bluebird Bio Inc. | 500 | 78 |
14
Tax-Managed Balanced Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Exact Sciences Corp. | 1,200 | 72 |
* | Intercept | ||
Pharmaceuticals Inc. | 694 | 58 | |
* | OPKO Health Inc. | 12,214 | 57 |
Bruker Corp. | 1,500 | 44 | |
Encompass Health Corp. | 500 | 34 | |
* | Sage Therapeutics Inc. | 200 | 31 |
* | Molina Healthcare Inc. | 300 | 29 |
* | Catalent Inc. | 600 | 25 |
252,898 | |||
Materials & Processing (1.6%) | |||
DowDuPont Inc. | 157,073 | 10,354 | |
Freeport-McMoRan Inc. | 179,724 | 3,102 | |
Praxair Inc. | 17,687 | 2,797 | |
Sherwin-Williams Co. | 6,460 | 2,633 | |
Ecolab Inc. | 17,900 | 2,512 | |
LyondellBasell Industries | |||
NV Class A | 20,738 | 2,278 | |
Air Products & Chemicals | |||
Inc. | 13,300 | 2,071 | |
Newmont Mining Corp. | 50,141 | 1,891 | |
Ingersoll-Rand plc | 20,400 | 1,831 | |
Vulcan Materials Co. | 13,986 | 1,805 | |
Celanese Corp. Class A | 15,082 | 1,675 | |
PPG Industries Inc. | 15,400 | 1,597 | |
Martin Marietta Materials | |||
Inc. | 6,586 | 1,471 | |
* | Crown Holdings Inc. | 31,248 | 1,399 |
Southern Copper Corp. | 28,916 | 1,355 | |
Lennox International Inc. | 6,181 | 1,237 | |
International Paper Co. | 23,643 | 1,231 | |
Eagle Materials Inc. | 11,442 | 1,201 | |
Ball Corp. | 30,836 | 1,096 | |
Nucor Corp. | 16,643 | 1,040 | |
Hexcel Corp. | 15,266 | 1,013 | |
Albemarle Corp. | 10,400 | 981 | |
* | Owens-Illinois Inc. | 56,901 | 957 |
* | Berry Global Group Inc. | 20,808 | 956 |
* | Armstrong World | ||
Industries Inc. | 14,139 | 894 | |
* | USG Corp. | 20,134 | 868 |
* | Axalta Coating Systems | ||
Ltd. | 28,318 | 858 | |
Owens Corning | 13,342 | 845 | |
Sealed Air Corp. | 19,269 | 818 | |
Westlake Chemical Corp. | 7,433 | 800 | |
FMC Corp. | 8,798 | 785 | |
Valmont Industries Inc. | 4,936 | 744 | |
* | Alcoa Corp. | 15,841 | 743 |
WestRock Co. | 12,660 | 722 | |
CF Industries Holdings Inc. | 16,059 | 713 | |
Reliance Steel & | |||
Aluminum Co. | 7,600 | 665 | |
NewMarket Corp. | 1,629 | 659 |
Market | |||
Value• | |||
Shares | ($000) | ||
Eastman Chemical Co. | 6,519 | 652 | |
Fastenal Co. | 12,923 | 622 | |
Silgan Holdings Inc. | 18,967 | 509 | |
Ashland Global Holdings | |||
Inc. | 6,198 | 485 | |
WR Grace & Co. | 6,600 | 484 | |
Mosaic Co. | 16,530 | 464 | |
Scotts Miracle-Gro Co. | 5,042 | 419 | |
* | Univar Inc. | 15,716 | 412 |
Masco Corp. | 10,489 | 393 | |
Packaging Corp. of | |||
America | 3,352 | 375 | |
* | AdvanSix Inc. | 9,636 | 353 |
Steel Dynamics Inc. | 6,773 | 311 | |
International Flavors & | |||
Fragrances Inc. | 2,482 | 308 | |
United States Steel Corp. | 8,000 | 278 | |
Royal Gold Inc. | 2,800 | 260 | |
Versum Materials Inc. | 6,923 | 257 | |
* | Platform Specialty | ||
Products Corp. | 21,987 | 255 | |
Tahoe Resources Inc. | 48,886 | 241 | |
Chemours Co. | 4,700 | 208 | |
RPM International Inc. | 2,300 | 134 | |
Acuity Brands Inc. | 600 | 70 | |
Sonoco Products Co. | 900 | 47 | |
Watsco Inc. | 200 | 36 | |
Huntsman Corp. | 1,100 | 32 | |
AptarGroup Inc. | 300 | 28 | |
Bemis Co. Inc. | 500 | 21 | |
66,251 | |||
Other (0.0%) | |||
*,2 | Herbalife Ltd. CVR | 3,294 | 32 |
Producer Durables (5.0%) | |||
Boeing Co. | 41,420 | 13,897 | |
Union Pacific Corp. | 57,450 | 8,140 | |
3M Co. | 40,787 | 8,024 | |
Honeywell International | |||
Inc. | 51,934 | 7,481 | |
United Technologies | |||
Corp. | 57,076 | 7,136 | |
Accenture plc Class A | 43,431 | 7,105 | |
General Electric Co. | 394,747 | 5,373 | |
Caterpillar Inc. | 38,056 | 5,163 | |
Lockheed Martin Corp. | 17,392 | 5,138 | |
United Parcel Service | |||
Inc. Class B | 44,981 | 4,778 | |
FedEx Corp. | 20,969 | 4,761 | |
Automatic Data | |||
Processing Inc. | 30,234 | 4,056 | |
CSX Corp. | 58,718 | 3,745 | |
Raytheon Co. | 17,635 | 3,407 | |
Northrop Grumman Corp. | 9,946 | 3,060 |
15
Tax-Managed Balanced Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
Deere & Co. | 20,880 | 2,919 | |
Delta Air Lines Inc. | 58,199 | 2,883 | |
Norfolk Southern Corp. | 18,800 | 2,836 | |
Emerson Electric Co. | 40,790 | 2,820 | |
* | Verisk Analytics Inc. | ||
Class A | 25,809 | 2,778 | |
* | United Continental | ||
Holdings Inc. | 38,118 | 2,658 | |
General Dynamics Corp. | 14,214 | 2,650 | |
TransDigm Group Inc. | 7,508 | 2,591 | |
Southwest Airlines Co. | 50,666 | 2,578 | |
Roper Technologies Inc. | 8,710 | 2,403 | |
Rockwell Collins Inc. | 16,018 | 2,157 | |
Illinois Tool Works Inc. | 15,475 | 2,144 | |
* | Copart Inc. | 37,847 | 2,141 |
Cintas Corp. | 11,403 | 2,110 | |
Eaton Corp. plc | 28,045 | 2,096 | |
Waste Management Inc. | 24,751 | 2,013 | |
* | Mettler-Toledo | ||
International Inc. | 3,387 | 1,960 | |
Textron Inc. | 29,375 | 1,936 | |
Johnson Controls | |||
International plc | 57,692 | 1,930 | |
* | Waters Corp. | 9,533 | 1,846 |
Xylem Inc. | 24,814 | 1,672 | |
Spirit AeroSystems | |||
Holdings Inc. Class A | 19,094 | 1,640 | |
AMETEK Inc. | 22,442 | 1,619 | |
Fortive Corp. | 20,625 | 1,590 | |
* | United Rentals Inc. | 10,658 | 1,573 |
Huntington Ingalls | |||
Industries Inc. | 6,994 | 1,516 | |
BWX Technologies Inc. | 24,302 | 1,515 | |
IDEX Corp. | 10,862 | 1,482 | |
* | Quanta Services Inc. | 44,131 | 1,474 |
Expeditors International | |||
of Washington Inc. | 19,686 | 1,439 | |
* | Welbilt Inc. | 62,683 | 1,398 |
* | XPO Logistics Inc. | 13,749 | 1,377 |
Nordson Corp. | 10,592 | 1,360 | |
* | HD Supply Holdings Inc. | 31,487 | 1,351 |
JB Hunt Transport | |||
Services Inc. | 11,052 | 1,343 | |
AO Smith Corp. | 22,475 | 1,329 | |
* | CoStar Group Inc. | 3,210 | 1,325 |
Wabtec Corp. | 13,415 | 1,322 | |
Landstar System Inc. | 11,985 | 1,309 | |
Cummins Inc. | 9,721 | 1,293 | |
* | Kirby Corp. | 15,366 | 1,285 |
CH Robinson Worldwide | |||
Inc. | 15,011 | 1,256 | |
FLIR Systems Inc. | 23,291 | 1,210 | |
Paychex Inc. | 17,684 | 1,209 | |
PACCAR Inc. | 19,428 | 1,204 |
Market | |||
Value• | |||
Shares | ($000) | ||
* | AECOM | 36,300 | 1,199 |
Jacobs Engineering | |||
Group Inc. | 18,761 | 1,191 | |
Toro Co. | 19,411 | 1,170 | |
Oshkosh Corp. | 16,505 | 1,161 | |
Republic Services Inc. | |||
Class A | 16,510 | 1,129 | |
Stanley Black & Decker Inc. | 8,110 | 1,077 | |
* | Sensata Technologies | ||
Holding plc | 21,906 | 1,042 | |
Allegion plc | 13,283 | 1,028 | |
American Airlines Group | |||
Inc. | 26,130 | 992 | |
ITT Inc. | 18,544 | 969 | |
Parker-Hannifin Corp. | 6,102 | 951 | |
Robert Half International | |||
Inc. | 14,500 | 944 | |
Carlisle Cos. Inc. | 8,633 | 935 | |
* | Keysight Technologies Inc. | 15,798 | 933 |
* | Stericycle Inc. | 13,421 | 876 |
AGCO Corp. | 14,395 | 874 | |
Rockwell Automation Inc. | 5,203 | 865 | |
Lincoln Electric Holdings | |||
Inc. | 9,765 | 857 | |
Air Lease Corp. Class A | 20,291 | 852 | |
* | Zebra Technologies Corp. | 5,920 | 848 |
WW Grainger Inc. | 2,682 | 827 | |
* | Clean Harbors Inc. | 14,036 | 780 |
* | Trimble Inc. | 22,307 | 733 |
L3 Technologies Inc. | 3,589 | 690 | |
* | Conduent Inc. | 37,900 | 689 |
Trinity Industries Inc. | 19,100 | 654 | |
* | WESCO International Inc. | 10,689 | 610 |
National Instruments Corp. | 14,511 | 609 | |
Donaldson Co. Inc. | 13,286 | 600 | |
* | Middleby Corp. | 5,688 | 594 |
Flowserve Corp. | 14,313 | 578 | |
ManpowerGroup Inc. | 5,650 | 486 | |
Arconic Inc. | 28,166 | 479 | |
MSC Industrial Direct Co. | |||
Inc. Class A | 5,300 | 450 | |
* | JetBlue Airways Corp. | 23,644 | 449 |
* | Colfax Corp. | 14,622 | 448 |
Pentair plc | 10,087 | 424 | |
Kansas City Southern | 4,000 | 424 | |
Dover Corp. | 5,763 | 422 | |
* | Genesee & Wyoming Inc. | ||
Class A | 5,058 | 411 | |
Fluor Corp. | 7,858 | 383 | |
Copa Holdings SA | |||
Class A | 4,039 | 382 | |
Old Dominion Freight | |||
Line Inc. | 2,437 | 363 | |
* | Teledyne Technologies Inc. | 1,706 | 340 |
16
Tax-Managed Balanced Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
* | Gardner Denver Holdings | ||
Inc. | 11,544 | 339 | |
Genpact Ltd. | 11,065 | 320 | |
Snap-on Inc. | 1,697 | 273 | |
Alaska Air Group Inc. | 4,200 | 254 | |
* | nVent Electric plc | 10,087 | 253 |
Avery Dennison Corp. | 2,400 | 245 | |
Xerox Corp. | 9,663 | 232 | |
Regal Beloit Corp. | 2,800 | 229 | |
* | Spirit Airlines Inc. | 4,935 | 179 |
* | Herc Holdings Inc. | 2,550 | 144 |
Terex Corp. | 2,800 | 118 | |
Graco Inc. | 2,612 | 118 | |
* | Gates Industrial Corp. plc | 6,900 | 112 |
Hubbell Inc. Class B | 1,000 | 106 | |
Ryder System Inc. | 1,400 | 101 | |
Booz Allen Hamilton | |||
Holding Corp. Class A | 800 | 35 | |
Littelfuse Inc. | 100 | 23 | |
209,603 | |||
Technology (10.0%) | |||
Apple Inc. | 377,949 | 69,962 | |
Microsoft Corp. | 565,075 | 55,722 | |
* | Facebook Inc. Class A | 179,261 | 34,834 |
* | Alphabet Inc. Class A | 23,236 | 26,238 |
* | Alphabet Inc. Class C | 22,187 | 24,753 |
Intel Corp. | 348,000 | 17,299 | |
Cisco Systems Inc. | 357,181 | 15,369 | |
NVIDIA Corp. | 44,862 | 10,628 | |
* | Adobe Systems Inc. | 39,477 | 9,625 |
Oracle Corp. | 215,590 | 9,499 | |
International Business | |||
Machines Corp. | 62,703 | 8,760 | |
Texas Instruments Inc. | 69,740 | 7,689 | |
* | salesforce.com Inc. | 55,663 | 7,592 |
Broadcom Inc. | 27,599 | 6,697 | |
QUALCOMM Inc. | 104,875 | 5,886 | |
* | NXP Semiconductors NV | 42,194 | 4,611 |
* | Micron Technology Inc. | 83,810 | 4,395 |
Applied Materials Inc. | 87,615 | 4,047 | |
Intuit Inc. | 19,124 | 3,907 | |
Activision Blizzard Inc. | 49,960 | 3,813 | |
* | Electronic Arts Inc. | 24,214 | 3,415 |
Cognizant Technology | |||
Solutions Corp. Class A | 39,715 | 3,137 | |
* | Autodesk Inc. | 22,929 | 3,006 |
HP Inc. | 113,473 | 2,575 | |
Lam Research Corp. | 14,225 | 2,459 | |
Analog Devices Inc. | 25,108 | 2,408 | |
* | Twitter Inc. | 53,553 | 2,339 |
Amphenol Corp. Class A | 26,138 | 2,278 | |
* | Cadence Design | ||
Systems Inc. | 52,232 | 2,262 | |
Motorola Solutions Inc. | 17,978 | 2,092 |
Market | |||
Value• | |||
Shares | ($000) | ||
* | IAC/InterActiveCorp | 13,641 | 2,080 |
DXC Technology Co. | 25,725 | 2,074 | |
* | Synopsys Inc. | 23,874 | 2,043 |
* | VeriSign Inc. | 14,611 | 2,008 |
Corning Inc. | 68,131 | 1,874 | |
* | ServiceNow Inc. | 10,556 | 1,821 |
* | GoDaddy Inc. Class A | 25,596 | 1,807 |
Hewlett Packard | |||
Enterprise Co. | 120,529 | 1,761 | |
* | Citrix Systems Inc. | 16,127 | 1,691 |
Western Digital Corp. | 19,616 | 1,518 | |
Skyworks Solutions Inc. | 15,100 | 1,459 | |
Teradyne Inc. | 37,832 | 1,440 | |
* | Red Hat Inc. | 10,630 | 1,428 |
* | Match Group Inc. | 36,165 | 1,401 |
Xilinx Inc. | 21,429 | 1,398 | |
* | Dell Technologies Inc. | ||
Class V | 16,318 | 1,380 | |
CDK Global Inc. | 17,835 | 1,160 | |
NetApp Inc. | 14,471 | 1,136 | |
Juniper Networks Inc. | 40,200 | 1,102 | |
* | IHS Markit Ltd. | 21,365 | 1,102 |
Dolby Laboratories Inc. | |||
Class A | 17,775 | 1,097 | |
* | Akamai Technologies Inc. | 14,037 | 1,028 |
* | VMware Inc. Class A | 6,944 | 1,021 |
* | Qorvo Inc. | 12,589 | 1,009 |
Symantec Corp. | 46,939 | 969 | |
Amdocs Ltd. | 14,500 | 960 | |
Microchip Technology Inc. | 10,470 | 952 | |
* | Workday Inc. Class A | 7,578 | 918 |
* | NCR Corp. | 30,469 | 913 |
* | F5 Networks Inc. | 5,263 | 908 |
* | ON Semiconductor Corp. | 40,638 | 904 |
Harris Corp. | 6,081 | 879 | |
* | CommScope Holding Co. | ||
Inc. | 30,047 | 878 | |
* | Teradata Corp. | 21,724 | 872 |
* | Palo Alto Networks Inc. | 4,028 | 828 |
KLA-Tencor Corp. | 8,017 | 822 | |
Avnet Inc. | 19,000 | 815 | |
* | Gartner Inc. | 5,998 | 797 |
* | ANSYS Inc. | 4,458 | 776 |
Maxim Integrated | |||
Products Inc. | 13,029 | 764 | |
* | Arista Networks Inc. | 2,795 | 720 |
* | Atlassian Corp. plc | ||
Class A | 11,470 | 717 | |
* | ARRIS International plc | 29,229 | 714 |
* | Splunk Inc. | 6,865 | 680 |
* | PTC Inc. | 7,248 | 680 |
* | Tyler Technologies Inc. | 3,060 | 680 |
Sabre Corp. | 27,200 | 670 | |
* | Black Knight Inc. | 11,628 | 623 |
17
Tax-Managed Balanced Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
Leidos Holdings Inc. | 10,350 | 611 | |
* | Fortinet Inc. | 8,538 | 533 |
* | Take-Two Interactive | ||
Software Inc. | 4,390 | 520 | |
* | Advanced Micro Devices | ||
Inc. | 33,723 | 505 | |
* | IPG Photonics Corp. | 2,255 | 497 |
* | Arrow Electronics Inc. | 6,539 | 492 |
CDW Corp. | 5,357 | 433 | |
* | Tableau Software Inc. | ||
Class A | 4,356 | 426 | |
* | Ultimate Software | ||
Group Inc. | 1,595 | 410 | |
CA Inc. | 11,507 | 410 | |
* | Zynga Inc. Class A | 72,763 | 296 |
* | Guidewire Software Inc. | 3,086 | 274 |
* | Nutanix Inc. | 5,012 | 258 |
* | Cavium Inc. | 2,967 | 257 |
Marvell Technology | |||
Group Ltd. | 11,400 | 244 | |
SS&C Technologies | |||
Holdings Inc. | 4,400 | 228 | |
* | Twilio Inc. Class A | 3,885 | 218 |
* | Manhattan Associates Inc. | 4,417 | 208 |
* | FireEye Inc. | 11,675 | 180 |
* | Cree Inc. | 3,803 | 158 |
Cognex Corp. | 3,480 | 155 | |
* | Nuance Communications | ||
Inc. | 11,164 | 155 | |
* | GrubHub Inc. | 800 | 84 |
* | Groupon Inc. Class A | 18,670 | 80 |
* | EchoStar Corp. Class A | 1,746 | 78 |
* | Yelp Inc. Class A | 1,467 | 57 |
* | Inovalon Holdings Inc. | ||
Class A | 4,102 | 41 | |
* | EPAM Systems Inc. | 300 | 37 |
* | Aspen Technology Inc. | 400 | 37 |
Perspecta Inc. | 1,712 | 35 | |
* | Proofpoint Inc. | 300 | 35 |
LogMeIn Inc. | 300 | 31 | |
Cypress Semiconductor | |||
Corp. | 1,900 | 30 | |
* | Zendesk Inc. | 500 | 27 |
Monolithic Power | |||
Systems Inc. | 200 | 27 | |
420,641 | |||
Utilities (2.3%) | |||
AT&T Inc. | 505,906 | 16,245 | |
Verizon | |||
Communications Inc. | 288,874 | 14,533 | |
NextEra Energy Inc. | 38,742 | 6,471 | |
Duke Energy Corp. | 59,372 | 4,695 | |
Southern Co. | 86,448 | 4,003 | |
Dominion Energy Inc. | 55,774 | 3,803 |
Market | |||
Value• | |||
Shares | ($000) | ||
Exelon Corp. | 69,200 | 2,948 | |
American Electric Power | |||
Co. Inc. | 39,900 | 2,763 | |
* | Vistra Energy Corp. | 110,388 | 2,612 |
* | T-Mobile US Inc. | 41,635 | 2,488 |
PG&E Corp. | 56,246 | 2,394 | |
Sempra Energy | 20,229 | 2,349 | |
Consolidated Edison Inc. | 27,900 | 2,176 | |
Public Service Enterprise | |||
Group Inc. | 37,900 | 2,052 | |
WEC Energy Group Inc. | 27,832 | 1,799 | |
American Water Works | |||
Co. Inc. | 18,678 | 1,595 | |
FirstEnergy Corp. | 38,600 | 1,386 | |
Xcel Energy Inc. | 29,704 | 1,357 | |
NRG Energy Inc. | 39,365 | 1,208 | |
UGI Corp. | 23,161 | 1,206 | |
* | Zayo Group Holdings | ||
Inc. | 31,847 | 1,162 | |
Edison International | 18,117 | 1,146 | |
NiSource Inc. | 42,649 | 1,121 | |
* | United States Cellular | ||
Corp. | 28,667 | 1,062 | |
PPL Corp. | 36,056 | 1,029 | |
Alliant Energy Corp. | 24,226 | 1,025 | |
Aqua America Inc. | 28,286 | 995 | |
CMS Energy Corp. | 20,227 | 956 | |
CenturyLink Inc. | 51,195 | 954 | |
OGE Energy Corp. | 25,486 | 897 | |
Eversource Energy | 14,787 | 867 | |
DTE Energy Co. | 8,067 | 836 | |
* | Evergy Inc. | 13,335 | 749 |
AES Corp. | 53,469 | 717 | |
Ameren Corp. | 10,737 | 653 | |
Entergy Corp. | 7,983 | 645 | |
Telephone & Data | |||
Systems Inc. | 23,346 | 640 | |
CenterPoint Energy Inc. | 18,200 | 504 | |
National Fuel Gas Co. | 5,771 | 306 | |
MDU Resources Group | |||
Inc. | 9,950 | 285 | |
Atmos Energy Corp. | 3,145 | 283 | |
Pinnacle West Capital | |||
Corp. | 3,458 | 279 | |
Avangrid Inc. | 4,545 | 241 | |
* | Sprint Corp. | 22,237 | 121 |
Vectren Corp. | 500 | 36 | |
95,592 | |||
Total Common Stocks | |||
(Cost $1,077,247) | 1,985,753 |
18
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Tax-Exempt Municipal Bonds (52.7%) | ||||
Alabama (0.7%) | ||||
Alabama 21st Century Authority Tobacco | ||||
Settlement Revenue | 5.000% | 6/1/20 | 500 | 527 |
Alabama Economic Settlement Authority | ||||
BP Settlement Revenue | 4.000% | 9/15/33 | 500 | 516 |
Alabama Incentives Financing Authority | ||||
Special Obligation Revenue | 5.000% | 9/1/32 | 380 | 412 |
3 Black Belt Energy Gas District Alabama | ||||
Gas Prepay Revenue (Project No. 3) PUT | 2.228% | 12/1/23 | 1,000 | 1,000 |
Black Belt Energy Gas District Alabama | ||||
Gas Prepay Revenue (Project No. 3) PUT | 4.000% | 12/1/23 | 1,500 | 1,601 |
Black Belt Energy Gas District Alabama | ||||
Gas Supply Revenue PUT | 4.000% | 6/1/21 | 1,550 | 1,621 |
Black Belt Energy Gas District Alabama | ||||
Gas Supply Revenue PUT | 4.000% | 7/1/22 | 2,700 | 2,866 |
Huntsville AL Electric System Revenue | 5.000% | 12/1/30 | 510 | 600 |
Huntsville AL GO | 5.000% | 5/1/35 | 1,125 | 1,317 |
Jefferson County AL Revenue | 5.000% | 9/15/29 | 1,020 | 1,173 |
Jefferson County AL Revenue | 5.000% | 9/15/33 | 1,000 | 1,139 |
Jefferson County AL Sewer Revenue | 5.000% | 10/1/23 | 500 | 550 |
Jefferson County AL Sewer Revenue | 0.000% | 10/1/25 (4) | 500 | 394 |
Southeast Alabama Gas Supply District | ||||
Revenue | 4.000% | 6/1/24 | 5,000 | 5,327 |
Southeast Alabama Gas Supply District | ||||
Revenue PUT | 4.000% | 4/1/24 | 6,000 | 6,403 |
Tuscaloosa AL City Board of Education | ||||
School Tax Warrants Revenue | 5.000% | 8/1/27 | 530 | 618 |
Tuscaloosa AL City Board of Education | ||||
School Tax Warrants Revenue | 5.000% | 8/1/28 | 910 | 1,057 |
University of South Alabama University | ||||
Facilities Revenue | 5.000% | 11/1/23 (4) | 675 | 767 |
27,888 | ||||
Alaska (0.1%) | ||||
Alaska Housing Finance Corp. Revenue | 5.000% | 6/1/22 (Prere.) | 425 | 473 |
Alaska Housing Finance Corp. Revenue | 5.000% | 12/1/29 | 75 | 82 |
Alaska Municipal Bond Bank Authority | ||||
Revenue | 5.000% | 9/1/21 | 1,650 | 1,794 |
Matanuska-Susitna Borough AK Lease | ||||
Revenue (Goose Creek Correctional | ||||
Center) GO | 5.000% | 9/1/31 | 1,345 | 1,521 |
3,870 | ||||
Arizona (1.4%) | ||||
Arizona Board of Regents Arizona State | ||||
University System Revenue | 5.875% | 7/1/18 (Prere.) | 100 | 100 |
Arizona Board of Regents Arizona State | ||||
University System Revenue | 5.000% | 7/1/30 | 675 | 778 |
Arizona Board of Regents Arizona State | ||||
University System Revenue | 5.000% | 7/1/31 | 545 | 622 |
Arizona COP | 5.000% | 10/1/18 (4) | 500 | 504 |
Arizona School Facilities Board COP | 5.500% | 9/1/18 (Prere.) | 500 | 503 |
Arizona School Facilities Board COP | 5.000% | 9/1/19 | 1,000 | 1,039 |
Arizona School Facilities Board COP | 5.000% | 9/1/21 | 1,355 | 1,481 |
19
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Arizona State University Revenue (McAllister | ||||
Academic Village LLC) | 5.000% | 7/1/36 | 1,140 | 1,300 |
Arizona Transportation Board Excise Tax | ||||
Revenue | 5.000% | 7/1/21 | 2,240 | 2,443 |
Arizona Transportation Board Excise Tax | ||||
Revenue | 5.000% | 7/1/23 | 1,955 | 2,226 |
Arizona Transportation Board Excise Tax | ||||
Revenue | 5.000% | 7/1/24 | 2,100 | 2,427 |
Arizona Transportation Board Excise Tax | ||||
Revenue (Maricopa County Regional Area) | 5.000% | 7/1/20 (Prere.) | 500 | 532 |
Arizona Transportation Board Highway | ||||
Revenue | 5.000% | 7/1/22 (Prere.) | 500 | 558 |
Arizona Transportation Board Highway | ||||
Revenue | 5.000% | 7/1/22 | 2,015 | 2,245 |
Arizona Transportation Board Highway | ||||
Revenue | 5.000% | 7/1/32 | 1,000 | 1,167 |
Chandler AZ GO | 5.000% | 7/1/23 | 1,000 | 1,139 |
Gilbert AZ GO | 5.000% | 7/1/20 | 2,480 | 2,641 |
Glendale AZ Industrial Development | ||||
Authority Revenue (Midwestern | ||||
University) | 5.000% | 5/15/30 | 335 | 353 |
Glendale AZ Senior Excise Tax Revenue | 5.000% | 7/1/18 | 1,100 | 1,100 |
Maricopa County AZ Industrial | ||||
Development Authority Health Facilities | ||||
Revenue (Banner Health Obligated Group) | 5.000% | 1/1/28 | 1,135 | 1,351 |
Maricopa County AZ School District | ||||
No. 28 (Kyrene Elementary) GO | 4.000% | 7/1/19 | 900 | 922 |
Phoenix AZ Civic Improvement Corp. | ||||
Airport Revenue | 5.000% | 7/1/20 (Prere.) | 365 | 389 |
Phoenix AZ Civic Improvement Corp. | ||||
Airport Revenue | 5.000% | 7/1/35 | 1,615 | 1,861 |
Phoenix AZ Civic Improvement Corp. | ||||
Airport Revenue | 5.000% | 7/1/36 | 1,405 | 1,617 |
Phoenix AZ Civic Improvement Corp. | ||||
Airport Revenue | 5.000% | 7/1/37 | 1,000 | 1,153 |
Phoenix AZ Civic Improvement Corp. | ||||
Excise Tax Revenue | 5.000% | 7/1/22 | 1,145 | 1,278 |
Phoenix AZ Civic Improvement Corp. | ||||
Excise Tax Revenue | 4.000% | 7/1/28 | 1,000 | 1,106 |
Phoenix AZ Civic Improvement Corp. | ||||
Wastewater System Revenue | 5.000% | 7/1/22 | 2,190 | 2,445 |
Phoenix AZ Civic Improvement Corp. | ||||
Wastewater System Revenue | 5.000% | 7/1/27 | 1,250 | 1,474 |
Phoenix AZ Civic Improvement Corp. | ||||
Water System Revenue | 5.000% | 7/1/21 | 525 | 573 |
Phoenix AZ Civic Improvement Corp. | ||||
Water System Revenue | 5.000% | 7/1/22 | 1,200 | 1,341 |
Phoenix AZ Civic Improvement Corp. | ||||
Water System Revenue | 5.000% | 7/1/23 | 2,010 | 2,291 |
Phoenix AZ Civic Improvement Corp. | ||||
Water System Revenue | 5.000% | 7/1/26 | 2,520 | 2,899 |
Phoenix AZ Civic Improvement Corp. | ||||
Water System Revenue | 5.000% | 7/1/35 | 1,900 | 2,187 |
20
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Phoenix AZ Industrial Development | ||||
Authority Lease Revenue (Downtown | ||||
Phoenix Student Housing LLC) | 5.000% | 7/1/27 | 300 | 340 |
Phoenix AZ Industrial Development | ||||
Authority Lease Revenue (Downtown | ||||
Phoenix Student Housing LLC) | 5.000% | 7/1/28 | 250 | 284 |
Pima County AZ Sewer Revenue | 5.000% | 7/1/20 | 500 | 532 |
Pima County AZ Sewer Revenue | 5.000% | 7/1/20 | 1,000 | 1,064 |
Pima County AZ Sewer Revenue | 5.000% | 7/1/24 | 1,055 | 1,215 |
Regional Public Transportation | ||||
Authority Arizona Excise Tax Revenue | ||||
(Maricopa County Public Transportation) | 5.250% | 7/1/24 | 1,020 | 1,192 |
Salt River Project Arizona Agricultural | ||||
Improvement & Power District Revenue | 5.000% | 1/1/19 (Prere.) | 750 | 763 |
Salt River Project Arizona Agricultural | ||||
Improvement & Power District Revenue | 5.000% | 12/1/28 | 500 | 549 |
Salt River Project Arizona Agricultural | ||||
Improvement & Power District Revenue | 5.000% | 12/1/29 | 2,000 | 2,208 |
Salt River Project Arizona Agricultural | ||||
Improvement & Power District Revenue | 5.000% | 1/1/36 | 1,540 | 1,788 |
Salt Verde AZ Financial Corp. Gas Revenue | 5.250% | 12/1/24 | 910 | 1,041 |
Salt Verde AZ Financial Corp. Gas Revenue | 5.250% | 12/1/28 | 640 | 749 |
University Medical Center Corp. Arizona | ||||
Hospital Revenue | 5.000% | 7/1/19 (ETM) | 500 | 516 |
Yavapai County AZ Industrial Development | ||||
Authority Hospital Facility Revenue | ||||
(Northern Arizona Healthcare System) | 5.250% | 10/1/22 | 500 | 550 |
58,836 | ||||
Arkansas (0.2%) | ||||
Arkansas Development Finance Authority | ||||
Healthcare Revenue (Baptist Health) PUT | 3.750% | 9/1/25 | 2,000 | 2,037 |
Pulaski County AR Hospital Revenue | ||||
(Arkansas Children’s Hospital) | 5.000% | 3/1/29 | 1,030 | 1,185 |
Rogers AR Sales & Use Tax Revenue | 2.125% | 11/1/29 | 185 | 185 |
Springdale AR School District No. 50 GO | 4.000% | 6/1/27 | 1,190 | 1,261 |
Springdale AR School District No. 50 GO | 4.000% | 6/1/32 | 1,155 | 1,217 |
University of Arkansas Revenue | 5.000% | 11/1/21 | 750 | 825 |
University of Arkansas Revenue | 5.000% | 11/1/24 | 775 | 897 |
University of Arkansas Revenue | 5.000% | 11/1/30 | 750 | 872 |
8,479 | ||||
California (5.9%) | ||||
ABAG Finance Authority for Nonprofit | ||||
Corps. California Revenue (Episcopal | ||||
Senior Communities) | 5.000% | 7/1/22 | 500 | 559 |
ABAG Finance Authority for Nonprofit | ||||
Corps. California Revenue (Jackson | ||||
Laboratory) | 5.000% | 7/1/21 | 760 | 828 |
ABAG Finance Authority for Nonprofit | ||||
Corps. California Revenue (Windemere | ||||
Ranch Infrastructure Financing Program) | 5.000% | 9/2/30 (4) | 1,000 | 1,175 |
Alameda CA Corridor Transportation | ||||
Authority Revenue | 0.000% | 10/1/30 (2) | 740 | 451 |
Alameda CA Corridor Transportation | ||||
Authority Revenue | 0.000% | 10/1/32 (14) | 1,650 | 976 |
21
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 | 1,121 |
Anaheim CA Housing & Public | ||||
Improvements Authority Revenue | ||||
(Electric Utility Distribution System) | 5.000% | 10/1/33 | 1,015 | 1,132 |
Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) | 5.000% | 10/1/20 (Prere.) | 500 | 538 |
Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) | 5.000% | 4/1/23 (Prere.) | 1,000 | 1,146 |
Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) | 5.000% | 4/1/31 | 500 | 553 |
Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) | 4.000% | 4/1/33 | 1,000 | 1,076 |
Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) | 4.000% | 4/1/37 | 795 | 845 |
Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) PUT | 1.375% | 4/1/20 | 1,000 | 994 |
Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) PUT | 1.875% | 4/1/20 | 1,500 | 1,504 |
3 Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) PUT | 2.110% | 4/1/20 | 1,000 | 1,006 |
3 Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) PUT | 2.210% | 4/1/21 | 1,000 | 1,012 |
Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) PUT | 2.100% | 4/1/22 | 1,150 | 1,158 |
3 Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) PUT | 2.410% | 5/1/23 | 1,000 | 1,018 |
Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) PUT | 2.125% | 4/1/25 | 2,950 | 2,871 |
Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) PUT | 2.950% | 4/1/26 | 1,000 | 1,027 |
Brea CA Redevelopment Agency Successor | ||||
Agency Tax Allocation Revenue | ||||
(Redevelopment Project AB) | 0.000% | 8/1/29 (2) | 1,000 | 682 |
California Department of Water Resources | ||||
Power Supply Revenue | 5.000% | 5/1/20 | 575 | 611 |
California Department of Water Resources | ||||
Power Supply Revenue | 5.000% | 5/1/20 | 2,500 | 2,658 |
California Economic Recovery GO | 5.000% | 7/1/18 (ETM) | 390 | 390 |
California Economic Recovery GO | 5.000% | 7/1/18 (ETM) | 110 | 110 |
California Economic Recovery GO | 5.000% | 7/1/19 (ETM) | 500 | 518 |
California Economic Recovery GO | 5.000% | 7/1/19 (Prere.) | 500 | 518 |
California Economic Recovery GO | 5.250% | 7/1/19 (Prere.) | 315 | 327 |
California Economic Recovery GO | 5.250% | 7/1/19 (Prere.) | 185 | 192 |
California GO | 5.000% | 2/1/20 | 500 | 527 |
California GO | 5.000% | 10/1/20 | 2,000 | 2,155 |
California GO | 5.000% | 8/1/22 | 1,000 | 1,126 |
California GO | 5.000% | 9/1/22 | 1,805 | 2,035 |
California GO | 5.000% | 11/1/23 | 1,155 | 1,333 |
California GO | 5.000% | 10/1/24 | 2,000 | 2,342 |
California GO | 5.000% | 9/1/25 | 1,560 | 1,849 |
California GO | 5.000% | 10/1/25 | 2,500 | 2,968 |
California GO | 5.000% | 3/1/26 | 660 | 774 |
22
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
California GO | 3.500% | 8/1/27 | 1,515 | 1,653 |
California GO | 5.000% | 2/1/28 | 690 | 777 |
California GO | 4.500% | 8/1/28 (2) | 15 | 15 |
California GO | 5.750% | 4/1/29 | 500 | 516 |
California GO | 5.000% | 9/1/29 | 455 | 538 |
California GO | 5.000% | 9/1/29 | 495 | 498 |
California GO | 5.000% | 11/1/29 | 1,700 | 1,938 |
California GO | 5.250% | 3/1/30 | 500 | 531 |
California GO | 5.000% | 9/1/30 | 1,000 | 1,093 |
California GO | 5.250% | 9/1/30 | 500 | 550 |
California GO | 4.000% | 8/1/31 | 1,675 | 1,813 |
California GO | 5.000% | 2/1/32 | 500 | 549 |
California GO | 5.000% | 10/1/32 | 1,875 | 2,153 |
California GO | 4.000% | 8/1/33 | 1,520 | 1,635 |
4 California GO | 5.000% | 8/1/33 | 2,865 | 3,356 |
California GO | 4.000% | 9/1/33 | 2,000 | 2,153 |
California GO | 4.000% | 9/1/35 | 1,815 | 1,941 |
California GO | 4.000% | 9/1/35 | 1,000 | 1,070 |
California Health Facilities Financing | ||||
Authority Revenue (Adventist | ||||
Health System/West) | 5.000% | 3/1/23 | 1,145 | 1,288 |
California Health Facilities Financing | ||||
Authority Revenue (Children’s | ||||
Hospital of Los Angeles) | 5.000% | 11/15/23 | 1,000 | 1,113 |
California Health Facilities Financing | ||||
Authority Revenue (Kaiser Permanente) | 5.000% | 11/1/27 | 1,365 | 1,661 |
California Health Facilities Financing | ||||
Authority Revenue (Kaiser Permanente) | 4.000% | 11/1/38 | 2,000 | 2,087 |
California Health Facilities Financing | ||||
Authority Revenue (Kaiser Permanente) PUT | 5.000% | 11/1/22 | 760 | 856 |
California Health Facilities Financing | ||||
Authority Revenue (Lucile Salter | ||||
Packard Children’s Hospital at Stanford) | 5.000% | 8/15/20 | 520 | 557 |
California Health Facilities Financing | ||||
Authority Revenue (Providence St. Joseph | ||||
Health Obligated Group) PUT | 4.000% | 10/1/24 | 1,195 | 1,315 |
California Health Facilities Financing | ||||
Authority Revenue (Rady Children’s | ||||
Hospital) | 5.000% | 8/15/31 | 965 | 1,049 |
California Health Facilities Financing | ||||
Authority Revenue (Sutter Health) | 5.000% | 8/15/18 (Prere.) | 110 | 110 |
California Health Facilities Financing | ||||
Authority Revenue (Sutter Health) | 5.500% | 8/15/20 (Prere.) | 500 | 542 |
California Health Facilities Financing | ||||
Authority Revenue (Sutter Health) | 5.000% | 11/15/33 | 1,000 | 1,173 |
California Health Facilities Financing | ||||
Authority Revenue (Sutter Health) | 5.000% | 11/15/36 | 750 | 870 |
California Infrastructure & Economic | ||||
Development Bank Revenue (Bay Area | ||||
Toll Bridges Seismic Retrofit) | 5.000% | 1/1/28 (Prere.) | 500 | 608 |
California Municipal Finance Authority | ||||
Revenue (Anaheim Electric Utility | ||||
Distribution System) | 5.000% | 10/1/30 | 965 | 1,119 |
23
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
California Municipal Finance Authority | ||||
Revenue (University of La Verne) | 6.125% | 6/1/20 (Prere.) | 500 | 543 |
California Pollution Control Financing | ||||
Authority Water Furnishing Revenue | ||||
(San Diego County Water Authority | ||||
Desalination Project Pipeline) | 5.000% | 7/1/37 | 1,000 | 1,007 |
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 | 1,119 |
California Public Works Board Lease | ||||
Revenue (Department of Corrections) | 5.000% | 6/1/27 | 1,050 | 1,164 |
California Public Works Board Lease | ||||
Revenue (Judicial Council Projects) | 5.000% | 10/1/26 | 1,200 | 1,390 |
California Public Works Board Lease | ||||
Revenue (Judicial Council Projects) | 5.000% | 3/1/28 | 300 | 337 |
California Public Works Board Lease | ||||
Revenue (Judicial Council Projects) | 5.125% | 12/1/29 | 260 | 286 |
California Public Works Board Lease | ||||
Revenue (Regents of The University | ||||
of California) | 5.000% | 4/1/19 (Prere.) | 70 | 72 |
California Public Works Board Lease | ||||
Revenue (Regents of The University | ||||
of California) | 5.000% | 4/1/19 (Prere.) | 120 | 123 |
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 | 1,064 |
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 | 1,969 |
California Public Works Board Lease | ||||
Revenue (Various Capital Projects) | 5.000% | 11/1/31 | 1,000 | 1,114 |
California Public Works Board Lease | ||||
Revenue (Various Capital Projects) | 5.000% | 4/1/32 | 350 | 385 |
California State Educational Facilities | ||||
Authority Revenue | 6.125% | 10/1/21 (Prere.) | 245 | 279 |
California State Educational Facilities | ||||
Authority Revenue | 6.125% | 10/1/30 | 255 | 289 |
California State University Systemwide | ||||
Revenue | 5.250% | 5/1/19 (Prere.) | 300 | 310 |
California State University Systemwide | ||||
Revenue | 5.750% | 5/1/19 (Prere.) | 500 | 518 |
California State University Systemwide | ||||
Revenue | 5.000% | 11/1/30 | 1,000 | 1,119 |
California State University Systemwide | ||||
Revenue | 5.000% | 11/1/32 | 1,000 | 1,174 |
California State University Systemwide | ||||
Revenue | 5.000% | 11/1/32 | 2,815 | 3,342 |
California State University Systemwide | ||||
Revenue | 5.000% | 11/1/34 | 2,010 | 2,311 |
24
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
California State University Systemwide | ||||
Revenue | 5.000% | 11/1/35 | 2,000 | 2,342 |
California State University Systemwide | ||||
Revenue PUT | 3.000% | 11/1/19 | 1,000 | 1,011 |
California Statewide Communities | ||||
Development Authority Revenue | ||||
(Citrus Valley Health Partners) | 5.050% | 7/6/18 (14) | 1,500 | 1,500 |
California Statewide Communities | ||||
Development Authority Revenue | ||||
(Loma Linda University Medical Center) | 5.000% | 12/1/28 | 400 | 438 |
Centinela Valley CA Union High School | ||||
District GO | 4.000% | 8/1/29 (4) | 1,035 | 1,129 |
Chabot-Las Positas CA Community | ||||
College District GO | 5.000% | 8/1/31 | 1,000 | 1,129 |
Chaffey CA Community College District GO | 5.000% | 6/1/23 | 840 | 962 |
Chino CA Public Financing Authority | ||||
Special Tax Revenue | 5.000% | 9/1/30 (4) | 800 | 907 |
Chula Vista CA Municipal Financing | ||||
Authority Special Tax Revenue | 5.500% | 9/1/27 | 970 | 1,104 |
5 Citrus CA Community College District GO | 0.000% | 8/1/34 | 1,000 | 890 |
Contra Costa CA Community College | ||||
District GO | 5.000% | 8/1/31 | 1,000 | 1,135 |
Contra Costa CA Municipal Water District | ||||
Revenue | 5.000% | 10/1/33 | 1,000 | 1,130 |
Contra Costa CA Transportation | ||||
Authority Sales Tax Revenue | 5.000% | 3/1/26 | 495 | 593 |
Contra Costa CA Transportation | ||||
Authority Sales Tax Revenue | 5.000% | 3/1/27 | 625 | 760 |
Corona-Norco CA Unified School District | ||||
Special Tax Revenue (Community | ||||
Facilities District No. 98-1) | 5.000% | 9/1/22 | 970 | 1,083 |
6 Foothill/Eastern Transportation Corridor | ||||
Agency California Toll Road Revenue | 0.000% | 1/15/29 | 1,390 | 1,232 |
Fresno CA Joint Powers Financing | ||||
Authority Lease Revenue | 5.000% | 4/1/19 | 2,250 | 2,305 |
Gavilan CA Joint Community College | ||||
District GO | 5.000% | 8/1/28 | 1,000 | 1,163 |
Golden State Tobacco Securitization | ||||
Corp. California Revenue | 5.000% | 6/1/25 | 500 | 573 |
Golden State Tobacco Securitization | ||||
Corp. California Revenue | 0.000% | 6/1/27 (2) | 2,060 | 1,585 |
Golden State Tobacco Securitization | ||||
Corp. California Revenue | 5.000% | 6/1/33 | 1,565 | 1,773 |
Golden State Tobacco Securitization | ||||
Corp. California Revenue | 3.500% | 6/1/36 | 1,000 | 1,008 |
La Quinta CA Redevelopment Agency | ||||
Tax Allocation Revenue | 5.000% | 9/1/26 | 1,500 | 1,700 |
La Quinta CA Redevelopment Agency | ||||
Tax Allocation Revenue | 5.000% | 9/1/30 | 1,000 | 1,147 |
La Verne CA (Brethren Hillcrest Homes) | ||||
COP | 5.000% | 5/15/26 | 350 | 376 |
Long Beach CA Finance Authority | ||||
Natural Gas Purchase Revenue | 5.250% | 11/15/19 | 90 | 94 |
25
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 | 420 | 475 |
Long Beach CA Unified School District GO | 0.000% | 8/1/24 (12) | 1,290 | 1,105 |
Los Angeles CA Community College | ||||
District GO | 5.000% | 8/1/18 (Prere.) | 500 | 501 |
Los Angeles CA Community College | ||||
District GO | 5.000% | 8/1/22 | 1,000 | 1,131 |
Los Angeles CA Community College | ||||
District GO | 4.000% | 8/1/32 | 1,000 | 1,065 |
Los Angeles CA Community College | ||||
District GO | 4.000% | 8/1/37 | 2,000 | 2,093 |
Los Angeles CA Department of Airports | ||||
International Airport Revenue | 5.000% | 5/15/27 | 500 | 531 |
Los Angeles CA Department of Water | ||||
& Power Revenue | 5.000% | 7/1/24 | 500 | 517 |
Los Angeles CA Department of Water | ||||
& Power Revenue | 5.000% | 7/1/33 | 1,375 | 1,623 |
Los Angeles CA Department of Water | ||||
& Power Revenue | 5.000% | 7/1/36 | 1,000 | 1,154 |
Los Angeles CA Department of Water | ||||
& Power Revenue | 5.000% | 7/1/37 | 1,000 | 1,168 |
Los Angeles CA Department of Water | ||||
& Power Revenue | 5.000% | 7/1/38 | 500 | 583 |
Los Angeles CA Unified School District GO | 5.000% | 7/1/20 | 1,700 | 1,819 |
Los Angeles CA Unified School District GO | 5.000% | 7/1/22 | 1,115 | 1,256 |
Los Angeles CA Unified School District GO | 5.000% | 7/1/26 | 500 | 517 |
Los Angeles CA Unified School District GO | 5.000% | 7/1/26 | 1,015 | 1,221 |
Los Angeles CA Unified School District GO | 5.000% | 7/1/29 | 500 | 517 |
Los Angeles CA Unified School District GO | 5.000% | 7/1/29 | 500 | 517 |
Los Angeles CA Unified School District GO | 5.000% | 7/1/36 | 1,000 | 1,185 |
Los Angeles CA Wastewater System | ||||
Revenue | 5.000% | 6/1/19 (Prere.) | 500 | 516 |
Los Angeles CA Wastewater System | ||||
Revenue | 5.000% | 6/1/36 | 1,755 | 2,073 |
Los Angeles County CA Metropolitan | ||||
Transportation Authority Sales Tax Revenue | 5.000% | 7/1/19 | 560 | 581 |
Los Angeles County CA Metropolitan | ||||
Transportation Authority Sales Tax Revenue | 5.000% | 7/1/31 | 1,970 | 2,347 |
Los Angeles County CA Metropolitan | ||||
Transportation Authority Sales Tax Revenue | 5.000% | 7/1/32 | 1,000 | 1,201 |
Los Angeles County CA Metropolitan | ||||
Transportation Authority Sales Tax Revenue | 5.000% | 7/1/36 | 1,935 | 2,271 |
Los Angeles County CA Public Works | ||||
Financing Authority Lease Revenue | 5.000% | 8/1/26 | 500 | 557 |
Los Angeles County CA Redevelopment | ||||
Authority Tax Allocation Revenue | ||||
(Hollywood/North Hollywood | ||||
Redevelopment Project) | 5.000% | 7/1/20 | 1,500 | 1,602 |
Marysville CA Revenue (Fremont-Rideout | ||||
Health Group) | 5.250% | 1/1/24 | 600 | 648 |
Milpitas CA Redevelopment Agency | ||||
Successor Agency Tax Allocation Revenue | 5.000% | 9/1/31 | 1,130 | 1,299 |
Napa Valley CA Unified School District GO | 4.000% | 8/1/28 | 1,690 | 1,813 |
7 Napa Valley Community College District | 0.000% | 8/1/32 | 1,090 | 1,055 |
26
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Newport Mesa CA Unified School District GO | 0.000% | 8/1/30 | 630 | 436 |
Oakland CA Redevelopment Agency Tax | ||||
Allocation Revenue (Central District Project) | 5.000% | 9/1/22 | 500 | 558 |
Oakland CA Unified School District GO | 5.000% | 8/1/25 (4) | 1,500 | 1,782 |
Orange County CA Development Agency | ||||
Tax Allocation Revenue | ||||
(Santa Ana Heights Project) | 5.000% | 3/1/21 | 1,170 | 1,258 |
Palomar Pomerado Health California GO | 0.000% | 8/1/22 (14) | 1,000 | 903 |
Palomar Pomerado Health California GO | 0.000% | 8/1/26 (12) | 1,040 | 810 |
Palomar Pomerado Health California GO | 0.000% | 8/1/32 (12) | 700 | 421 |
Perris CA Public Financing Authority | ||||
Tax Allocation Revenue | 5.000% | 10/1/21 | 1,085 | 1,197 |
Poway CA Unified School District GO | 5.000% | 8/1/24 | 1,750 | 2,041 |
Poway CA Unified School District Public | ||||
Financing Authority Special Tax Revenue | 5.000% | 9/1/31 (4) | 1,410 | 1,609 |
Riverside County CA Transportation | ||||
Commission Sales Tax Revenue | 5.250% | 6/1/23 (Prere.) | 1,000 | 1,162 |
Riverside County CA Transportation | ||||
Commission Sales Tax Revenue | 5.000% | 6/1/37 | 1,605 | 1,891 |
Riverside County CA Transportation | ||||
Commission Toll Revenue | 0.000% | 6/1/30 | 2,415 | 1,498 |
Roseville CA Natural Gas Financing | ||||
Authority Gas Revenue | 5.000% | 2/15/23 | 310 | 342 |
Roseville CA Natural Gas Financing | ||||
Authority Gas Revenue | 5.000% | 2/15/25 | 245 | 276 |
Sacramento CA City Financing Authority | ||||
Revenue | 5.000% | 12/1/22 (15) | 750 | 849 |
Sacramento CA City Financing Authority | ||||
Tax Allocation Revenue | 0.000% | 12/1/30 (14) | 1,815 | 1,150 |
Sacramento CA Municipal Utility District | ||||
Revenue | 5.000% | 8/15/18 (Prere.) | 195 | 196 |
Sacramento CA Municipal Utility District | ||||
Revenue | 5.000% | 8/15/27 (4) | 305 | 306 |
Sacramento CA Regional Transportation | ||||
District Farebox Revenue | 5.000% | 9/1/20 (Prere.) | 185 | 198 |
Sacramento CA Regional Transportation | ||||
District Farebox Revenue | 5.000% | 3/1/23 | 330 | 352 |
Sacramento County CA Airport Revenue | 5.625% | 7/1/29 | 500 | 500 |
Sacramento County CA Sanitation | ||||
Districts Financing Authority Revenue | 5.000% | 8/1/25 | 445 | 529 |
Sacramento County CA Sanitation | ||||
Districts Financing Authority Revenue | 5.000% | 8/1/27 | 575 | 675 |
San Bernardino CA Community College | ||||
District GO | 0.000% | 8/1/22 (4) | 1,000 | 917 |
San Bernardino County CA Transportation | ||||
Authority Revenue | 5.000% | 3/1/31 | 500 | 553 |
San Diego CA Community College | ||||
District GO | 5.000% | 8/1/21 (Prere.) | 500 | 551 |
San Diego CA Community College | ||||
District GO | 5.000% | 8/1/29 | 1,000 | 1,137 |
San Diego CA Public Facilities Financing | ||||
Authority Sewer Revenue | 5.000% | 5/15/19 (Prere.) | 500 | 516 |
San Diego CA Public Facilities Financing | ||||
Authority Water Revenue | 5.250% | 8/1/20 (Prere.) | 500 | 538 |
27
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
San Diego CA Public Facilities Financing | ||||
Authority Water Revenue | 5.000% | 8/1/28 | 1,115 | 1,334 |
San Diego CA Public Facilities Financing | ||||
Authority Water Revenue | 5.000% | 8/1/29 | 1,525 | 1,817 |
San Diego CA Unified School District GO | 0.000% | 7/1/27 | 500 | 388 |
San Diego CA Unified School District GO | 5.000% | 7/1/27 | 1,130 | 1,332 |
San Diego CA Unified School District GO | 5.500% | 7/1/27 (4) | 520 | 656 |
San Diego CA Unified School District GO | 0.000% | 7/1/28 | 500 | 372 |
San Diego CA Unified School District GO | 0.000% | 7/1/29 | 500 | 355 |
San Diego CA Unified School District GO | 0.000% | 7/1/30 | 100 | 68 |
San Diego County CA Regional Airport | ||||
Authority Revenue | 5.000% | 7/1/30 (4) | 500 | 532 |
San Diego County CA Regional | ||||
Transportation Commission Sales Tax | ||||
Revenue | 5.000% | 4/1/31 | 560 | 621 |
San Diego County CA Water Authority | ||||
Revenue | 5.000% | 5/1/28 | 1,000 | 1,172 |
San Francisco CA Bay Area Rapid Transit | ||||
District GO | 5.000% | 8/1/30 | 1,530 | 1,785 |
San Francisco CA Bay Area Rapid Transit | ||||
District Sales Tax Revenue | 4.000% | 7/1/21 | 350 | 374 |
San Francisco CA City & County (Earthquake | ||||
Safety & Emergency Response) GO | 5.000% | 6/15/20 (Prere.) | 500 | 534 |
San Francisco CA City & County COP | 5.000% | 4/1/28 | 1,635 | 1,898 |
San Francisco CA City & County COP | 4.000% | 4/1/33 | 1,000 | 1,057 |
San Francisco CA City & County | ||||
International Airport Revenue | 5.000% | 5/3/21 (Prere.) | 95 | 104 |
San Francisco CA City & County | ||||
International Airport Revenue | 5.250% | 5/1/22 | 500 | 516 |
San Francisco CA City & County | ||||
International Airport Revenue | 5.000% | 5/1/27 | 405 | 449 |
San Francisco CA City & County | ||||
International Airport Revenue | 5.000% | 5/1/30 | 405 | 439 |
San Francisco CA City & County | ||||
Public Utilities Commission Water Revenue | 5.500% | 11/1/20 (Prere.) | 500 | 545 |
San Francisco CA City & County | ||||
Public Utilities Commission Water Revenue | 5.000% | 5/1/22 (Prere.) | 1,245 | 1,397 |
San Francisco CA City & County | ||||
Public Utilities Commission Water Revenue | 5.000% | 11/1/31 | 1,690 | 2,003 |
San Francisco CA City & County | ||||
Public Utilities Commission Water Revenue | 5.000% | 11/1/32 | 1,000 | 1,165 |
San Francisco CA City & County Public | ||||
Utilities Commission Water Revenue | 5.000% | 11/1/35 | 1,500 | 1,758 |
San Francisco CA City & County | ||||
Unified School District GO | 4.000% | 6/15/32 | 965 | 1,010 |
San Francisco CA City & County | ||||
Unified School District GO | 4.250% | 6/15/33 | 1,000 | 1,055 |
San Joaquin County CA Transportation | ||||
Authority Revenue | 5.000% | 3/1/27 | 1,000 | 1,206 |
San Jose CA Redevelopment Agency | ||||
Tax Allocation Revenue | 6.500% | 8/1/18 (Prere.) | 700 | 703 |
San Ramon CA Public Financing Authority | ||||
Tax Allocation Revenue | 0.000% | 2/1/33 (2) | 1,475 | 830 |
28
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Santa Monica CA Community College | ||||
District GO | 4.000% | 8/1/21 | 1,500 | 1,604 |
Southern California Public Power Authority | ||||
Revenue (Canyon Power Project) | 5.000% | 7/1/22 | 1,105 | 1,213 |
Southern California Public Power Authority | ||||
Revenue (Milford Wind Corridor Phase I | ||||
Project) | 5.000% | 7/1/26 | 1,000 | 1,049 |
State Center California Community College | ||||
District GO | 5.000% | 8/1/29 | 1,000 | 1,168 |
Tahoe-Truckee CA Unified School District GO | 5.000% | 8/1/34 | 1,030 | 1,194 |
Union CA Elementary School District GO | 0.000% | 9/1/28 (14) | 1,080 | 803 |
Union City CA Community Redevelopment | ||||
Agency Successor Agency Tax Allocation | ||||
Revenue | 5.000% | 10/1/30 | 1,635 | 1,889 |
University of California Revenue | 5.250% | 5/15/19 (Prere.) | 1,985 | 2,052 |
University of California Revenue | 5.000% | 5/15/21 (Prere.) | 160 | 174 |
University of California Revenue | 5.000% | 5/15/23 | 875 | 957 |
University of California Revenue | 5.000% | 5/15/23 (Prere.) | 310 | 356 |
University of California Revenue | 5.000% | 5/15/28 | 1,000 | 1,180 |
University of California Revenue | 5.000% | 5/15/28 | 690 | 784 |
University of California Revenue | 4.000% | 5/15/33 | 1,000 | 1,067 |
University of California Revenue | 4.000% | 5/15/33 | 2,500 | 2,697 |
University of California Revenue | 4.000% | 5/15/34 | 1,000 | 1,072 |
University of California Revenue | 4.000% | 5/15/34 | 1,770 | 1,865 |
University of California Revenue | 4.000% | 5/15/35 | 2,000 | 2,137 |
University of California Revenue | 5.000% | 5/15/35 | 1,620 | 1,935 |
University of California Revenue | 5.000% | 5/15/35 | 1,165 | 1,383 |
University of California Revenue PUT | 5.000% | 5/15/23 | 3,635 | 4,176 |
West Contra Costa CA Unified | ||||
School District GO | 0.000% | 8/1/32 (4) | 1,155 | 708 |
West Contra Costa CA Unified | ||||
School District GO | 0.000% | 8/1/34 (14) | 1,225 | 671 |
248,007 | ||||
Colorado (0.8%) | ||||
Adams & Weld County CO | ||||
School District No. 27J GO | 5.000% | 12/1/34 | 1,435 | 1,651 |
Adams County CO COP | 5.000% | 12/1/31 | 650 | 743 |
Board of Governors of the Colorado State | ||||
University System Enterprise Revenue | 5.000% | 3/1/23 | 300 | 339 |
Colorado (UCDHSC Fitzsimons Academic | ||||
Projects) COP | 5.000% | 11/1/21 | 500 | 548 |
Colorado Educational & Cultural Facilities | ||||
Authority Revenue (Regis University) | 5.000% | 10/1/25 | 1,000 | 1,136 |
Colorado Educational & Cultural Facilities | ||||
Authority Revenue (University of Denver) | 4.000% | 3/1/30 | 500 | 535 |
Colorado Health Facilities Authority | ||||
Retirement Facilities Revenue (Liberty | ||||
Heights Project) | 0.000% | 7/15/24 (ETM) | 1,430 | 1,230 |
Colorado Health Facilities Authority | ||||
Revenue (Adventist Health System/Sunbelt | ||||
Obligated Group) PUT | 5.000% | 11/15/23 | 2,685 | 3,042 |
Colorado Health Facilities Authority | ||||
Revenue (Catholic Health Initiatives) | 5.250% | 2/1/31 | 2,500 | 2,636 |
29
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Colorado Health Facilities Authority Revenue | ||||
(Covenant Retirement Community Inc.) | 5.000% | 12/1/27 | 500 | 543 |
Colorado Health Facilities Authority Revenue | ||||
(NCMC Inc.) | 4.000% | 5/15/30 | 1,500 | 1,586 |
Colorado Springs CO Utility System Revenue | 5.000% | 11/15/22 (Prere.) | 500 | 563 |
Denver CO City & County Airport Revenue | 5.000% | 11/15/20 | 515 | 554 |
Denver CO City & County Airport Revenue | 5.000% | 11/15/22 | 1,335 | 1,430 |
Denver CO City & County Airport Revenue | 5.000% | 11/15/24 | 1,065 | 1,238 |
Denver CO City & County Airport Revenue | 5.000% | 11/15/26 | 430 | 460 |
Denver CO City & County School District GO | 4.000% | 12/1/31 | 1,000 | 1,065 |
Denver CO City & County School District GO | 5.000% | 12/1/36 | 2,000 | 2,320 |
E-470 Public Highway Authority Colorado | ||||
Revenue | 5.250% | 9/1/18 (14) | 585 | 588 |
E-470 Public Highway Authority Colorado | ||||
Revenue | 0.000% | 9/1/23 (14) | 1,000 | 880 |
E-470 Public Highway Authority Colorado | ||||
Revenue | 5.375% | 9/1/26 | 1,000 | 1,066 |
El Paso County CO School District No. 3 | ||||
Widefield GO | 5.000% | 12/1/26 | 350 | 391 |
El Paso County CO School District No. 3 | ||||
Widefield GO | 5.000% | 12/1/27 | 500 | 558 |
El Paso County CO School District No. 3 | ||||
Widefield GO | 5.000% | 12/1/29 | 500 | 558 |
El Paso County CO School District No. 3 | ||||
Widefield GO | 5.000% | 12/1/30 | 520 | 579 |
El Paso County CO School District No. 3 | ||||
Widefield GO | 5.000% | 12/1/31 | 635 | 707 |
Garfield, Pitkin, & Eagle County CO | ||||
School District GO | 4.000% | 12/15/34 | 1,000 | 1,057 |
Regional Transportation District of | ||||
Colorado COP | 5.000% | 6/1/20 (Prere.) | 1,010 | 1,072 |
Regional Transportation District of | ||||
Colorado COP | 5.000% | 6/1/20 (Prere.) | 1,000 | 1,061 |
University of Colorado Enterprise | ||||
System Revenue | 5.000% | 6/1/29 | 515 | 570 |
University of Colorado Enterprise | ||||
System Revenue | 5.000% | 6/1/29 | 1,010 | 1,223 |
University of Colorado Enterprise | ||||
System Revenue | 4.000% | 6/1/32 | 1,590 | 1,711 |
33,640 | ||||
Connecticut (0.5%) | ||||
Connecticut GO | 5.000% | 4/15/21 | 500 | 536 |
Connecticut GO | 5.000% | 11/15/22 | 1,935 | 2,132 |
Connecticut GO | 5.000% | 4/15/24 | 600 | 647 |
Connecticut GO | 5.000% | 9/1/26 | 1,000 | 1,107 |
Connecticut GO | 5.000% | 4/15/28 | 500 | 534 |
Connecticut GO | 5.000% | 3/1/32 | 2,950 | 3,196 |
Connecticut GO | 5.000% | 10/15/32 | 705 | 753 |
Connecticut Health & Educational | ||||
Facilities Authority Revenue | ||||
(Hartford Healthcare) | 5.000% | 7/1/26 | 550 | 591 |
Connecticut Health & Educational | ||||
Facilities Authority Revenue | ||||
(Yale University) PUT | 5.000% | 2/1/23 | 2,710 | 3,050 |
30
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Connecticut Health & Educational Facilities | ||||
Authority Revenue (Yale University) PUT | 5.000% | 2/1/28 | 1,515 | 1,824 |
Connecticut Special Tax Revenue | ||||
(Transportation Infrastructure) | 5.000% | 9/1/23 | 1,185 | 1,321 |
Connecticut Special Tax Revenue | ||||
(Transportation Infrastructure) | 5.000% | 11/1/25 | 500 | 505 |
Connecticut Special Tax Revenue | ||||
(Transportation Infrastructure) | 5.000% | 1/1/28 | 1,805 | 2,087 |
University of Connecticut GO | 5.000% | 2/15/27 | 635 | 709 |
18,992 | ||||
Delaware (0.1%) | ||||
Delaware GO | 5.000% | 2/1/19 | 600 | 612 |
Delaware GO | 5.000% | 7/1/20 | 612 | 652 |
Delaware GO | 5.000% | 10/1/20 | 700 | 751 |
Delaware GO | 5.000% | 2/1/25 | 1,000 | 1,170 |
Delaware GO | 5.000% | 1/1/26 | 1,725 | 2,044 |
5,229 | ||||
District of Columbia (0.2%) | ||||
District of Columbia Hospital Revenue | ||||
(Children’s Hospital Obligated Group) | 5.000% | 7/15/35 | 1,000 | 1,121 |
District of Columbia Income Tax Revenue | 5.000% | 12/1/26 | 655 | 718 |
District of Columbia Income Tax Revenue | 5.250% | 12/1/27 | 500 | 524 |
District of Columbia Income Tax Revenue | 5.000% | 12/1/30 | 500 | 529 |
District of Columbia Revenue | ||||
(National Public Radio, Inc.) | 5.000% | 4/1/27 | 1,215 | 1,398 |
District of Columbia Water & Sewer | ||||
Authority Public Utility Revenue | 5.000% | 10/1/33 | 2,175 | 2,542 |
Metropolitan Washington DC/VA Airports | ||||
Authority Airport System Revenue | 5.000% | 10/1/24 | 540 | 577 |
Metropolitan Washington DC/VA Airports | ||||
Authority Dulles Toll Road Revenue | ||||
(Dulles Metrorail & Capital Improvement | ||||
Projects) | 0.000% | 10/1/37 | 1,300 | 550 |
Washington Convention & Sports Authority | ||||
Revenue | 5.000% | 10/1/26 | 1,000 | 1,172 |
9,131 | ||||
Florida (2.7%) | ||||
Brevard County FL School Board COP | 5.000% | 7/1/25 | 1,000 | 1,120 |
Broward County FL Airport System Revenue | 5.000% | 10/1/28 | 400 | 443 |
Broward County FL Airport System Revenue | 5.375% | 10/1/29 | 500 | 522 |
Broward County FL Airport System Revenue | 5.500% | 10/1/31 | 1,000 | 1,149 |
Central Florida Expressway Authority | ||||
Revenue | 4.000% | 7/1/32 | 1,000 | 1,055 |
Citizens Property Insurance Corp. Florida | ||||
Revenue (Coastal Account) | 5.000% | 6/1/20 | 1,230 | 1,285 |
Citizens Property Insurance Corp. Florida | ||||
Revenue (Personal Lines | ||||
Account/Commercial Lines Account) | 5.000% | 6/1/20 | 650 | 688 |
Florida Board of Education Lottery Revenue | 5.000% | 7/1/18 | 1,585 | 1,585 |
Florida Board of Education Lottery Revenue | 4.000% | 7/1/27 | 1,230 | 1,304 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/19 | 220 | 227 |
31
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/19 | 1,585 | 1,635 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/21 | 760 | 828 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/21 | 1,000 | 1,090 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/21 | 1,270 | 1,384 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/22 | 500 | 521 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/22 | 1,245 | 1,389 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/24 | 625 | 709 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 4.000% | 6/1/27 | 1,255 | 1,331 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 4.000% | 6/1/29 | 1,365 | 1,438 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 4.000% | 6/1/32 | 1,675 | 1,799 |
Florida Department of Transportation GO | 5.000% | 7/1/19 | 545 | 564 |
8 Florida Department of Transportation GO | 5.000% | 7/1/27 | 1,315 | 1,578 |
8 Florida Municipal Power Agency Revenue | 4.000% | 10/1/30 | 2,500 | 2,687 |
Florida Turnpike Authority Revenue | 5.000% | 7/1/18 | 1,400 | 1,400 |
Florida Turnpike Authority Revenue | 5.000% | 7/1/19 | 500 | 517 |
Florida Turnpike Authority Revenue | 5.000% | 7/1/25 | 1,500 | 1,756 |
Florida Turnpike Authority Revenue | 4.000% | 7/1/34 | 1,000 | 1,049 |
Florida Turnpike Authority Revenue | 4.000% | 7/1/34 | 1,385 | 1,456 |
Gainesville FL Utilities System Revenue | 5.000% | 10/1/32 | 1,010 | 1,192 |
Highlands County FL Health Facilities | ||||
Authority Hospital Revenue (Adventist | ||||
Health System/Sunbelt Obligated Group) | 5.625% | 11/15/19 (Prere.) | 10 | 11 |
Highlands County FL Health Facilities | ||||
Authority Hospital Revenue (Adventist | ||||
Health System/Sunbelt Obligated Group) | 5.625% | 11/15/37 | 3,990 | 4,202 |
Hillsborough County FL Industrial | ||||
Development Authority Hospital | ||||
Revenue (Tampa General Hospital Project) | 5.000% | 10/1/28 | 500 | 553 |
Jacksonville FL Electric Authority | ||||
Electric System Revenue | 5.000% | 4/1/21 (Prere.) | 310 | 336 |
Jacksonville FL Electric Authority | ||||
Electric System Revenue | 5.000% | 10/1/26 | 1,005 | 1,183 |
Jacksonville FL Electric Authority | ||||
Electric System Revenue | 5.000% | 10/1/31 | 190 | 205 |
Jacksonville FL Electric Authority | ||||
Electric System Revenue | 4.000% | 10/1/37 | 1,955 | 2,050 |
Jacksonville FL Electric Authority | ||||
Water & Sewer Revenue | 5.000% | 10/1/19 | 565 | 589 |
Jacksonville FL Electric Authority | ||||
Water & Sewer Revenue | 5.000% | 10/1/27 | 1,905 | 2,291 |
Jacksonville FL Electric Authority | ||||
Water & Sewer Revenue | 5.000% | 10/1/27 | 830 | 985 |
32
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Jacksonville FL Health Care Facilities | ||||
Revenue (Baptist Health System | ||||
Obligated Group) | 4.000% | 8/15/37 | 1,250 | 1,298 |
Jacksonville FL Health Care Facilities | ||||
Revenue (Brooks Rehabilitation) | 5.000% | 11/1/30 | 1,085 | 1,222 |
Jacksonville FL Special Revenue | 5.000% | 10/1/32 | 500 | 553 |
Lakeland FL Educational Facilities Revenue | ||||
(Florida Southern College Project) | 5.000% | 9/1/31 | 880 | 942 |
Lakeland FL Hospital Revenue | ||||
(Lakeland Regional Health Systems) | 5.000% | 11/15/26 | 1,450 | 1,681 |
Miami Beach FL Health Facilities Authority | ||||
Revenue (Mount Sinai Medical Center) | 5.000% | 11/15/27 | 1,000 | 1,096 |
Miami Beach FL Resort Tax Revenue | 5.000% | 9/1/34 | 1,020 | 1,150 |
Miami Beach FL Stormwater Revenue | 5.000% | 9/1/27 | 1,000 | 1,179 |
Miami Beach FL Water & Sewer Revenue | 5.000% | 9/1/27 | 575 | 683 |
Miami Beach FL Water & Sewer Revenue | 5.000% | 10/1/30 | 1,500 | 1,715 |
Miami Beach FL Water & Sewer Revenue | 4.000% | 10/1/34 | 1,895 | 2,012 |
Miami-Dade County FL Aviation Revenue | ||||
(Miami International Airport) | 4.875% | 10/1/24 | 500 | 529 |
Miami-Dade County FL Aviation Revenue | ||||
(Miami International Airport) | 5.000% | 10/1/30 | 585 | 621 |
Miami-Dade County FL Aviation Revenue | ||||
(Miami International Airport) | 5.000% | 10/1/33 | 1,425 | 1,638 |
Miami-Dade County FL Aviation Revenue | ||||
(Miami International Airport) | 5.000% | 10/1/34 | 1,000 | 1,145 |
Miami-Dade County FL Building | ||||
Better Communities GO | 5.000% | 7/1/36 | 1,160 | 1,321 |
Miami-Dade County FL Health Facilities | ||||
Authority Hospital Revenue | ||||
(Miami Children’s Hospital) | 5.000% | 8/1/25 | 1,000 | 1,112 |
Miami-Dade County FL School Board COP | 5.000% | 2/1/26 | 1,160 | 1,347 |
Miami-Dade County FL Seaport Revenue | 5.750% | 10/1/28 | 1,510 | 1,727 |
Miami-Dade County FL Special Obligation | ||||
Revenue | 5.000% | 10/1/22 | 1,515 | 1,687 |
Miami-Dade County FL Special Obligation | ||||
Revenue | 5.000% | 10/1/24 | 1,000 | 1,114 |
Miami-Dade County FL Special Obligation | ||||
Revenue | 5.000% | 10/1/30 | 500 | 548 |
Miami-Dade County FL Transit Sales Surtax | ||||
Revenue | 4.000% | 7/1/31 | 1,400 | 1,489 |
Miami-Dade County FL Water & Sewer | ||||
Revenue | 5.000% | 10/1/22 | 1,750 | 1,958 |
North Brevard County FL Hospital District | ||||
Revenue | 5.000% | 1/1/34 | 1,000 | 1,091 |
Orange County FL Health Facilities Authority | ||||
Hospital Revenue (Orlando Health Inc.) | 5.000% | 10/1/30 | 1,510 | 1,715 |
Orange County FL Health Facilities Authority | ||||
Revenue (Nemours Foundation Project) | 5.000% | 1/1/19 | 500 | 508 |
Orlando & Orange County FL Expressway | ||||
Authority Revenue | 5.000% | 7/1/20 (Prere.) | 500 | 531 |
Orlando FL Tourist Development Tax Revenue | 5.000% | 11/1/28 (4) | 1,520 | 1,775 |
Osceola County FL Expressway System | ||||
Revenue (Poinciana Parkway Project) | 0.000% | 10/1/19 | 815 | 790 |
33
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Osceola County FL Expressway System | ||||
Revenue (Poinciana Parkway Project) | 0.000% | 10/1/20 | 1,270 | 1,196 |
Palm Beach County FL Health Facilities | ||||
Authority Hospital Revenue (BRRH Corp. | ||||
Obligated Group) | 5.000% | 12/1/25 | 560 | 622 |
Palm Beach County FL Public Improvement | ||||
Revenue | 5.000% | 5/1/33 | 1,245 | 1,437 |
Palm Beach County FL School Board COP | 5.000% | 8/1/25 | 1,740 | 2,018 |
Palm Beach County FL School Board COP | 5.000% | 8/1/29 | 1,520 | 1,732 |
Palm Beach County FL School Board COP | 5.000% | 8/1/32 | 1,500 | 1,694 |
Reedy Creek FL Improvement District GO | 4.000% | 6/1/34 | 1,180 | 1,240 |
Reedy Creek FL Improvement District GO | 4.000% | 6/1/35 | 1,000 | 1,050 |
Seacoast FL Utility Authority Water & Sewer | ||||
Revenue | 5.000% | 3/1/21 | 1,230 | 1,331 |
South Miami FL Health Facilities Authority | ||||
Revenue (Baptist Health South Florida | ||||
Obligated Group) | 4.000% | 8/15/33 | 1,170 | 1,215 |
St. Johns County FL Water & Sewer | ||||
Revenue | 0.000% | 6/1/24 | 1,110 | 952 |
Sunshine State Governmental Financing | ||||
Commission Florida Revenue | ||||
(Miami Dade County Program) | 5.000% | 9/1/26 | 1,000 | 1,123 |
Tallahassee FL Energy System Revenue | 5.000% | 10/1/35 | 1,000 | 1,122 |
Tallahassee FL Utility System Revenue | 5.000% | 10/1/29 | 1,015 | 1,165 |
Tallahassee FL Utility System Revenue | 5.000% | 10/1/30 | 750 | 858 |
Tallahassee FL Utility System Revenue | 5.000% | 10/1/34 | 1,265 | 1,433 |
Tampa Bay FL Water Utility System Revenue | 5.000% | 10/1/37 | 2,000 | 2,308 |
Tampa FL Cigarette Tax Allocation Revenue | ||||
(H. Lee Moffitt Cancer Center Project) | 5.000% | 9/1/18 | 370 | 372 |
Tampa FL Cigarette Tax Allocation Revenue | ||||
(H. Lee Moffitt Cancer Center Project) | 5.000% | 9/1/19 | 425 | 441 |
Tampa FL Cigarette Tax Allocation Revenue | ||||
(H. Lee Moffitt Cancer Center Project) | 5.000% | 9/1/20 | 535 | 569 |
Tampa FL Cigarette Tax Allocation Revenue | ||||
(H. Lee Moffitt Cancer Center Project) | 5.000% | 9/1/26 | 200 | 221 |
Tampa FL Health System Revenue | ||||
(BayCare Health System) | 5.000% | 11/15/33 | 1,575 | 1,722 |
Tampa FL Hospital Revenue | 5.000% | 7/1/23 | 750 | 823 |
Tampa-Hillsborough County FL Expressway | ||||
Authority Revenue | 5.000% | 7/1/30 | 200 | 234 |
Tampa-Hillsborough County FL Expressway | ||||
Authority Revenue | 5.000% | 7/1/31 | 250 | 291 |
Tohopekaliga FL Water Authority | ||||
Utility System Revenue | 4.000% | 10/1/21 | 1,245 | 1,326 |
Tohopekaliga FL Water Authority | ||||
Utility System Revenue | 5.750% | 10/1/21 (Prere.) | 500 | 560 |
Tohopekaliga FL Water Authority | ||||
Utility System Revenue | 4.000% | 10/1/32 | 1,000 | 1,067 |
Volusia County FL Educational Facilities | ||||
Authority Revenue (Embry-Riddle | ||||
Aeronautical University Inc.) | 5.000% | 10/15/29 | 860 | 996 |
113,401 |
34
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Georgia (1.6%) | ||||
Athens-Clarke County GA Unified | ||||
Government Water & Sewerage Revenue | 4.000% | 1/1/32 | 1,000 | 1,056 |
Atlanta GA Airport Revenue | 5.000% | 1/1/33 | 2,000 | 2,263 |
Atlanta GA Development Authority Revenue | 5.000% | 7/1/29 | 1,000 | 1,146 |
Atlanta GA Water & Wastewater Revenue | 5.000% | 11/1/21 | 1,500 | 1,650 |
Atlanta GA Water & Wastewater Revenue | 5.000% | 11/1/25 | 1,290 | 1,504 |
Atlanta GA Water & Wastewater Revenue | 5.750% | 11/1/27 (4) | 500 | 630 |
Bulloch County GA Development Authority | ||||
Revenue (Georgia Southern University | ||||
Housing Foundation) | 5.000% | 7/1/27 | 475 | 559 |
Cobb County GA Kennestone Hospital | ||||
Authority Revenue | 5.000% | 4/1/24 | 400 | 448 |
Dahlonega GA Downtown Development | ||||
Authority Revenue (North Georgia MAC | ||||
LLC Project) | 5.000% | 7/1/27 | 600 | 712 |
Dahlonega GA Downtown Development | ||||
Authority Revenue (North Georgia MAC | ||||
LLC Project) | 5.000% | 7/1/31 | 725 | 845 |
DeKalb County GA Water & Sewer Revenue | 5.250% | 10/1/31 | 500 | 549 |
Georgia GO | 5.000% | 5/1/19 (Prere.) | 500 | 514 |
Georgia GO | 5.000% | 1/1/20 | 1,685 | 1,769 |
Georgia GO | 5.000% | 2/1/20 | 1,375 | 1,447 |
Georgia GO | 5.000% | 7/1/21 | 2,000 | 2,186 |
Georgia GO | 5.000% | 1/1/22 | 2,110 | 2,332 |
Georgia GO | 5.000% | 7/1/22 | 1,220 | 1,365 |
Georgia GO | 5.000% | 7/1/22 | 500 | 517 |
Georgia GO | 5.000% | 12/1/22 | 1,235 | 1,395 |
Georgia GO | 5.000% | 2/1/24 | 2,430 | 2,802 |
Georgia GO | 5.000% | 7/1/24 | 1,500 | 1,742 |
8 Georgia GO | 5.000% | 7/1/28 | 2,980 | 3,645 |
Georgia GO | 5.000% | 2/1/30 | 1,500 | 1,783 |
Georgia GO | 5.000% | 2/1/31 | 1,500 | 1,779 |
8 Georgia GO | 5.000% | 7/1/32 | 2,565 | 3,097 |
Griffin-Spalding County GA Hospital | ||||
Authority Revenue (WellStar Health | ||||
System Obligated Group) | 5.000% | 4/1/25 | 600 | 686 |
Griffin-Spalding County GA Hospital | ||||
Authority Revenue (WellStar Health | ||||
System Obligated Group) | 5.000% | 4/1/31 | 350 | 399 |
Griffin-Spalding County GA Hospital | ||||
Authority Revenue (WellStar Health | ||||
System Obligated Group) | 5.000% | 4/1/33 | 1,575 | 1,783 |
Gwinnett County GA School District GO | 5.000% | 2/1/28 | 500 | 579 |
Main Street Natural Gas Inc. Georgia Gas | ||||
Project Revenue | 5.250% | 9/15/18 | 100 | 101 |
Main Street Natural Gas Inc. Georgia Gas | ||||
Project Revenue | 5.000% | 3/15/19 | 425 | 434 |
Main Street Natural Gas Inc. Georgia Gas | ||||
Project Revenue | 5.000% | 3/15/21 | 600 | 643 |
Main Street Natural Gas Inc. Georgia Gas | ||||
Project Revenue | 5.000% | 3/15/22 | 515 | 561 |
Main Street Natural Gas Inc. Georgia Gas | ||||
Project Revenue PUT | 4.000% | 9/1/23 | 6,010 | 6,429 |
35
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Main Street Natural Gas Inc. Georgia Gas | ||||
Project Revenue PUT | 4.000% | 12/1/23 | 6,245 | 6,683 |
Metropolitan Atlanta Rapid Transportation | ||||
Authority Georgia Sales Tax Revenue | 5.000% | 7/1/31 | 1,400 | 1,632 |
Metropolitan Atlanta Rapid Transportation | ||||
Authority Georgia Sales Tax Revenue | 4.000% | 7/1/33 | 1,835 | 1,961 |
Metropolitan Atlanta Rapid Transportation | ||||
Authority Georgia Sales Tax Revenue | 5.000% | 7/1/35 | 1,095 | 1,263 |
Municipal Electric Authority Georgia Revenue | 5.000% | 1/1/19 | 1,015 | 1,031 |
Municipal Electric Authority Georgia Revenue | 5.000% | 1/1/26 | 1,000 | 1,142 |
Municipal Electric Authority Georgia Revenue | 5.000% | 1/1/28 (15) | 1,495 | 1,712 |
Municipal Electric Authority Georgia Revenue | 5.000% | 1/1/35 | 1,510 | 1,655 |
Private Colleges & University Authority of | ||||
Georgia Revenue (Emory University) | 5.000% | 9/1/28 | 500 | 520 |
66,949 | ||||
Guam (0.1%) | ||||
Guam Government Business Privilege | ||||
Tax Revenue | 5.000% | 11/15/26 | 735 | 830 |
Guam Government Waterworks Authority | ||||
Water & Waste Water System Revenue | 5.250% | 7/1/23 | 1,000 | 1,122 |
Guam Government Waterworks Authority | ||||
Water & Waste Water System Revenue | 5.250% | 7/1/33 | 1,305 | 1,412 |
Guam International Airport Authority Revenue | 5.000% | 10/1/21 | 350 | 374 |
3,738 | ||||
Hawaii (0.8%) | ||||
Hawaii Department of Budget & Finance | ||||
Special Purpose Revenue (Hawaii Pacific | ||||
Health Obligated Group) | 5.000% | 7/1/19 | 250 | 258 |
Hawaii Department of Budget & Finance | ||||
Special Purpose Revenue (Hawaii Pacific | ||||
Health Obligated Group) | 5.000% | 7/1/20 | 320 | 340 |
Hawaii Department of Budget & Finance | ||||
Special Purpose Revenue (Hawaii Pacific | ||||
Health Obligated Group) | 5.000% | 7/1/21 | 400 | 435 |
Hawaii GO | 5.000% | 6/1/19 (Prere.) | 285 | 294 |
Hawaii GO | 5.000% | 6/1/19 (Prere.) | 215 | 222 |
Hawaii GO | 5.000% | 10/1/21 | 2,500 | 2,747 |
Hawaii GO | 5.000% | 12/1/21 | 375 | 414 |
Hawaii GO | 5.000% | 12/1/21 (Prere.) | 310 | 342 |
Hawaii GO | 5.000% | 12/1/21 (Prere.) | 190 | 210 |
Hawaii GO | 5.000% | 8/1/24 | 1,765 | 2,046 |
Hawaii GO | 5.000% | 8/1/25 | 1,500 | 1,728 |
Hawaii GO | 5.000% | 10/1/25 | 1,455 | 1,711 |
Hawaii GO | 5.000% | 10/1/28 | 1,235 | 1,456 |
Hawaii GO | 4.000% | 4/1/30 | 1,500 | 1,607 |
Hawaii GO | 4.000% | 4/1/31 | 1,000 | 1,069 |
Hawaii GO | 5.000% | 1/1/33 | 1,475 | 1,740 |
Hawaii GO | 5.000% | 1/1/36 | 4,000 | 4,686 |
Hawaii GO | 4.000% | 1/1/37 | 2,065 | 2,173 |
Hawaii Pacific Health Revenue | 5.000% | 7/1/19 (ETM) | 575 | 594 |
Honolulu HI City & County GO | 5.000% | 10/1/20 | 2,050 | 2,198 |
Honolulu HI City & County GO | 5.250% | 8/1/21 (Prere.) | 1,245 | 1,371 |
Honolulu HI City & County GO | 5.250% | 8/1/21 (Prere.) | 500 | 551 |
Honolulu HI City & County GO | 5.000% | 10/1/28 | 1,000 | 1,162 |
36
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Honolulu HI City & County GO | 5.000% | 12/1/30 | 310 | 332 |
Honolulu HI City & County Wastewater | ||||
System Revenue | 5.000% | 7/1/30 | 2,000 | 2,301 |
University of Hawaii Revenue | 5.000% | 10/1/19 (Prere.) | 500 | 521 |
32,508 | ||||
Idaho (0.0%) | ||||
Idaho Health Facilities Authority Revenue | ||||
(Trinity Health Group) | 6.125% | 12/1/18 (Prere.) | 105 | 107 |
Illinois (2.7%) | ||||
Chicago IL Board of Education GO | 5.000% | 12/1/18 (2) | 295 | 298 |
Chicago IL Board of Education GO | 5.000% | 12/1/19 (14) | 590 | 607 |
Chicago IL Board of Education GO | 5.000% | 12/1/21 | 1,000 | 1,037 |
Chicago IL Board of Education GO | 5.250% | 12/1/21 (14) | 540 | 578 |
Chicago IL Board of Education GO | 5.000% | 12/1/22 | 1,500 | 1,507 |
Chicago IL Board of Education GO | 5.000% | 12/1/23 | 1,000 | 1,045 |
Chicago IL Board of Education GO | 5.000% | 12/1/24 | 700 | 732 |
Chicago IL Board of Education GO | 5.250% | 12/1/24 (4) | 500 | 507 |
Chicago IL Board of Education GO | 5.250% | 12/1/26 (12) | 500 | 507 |
Chicago IL Board of Education GO | 7.000% | 12/1/26 | 500 | 591 |
Chicago IL Board of Education GO | 0.000% | 12/1/28 (14) | 1,000 | 627 |
Chicago IL Board of Education GO | 5.000% | 12/1/30 (4) | 1,250 | 1,401 |
Chicago IL Board of Education GO | 5.250% | 12/1/35 | 1,000 | 1,020 |
Chicago IL GO | 5.000% | 1/1/26 | 335 | 357 |
Chicago IL GO | 5.000% | 1/1/27 (4) | 1,945 | 2,016 |
Chicago IL GO | 5.000% | 1/1/29 | 505 | 508 |
Chicago IL Metropolitan Water Reclamation | ||||
District GO | 5.000% | 12/1/31 | 500 | 538 |
Chicago IL Midway Airport Revenue | 5.000% | 1/1/26 | 210 | 232 |
Chicago IL Motor Fuel Tax Revenue | 5.000% | 1/1/19 | 250 | 253 |
Chicago IL Motor Fuel Tax Revenue | 5.000% | 1/1/20 | 300 | 307 |
Chicago IL Motor Fuel Tax Revenue | 5.000% | 1/1/22 | 300 | 314 |
Chicago IL O’Hare International Airport | ||||
Revenue | 5.250% | 1/1/24 | 200 | 223 |
Chicago IL O’Hare International Airport | ||||
Revenue | 5.000% | 1/1/25 | 1,010 | 1,162 |
Chicago IL O’Hare International Airport | ||||
Revenue | 5.500% | 1/1/26 | 1,000 | 1,124 |
Chicago IL O’Hare International Airport | ||||
Revenue | 5.000% | 1/1/29 | 1,000 | 1,122 |
Chicago IL O’Hare International Airport | ||||
Revenue | 5.250% | 1/1/29 | 1,500 | 1,760 |
Chicago IL O’Hare International Airport | ||||
Revenue | 5.000% | 1/1/31 | 1,030 | 1,151 |
Chicago IL O’Hare International Airport | ||||
Revenue | 5.000% | 1/1/32 | 500 | 537 |
Chicago IL O’Hare International Airport | ||||
Revenue | 5.000% | 1/1/33 | 1,000 | 1,112 |
Chicago IL O’Hare International Airport | ||||
Revenue | 5.000% | 1/1/35 | 1,855 | 2,073 |
Chicago IL Park District GO | 5.000% | 1/1/19 | 1,115 | 1,130 |
Chicago IL Park District GO | 5.000% | 1/1/19 | 750 | 760 |
Chicago IL Park District GO | 5.000% | 1/1/32 | 1,225 | 1,350 |
37
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Chicago IL Wastewater Transmission | ||||
Revenue | 5.000% | 1/1/28 | 1,000 | 1,119 |
Chicago IL Wastewater Transmission | ||||
Revenue | 5.000% | 1/1/29 | 1,510 | 1,649 |
Chicago IL Waterworks Revenue | 5.000% | 11/1/30 | 1,000 | 1,096 |
Cook County IL GO | 5.000% | 11/15/21 | 500 | 519 |
Cook County IL GO | 5.250% | 11/15/25 | 1,000 | 1,082 |
Cook County IL GO | 5.000% | 11/15/26 (4) | 1,000 | 1,139 |
Cook County IL GO | 5.000% | 11/15/28 | 660 | 694 |
Cook County IL GO | 5.250% | 11/15/28 | 565 | 608 |
Illinois Finance Authority Revenue | ||||
(Advocate Health Care Network) | 5.000% | 8/1/26 | 1,500 | 1,700 |
Illinois Finance Authority Revenue | ||||
(Advocate Health Care Network) | 5.000% | 8/1/33 | 2,550 | 2,840 |
Illinois Finance Authority Revenue | ||||
(Ascension Health Credit Group) | 5.000% | 11/15/32 | 500 | 543 |
Illinois Finance Authority Revenue | ||||
(Centegra Health System) | 5.000% | 9/1/29 | 1,300 | 1,409 |
Illinois Finance Authority Revenue | ||||
(Clean Water Initiative) | 5.000% | 7/1/31 | 1,000 | 1,159 |
Illinois Finance Authority Revenue | ||||
(DePaul University) | 5.000% | 10/1/33 | 1,000 | 1,135 |
Illinois Finance Authority Revenue | ||||
(DePaul University) | 5.000% | 10/1/34 | 1,000 | 1,129 |
Illinois Finance Authority Revenue | ||||
(Edward Elmhurst Obligated Group) | 5.000% | 1/1/36 | 1,000 | 1,085 |
Illinois Finance Authority Revenue | ||||
(Franciscan Communities Inc.) | 5.000% | 5/15/37 | 1,000 | 1,077 |
Illinois Finance Authority Revenue | ||||
(Mercy Health System) | 4.000% | 12/1/28 | 1,000 | 1,035 |
Illinois Finance Authority Revenue | ||||
(Northwestern Community Hospital) | 5.750% | 8/15/19 (Prere.) | 95 | 99 |
Illinois Finance Authority Revenue | ||||
(Northwestern Community Hospital) | 5.000% | 7/1/35 | 1,000 | 1,096 |
Illinois Finance Authority Revenue | ||||
(Northwestern Memorial Healthcare) | 5.000% | 7/15/31 | 1,100 | 1,285 |
Illinois Finance Authority Revenue | ||||
(Presence Health Network Obligated Group) | 5.000% | 2/15/28 | 1,250 | 1,459 |
Illinois Finance Authority Revenue | ||||
(Rehabilitation Institute of Chicago) | 5.500% | 7/1/28 | 2,000 | 2,225 |
Illinois Finance Authority Revenue | ||||
(Rush University Medical Center) | 5.000% | 11/15/33 | 1,050 | 1,170 |
Illinois Finance Authority Revenue | ||||
(Trinity Health Corp.) | 5.000% | 12/1/21 (Prere.) | 500 | 549 |
Illinois Finance Authority Revenue | ||||
(University of Chicago Medical Center) | ||||
VRDO | 1.580% | 7/2/18 LOC | 1,050 | 1,050 |
Illinois Finance Authority Revenue | ||||
(University of Chicago) | 5.000% | 10/1/29 | 500 | 543 |
Illinois Finance Authority Revenue | ||||
(University of Chicago) | 5.000% | 10/1/35 | 1,000 | 1,136 |
Illinois GO | 5.000% | 11/1/19 | 1,000 | 1,031 |
Illinois GO | 5.000% | 1/1/20 (4) | 200 | 207 |
Illinois GO | 5.000% | 8/1/20 | 305 | 316 |
38
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Illinois GO | 5.000% | 11/1/20 | 2,500 | 2,597 |
Illinois GO | 5.000% | 1/1/21 (4) | 710 | 736 |
Illinois GO | 5.000% | 5/1/21 | 425 | 443 |
Illinois GO | 5.000% | 8/1/21 | 605 | 633 |
Illinois GO | 5.000% | 11/1/21 | 4,015 | 4,213 |
Illinois GO | 5.000% | 8/1/22 | 500 | 527 |
Illinois GO | 5.000% | 11/1/22 | 1,000 | 1,057 |
Illinois GO | 5.000% | 11/1/22 | 2,300 | 2,432 |
Illinois GO | 5.000% | 2/1/23 | 540 | 570 |
Illinois GO | 5.000% | 11/1/23 | 1,000 | 1,061 |
Illinois GO | 5.500% | 7/1/24 | 1,100 | 1,184 |
Illinois GO | 5.000% | 8/1/24 | 1,500 | 1,566 |
Illinois GO | 5.000% | 11/1/24 | 1,785 | 1,899 |
Illinois GO | 5.000% | 3/1/26 (4) | 1,125 | 1,200 |
Illinois GO | 5.000% | 11/1/26 | 1,785 | 1,900 |
Illinois GO | 5.250% | 2/1/30 | 1,900 | 1,998 |
Illinois GO | 5.000% | 11/1/30 | 1,000 | 1,050 |
Illinois GO | 5.250% | 7/1/31 | 1,000 | 1,045 |
Illinois GO | 5.000% | 9/1/31 | 3,000 | 3,004 |
Illinois Regional Transportation Authority | ||||
Revenue | 6.250% | 7/1/23 (4) | 500 | 594 |
Illinois Toll Highway Authority Revenue | 5.000% | 1/1/28 | 500 | 522 |
Illinois Toll Highway Authority Revenue | 5.000% | 1/1/30 | 1,000 | 1,109 |
Illinois Toll Highway Authority Revenue | 5.000% | 1/1/32 | 500 | 552 |
Illinois Toll Highway Authority Revenue | 5.000% | 1/1/37 | 1,200 | 1,371 |
Metropolitan Pier & Exposition Authority | ||||
Illinois Dedicated Sales Tax Revenue | 0.000% | 6/15/21 (14) | 1,100 | 997 |
Metropolitan Pier & Exposition Authority | ||||
Illinois Dedicated Sales Tax Revenue | 0.000% | 6/15/26 (4) | 755 | 557 |
Metropolitan Pier & Exposition Authority | ||||
Illinois Dedicated Sales Tax Revenue | 0.000% | 6/15/27 (4) | 920 | 648 |
Metropolitan Pier & Exposition Authority | ||||
Illinois Dedicated Sales Tax Revenue | 0.000% | 12/15/29 (14) | 2,050 | 1,248 |
Metropolitan Pier & Exposition Authority | ||||
Illinois Dedicated Sales Tax Revenue | 0.000% | 12/15/31 (14) | 290 | 160 |
Metropolitan Pier & Exposition Authority | ||||
Illinois Dedicated Sales Tax Revenue | 0.000% | 6/15/33 (14) | 1,100 | 561 |
Metropolitan Pier & Exposition Authority | ||||
Illinois Dedicated Sales Tax Revenue | ||||
(McCormick Place Expansion Project) | 0.000% | 6/15/19 (14) | 935 | 909 |
Metropolitan Pier & Exposition Authority | ||||
Illinois Dedicated Sales Tax Revenue | ||||
(McCormick Place Expansion Project) | 0.000% | 6/15/19 (ETM) | 185 | 182 |
Metropolitan Pier & Exposition Authority | ||||
Illinois Dedicated Sales Tax Revenue | ||||
(McCormick Place Expansion Project) | 5.000% | 12/15/27 | 710 | 777 |
Metropolitan Pier & Exposition Authority | ||||
Illinois Dedicated Sales Tax Revenue | ||||
(McCormick Place Expansion Project) | 5.000% | 12/15/28 | 1,500 | 1,576 |
Metropolitan Pier & Exposition Authority | ||||
Illinois Dedicated Sales Tax Revenue | ||||
(McCormick Place Expansion Project) | 0.000% | 6/15/31 (14) | 1,515 | 857 |
39
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Metropolitan Pier & Exposition Authority | ||||
Illinois Dedicated Sales Tax Revenue | ||||
(McCormick Place Expansion Project) | 0.000% | 6/15/32 (14) | 1,100 | 592 |
Railsplitter Tobacco Settlement Authority | ||||
Illinois Tobacco Settlement Revenue | 5.250% | 6/1/20 | 1,215 | 1,287 |
Railsplitter Tobacco Settlement Authority | ||||
Illinois Tobacco Settlement Revenue | 5.500% | 6/1/21 (Prere.) | 1,060 | 1,168 |
Railsplitter Tobacco Settlement Authority | ||||
Illinois Tobacco Settlement Revenue | 6.000% | 6/1/21 (Prere.) | 400 | 446 |
Railsplitter Tobacco Settlement Authority | ||||
Illinois Tobacco Settlement Revenue | 5.000% | 6/1/26 | 1,560 | 1,787 |
Romeoville IL Revenue | ||||
(Lewis University Project) | 5.000% | 10/1/28 | 1,000 | 1,107 |
Southwestern Illinois Development | ||||
Authority Health Facilities Revenue | ||||
(Hospital Sisters Services Inc.) | 5.000% | 2/15/28 | 1,000 | 1,181 |
Will County IL Community High School | ||||
District No. 210 (Lincoln-Way) GO | 0.000% | 1/1/29 | 1,000 | 574 |
Will County IL Community High School | ||||
District No. 210 (Lincoln-Way) GO | 5.000% | 1/1/30 | 1,000 | 986 |
112,533 | ||||
Indiana (0.8%) | ||||
Ball State University Student Fee | ||||
Indiana Revenue | 5.000% | 7/1/32 | 350 | 408 |
Ball State University Student Fee | ||||
Indiana Revenue | 5.000% | 7/1/34 | 1,050 | 1,214 |
Ball State University Student Fee | ||||
Indiana Revenue | 5.000% | 7/1/35 | 1,450 | 1,672 |
Indiana Finance Authority Hospital | ||||
Revenue (Indiana University Health | ||||
Obligated Group) | 5.000% | 12/1/19 | 1,275 | 1,335 |
Indiana Finance Authority Hospital | ||||
Revenue (Indiana University Health | ||||
Obligated Group) | 5.000% | 12/1/22 | 1,100 | 1,236 |
Indiana Finance Authority Hospital | ||||
Revenue (Indiana University Health | ||||
Obligated Group) | 5.000% | 12/1/33 | 1,390 | 1,566 |
Indiana Finance Authority Hospital | ||||
Revenue (Parkview Health System) | 5.000% | 11/1/28 | 500 | 598 |
Indiana Finance Authority Revenue | 5.000% | 2/1/21 | 2,000 | 2,162 |
Indiana Finance Authority Revenue | ||||
(Community Foundation of Northwest | ||||
Indiana Obligated Group) | 5.000% | 3/1/25 | 690 | 751 |
Indiana Finance Authority Revenue | ||||
(Franciscan Alliance Inc.) | 5.000% | 11/1/29 | 1,130 | 1,317 |
Indiana Finance Authority Revenue | ||||
(Franciscan Alliance Inc.) | 5.000% | 11/1/30 | 1,505 | 1,750 |
Indiana Finance Authority Revenue | ||||
(Franciscan Alliance Inc.) | 5.000% | 11/1/31 | 1,120 | 1,299 |
Indiana Finance Authority Revenue | ||||
(Franciscan Alliance Inc.) | 4.000% | 11/1/35 | 1,685 | 1,738 |
Indiana Finance Authority Revenue | ||||
(Marquette Project) | 5.000% | 3/1/24 | 1,645 | 1,802 |
40
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Indiana Finance Authority Revenue | ||||
(Marquette Project) | 5.000% | 3/1/25 | 650 | 717 |
Indiana Finance Authority Revenue | ||||
(Stadium Project) | 5.250% | 2/1/30 | 1,000 | 1,162 |
Indiana Finance Authority Revenue | ||||
(State Revolving Fund) | 5.000% | 2/1/32 | 500 | 559 |
Indiana Finance Authority Wastewater | ||||
Utility Revenue (CWA Authority Project) | 5.000% | 10/1/32 | 500 | 548 |
Indiana Municipal Power Agency Revenue | 5.000% | 1/1/34 | 1,415 | 1,624 |
Indiana Municipal Power Agency Revenue | 5.000% | 1/1/36 | 1,000 | 1,149 |
Indiana Office Building Commission Facilities | ||||
Revenue (New Castle Correctional Facility) | 5.250% | 7/1/19 (14) | 500 | 518 |
Indiana University Student Fee Revenue | 5.000% | 8/1/18 (Prere.) | 100 | 100 |
Indiana University Student Fee Revenue | 5.000% | 6/1/19 | 445 | 459 |
Indianapolis IN Local Public Improvement | ||||
Bond Bank Revenue (PILOT Infrastructure | ||||
Project) | 5.000% | 1/1/20 (Prere.) | 1,500 | 1,573 |
Indianapolis IN Local Public Improvement | ||||
Bond Bank Revenue (Waterworks Project) | 5.500% | 1/1/38 (12) | 1,915 | 1,950 |
8 Ivy IN Tech Community College Revenue | 5.000% | 7/1/32 | 825 | 971 |
8 Ivy IN Tech Community College Revenue | 5.000% | 7/1/33 | 850 | 996 |
Purdue University Indiana University Student | ||||
Facilities System Revenue | 5.000% | 7/1/21 | 870 | 949 |
Richmond IN Hospital Authority Revenue | ||||
(Reid Hospital & Health Care Services Inc.) | 5.000% | 1/1/24 | 700 | 779 |
32,902 | ||||
Iowa (0.2%) | ||||
Iowa Finance Authority Health Facilities | ||||
Revenue (Mercy Medical Center Project) | 5.000% | 8/15/27 | 1,435 | 1,589 |
Iowa Finance Authority Midwestern Disaster | ||||
Area Revenue (Iowa Fertilizer Co. Project) | 5.500% | 12/1/22 | 5 | 5 |
9 Iowa Finance Authority Midwestern Disaster | ||||
Area Revenue (Iowa Fertilizer Co. Project) | 5.875% | 12/1/27 | 320 | 340 |
Iowa Finance Authority Midwestern Disaster | ||||
Area Revenue (Iowa Fertilizer Co. Project) | ||||
PUT | 5.250% | 12/1/37 | 2,120 | 2,256 |
Iowa Special Obligation Revenue | ||||
(Ijobs Program) | 5.000% | 6/1/19 (Prere.) | 220 | 227 |
Polk County IA GO | 4.000% | 6/1/25 | 2,115 | 2,258 |
6,675 | ||||
Kansas (0.3%) | ||||
Butler County KS Unified School District | ||||
No. 385 Andover GO | 4.000% | 9/1/29 | 1,000 | 1,085 |
Kansas Department of Transportation | ||||
Highway Revenue | 5.000% | 9/1/18 (Prere.) | 500 | 503 |
Kansas Department of Transportation | ||||
Highway Revenue | 5.000% | 9/1/20 | 1,035 | 1,108 |
Kansas Department of Transportation | ||||
Highway Revenue | 5.000% | 9/1/25 | 510 | 591 |
Kansas Department of Transportation | ||||
Highway Revenue | 5.000% | 9/1/26 | 700 | 809 |
Kansas Development Finance Authority | ||||
Revenue | 5.000% | 5/1/20 | 1,520 | 1,609 |
41
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Kansas Development Finance Authority | ||||
Revenue | 5.000% | 5/1/25 | 1,345 | 1,507 |
Kansas Development Finance Authority | ||||
Revenue | 5.000% | 5/1/27 | 1,585 | 1,771 |
Kansas Development Finance Authority | ||||
Revenue | 5.000% | 4/1/32 | 1,325 | 1,463 |
Leavenworth County KS Unified School | ||||
District GO | 4.500% | 9/1/19 (12) | 500 | 516 |
Sedgwick County KS Unified School | ||||
District No. 266 (Maize) GO | 5.000% | 9/1/23 | 1,350 | 1,536 |
Wichita KS Hospital Facilities Revenue | ||||
(Via Christi Health System Inc.) | 5.000% | 11/15/21 (Prere.) | 500 | 549 |
Wyandotte County/Kansas City KS Unified | ||||
Government Utility System Revenue | 5.000% | 9/1/23 | 1,000 | 1,106 |
14,153 | ||||
Kentucky (0.5%) | ||||
Kentucky Economic Development Finance | ||||
Authority Health System Revenue | ||||
(Norton Healthcare Inc. & Affiliates) | 0.000% | 10/1/25 (14) | 1,220 | 964 |
Kentucky Economic Development Finance | ||||
Authority Hospital Revenue | ||||
(Baptist Healthcare System Obligated Group) | 5.625% | 8/15/18 (Prere.) | 610 | 613 |
Kentucky Economic Development Finance | ||||
Authority Hospital Revenue | ||||
(Baptist Healthcare System Obligated Group) | 5.625% | 8/15/27 | 610 | 612 |
Kentucky Economic Development Finance | ||||
Authority Hospital Revenue | ||||
(Baptist Healthcare System Obligated Group) | 5.000% | 8/15/31 | 1,515 | 1,685 |
Kentucky Economic Development Finance | ||||
Authority Medical Center Revenue | ||||
(King’s Daughters Medical Center Project) | 5.000% | 2/1/30 | 645 | 663 |
Kentucky Municipal Power Agency Power | ||||
System Revenue | 5.000% | 9/1/29 (14) | 1,000 | 1,130 |
Kentucky Property & Building Commission | ||||
Revenue | 5.000% | 11/1/18 (Prere.) | 500 | 506 |
Kentucky Property & Building Commission | ||||
Revenue | 5.375% | 11/1/18 (Prere.) | 440 | 446 |
Kentucky Property & Building Commission | ||||
Revenue | 5.375% | 11/1/18 (Prere.) | 60 | 61 |
Kentucky Property & Building Commission | ||||
Revenue | 5.000% | 5/1/34 | 1,000 | 1,134 |
Kentucky Public Energy Authority Gas | ||||
Supply Revenue PUT | 4.000% | 4/1/24 | 5,210 | 5,554 |
Kentucky Public Transportation | ||||
Infrastructure Authority Toll Revenue | ||||
(Downtown Crossing Project) BAN | 0.000% | 7/1/21 | 1,325 | 1,217 |
Kentucky Public Transportation | ||||
Infrastructure Authority Toll Revenue | ||||
(Downtown Crossing Project) BAN | 0.000% | 7/1/22 | 810 | 719 |
Kentucky Turnpike Authority Economic | ||||
Development Road Revenue (Revitalization | ||||
Project) | 5.000% | 7/1/18 | 2,255 | 2,255 |
42
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Kentucky Turnpike Authority Economic | ||||
Development Road Revenue | ||||
(Revitalization Project) | 5.000% | 7/1/19 (Prere.) | 305 | 315 |
Kentucky Turnpike Authority Economic | ||||
Development Road Revenue | ||||
(Revitalization Project) | 5.000% | 7/1/28 | 1,000 | 1,117 |
Louisville & Jefferson County KY | ||||
Metropolitan Government Revenue | ||||
(Catholic Health Initiatives) | 5.000% | 12/1/30 | 1,000 | 1,063 |
Warren County KY Hospital Revenue | ||||
(Bowling Green-Warren County | ||||
Community Hospital Corp. Project) | 5.000% | 4/1/28 | 1,000 | 1,098 |
21,152 | ||||
Louisiana (0.2%) | ||||
Bossier City LA Utilities Revenue | 5.000% | 10/1/22 | 500 | 557 |
Bossier City LA Utilities Revenue | 5.000% | 10/1/23 | 585 | 665 |
Louisiana Gasoline & Fuel Tax Revenue | 5.000% | 5/1/26 | 2,015 | 2,379 |
Louisiana Gasoline & Fuel Tax Revenue | 5.000% | 5/1/35 | 1,065 | 1,227 |
Louisiana State University Revenue | 5.000% | 7/1/23 | 455 | 512 |
New Orleans LA GO | 5.000% | 12/1/31 | 500 | 548 |
New Orleans LA Sewage Service Revenue | 5.000% | 6/1/24 | 950 | 1,085 |
New Orleans LA Sewage Service Revenue | 5.000% | 6/1/27 | 500 | 570 |
St. Charles Parish LA Gulf Opportunity | ||||
Zone Revenue (Valero Energy Corp.) PUT | 4.000% | 6/1/22 | 1,580 | 1,674 |
9,217 | ||||
Maine (0.0%) | ||||
Portland ME Airport Revenue | 5.000% | 1/1/20 (4) | 500 | 521 |
Maryland (1.8%) | ||||
Anne Arundel County MD GO | 5.000% | 10/1/19 | 1,455 | 1,517 |
Anne Arundel County MD GO | 5.000% | 10/1/20 | 1,455 | 1,560 |
Anne Arundel County MD GO | 5.000% | 4/1/23 | 1,190 | 1,349 |
Anne Arundel County MD GO | 5.000% | 10/1/27 | 1,455 | 1,708 |
Baltimore County MD GO | 5.000% | 2/1/21 | 1,500 | 1,621 |
Baltimore County MD GO | 5.000% | 8/1/21 | 1,435 | 1,570 |
Baltimore County MD GO | 4.000% | 3/1/30 | 1,200 | 1,305 |
Baltimore MD Consolidated Public | ||||
Improvement GO | 5.000% | 10/15/22 (Prere.) | 650 | 731 |
Baltimore MD Project Revenue | 5.000% | 7/1/24 | 2,000 | 2,304 |
Howard County MD GO | 5.000% | 2/15/21 (Prere.) | 750 | 811 |
Howard County MD GO | 5.000% | 8/15/21 (Prere.) | 80 | 87 |
Howard County MD GO | 5.000% | 8/15/24 | 120 | 131 |
Howard County MD GO | 5.000% | 2/15/25 | 1,040 | 1,214 |
Maryland Department of Transportation | ||||
Revenue | 5.000% | 2/15/19 | 1,955 | 1,998 |
Maryland Department of Transportation | ||||
Revenue | 5.000% | 11/1/19 | 3,055 | 3,192 |
Maryland Department of Transportation | ||||
Revenue | 5.000% | 2/15/20 | 1,090 | 1,149 |
Maryland Department of Transportation | ||||
Revenue | 5.000% | 5/1/20 | 2,240 | 2,375 |
Maryland Department of Transportation | ||||
Revenue | 5.000% | 11/1/22 | 2,515 | 2,832 |
43
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Maryland Department of Transportation | ||||
Revenue | 5.000% | 11/1/23 | 1,900 | 2,180 |
Maryland Department of Transportation | ||||
Revenue | 4.000% | 12/15/29 | 1,365 | 1,456 |
Maryland GO | 5.000% | 3/1/19 | 1,200 | 1,228 |
Maryland GO | 5.000% | 3/15/19 (Prere.) | 500 | 512 |
Maryland GO | 5.000% | 8/1/20 (Prere.) | 870 | 929 |
Maryland GO | 5.250% | 8/1/20 | 1,000 | 1,073 |
Maryland GO | 5.000% | 6/1/21 | 2,415 | 2,632 |
Maryland GO | 4.000% | 8/1/21 | 1,000 | 1,065 |
Maryland GO | 5.000% | 8/1/21 | 1,000 | 1,095 |
Maryland GO | 5.000% | 8/1/22 | 1,510 | 1,690 |
Maryland GO | 5.000% | 8/1/22 | 1,500 | 1,679 |
Maryland GO | 5.000% | 8/1/22 | 4,000 | 4,478 |
Maryland GO | 4.000% | 8/1/23 | 2,425 | 2,648 |
Maryland GO | 5.000% | 8/1/23 | 1,570 | 1,791 |
Maryland GO | 4.000% | 8/1/26 | 1,970 | 2,130 |
Maryland GO | 4.000% | 6/1/29 | 2,000 | 2,157 |
Maryland GO | 5.000% | 3/15/31 | 1,600 | 1,923 |
Maryland Health & Higher Educational | ||||
Facilities Authority Revenue | ||||
(Adventist Healthcare Obligated Group) | 5.500% | 1/1/31 | 1,950 | 2,258 |
Maryland Health & Higher Educational | ||||
Facilities Authority Revenue | ||||
(Anne Arundel Health System) | 5.000% | 7/1/27 | 500 | 552 |
Maryland Health & Higher Educational | ||||
Facilities Authority Revenue | ||||
(Anne Arundel Health System) | 5.000% | 7/1/31 | 750 | 856 |
Maryland Health & Higher Educational | ||||
Facilities Authority Revenue | ||||
(Johns Hopkins Health System | ||||
Obligated Group) | 5.000% | 7/1/24 | 500 | 558 |
Maryland Health & Higher Educational | ||||
Facilities Authority Revenue | ||||
(Maryland Institute College of Art) | 5.000% | 6/1/20 | 500 | 528 |
Maryland Health & Higher Educational | ||||
Facilities Authority Revenue | ||||
(Meritus Medical Center, Inc.) | 5.000% | 7/1/33 | 1,215 | 1,321 |
Maryland Transportation Authority | ||||
Facilities Projects Revenue | 5.000% | 7/1/22 | 500 | 517 |
Maryland Transportation Authority GAN | 5.250% | 3/1/20 | 500 | 512 |
Montgomery County MD GO | 5.000% | 11/1/22 | 1,500 | 1,688 |
Montgomery County MD GO | 5.000% | 11/1/22 | 1,000 | 1,125 |
Montgomery County MD GO | 5.000% | 11/1/23 | 2,850 | 3,268 |
Montgomery County MD GO | 4.000% | 12/1/30 | 1,555 | 1,667 |
Prince Georges County MD GO | 5.000% | 7/15/22 | 1,615 | 1,805 |
Prince Georges County MD GO | 5.000% | 9/15/23 | 580 | 635 |
Washington MD Suburban Sanitary | ||||
Commission GO | 4.000% | 6/15/33 | 1,000 | 1,074 |
76,484 |
44
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Massachusetts (1.3%) | ||||
Boston MA GO | 5.000% | 4/1/20 | 780 | 825 |
Massachusetts Bay Transportation | ||||
Authority Sales Tax Revenue | 5.000% | 7/1/18 (Prere.) | 500 | 500 |
Massachusetts Bay Transportation Authority | ||||
Sales Tax Revenue | 5.000% | 7/1/18 (Prere.) | 2,500 | 2,500 |
Massachusetts Bay Transportation Authority | ||||
Sales Tax Revenue | 5.250% | 7/1/22 | 495 | 557 |
Massachusetts Bay Transportation Authority | ||||
Sales Tax Revenue | 5.500% | 7/1/26 (14) | 410 | 500 |
Massachusetts Bay Transportation Authority | ||||
Sales Tax Revenue | 5.250% | 7/1/28 | 500 | 617 |
Massachusetts Bay Transportation Authority | ||||
Sales Tax Revenue | 5.000% | 7/1/31 | 925 | 1,149 |
Massachusetts College Building Authority | ||||
Revenue | 5.250% | 5/1/19 (Prere.) | 445 | 459 |
Massachusetts Department of Transportation | ||||
Metropolitan Highway System Revenue | 5.000% | 1/1/23 | 500 | 524 |
Massachusetts Development Finance | ||||
Agency Revenue (Boston College) | 5.000% | 7/1/37 | 1,750 | 2,027 |
Massachusetts Development Finance | ||||
Agency Revenue (CareGroup Inc.) | 5.000% | 7/1/29 | 1,225 | 1,415 |
Massachusetts Development Finance | ||||
Agency Revenue (CareGroup Inc.) | 5.000% | 7/1/38 | 1,085 | 1,213 |
Massachusetts Development Finance | ||||
Agency Revenue (Emerson College) | 5.500% | 1/1/20 (Prere.) | 410 | 433 |
Massachusetts Development Finance | ||||
Agency Revenue (Emerson College) | 5.500% | 1/1/20 (Prere.) | 40 | 42 |
Massachusetts Development Finance | ||||
Agency Revenue (Harvard University) | 5.000% | 1/1/20 | 355 | 373 |
Massachusetts Development Finance | ||||
Agency Revenue (Lahey Clinic | ||||
Obligated Group) | 5.000% | 8/15/25 | 750 | 798 |
Massachusetts Development Finance | ||||
Agency Revenue (Lahey Clinic | ||||
Obligated Group) | 5.000% | 8/15/26 | 510 | 542 |
Massachusetts Development Finance | ||||
Agency Revenue (Lahey Clinic | ||||
Obligated Group) | 5.000% | 8/15/27 | 600 | 638 |
Massachusetts Development Finance | ||||
Agency Revenue (Milford Regional | ||||
Medical Center) | 5.000% | 7/15/18 | 200 | 200 |
Massachusetts Development Finance | ||||
Agency Revenue (Partners Healthcare) | 5.000% | 7/1/28 | 470 | 560 |
Massachusetts Development Finance | ||||
Agency Revenue (UMass Memorial | ||||
Medical Center) | 5.000% | 7/1/25 | 1,275 | 1,451 |
Massachusetts Development Finance | ||||
Agency Revenue (UMass Memorial | ||||
Medical Center) | 5.125% | 7/1/26 | 720 | 769 |
Massachusetts Development Finance | ||||
Agency Revenue (Western New England | ||||
University) | 5.000% | 9/1/32 | 1,105 | 1,245 |
Massachusetts Educational Financing | ||||
Authority Education Loan Revenue | 5.500% | 1/1/22 | 300 | 316 |
45
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Massachusetts GO | 5.000% | 3/1/19 (Prere.) | 500 | 512 |
Massachusetts GO | 5.000% | 7/1/19 (Prere.) | 500 | 517 |
Massachusetts GO | 5.000% | 8/1/20 | 500 | 534 |
Massachusetts GO | 5.250% | 8/1/20 | 300 | 322 |
Massachusetts GO | 5.500% | 10/1/20 | 500 | 542 |
Massachusetts GO | 5.500% | 10/1/20 (14) | 500 | 542 |
Massachusetts GO | 5.000% | 4/1/21 (Prere.) | 500 | 542 |
Massachusetts GO | 5.000% | 8/1/22 | 1,000 | 1,118 |
Massachusetts GO | 5.250% | 8/1/23 | 500 | 576 |
Massachusetts GO | 5.000% | 12/1/23 | 1,520 | 1,743 |
Massachusetts GO | 5.000% | 12/1/24 | 2,000 | 2,327 |
Massachusetts GO | 2.130% | 11/1/25 | 1,380 | 1,374 |
Massachusetts GO | 5.000% | 7/1/28 | 1,000 | 1,210 |
Massachusetts GO | 4.000% | 11/1/30 | 1,980 | 2,077 |
Massachusetts GO | 5.000% | 1/1/31 | 1,000 | 1,186 |
Massachusetts GO | 5.000% | 5/1/31 | 1,675 | 1,866 |
Massachusetts GO | 5.000% | 11/1/31 | 2,000 | 2,361 |
Massachusetts Health & Educational Facilities | ||||
Authority Revenue (Harvard University) | 5.000% | 12/15/19 (Prere.) | 500 | 524 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 5.000% | 5/15/19 (ETM) | 390 | 401 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 5.000% | 5/15/19 | 110 | 113 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 5.000% | 10/15/20 | 225 | 241 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 5.000% | 5/15/21 (ETM) | 900 | 978 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 5.000% | 8/15/23 | 645 | 721 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 5.000% | 8/15/31 | 1,500 | 1,726 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 4.000% | 8/15/32 | 600 | 634 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 5.000% | 8/15/34 | 1,010 | 1,152 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 5.000% | 2/15/36 | 1,500 | 1,674 |
Massachusetts Special Obligation | ||||
Dedicated Tax Revenue | 5.500% | 1/1/26 (14) | 510 | 611 |
Massachusetts Transportation Fund Revenue | 4.000% | 6/1/35 | 1,000 | 1,064 |
Massachusetts Turnpike Authority Revenue | ||||
(Metropolitan Highway System) | 0.000% | 1/1/29 (14) | 300 | 215 |
Massachusetts Water Pollution Abatement | ||||
Trust Revenue | 5.000% | 8/1/19 | 240 | 249 |
Massachusetts Water Pollution Abatement | ||||
Trust Revenue | 5.250% | 8/1/20 | 200 | 215 |
Massachusetts Water Pollution Abatement | ||||
Trust Revenue | 5.250% | 8/1/21 | 500 | 551 |
Massachusetts Water Pollution Abatement | ||||
Trust Revenue | 5.250% | 8/1/30 | 625 | 785 |
Massachusetts Water Resources Authority | ||||
Revenue | 5.000% | 8/1/25 | 895 | 955 |
Massachusetts Water Resources Authority | ||||
Revenue | 5.000% | 8/1/35 | 1,000 | 1,155 |
52,966 |
46
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Michigan (1.3%) | ||||
Battle Creek MI School District GO | 5.000% | 5/1/25 | 535 | 617 |
Birmingham MI City School District GO | 5.000% | 5/1/22 | 740 | 824 |
Chippewa Valley MI Schools GO | 5.000% | 5/1/33 | 1,000 | 1,133 |
Dearborn MI School District GO | 5.000% | 5/1/34 | 1,200 | 1,340 |
Detroit MI City School District GO | 5.250% | 5/1/28 (4) | 500 | 583 |
Detroit MI Sewage Disposal System Revenue | 7.000% | 7/1/27 (4) | 1,000 | 1,053 |
Detroit MI Water & Sewerage Department | ||||
Sewage Disposal System Revenue | 5.000% | 7/1/22 | 455 | 498 |
Detroit MI Water & Sewerage Department | ||||
Sewage Disposal System Revenue | 5.000% | 7/1/23 | 1,050 | 1,143 |
Detroit MI Water & Sewerage Department | ||||
Sewage Disposal System Revenue | 5.000% | 7/1/32 | 1,000 | 1,072 |
Eastern Michigan University Revenue | 5.000% | 3/1/27 (15) | 500 | 582 |
Great Lakes MI Water Authority Sewer | ||||
Disposal System Revenue | 5.000% | 7/1/31 | 1,645 | 1,847 |
Great Lakes MI Water Authority Sewer | ||||
Disposal System Revenue | 5.000% | 7/1/36 | 1,000 | 1,105 |
Great Lakes MI Water Authority | ||||
Water Supply System Revenue | 5.000% | 7/1/28 | 1,000 | 1,150 |
Great Lakes MI Water Authority | ||||
Water Supply System Revenue | 4.000% | 7/1/33 (4) | 1,000 | 1,035 |
Hudsonville MI Public Schools GO | 5.000% | 5/1/31 | 410 | 474 |
Karegnondi Water Authority Michigan | ||||
Water Supply System Revenue | ||||
(Karegnondi Water Pipeline) | 5.000% | 11/1/29 | 625 | 704 |
Lincoln MI Consolidated School District GO | 5.000% | 5/1/24 (4) | 1,000 | 1,141 |
Marysville MI Public Schools District GO | 5.000% | 5/1/28 | 1,630 | 1,888 |
Michigan Building Authority Revenue | 5.000% | 10/15/20 (4) | 500 | 522 |
Michigan Building Authority Revenue | 5.000% | 4/15/24 | 1,550 | 1,777 |
Michigan Building Authority Revenue | 5.000% | 10/15/32 | 1,145 | 1,314 |
Michigan Building Authority Revenue | 5.000% | 4/15/33 | 1,000 | 1,133 |
Michigan Finance Authority Hospital Revenue | ||||
Bonds (Trinity Health Credit Group) | 5.000% | 12/1/35 | 920 | 1,003 |
Michigan Finance Authority Revenue | 5.000% | 10/1/22 | 500 | 542 |
Michigan Finance Authority Revenue | ||||
(Detroit Water & Sewer) | 5.000% | 7/1/22 (4) | 1,000 | 1,104 |
Michigan Finance Authority Revenue | ||||
(Detroit Water & Sewer) | 5.000% | 7/1/23 (4) | 1,000 | 1,126 |
Michigan Finance Authority Revenue | ||||
(Detroit Water & Sewer) | 5.000% | 7/1/28 | 750 | 833 |
Michigan Finance Authority Revenue | ||||
(Detroit Water & Sewer) | 5.000% | 7/1/29 | 1,500 | 1,662 |
Michigan Finance Authority Revenue | ||||
(Detroit Water & Sewer) | 5.000% | 7/1/33 | 1,000 | 1,100 |
Michigan Finance Authority Revenue | ||||
(Henry Ford Health System Obligated Group) | 5.000% | 11/15/26 | 1,210 | 1,402 |
8 Michigan Finance Authority Revenue | ||||
(Kalamazoo College Project) | 5.000% | 12/1/26 | 800 | 926 |
8 Michigan Finance Authority Revenue | ||||
(Kalamazoo College Project) | 5.000% | 12/1/27 | 965 | 1,124 |
Michigan Finance Authority Revenue | ||||
(Sparrow Obligated Group) | 5.000% | 11/15/27 | 500 | 552 |
47
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Michigan Finance Authority Revenue | ||||
(State Clean Water Revolving Fund) | 5.000% | 10/1/22 (Prere.) | 500 | 562 |
Michigan Finance Authority Revenue | ||||
(State Clean Water Revolving Fund) | 5.000% | 10/1/22 (Prere.) | 1,000 | 1,123 |
Michigan Finance Authority Revenue | ||||
(State Clean Water Revolving Fund) | 5.000% | 10/1/22 | 2,100 | 2,364 |
Michigan Finance Authority Revenue | ||||
(Trinity Health Credit Group) | 5.000% | 12/1/28 | 2,100 | 2,458 |
Michigan Finance Authority Revenue | ||||
(Unemployment Obligation Assessment) | 5.000% | 7/1/19 | 1,145 | 1,184 |
Michigan GAN | 5.000% | 3/15/27 | 1,430 | 1,685 |
Michigan GO | 5.500% | 5/1/19 (Prere.) | 595 | 614 |
Michigan State University Revenue | 5.000% | 8/15/20 | 1,040 | 1,109 |
Michigan Trunk Line Revenue | 5.000% | 11/1/21 | 500 | 522 |
Oakland University MI Revenue | 5.000% | 3/1/30 | 1,155 | 1,320 |
Portage MI Public Schools GO | 5.000% | 11/1/34 | 1,250 | 1,416 |
Royal Oak MI Hospital Finance Authority | ||||
Hospital Revenue (William Beaumont | ||||
Hospital) | 5.000% | 9/1/25 | 1,450 | 1,639 |
University of Michigan Revenue | 5.000% | 4/1/32 | 2,010 | 2,378 |
Wayne County MI Airport Authority Revenue | 5.000% | 12/1/25 | 700 | 812 |
Wayne County MI Airport Authority Revenue | 5.000% | 12/1/30 | 1,300 | 1,479 |
54,974 | ||||
Minnesota (0.7%) | ||||
Bloomington MN Independent School | ||||
District No. 271 GO | 5.000% | 2/1/22 | 2,010 | 2,223 |
Farmington MN Independent School | ||||
District No. 192 GO | 5.000% | 2/1/21 | 1,800 | 1,941 |
Minneapolis & St. Paul MN Metropolitan | ||||
Airports Commission Revenue | 5.000% | 1/1/25 | 250 | 290 |
Minneapolis & St. Paul MN Metropolitan | ||||
Airports Commission Revenue | 5.000% | 1/1/26 | 290 | 341 |
Minneapolis & St. Paul MN Metropolitan | ||||
Council Wastewater GO | 5.000% | 3/1/21 | 1,435 | 1,554 |
Minneapolis MN Special School District | ||||
No. 1 COP | 5.000% | 2/1/26 | 1,855 | 2,075 |
Minnesota GO | 5.000% | 8/1/19 (Prere.) | 500 | 518 |
Minnesota GO | 5.000% | 8/1/19 | 500 | 518 |
Minnesota GO | 5.000% | 11/1/19 (Prere.) | 270 | 282 |
Minnesota GO | 5.000% | 11/1/20 | 65 | 68 |
Minnesota GO | 5.000% | 10/1/21 | 1,925 | 2,116 |
Minnesota GO | 5.000% | 8/1/22 | 1,325 | 1,485 |
Minnesota GO | 5.000% | 10/1/22 | 1,325 | 1,490 |
Minnesota GO | 5.000% | 8/1/25 | 1,500 | 1,765 |
Minnesota GO | 5.000% | 8/1/27 | 1,005 | 1,175 |
Minnesota Higher Education Facilities | ||||
Authority Revenue (Hamline University) | 5.000% | 10/1/35 | 595 | 650 |
Mounds View MN Independent School | ||||
District No. 621 GO | 5.000% | 2/1/26 | 1,000 | 1,175 |
Rochester MN Health Care Facilities | ||||
Revenue (Mayo Clinic) | 5.000% | 11/15/31 | 1,000 | 1,230 |
Southern Minnesota Municipal Power | ||||
Agency Power Supply System Revenue | 5.250% | 1/1/19 (Prere.) | 500 | 509 |
48
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
St. Francis MN Independent School District | ||||
No. 15 GO | 5.000% | 2/1/26 | 385 | 430 |
St. Francis MN Independent School District | ||||
No. 15 GO | 5.000% | 2/1/27 | 485 | 541 |
St. Francis MN Independent School District | ||||
No. 15 GO | 5.000% | 2/1/28 | 225 | 251 |
St. Francis MN Independent School District | ||||
No. 15 GO | 4.000% | 2/1/29 | 515 | 542 |
St. Francis MN Independent School District | ||||
No. 15 GO | 4.000% | 2/1/30 | 550 | 577 |
St. Francis MN Independent School District | ||||
No. 15 GO | 4.000% | 2/1/32 | 775 | 808 |
St. Paul MN Housing & Redevelopment | ||||
Authority Health Care Revenue | ||||
(Fairview Health Services Obligated Group) | 5.000% | 11/15/33 | 1,020 | 1,171 |
University of Minnesota Revenue | 5.000% | 8/1/19 | 500 | 519 |
University of Minnesota Revenue | 5.250% | 12/1/20 (Prere.) | 500 | 541 |
8 West St. Paul MN Independent School | ||||
District No. 197 Revenue (Mendota | ||||
Heights-Eagan) | 4.000% | 2/1/28 | 1,000 | 1,099 |
27,884 | ||||
Mississippi (0.6%) | ||||
DeSoto County MS School District GO | 5.000% | 5/1/19 | 370 | 380 |
Mississippi Business Finance Corp. Gulf | ||||
Opportunity Zone Industrial Development | ||||
Revenue (Chevron USA Inc. Project) VRDO | 1.620% | 7/2/18 | 11,150 | 11,150 |
Mississippi Business Finance Corp. Gulf | ||||
Opportunity Zone Industrial Development | ||||
Revenue (Chevron USA Inc. Project) VRDO | 1.650% | 7/2/18 | 2,400 | 2,400 |
Mississippi Development Bank Special | ||||
Obligation Revenue (Marshall County | ||||
Industrial Development Highway | ||||
Refunding Project) | 5.000% | 1/1/26 | 1,300 | 1,491 |
Mississippi Development Bank Special | ||||
Obligation Revenue (Rankin County | ||||
School District) | 5.000% | 6/1/30 | 1,650 | 1,916 |
Mississippi GO | 5.500% | 12/1/18 | 750 | 762 |
Mississippi GO | 5.000% | 10/1/19 | 2,000 | 2,084 |
Mississippi GO | 5.000% | 11/1/29 | 1,000 | 1,150 |
Mississippi Institutions of Higher Learning | ||||
Revenue (University of Mississippi | ||||
Medical Center) | 4.000% | 6/1/34 | 1,000 | 1,029 |
Mississippi State University Educational | ||||
Building Corp. Revenue | 5.000% | 8/1/23 (Prere.) | 1,000 | 1,142 |
Mississippi State University Educational | ||||
Building Corp. Revenue | 5.000% | 8/1/30 | 555 | 647 |
Mississippi State University Educational | ||||
Building Corp. Revenue | 5.000% | 8/1/31 | 495 | 577 |
24,728 | ||||
Missouri (0.4%) | ||||
Jackson County MO Special Obligation | ||||
Revenue (Truman Sports Complex Project) | 5.000% | 12/1/26 | 1,190 | 1,351 |
Kansas City MO Sanitary Sewer System | ||||
Revenue | 5.000% | 1/1/32 | 1,000 | 1,180 |
49
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Metropolitan St. Louis MO Sewer District | ||||
Wastewater System Revenue | 5.000% | 5/1/27 | 685 | 825 |
Metropolitan St. Louis MO Sewer District | ||||
Wastewater System Revenue | 5.000% | 5/1/34 | 500 | 585 |
Missouri Health & Educational Facilities | ||||
Authority Educational Facilities Revenue | ||||
(St. Louis College of Pharmacy Project) | 5.000% | 5/1/30 | 500 | 552 |
Missouri Health & Educational Facilities | ||||
Authority Educational Facilities Revenue | ||||
(St. Louis College of Pharmacy Project) | 5.000% | 5/1/34 | 880 | 958 |
Missouri Health & Educational Facilities | ||||
Authority Health Facilities Revenue | ||||
(SSM Health System) | 5.000% | 6/1/25 | 1,480 | 1,672 |
Missouri Health & Educational Facilities | ||||
Authority Revenue (Children’s Mercy | ||||
Hospital) | 5.000% | 5/15/36 | 1,100 | 1,227 |
Missouri Health & Educational Facilities | ||||
Authority Revenue (Mercy Health) | 5.000% | 11/15/34 | 1,500 | 1,673 |
Missouri Highways & Transportation | ||||
Commission Road Revenue | 5.000% | 2/1/23 | 660 | 747 |
Missouri Highways & Transportation | ||||
Commission Road Revenue | 5.000% | 5/1/23 | 500 | 514 |
Missouri Joint Municipal Electric Utility | ||||
Commission Power Project Revenue | ||||
(Iatan 2 Project) | 5.000% | 12/1/34 | 1,425 | 1,588 |
Missouri Joint Municipal Electric Utility | ||||
Commission Power Project Revenue | ||||
(Prairie Project) | 5.000% | 12/1/34 | 1,000 | 1,134 |
St. Louis MO Parking Revenue | 5.000% | 12/15/23 (4) | 690 | 781 |
St. Louis MO Sewer & Wastewater Revenue | 5.000% | 5/1/36 | 1,000 | 1,135 |
15,922 | ||||
Montana (0.0%) | ||||
Montana Facility Finance Authority Hospital | ||||
Revenue (Benefis Health System) | 5.000% | 2/15/32 | 825 | 930 |
Nebraska (0.3%) | ||||
Central Plains Energy Project Nebraska | ||||
Gas Project Revenue (Project No. 1) | 5.250% | 12/1/18 | 170 | 172 |
Central Plains Energy Project Nebraska | ||||
Gas Project Revenue (Project No. 3) | 5.000% | 9/1/27 | 1,000 | 1,139 |
Central Plains Energy Project Nebraska | ||||
Gas Supply Revenue PUT | 5.000% | 12/1/19 | 2,635 | 2,750 |
Lincoln County NE Hospital Authority No. 1 | ||||
Hospital Revenue (Great Plains Regional | ||||
Medical Center Project) | 5.000% | 11/1/23 | 750 | 812 |
Lincoln NE Electric System Revenue | 5.000% | 9/1/22 (Prere.) | 135 | 151 |
Lincoln NE Electric System Revenue | 5.000% | 9/1/25 | 275 | 307 |
Municipal Energy Agency of Nebraska | ||||
Power Supply System Revenue | 5.000% | 4/1/31 | 345 | 376 |
Nebraska Public Power District Revenue | 5.000% | 1/1/30 | 1,000 | 1,089 |
Nebraska Public Power District Revenue | 5.000% | 1/1/32 | 1,500 | 1,629 |
Scotts Bluff County NE Hospital Authority | ||||
Revenue (Regional West Medical Center) | 5.000% | 2/1/24 | 1,685 | 1,798 |
10,223 |
50
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Nevada (0.7%) | ||||
Carson City NV Hospital Revenue | ||||
(Carson Tahoe Regional Medical Center) | 5.000% | 9/1/26 | 560 | 639 |
Carson City NV Hospital Revenue | ||||
(Carson Tahoe Regional Medical Center) | 5.000% | 9/1/28 | 670 | 761 |
Carson City NV Hospital Revenue | ||||
(Carson Tahoe Regional Medical Center) | 5.000% | 9/1/33 | 1,740 | 1,862 |
Clark County NV GO | 5.000% | 12/1/29 | 500 | 523 |
Clark County NV GO | 4.000% | 6/1/32 | 1,505 | 1,606 |
Clark County NV GO | 5.000% | 7/1/33 | 1,000 | 1,105 |
Clark County NV Highway Improvement | ||||
Motor Vehicle Fuel Tax Revenue | 5.000% | 7/1/19 (Prere.) | 500 | 517 |
Clark County NV Highway Improvement | ||||
Motor Vehicle Fuel Tax Revenue | 5.000% | 7/1/31 | 1,575 | 1,770 |
Clark County NV Highway Improvement | ||||
Motor Vehicle Fuel Tax Revenue | 5.000% | 7/1/36 | 1,075 | 1,234 |
Clark County NV Passenger Facility Charge | ||||
Revenue (Las Vegas McCarran International | ||||
Airport) | 4.500% | 7/1/20 | 455 | 473 |
Las Vegas Valley Water District Nevada GO | 5.000% | 6/1/21 | 2,000 | 2,177 |
Las Vegas Valley Water District Nevada GO | 5.000% | 6/1/24 | 1,035 | 1,193 |
Las Vegas Valley Water District Nevada GO | 5.000% | 12/1/27 | 1,990 | 2,301 |
Las Vegas Valley Water District Nevada GO | 5.000% | 6/1/35 | 1,870 | 2,136 |
Nevada GO | 5.000% | 4/1/22 | 1,725 | 1,911 |
Nevada GO | 5.000% | 11/1/23 | 1,465 | 1,675 |
Nevada GO | 5.000% | 11/1/25 | 1,015 | 1,182 |
Nevada Highway Improvement Revenue | ||||
(Motor Vehicle Fuel Tax) | 4.000% | 12/1/32 | 1,660 | 1,785 |
Reno NV Sales Tax Revenue | ||||
(Reno Transportation Rail Access) | 5.000% | 6/1/27 | 250 | 289 |
Reno NV Sales Tax Revenue | ||||
(Reno Transportation Rail Access) | 5.000% | 6/1/28 | 250 | 291 |
Reno NV Sales Tax Revenue | ||||
(Reno Transportation Rail Access) | 5.000% | 6/1/32 | 250 | 289 |
Reno NV Sales Tax Revenue | ||||
(Reno Transportation Rail Access) | 5.000% | 6/1/33 | 250 | 288 |
Truckee Meadows NV Water Authority | ||||
Water Revenue | 5.000% | 7/1/34 | 1,500 | 1,719 |
27,726 | ||||
New Jersey (1.5%) | ||||
Bergen County NJ GO | 5.000% | 10/15/21 | 1,490 | 1,638 |
Camden County NJ Improvement Authority | ||||
Health Care Redevelopment Project Revenue | ||||
(Cooper Health System Obligated Group) | 5.000% | 2/15/27 | 1,400 | 1,533 |
Garden State Preservation Trust New Jersey | ||||
Revenue (Open Space & Farmland | ||||
Preservation) | 0.000% | 11/1/21 (4) | 500 | 460 |
Jersey City NJ GO | 5.000% | 3/1/21 | 480 | 516 |
Morris County NJ Improvement Authority | ||||
School District Revenue (Morris Hills | ||||
Regional District Project) | 5.000% | 10/1/23 | 510 | 573 |
New Jersey COP | 5.250% | 6/15/19 (Prere.) | 465 | 481 |
New Jersey Economic Development | ||||
Authority Revenue | 5.000% | 6/15/21 | 1,000 | 1,064 |
51
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
New Jersey Economic Development | ||||
Authority Revenue | 5.000% | 6/15/23 | 1,000 | 1,086 |
New Jersey Economic Development | ||||
Authority Revenue | 5.500% | 6/15/29 | 2,000 | 2,270 |
New Jersey Economic Development | ||||
Authority Revenue (Cigarette Tax) | 5.000% | 6/15/19 | 700 | 719 |
New Jersey Economic Development | ||||
Authority Revenue (Cigarette Tax) | 5.000% | 6/15/26 | 1,600 | 1,707 |
New Jersey Economic Development | ||||
Authority Revenue (Motor Vehicle Surcharge) | 5.250% | 7/1/26 (ETM) | 95 | 114 |
New Jersey Economic Development | ||||
Authority Revenue (Motor Vehicle Surcharge) | 5.250% | 7/1/26 (14) | 405 | 460 |
New Jersey Economic Development | ||||
Authority Revenue (School Facilities | ||||
Construction) | 5.000% | 12/15/18 | 360 | 365 |
New Jersey Economic Development | ||||
Authority Revenue (School Facilities | ||||
Construction) | 5.250% | 9/1/24 | 300 | 318 |
New Jersey Economic Development | ||||
Authority Revenue (School Facilities | ||||
Construction) | 5.000% | 3/1/28 | 2,095 | 2,215 |
New Jersey Economic Development Authority | ||||
Sublease Revenue (New Jersey Transit Corp. | ||||
Light Rail Transit System Project) | 5.000% | 5/1/19 | 500 | 512 |
New Jersey Educational Facilities Authority | ||||
Revenue (University Medical & Dentistry) | 6.500% | 6/1/19 (Prere.) | 195 | 204 |
New Jersey GO | 5.250% | 7/15/18 (2) | 500 | 501 |
New Jersey GO | 5.000% | 8/15/19 | 750 | 777 |
New Jersey Health Care Facilities Financing | ||||
Authority Lease Revenue (Greystone Park | ||||
Psychiatric Hospital Project) | 5.000% | 9/15/24 | 500 | 539 |
New Jersey Health Care Facilities Financing | ||||
Authority Revenue (Barnabas Health) | 5.000% | 7/1/18 (ETM) | 250 | 250 |
New Jersey Health Care Facilities Financing | ||||
Authority Revenue (Barnabas Health) | 5.000% | 7/1/22 | 1,000 | 1,109 |
New Jersey Health Care Facilities Financing | ||||
Authority Revenue (Barnabas Health) | 5.000% | 7/1/25 | 900 | 992 |
New Jersey Health Care Facilities Financing | ||||
Authority Revenue (Hackensack Meridian | ||||
Health) | 5.000% | 1/1/19 (ETM) | 315 | 320 |
New Jersey Health Care Facilities Financing | ||||
Authority Revenue (Hackensack Meridian | ||||
Health) | 5.000% | 1/1/19 (ETM) | 185 | 188 |
New Jersey Health Care Facilities Financing | ||||
Authority Revenue (Hackensack Meridian | ||||
Health) | 5.000% | 7/1/21 | 640 | 696 |
New Jersey Health Care Facilities Financing | ||||
Authority Revenue (St. Joseph’s Healthcare | ||||
System) | 5.000% | 7/1/27 | 1,000 | 1,112 |
New Jersey Higher Education Assistance | ||||
Authority Student Loan Revenue | 5.250% | 12/1/28 | 200 | 207 |
New Jersey Transportation Trust Fund | ||||
Authority Federal Highway | ||||
Reimbursement Revenue | 5.000% | 6/15/24 | 1,750 | 1,754 |
52
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
New Jersey Transportation Trust Fund | ||||
Authority Federal Highway | ||||
Reimbursement Revenue | 5.000% | 6/15/25 | 1,300 | 1,437 |
New Jersey Transportation Trust Fund | ||||
Authority Federal Highway | ||||
Reimbursement Revenue | 5.000% | 6/15/29 | 1,500 | 1,503 |
New Jersey Transportation Trust Fund | ||||
Authority Transportation | ||||
Program Revenue | 5.250% | 6/15/33 | 1,500 | 1,630 |
New Jersey Transportation Trust Fund | ||||
Authority Transportation System Revenue | 5.500% | 12/15/18 (4) | 1,135 | 1,154 |
New Jersey Transportation Trust Fund | ||||
Authority Transportation System Revenue | 5.000% | 12/15/19 | 650 | 677 |
New Jersey Transportation Trust Fund | ||||
Authority Transportation System Revenue | 5.250% | 12/15/19 | 500 | 522 |
New Jersey Transportation Trust Fund | ||||
Authority Transportation System Revenue | 5.500% | 12/15/20 (14) | 2,500 | 2,681 |
New Jersey Transportation Trust Fund | ||||
Authority Transportation System Revenue | 5.250% | 12/15/21 (14) | 245 | 267 |
New Jersey Transportation Trust Fund | ||||
Authority Transportation System Revenue | 5.500% | 12/15/21 (12) | 150 | 165 |
New Jersey Transportation Trust Fund | ||||
Authority Transportation System Revenue | 5.500% | 12/15/22 | 1,315 | 1,451 |
New Jersey Transportation Trust Fund | ||||
Authority Transportation System Revenue | 5.500% | 12/15/23 | 605 | 676 |
New Jersey Transportation Trust Fund | ||||
Authority Transportation System Revenue | 5.000% | 12/15/24 | 1,000 | 1,098 |
New Jersey Transportation Trust Fund | ||||
Authority Transportation System Revenue | 0.000% | 12/15/26 (2) | 2,000 | 1,431 |
New Jersey Transportation Trust Fund | ||||
Authority Transportation System Revenue | 5.500% | 6/15/31 | 500 | 529 |
New Jersey Transportation Trust Fund | ||||
Authority Transportation System Revenue | 5.000% | 6/15/32 | 700 | 746 |
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/19 (Prere.) | 175 | 178 |
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/19 (Prere.) | 325 | 331 |
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/22 (Prere.) | 1,000 | 1,105 |
New Jersey Turnpike Authority Revenue | 5.000% | 7/1/22 (Prere.) | 1,040 | 1,162 |
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/26 | 1,185 | 1,317 |
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/28 | 1,190 | 1,318 |
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/29 | 1,035 | 1,222 |
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/32 | 1,000 | 1,168 |
New Jersey Turnpike Authority Revenue | 4.000% | 1/1/33 | 1,035 | 1,097 |
New Jersey Turnpike Authority Revenue | 4.000% | 1/1/34 | 2,500 | 2,635 |
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/35 | 1,000 | 1,141 |
South Jersey Transportation Authority | ||||
New Jersey Transportation System Revenue | 5.000% | 11/1/25 | 500 | 544 |
Tobacco Settlement Financing Corp. | ||||
New Jersey Revenue | 5.000% | 6/1/26 | 750 | 861 |
Tobacco Settlement Financing Corp. | ||||
New Jersey Revenue | 3.200% | 6/1/27 | 500 | 505 |
Tobacco Settlement Financing Corp. | ||||
New Jersey Revenue | 5.000% | 6/1/27 | 3,200 | 3,708 |
Tobacco Settlement Financing Corp. | ||||
New Jersey Revenue | 5.000% | 6/1/30 | 685 | 792 |
53
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Tobacco Settlement Financing Corp. | ||||
New Jersey Revenue | 5.000% | 6/1/31 | 1,000 | 1,151 |
Tobacco Settlement Financing Corp. | ||||
New Jersey Revenue | 5.000% | 6/1/36 | 1,500 | 1,694 |
Tobacco Settlement Financing Corp. | ||||
New Jersey Revenue | 5.000% | 6/1/37 | 1,000 | 1,128 |
63,704 | ||||
New Mexico (0.2%) | ||||
Albuquerque NM GO | 5.000% | 7/1/20 | 2,000 | 2,128 |
Albuquerque NM Municipal School District | ||||
No. 12 GO | 5.000% | 8/1/22 | 275 | 307 |
Albuquerque NM Municipal School District | ||||
No. 12 GO | 5.000% | 8/1/23 | 250 | 284 |
Farmington NM Pollution Control Revenue | ||||
(Arizona Public Service Co. Four Corners | ||||
Project) | 4.700% | 9/1/24 | 1,750 | 1,853 |
New Mexico Educational Assistance | ||||
Foundation Revenue | 5.000% | 12/1/19 | 500 | 523 |
New Mexico Finance Authority | ||||
Transportation Revenue | 5.000% | 6/15/23 | 500 | 530 |
New Mexico Finance Authority | ||||
Transportation Revenue | 4.000% | 6/15/26 | 2,000 | 2,128 |
New Mexico Hospital Equipment Loan | ||||
Council Hospital System Revenue | ||||
(Presbyterian Healthcare Services) | 5.000% | 8/1/28 | 1,430 | 1,632 |
9,385 | ||||
New York (7.4%) | ||||
9 Battery Park City Authority New York | ||||
Revenue TOB VRDO | 1.600% | 7/2/18 LOC | 995 | 995 |
Erie County NY Fiscal Stability | ||||
Authority Revenue | 5.000% | 9/1/30 | 500 | 594 |
Erie County NY Fiscal Stability | ||||
Authority Revenue | 5.000% | 9/1/31 | 530 | 628 |
Erie County NY Industrial Development | ||||
Agency School Facility Revenue | ||||
(Buffalo City School District Project) | 5.000% | 5/1/19 (ETM) | 200 | 206 |
Erie County NY Industrial Development | ||||
Agency School Facility Revenue | ||||
(Buffalo City School District Project) | 5.000% | 5/1/19 | 300 | 309 |
Erie County NY Industrial Development | ||||
Agency School Facility Revenue | ||||
(Buffalo City School District Project) | 5.250% | 5/1/31 | 500 | 546 |
Hempstead NY GO | 4.000% | 4/1/29 (4) | 1,420 | 1,516 |
Hudson Yards Infrastructure Corp. | ||||
New York Revenue | 5.000% | 2/15/35 | 1,000 | 1,151 |
Hudson Yards Infrastructure Corp. | ||||
New York Revenue | 5.000% | 2/15/36 | 1,000 | 1,148 |
Long Island NY Power Authority | ||||
Electric System Revenue | 4.000% | 9/1/18 | 835 | 839 |
Long Island NY Power Authority | ||||
Electric System Revenue | 5.000% | 4/1/19 (Prere.) | 575 | 590 |
Long Island NY Power Authority | ||||
Electric System Revenue | 5.250% | 4/1/19 (ETM) | 75 | 77 |
54
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Long Island NY Power Authority | ||||
Electric System Revenue | 5.250% | 4/1/19 (ETM) | 125 | 128 |
Long Island NY Power Authority | ||||
Electric System Revenue | 5.000% | 9/1/24 | 130 | 144 |
Long Island NY Power Authority | ||||
Electric System Revenue | 5.000% | 9/1/25 | 500 | 582 |
3 Long Island NY Power Authority | ||||
Electric System Revenue PUT | 2.038% | 11/1/18 | 1,000 | 1,000 |
Metropolitan Transportation Authority | ||||
Revenue PUT | 5.000% | 11/15/22 | 8,095 | 9,005 |
Monroe County NY Industrial Development | ||||
Agency School Facility Revenue | ||||
(Rochester Schools Modernization Project) | 5.000% | 5/1/31 | 1,850 | 2,171 |
Monroe County NY Industrial Development | ||||
Corp. Mortgage Revenue (Unity Hospital | ||||
Rochester Project) | 5.500% | 8/15/23 | 605 | 607 |
Monroe County NY Industrial Development | ||||
Corp. Revenue (University of Rochester | ||||
Project) | 5.000% | 7/1/26 | 1,010 | 1,199 |
Monroe County NY Industrial Development | ||||
Corp. Revenue (University of Rochester | ||||
Project) | 5.000% | 7/1/37 | 1,000 | 1,160 |
Nassau County NY GO | 5.000% | 4/1/23 | 1,000 | 1,122 |
New York City NY GO | 5.250% | 8/15/18 (Prere.) | 40 | 40 |
New York City NY GO | 5.500% | 11/15/18 (Prere.) | 300 | 305 |
New York City NY GO | 5.625% | 4/1/19 (Prere.) | 815 | 840 |
New York City NY GO | 5.000% | 5/15/19 (Prere.) | 485 | 500 |
New York City NY GO | 5.000% | 5/15/19 (Prere.) | 480 | 495 |
New York City NY GO | 5.000% | 8/1/19 | 1,065 | 1,104 |
New York City NY GO | 5.000% | 8/1/19 | 1,500 | 1,556 |
New York City NY GO | 5.000% | 8/1/20 | 2,100 | 2,242 |
New York City NY GO | 5.000% | 8/1/20 | 2,935 | 3,133 |
New York City NY GO | 5.250% | 9/1/20 | 1,000 | 1,006 |
New York City NY GO | 5.000% | 8/1/21 | 2,000 | 2,187 |
New York City NY GO | 5.000% | 8/1/21 | 515 | 563 |
New York City NY GO | 5.000% | 8/1/21 | 1,545 | 1,689 |
New York City NY GO | 5.000% | 8/1/22 | 1,290 | 1,442 |
New York City NY GO | 5.000% | 8/1/22 | 500 | 559 |
New York City NY GO | 5.000% | 10/1/22 | 500 | 548 |
New York City NY GO | 5.000% | 8/1/23 | 400 | 446 |
New York City NY GO | 5.000% | 8/1/23 | 1,505 | 1,714 |
New York City NY GO | 5.000% | 8/1/24 | 1,000 | 1,157 |
New York City NY GO | 5.250% | 8/15/24 | 460 | 462 |
New York City NY GO | 5.000% | 8/1/25 | 1,000 | 1,168 |
New York City NY GO | 5.000% | 8/1/25 | 770 | 844 |
New York City NY GO | 5.000% | 8/1/25 | 1,055 | 1,233 |
New York City NY GO | 5.000% | 8/1/26 | 500 | 554 |
New York City NY GO | 5.000% | 8/1/26 | 1,000 | 1,119 |
New York City NY GO | 5.000% | 8/15/26 | 475 | 477 |
New York City NY GO | 5.000% | 8/1/28 | 400 | 426 |
New York City NY GO | 5.625% | 4/1/29 | 25 | 26 |
New York City NY GO | 5.000% | 5/15/29 | 15 | 15 |
New York City NY GO | 5.000% | 8/1/30 | 1,000 | 1,124 |
New York City NY GO | 5.000% | 3/1/31 | 1,340 | 1,491 |
55
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
New York City NY GO | 5.000% | 8/1/31 | 365 | 396 |
New York City NY GO | 5.000% | 12/1/32 | 1,755 | 2,037 |
New York City NY GO | 5.000% | 12/1/33 | 1,515 | 1,751 |
New York City NY GO | 5.000% | 12/1/35 | 1,000 | 1,148 |
New York City NY GO VRDO | 1.530% | 7/2/18 | 50 | 50 |
New York City NY GO VRDO | 1.550% | 7/2/18 LOC | 3,150 | 3,150 |
New York City NY GO VRDO | 1.590% | 7/2/18 | 7,200 | 7,200 |
New York City NY Health & Hospital Corp. | ||||
Revenue (Health System) | 5.000% | 2/15/24 | 1,500 | 1,577 |
New York City NY Health & Hospital Corp. | ||||
Revenue (Health System) | 5.000% | 2/15/30 | 575 | 602 |
New York City NY Housing Development | ||||
Corp. Multi-Family Housing Revenue | 5.250% | 7/1/29 | 1,000 | 1,112 |
New York City NY Housing Development | ||||
Corp. Multi-Family Housing Revenue | 3.700% | 11/1/38 | 2,000 | 2,009 |
New York City NY Housing Development | ||||
Corp. Multi-Family Housing Revenue PUT | 2.950% | 2/1/26 | 1,000 | 1,006 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/27 | 1,250 | 1,456 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/27 | 500 | 516 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/30 | 500 | 529 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/31 | 500 | 542 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/32 | 2,900 | 3,341 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.250% | 6/15/33 | 1,000 | 1,192 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/36 | 2,000 | 2,275 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/38 | 2,000 | 2,338 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | ||||
VRDO | 1.550% | 7/2/18 | 6,200 | 6,200 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | ||||
VRDO | 1.550% | 7/2/18 | 3,500 | 3,500 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | ||||
VRDO | 1.550% | 7/2/18 | 200 | 200 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | ||||
VRDO | 1.590% | 7/2/18 | 8,250 | 8,250 |
New York City NY Transitional Finance | ||||
Authority Building Aid Revenue | 5.000% | 7/15/24 | 550 | 611 |
New York City NY Transitional Finance | ||||
Authority Building Aid Revenue | 5.250% | 1/15/25 | 500 | 510 |
New York City NY Transitional Finance | ||||
Authority Building Aid Revenue | 5.250% | 1/15/26 | 500 | 510 |
New York City NY Transitional Finance | ||||
Authority Building Aid Revenue | 5.000% | 7/15/28 | 1,730 | 1,995 |
56
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
New York City NY Transitional Finance | ||||
Authority Building Aid Revenue | 5.125% | 1/15/29 | 1,070 | 1,090 |
New York City NY Transitional Finance | ||||
Authority Building Aid Revenue | 5.000% | 7/15/29 | 2,000 | 2,296 |
New York City NY Transitional Finance | ||||
Authority Building Aid Revenue | 5.000% | 7/15/30 | 1,000 | 1,148 |
New York City NY Transitional Finance | ||||
Authority Building Aid Revenue | 5.000% | 7/15/32 | 250 | 275 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 2/1/19 | 1,100 | 1,123 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.250% | 2/1/21 (Prere.) | 60 | 65 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 11/1/22 | 1,000 | 1,126 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 11/1/25 | 460 | 503 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 11/1/28 | 1,325 | 1,539 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 5/1/29 | 850 | 954 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 2/1/30 | 500 | 558 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.250% | 2/1/30 | 440 | 475 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 2/1/31 | 500 | 535 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 5/1/31 | 300 | 330 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 11/1/31 | 500 | 556 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 8/1/32 | 1,250 | 1,419 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 11/1/32 | 500 | 555 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 11/1/32 | 1,500 | 1,718 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 5/1/33 | 1,800 | 2,091 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 8/1/33 | 1,530 | 1,783 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 8/1/34 | 1,680 | 1,925 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 8/1/34 | 1,450 | 1,642 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 11/1/34 | 1,500 | 1,707 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 8/1/35 | 1,500 | 1,737 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 11/1/35 | 1,745 | 1,983 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 4.000% | 8/1/36 | 1,235 | 1,291 |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue | 5.000% | 8/1/37 | 1,665 | 1,924 |
57
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
New York City NY Transitional Finance | ||||
Authority Future Tax Revenue VRDO | 1.590% | 7/2/18 | 1,500 | 1,500 |
New York City NY Trust for Cultural | ||||
Resources Revenue (Lincoln Center | ||||
for the Performing Arts Inc.) | 5.000% | 12/1/26 | 1,275 | 1,510 |
New York Liberty Development Corp. | ||||
Revenue | 5.000% | 11/15/31 | 1,090 | 1,187 |
New York Liberty Development Corp. | ||||
Revenue (7 World Trade Center Project) | 5.000% | 9/15/31 | 1,000 | 1,101 |
New York Liberty Development Corp. | ||||
Revenue (Goldman Sachs Headquarters) | 5.250% | 10/1/35 | 750 | 931 |
New York Metropolitan Transportation | ||||
Authority Revenue | 5.000% | 11/15/20 | 1,530 | 1,646 |
New York Metropolitan Transportation | ||||
Authority Revenue | 5.250% | 11/15/20 (Prere.) | 500 | 541 |
New York Metropolitan Transportation | ||||
Authority Revenue | 5.000% | 11/15/21 | 230 | 253 |
New York Metropolitan Transportation | ||||
Authority Revenue | 5.000% | 11/15/21 | 1,000 | 1,100 |
New York Metropolitan Transportation | ||||
Authority Revenue | 5.000% | 11/15/21 (Prere.) | 500 | 552 |
New York Metropolitan Transportation | ||||
Authority Revenue | 5.250% | 11/15/21 (14) | 325 | 360 |
New York Metropolitan Transportation | ||||
Authority Revenue | 5.000% | 11/15/22 (Prere.) | 820 | 927 |
New York Metropolitan Transportation | ||||
Authority Revenue | 5.000% | 5/15/23 (Prere.) | 570 | 650 |
New York Metropolitan Transportation | ||||
Authority Revenue | 5.000% | 11/15/23 | 1,045 | 1,189 |
New York Metropolitan Transportation | ||||
Authority Revenue | 5.000% | 11/15/24 | 2,180 | 2,509 |
New York Metropolitan Transportation | ||||
Authority Revenue | 5.000% | 11/15/25 | 1,135 | 1,320 |
New York Metropolitan Transportation | ||||
Authority Revenue | 5.000% | 11/15/26 | 1,645 | 1,932 |
New York Metropolitan Transportation | ||||
Authority Revenue | 5.000% | 11/15/28 | 1,675 | 1,944 |
New York Metropolitan Transportation | ||||
Authority Revenue | 4.000% | 11/15/31 | 1,445 | 1,540 |
New York Metropolitan Transportation | ||||
Authority Revenue | 4.000% | 11/15/32 | 1,500 | 1,592 |
New York Metropolitan Transportation | ||||
Authority Revenue | 5.000% | 11/15/33 | 680 | 750 |
New York Metropolitan Transportation | ||||
Authority Revenue (Dedicated | ||||
Petroleum Tax) | 5.250% | 11/15/19 (Prere.) | 600 | 630 |
New York Metropolitan Transportation | ||||
Authority Revenue (Dedicated Tax Fund) | 4.000% | 11/15/33 | 1,500 | 1,596 |
New York Metropolitan Transportation | ||||
Authority Revenue (Hudson Yards | ||||
Development) | 5.000% | 11/15/46 | 2,000 | 2,070 |
New York Metropolitan Transportation | ||||
Authority Revenue (Hudson Yards | ||||
Development) | 5.000% | 11/15/51 | 3,250 | 3,456 |
58
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
New York Metropolitan Transportation | ||||
Authority Revenue (Transit Revenue) | 5.500% | 11/15/18 | 130 | 132 |
New York Metropolitan Transportation | ||||
Authority Revenue (Transit Revenue) | 5.000% | 11/15/21 (Prere.) | 1,215 | 1,342 |
New York NY GO VRDO | 1.590% | 7/2/18 | 19,350 | 19,350 |
New York State Dormitory Authority Lease | ||||
Revenue (City of New York Court Facilities) | 5.500% | 5/15/24 (2) | 500 | 589 |
New York State Dormitory Authority Lease | ||||
Revenue (City of New York Court Facilities) | 5.500% | 5/15/27 (2) | 500 | 611 |
New York State Dormitory Authority Lease | ||||
Revenue (Mental Health Services Facilities) | 5.000% | 8/15/21 | 500 | 534 |
New York State Dormitory Authority Revenue | 5.000% | 10/1/20 | 75 | 78 |
New York State Dormitory Authority Revenue | 4.000% | 7/1/34 | 1,200 | 1,286 |
New York State Dormitory Authority Revenue | ||||
(Catholic Health System Obligated Group) | ||||
VRDO | 1.530% | 7/7/18 LOC | 2,960 | 2,960 |
New York State Dormitory Authority | ||||
Revenue (City University System) | 5.000% | 7/1/24 | 400 | 426 |
New York State Dormitory Authority | ||||
Revenue (Fordham University) | 5.000% | 7/1/18 (Prere.) | 250 | 250 |
New York State Dormitory Authority | ||||
Revenue (Icahn School of Medicine | ||||
at Mount Sinai) | 5.000% | 7/1/28 | 1,000 | 1,135 |
New York State Dormitory Authority | ||||
Revenue (Icahn School of Medicine | ||||
at Mount Sinai) | 5.000% | 7/1/32 | 1,000 | 1,117 |
New York State Dormitory Authority | ||||
Revenue (Mount Sinai Hospital | ||||
Obligated Group) | 5.000% | 7/1/23 | 650 | 690 |
New York State Dormitory Authority | ||||
Revenue (New York University) | 6.000% | 7/1/19 (14) | 500 | 522 |
New York State Dormitory Authority | ||||
Revenue (North Shore - Long Island | ||||
Jewish Obligated Group) | 5.000% | 5/1/21 (Prere.) | 500 | 544 |
New York State Dormitory Authority | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/19 (Prere.) | 200 | 205 |
New York State Dormitory Authority | ||||
Revenue (Personal Income Tax) | 5.000% | 2/15/22 (Prere.) | 170 | 187 |
New York State Dormitory Authority | ||||
Revenue (Personal Income Tax) | 5.000% | 2/15/22 (Prere.) | 160 | 176 |
New York State Dormitory Authority | ||||
Revenue (Personal Income Tax) | 5.000% | 2/15/23 | 830 | 917 |
New York State Dormitory Authority | ||||
Revenue (Personal Income Tax) | 5.000% | 2/15/24 | 840 | 925 |
New York State Dormitory Authority | ||||
Revenue (Personal Income Tax) | 5.000% | 2/15/25 | 1,500 | 1,746 |
New York State Dormitory Authority | ||||
Revenue (Personal Income Tax) | 5.000% | 12/15/26 | 520 | 583 |
New York State Dormitory Authority | ||||
Revenue (Personal Income Tax) | 5.000% | 2/15/27 | 2,045 | 2,436 |
New York State Dormitory Authority | ||||
Revenue (Personal Income Tax) | 5.000% | 2/15/29 | 1,000 | 1,171 |
New York State Dormitory Authority | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/30 | 2,000 | 2,256 |
59
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
New York State Dormitory Authority | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/32 | 500 | 546 |
New York State Dormitory Authority | ||||
Revenue (Personal Income Tax) | 4.000% | 2/15/33 | 1,975 | 2,110 |
New York State Dormitory Authority | ||||
Revenue (Personal Income Tax) | 5.000% | 2/15/33 | 300 | 327 |
New York State Dormitory Authority | ||||
Revenue (Personal Income Tax) | 4.000% | 2/15/34 | 1,905 | 2,023 |
New York State Dormitory Authority | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/34 | 2,000 | 2,245 |
New York State Dormitory Authority | ||||
Revenue (Personal Income Tax) | 4.000% | 2/15/35 | 1,000 | 1,059 |
New York State Dormitory Authority | ||||
Revenue (School Districts Financing | ||||
Program) | 5.000% | 10/1/20 | 595 | 639 |
New York State Dormitory Authority | ||||
Revenue (School Districts Financing | ||||
Program) | 5.000% | 10/1/21 (4) | 390 | 428 |
New York State Dormitory Authority | ||||
Revenue (Service Contract) | 5.000% | 7/1/22 | 500 | 517 |
New York State Dormitory Authority | ||||
Revenue (The New School) | 5.250% | 7/1/20 (Prere.) | 500 | 534 |
New York State Dormitory Authority | ||||
Sales Tax Revenue | 5.000% | 3/15/21 | 1,135 | 1,232 |
New York State Dormitory Authority | ||||
Sales Tax Revenue | 5.000% | 3/15/24 | 975 | 1,124 |
New York State Dormitory Authority | ||||
Sales Tax Revenue | 5.000% | 3/15/25 | 1,270 | 1,483 |
New York State Dormitory Authority | ||||
Sales Tax Revenue | 5.000% | 3/15/32 | 1,480 | 1,729 |
New York State Dormitory Authority | ||||
Sales Tax Revenue | 5.000% | 3/15/33 | 1,720 | 1,994 |
New York State Dormitory Authority | ||||
Sales Tax Revenue | 5.000% | 3/15/35 | 1,420 | 1,616 |
New York State Dormitory Authority | ||||
Sales Tax Revenue | 5.000% | 3/15/36 | 1,170 | 1,349 |
New York State Energy Research & | ||||
Development Authority Pollution | ||||
Control Revenue (New York State | ||||
Electric & Gas Corp.) | 3.500% | 10/1/29 | 1,000 | 1,001 |
New York State Energy Research & | ||||
Development Authority Pollution | ||||
Control Revenue (Niagara Mohawk Corp.) | 5.250% | 7/10/18 (2) | 1,095 | 1,095 |
New York State Environmental Facilities | ||||
Corp. Revenue (State Clean Water & | ||||
Drinking Water Revolving Funds) | 5.000% | 6/15/22 | 2,025 | 2,264 |
New York State Environmental Facilities | ||||
Corp. Revenue (State Clean Water & | ||||
Drinking Water Revolving Funds) | 5.000% | 6/15/24 | 365 | 388 |
New York State Environmental Facilities | ||||
Corp. Revenue (State Clean Water & | ||||
Drinking Water Revolving Funds) | 5.000% | 6/15/25 | 500 | 556 |
New York State Environmental Facilities | ||||
Corp. Revenue (State Clean Water & | ||||
Drinking Water Revolving Funds) | 5.000% | 6/15/34 | 1,500 | 1,754 |
60
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
New York State GO | 4.500% | 2/1/19 | 500 | 509 |
New York State GO | 5.000% | 2/15/30 | 315 | 339 |
New York State Local Government | ||||
Assistance Corp. Revenue | 5.000% | 4/1/21 | 490 | 517 |
New York State Thruway Authority Revenue | 5.000% | 5/1/19 | 1,230 | 1,265 |
New York State Thruway Authority Revenue | 5.000% | 1/1/30 | 500 | 545 |
New York State Thruway Authority Revenue | 5.000% | 1/1/35 | 1,000 | 1,128 |
New York State Thruway Authority Revenue | ||||
(Highway & Bridge Trust Fund) | 5.000% | 10/1/18 (Prere.) | 500 | 505 |
New York State Thruway Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/19 | 500 | 513 |
New York State Thruway Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/20 | 500 | 529 |
New York State Thruway Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/25 | 500 | 547 |
New York State Urban Development | ||||
Corp. Revenue | 5.000% | 3/15/36 | 2,000 | 2,296 |
New York State Urban Development | ||||
Corp. Revenue | 5.000% | 3/15/37 | 2,000 | 2,294 |
New York State Urban Development | ||||
Corp. Revenue (Personal Income Tax) | 5.000% | 12/15/18 (ETM) | 145 | 147 |
New York State Urban Development | ||||
Corp. Revenue (Personal Income Tax) | 5.000% | 12/15/18 | 355 | 361 |
New York State Urban Development | ||||
Corp. Revenue (Personal Income Tax) | 5.500% | 3/15/22 (14) | 530 | 598 |
New York State Urban Development | ||||
Corp. Revenue (Personal Income Tax) | 5.000% | 3/15/24 | 1,325 | 1,525 |
New York State Urban Development | ||||
Corp. Revenue (Personal Income Tax) | 5.000% | 3/15/25 | 2,145 | 2,501 |
New York State Urban Development | ||||
Corp. Revenue (Personal Income Tax) | 5.000% | 3/15/26 | 2,000 | 2,283 |
New York State Urban Development | ||||
Corp. Revenue (Personal Income Tax) | 5.000% | 3/15/29 | 1,500 | 1,738 |
New York State Urban Development | ||||
Corp. Revenue (Personal Income Tax) | 5.000% | 3/15/31 | 1,420 | 1,631 |
New York State Urban Development | ||||
Corp. Revenue (Personal Income Tax) | 5.000% | 3/15/31 | 2,000 | 2,229 |
New York State Urban Development | ||||
Corp. Revenue (Personal Income Tax) | 5.000% | 3/15/33 | 2,000 | 2,292 |
New York State Urban Development | ||||
Corp. Revenue (Personal Income Tax) | 5.000% | 3/15/33 | 1,485 | 1,651 |
Port Authority of New York & | ||||
New Jersey Revenue | 5.000% | 7/15/26 | 500 | 501 |
Port Authority of New York & | ||||
New Jersey Revenue | 5.000% | 9/1/26 | 1,805 | 2,076 |
Port Authority of New York & | ||||
New Jersey Revenue | 5.000% | 5/1/28 | 1,250 | 1,321 |
Port Authority of New York & | ||||
New Jersey Revenue | 5.000% | 10/15/29 | 1,015 | 1,178 |
Port Authority of New York & | ||||
New Jersey Revenue | 5.000% | 10/15/35 | 1,000 | 1,138 |
Suffolk County NY Economic Development | ||||
Corp. Revenue (Catholic Health Services) | 5.000% | 7/1/21 | 1,545 | 1,666 |
Suffolk County NY Economic Development | ||||
Corp. Revenue (Catholic Health Services) | 5.000% | 7/1/27 | 1,370 | 1,526 |
61
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Tobacco Settlement Financing Corp. | ||||
New York Revenue | 5.000% | 6/1/29 | 1,270 | 1,430 |
Tobacco Settlement Financing Corp. | ||||
New York Revenue | 5.000% | 6/1/34 | 1,760 | 1,942 |
Triborough Bridge & Tunnel Authority | ||||
New York Revenue | 5.000% | 11/15/18 (Prere.) | 305 | 309 |
Triborough Bridge & Tunnel Authority | ||||
New York Revenue | 5.000% | 11/15/23 | 1,500 | 1,725 |
Triborough Bridge & Tunnel Authority | ||||
New York Revenue | 5.000% | 11/15/25 | 195 | 198 |
Triborough Bridge & Tunnel Authority | ||||
New York Revenue | 5.000% | 11/15/34 | 2,000 | 2,290 |
Triborough Bridge & Tunnel Authority | ||||
New York Revenue | 5.000% | 11/15/34 | 1,900 | 2,202 |
Triborough Bridge & Tunnel Authority | ||||
New York Revenue | 5.000% | 11/15/36 | 1,000 | 1,154 |
Utility Debt Securitization Authority | ||||
New York Revenue | 5.000% | 12/15/33 | 1,600 | 1,812 |
Utility Debt Securitization Authority | ||||
New York Revenue | 5.000% | 12/15/34 | 1,000 | 1,150 |
Utility Debt Securitization Authority | ||||
New York Revenue | 5.000% | 12/15/35 | 1,945 | 2,231 |
4 Utility Debt Securitization Authority | ||||
New York Revenue | 5.000% | 12/15/36 | 2,450 | 2,803 |
Westchester County NY GO | 5.000% | 7/1/20 (ETM) | 55 | 59 |
Westchester County NY GO | 5.000% | 7/1/20 | 435 | 464 |
Westchester County NY GO | 5.000% | 7/1/20 (ETM) | 10 | 11 |
Westchester County NY Health Care | ||||
Corp. Revenue | 5.000% | 11/1/30 | 890 | 947 |
Westchester County NY Local Development | ||||
Corp. Revenue (Westchester Medical Center) | 5.000% | 11/1/31 | 1,085 | 1,196 |
Westchester NY Tobacco Asset | ||||
Securitization Revenue | 5.000% | 6/1/28 | 1,400 | 1,605 |
Westchester NY Tobacco Asset | ||||
Securitization Revenue | 5.000% | 6/1/33 | 1,500 | 1,661 |
310,038 | ||||
North Carolina (0.4%) | ||||
Cary NC Combined Enterprise | ||||
System Revenue | 5.000% | 12/1/22 (Prere.) | 330 | 371 |
Cary NC Combined Enterprise | ||||
System Revenue | 5.000% | 12/1/27 | 170 | 191 |
Cary NC Combined Utility | ||||
Systems Revenue | 5.000% | 12/1/29 | 400 | 482 |
Charlotte NC Airport Revenue | 5.000% | 7/1/25 | 2,050 | 2,394 |
Charlotte NC Water & Sewer | ||||
System Revenue | 5.000% | 12/1/20 | 235 | 253 |
Durham County NC GO | 5.000% | 4/1/20 | 685 | 725 |
Mecklenburg County NC Public Facilities | ||||
Corp. Revenue (Annual Appropriation) | 5.000% | 3/1/19 (Prere.) | 500 | 512 |
New Hanover County NC Hospital Revenue | ||||
(New Hanover Regional Medical Center | ||||
Project) | 5.000% | 10/1/34 | 1,000 | 1,140 |
North Carolina Capital Improvement Revenue | 5.000% | 5/1/19 | 555 | 571 |
North Carolina Capital Improvement Revenue | 5.000% | 5/1/20 (Prere.) | 500 | 530 |
62
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
North Carolina GAN | 5.000% | 3/1/25 | 1,000 | 1,161 |
North Carolina GAN | 5.000% | 3/1/27 | 1,015 | 1,166 |
North Carolina GO | 5.000% | 3/1/20 | 275 | 290 |
North Carolina GO | 4.000% | 6/1/20 | 500 | 522 |
North Carolina GO | 5.000% | 5/1/22 | 250 | 279 |
North Carolina Medical Care Commission | ||||
Health Care Facilities Revenue | ||||
(Vidant Health) | 5.000% | 6/1/21 | 1,000 | 1,085 |
North Carolina Medical Care Commission | ||||
Health Care Facilities Revenue (WakeMed) | 5.000% | 10/1/27 | 1,000 | 1,104 |
North Carolina Medical Care Commission | ||||
Hospital Revenue (Southeastern Regional | ||||
Medical Center) | 5.000% | 6/1/24 | 600 | 663 |
North Carolina Municipal Power Agency | ||||
No. 1 Revenue (Catawba Electric) | 5.000% | 1/1/19 (Prere.) | 355 | 361 |
North Carolina Municipal Power Agency | ||||
No. 1 Revenue (Catawba Electric) | 5.000% | 1/1/30 | 145 | 147 |
Orange County NC Public Facilities Co. | ||||
Revenue | 5.000% | 10/1/22 (Prere.) | 180 | 201 |
Orange County NC Public Facilities Co. | ||||
Revenue | 5.000% | 10/1/24 | 320 | 357 |
Raleigh NC GO | 5.000% | 9/1/27 | 2,000 | 2,424 |
Wake County NC Limited Obligation Revenue | 4.000% | 12/1/19 | 680 | 703 |
17,632 | ||||
North Dakota (0.0%) | ||||
Grand Forks ND Health Care System Revenue | ||||
(Altru Health System Obligated Group) | 5.000% | 12/1/25 | 1,210 | 1,371 |
Ohio (1.8%) | ||||
Allen County OH Hospital Facilities Revenue | ||||
(Catholic Healthcare Partners) VRDO | 1.640% | 7/2/18 LOC | 10,510 | 10,510 |
Allen County OH Hospital Facilities Revenue | ||||
(Mercy Health) | 5.000% | 8/1/29 | 1,260 | 1,455 |
Allen County OH Hospital Facilities Revenue | ||||
(Mercy Health) | 4.000% | 8/1/37 | 2,200 | 2,253 |
American Municipal Power Ohio Inc. Revenue | ||||
(Fremont Energy Center Project) | 5.250% | 2/15/22 (Prere.) | 570 | 632 |
American Municipal Power Ohio Inc. Revenue | ||||
(Hydroelectric Projects) | 5.000% | 2/15/26 | 1,000 | 1,154 |
Bowling Green State University Ohio Revenue | 5.000% | 6/1/26 | 250 | 290 |
Bowling Green State University Ohio Revenue | 5.000% | 6/1/27 | 250 | 292 |
Butler County OH Hospital Facilities Revenue | ||||
(Kettering Health Network) | 5.250% | 4/1/31 | 500 | 536 |
Butler County OH Hospital Facilities | ||||
Revenue (UC Health) | 5.250% | 11/1/20 (Prere.) | 435 | 469 |
Centerville OH Health Care Revenue | ||||
(Graceworks Lutheran Services) | 5.000% | 11/1/26 | 725 | 782 |
Centerville OH Health Care Revenue | ||||
(Graceworks Lutheran Services) | 5.000% | 11/1/27 | 380 | 409 |
Cincinnati OH GO | 4.000% | 12/1/34 | 250 | 266 |
Columbus OH City School District GO | 0.000% | 12/1/29 (4) | 1,000 | 691 |
Columbus OH GO | 5.000% | 7/1/25 | 535 | 595 |
Columbus OH GO | 4.000% | 8/15/26 | 1,730 | 1,902 |
Columbus OH Sewer Revenue | 5.000% | 6/1/30 | 1,500 | 1,743 |
63
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Cuyahoga County OH Excise Tax Revenue | ||||
(Sports Facilities Improvement Project) | 5.000% | 12/1/25 | 510 | 574 |
Cuyahoga County OH Hospital Revenue | ||||
(MetroHealth System) | 5.000% | 2/15/32 | 1,000 | 1,092 |
Fairfield County OH Hospital Facilities | ||||
Revenue (Fairfield Medical Center) | 5.125% | 6/15/33 | 615 | 654 |
Franklin County OH Convention Facilities | ||||
Authority Revenue | 5.000% | 12/1/20 | 1,000 | 1,073 |
Franklin County OH Convention Facilities | ||||
Authority Revenue | 5.000% | 12/1/28 | 1,680 | 1,917 |
Franklin County OH Hospital Improvement | ||||
Revenue (Nationwide Children’s Hospital | ||||
Project) | 5.000% | 11/1/28 | 450 | 534 |
Franklin County OH Sales Tax Revenue | 5.000% | 6/1/27 | 895 | 1,075 |
Franklin County OH Sales Tax Revenue | 5.000% | 6/1/28 | 760 | 924 |
Greater Cleveland OH Regional Transit | ||||
Authority Sales Tax Revenue | 5.000% | 12/1/18 | 350 | 355 |
Hamilton County OH Hospital Facilities | ||||
Revenue (TriHealth Obligated Group) | 5.000% | 8/15/36 | 1,000 | 1,119 |
Hamilton County OH Hospital Facilities | ||||
Revenue (UC Health) | 5.000% | 2/1/21 | 200 | 214 |
Hamilton County OH Sales Tax Revenue | 5.000% | 12/1/27 | 1,915 | 2,279 |
Kent State University Ohio Revenue | 5.000% | 5/1/19 (Prere.) | 460 | 473 |
Kent State University Ohio Revenue | 5.000% | 5/1/23 (12) | 40 | 41 |
Lucas County OH Hospital Revenue | ||||
(ProMedica Healthcare Obligated Group) | 5.000% | 11/15/21 (Prere.) | 180 | 198 |
Lucas County OH Hospital Revenue | ||||
(ProMedica Healthcare Obligated Group) | 5.250% | 11/15/21 (Prere.) | 535 | 593 |
Lucas County OH Hospital Revenue | ||||
(ProMedica Healthcare Obligated Group) | 5.000% | 11/15/26 | 320 | 346 |
Lucas County OH Hospital Revenue | ||||
(ProMedica Healthcare Obligated Group) | 5.250% | 11/15/27 | 965 | 1,050 |
Miami Valley OH Career Technology | ||||
Center GO | 5.000% | 12/1/25 | 860 | 1,010 |
North Royalton OH City School District GO | 5.000% | 12/1/26 | 300 | 349 |
North Royalton OH City School District GO | 5.000% | 12/1/28 | 1,400 | 1,614 |
Ohio Building Authority Revenue | ||||
(Administration Building Fund) | 5.000% | 10/1/20 | 100 | 107 |
Ohio Capital Facilities Lease-Appropriation | ||||
Revenue (Adult Correctional Building | ||||
Fund Projects) | 5.000% | 10/1/33 | 1,525 | 1,780 |
Ohio Capital Facilities Lease-Appropriation | ||||
Revenue (Adult Correctional Building | ||||
Fund Projects) | 5.000% | 10/1/36 | 1,250 | 1,447 |
Ohio Capital Facilities Lease-Appropriation | ||||
Revenue (Mental Health Facilities | ||||
Improvement Fund Projects) | 5.000% | 2/1/22 | 750 | 828 |
Ohio GO | 5.000% | 5/1/23 | 1,270 | 1,439 |
Ohio GO | 5.000% | 8/1/23 | 500 | 557 |
Ohio GO | 5.000% | 8/1/24 | 500 | 578 |
Ohio GO | 5.000% | 11/1/24 | 1,675 | 1,944 |
Ohio GO | 5.000% | 2/1/25 | 2,425 | 2,818 |
Ohio GO | 5.000% | 2/1/27 | 1,000 | 1,174 |
Ohio GO | 5.000% | 3/15/36 | 1,005 | 1,129 |
64
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Ohio Higher Education GO | 5.000% | 8/1/21 | 500 | 546 |
Ohio Higher Educational Facility Commission | ||||
Revenue (Case Western Reserve University | ||||
Project) | 5.000% | 12/1/22 | 560 | 626 |
Ohio Hospital Revenue (Cleveland Clinic | ||||
Health System Obligated Group) | 5.000% | 1/1/28 | 500 | 599 |
Ohio Hospital Revenue (Cleveland Clinic | ||||
Health System Obligated Group) | 5.000% | 1/1/32 | 1,000 | 1,178 |
Ohio Major New State Infrastructure | ||||
Project Revenue | 5.000% | 12/15/25 | 2,280 | 2,674 |
Ohio Major New State Infrastructure | ||||
Project Revenue | 5.000% | 12/15/28 | 1,010 | 1,178 |
Ohio Revenue (Transportation Building | ||||
Fund Projects) | 5.000% | 4/1/26 | 875 | 1,026 |
Ohio Turnpike Commission Turnpike Revenue | 5.000% | 2/15/20 (Prere.) | 500 | 527 |
Ohio Turnpike Commission Turnpike Revenue | 5.500% | 2/15/20 (14) | 1,000 | 1,059 |
Ohio Turnpike Commission Turnpike Revenue | 5.000% | 2/15/28 | 1,015 | 1,126 |
Ohio Turnpike Commission Turnpike Revenue | 5.000% | 2/15/35 | 1,280 | 1,480 |
Ohio Water Development Authority Pollution | ||||
Control Revenue (Water Quality) | 5.250% | 6/1/19 | 435 | 450 |
Ohio Water Development Authority Water | ||||
Pollution Control Loan Fund Revenue | 5.000% | 12/1/26 | 1,630 | 1,947 |
Ohio Water Development Authority Water | ||||
Pollution Control Loan Fund Revenue | 5.000% | 6/1/28 | 2,010 | 2,395 |
Penta Career Center Ohio COP | 5.250% | 4/1/23 | 125 | 138 |
Revere OH Local School District GO | 5.000% | 6/1/22 (Prere.) | 1,000 | 1,115 |
Revere OH Local School District GO | 5.000% | 6/1/22 (Prere.) | 665 | 741 |
Winton Woods City OH School District GO | 5.000% | 5/1/22 (Prere.) | 550 | 612 |
Winton Woods City OH School District GO | 5.000% | 5/1/22 (Prere.) | 255 | 284 |
Winton Woods City OH School District GO | 5.000% | 5/1/22 (Prere.) | 250 | 278 |
Winton Woods City OH School District GO | 5.000% | 5/1/22 (Prere.) | 260 | 289 |
Winton Woods City OH School District GO | 5.000% | 5/1/22 (Prere.) | 250 | 278 |
75,810 | ||||
Oklahoma (0.2%) | ||||
Edmond OK Public Works Authority | ||||
Sales Tax & Utility System Revenue | 4.000% | 7/1/25 | 1,045 | 1,148 |
Norman OK Regional Hospital Authority | ||||
Revenue | 5.000% | 9/1/28 | 1,245 | 1,415 |
Oklahoma Capitol Improvement Authority | ||||
Facilities Revenue | 5.000% | 7/1/26 | 1,135 | 1,298 |
Oklahoma City OK GO | 5.000% | 3/1/24 | 525 | 568 |
Oklahoma Development Finance Authority | ||||
Health System Revenue (OU Medicine) | 5.000% | 8/15/28 | 1,500 | 1,705 |
Oklahoma Turnpike Authority Revenue | 5.000% | 1/1/21 (Prere.) | 300 | 324 |
Oklahoma Turnpike Authority Revenue | 5.000% | 1/1/37 | 2,000 | 2,267 |
Tulsa County OK Industrial Authority | ||||
Senior Living Community Revenue | ||||
(Montereau Inc.) | 5.000% | 11/15/23 | 280 | 309 |
University of Oklahoma Revenue | 5.000% | 7/1/31 | 475 | 513 |
9,547 |
65
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 | 1,190 |
Clatsop County OR School District | ||||
No. 10 Seaside GO | 5.000% | 6/15/33 | 1,125 | 1,317 |
Deschutes & Jefferson Counties OR | ||||
School District No. 2J GO | 0.000% | 6/15/31 | 750 | 484 |
Multnomah County OR School District GO | 5.000% | 6/15/19 | 1,680 | 1,736 |
Oregon Department of Administrative | ||||
Services Lottery Revenue | 5.250% | 4/1/21 (Prere.) | 430 | 469 |
Oregon Department of Administrative | ||||
Services Lottery Revenue | 5.000% | 4/1/25 | 1,380 | 1,587 |
Oregon Department of Administrative | ||||
Services Lottery Revenue | 5.250% | 4/1/31 | 70 | 76 |
Oregon Department of Administrative | ||||
Services Lottery Revenue | 5.000% | 4/1/35 | 2,330 | 2,707 |
Oregon Department of Transportation | ||||
Highway User Tax Revenue | 5.000% | 11/15/19 | 4,000 | 4,185 |
Oregon Facilities Authority Revenue | ||||
(Legacy Health Project) | 5.000% | 6/1/33 | 1,000 | 1,133 |
Oregon Facilities Authority Revenue | ||||
(Reed College Projects) | 4.000% | 7/1/31 | 450 | 488 |
Oregon Facilities Authority Revenue | ||||
(Reed College Projects) | 4.000% | 7/1/32 | 450 | 486 |
Oregon GO | 5.000% | 5/1/23 | 500 | 556 |
Washington County OR School District | ||||
No. 48J Beaverton GO | 5.000% | 6/15/36 | 1,000 | 1,160 |
17,574 | ||||
Pennsylvania (2.7%) | ||||
Allegheny County PA GO | 4.000% | 11/1/30 | 1,000 | 1,060 |
Allegheny County PA Higher Education | ||||
Building Authority University Revenue | ||||
(Duquesne University) | 5.500% | 3/1/21 (Prere.) | 325 | 355 |
Allegheny County PA Hospital Development | ||||
Authority Revenue (University of Pittsburgh | ||||
Medical Center) | 2.300% | 2/1/21 | 465 | 467 |
Allegheny County PA Hospital Development | ||||
Authority Revenue (University of Pittsburgh | ||||
Medical Center) | 5.375% | 8/15/29 | 475 | 494 |
9 Allegheny County PA Hospital Development | ||||
Authority Revenue (University of Pittsburgh | ||||
Medical Center) TOB VRDO | 1.600% | 7/2/18 LOC | 1,100 | 1,100 |
Allegheny County PA Port Authority Revenue | 5.750% | 3/1/29 | 500 | 548 |
Allentown PA Neighborhood Improvement | ||||
Zone Development Authority Tax Revenue | 5.000% | 5/1/24 | 1,000 | 1,080 |
Allentown PA Neighborhood Improvement | ||||
Zone Development Authority Tax Revenue | 5.000% | 5/1/27 | 250 | 278 |
Allentown PA School District GO | 5.000% | 6/1/31 (15) | 500 | 556 |
Berks County PA Industrial Development | ||||
Authority Health System Revenue | ||||
(Tower Health Project) | 5.000% | 11/1/25 | 1,855 | 2,120 |
Central Bradford PA Progress Authority | ||||
Revenue (Guthrie Healthcare System) | 5.500% | 12/1/31 | 530 | 590 |
Chester County PA GO | 5.000% | 11/15/22 (Prere.) | 750 | 845 |
66
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Coatesville PA School District Building | ||||
Authority Lease Revenue | 5.000% | 12/1/26 (15) | 335 | 360 |
Coatesville PA School District Building | ||||
Authority Lease Revenue | 5.000% | 12/1/27 (15) | 365 | 391 |
Commonwealth Financing Authority | ||||
Pennsylvania Revenue | 5.000% | 6/1/26 | 500 | 570 |
East Hempfield Township PA Industrial | ||||
Development Authority Revenue (Millersville | ||||
University Student Housing Project) | 5.000% | 7/1/29 | 1,000 | 1,078 |
Erie PA Sewer Authority Revenue | 0.000% | 12/1/25 (15) | 1,250 | 989 |
Geisinger Authority Health System | ||||
Pennsylvania Revenue | ||||
(Geisinger Health System) | 5.000% | 6/1/20 | 650 | 691 |
Lehigh County PA General Purpose Hospital | ||||
Authority Revenue (Lehigh Valley Health | ||||
Network) | 5.000% | 7/1/29 | 1,185 | 1,344 |
Luzerne County PA Industrial Development | ||||
Authority Lease Revenue | 5.000% | 12/15/25 (4) | 1,000 | 1,109 |
Monroeville PA Finance Authority Revenue | ||||
(UPMC Health System) | 5.000% | 2/15/19 | 500 | 511 |
Montgomery County PA Higher Education & | ||||
Health Authority Hospital Revenue | ||||
(Abington Memorial Hospital) | 5.000% | 6/1/22 (Prere.) | 500 | 555 |
Montgomery County PA Industrial | ||||
Development Authority Health Services | ||||
Revenue (Albert Einstein Healthcare | ||||
Network) | 5.000% | 1/15/23 | 1,015 | 1,096 |
Montgomery County PA Industrial | ||||
Development Authority Health Services | ||||
Revenue (Albert Einstein Healthcare | ||||
Network) | 5.000% | 1/15/25 | 1,000 | 1,095 |
Montgomery County PA Industrial | ||||
Development Authority Pollution | ||||
Control Revenue (Exelon Generation | ||||
Co., LLC) PUT | 2.550% | 6/1/20 | 1,000 | 1,000 |
Montgomery County PA Industrial | ||||
Development Authority Retirement | ||||
Community Revenue (ACTS Retirement- | ||||
Life Communities Obligated Group) | 5.000% | 11/15/25 | 1,250 | 1,355 |
Northampton County PA General Purpose | ||||
Authority Hospital Revenue (St. Luke’s | ||||
Hospital Project) | 5.250% | 8/15/18 (Prere.) | 2,000 | 2,009 |
Northampton County PA General Purpose | ||||
Authority Hospital Revenue (St. Luke’s | ||||
Hospital Project) | 5.000% | 8/15/25 | 1,265 | 1,449 |
Pennsylvania COP | 5.000% | 7/1/26 | 500 | 566 |
Pennsylvania COP | 5.000% | 7/1/27 | 500 | 570 |
Pennsylvania Economic Development | ||||
Financing Authority Health System | ||||
Revenue (Albert Einstein Healthcare | ||||
Network) | 6.250% | 10/15/19 (Prere.) | 785 | 821 |
Pennsylvania Economic Development | ||||
Financing Authority Revenue | ||||
(UPMC Obligated Group) | 5.000% | 11/15/25 | 1,045 | 1,214 |
67
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Pennsylvania Economic Development | ||||
Financing Authority Revenue (UPMC | ||||
Obligated Group) | 5.000% | 3/15/29 | 1,020 | 1,173 |
Pennsylvania Economic Development | ||||
Financing Authority Revenue (UPMC | ||||
Obligated Group) | 5.000% | 11/15/30 | 1,510 | 1,748 |
Pennsylvania Economic Development | ||||
Financing Authority Unemployment | ||||
Compensation Revenue | 5.000% | 7/1/20 | 700 | 723 |
Pennsylvania Economic Development | ||||
Financing Authority Unemployment | ||||
Compensation Revenue | 5.000% | 1/1/21 | 1,330 | 1,352 |
Pennsylvania Economic Development | ||||
Financing Authority Water Facilities | ||||
Revenue (Aqua Pennsylvania Inc. Project) | 5.000% | 11/15/40 | 3,500 | 3,636 |
Pennsylvania GO | 5.000% | 4/15/19 (Prere.) | 500 | 514 |
Pennsylvania GO | 5.000% | 7/1/20 | 545 | 577 |
Pennsylvania GO | 5.375% | 7/1/21 | 500 | 546 |
Pennsylvania GO | 5.000% | 11/15/21 (Prere.) | 500 | 551 |
Pennsylvania GO | 5.000% | 8/15/23 | 2,000 | 2,243 |
Pennsylvania GO | 5.000% | 1/1/24 | 1,500 | 1,688 |
Pennsylvania GO | 5.000% | 8/15/24 | 500 | 567 |
Pennsylvania GO | 5.000% | 1/1/26 | 3,295 | 3,768 |
Pennsylvania GO | 5.000% | 9/15/26 | 1,500 | 1,727 |
Pennsylvania GO | 4.000% | 8/15/30 (4) | 1,000 | 1,047 |
Pennsylvania GO | 5.000% | 10/15/32 | 1,000 | 1,106 |
Pennsylvania GO | 4.000% | 3/1/33 (4) | 1,110 | 1,163 |
Pennsylvania GO | 4.000% | 3/1/34 (4) | 1,670 | 1,743 |
Pennsylvania GO | 4.000% | 3/1/37 (15) | 1,000 | 1,037 |
Pennsylvania Higher Educational Facilities | ||||
Authority Revenue (Philadelphia University) | 5.000% | 6/1/19 (ETM) | 740 | 762 |
Pennsylvania Higher Educational Facilities | ||||
Authority Revenue (St. Joseph’s University) | 5.000% | 11/1/24 | 200 | 214 |
Pennsylvania Higher Educational Facilities | ||||
Authority Revenue (Temple University) | 5.000% | 4/1/32 | 500 | 541 |
Pennsylvania Higher Educational Facilities | ||||
Authority Revenue (Trustees of the | ||||
University of Pennsylvania) | 5.000% | 9/1/19 (Prere.) | 500 | 520 |
Pennsylvania Higher Educational Facilities | ||||
Authority Revenue (University of | ||||
Pennsylvania Health System) | 4.000% | 8/15/36 | 1,295 | 1,350 |
Pennsylvania State University Revenue | 5.000% | 3/1/25 | 500 | 526 |
Pennsylvania Turnpike Commission Motor | ||||
License Fund Revenue | 5.000% | 12/1/32 | 1,000 | 1,139 |
Pennsylvania Turnpike Commission Oil | ||||
Franchise Tax Revenue | 5.000% | 12/1/24 | 1,000 | 1,130 |
Pennsylvania Turnpike Commission Oil | ||||
Franchise Tax Revenue | 5.000% | 12/1/28 | 510 | 583 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/19 (Prere.) | 190 | 196 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/19 (Prere.) | 860 | 887 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/19 (Prere.) | 175 | 183 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/20 (Prere.) | 495 | 532 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/20 (Prere.) | 1,750 | 1,882 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/20 (Prere.) | 265 | 284 |
68
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/20 (Prere.) | 695 | 747 |
3 Pennsylvania Turnpike Commission Revenue | 2.490% | 12/1/21 | 1,315 | 1,335 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/21 | 170 | 177 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/24 | 1,980 | 2,246 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/25 | 1,285 | 1,497 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/26 (4) | 1,635 | 1,900 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/26 | 1,130 | 1,280 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/26 | 750 | 870 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/27 | 2,255 | 2,559 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/32 | 1,500 | 1,683 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/32 | 2,000 | 2,247 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/35 | 1,500 | 1,655 |
Philadelphia PA Airport Revenue | 5.000% | 6/15/23 | 1,120 | 1,186 |
Philadelphia PA Authority for Industrial | ||||
Development Revenue (Temple University) | 5.000% | 4/1/24 | 1,015 | 1,160 |
Philadelphia PA Authority for Industrial | ||||
Development Revenue (Temple University) | 5.000% | 4/1/27 | 1,000 | 1,147 |
Philadelphia PA Authority for Industrial | ||||
Development Revenue (The Children’s | ||||
Hospital of Philadelphia Project) | 5.000% | 7/1/32 | 750 | 876 |
Philadelphia PA Authority for Industrial | ||||
Development Revenue (Thomas | ||||
Jefferson University) | 5.000% | 9/1/37 | 345 | 387 |
Philadelphia PA Gas Works Revenue | 5.000% | 10/1/25 | 1,550 | 1,775 |
Philadelphia PA Gas Works Revenue | 5.000% | 10/1/26 | 1,000 | 1,152 |
Philadelphia PA Gas Works Revenue | 5.000% | 10/1/29 | 1,010 | 1,153 |
Philadelphia PA Gas Works Revenue | 5.000% | 8/1/36 | 1,300 | 1,466 |
Philadelphia PA Hospitals & Higher Education | ||||
Facilities Authority Hospital Revenue | ||||
(Temple University Health System | ||||
Obligated Group) | 5.000% | 7/1/25 | 1,000 | 1,110 |
Philadelphia PA Municipal Authority Revenue | 6.375% | 4/1/19 (Prere.) | 500 | 518 |
Philadelphia PA School District GO | 5.000% | 9/1/21 | 1,035 | 1,093 |
Philadelphia PA School District GO | 5.250% | 9/1/22 | 545 | 579 |
Philadelphia PA School District GO | 5.000% | 9/1/31 | 940 | 1,047 |
Philadelphia PA Water & Wastewater | ||||
Revenue | 5.000% | 8/1/20 (Prere.) | 560 | 597 |
Philadelphia PA Water & Wastewater | ||||
Revenue | 5.000% | 7/1/26 | 1,000 | 1,141 |
Philadelphia PA Water & Wastewater | ||||
Revenue | 5.000% | 11/1/32 | 1,025 | 1,193 |
Philadelphia PA Water & Wastewater | ||||
Revenue | 4.000% | 7/1/35 | 1,110 | 1,152 |
Reading PA School District GO | 5.000% | 3/1/25 (4) | 805 | 916 |
Saint Mary PA Hospital Authority Health | ||||
System Revenue (Trinity Health Corp. | ||||
Obligated Group) | 5.000% | 11/15/25 | 815 | 945 |
Saint Mary PA Hospital Authority Health | ||||
System Revenue (Trinity Health Corp. | ||||
Obligated Group) | 5.000% | 11/15/26 | 770 | 900 |
Snyder County PA Higher Education | ||||
Authority University Revenue | ||||
(Susquehanna University Project) | 5.000% | 1/1/27 | 1,135 | 1,287 |
69
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Southcentral Pennsylvania General | ||||
Authority Revenue (WellSpan | ||||
Health Obligated Group) | 5.000% | 6/1/34 | 1,085 | 1,196 |
St. Mary Hospital Authority Pennsylvania | ||||
Health System Revenue (Catholic Health | ||||
Initiatives) | 5.000% | 5/15/20 (Prere.) | 1,000 | 1,061 |
State Public School Building Authority | ||||
Pennsylvania College Revenue (Community | ||||
College of Allegheny County Project) | 4.000% | 6/15/29 (15) | 1,075 | 1,137 |
State Public School Building Authority | ||||
Pennsylvania Lease Revenue (School | ||||
District of Philadelphia) | 5.000% | 6/1/24 (15) | 1,535 | 1,724 |
State Public School Building Authority | ||||
Pennsylvania Lease Revenue (School | ||||
District of Philadelphia) | 5.000% | 6/1/26 (4) | 1,650 | 1,885 |
University of Pittsburgh of the | ||||
Commonwealth System of Higher | ||||
Education Pennsylvania Revenue | ||||
(University Capital Project) | 5.250% | 9/15/19 (Prere.) | 500 | 522 |
West Shore PA Area Authority Hospital | ||||
Revenue (Holy Spirit Hospital of the | ||||
Sisters of Christian Charity Project) | 6.250% | 1/1/21 (Prere.) | 80 | 89 |
114,494 | ||||
Puerto Rico (0.1%) | ||||
Puerto Rico Electric Power | ||||
Authority Revenue | 5.000% | 7/1/21 (14) | 500 | 504 |
Puerto Rico Highway & Transportation | ||||
Authority Revenue | 5.250% | 7/1/21 (13)(3) | 500 | 543 |
Puerto Rico Public Finance Corp. Revenue | 6.000% | 8/1/26 (ETM) | 1,000 | 1,233 |
2,280 | ||||
Rhode Island (0.1%) | ||||
Rhode Island Commerce Corp. | ||||
Airport Revenue | 5.000% | 7/1/30 | 500 | 566 |
Rhode Island Health & Educational Building | ||||
Corp. Higher Education Facilities Revenue | ||||
(University of Rhode Island) | 5.000% | 9/15/25 | 500 | 576 |
Tobacco Settlement Financing Corp. | ||||
Rhode Island Revenue | 2.250% | 6/1/41 | 1,540 | 1,540 |
2,682 | ||||
South Carolina (0.5%) | ||||
Charleston SC Educational Excellence | ||||
Financing Corp. Revenue (Charleston | ||||
County School District, South Carolina | ||||
Project) | 5.000% | 12/1/23 | 590 | 673 |
Columbia SC Waterworks & Sewer | ||||
System Revenue | 5.000% | 2/1/27 | 250 | 275 |
Lexington County SC Health Services | ||||
District Inc. Hospital Revenue | 5.000% | 11/1/25 | 1,000 | 1,140 |
Lexington County SC Health Services | ||||
District Inc. Hospital Revenue | 5.000% | 11/1/34 | 1,500 | 1,670 |
Myrtle Beach SC Hospitality Fee Revenue | 5.000% | 6/1/25 | 1,000 | 1,134 |
Piedmont SC Municipal Power Agency | ||||
Revenue | 0.000% | 1/1/24 (14) | 1,600 | 1,372 |
70
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
South Carolina Association of Governmental | ||||
Organizations Educational Facilities Corp. | ||||
Revenue (Pickens School District) | 5.000% | 12/1/26 | 1,420 | 1,618 |
South Carolina Educational Facilities | ||||
Authority Revenue (Furman University) | ||||
VRDO | 1.570% | 7/2/18 | 1,000 | 1,000 |
South Carolina GO | 5.000% | 4/1/20 | 450 | 476 |
South Carolina Higher Education Revenue | ||||
(Clemson University) | 5.000% | 5/1/21 | 1,000 | 1,086 |
South Carolina Jobs Economic Development | ||||
Authority Hospital Revenue (Palmetto Health) | 5.250% | 8/1/23 (Prere.) | 1,000 | 1,151 |
South Carolina Public Service Authority | ||||
Revenue | 5.000% | 1/1/19 (Prere.) | 500 | 508 |
South Carolina Public Service Authority | ||||
Revenue | 5.000% | 12/1/26 | 1,140 | 1,269 |
South Carolina Public Service Authority | ||||
Revenue | 5.000% | 12/1/28 | 1,465 | 1,556 |
South Carolina Public Service Authority | ||||
Revenue | 5.000% | 12/1/37 | 2,095 | 2,282 |
South Carolina Public Service Authority | ||||
Revenue | 5.000% | 12/1/37 | 1,000 | 1,094 |
South Carolina Public Service Authority | ||||
Revenue | 5.000% | 12/1/38 | 1,035 | 1,101 |
Sumter Two School Facilities Inc. South | ||||
Carolina Installment Purchase Revenue | 5.000% | 12/1/26 (15) | 1,000 | 1,128 |
20,533 | ||||
South Dakota (0.1%) | ||||
Educational Enhancement Funding Corp. | ||||
South Dakota Tobacco Settlement Revenue | 5.000% | 6/1/25 | 2,000 | 2,200 |
South Dakota Health & Educational Facilities | ||||
Authority Revenue (Regional Health System | ||||
Obligated Group) | 5.000% | 9/1/32 | 1,020 | 1,170 |
South Dakota Health & Educational Facilities | ||||
Authority Revenue (Regional Health System | ||||
Obligated Group) | 4.000% | 9/1/34 | 1,975 | 2,025 |
5,395 | ||||
Tennessee (1.0%) | ||||
Chattanooga TN Electric System Revenue | 5.000% | 9/1/31 | 1,000 | 1,154 |
Chattanooga TN Health Educational & | ||||
Housing Facility Board Revenue | ||||
(Catholic Health Initiatives) | 5.000% | 1/1/33 | 1,500 | 1,593 |
Chattanooga-Hamilton County TN Hospital | ||||
Authority Hospital Revenue | 5.000% | 10/1/27 | 1,035 | 1,140 |
Clarksville TN Public Building Authority | ||||
Revenue (Morristown) VRDO | 1.660% | 7/2/18 LOC | 405 | 405 |
Greeneville TN Health & Educational Facilities | ||||
Board Hospital Revenue (Ballad Health) | 5.000% | 7/1/27 | 720 | 831 |
Knox County TN Health Educational & | ||||
Housing Facilities Board Hospital Facilities | ||||
Revenue (Covenant Healthcare) | 5.000% | 1/1/36 | 1,000 | 1,109 |
Memphis TN GO | 5.000% | 5/1/30 | 500 | 540 |
Memphis TN Water System Revenue | 4.000% | 12/1/34 | 575 | 615 |
Metropolitan Government of Nashville & | ||||
Davidson County TN Electric Revenue | 5.000% | 5/15/35 | 865 | 1,010 |
71
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Metropolitan Government of Nashville & | ||||
Davidson County TN GO | 5.000% | 7/1/21 | 625 | 665 |
Metropolitan Government of Nashville & | ||||
Davidson County TN Health & Educational | ||||
Facilities Board Revenue (Blakeford at | ||||
Green Hills) | 5.000% | 7/1/27 | 500 | 534 |
Metropolitan Government of Nashville & | ||||
Davidson County TN Water & Sewer | ||||
Revenue | 5.000% | 7/1/20 | 600 | 638 |
Shelby County TN GO | 5.000% | 3/1/19 | 500 | 512 |
Shelby County TN GO | 5.000% | 4/1/19 (ETM) | 100 | 103 |
Shelby County TN GO | 5.000% | 4/1/19 | 400 | 410 |
4 Shelby County TN Health Educational & | ||||
Housing Facility Board Revenue (Methodist | ||||
Le Bonheur Healthcare) VRDO | 1.570% | 7/2/18 (4) | 10,815 | 10,815 |
Tennessee Energy Acquisition Corp. | ||||
Gas Revenue | 5.250% | 9/1/18 | 725 | 729 |
Tennessee Energy Acquisition Corp. | ||||
Gas Revenue | 5.250% | 9/1/22 | 1,835 | 2,036 |
Tennessee Energy Acquisition Corp. | ||||
Gas Revenue | 5.000% | 2/1/24 | 1,800 | 2,014 |
Tennessee Energy Acquisition Corp. | ||||
Gas Revenue | 5.250% | 9/1/24 | 900 | 1,023 |
Tennessee Energy Acquisition Corp. | ||||
Gas Revenue | 5.000% | 2/1/25 | 915 | 1,031 |
Tennessee Energy Acquisition Corp. | ||||
Gas Revenue | 5.250% | 9/1/26 | 1,035 | 1,198 |
Tennessee Energy Acquisition Corp. | ||||
Gas Revenue | 5.000% | 2/1/27 | 1,000 | 1,139 |
Tennessee Energy Acquisition Corp. | ||||
Gas Revenue PUT | 4.000% | 5/1/23 | 3,060 | 3,259 |
Tennessee GO | 5.000% | 8/1/20 | 625 | 668 |
Tennessee GO | 5.000% | 8/1/21 | 1,490 | 1,632 |
Tennessee GO | 5.000% | 8/1/22 | 1,475 | 1,654 |
Williamson County TN GO | 4.000% | 5/1/27 | 1,320 | 1,415 |
39,872 | ||||
Texas (5.5%) | ||||
Alamo TX Regional Mobility Authority | ||||
Revenue | 5.000% | 6/15/27 | 1,280 | 1,474 |
Arlington TX GO | 5.000% | 8/15/19 | 1,920 | 1,993 |
Arlington TX Special Tax Revenue | 5.000% | 2/15/27 (4) | 400 | 471 |
Arlington TX Special Tax Revenue | 5.000% | 2/15/28 (4) | 305 | 362 |
Arlington TX Special Tax Revenue | 5.000% | 2/15/32 (15) | 1,140 | 1,310 |
Austin Convention Enterprises Inc. Texas | ||||
Convention Center Revenue | 5.000% | 1/1/25 | 500 | 566 |
Austin TX Airport System Revenue | 5.000% | 11/15/26 | 1,045 | 1,226 |
Austin TX Airport System Revenue | 5.000% | 11/15/32 | 1,170 | 1,350 |
Austin TX Community College District | ||||
Public Facilities Corp. Lease Revenue | 5.000% | 8/1/27 | 1,000 | 1,152 |
Austin TX Water & Wastewater System | ||||
Revenue | 5.000% | 11/15/19 (Prere.) | 65 | 68 |
Austin TX Water & Wastewater System | ||||
Revenue | 5.000% | 11/15/19 (Prere.) | 210 | 220 |
72
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Austin TX Water & Wastewater System | ||||
Revenue | 5.000% | 11/15/21 (ETM) | 500 | 550 |
Austin TX Water & Wastewater System | ||||
Revenue | 5.000% | 11/15/37 | 1,000 | 1,149 |
Beaumont TX Independent School District GO | 5.000% | 2/15/20 | 3,345 | 3,522 |
Beaumont TX Independent School District GO | 5.000% | 2/15/21 | 3,570 | 3,853 |
Bexar County TX GO | 5.000% | 6/15/26 | 2,310 | 2,686 |
Bexar County TX GO | 4.000% | 6/15/34 | 1,000 | 1,049 |
Brownsville TX Utility System Revenue | 4.000% | 9/1/30 | 1,000 | 1,053 |
Central Texas Regional Mobility Authority | ||||
Revenue | 5.750% | 1/1/20 (Prere.) | 500 | 530 |
Central Texas Regional Mobility Authority | ||||
Revenue | 5.000% | 1/1/24 | 1,015 | 1,137 |
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 | 140 |
Central Texas Regional Mobility Authority | ||||
Revenue | 5.000% | 1/1/26 | 1,000 | 1,133 |
Central Texas Regional Mobility Authority | ||||
Revenue | 5.000% | 1/1/30 | 840 | 939 |
Central Texas Regional Mobility Authority | ||||
Revenue | 5.000% | 1/1/33 | 540 | 585 |
Central Texas Regional Mobility Authority | ||||
Revenue | 5.000% | 1/1/34 | 1,400 | 1,550 |
Clifton TX Higher Education Finance Corp. | ||||
Revenue (Baylor University) | 5.250% | 3/1/29 | 200 | 216 |
Cypress-Fairbanks TX Independent | ||||
School District GO | 5.000% | 2/15/25 | 500 | 538 |
Dallas County TX Utility & Reclamation | ||||
District GO | 5.000% | 2/15/28 | 2,040 | 2,414 |
Dallas TX Area Rapid Transit Sales Tax | ||||
Revenue | 4.500% | 12/1/18 (Prere.) | 500 | 506 |
Dallas TX Area Rapid Transit Sales Tax | ||||
Revenue | 5.000% | 12/1/27 | 500 | 560 |
Dallas TX Independent School District GO | 5.000% | 2/15/23 | 485 | 524 |
Dallas TX Waterworks & Sewer System | ||||
Revenue | 5.000% | 10/1/21 | 1,090 | 1,197 |
Dallas TX Waterworks & Sewer System | ||||
Revenue | 5.000% | 10/1/21 (Prere.) | 195 | 214 |
Dallas TX Waterworks & Sewer System | ||||
Revenue | 5.000% | 10/1/22 | 210 | 230 |
Dallas-Fort Worth TX International Airport | ||||
Revenue | 5.250% | 11/1/29 | 1,000 | 1,130 |
Fort Worth TX Water & Sewer Revenue | 5.000% | 2/15/25 | 450 | 485 |
Galveston County TX GO | 4.000% | 2/1/34 | 750 | 796 |
Garland TX Independent School District GO | 5.000% | 2/15/22 | 1,025 | 1,133 |
10 Grand Parkway Transportation Corp. | ||||
Texas System Toll Revenue | 0.000% | 10/1/30 | 1,550 | 1,440 |
Grand Parkway Transportation Corp. TX BAN | 5.000% | 2/1/23 | 2,500 | 2,777 |
Harris County TX Cultural Education Facilities | ||||
Finance Corp. Thermal Utility Revenue | ||||
(TECO Project) | 5.000% | 11/15/30 | 1,000 | 1,169 |
Harris County TX Flood Control District GO | 5.250% | 10/1/18 | 435 | 439 |
73
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Harris County TX GO | 5.000% | 10/1/21 (Prere.) | 280 | 307 |
Harris County TX GO | 5.000% | 8/15/22 | 1,830 | 2,043 |
Harris County TX GO | 5.000% | 10/1/23 | 20 | 22 |
Harris County TX GO | 5.000% | 10/1/23 | 500 | 520 |
Harris County TX GO | 5.000% | 8/15/32 | 1,025 | 1,133 |
Harris County TX GO | 5.000% | 10/1/36 | 1,200 | 1,372 |
Harris County TX Sports Authority Revenue | 5.000% | 11/15/22 | 945 | 1,040 |
3 Harris County TX Toll Road Revenue | 2.290% | 8/15/18 | 1,000 | 1,001 |
Harris County TX Toll Road Revenue | 5.000% | 8/15/19 (Prere.) | 500 | 519 |
Harris County TX Toll Road Revenue | 5.000% | 8/15/32 | 515 | 568 |
Hays County TX GO | 5.000% | 2/15/35 | 1,090 | 1,251 |
Highland Park TX Independent School | ||||
District GO | 5.000% | 2/15/19 | 1,000 | 1,022 |
Houston TX Airport System Revenue | 5.000% | 7/1/26 | 1,110 | 1,298 |
Houston TX GO | 5.000% | 3/1/19 (Prere.) | 445 | 455 |
Houston TX GO | 5.000% | 3/1/20 | 55 | 56 |
Houston TX GO | 5.000% | 3/1/27 | 1,000 | 1,177 |
Houston TX GO | 4.000% | 3/1/35 | 1,500 | 1,581 |
Houston TX Hotel Occupancy Tax & Special | ||||
Revenue (Convention & Entertainment | ||||
Facilities) | 5.000% | 9/1/24 | 1,070 | 1,222 |
Houston TX Independent School District GO | 5.000% | 2/15/19 | 1,200 | 1,226 |
Houston TX Independent School District GO | 5.000% | 2/15/20 | 1,105 | 1,164 |
Houston TX Utility System Revenue | 5.000% | 5/15/21 | 1,000 | 1,086 |
Houston TX Utility System Revenue | 5.000% | 5/15/25 | 1,160 | 1,330 |
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 | 1,064 |
Houston TX Utility System Revenue | 5.000% | 11/15/33 | 1,000 | 1,069 |
Houston TX Utility System Revenue | 5.000% | 11/15/34 | 1,000 | 1,135 |
3 Houston TX Utility System Revenue PUT | 2.410% | 5/1/20 | 1,000 | 1,007 |
Irving TX Independent School District GO | 5.000% | 2/15/21 | 1,500 | 1,620 |
Katy TX Independent School District GO | 4.000% | 2/15/27 | 275 | 293 |
Katy TX Independent School District GO | 4.000% | 2/15/28 | 375 | 399 |
Klein TX Independent School District GO | 5.000% | 8/1/34 | 1,200 | 1,382 |
Lake Travis TX Independent School District GO | 5.000% | 2/15/21 (Prere.) | 500 | 541 |
Lamar TX Consolidated Independent School | ||||
District GO | 5.000% | 2/15/25 | 1,265 | 1,472 |
Laredo TX Community College District GO | 5.000% | 8/1/25 | 1,000 | 1,140 |
Lone Star College System Texas GO | 5.000% | 8/15/19 (Prere.) | 250 | 260 |
Lone Star College System Texas GO | 5.000% | 2/15/28 | 1,200 | 1,392 |
Lower Colorado River Authority Texas | ||||
Revenue | 5.000% | 5/15/19 | 1,525 | 1,570 |
Lower Colorado River Authority Texas | ||||
Revenue | 5.500% | 5/15/36 | 1,835 | 1,893 |
Lower Colorado River Authority Texas | ||||
Transmission Contract Revenue (LCRA | ||||
Transmission Services Corp.) | 5.000% | 5/15/28 | 1,000 | 1,129 |
Lower Colorado River Authority Texas | ||||
Transmission Contract Revenue (LCRA | ||||
Transmission Services Corp.) | 5.000% | 5/15/28 | 1,200 | 1,361 |
Lower Colorado River Authority Texas | ||||
Transmission Contract Revenue (LCRA | ||||
Transmission Services Corp.) | 5.000% | 5/15/34 | 1,000 | 1,159 |
Lubbock TX GO | 5.000% | 2/15/23 | 500 | 552 |
74
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Mansfield TX Independent School District GO | 5.000% | 2/15/26 | 1,250 | 1,398 |
Mansfield TX Independent School District GO | 4.000% | 2/15/29 | 1,265 | 1,342 |
Mesquite TX Health Facilities Development | ||||
Corp. Retirement Facility Revenue (Christian | ||||
Care Centers Inc. Project) | 5.000% | 2/15/24 | 350 | 372 |
New Hope TX Cultural Education Facilities | ||||
Finance Corp. First Mortgage Revenue | ||||
(Morningside Ministries Project) | 6.250% | 1/1/33 | 1,640 | 1,817 |
New Hope TX Cultural Education Facilities | ||||
Finance Corp. Retirement Facilities Revenue | ||||
(Westminster Manor Project) | 5.000% | 11/1/26 | 1,060 | 1,185 |
New Hope TX Cultural Education Facilities | ||||
Finance Corp. Retirement Facilities Revenue | ||||
(Westminster Manor Project) | 5.000% | 11/1/27 | 1,000 | 1,114 |
New Hope TX Cultural Education Facilities | ||||
Finance Corp. Retirement Facilities Revenue | ||||
(Westminster Manor Project) | 5.000% | 11/1/28 | 870 | 965 |
New Hope TX Cultural Education Facilities | ||||
Finance Corp. Student Housing Revenue | ||||
(Tarleton State University Project) | 4.000% | 4/1/19 | 495 | 502 |
New Hope TX Cultural Education Facilities | ||||
Finance Corp. Student Housing Revenue | ||||
(Tarleton State University Project) | 5.000% | 4/1/23 | 200 | 219 |
New Hope TX Cultural Education Facilities | ||||
Finance Corp. Student Housing Revenue | ||||
(Tarleton State University Project) | 5.000% | 4/1/24 | 210 | 233 |
New Hope TX Cultural Education Facilities | ||||
Finance Corp. Student Housing Revenue | ||||
(Tarleton State University Project) | 5.000% | 4/1/25 | 240 | 268 |
North East TX Independent School District GO | 5.250% | 2/1/22 | 580 | 646 |
North East TX Regional Mobility Authority | ||||
Revenue | 5.000% | 1/1/30 | 2,390 | 2,666 |
North Texas Municipal Water District | ||||
Regional Wastewater System Revenue | 5.000% | 6/1/22 | 1,495 | 1,665 |
North Texas Municipal Water District | ||||
Regional Wastewater System Revenue | 5.000% | 6/1/23 | 1,555 | 1,762 |
North Texas Municipal Water District | ||||
Regional Wastewater System Revenue | 4.000% | 6/1/31 | 1,500 | 1,609 |
North Texas Municipal Water District | ||||
Water System Revenue | 5.000% | 9/1/22 | 1,645 | 1,842 |
North Texas Municipal Water District | ||||
Water System Revenue | 5.000% | 9/1/23 | 1,025 | 1,166 |
North Texas Tollway Authority System | ||||
Revenue | 6.000% | 1/1/19 (Prere.) | 205 | 210 |
North Texas Tollway Authority System | ||||
Revenue | 5.500% | 9/1/21 (Prere.) | 500 | 553 |
North Texas Tollway Authority System | ||||
Revenue | 6.250% | 2/1/23 | 1,650 | 1,752 |
North Texas Tollway Authority System | ||||
Revenue | 5.000% | 1/1/26 | 1,060 | 1,178 |
North Texas Tollway Authority System | ||||
Revenue | 5.000% | 1/1/27 | 2,290 | 2,587 |
North Texas Tollway Authority System | ||||
Revenue | 6.000% | 1/1/28 | 45 | 46 |
75
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
North Texas Tollway Authority System | ||||
Revenue | 5.000% | 1/1/29 | 1,125 | 1,281 |
North Texas Tollway Authority System | ||||
Revenue | 5.000% | 1/1/30 | 500 | 558 |
North Texas Tollway Authority System | ||||
Revenue | 5.000% | 1/1/32 | 1,790 | 2,008 |
North Texas Tollway Authority System | ||||
Revenue | 4.000% | 1/1/33 | 1,550 | 1,631 |
North Texas Tollway Authority System | ||||
Revenue | 5.000% | 1/1/33 | 1,500 | 1,677 |
North Texas Tollway Authority System | ||||
Revenue | 5.000% | 1/1/34 | 1,575 | 1,755 |
North Texas Tollway Authority System | ||||
Revenue | 5.000% | 1/1/35 | 1,000 | 1,112 |
North Texas Tollway Authority System | ||||
Revenue | 4.000% | 1/1/36 | 1,015 | 1,059 |
North Texas Tollway Authority System | ||||
Revenue | 4.000% | 1/1/37 (4) | 1,500 | 1,560 |
North Texas Tollway Authority System | ||||
Revenue | 5.000% | 1/1/38 | 1,000 | 1,147 |
Northwest Independent School District | ||||
Texas GO | 5.000% | 2/15/26 | 1,000 | 1,158 |
Northwest Independent School District | ||||
Texas GO | 5.000% | 2/15/32 | 1,750 | 1,988 |
Pasadena TX GO | 4.000% | 2/15/28 | 1,000 | 1,075 |
Pearland TX GO | 4.000% | 3/1/32 | 1,000 | 1,066 |
Pearland TX GO | 4.000% | 3/1/33 | 360 | 382 |
Pearland TX Waterworks & Sewer System | ||||
Revenue | 4.000% | 9/1/32 | 240 | 256 |
Pearland TX Waterworks & Sewer System | ||||
Revenue | 4.000% | 9/1/33 | 340 | 361 |
SA Energy Acquisition Public Facility Corp. | ||||
Texas Gas Supply Revenue | 5.500% | 8/1/19 | 500 | 519 |
Sam Rayburn TX Municipal Power Agency | ||||
Revenue | 5.000% | 10/1/19 | 210 | 217 |
San Antonio TX Electric & Gas Systems | ||||
Revenue | 5.000% | 2/1/19 | 500 | 510 |
San Antonio TX Electric & Gas Systems | ||||
Revenue | 5.000% | 2/1/21 | 500 | 540 |
San Antonio TX Electric & Gas Systems | ||||
Revenue | 4.000% | 2/1/34 | 1,230 | 1,296 |
San Antonio TX Electric & Gas Systems | ||||
Revenue | 5.000% | 2/1/36 | 1,000 | 1,150 |
San Antonio TX GO | 5.000% | 8/1/20 | 125 | 133 |
San Antonio TX GO | 5.000% | 2/1/22 | 1,000 | 1,080 |
San Antonio TX GO | 5.000% | 2/1/24 | 500 | 539 |
San Antonio TX GO | 5.000% | 2/1/26 | 1,000 | 1,162 |
San Antonio TX GO | 4.000% | 2/1/29 | 1,000 | 1,059 |
8 San Antonio TX Independent School | ||||
District GO | 5.000% | 8/15/29 | 1,295 | 1,496 |
8 San Antonio TX Independent School | ||||
District GO | 5.000% | 8/15/37 | 2,495 | 2,821 |
San Antonio TX Water Revenue | 5.000% | 5/15/34 | 1,000 | 1,152 |
San Antonio TX Water Revenue | 5.000% | 5/15/38 | 1,440 | 1,676 |
76
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 | 1,437 |
Spring Branch TX Independent School | ||||
District GO | 5.000% | 2/1/20 | 1,000 | 1,052 |
Spring TX Independent School District GO | 5.000% | 8/15/32 | 1,000 | 1,152 |
Spring TX Independent School District GO | 5.000% | 8/15/35 | 1,370 | 1,579 |
Sugar Land TX GO | 5.000% | 2/15/26 | 510 | 597 |
Sugar Land TX GO | 5.000% | 2/15/27 | 535 | 633 |
Tarrant County TX Cultural Education | ||||
Facilities Finance Corp. Hospital Revenue | ||||
(Methodist Hospitals of Dallas) | 5.250% | 10/1/31 | 1,000 | 1,122 |
Tarrant County TX Cultural Education | ||||
Facilities Finance Corp. Revenue | ||||
(CHRISTUS Health) | 6.250% | 7/1/28 (12) | 375 | 384 |
Texas A&M University System Revenue | ||||
Board of Regents Revenue | 5.000% | 5/15/21 | 1,000 | 1,088 |
Texas A&M University System Revenue | ||||
Financing System Revenue | 5.000% | 5/15/19 (Prere.) | 500 | 515 |
Texas GO | 5.000% | 10/1/22 | 1,040 | 1,166 |
Texas GO | 5.000% | 10/1/24 | 1,065 | 1,234 |
Texas GO | 5.000% | 10/1/27 | 1,400 | 1,592 |
Texas GO | 5.000% | 10/1/28 | 1,330 | 1,510 |
Texas GO | 5.000% | 8/1/31 | 500 | 544 |
Texas Municipal Gas Acquisition & Supply | ||||
Corp. Revenue | 5.250% | 12/15/21 | 365 | 400 |
Texas Municipal Gas Acquisition & Supply | ||||
Corp. Revenue | 5.000% | 12/15/22 | 1,005 | 1,115 |
Texas Municipal Gas Acquisition & Supply | ||||
Corp. Revenue | 5.000% | 12/15/23 | 380 | 421 |
Texas Municipal Gas Acquisition & Supply | ||||
Corp. Revenue | 5.250% | 12/15/23 | 245 | 277 |
Texas Municipal Gas Acquisition & Supply | ||||
Corp. Revenue | 5.250% | 12/15/24 | 580 | 662 |
Texas Municipal Gas Acquisition & Supply | ||||
Corp. Revenue | 5.000% | 12/15/25 | 2,215 | 2,430 |
Texas Municipal Gas Acquisition & Supply | ||||
Corp. Revenue | 5.000% | 12/15/28 | 1,335 | 1,452 |
Texas Municipal Power Agency Revenue | 5.000% | 9/1/27 | 520 | 555 |
Texas Public Finance Authority Revenue | ||||
(Texas Southern University) | 5.000% | 11/1/21 (15) | 1,000 | 1,091 |
Texas State University System Financing | ||||
System Revenue | 5.000% | 3/15/32 | 1,590 | 1,848 |
Texas Tech University System Financing | ||||
System Revenue | 5.000% | 2/15/19 (Prere.) | 500 | 511 |
Texas TRAN | 4.000% | 8/30/18 | 10,000 | 10,041 |
Texas Transportation Commission GO | 5.000% | 10/1/21 | 1,520 | 1,669 |
Texas Transportation Commission GO | 5.000% | 10/1/22 | 1,175 | 1,318 |
Texas Transportation Commission GO | 5.000% | 10/1/29 | 1,500 | 1,736 |
3 Texas Transportation Commission GO PUT | 1.890% | 10/1/18 | 1,500 | 1,500 |
Texas Transportation Commission | ||||
Mobility Fund GO | 5.000% | 10/1/34 | 1,390 | 1,629 |
Texas Transportation Commission Revenue | 5.000% | 4/1/21 | 1,545 | 1,675 |
Texas Transportation Commission Revenue | 5.000% | 4/1/23 | 1,855 | 2,098 |
77
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Texas Transportation Commission | ||||
Turnpike System Revenue | 5.000% | 8/15/33 | 525 | 573 |
Texas Transportation Commission | ||||
Turnpike System Revenue | 5.000% | 8/15/34 | 665 | 724 |
Texas Transportation Commission | ||||
Turnpike System Revenue | 5.000% | 8/15/37 | 2,330 | 2,567 |
Texas Turnpike Authority Central Texas | ||||
Turnpike System Revenue | 0.000% | 8/15/20 (ETM) | 285 | 274 |
Texas Turnpike Authority Central Texas | ||||
Turnpike System Revenue | 0.000% | 8/15/20 (2) | 525 | 503 |
Texas Water Development Board Revenue | 5.000% | 4/15/21 | 1,025 | 1,112 |
Texas Water Development Board Revenue | 4.000% | 10/15/32 | 1,000 | 1,078 |
Texas Water Development Board Revenue | 4.000% | 10/15/35 | 2,860 | 3,026 |
Texas Water Development Board Revenue | 4.000% | 10/15/35 | 1,770 | 1,863 |
Texas Water Financial Assistance GO | 5.000% | 8/1/18 (Prere.) | 55 | 55 |
Texas Water Financial Assistance GO | 5.000% | 8/1/24 | 500 | 501 |
Texas Water Financial Assistance GO | 5.000% | 8/1/25 | 500 | 501 |
Texas Water Financial Assistance GO | 5.000% | 8/1/27 | 445 | 446 |
Travis TX GO | 5.000% | 3/1/27 | 1,545 | 1,804 |
Trinity River Authority of Texas Regional | ||||
Wastewater System Revenue | 5.000% | 8/1/27 | 1,000 | 1,174 |
University of Houston Texas Revenue | 4.000% | 2/15/33 | 1,840 | 1,943 |
University of North Texas Revenue | 5.000% | 4/15/36 | 1,225 | 1,415 |
University of Texas Permanent University | ||||
Fund Revenue | 5.000% | 7/1/21 | 1,300 | 1,418 |
University of Texas Revenue | 5.000% | 8/15/29 | 4,570 | 5,214 |
University of Texas System Revenue | ||||
Financing System Revenue | 5.000% | 8/15/19 | 325 | 337 |
University of Texas System Revenue | ||||
Financing System Revenue | 5.000% | 8/15/20 | 1,000 | 1,069 |
University of Texas System Revenue | ||||
Financing System Revenue | 5.000% | 8/15/21 | 500 | 548 |
University of Texas System Revenue | ||||
Financing System Revenue | 5.000% | 8/15/23 | 1,110 | 1,267 |
West Travis County TX Public Utility | ||||
Agency Revenue | 5.000% | 8/15/27 (15) | 1,115 | 1,316 |
West Travis County TX Public Utility | ||||
Agency Revenue | 4.000% | 8/15/32 (15) | 250 | 264 |
Williamson County TX GO | 5.000% | 2/15/23 | 230 | 254 |
229,668 | ||||
Utah (0.4%) | ||||
Central Utah Water Conservancy District GO | 5.000% | 4/1/30 | 500 | 539 |
Central Utah Water Conservancy District | ||||
Revenue | 4.000% | 10/1/32 | 1,000 | 1,082 |
Jordan Valley UT Water Conservancy | ||||
District Revenue | 4.000% | 10/1/32 | 750 | 805 |
Salt Lake City UT Sales Tax Revenue | 5.000% | 2/1/30 | 1,355 | 1,597 |
Utah Associated Municipal Power Systems | ||||
Revenue (Horse Butte Wind Project) | 5.000% | 9/1/22 (Prere.) | 350 | 391 |
8 Utah County UT Hospital Revenue | ||||
(IHC Health Services) | 5.000% | 5/15/34 | 750 | 873 |
8 Utah County UT Hospital Revenue | ||||
(IHC Health Services) | 5.000% | 5/15/35 | 800 | 929 |
Utah GO | 5.000% | 7/1/19 | 615 | 636 |
78
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Utah GO | 5.000% | 7/1/21 | 1,300 | 1,421 |
Utah GO | 5.000% | 7/1/22 | 1,400 | 1,565 |
Utah GO | 5.000% | 7/1/23 | 3,500 | 3,995 |
Utah GO | 5.000% | 7/1/24 | 1,000 | 1,162 |
Utah Transit Authority Sales Tax Revenue | 5.000% | 6/15/26 | 1,000 | 1,168 |
16,163 | ||||
Virginia (1.4%) | ||||
Arlington County VA GO | 5.000% | 8/1/23 | 600 | 671 |
Arlington County VA GO | 5.000% | 8/15/26 | 2,000 | 2,398 |
Chesapeake VA Toll Road Revenue | 5.000% | 7/15/21 | 500 | 533 |
Chesterfield County VA GO | 5.000% | 1/1/22 | 900 | 995 |
Fairfax County VA GO | 5.000% | 10/1/20 | 1,710 | 1,835 |
Fairfax County VA GO | 5.000% | 10/1/23 | 1,255 | 1,439 |
Fairfax County VA GO | 4.000% | 10/1/32 | 1,415 | 1,547 |
Fairfax County VA Public Improvement GO | 5.000% | 4/1/21 | 300 | 326 |
Fairfax County VA Sewer Revenue | 4.000% | 7/15/21 | 1,790 | 1,905 |
Fairfax County VA Water Authority Revenue | 5.000% | 4/1/25 | 500 | 555 |
Norfolk VA Economic Development | ||||
Authority Hospital Facilities Revenue | ||||
(Sentara Healthcare) PUT | 5.000% | 11/1/28 | 1,000 | 1,197 |
Norfolk VA GO | 5.000% | 10/1/20 | 775 | 830 |
Norfolk VA GO | 5.000% | 8/1/21 | 2,040 | 2,235 |
Norfolk VA GO | 5.000% | 9/1/29 | 1,395 | 1,621 |
Norfolk VA GO | 5.000% | 9/1/30 | 1,090 | 1,265 |
Norfolk VA GO | 5.000% | 9/1/32 | 1,345 | 1,558 |
Norfolk VA Water Revenue | 5.000% | 5/1/22 (Prere.) | 495 | 551 |
Norfolk VA Water Revenue | 5.000% | 11/1/31 | 5 | 6 |
Norfolk VA Water Revenue | 5.000% | 11/1/34 | 1,155 | 1,357 |
Richmond VA GO | 5.000% | 3/1/25 | 1,650 | 1,926 |
Richmond VA Public Utility Revenue | 5.000% | 1/15/28 | 1,000 | 1,169 |
Roanoke VA Economic Development | ||||
Authority Hospital Revenue | ||||
(Carilion Clinic Obligated Group) | 5.000% | 7/1/30 | 500 | 543 |
Stafford County VA Economic Development | ||||
Authority Hospital Facilities Revenue (Mary | ||||
Washington Healthcare Obligated Group) | 5.000% | 6/15/24 | 750 | 842 |
Virginia College Building Authority Educational | ||||
Facilities Revenue (21st Century College & | ||||
Equipment Programs) | 5.000% | 2/1/21 | 1,000 | 1,080 |
Virginia College Building Authority Educational | ||||
Facilities Revenue (21st Century College & | ||||
Equipment Programs) | 4.000% | 2/1/34 | 1,900 | 2,021 |
Virginia College Building Authority Educational | ||||
Facilities Revenue (Public Higher Education | ||||
Financing Program) | 5.000% | 9/1/19 | 1,570 | 1,632 |
Virginia College Building Authority Educational | ||||
Facilities Revenue (Public Higher Education | ||||
Financing Program) | 5.000% | 9/1/22 | 355 | 397 |
Virginia Commonwealth Transportation | ||||
Board Revenue | 5.000% | 9/15/21 | 2,410 | 2,646 |
Virginia Commonwealth Transportation | ||||
Board Revenue | 5.000% | 5/15/26 | 1,255 | 1,483 |
Virginia Commonwealth Transportation | ||||
Board Revenue | 5.000% | 3/15/27 | 2,080 | 2,479 |
79
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Virginia Commonwealth Transportation | ||||
Board Revenue | 4.000% | 5/15/35 | 1,280 | 1,355 |
Virginia Commonwealth Transportation | ||||
Board Revenue | 4.000% | 5/15/35 | 1,750 | 1,851 |
Virginia Commonwealth Transportation | ||||
Board Revenue | 4.000% | 5/15/36 | 1,695 | 1,788 |
Virginia Public Building Authority Public | ||||
Facilities Revenue | 5.000% | 8/1/19 | 1,495 | 1,550 |
Virginia Public Building Authority Public | ||||
Facilities Revenue | 5.000% | 8/1/24 | 1,250 | 1,446 |
Virginia Public School Authority Revenue | 5.000% | 8/1/19 | 500 | 518 |
Virginia Public School Authority Revenue | 5.000% | 3/1/20 | 3,700 | 3,903 |
Virginia Public School Authority Revenue | 4.000% | 8/1/20 | 1,700 | 1,779 |
Virginia Public School Authority Revenue | 5.000% | 8/1/26 | 1,500 | 1,780 |
Virginia Public School Authority Revenue | 5.000% | 8/1/29 | 1,500 | 1,768 |
Virginia Public School Authority School | ||||
Technology & Security Notes Revenue | 5.000% | 4/15/21 | 1,055 | 1,147 |
57,927 | ||||
Washington (1.1%) | ||||
Central Puget Sound WA Regional Transit | ||||
Authority Sales & Use Tax Revenue | 5.000% | 11/1/26 | 750 | 895 |
Energy Northwest Washington Electric | ||||
Revenue (Columbia Generating Station) | 5.000% | 7/1/20 | 500 | 532 |
Energy Northwest Washington Electric | ||||
Revenue (Columbia Generating Station) | 5.000% | 7/1/31 | 1,200 | 1,374 |
Energy Northwest Washington Electric | ||||
Revenue (Project No. 1) | 5.000% | 7/1/21 | 1,355 | 1,478 |
King County WA GO | 5.000% | 1/1/19 | 150 | 153 |
King County WA GO | 5.000% | 7/1/20 | 1,250 | 1,332 |
King County WA GO | 5.000% | 1/1/24 | 500 | 550 |
King County WA GO | 4.000% | 12/1/32 | 1,500 | 1,602 |
King County WA Sewer Revenue | 5.000% | 1/1/20 | 1,000 | 1,050 |
Kitsap County WA School District No. 401 GO | 4.000% | 12/1/33 | 755 | 808 |
Lewis County WA Public Utility District No. 1 | ||||
Revenue (Cowlitz Falls Hydroelectric Project) | 5.000% | 10/1/21 | 1,000 | 1,096 |
Northwest Energy Washington Electric | ||||
Revenue (Bonneville Power Administration) | 5.000% | 7/1/28 | 2,550 | 2,823 |
Pierce County School District No. 3 | ||||
Puyallup GO | 5.000% | 12/1/25 | 1,000 | 1,121 |
Pierce County WA School District | ||||
No. 402 GO | 4.000% | 12/1/33 | 1,840 | 1,970 |
Port of Seattle WA Revenue | 5.000% | 8/1/29 | 250 | 274 |
Seattle WA GO | 5.000% | 6/1/21 | 1,000 | 1,089 |
University of Washington Revenue | 5.000% | 4/1/31 | 335 | 361 |
Washington (Motor Vehicle Fuel Tax) GO | 5.000% | 7/1/18 (Prere.) | 425 | 425 |
Washington (Motor Vehicle Fuel Tax) GO | 5.000% | 7/1/23 | 375 | 408 |
Washington (Motor Vehicle Fuel Tax) GO | 5.000% | 7/1/27 | 1,000 | 1,151 |
Washington (Motor Vehicle Fuel Tax) GO | 4.000% | 7/1/31 | 1,500 | 1,602 |
Washington Economic Development Finance | ||||
Authority Lease Revenue (Washington | ||||
Biomedical Research Properties 2) | 5.000% | 6/1/25 | 1,090 | 1,261 |
Washington GO | 5.000% | 7/1/18 | 675 | 675 |
Washington GO | 5.000% | 7/1/18 (Prere.) | 500 | 500 |
Washington GO | 5.000% | 8/1/19 (Prere.) | 500 | 518 |
80
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Washington GO | 0.000% | 6/1/20 (14) | 500 | 482 |
Washington GO | 5.000% | 7/1/20 | 1,000 | 1,064 |
Washington GO | 5.000% | 2/1/22 (Prere.) | 500 | 554 |
Washington GO | 5.000% | 7/1/22 | 1,390 | 1,552 |
Washington GO | 5.000% | 7/1/23 | 1,000 | 1,138 |
Washington GO | 5.000% | 7/1/25 | 560 | 621 |
Washington GO | 5.000% | 7/1/25 | 1,500 | 1,727 |
Washington GO | 4.000% | 7/1/27 | 2,425 | 2,571 |
Washington GO | 5.000% | 8/1/27 | 1,000 | 1,163 |
Washington GO | 5.000% | 8/1/27 | 1,160 | 1,384 |
Washington GO | 5.000% | 8/1/30 | 1,585 | 1,868 |
Washington GO | 5.000% | 8/1/31 | 1,970 | 2,319 |
Washington GO | 5.000% | 8/1/39 | 1,590 | 1,814 |
Washington Health Care Facilities Authority | ||||
Revenue (Central Washington Health | ||||
Services Association) | 5.000% | 7/1/30 | 1,760 | 1,939 |
Washington Health Care Facilities Authority | ||||
Revenue (MultiCare Health System) | 5.000% | 8/15/32 | 1,000 | 1,163 |
Washington Health Care Facilities Authority | ||||
Revenue (Providence Health & Services) | 5.000% | 10/1/33 | 880 | 971 |
Washington State University General Revenue | 5.000% | 10/1/31 | 500 | 543 |
47,921 | ||||
West Virginia (0.2%) | ||||
West Virginia Economic Development | ||||
Authority Lottery Revenue | 5.000% | 6/15/29 | 1,180 | 1,378 |
West Virginia Economic Development | ||||
Authority Lottery Revenue | 4.000% | 6/15/37 | 1,545 | 1,611 |
West Virginia Higher Education Policy | ||||
Commission Revenue | 5.000% | 7/1/37 | 1,315 | 1,498 |
West Virginia Hospital Finance Authority | ||||
Hospital Revenue (Charleston Area | ||||
Medical Center Inc.) | 5.125% | 9/1/23 | 1,055 | 1,088 |
West Virginia Hospital Finance Authority | ||||
Hospital Revenue (Charleston Area | ||||
Medical Center Inc.) | 5.625% | 9/1/32 | 3,140 | 3,254 |
8,829 | ||||
Wisconsin (0.8%) | ||||
Madison WI Area Technical College GO | 4.000% | 3/1/25 | 1,835 | 2,022 |
Milwaukee WI GO | 4.000% | 3/15/20 | 1,000 | 1,039 |
Wisconsin General Fund Annual | ||||
Appropriation Revenue | 5.625% | 5/1/19 (Prere.) | 45 | 46 |
Wisconsin General Fund Annual | ||||
Appropriation Revenue | 5.625% | 5/1/28 | 415 | 429 |
Wisconsin GO | 5.000% | 5/1/19 | 1,335 | 1,374 |
Wisconsin GO | 5.000% | 11/1/19 | 1,250 | 1,307 |
Wisconsin GO | 5.000% | 5/1/20 | 1,000 | 1,060 |
Wisconsin GO | 5.000% | 5/1/21 (ETM) | 15 | 16 |
Wisconsin GO | 5.000% | 5/1/21 | 760 | 827 |
Wisconsin GO | 5.000% | 5/1/22 (Prere.) | 35 | 39 |
Wisconsin GO | 5.000% | 11/1/23 | 2,405 | 2,759 |
Wisconsin GO | 5.000% | 5/1/24 | 500 | 554 |
Wisconsin GO | 5.000% | 5/1/26 | 2,210 | 2,444 |
Wisconsin GO | 5.000% | 5/1/36 | 2,000 | 2,266 |
81
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value • | ||
Coupon | Date | ($000) | ($000) | |
Wisconsin Health & Educational Facilities | ||||
Authority Revenue (Agnesian HealthCare Inc.) | 5.000% | 7/1/31 | 1,065 | 1,208 |
Wisconsin Health & Educational Facilities | ||||
Authority Revenue (Ascension Health | ||||
Alliance Credit Group) | 4.000% | 11/15/33 | 2,000 | 2,074 |
Wisconsin Health & Educational Facilities | ||||
Authority Revenue (Ascension Health | ||||
Alliance Credit Group) | 4.000% | 11/15/34 | 1,500 | 1,547 |
Wisconsin Health & Educational Facilities | ||||
Authority Revenue (Ascension Health | ||||
Alliance Credit Group) | 5.000% | 11/15/36 | 1,895 | 2,145 |
Wisconsin Health & Educational Facilities | ||||
Authority Revenue (Aspirus, Inc. | ||||
Obligated Group) | 5.000% | 8/15/25 | 1,670 | 1,873 |
Wisconsin Health & Educational Facilities | ||||
Authority Revenue (Aurora Health Care Inc.) | 5.000% | 7/15/23 | 1,150 | 1,239 |
Wisconsin Health & Educational Facilities | ||||
Authority Revenue (Children’s Hospital | ||||
of Wisconsin Inc.) | 4.000% | 8/15/31 | 1,010 | 1,069 |
Wisconsin Health & Educational Facilities | ||||
Authority Revenue (Marquette University) | 5.000% | 10/1/30 | 500 | 550 |
Wisconsin Public Finance Authority Hospital | ||||
Revenue (Renown Regional Medical Center) | 5.000% | 6/1/30 | 1,075 | 1,211 |
Wisconsin Public Power System Power | ||||
Supply System Revenue | 5.000% | 7/1/32 | 500 | 556 |
Wisconsin Transportation Revenue | 5.000% | 7/1/22 (Prere.) | 115 | 128 |
Wisconsin Transportation Revenue | 5.000% | 7/1/23 | 385 | 430 |
Wisconsin Transportation Revenue | 5.000% | 7/1/31 | 1,285 | 1,517 |
Wisconsin Transportation Revenue | 5.000% | 7/1/33 | 2,755 | 3,120 |
34,849 | ||||
Wyoming (0.0%) | ||||
Wyoming Municipal Power Agency | ||||
Power Supply Revenue | 5.000% | 1/1/34 (15) | 1,000 | 1,126 |
Total Tax-Exempt Municipal Bonds (Cost $2,186,378) | 2,206,565 | |||
Temporary Cash Investment (0.0%)1 | ||||
U.S. Government and Agency Obligations (0.0%) | ||||
United States Treasury Bill (Cost $149) | 2.034% | 11/15/18 | 150 | 149 |
Total Investments (100.1%) (Cost $3,263,774) | 4,192,467 |
82
Tax-Managed Balanced Fund | |
Amount | |
($000) | |
Other Assets and Liabilities (-0.1%) | |
Other Assets | |
Investment in Vanguard | 220 |
Receivables for Investment Securities Sold | 575 |
Receivables for Accrued Income | 27,536 |
Receivables for Capital Shares Issued | 2,593 |
Variation Margin Receivable—Futures Contracts | 30 |
Other Assets | 140 |
Total Other Assets | 31,094 |
Liabilities | |
Payables for Investment Securities Purchased | (28,851) |
Payables for Capital Shares Redeemed | (4,757) |
Payables for Distributions | (8) |
Payables to Vanguard | (1,197) |
Variation Margin Payable—Futures Contracts | (36) |
Total Liabilities | (34,849) |
Net Assets (100%) | |
Applicable to 135,862,982 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 4,188,712 |
Net Asset Value Per Share | $30.83 |
At June 30, 2018, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 3,290,423 |
Overdistributed Net Investment Income | (661) |
Accumulated Net Realized Losses | (29,530) |
Unrealized Appreciation (Depreciation) | |
Investment Securities | 928,693 |
Futures Contracts | (213) |
Net Assets | 4,188,712 |
• 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 47.6% and -0.2%,
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 Securities with a value of $1,800,000 have been segregated as initial margin for open futures contracts.
5 5.000% coupon rate will be effective February 2023.
6 6.200% coupon rate will be effective January 2024.
7 4.000% coupon rate will be effective February 2021.
8 Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of June 30, 2018.
9 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions
exempt from registration, normally to qualified institutional buyers. At June 30, 2018, the aggregate value of these securities
was $2,435,000, representing 0.1% of net assets.
10 5.050% coupon rate will be effective October 2023.
CVR—Contingent Value Rights.
A key to abbreviations and other references follows the Statement of Net Assets.
83
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.
84
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 | September 2018 | 546 | 115,658 | 42 |
E-mini S&P 500 Index | September 2018 | 73 | 9,934 | (223) |
5-Year U.S. Treasury Note | September 2018 | 50 | 5,681 | — |
(181) | ||||
Short Futures Contracts | ||||
Ultra 10-Year U.S. Treasury Note | September 2018 | (197) | (25,262) | (36) |
10-Year U.S. Treasury Note | September 2018 | (125) | (15,023) | 1 |
30-Year U.S. Treasury Bond | September 2018 | (50) | (7,250) | — |
Ultra Long U.S. Treasury Bond | September 2018 | (11) | (1,755) | 3 |
(32) | ||||
(213) |
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.
85
Tax-Managed Balanced Fund | |
Statement of Operations | |
Six Months Ended | |
June 30, 2018 | |
($000) | |
Investment Income | |
Income | |
Dividends | 15,895 |
Interest | 28,102 |
Total Income | 43,997 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 195 |
Management and Administrative | 1,444 |
Marketing and Distribution | 144 |
Custodian Fees | 9 |
Shareholders’ Reports | 19 |
Trustees’ Fees and Expenses | 1 |
Total Expenses | 1,812 |
Net Investment Income | 42,185 |
Realized Net Gain (Loss) | |
Investment Securities Sold | 3,107 |
Futures Contracts | (431) |
Realized Net Gain (Loss) | 2,676 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities | 9,782 |
Futures Contracts | 37 |
Change in Unrealized Appreciation (Depreciation) | 9,819 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 54,680 |
See accompanying Notes, which are an integral part of the Financial Statements.
86
Tax-Managed Balanced Fund | ||
Statement of Changes in Net Assets | ||
Six Months Ended | Year Ended | |
June 30, | December 31, | |
2018 | 2017 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 42,185 | 74,359 |
Realized Net Gain (Loss) | 2,676 | 7,097 |
Change in Unrealized Appreciation (Depreciation) | 9,819 | 333,935 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 54,680 | 415,391 |
Distributions | ||
Net Investment Income | (41,776) | (74,412) |
Realized Capital Gain | — | — |
Total Distributions | (41,776) | (74,412) |
Capital Share Transactions | ||
Issued | 455,326 | 831,144 |
Issued in Lieu of Cash Distributions | 34,499 | 62,220 |
Redeemed | (244,337) | (399,561) |
Net Increase (Decrease) from Capital Share Transactions | 245,488 | 493,803 |
Total Increase (Decrease) | 258,392 | 834,782 |
Net Assets | ||
Beginning of Period | 3,930,320 | 3,095,538 |
End of Period1 | 4,188,712 | 3,930,320 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($661,000) and ($1,087,000).
See accompanying Notes, which are an integral part of the Financial Statements.
87
Tax-Managed Balanced Fund | ||||||
Financial Highlights | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $30.73 | $27.85 | $26.86 | $26.79 | $24.90 | $22.25 |
Investment Operations | ||||||
Net Investment Income | . 3201 | .6221 | .595 | .557 | .547 | .517 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | .094 | 2.871 | .989 | .067 | 1.879 | 2.647 |
Total from Investment Operations | .414 | 3.493 | 1.584 | .624 | 2.426 | 3.164 |
Distributions | ||||||
Dividends from Net Investment Income2 | (. 314) | (. 613) | (. 594) | (. 554) | (. 536) | (. 514) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.314) | (.613) | (.594) | (.554) | (.536) | (.514) |
Net Asset Value, End of Period | $30.83 | $30.73 | $27.85 | $26.86 | $26.79 | $24.90 |
Total Return 3 | 1.35% | 12.64% | 5.94% | 2.35% | 9.81% | 14.34% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $4,189 | $3,930 | $3,096 | $2,478 | $1,911 | $1,401 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.09% | 0.09% | 0.09% | 0.11% | 0.12% | 0.12% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 2.11% | 2.11% | 2.20% | 2.11% | 2.15% | 2.21% |
Portfolio Turnover Rate | 9% 4 | 9% 4 | 11%4 | 9% | 8% | 9% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 For tax purposes, nontaxable dividends represent 64%, 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.
88
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 and 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 six months ended June 30, 2018, 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.
89
Tax-Managed Balanced Fund
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (December 31, 2014–2017), and for the period ended June 30, 2018, and has concluded that no provision for federal income tax is required in the fund’s financial statements. 4. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
5. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $3.1 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
The fund had no borrowings outstanding at June 30, 2018, 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. All other costs of operations payable to Vanguard are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At June 30, 2018, the fund had contributed to Vanguard capital in the amount of $220,000, 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.
90
Tax-Managed Balanced Fund
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). 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 June 30, 2018, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 1,985,721 | — | 32 |
Tax-Exempt Municipal Bonds | — | 2,206,565 | — |
Temporary Cash Investments | — | 149 | — |
Futures Contracts—Assets1 | 30 | — | — |
Futures Contracts—Liabilities1 | (36) | — | — |
Total | 1,985,715 | 2,206,714 | 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 six months ended June 30, 2018, the fund realized $7,659,000 of net capital gains resulting from in-kind redemptions—in which shareholders exchanged fund shares for securities held by the fund rather than for cash. Because such gains are not taxable to the fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid-in capital.
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 2017, the fund had available capital losses totaling $24,797,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2018; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
At June 30, 2018, the cost of investment securities for tax purposes was $3,263,774,000. Net unrealized appreciation of investment securities for tax purposes was $928,693,000, consisting of unrealized gains of $947,858,000 on securities that had risen in value since their purchase and $19,165,000 in unrealized losses on securities that had fallen in value since their purchase.
91
Tax-Managed Balanced Fund
E. During the six months ended June 30, 2018, the fund purchased $445,618,000 of investment securities and sold $195,674,000 of investment securities, other than U.S. government securities and temporary cash investments. Purchases and sales include $0 and $12,680,000, 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 six months ended June 30, 2018, such purchases and sales were $67,509,000 and $53,071,000, respectively; these amounts are included in the purchases and sales of investment securities noted above.
F. Capital shares issued and redeemed were: | ||
Six Months Ended | Year Ended | |
June 30, 2018 | December 31, 2017 | |
Shares | Shares | |
(000) | (000) | |
Issued | 14,751 | 28,279 |
Issued in Lieu of Cash Distributions | 1,124 | 2,096 |
Redeemed | (7,926) | (13,595) |
Net Increase (Decrease) in Shares Outstanding | 7,949 | 16,780 |
G. Management has determined that no events or transactions occurred subsequent to June 30, 2018, that would require recognition or disclosure in these financial statements.
92
Tax-Managed Capital Appreciation Fund
Fund Profile
As of June 30, 2018
Share-Class Characteristics | ||
Admiral | Institutional | |
Shares | Shares | |
Ticker Symbol | VTCLX | VTCIX |
Expense Ratio1 | 0.09% | 0.06% |
30-Day SEC Yield | 1.65% | 1.68% |
Portfolio Characteristics | |||
DJ | |||
Russell | U.S. Total | ||
1000 | Market | ||
Fund | Index | FA Index | |
Number of Stocks | 790 | 988 | 3,779 |
Median Market Cap | $78.6B | $83.3B | $64.0B |
Price/Earnings Ratio | 21.0x | 20.9x | 20.7x |
Price/Book Ratio | 3.2x | 3.1x | 3.0x |
Return on Equity | 15.9% | 15.6% | 15.0% |
Earnings Growth Rate | 8.4% | 8.3% | 8.3% |
Dividend Yield | 1.6% | 1.8% | 1.8% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | |||
(Annualized) | 5% | — | — |
Short-Term Reserves | 0.2% | — | — |
Sector Diversification (% of equity exposure) | |||
DJ | |||
Russell U.S. Total | |||
1000 | Market | ||
Fund | Index | FA Index | |
Consumer Discretionary | 15.0% | 14.3% | 14.4% |
Consumer Staples | 5.7 | 5.8 | 5.5 |
Energy | 6.0 | 6.2 | 6.1 |
Financial Services | 20.7 | 20.6 | 21.0 |
Health Care | 12.9 | 13.2 | 13.3 |
Materials & Processing | 3.2 | 3.3 | 3.6 |
Other | 0.0 | 0.0 | 0.2 |
Producer Durables | 10.7 | 10.2 | 10.4 |
Technology | 21.3 | 21.6 | 20.8 |
Utilities | 4.5 | 4.8 | 4.7 |
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.
Volatility Measures | ||
DJ | ||
Russell | U.S. Total | |
1000 | Market | |
Index | FA Index | |
R-Squared | 1.00 | 1.00 |
Beta | 1.01 | 0.99 |
These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months.
Ten Largest Holdings (% of total net assets) | ||
Apple Inc. | Computer | |
Technology | 3.6% | |
Microsoft Corp. | Computer Services | |
Software & Systems | 2.8 | |
Amazon.com Inc. | Diversified Retail | 2.6 |
Alphabet Inc. | Computer Services | |
Software & Systems | 2.6 | |
Facebook Inc. | Computer Services | |
Software & Systems | 1.7 | |
JPMorgan Chase & Co. | Diversified Financial | |
Services | 1.4 | |
Exxon Mobil Corp. | Oil: Integrated | 1.3 |
Berkshire Hathaway Inc. Insurance: Multi-Line | 1.3 | |
Johnson & Johnson | Pharmaceuticals | 1.2 |
Bank of America Corp. | Banks: Diversified | 1.0 |
Top Ten | 19.5% |
The holdings listed exclude any temporary cash investments and equity index products.
Investment Focus
1 The expense ratios shown are from the prospectus dated April 25, 2018, and represent estimated costs for the current fiscal year. For the six months ended June 30, 2018, the annualized expense ratios were 0.09% for Admiral Shares and 0.06% for Institutional Shares.
93
Tax-Managed Capital Appreciation Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Fiscal-Year Total Returns (%): December 31, 2007, Through June 30, 2018
Average Annual Total Returns: Periods Ended June 30, 2018 | ||||
Inception Date | One Year | Five Years | Ten Years | |
Admiral Shares | 9/6/1994 | 14.75% | 13.60% | 10.27% |
Institutional Shares | 2/24/1999 | 14.78 | 13.64 | 10.32 |
See Financial Highlights for dividend and capital gains information.
94
Tax-Managed Capital Appreciation Fund
Financial Statements (unaudited)
Statement of Net Assets
As of June 30, 2018
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 (100.0%) | |||
Consumer Discretionary (15.0%) | |||
* | Amazon.com Inc. | 143,066 | 243,184 |
Home Depot Inc. | 426,841 | 83,277 | |
Walt Disney Co. | 543,079 | 56,920 | |
* | Netflix Inc. | 142,777 | 55,887 |
Comcast Corp. Class A | 1,561,046 | 51,218 | |
McDonald’s Corp. | 293,204 | 45,942 | |
Walmart Inc. | 508,496 | 43,553 | |
NIKE Inc. Class B | 469,426 | 37,404 | |
Costco Wholesale Corp. | 171,409 | 35,821 | |
* | Booking Holdings Inc. | 17,315 | 35,099 |
Lowe’s Cos. Inc. | 352,215 | 33,661 | |
Starbucks Corp. | 521,494 | 25,475 | |
Twenty-First Century Fox | |||
Inc. Class A | 509,699 | 25,327 | |
Marriott International Inc. | |||
Class A | 195,472 | 24,747 | |
TJX Cos. Inc. | 207,969 | 19,794 | |
Ross Stores Inc. | 212,609 | 18,019 | |
* | eBay Inc. | 474,446 | 17,203 |
* | Tesla Inc. | 48,031 | 16,472 |
Estee Lauder Cos. Inc. | |||
Class A | 114,892 | 16,394 | |
* | Charter Communications | ||
Inc. Class A | 55,289 | 16,211 | |
General Motors Co. | 380,523 | 14,993 | |
* | O’Reilly Automotive Inc. | 50,848 | 13,910 |
Target Corp. | 173,725 | 13,224 | |
* | NVR Inc. | 4,441 | 13,191 |
* | AutoZone Inc. | 18,412 | 12,353 |
Yum! Brands Inc. | 157,482 | 12,318 | |
Sirius XM Holdings Inc. | 1,757,788 | 11,900 | |
* | CarMax Inc. | 161,056 | 11,736 |
* | Dollar Tree Inc. | 133,388 | 11,338 |
Ford Motor Co. | 1,007,636 | 11,155 | |
Royal Caribbean Cruises | |||
Ltd. | 106,193 | 11,002 |
Market | |||
Value• | |||
Shares | ($000) | ||
PVH Corp. | 71,631 | 10,725 | |
* | Mohawk Industries Inc. | 45,895 | 9,834 |
DR Horton Inc. | 237,046 | 9,719 | |
MGM Resorts | |||
International | 333,521 | 9,682 | |
* | Visteon Corp. | 72,264 | 9,339 |
CBS Corp. Class B | 159,452 | 8,964 | |
Expedia Group Inc. | 71,956 | 8,648 | |
Darden Restaurants Inc. | 76,427 | 8,182 | |
Dollar General Corp. | 78,106 | 7,701 | |
Gentex Corp. | 332,257 | 7,649 | |
Las Vegas Sands Corp. | 98,194 | 7,498 | |
Yum China Holdings Inc. | 192,056 | 7,386 | |
* | WABCO Holdings Inc. | 61,936 | 7,248 |
Advance Auto Parts Inc. | 53,298 | 7,233 | |
Hyatt Hotels Corp. | |||
Class A | 93,557 | 7,218 | |
Hasbro Inc. | 76,942 | 7,102 | |
PulteGroup Inc. | 246,254 | 7,080 | |
Lennar Corp. Class A | 133,097 | 6,988 | |
BorgWarner Inc. | 159,529 | 6,885 | |
Interpublic Group of Cos. | |||
Inc. | 289,691 | 6,790 | |
VF Corp. | 81,858 | 6,673 | |
Fortune Brands Home & | |||
Security Inc. | 122,301 | 6,566 | |
Lear Corp. | 34,743 | 6,456 | |
Kohl’s Corp. | 83,594 | 6,094 | |
* | Discovery | ||
Communications Inc. | 237,582 | 6,058 | |
Hilton Worldwide | |||
Holdings Inc. | 73,765 | 5,839 | |
* | Qurate Retail Group Inc. | ||
QVC Group Class A | 260,906 | 5,536 | |
Hanesbrands Inc. | 249,536 | 5,495 | |
Macy’s Inc. | 140,309 | 5,252 | |
Gap Inc. | 153,146 | 4,960 | |
* | AutoNation Inc. | 101,113 | 4,912 |
95
Tax-Managed Capital Appreciation Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Goodyear Tire & Rubber | |||
Co. | 206,726 | 4,815 | |
Toll Brothers Inc. | 124,640 | 4,610 | |
Brinker International Inc. | 96,341 | 4,586 | |
Carnival Corp. | 77,458 | 4,439 | |
Harley-Davidson Inc. | 105,366 | 4,434 | |
* | Liberty Media Corp- | ||
Liberty SiriusXM Class C | 96,091 | 4,359 | |
Wynn Resorts Ltd. | 25,598 | 4,284 | |
* | TripAdvisor Inc. | 76,580 | 4,266 |
Omnicom Group Inc. | 55,364 | 4,223 | |
* | Norwegian Cruise Line | ||
Holdings Ltd. | 84,384 | 3,987 | |
Aptiv plc | 42,886 | 3,930 | |
* | Tempur Sealy | ||
International Inc. | 81,525 | 3,917 | |
Vail Resorts Inc. | 14,200 | 3,893 | |
KAR Auction Services Inc. | 70,720 | 3,875 | |
Foot Locker Inc. | 73,370 | 3,863 | |
Viacom Inc. Class B | 126,282 | 3,809 | |
John Wiley & Sons Inc. | |||
Class A | 59,277 | 3,699 | |
Ralph Lauren Corp. | |||
Class A | 29,319 | 3,686 | |
* | Madison Square Garden | ||
Co. Class A | 11,345 | 3,519 | |
Mattel Inc. | 205,900 | 3,381 | |
* | Lululemon Athletica Inc. | 26,932 | 3,362 |
* | AMC Networks Inc. | ||
Class A | 46,861 | 2,915 | |
* | Liberty Media Corp- | ||
Liberty SiriusXM Class A | 64,260 | 2,895 | |
News Corp. Class A | 174,498 | 2,705 | |
Best Buy Co. Inc. | 33,836 | 2,523 | |
* | ServiceMaster Global | ||
Holdings Inc. | 41,865 | 2,490 | |
* | GCI Liberty Inc. Class A | 52,958 | 2,387 |
* | Bright Horizons Family | ||
Solutions Inc. | 22,361 | 2,292 | |
* | Liberty Media Corp- | ||
Liberty Formula One | |||
Class C | 58,676 | 2,179 | |
* | Burlington Stores Inc. | 14,225 | 2,141 |
Nordstrom Inc. | 40,966 | 2,121 | |
* | LKQ Corp. | 65,922 | 2,103 |
Polaris Industries Inc. | 16,126 | 1,970 | |
* | Urban Outfitters Inc. | 43,633 | 1,944 |
* | Ulta Beauty Inc. | 7,966 | 1,860 |
Tapestry Inc. | 37,840 | 1,767 | |
* | Liberty Broadband Corp. | 20,829 | 1,577 |
* | Michael Kors Holdings | ||
Ltd. | 23,118 | 1,540 | |
* | Live Nation | ||
Entertainment Inc. | 31,370 | 1,524 |
Market | ||||
Value• | ||||
Shares | ($000) | |||
Coty Inc. Class A | 104,540 | 1,474 | ||
* | Under Armour Inc. | 69,667 | 1,469 | |
* | Hilton Grand Vacations Inc. | 41,946 | 1,456 | |
H&R Block Inc. | 60,500 | 1,378 | ||
Adient plc | 27,670 | 1,361 | ||
* | Vista Outdoor Inc. | 84,739 | 1,313 | |
Domino’s Pizza Inc. | 4,400 | 1,242 | ||
AMERCO | 3,328 | 1,185 | ||
Tractor Supply Co. | 15,300 | 1,170 | ||
* | Michaels Cos. Inc. | 60,077 | 1,152 | |
* | Floor & Decor Holdings | |||
Inc. Class A | 22,111 | 1,091 | ||
Genuine Parts Co. | 11,833 | 1,086 | ||
* | Chipotle Mexican Grill | |||
Inc. Class A | 2,385 | 1,029 | ||
* | Liberty Broadband Corp. | |||
Class A | 13,284 | 1,005 | ||
* | Sally Beauty Holdings Inc. | 61,670 | 989 | |
* | Wayfair Inc. | 8,312 | 987 | |
* | Under Armour Inc. | |||
Class A | 41,850 | 941 | ||
* | Murphy USA Inc. | 12,459 | 926 | |
* | Liberty Media Corp- | |||
Liberty Formula One | ||||
Class A | 20,944 | 740 | ||
* | Discovery | |||
Communications Inc. | ||||
Class A | 25,838 | 711 | ||
Tribune Media Co. Class A | 17,100 | 654 | ||
* | Liberty Expedia Holdings | |||
Inc. Class A | 14,701 | 646 | ||
* | Skechers U. S. A. Inc. | |||
Class A | 20,508 | 615 | ||
* | Pandora Media Inc. | 62,700 | 494 | |
Graham Holdings Co. | ||||
Class B | 821 | 481 | ||
Pool Corp. | 3,100 | 470 | ||
Lennar Corp. Class B | 10,973 | 468 | ||
* | DISH Network Corp. | |||
Class A | 13,445 | 452 | ||
Delphi Technologies plc | 8,400 | 382 | ||
Lions Gate Entertainment | ||||
Corp. Class A | 10,000 | 248 | ||
Lions Gate Entertainment | ||||
Corp. Class B | 7,954 | 187 | ||
1,416,112 | ||||
Consumer Staples (5.7%) | ||||
Procter & Gamble Co. | 867,516 | 67,718 | ||
Coca-Cola Co. | 1,226,086 | 53,776 | ||
PepsiCo Inc. | 468,488 | 51,004 | ||
Philip Morris | ||||
International Inc. | 497,691 | 40,184 | ||
Altria Group Inc. | 616,249 | 34,997 |
96
Tax-Managed Capital Appreciation Fund
Market | ||||
Value• | ||||
Shares | ($000) | |||
Mondelez International | ||||
Inc. Class A | 606,907 | 24,883 | ||
CVS Health Corp. | 385,254 | 24,791 | ||
Colgate-Palmolive Co. | 347,747 | 22,537 | ||
Constellation Brands Inc. | ||||
Class A | 87,118 | 19,067 | ||
Walgreens Boots Alliance | ||||
Inc. | 308,245 | 18,499 | ||
* | Monster Beverage Corp. | 279,036 | 15,989 | |
Dr Pepper Snapple Group Inc.112,988 | 13,785 | |||
Kroger Co. | 429,839 | 12,229 | ||
Tyson Foods Inc. Class A | 169,214 | 11,650 | ||
Archer-Daniels-Midland | ||||
Co. | 250,466 | 11,479 | ||
Brown-Forman Corp. | ||||
Class B | 214,961 | 10,535 | ||
McCormick & Co. Inc. | 84,266 | 9,782 | ||
Clorox Co. | 71,982 | 9,736 | ||
Church & Dwight Co. Inc. | 165,836 | 8,816 | ||
Hormel Foods Corp. | 209,953 | 7,812 | ||
Hershey Co. | 75,767 | 7,051 | ||
Ingredion Inc. | 62,084 | 6,873 | ||
Kraft Heinz Co. | 105,916 | 6,654 | ||
Kimberly-Clark Corp. | 56,621 | 5,964 | ||
JM Smucker Co. | 52,296 | 5,621 | ||
Molson Coors Brewing Co. | ||||
Class B | 71,712 | 4,879 | ||
Energizer Holdings Inc. | 69,910 | 4,402 | ||
General Mills Inc. | 96,867 | 4,287 | ||
Campbell Soup Co. | 96,545 | 3,914 | ||
* | Edgewell Personal Care Co. | 57,375 | 2,895 | |
Kellogg Co. | 37,138 | 2,595 | ||
* | Herbalife Nutrition Ltd. | 42,366 | 2,276 | |
Sysco Corp. | 32,798 | 2,240 | ||
* | US Foods Holding Corp. | 48,334 | 1,828 | |
Bunge Ltd. | 25,561 | 1,782 | ||
Lamb Weston Holdings | ||||
Inc. | 16,896 | 1,158 | ||
* | Post Holdings Inc. | 12,789 | 1,100 | |
Conagra Brands Inc. | 28,338 | 1,013 | ||
* | Sprouts Farmers Market | |||
Inc. | 39,424 | 870 | ||
* | Pilgrim’s Pride Corp. | 32,903 | 662 | |
* | Hain Celestial Group Inc. | 15,831 | 472 | |
* | TreeHouse Foods Inc. | 8,594 | 451 | |
Seaboard Corp. | 1 | 4 | ||
538,260 | ||||
Energy (6.0%) | ||||
Exxon Mobil Corp. | 1,540,428 | 127,440 | ||
Chevron Corp. | 677,190 | 85,617 | ||
ConocoPhillips | 479,468 | 33,381 | ||
EOG Resources Inc. | 230,208 | 28,645 | ||
Phillips 66 | 211,801 | 23,787 |
Market | |||
Value• | |||
Shares | ($000) | ||
Occidental Petroleum | |||
Corp. | 257,219 | 21,524 | |
Valero Energy Corp. | 175,202 | 19,418 | |
Halliburton Co. | 420,274 | 18,938 | |
Anadarko Petroleum | |||
Corp. | 215,036 | 15,751 | |
Pioneer Natural | |||
Resources Co. | 79,447 | 15,035 | |
Marathon Petroleum | |||
Corp. | 163,733 | 11,487 | |
* | Concho Resources Inc. | 80,541 | 11,143 |
Schlumberger Ltd. | 157,006 | 10,524 | |
* | Energen Corp. | 134,620 | 9,803 |
* | Continental Resources | ||
Inc. | 125,979 | 8,158 | |
Kinder Morgan Inc. | 452,496 | 7,996 | |
* | WPX Energy Inc. | 424,070 | 7,646 |
Cabot Oil & Gas Corp. | 305,356 | 7,267 | |
Williams Cos. Inc. | 250,389 | 6,788 | |
Andeavor | 50,626 | 6,641 | |
Cimarex Energy Co. | 64,840 | 6,597 | |
Hess Corp. | 95,976 | 6,420 | |
Devon Energy Corp. | 118,303 | 5,201 | |
Patterson-UTI Energy Inc. | 286,601 | 5,159 | |
* | Newfield Exploration Co. | 158,465 | 4,794 |
National Oilwell Varco Inc. | 110,211 | 4,783 | |
EQT Corp. | 81,962 | 4,523 | |
ONEOK Inc. | 62,682 | 4,377 | |
Diamondback Energy Inc. | 33,140 | 4,360 | |
Apache Corp. | 90,668 | 4,239 | |
* | Cheniere Energy Inc. | 49,813 | 3,247 |
Marathon Oil Corp. | 152,192 | 3,175 | |
Noble Energy Inc. | 88,564 | 3,125 | |
* | QEP Resources Inc. | 231,760 | 2,841 |
Helmerich & Payne Inc. | 38,700 | 2,467 | |
Baker Hughes a GE Co. | 74,377 | 2,457 | |
HollyFrontier Corp. | 35,326 | 2,417 | |
* | RSP Permian Inc. | 53,724 | 2,365 |
* | Whiting Petroleum Corp. | 36,190 | 1,908 |
* | Transocean Ltd. | 141,427 | 1,901 |
CNX Resources Corp. | 104,603 | 1,860 | |
* | First Solar Inc. | 31,475 | 1,657 |
* | Parsley Energy Inc. | ||
Class A | 51,760 | 1,567 | |
Nabors Industries Ltd. | 177,300 | 1,136 | |
* | Chesapeake Energy Corp. | 213,900 | 1,121 |
Murphy Oil Corp. | 30,680 | 1,036 | |
PBF Energy Inc. Class A | 23,000 | 964 | |
* | Kosmos Energy Ltd. | 103,667 | 857 |
* | Centennial Resource | ||
Development Inc. | |||
Class A | 46,574 | 841 | |
* | Weatherford | ||
International plc | 249,200 | 820 |
97
Tax-Managed Capital Appreciation Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
* | Laredo Petroleum Inc. | 74,503 | 717 |
SM Energy Co. | 25,195 | 647 | |
* | Extraction Oil & Gas Inc. | 31,419 | 462 |
* | Rowan Cos. plc Class A | 28,388 | 460 |
Range Resources Corp. | 15,321 | 256 | |
* | Antero Resources Corp. | 11,945 | 255 |
* | Gulfport Energy Corp. | 5,765 | 72 |
* | Apergy Corp. | 900 | 38 |
568,111 | |||
Financial Services (20.7%) | |||
JPMorgan Chase & Co. | 1,227,064 | 127,860 | |
* | Berkshire Hathaway Inc. | ||
Class B | 677,978 | 126,545 | |
Bank of America Corp. | 3,444,090 | 97,089 | |
Wells Fargo & Co. | 1,614,525 | 89,509 | |
Visa Inc. Class A | 675,726 | 89,500 | |
Mastercard Inc. Class A | 361,958 | 71,132 | |
Citigroup Inc. | 1,015,354 | 67,948 | |
* | PayPal Holdings Inc. | 522,713 | 43,526 |
Goldman Sachs Group | |||
Inc. | 150,645 | 33,228 | |
American Express Co. | 293,734 | 28,786 | |
S&P Global Inc. | 127,785 | 26,054 | |
Charles Schwab Corp. | 509,141 | 26,017 | |
American Tower Corp. | 175,528 | 25,306 | |
Morgan Stanley | 519,105 | 24,606 | |
American International | |||
Group Inc. | 463,732 | 24,587 | |
* | Fiserv Inc. | 285,671 | 21,165 |
* | E*TRADE Financial Corp. | 333,759 | 20,413 |
Simon Property Group | |||
Inc. | 119,752 | 20,381 | |
US Bancorp | 407,005 | 20,358 | |
Intercontinental | |||
Exchange Inc. | 258,153 | 18,987 | |
Aon plc | 129,334 | 17,741 | |
Progressive Corp. | 271,929 | 16,085 | |
Crown Castle | |||
International Corp. | 148,457 | 16,007 | |
* | SBA Communications | ||
Corp. Class A | 94,403 | 15,588 | |
SunTrust Banks Inc. | 233,976 | 15,447 | |
State Street Corp. | 164,607 | 15,323 | |
Aflac Inc. | 350,936 | 15,097 | |
MSCI Inc. Class A | 90,766 | 15,015 | |
Equinix Inc. | 33,781 | 14,522 | |
Fidelity National | |||
Information Services Inc. | 136,705 | 14,495 | |
Prudential Financial Inc. | 152,753 | 14,284 | |
Global Payments Inc. | 123,015 | 13,715 | |
Discover Financial | |||
Services | 192,833 | 13,577 | |
Public Storage | 57,988 | 13,155 | |
* | CBRE Group Inc. Class A | 273,629 | 13,063 |
CME Group Inc. | 78,029 | 12,791 | |
Moody’s Corp. | 73,745 | 12,578 | |
Ameriprise Financial Inc. | 88,196 | 12,337 | |
Travelers Cos. Inc. | 100,625 | 12,310 | |
Total System Services | |||
Inc. | 138,659 | 11,719 | |
MetLife Inc. | 262,212 | 11,432 | |
PNC Financial Services | |||
Group Inc. | 84,483 | 11,414 | |
* | Markel Corp. | 10,305 | 11,174 |
T. Rowe Price Group Inc. | 95,336 | 11,068 | |
Zions Bancorporation | 205,581 | 10,832 | |
Capital One Financial | |||
Corp. | 117,695 | 10,816 | |
AvalonBay Communities | |||
Inc. | 60,406 | 10,383 | |
TD Ameritrade Holding | |||
Corp. | 187,573 | 10,273 | |
BlackRock Inc. | 20,561 | 10,261 | |
Fifth Third Bancorp | 356,371 | 10,228 | |
First Republic Bank | 104,449 | 10,110 | |
Nasdaq Inc. | 109,785 | 10,020 | |
Boston Properties Inc. | 77,995 | 9,782 | |
Bank of New York Mellon | |||
Corp. | 179,425 | 9,676 | |
Allstate Corp. | 105,884 | 9,664 | |
Equity Residential | 151,097 | 9,623 | |
KeyCorp | 487,022 | 9,516 | |
Chubb Ltd. | 74,677 | 9,486 | |
East West Bancorp Inc. | 144,424 | 9,416 | |
Equifax Inc. | 73,853 | 9,240 | |
Lincoln National Corp. | 148,002 | 9,213 | |
Torchmark Corp. | 110,753 | 9,016 | |
Essex Property Trust Inc. | 37,470 | 8,958 | |
* | SLM Corp. | 780,457 | 8,936 |
Raymond James | |||
Financial Inc. | 97,013 | 8,668 | |
Brown & Brown Inc. | 311,785 | 8,646 | |
BB&T Corp. | 169,277 | 8,538 | |
Synchrony Financial | 253,673 | 8,468 | |
Jones Lang LaSalle Inc. | 50,928 | 8,454 | |
Equity LifeStyle | |||
Properties Inc. | 90,665 | 8,332 | |
Reinsurance Group of | |||
America Inc. Class A | 62,191 | 8,301 | |
* | Arch Capital Group Ltd. | 312,210 | 8,261 |
Alleghany Corp. | 14,335 | 8,242 | |
Extra Space Storage Inc. | 82,339 | 8,218 | |
M&T Bank Corp. | 47,802 | 8,134 | |
American Financial | |||
Group Inc. | 75,605 | 8,115 | |
SEI Investments Co. | 129,251 | 8,081 | |
Commerce Bancshares | |||
Inc. | 124,811 | 8,077 |
98
Tax-Managed Capital Appreciation Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
Assurant Inc. | 74,828 | 7,744 | |
WR Berkley Corp. | 104,278 | 7,551 | |
Weyerhaeuser Co. | 206,702 | 7,536 | |
* | Howard Hughes Corp. | 56,606 | 7,500 |
Prologis Inc. | 113,843 | 7,478 | |
* | CoreLogic Inc. | 143,762 | 7,461 |
Loews Corp. | 151,944 | 7,336 | |
Popular Inc. | 159,060 | 7,191 | |
Broadridge Financial | |||
Solutions Inc. | 61,218 | 7,046 | |
* | Worldpay Inc. Class A | 82,175 | 6,720 |
Douglas Emmett Inc. | 166,544 | 6,692 | |
American Homes 4 Rent | |||
Class A | 296,581 | 6,578 | |
Principal Financial Group | |||
Inc. | 119,618 | 6,334 | |
Unum Group | 169,861 | 6,283 | |
Host Hotels & Resorts | |||
Inc. | 293,019 | 6,174 | |
Lamar Advertising Co. | |||
Class A | 90,098 | 6,155 | |
Jack Henry & Associates | |||
Inc. | 47,166 | 6,149 | |
Apartment Investment | |||
& Management Co. | 144,020 | 6,092 | |
Digital Realty Trust Inc. | 54,144 | 6,041 | |
First Horizon National | |||
Corp. | 336,347 | 6,000 | |
Hanover Insurance | |||
Group Inc. | 49,487 | 5,917 | |
White Mountains | |||
Insurance Group Ltd. | 6,515 | 5,907 | |
* | Signature Bank | 45,611 | 5,833 |
Mid-America Apartment | |||
Communities Inc. | 56,774 | 5,715 | |
Federal Realty | |||
Investment Trust | 44,803 | 5,670 | |
Franklin Resources Inc. | 176,317 | 5,651 | |
GGP Inc. | 276,575 | 5,650 | |
Forest City Realty Trust | |||
Inc. Class A | 238,509 | 5,440 | |
Cullen/Frost Bankers Inc. | 49,896 | 5,401 | |
Dun & Bradstreet Corp. | 43,819 | 5,374 | |
Alexandria Real Estate | |||
Equities Inc. | 40,839 | 5,153 | |
Associated Banc-Corp | 182,598 | 4,985 | |
Affiliated Managers | |||
Group Inc. | 33,091 | 4,920 | |
Eaton Vance Corp. | 92,222 | 4,813 | |
TFS Financial Corp. | 271,733 | 4,285 | |
* | FleetCor Technologies | ||
Inc. | 19,771 | 4,165 | |
Camden Property Trust | 44,023 | 4,012 | |
BOK Financial Corp. | 41,481 | 3,900 |
Hartford Financial | |||
Services Group Inc. | 71,171 | 3,639 | |
* | Equity Commonwealth | 109,329 | 3,444 |
Hospitality Properties | |||
Trust | 118,958 | 3,403 | |
Interactive Brokers | |||
Group Inc. | 51,134 | 3,294 | |
Macerich Co. | 55,400 | 3,148 | |
Alliance Data Systems | |||
Corp. | 13,192 | 3,076 | |
Invitation Homes Inc. | 132,472 | 3,055 | |
CNA Financial Corp. | 66,218 | 3,025 | |
SL Green Realty Corp. | 30,058 | 3,022 | |
Retail Properties of | |||
America Inc. | 231,409 | 2,957 | |
Jefferies Financial Group | |||
Inc. | 120,270 | 2,735 | |
Annaly Capital | |||
Management Inc. | 238,932 | 2,459 | |
Marsh & McLennan | |||
Cos. Inc. | 29,632 | 2,429 | |
People’s United Financial | |||
Inc. | 133,425 | 2,414 | |
Northern Trust Corp. | 22,291 | 2,294 | |
Paramount Group Inc. | 130,142 | 2,004 | |
Realty Income Corp. | 37,200 | 2,001 | |
Legg Mason Inc. | 56,114 | 1,949 | |
* | Western Alliance Bancorp | 34,380 | 1,946 |
* | Zillow Group Inc. | 30,022 | 1,773 |
Bank of Hawaii Corp. | 20,975 | 1,750 | |
* | SVB Financial Group | 5,917 | 1,709 |
Navient Corp. | 123,033 | 1,603 | |
* | Athene Holding Ltd. | ||
Class A | 35,777 | 1,568 | |
Santander Consumer | |||
USA Holdings Inc. | 80,632 | 1,539 | |
* | Square Inc. | 24,481 | 1,509 |
New York Community | |||
Bancorp Inc. | 134,800 | 1,488 | |
PacWest Bancorp | 29,301 | 1,448 | |
* | Euronet Worldwide Inc. | 16,678 | 1,397 |
TransUnion | 19,449 | 1,393 | |
FNF Group | 33,971 | 1,278 | |
* | Quality Care Properties | ||
Inc. | 57,118 | 1,229 | |
Ally Financial Inc. | 46,442 | 1,220 | |
Lazard Ltd. Class A | 24,803 | 1,213 | |
Vornado Realty Trust | 16,400 | 1,212 | |
* | OneMain Holdings Inc. | 35,689 | 1,188 |
* | WEX Inc. | 6,083 | 1,159 |
Invesco Ltd. | 36,848 | 979 | |
Iron Mountain Inc. | 26,870 | 941 | |
VICI Properties Inc. | 45,019 | 929 | |
* | Brighthouse Financial Inc. | 23,135 | 927 |
99
Tax-Managed Capital Appreciation Fund
Market | ||||
Value• | ||||
Shares | ($000) | |||
* | Zillow Group Inc. Class A | 14,325 | 856 | |
* | Credit Acceptance Corp. | 2,250 | 795 | |
Park Hotels & Resorts Inc. | 25,200 | 772 | ||
Voya Financial Inc. | 15,654 | 736 | ||
Taubman Centers Inc. | 11,122 | 654 | ||
Western Union Co. | 31,496 | 640 | ||
* | First Data Corp. Class A | 28,813 | 603 | |
AGNC Investment Corp. | 30,389 | 565 | ||
MarketAxess Holdings Inc. | 2,522 | 499 | ||
Pinnacle Financial | ||||
Partners Inc. | 8,057 | 494 | ||
JBG SMITH Properties | 6,200 | 226 | ||
* | Spirit MTA REIT | 20,600 | 212 | |
* | AXA Equitable Holdings | |||
Inc. | 7,280 | 150 | ||
1,962,718 | ||||
Health Care (12.9%) | ||||
Johnson & Johnson | 950,330 | 115,313 | ||
UnitedHealth Group Inc. | 328,174 | 80,514 | ||
Pfizer Inc. | 2,049,341 | 74,350 | ||
Merck & Co. Inc. | 895,805 | 54,375 | ||
AbbVie Inc. | 550,431 | 50,997 | ||
Amgen Inc. | 243,467 | 44,942 | ||
Medtronic plc | 458,248 | 39,231 | ||
Gilead Sciences Inc. | 482,701 | 34,195 | ||
Abbott Laboratories | 535,105 | 32,636 | ||
Thermo Fisher Scientific | ||||
Inc. | 155,612 | 32,233 | ||
Becton Dickinson and Co. | 124,469 | 29,818 | ||
Bristol-Myers Squibb Co. | 511,778 | 28,322 | ||
Eli Lilly & Co. | 327,571 | 27,952 | ||
Aetna Inc. | 147,454 | 27,058 | ||
* | Biogen Inc. | 92,153 | 26,746 | |
Anthem Inc. | 108,926 | 25,928 | ||
* | Boston Scientific Corp. | 723,922 | 23,672 | |
Danaher Corp. | 234,954 | 23,185 | ||
* | Express Scripts Holding | |||
Co. | 290,718 | 22,446 | ||
Zoetis Inc. | 244,493 | 20,828 | ||
Humana Inc. | 69,833 | 20,784 | ||
* | Celgene Corp. | 258,230 | 20,509 | |
* | Vertex Pharmaceuticals | |||
Inc. | 116,518 | 19,803 | ||
Stryker Corp. | 111,140 | 18,767 | ||
Cigna Corp. | 110,007 | 18,696 | ||
Allergan plc | 101,079 | 16,852 | ||
* | Illumina Inc. | 45,992 | 12,845 | |
* | Laboratory Corp. of | |||
America Holdings | 70,566 | 12,669 | ||
Agilent Technologies Inc. | 197,842 | 12,235 | ||
Baxter International Inc. | 158,275 | 11,687 | ||
Teleflex Inc. | 40,640 | 10,900 | ||
Zimmer Biomet Holdings | ||||
Inc. | 95,277 | 10,618 |
Market | |||
Value• | |||
Shares | ($000) | ||
* | Intuitive Surgical Inc. | 21,294 | 10,189 |
Cooper Cos. Inc. | 42,167 | 9,928 | |
McKesson Corp. | 73,199 | 9,765 | |
AmerisourceBergen | |||
Corp. Class A | 109,801 | 9,363 | |
* | Centene Corp. | 73,544 | 9,061 |
* | Henry Schein Inc. | 114,512 | 8,318 |
* | QIAGEN NV | 227,980 | 8,244 |
Quest Diagnostics Inc. | 74,865 | 8,231 | |
PerkinElmer Inc. | 109,861 | 8,045 | |
* | Charles River Laboratories | ||
International Inc. | 68,397 | 7,678 | |
* | Cerner Corp. | 125,893 | 7,527 |
Universal Health Services | |||
Inc. Class B | 65,590 | 7,309 | |
Cardinal Health Inc. | 142,561 | 6,961 | |
* | Incyte Corp. | 95,967 | 6,430 |
* | Edwards Lifesciences | ||
Corp. | 42,406 | 6,173 | |
* | Mylan NV | 166,741 | 6,026 |
Bio-Techne Corp. | 40,293 | 5,961 | |
* | Regeneron | ||
Pharmaceuticals Inc. | 16,352 | 5,641 | |
* | IQVIA Holdings Inc. | 53,241 | 5,315 |
* | Varian Medical Systems | ||
Inc. | 45,448 | 5,168 | |
Dentsply Sirona Inc. | 114,607 | 5,016 | |
Bruker Corp. | 149,372 | 4,338 | |
* | Ionis Pharmaceuticals Inc. | 99,470 | 4,145 |
* | Align Technology Inc. | 11,983 | 4,100 |
* | ABIOMED Inc. | 9,268 | 3,791 |
* | Alnylam Pharmaceuticals | ||
Inc. | 33,758 | 3,325 | |
* | IDEXX Laboratories Inc. | 14,515 | 3,163 |
* | DexCom Inc. | 33,289 | 3,162 |
* | Alexion Pharmaceuticals | ||
Inc. | 22,097 | 2,743 | |
* | BioMarin Pharmaceutical | ||
Inc. | 28,781 | 2,711 | |
Perrigo Co. plc | 34,000 | 2,479 | |
HCA Healthcare Inc. | 20,113 | 2,064 | |
* | Bio-Rad Laboratories | ||
Inc. Class A | 6,905 | 1,992 | |
* | WellCare Health Plans | ||
Inc. | 8,024 | 1,976 | |
* | DaVita Inc. | 27,359 | 1,900 |
* | Seattle Genetics Inc. | 25,403 | 1,687 |
* | Neurocrine Biosciences | ||
Inc. | 15,901 | 1,562 | |
* | Veeva Systems Inc. | ||
Class A | 18,527 | 1,424 | |
* | United Therapeutics | ||
Corp. | 11,658 | 1,319 | |
* | Hologic Inc. | 30,281 | 1,204 |
100
Tax-Managed Capital Appreciation Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Premier Inc. Class A | 32,821 | 1,194 |
* | Envision Healthcare | ||
Corp. | 24,843 | 1,093 | |
* | Akorn Inc. | 65,534 | 1,087 |
* | athenahealth Inc. | 6,550 | 1,042 |
* | Acadia Healthcare Co. | ||
Inc. | 23,966 | 980 | |
Patterson Cos. Inc. | 43,137 | 978 | |
* | MEDNAX Inc. | 20,691 | 896 |
* | Exelixis Inc. | 38,619 | 831 |
* | ACADIA | ||
Pharmaceuticals Inc. | 53,052 | 810 | |
* | Alkermes plc | 17,691 | 728 |
* | Agios Pharmaceuticals | ||
Inc. | 8,200 | 691 | |
* | LifePoint Health Inc. | 14,052 | 686 |
* | Mallinckrodt plc | 30,800 | 575 |
Hill-Rom Holdings Inc. | 6,180 | 540 | |
* | Varex Imaging Corp. | 13,884 | 515 |
* | TESARO Inc. | 10,829 | 482 |
* | Intrexon Corp. | 34,273 | 478 |
* | Brookdale Senior Living | ||
Inc. | 48,300 | 439 | |
West Pharmaceutical | |||
Services Inc. | 4,117 | 409 | |
Shire plc ADR | 2,301 | 388 | |
STERIS plc | 2,200 | 231 | |
ResMed Inc. | 2,000 | 207 | |
* | Intercept | ||
Pharmaceuticals Inc. | 2,108 | 177 | |
1,221,997 | |||
Materials & Processing (3.2%) | |||
DowDuPont Inc. | 755,615 | 49,810 | |
Sherwin-Williams Co. | 41,909 | 17,081 | |
Ecolab Inc. | 120,884 | 16,964 | |
Praxair Inc. | 103,342 | 16,343 | |
LyondellBasell | |||
Industries NV Class A | 130,695 | 14,357 | |
FMC Corp. | 132,448 | 11,816 | |
Newmont Mining Corp. | 299,830 | 11,307 | |
Celanese Corp. Class A | 99,812 | 11,085 | |
Vulcan Materials Co. | 85,290 | 11,007 | |
Martin Marietta | |||
Materials Inc. | 46,652 | 10,419 | |
Lennox International Inc. | 44,944 | 8,996 | |
Albemarle Corp. | 90,152 | 8,504 | |
Southern Copper Corp. | 175,770 | 8,238 | |
Ball Corp. | 210,640 | 7,488 | |
Owens Corning | 116,934 | 7,410 | |
Freeport-McMoRan Inc. | 412,436 | 7,119 | |
Sealed Air Corp. | 147,485 | 6,261 | |
Westlake Chemical Corp. | 56,246 | 6,054 | |
Fastenal Co. | 124,485 | 5,991 |
Market | |||
Value• | |||
Shares | ($000) | ||
* | Armstrong World | ||
Industries Inc. | 93,325 | 5,898 | |
* | Crown Holdings Inc. | 123,292 | 5,519 |
Air Products & | |||
Chemicals Inc. | 32,969 | 5,134 | |
Valmont Industries Inc. | 30,289 | 4,566 | |
WR Grace & Co. | 60,135 | 4,408 | |
Nucor Corp. | 66,785 | 4,174 | |
Scotts Miracle-Gro Co. | 49,983 | 4,157 | |
Reliance Steel & | |||
Aluminum Co. | 45,808 | 4,010 | |
Packaging Corp. of | |||
America | 30,568 | 3,417 | |
PPG Industries Inc. | 26,400 | 2,738 | |
Mosaic Co. | 81,422 | 2,284 | |
Eagle Materials Inc. | 21,140 | 2,219 | |
* | Axalta Coating | ||
Systems Ltd. | 67,333 | 2,041 | |
* | AdvanSix Inc. | 51,636 | 1,891 |
International Paper Co. | 35,971 | 1,873 | |
CF Industries Holdings | |||
Inc. | 41,725 | 1,853 | |
* | Alcoa Corp. | 37,515 | 1,759 |
* | Owens-Illinois Inc. | 97,639 | 1,641 |
United States Steel Corp. | 41,010 | 1,425 | |
Eastman Chemical Co. | 14,072 | 1,407 | |
WestRock Co. | 22,602 | 1,289 | |
Versum Materials Inc. | 32,886 | 1,222 | |
* | USG Corp. | 21,801 | 940 |
Royal Gold Inc. | 10,077 | 936 | |
* | Berry Global Group Inc. | 19,997 | 919 |
Hexcel Corp. | 12,790 | 849 | |
* | Univar Inc. | 23,224 | 609 |
Chemours Co. | 11,443 | 508 | |
* | Platform Specialty | ||
Products Corp. | 30,808 | 357 | |
306,293 | |||
Other (0.0%) | |||
* | Dropbox Inc. Class A | 25,980 | 842 |
*,1 | Herbalife Ltd. CVR | 1,809 | 18 |
860 | |||
Producer Durables (10.7%) | |||
Boeing Co. | 222,505 | 74,653 | |
Union Pacific Corp. | 288,384 | 40,858 | |
United Technologies | |||
Corp. | 282,093 | 35,270 | |
General Electric Co. | 2,535,875 | 34,513 | |
3M Co. | 154,044 | 30,304 | |
Accenture plc Class A | 166,878 | 27,300 | |
FedEx Corp. | 114,673 | 26,038 | |
Honeywell International | |||
Inc. | 168,320 | 24,246 | |
CSX Corp. | 373,566 | 23,826 |
101
Tax-Managed Capital Appreciation Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Northrop Grumman | |||
Corp. | 74,447 | 22,907 | |
General Dynamics Corp. | 116,543 | 21,725 | |
Illinois Tool Works Inc. | 140,947 | 19,527 | |
Norfolk Southern Corp. | 126,662 | 19,109 | |
Caterpillar Inc. | 137,190 | 18,613 | |
Delta Air Lines Inc. | 352,382 | 17,457 | |
* | Copart Inc. | 296,557 | 16,773 |
United Parcel Service | |||
Inc. Class B | 153,126 | 16,267 | |
Southwest Airlines Co. | 318,344 | 16,197 | |
Raytheon Co. | 82,722 | 15,980 | |
Roper Technologies Inc. | 53,297 | 14,705 | |
* | Mettler-Toledo | ||
International Inc. | 25,380 | 14,686 | |
* | Verisk Analytics Inc. | ||
Class A | 133,360 | 14,355 | |
Lockheed Martin Corp. | 48,522 | 14,335 | |
TransDigm Group Inc. | 40,711 | 14,051 | |
Cintas Corp. | 75,074 | 13,894 | |
* | Waters Corp. | 68,813 | 13,321 |
* | United Continental | ||
Holdings Inc. | 190,400 | 13,277 | |
Old Dominion Freight | |||
Line Inc. | 81,477 | 12,137 | |
Deere & Co. | 85,123 | 11,900 | |
Waste Management Inc. | 145,809 | 11,860 | |
Textron Inc. | 175,783 | 11,586 | |
Emerson Electric Co. | 164,064 | 11,343 | |
Automatic Data | |||
Processing Inc. | 84,161 | 11,289 | |
AMETEK Inc. | 151,505 | 10,933 | |
Parker-Hannifin Corp. | 69,477 | 10,828 | |
Rockwell Collins Inc. | 79,028 | 10,643 | |
Huntington Ingalls | |||
Industries Inc. | 48,314 | 10,474 | |
IDEX Corp. | 76,088 | 10,384 | |
L3 Technologies Inc. | 53,889 | 10,364 | |
Expeditors International | |||
of Washington Inc. | 136,633 | 9,988 | |
Fortive Corp. | 124,948 | 9,635 | |
Eaton Corp. plc | 126,883 | 9,483 | |
BWX Technologies Inc. | 149,634 | 9,325 | |
JB Hunt Transport | |||
Services Inc. | 76,689 | 9,322 | |
FLIR Systems Inc. | 178,344 | 9,269 | |
PACCAR Inc. | 142,675 | 8,840 | |
Wabtec Corp. | 87,750 | 8,650 | |
Jacobs Engineering | |||
Group Inc. | 135,129 | 8,579 | |
* | HD Supply Holdings Inc. | 194,931 | 8,361 |
Toro Co. | 137,598 | 8,290 | |
Landstar System Inc. | 73,936 | 8,074 | |
WW Grainger Inc. | 24,754 | 7,634 |
Market | |||
Value• | |||
Shares | ($000) | ||
* | Keysight Technologies | ||
Inc. | 125,864 | 7,430 | |
* | Welbilt Inc. | 313,266 | 6,989 |
Cummins Inc. | 50,369 | 6,699 | |
* | CoStar Group Inc. | 15,918 | 6,568 |
Carlisle Cos. Inc. | 58,977 | 6,388 | |
AGCO Corp. | 104,952 | 6,373 | |
Robert Half | |||
International Inc. | 96,224 | 6,264 | |
Xylem Inc. | 92,543 | 6,236 | |
Oshkosh Corp. | 85,367 | 6,003 | |
* | Middleby Corp. | 52,747 | 5,508 |
Genpact Ltd. | 181,838 | 5,261 | |
Donaldson Co. Inc. | 109,883 | 4,958 | |
* | Zebra Technologies | ||
Corp. | 34,602 | 4,957 | |
Terex Corp. | 115,435 | 4,870 | |
ManpowerGroup Inc. | 54,186 | 4,663 | |
Graco Inc. | 91,321 | 4,130 | |
* | Stericycle Inc. | 62,770 | 4,098 |
MSC Industrial Direct | |||
Co. Inc. Class A | 46,610 | 3,955 | |
CH Robinson | |||
Worldwide Inc. | 44,717 | 3,741 | |
Stanley Black & Decker | |||
Inc. | 26,735 | 3,551 | |
Flowserve Corp. | 87,374 | 3,530 | |
Xerox Corp. | 144,122 | 3,459 | |
ITT Inc. | 63,487 | 3,318 | |
* | Conduent Inc. | 163,584 | 2,972 |
Allison Transmission | |||
Holdings Inc. | 72,372 | 2,930 | |
* | Quanta Services Inc. | 69,670 | 2,327 |
* | Sensata Technologies | ||
Holding plc | 44,934 | 2,138 | |
* | AECOM | 56,053 | 1,851 |
Republic Services Inc. | |||
Class A | 26,356 | 1,802 | |
* | Trimble Inc. | 47,536 | 1,561 |
* | Genesee & Wyoming | ||
Inc. Class A | 18,783 | 1,527 | |
* | Kirby Corp. | 18,077 | 1,511 |
* | XPO Logistics Inc. | 12,666 | 1,269 |
* | Teledyne Technologies | ||
Inc. | 6,024 | 1,199 | |
Johnson Controls | |||
International plc | 33,000 | 1,104 | |
Spirit AeroSystems | |||
Holdings Inc. Class A | 12,832 | 1,102 | |
* | WESCO International Inc. | 18,277 | 1,044 |
* | Gardner Denver | ||
Holdings Inc. | 33,678 | 990 | |
American Airlines | |||
Group Inc. | 25,075 | 952 |
102
Tax-Managed Capital Appreciation Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | United Rentals Inc. | 6,387 | 943 |
* | JetBlue Airways Corp. | 45,954 | 872 |
* | Clean Harbors Inc. | 12,502 | 694 |
* | Spirit Airlines Inc. | 18,347 | 667 |
Allegion plc | 8,469 | 655 | |
* | Colfax Corp. | 20,754 | 636 |
* | nVent Electric plc | 24,324 | 611 |
HEICO Corp. | 7,746 | 565 | |
Fluor Corp. | 11,451 | 559 | |
Air Lease Corp. Class A | 10,197 | 428 | |
Ryder System Inc. | 5,166 | 371 | |
* | Gates Industrial Corp. plc | 21,257 | 346 |
1,015,953 | |||
Technology (21.3%) | |||
Apple Inc. | 1,831,530 | 339,034 | |
Microsoft Corp. | 2,700,288 | 266,275 | |
* | Facebook Inc. Class A | 818,348 | 159,021 |
* | Alphabet Inc. Class C | 108,429 | 120,969 |
* | Alphabet Inc. Class A | 106,831 | 120,632 |
Intel Corp. | 1,684,084 | 83,716 | |
Cisco Systems Inc. | 1,627,702 | 70,040 | |
NVIDIA Corp. | 237,972 | 56,376 | |
* | Adobe Systems Inc. | 207,244 | 50,528 |
Oracle Corp. | 1,049,496 | 46,241 | |
Texas Instruments Inc. | 387,286 | 42,698 | |
International Business | |||
Machines Corp. | 302,925 | 42,319 | |
* | salesforce.com Inc. | 285,474 | 38,939 |
Broadcom Inc. | 146,862 | 35,635 | |
QUALCOMM Inc. | 495,755 | 27,822 | |
Intuit Inc. | 129,940 | 26,547 | |
Applied Materials Inc. | 541,939 | 25,032 | |
Activision Blizzard Inc. | 301,763 | 23,031 | |
* | Micron Technology Inc. | 405,998 | 21,291 |
Cognizant Technology | |||
Solutions Corp. Class A | 254,388 | 20,094 | |
* | Autodesk Inc. | 136,287 | 17,866 |
Lam Research Corp. | 100,329 | 17,342 | |
Amphenol Corp. Class A | 168,103 | 14,650 | |
* | Cadence Design | ||
Systems Inc. | 318,438 | 13,792 | |
Corning Inc. | 463,384 | 12,748 | |
DXC Technology Co. | 155,900 | 12,567 | |
Analog Devices Inc. | 128,912 | 12,365 | |
* | Synopsys Inc. | 141,528 | 12,111 |
Hewlett Packard | |||
Enterprise Co. | 816,755 | 11,933 | |
* | Citrix Systems Inc. | 109,571 | 11,487 |
NetApp Inc. | 139,503 | 10,955 | |
* | Twitter Inc. | 228,795 | 9,991 |
HP Inc. | 434,070 | 9,849 | |
Teradyne Inc. | 253,904 | 9,666 | |
KLA-Tencor Corp. | 93,026 | 9,538 | |
* | Teradata Corp. | 237,228 | 9,525 |
Market | |||
Value• | |||
Shares | ($000) | ||
* | Arrow Electronics Inc. | 113,603 | 8,552 |
* | Electronic Arts Inc. | 60,395 | 8,517 |
* | ServiceNow Inc. | 49,340 | 8,510 |
CDK Global Inc. | 125,655 | 8,174 | |
Juniper Networks Inc. | 296,625 | 8,133 | |
Western Digital Corp. | 104,249 | 8,070 | |
Dolby Laboratories Inc. | |||
Class A | 125,821 | 7,762 | |
* | NXP Semiconductors | ||
NV | 68,993 | 7,539 | |
Symantec Corp. | 345,406 | 7,133 | |
* | Gartner Inc. | 49,537 | 6,583 |
Xilinx Inc. | 86,850 | 5,668 | |
SS&C Technologies | |||
Holdings Inc. | 97,947 | 5,083 | |
* | Workday Inc. Class A | 39,218 | 4,750 |
Motorola Solutions Inc. | 39,882 | 4,641 | |
Avnet Inc. | 105,416 | 4,521 | |
* | Palo Alto Networks Inc. | 21,799 | 4,479 |
* | IAC/InterActiveCorp | 29,261 | 4,462 |
* | VeriSign Inc. | 32,231 | 4,429 |
Microchip Technology | |||
Inc. | 47,080 | 4,282 | |
* | Dell Technologies Inc. | ||
Class V | 50,445 | 4,267 | |
CA Inc. | 119,286 | 4,253 | |
Skyworks Solutions Inc. | 41,909 | 4,050 | |
* | Advanced Micro | ||
Devices Inc. | 245,813 | 3,685 | |
* | NCR Corp. | 117,765 | 3,531 |
* | Black Knight Inc. | 61,537 | 3,295 |
* | PTC Inc. | 29,883 | 2,803 |
* | Fortinet Inc. | 43,530 | 2,718 |
* | ANSYS Inc. | 15,062 | 2,623 |
* | Nutanix Inc. | 50,737 | 2,616 |
* | Red Hat Inc. | 17,621 | 2,368 |
* | Qorvo Inc. | 29,403 | 2,357 |
* | Tableau Software Inc. | ||
Class A | 23,682 | 2,315 | |
* | ON Semiconductor Corp. | 100,878 | 2,243 |
* | Splunk Inc. | 22,582 | 2,238 |
* | Arista Networks Inc. | 8,425 | 2,169 |
* | IPG Photonics Corp. | 9,802 | 2,163 |
* | Akamai Technologies Inc. | 28,920 | 2,118 |
* | CommScope Holding | ||
Co. Inc. | 72,483 | 2,117 | |
* | GoDaddy Inc. Class A | 29,969 | 2,116 |
* | VMware Inc. Class A | 13,745 | 2,020 |
Harris Corp. | 13,240 | 1,914 | |
* | Atlassian Corp. plc | ||
Class A | 30,385 | 1,900 | |
* | Match Group Inc. | 45,870 | 1,777 |
* | F5 Networks Inc. | 9,728 | 1,678 |
* | Guidewire Software Inc. | 18,560 | 1,648 |
103
Tax-Managed Capital Appreciation Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
* | Cavium Inc. | 16,716 | 1,446 |
Amdocs Ltd. | 21,761 | 1,440 | |
* | IHS Markit Ltd. | 25,758 | 1,329 |
* | Zynga Inc. Class A | 315,524 | 1,284 |
Leidos Holdings Inc. | 20,771 | 1,225 | |
* | Tyler Technologies Inc. | 5,330 | 1,184 |
* | Manhattan Associates | ||
Inc. | 24,934 | 1,172 | |
* | Ultimate Software | ||
Group Inc. | 3,968 | 1,021 | |
* | Groupon Inc. Class A | 221,907 | 954 |
Perspecta Inc. | 41,900 | 861 | |
* | Nuance Communications | ||
Inc. | 61,971 | 860 | |
* | Take-Two Interactive | ||
Software Inc. | 5,888 | 697 | |
* | FireEye Inc. | 41,681 | 641 |
* | ARRIS International plc | 25,485 | 623 |
Cognex Corp. | 13,560 | 605 | |
Universal Display Corp. | 6,746 | 580 | |
* | Coherent Inc. | 3,499 | 547 |
* | EchoStar Corp. Class A | 5,626 | 250 |
LogMeIn Inc. | 2,100 | 217 | |
* | Inovalon Holdings Inc. | ||
Class A | 11,500 | 114 | |
2,017,945 | |||
Utilities (4.5%) | |||
Verizon | |||
Communications Inc. | 1,449,208 | 72,910 | |
AT&T Inc. | 2,265,370 | 72,741 | |
NextEra Energy Inc. | 179,740 | 30,022 | |
Duke Energy Corp. | 310,744 | 24,574 | |
Exelon Corp. | 360,621 | 15,362 | |
Sempra Energy | 116,390 | 13,514 | |
WEC Energy Group Inc. | 192,896 | 12,471 | |
* | T-Mobile US Inc. | 205,056 | 12,252 |
Consolidated Edison Inc. | 141,599 | 11,042 | |
Edison International | 162,181 | 10,261 | |
Eversource Energy | 172,448 | 10,107 | |
American Water Works | |||
Co. Inc. | 116,532 | 9,949 | |
CMS Energy Corp. | 198,817 | 9,400 | |
Dominion Energy Inc. | 135,240 | 9,221 | |
UGI Corp. | 154,238 | 8,031 | |
Atmos Energy Corp. | 83,514 | 7,528 | |
FirstEnergy Corp. | 206,992 | 7,433 | |
NiSource Inc. | 276,272 | 7,260 | |
Public Service Enterprise | |||
Group Inc. | 122,698 | 6,643 | |
Aqua America Inc. | 183,416 | 6,453 | |
CenterPoint Energy Inc. | 226,968 | 6,289 | |
DTE Energy Co. | 60,042 | 6,222 | |
PG&E Corp. | 145,072 | 6,174 | |
Southern Co. | 124,573 | 5,769 |
AES Corp. | 388,888 | 5,215 | |
Telephone & Data | |||
Systems Inc. | 167,926 | 4,605 | |
American Electric Power | |||
Co. Inc. | 66,233 | 4,587 | |
* | Sprint Corp. | 838,091 | 4,559 |
* | Zayo Group Holdings Inc. | 117,741 | 4,295 |
NRG Energy Inc. | 111,041 | 3,409 | |
SCANA Corp. | 86,289 | 3,324 | |
Alliant Energy Corp. | 74,838 | 3,167 | |
* | United States Cellular | ||
Corp. | 73,355 | 2,717 | |
Entergy Corp. | 33,347 | 2,694 | |
* | Vistra Energy Corp. | 35,838 | 848 |
* | Evergy Inc. | 6,800 | 382 |
Vectren Corp. | 4,500 | 322 | |
421,752 | |||
Total Common Stocks | |||
(Cost $4,020,642) | 9,470,001 | ||
Temporary Cash Investments (0.2%) | |||
Money Market Fund (0.1%) | |||
2 | Vanguard Market Liquidity | ||
Fund, 2.122% | 91,133 | 9,114 | |
Face | |||
Amount | |||
($000) | |||
U.S. Government and Agency Obligations (0.1%) | |||
United States Treasury Bill, | |||
1.882%, 8/9/18 | 1,000 | 998 | |
United States Treasury Bill, | |||
1.801%, 8/16/18 | 200 | 199 | |
United States Treasury Bill, | |||
2.022%–2.034%, 11/15/18 | 1,600 | 1,588 | |
United States Treasury Bill, | |||
2.059%, 11/29/18 | 1,000 | 992 | |
United States Treasury Bill, | |||
2.082%, 12/20/18 | 3,000 | 2,971 | |
6,748 | |||
Total Temporary Cash Investments | |||
(Cost $15,861) | 15,862 | ||
Total Investments (100.2%) | |||
(Cost $4,036,503) | 9,485,863 |
104
Tax-Managed Capital Appreciation Fund
Amount | |
($000) | |
Other Assets and Liabilities (-0.2%) | |
Other Assets | |
Investment in Vanguard | 501 |
Receivables for Accrued Income | 6,557 |
Receivables for Capital Shares Issued | 2,582 |
Other Assets | 6 |
Total Other Assets | 9,646 |
Liabilities | |
Payables for Investment Securities | |
Purchased | (87) |
Payables for Capital Shares Redeemed | (23,837) |
Payables to Vanguard | (3,597) |
Total Liabilities | (27,521) |
Net Assets (100%) | 9,467,988 |
At June 30, 2018, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 4,107,999 |
Overdistributed Net Investment Income | (1,281) |
Accumulated Net Realized Losses | (88,090) |
Unrealized Appreciation (Depreciation) | 5,449,360 |
Net Assets | 9,467,988 |
Admiral Shares—Net Assets | |
Applicable to 60,207,088 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 8,427,329 |
Net Asset Value Per Share— | |
Admiral Shares | $139.97 |
Institutional Shares—Net Assets | |
Applicable to 14,961,824 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 1,040,659 |
Net Asset Value Per Share— | |
Institutional Shares | $69.55 |
• 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.
105
Tax-Managed Capital Appreciation Fund | |
Statement of Operations | |
Six Months Ended | |
June 30, 2018 | |
($000) | |
Investment Income | |
Income | |
Dividends | 78,580 |
Interest1 | 260 |
Total Income | 78,840 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 1,151 |
Management and Administrative—Admiral Shares | 2,479 |
Management and Administrative—Institutional Shares | 170 |
Marketing and Distribution—Admiral Shares | 181 |
Marketing and Distribution—Institutional Shares | 6 |
Custodian Fees | 39 |
Shareholders’ Reports—Admiral Shares | 16 |
Shareholders’ Reports—Institutional Shares | — |
Trustees’ Fees and Expenses | 3 |
Total Expenses | 4,045 |
Net Investment Income | 74,795 |
Realized Net Gain (Loss) | |
Investment Securities Sold1 | 76,602 |
Futures Contracts | 2,206 |
Realized Net Gain (Loss) | 78,808 |
Change in Unrealized Appreciation (Depreciation) of Investment Securities1 | 97,930 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 251,533 |
1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $234,000, ($2,000), and less than $1,000, respectively. Purchases and sales are for temporary cash investment purposes.
See accompanying Notes, which are an integral part of the Financial Statements.
106
Tax-Managed Capital Appreciation Fund | ||
Statement of Changes in Net Assets | ||
Six Months Ended | Year Ended | |
June 30, | December 31, | |
2018 | 2017 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | �� | |
Net Investment Income | 74,795 | 142,860 |
Realized Net Gain (Loss) | 78,808 | 39,757 |
Change in Unrealized Appreciation (Depreciation) | 97,930 | 1,489,114 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 251,533 | 1,671,731 |
Distributions | ||
Net Investment Income | ||
Admiral Shares | (64,889) | (128,969) |
Institutional Shares | (8,137) | (13,538) |
Realized Capital Gain | ||
Admiral Shares | — | — |
Institutional Shares | — | — |
Total Distributions | (73,026) | (142,507) |
Capital Share Transactions | ||
Admiral Shares | 125,346 | (40,076) |
Institutional Shares | 14,591 | 254,498 |
Net Increase (Decrease) from Capital Share Transactions | 139,937 | 214,422 |
Total Increase (Decrease) | 318,444 | 1,743,646 |
Net Assets | ||
Beginning of Period | 9,149,544 | 7,405,898 |
End of Period1 | 9,467,988 | 9,149,544 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($1,281,000) and ($3,050,000).
See accompanying Notes, which are an integral part of the Financial Statements.
107
Tax-Managed Capital Appreciation Fund | ||||||
Financial Highlights | ||||||
Admiral Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $137.30 | $114.08 | $103.75 | $103.82 | $93.70 | $71.17 |
Investment Operations | ||||||
Net Investment Income | 1.1111 | 2.1661 | 2.004 | 1.764 | 1.633 | 1.414 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 2.643 | 23.211 | 10.332 | (.082) | 10.103 | 22.537 |
Total from Investment Operations | 3.754 | 25.377 | 12.336 | 1.682 | 11.736 | 23.951 |
Distributions | ||||||
Dividends from Net Investment Income | (1.084) | (2.157) | (2.006) | (1.752) | (1.616) | (1.421) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.084) | (2.157) | (2.006) | (1.752) | (1.616) | (1.421) |
Net Asset Value, End of Period | $139.97 | $137.30 | $114.08 | $103.75 | $103.82 | $93.70 |
Total Return2 | 2.74% | 22.40% | 12.01% | 1.68% | 12.52% | 33.67% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $8,427 | $8,143 | $6,793 | $5,982 | $5,760 | $5,040 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.09% | 0.09% | 0.09% | 0.11% | 0.12% | 0.12% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.61% | 1.73% | 1.89% | 1.69% | 1.66% | 1.71% |
Portfolio Turnover Rate | 5% 3 | 7%3 | 8% 3 | 10%3 | 6% | 4% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
108
Tax-Managed Capital Appreciation Fund | ||||||
Financial Highlights | ||||||
Institutional Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $68.23 | $56.69 | $51.55 | $51.59 | $46.56 | $35.36 |
Investment Operations | ||||||
Net Investment Income | 0.5631 | 1.0991 | 1.011 | .897 | .830 | .719 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 1.306 | 11.531 | 5.141 | (.046) | 5.022 | 11.203 |
Total from Investment Operations | 1.869 | 12.630 | 6.152 | .851 | 5.852 | 11.922 |
Distributions | ||||||
Dividends from Net Investment Income | (.549) | (1.090) | (1.012) | (.891) | (.822) | (.722) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.549) | (1.090) | (1.012) | (.891) | (.822) | (.722) |
Net Asset Value, End of Period | $69.55 | $68.23 | $56.69 | $51.55 | $51.59 | $46.56 |
Total Return | 2.74% | 22.43% | 12.06% | 1.71% | 12.56% | 33.73% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $1,041 | $1,006 | $613 | $564 | $530 | $468 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.06% | 0.06% | 0.06% | 0.07% | 0.08% | 0.08% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.64% | 1.76% | 1.92% | 1.73% | 1.70% | 1.75% |
Portfolio Turnover Rate | 5%2 | 7%2 | 8%2 | 10%2 | 6% | 4% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
109
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 clearing-house is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearing-house imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract.
Futures contracts are valued at their quoted daily settlement prices. The 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 six months ended June 30, 2018, 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 June 30, 2018.
110
Tax-Managed Capital Appreciation Fund
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 for the period ended June 30, 2018, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
4. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
5. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $3.1 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
The fund had no borrowings outstanding at June 30, 2018, 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. All other costs of operations payable to Vanguard are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At June 30, 2018, the fund had contributed to Vanguard capital in the amount of $501,000, 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.
111
Tax-Managed Capital Appreciation Fund
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). 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 June 30, 2018, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 9,469,983 | — | 18 |
Temporary Cash Investments | 9,114 | 6,748 | — |
Total | 9,479,097 | 6,748 | 18 |
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 six months ended June 30, 2018, the fund realized $77,186,000 of net capital gains resulting from in-kind redemptions—in which shareholders exchanged fund shares for securities held by the fund rather than for cash. Because such gains are not taxable to the fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid-in capital.
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 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. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2018; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
At June 30, 2018, the cost of investment securities for tax purposes was $4,036,503,000. Net unrealized appreciation of investment securities for tax purposes was $5,449,360,000, consisting of unrealized gains of $5,454,469,000 on securities that had risen in value since their purchase and $5,109,000 in unrealized losses on securities that had fallen in value since their purchase.
112
Tax-Managed Capital Appreciation Fund
E. During the six months ended June 30, 2018, the fund purchased $500,228,000 of investment securities and sold $356,107,000 of investment securities, other than temporary cash investments. Purchases and sales include $0 and $108,158,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
F. Capital share transactions for each class of shares were: | ||||
Six Months Ended | Year Ended | |||
June 30, 2018 | December 31, 2017 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Admiral Shares | ||||
Issued | 437,560 | 3,112 | 591,576 | 4,716 |
Issued in Lieu of Cash Distributions | 46,843 | 336 | 94,674 | 741 |
Redeemed | (359,057) | (2,551) | (726,326) | (5,697) |
Net Increase (Decrease)—Admiral Shares | 125,346 | 897 | (40,076) | (240) |
Institutional Shares | ||||
Issued | 20,865 | 303 | 264,146 | 4,093 |
Issued in Lieu of Cash Distributions | 4,924 | 71 | 8,488 | 133 |
Redeemed | (11,198) | (160) | (18,136) | (286) |
Net Increase (Decrease) —Institutional Shares | 14,591 | 214 | 254,498 | 3,940 |
G. Management has determined that no events or transactions occurred subsequent to June 30, 2018, that would require recognition or disclosure in these financial statements.
113
Tax-Managed Small-Cap Fund
Fund Profile
As of June 30, 2018
Share-Class Characteristics | ||
Admiral | Institutional | |
Shares | Shares | |
Ticker Symbol | VTMSX | VTSIX |
Expense Ratio1 | 0.09% | 0.06% |
30-Day SEC Yield | 1.29% | 1.32% |
Portfolio Characteristics | |||
DJ | |||
S&P | U.S. Total | ||
SmallCap | Market | ||
Fund | 600 Index | FA Index | |
Number of Stocks | 597 | 601 | 3,779 |
Median Market Cap | $1.8B | $1.8B | $64.0B |
Price/Earnings Ratio | 21.7x | 21.9x | 20.7x |
Price/Book Ratio | 2.2x | 2.2x | 3.0x |
Return on Equity | 9.0% | 8.9% | 15.0% |
Earnings Growth Rate | 8.1% | 8.9% | 8.3% |
Dividend Yield | 1.2% | 1.4% | 1.8% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | |||
(Annualized) | 34% | — | — |
Short-Term Reserves | 0.2% | — | — |
Sector Diversification (% of equity exposure) | |||
DJ | |||
S&P | U.S. Total | ||
SmallCap | Market | ||
Fund | 600 Index | FA Index | |
Consumer Discretionary | 15.0% | 14.8% | 13.2% |
Consumer Staples | 3.0 | 3.2 | 6.2 |
Energy | 4.2 | 4.3 | 6.1 |
Financials | 16.8 | 17.1 | 14.3 |
Health Care | 12.3 | 12.1 | 13.7 |
Industrials | 19.1 | 19.0 | 10.2 |
Information Technology | 15.4 | 15.3 | 24.7 |
Materials | 5.1 | 5.0 | 3.1 |
Real Estate | 5.9 | 5.9 | 3.8 |
Telecommunication | |||
Services | 1.1 | 1.1 | 1.8 |
Utilities | 2.1 | 2.2 | 2.9 |
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.
Volatility Measures | ||
DJ | ||
S&P | U.S. Total | |
SmallCap | Market | |
600 Index | FA Index | |
R-Squared | 1.00 | 0.64 |
Beta | 0.99 | 1.06 |
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) | ||
Ligand Pharmaceuticals | ||
Inc. | Biotechnology | 0.5% |
Stamps.com Inc. | Internet Software & | |
Services | 0.5 | |
FirstCash Inc. | Consumer Finance | 0.5 |
PDC Energy Inc. | Oil & Gas Exploration | |
& Production | 0.5 | |
CACI International Inc. | IT Consulting & | |
Other Services | 0.5 | |
Neogen Corp. | Health Care Supplies | 0.5 |
HealthEquity Inc. | Managed Health | |
Care | 0.5 | |
ASGN Inc. | Human Resource & | |
Employment | ||
Services | 0.4 | |
RH | Homefurnishing | |
Retail | 0.4 | |
Axon Enterprise Inc. | Aerospace & | |
Defense | 0.4 | |
Top Ten | 4.7% |
The holdings listed exclude any temporary cash investments and equity index products.
Investment Focus
1 The expense ratios shown are from the prospectus dated April 25, 2018, and represent estimated costs for the current fiscal year. For the six months ended June 30, 2018, the annualized expense ratios were 0.09% for Admiral Shares and 0.06% for Institutional Shares.
114
Tax-Managed Small-Cap Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Fiscal-Year Total Returns (%): December 31, 2007, Through June 30, 2018
Average Annual Total Returns: Periods Ended June 30, 2018 | ||||
Inception Date | One Year | Five Years | Ten Years | |
Admiral Shares | 3/25/1999 | 20.34% | 14.48% | 12.18% |
Institutional Shares | 4/21/1999 | 20.37 | 14.52 | 12.23 |
See Financial Highlights for dividend and capital gains information.
115
Tax-Managed Small-Cap Fund
Financial Statements (unaudited)
Statement of Net Assets
As of June 30, 2018
The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
Market | |||
Value• | |||
Shares | ($000) | ||
Common Stocks (99.5%)1 | |||
Consumer Discretionary (14.9%) | |||
* | RH | 210,190 | 29,364 |
Wolverine World Wide | |||
Inc. | 753,651 | 26,204 | |
* | Shutterfly Inc. | 263,002 | 23,678 |
World Wrestling | |||
Entertainment Inc. | |||
Class A | 316,232 | 23,028 | |
* | Penn National Gaming Inc. | 664,428 | 22,318 |
* | TopBuild Corp. | 283,464 | 22,207 |
Steven Madden Ltd. | 405,601 | 21,537 | |
Marriott Vacations | |||
Worldwide Corp. | 183,708 | 20,752 | |
LCI Industries | 210,555 | 18,982 | |
* | iRobot Corp. | 235,042 | 17,809 |
Lithia Motors Inc. Class A | 188,103 | 17,789 | |
* | Cooper-Standard | ||
Holdings Inc. | 133,741 | 17,476 | |
* | Dorman Products Inc. | 252,485 | 17,247 |
Children’s Place Inc. | 134,968 | 16,304 | |
* | Dave & Buster’s | ||
Entertainment Inc. | 330,189 | 15,717 | |
Monro Inc. | 267,734 | 15,555 | |
* | G-III Apparel Group Ltd. | 340,945 | 15,138 |
DSW Inc. Class A | 580,509 | 14,989 | |
* | Cavco Industries Inc. | 70,050 | 14,546 |
* | Fox Factory Holding Corp. | 310,194 | 14,440 |
Abercrombie & Fitch Co. | 572,010 | 14,003 | |
Callaway Golf Co. | 734,774 | 13,939 | |
* | Meritage Homes Corp. | 316,318 | 13,902 |
* | American Axle & | ||
Manufacturing Holdings | |||
Inc. | 863,986 | 13,444 | |
GameStop Corp. Class A | 889,536 | 12,961 | |
Wingstop Inc. | 239,257 | 12,470 | |
MDC Holdings Inc. | 401,216 | 12,345 | |
* | Gentherm Inc. | 313,638 | 12,326 |
Cooper Tire & Rubber | |||
Co. | 447,686 | 11,774 | |
Caleres Inc. | 342,182 | 11,768 | |
La-Z-Boy Inc. | 382,259 | 11,697 | |
Office Depot Inc. | 4,488,831 | 11,446 | |
Oxford Industries Inc. | 137,244 | 11,388 | |
Dine Brands Global Inc. | 152,158 | 11,381 | |
Sonic Corp. | 328,201 | 11,297 | |
* | Asbury Automotive | ||
Group Inc. | 153,953 | 10,553 | |
Guess? Inc. | 489,841 | 10,483 | |
Group 1 Automotive Inc. | 164,242 | 10,347 | |
* | Installed Building | ||
Products Inc. | 180,327 | 10,197 | |
* | Sleep Number Corp. | 350,382 | 10,168 |
New Media Investment | |||
Group Inc. | 549,419 | 10,153 | |
Winnebago Industries | |||
Inc. | 249,522 | 10,131 | |
Tailored Brands Inc. | 396,574 | 10,121 | |
Scholastic Corp. | 225,206 | 9,979 | |
Capella Education Co. | 100,797 | 9,949 | |
Nutrisystem Inc. | 258,268 | 9,943 | |
Strayer Education Inc. | 87,868 | 9,930 | |
* | Shake Shack Inc. | ||
Class A | 149,943 | 9,923 | |
* | Fossil Group Inc. | 368,662 | 9,906 |
* | Crocs Inc. | 556,605 | 9,802 |
Standard Motor | |||
Products Inc. | 186,629 | 9,022 | |
* | Career Education Corp. | 551,967 | 8,925 |
BJ’s Restaurants Inc. | 146,689 | 8,801 | |
* | LGI Homes Inc. | 152,030 | 8,777 |
Chico’s FAS Inc. | 1,063,991 | 8,661 | |
Sturm Ruger & Co. Inc. | 150,765 | 8,443 | |
PetMed Express Inc. | 184,348 | 8,120 | |
* | Belmond Ltd. Class A | 705,508 | 7,866 |
* | Vista Outdoor Inc. | 490,867 | 7,604 |
Movado Group Inc. | 146,908 | 7,096 |
116
Tax-Managed Small-Cap Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Rent-A-Center Inc. | 481,203 | 7,083 |
Ruth’s Hospitality | |||
Group Inc. | 245,939 | 6,899 | |
* | Fiesta Restaurant | ||
Group Inc. | 240,163 | 6,893 | |
Gannett Co. Inc. | 643,922 | 6,890 | |
* | M/I Homes Inc. | 252,640 | 6,690 |
Buckle Inc. | 243,835 | 6,559 | |
* | Genesco Inc. | 165,184 | 6,558 |
* | JC Penney Co. Inc. | 2,709,611 | 6,340 |
* | Express Inc. | 669,375 | 6,125 |
* | William Lyon Homes | ||
Class A | 262,255 | 6,084 | |
Marcus Corp. | 186,505 | 6,061 | |
Ethan Allen Interiors Inc. | 247,295 | 6,059 | |
* | American Public | ||
Education Inc. | 143,432 | 6,038 | |
* | Lumber Liquidators | ||
Holdings Inc. | 245,360 | 5,974 | |
Cato Corp. Class A | 223,719 | 5,508 | |
Sonic Automotive Inc. | |||
Class A | 267,328 | 5,507 | |
* | Zumiez Inc. | 211,817 | 5,306 |
Core-Mark Holding | |||
Co. Inc. | 233,171 | 5,293 | |
* | Red Robin Gourmet | ||
Burgers Inc. | 110,665 | 5,157 | |
* | Regis Corp. | 300,980 | 4,978 |
* | Nautilus Inc. | 298,508 | 4,687 |
* | Chuy’s Holdings Inc. | 150,174 | 4,610 |
* | Ascena Retail Group Inc. | 1,147,099 | 4,571 |
* | Unifi Inc. | 143,215 | 4,540 |
Haverty Furniture Cos. | |||
Inc. | 207,388 | 4,480 | |
* | Monarch Casino & | ||
Resort Inc. | 96,303 | 4,242 | |
* | Hibbett Sports Inc. | 167,843 | 3,844 |
Barnes & Noble Inc. | 600,059 | 3,810 | |
* | MarineMax Inc. | 199,187 | 3,775 |
* | Francesca’s Holdings | ||
Corp. | 450,917 | 3,404 | |
Shoe Carnival Inc. | 103,041 | 3,344 | |
* | Perry Ellis International | ||
Inc. | 121,093 | 3,290 | |
EW Scripps Co. Class A | 216,996 | 2,906 | |
* | Vera Bradley Inc. | 181,782 | 2,552 |
* | Vitamin Shoppe Inc. | 343,204 | 2,385 |
* | Universal Electronics Inc. | 69,420 | 2,294 |
* | Kirkland’s Inc. | 190,192 | 2,214 |
* | Barnes & Noble | ||
Education Inc. | 369,438 | 2,084 | |
Big 5 Sporting Goods | |||
Corp. | 272,533 | 2,071 | |
Tile Shop Holdings Inc. | 134,502 | 1,036 |
* | FTD Cos. Inc. | 213,819 | 992 |
* | El Pollo Loco Holdings | ||
Inc. | 76,738 | 875 | |
Superior Industries | |||
International Inc. | 14,800 | 265 | |
996,394 | |||
Consumer Staples (3.0%) | |||
* | Darling Ingredients Inc. | 1,317,516 | 26,192 |
J&J Snack Foods Corp. | 118,181 | 18,019 | |
B&G Foods Inc. | 562,356 | 16,814 | |
WD-40 Co. | 106,294 | 15,546 | |
Medifast Inc. | 83,663 | 13,399 | |
Universal Corp. | 194,185 | 12,826 | |
Calavo Growers Inc. | 125,483 | 12,065 | |
* | Central Garden & Pet Co. | ||
Class A | 285,225 | 11,543 | |
* | Cal-Maine Foods Inc. | 230,634 | 10,575 |
MGP Ingredients Inc. | 105,486 | 9,368 | |
SpartanNash Co. | 338,688 | 8,643 | |
Dean Foods Co. | 808,411 | 8,496 | |
Andersons Inc. | 230,995 | 7,900 | |
Inter Parfums Inc. | 139,807 | 7,480 | |
SUPERVALU Inc. | 330,143 | 6,775 | |
John B Sanfilippo & Son | |||
Inc. | 82,259 | 6,124 | |
* | Central Garden & Pet Co. | 77,959 | 3,390 |
* | Seneca Foods Corp. | ||
Class A | 101,799 | 2,749 | |
Coca-Cola Bottling Co. | |||
Consolidated | 7,156 | 967 | |
* | Avon Products Inc. | 5,300 | 9 |
198,880 | |||
Energy (4.2%) | |||
* | PDC Energy Inc. | 536,420 | 32,427 |
* | SRC Energy Inc. | 1,950,725 | 21,497 |
US Silica Holdings Inc. | 650,337 | 16,707 | |
* | Carrizo Oil & Gas Inc. | 580,893 | 16,178 |
* | Denbury Resources Inc. | 3,303,712 | 15,891 |
* | Oil States International | ||
Inc. | 473,616 | 15,203 | |
* | Noble Corp. plc | 2,098,926 | 13,286 |
Archrock Inc. | 1,069,817 | 12,838 | |
* | C&J Energy Services | ||
Inc. | 516,202 | 12,182 | |
* | Unit Corp. | 444,833 | 11,370 |
* | Helix Energy Solutions | ||
Group Inc. | 1,159,839 | 9,661 | |
* | ProPetro Holding Corp. | 592,765 | 9,295 |
* | CONSOL Energy Inc. | 208,443 | 7,994 |
* | Newpark Resources Inc. | 720,760 | 7,820 |
* | SEACOR Holdings Inc. | 128,212 | 7,343 |
* | HighPoint Resources | ||
Corp. | 1,199,692 | 7,294 | |
* | Exterran Corp. | 254,298 | 6,368 |
117
Tax-Managed Small-Cap Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
Green Plains Inc. | 329,567 | 6,031 | |
* | Penn Virginia Corp. | 69,327 | 5,885 |
* | Ring Energy Inc. | 452,488 | 5,710 |
* | Renewable Energy | ||
Group Inc. | 273,280 | 4,878 | |
* | TETRA Technologies | ||
Inc. | 1,094,223 | 4,869 | |
* | REX American | ||
Resources Corp. | 58,061 | 4,701 | |
* | Pioneer Energy | ||
Services Corp. | 762,578 | 4,461 | |
* | Matrix Service Co. | 216,942 | 3,981 |
* | Par Pacific Holdings Inc. | 221,641 | 3,852 |
* | Bristow Group Inc. | 259,856 | 3,667 |
* | Cloud Peak Energy Inc. | 754,097 | 2,632 |
* | Era Group Inc. | 181,549 | 2,351 |
* | CARBO Ceramics Inc. | 216,563 | 1,986 |
Gulf Island Fabrication | |||
Inc. | 167,587 | 1,508 | |
* | Geospace | ||
Technologies Corp. | 396 | 6 | |
279,872 | |||
Financials (16.7%) | |||
FirstCash Inc. | 363,219 | 32,635 | |
* | Green Dot Corp. | ||
Class A | 370,332 | 27,179 | |
American Equity | |||
Investment Life | |||
Holding Co. | 740,141 | 26,645 | |
First Financial | |||
Bankshares Inc. | 506,599 | 25,786 | |
Selective Insurance | |||
Group Inc. | 445,192 | 24,486 | |
First Financial Bancorp | 761,361 | 23,336 | |
Glacier Bancorp Inc. | 590,271 | 22,832 | |
Columbia Banking | |||
System Inc. | 556,448 | 22,759 | |
Financial Engines Inc. | 506,128 | 22,725 | |
Community Bank | |||
System Inc. | 375,726 | 22,194 | |
First Midwest Bancorp | |||
Inc. | 799,523 | 20,364 | |
Great Western Bancorp | |||
Inc. | 474,510 | 19,925 | |
RLI Corp. | 291,651 | 19,304 | |
Hope Bancorp Inc. | 1,079,592 | 19,249 | |
Old National Bancorp | 1,006,352 | 18,718 | |
Simmons First National | |||
Corp. Class A | 599,810 | 17,934 | |
CVB Financial Corp. | 786,728 | 17,638 | |
* | BofI Holding Inc. | 430,828 | 17,625 |
Independent Bank Corp. | 221,786 | 17,388 | |
United Community | |||
Banks Inc. | 551,959 | 16,929 |
Ameris Bancorp | 315,239 | 16,818 | |
Banner Corp. | 263,310 | 15,833 | |
ServisFirst Bancshares | |||
Inc. | 371,717 | 15,512 | |
Apollo Commercial Real | |||
Estate Finance Inc. | 831,655 | 15,203 | |
NBT Bancorp Inc. | 389,754 | 14,869 | |
Horace Mann Educators | |||
Corp. | 331,848 | 14,800 | |
* | PRA Group Inc. | 370,459 | 14,281 |
Northwest Bancshares | |||
Inc. | 799,356 | 13,901 | |
Westamerica | |||
Bancorporation | 240,624 | 13,598 | |
LegacyTexas Financial | |||
Group Inc. | 342,894 | 13,380 | |
First Commonwealth | |||
Financial Corp. | 822,245 | 12,753 | |
* | Seacoast Banking Corp. | ||
of Florida | 400,095 | 12,635 | |
Provident Financial | |||
Services Inc. | 457,611 | 12,598 | |
Walker & Dunlop Inc. | 224,429 | 12,489 | |
Invesco Mortgage | |||
Capital Inc. | 784,562 | 12,475 | |
Waddell & Reed | |||
Financial Inc. Class A | 690,445 | 12,407 | |
S&T Bancorp Inc. | 286,413 | 12,384 | |
Infinity Property & | |||
Casualty Corp. | 86,139 | 12,262 | |
* | Pacific Premier Bancorp | ||
Inc. | 319,226 | 12,178 | |
Boston Private Financial | |||
Holdings Inc. | 765,375 | 12,169 | |
Brookline Bancorp Inc. | 652,737 | 12,141 | |
City Holding Co. | 153,932 | 11,580 | |
* | First BanCorp | 1,502,333 | 11,493 |
Navigators Group Inc. | 187,187 | 10,670 | |
Employers Holdings Inc. | 264,542 | 10,635 | |
AMERISAFE Inc. | 179,451 | 10,363 | |
Safety Insurance Group | |||
Inc. | 120,427 | 10,284 | |
Berkshire Hills Bancorp | |||
Inc. | 252,847 | 10,266 | |
* | Enova International Inc. | 274,764 | 10,043 |
Hanmi Financial Corp. | 352,470 | 9,992 | |
Tompkins Financial Corp. | 116,087 | 9,970 | |
Central Pacific Financial | |||
Corp. | 337,145 | 9,659 | |
James River Group | |||
Holdings Ltd. | 242,352 | 9,522 | |
Universal Insurance | |||
Holdings Inc. | 270,072 | 9,480 | |
United Fire Group Inc. | 173,393 | 9,452 |
118
Tax-Managed Small-Cap Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
Southside Bancshares | |||
Inc. | 278,202 | 9,370 | |
ProAssurance Corp. | 257,263 | 9,120 | |
Piper Jaffray Cos. | 116,802 | 8,976 | |
National Bank Holdings | |||
Corp. Class A | 231,289 | 8,925 | |
Northfield Bancorp Inc. | 534,924 | 8,890 | |
TrustCo Bank Corp. NY | 983,410 | 8,752 | |
Oritani Financial Corp. | 531,967 | 8,618 | |
WisdomTree Investments | |||
Inc. | 932,945 | 8,471 | |
Stewart Information | |||
Services Corp. | 194,589 | 8,381 | |
* | Third Point Reinsurance | ||
Ltd. | 666,760 | 8,334 | |
Banc of California Inc. | 426,131 | 8,331 | |
* | Customers Bancorp Inc. | 292,532 | 8,302 |
Heritage Financial Corp. | 230,000 | 8,015 | |
* | NMI Holdings Inc. | ||
Class A | 487,237 | 7,942 | |
Meta Financial Group Inc. | 79,182 | 7,712 | |
* | Encore Capital Group Inc. | 199,870 | 7,315 |
* | HomeStreet Inc. | 262,657 | 7,079 |
OFG Bancorp | 489,877 | 6,883 | |
Virtus Investment | |||
Partners Inc. | 53,590 | 6,857 | |
Dime Community | |||
Bancshares Inc. | 340,997 | 6,649 | |
Fidelity Southern Corp. | 261,150 | 6,636 | |
* | INTL. FCStone Inc. | 125,603 | 6,495 |
Capstead Mortgage Corp. | 724,885 | 6,488 | |
* | World Acceptance Corp. | 57,958 | 6,434 |
PennyMac Mortgage | |||
Investment Trust | 334,674 | 6,355 | |
Greenhill & Co. Inc. | 217,631 | 6,181 | |
ARMOUR Residential | |||
REIT Inc. | 260,062 | 5,932 | |
Investment Technology | |||
Group Inc. | 257,745 | 5,392 | |
* | EZCORP Inc. Class A | 430,765 | 5,191 |
Maiden Holdings Ltd. | 665,726 | 5,159 | |
* | Donnelley Financial | ||
Solutions Inc. | 292,719 | 5,085 | |
Green Bancorp Inc. | 227,500 | 4,914 | |
Opus Bank | 154,858 | 4,444 | |
* | eHealth Inc. | 165,560 | 3,659 |
New York Mortgage | |||
Trust Inc. | 566,400 | 3,404 | |
HCI Group Inc. | 81,206 | 3,376 | |
United Insurance | |||
Holdings Corp. | 168,005 | 3,290 | |
* | Franklin Financial | ||
Network Inc. | 47,500 | 1,786 | |
1,116,889 |
Health Care (12.2%) | |||
* | Ligand Pharmaceuticals | ||
Inc. | 171,862 | 35,605 | |
* | Neogen Corp. | 398,782 | 31,978 |
* | HealthEquity Inc. | 425,326 | 31,942 |
* | Supernus | ||
Pharmaceuticals Inc. | 427,906 | 25,610 | |
* | Inogen Inc. | 137,063 | 25,539 |
* | AMN Healthcare | ||
Services Inc. | 385,770 | 22,606 | |
* | Myriad Genetics Inc. | 571,812 | 21,369 |
* | Merit Medical Systems | ||
Inc. | 400,018 | 20,481 | |
* | LHC Group Inc. | 236,797 | 20,267 |
* | Medicines Co. | 541,550 | 19,875 |
* | Amedisys Inc. | 230,304 | 19,682 |
* | Magellan Health Inc. | 200,464 | 19,235 |
* | Omnicell Inc. | 328,670 | 17,239 |
* | Spectrum | ||
Pharmaceuticals Inc. | 760,353 | 15,937 | |
* | Select Medical Holdings | ||
Corp. | 871,032 | 15,809 | |
* | REGENXBIO Inc. | 218,807 | 15,699 |
Abaxis Inc. | 188,340 | 15,634 | |
* | Enanta Pharmaceuticals | ||
Inc. | 128,706 | 14,917 | |
* | Repligen Corp. | 316,643 | 14,895 |
* | HMS Holdings Corp. | 688,129 | 14,877 |
* | Integer Holdings Corp. | 227,199 | 14,688 |
CONMED Corp. | 197,441 | 14,453 | |
* | Emergent BioSolutions | ||
Inc. | 282,973 | 14,287 | |
Ensign Group Inc. | 391,224 | 14,014 | |
* | Cambrex Corp. | 256,451 | 13,412 |
* | Momenta | ||
Pharmaceuticals Inc. | 647,860 | 13,249 | |
* | Corcept Therapeutics Inc. | 810,265 | 12,737 |
* | BioTelemetry Inc. | 268,477 | 12,081 |
* | Varex Imaging Corp. | 314,759 | 11,674 |
* | Acorda Therapeutics Inc. | 394,072 | 11,310 |
* | Endo International plc | 1,194,282 | 11,262 |
* | Diplomat Pharmacy Inc. | 413,537 | 10,570 |
US Physical Therapy Inc. | 105,200 | 10,099 | |
Owens & Minor Inc. | 594,525 | 9,935 | |
* | Tivity Health Inc. | 281,804 | 9,920 |
Luminex Corp. | 333,386 | 9,845 | |
* | Natus Medical Inc. | 279,920 | 9,657 |
* | Orthofix International NV | 153,212 | 8,706 |
* | OraSure Technologies Inc. 525,452 | 8,654 | |
* | Providence Service Corp. | 109,851 | 8,629 |
* | Innoviva Inc. | 612,293 | 8,450 |
* | Quality Systems Inc. | 419,806 | 8,186 |
* | CryoLife Inc. | 292,517 | 8,147 |
119
Tax-Managed Small-Cap Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
Phibro Animal Health | |||
Corp. Class A | 171,017 | 7,875 | |
* | Tabula Rasa HealthCare | ||
Inc. | 110,707 | 7,066 | |
* | Kindred Healthcare Inc. | 763,658 | 6,873 |
* | AngioDynamics Inc. | 308,549 | 6,862 |
* | Surmodics Inc. | 121,037 | 6,681 |
HealthStream Inc. | 242,675 | 6,627 | |
* | Tactile Systems | ||
Technology Inc. | 124,519 | 6,475 | |
Meridian Bioscience Inc. | 406,089 | 6,457 | |
* | Heska Corp. | 59,154 | 6,140 |
* | AMAG Pharmaceuticals | ||
Inc. | 301,122 | 5,872 | |
* | Eagle Pharmaceuticals | ||
Inc. | 76,188 | 5,764 | |
* | ANI Pharmaceuticals Inc. | 83,574 | 5,583 |
* | Progenics | ||
Pharmaceuticals Inc. | 670,417 | 5,390 | |
* | Amphastar | ||
Pharmaceuticals Inc. | 338,205 | 5,161 | |
* | CorVel Corp. | 94,960 | 5,128 |
Invacare Corp. | 268,883 | 5,001 | |
* | Cutera Inc. | 116,914 | 4,712 |
LeMaitre Vascular Inc. | 132,382 | 4,432 | |
* | Cross Country | ||
Healthcare Inc. | 386,359 | 4,347 | |
* | Anika Therapeutics Inc. | 135,215 | 4,327 |
Computer Programs & | |||
Systems Inc. | 127,559 | 4,197 | |
* | Cytokinetics Inc. | 493,263 | 4,094 |
* | Lantheus Holdings Inc. | 277,963 | 4,044 |
* | Depomed Inc. | 596,933 | 3,982 |
Aceto Corp. | 801,249 | 2,684 | |
* | Lannett Co. Inc. | 131,713 | 1,791 |
* | Quorum Health Corp. | 326,270 | 1,631 |
* | Community Health | ||
Systems Inc. | 356,518 | 1,184 | |
813,541 | |||
Industrials (19.0%) | |||
* | ASGN Inc. | 379,422 | 29,667 |
* | Axon Enterprise Inc. | 463,296 | 29,271 |
* | Trex Co. Inc. | 466,300 | 29,186 |
Insperity Inc. | 293,292 | 27,936 | |
Korn/Ferry International | 440,160 | 27,259 | |
Tetra Tech Inc. | 457,461 | 26,761 | |
* | Proto Labs Inc. | 197,694 | 23,516 |
Hillenbrand Inc. | 488,584 | 23,037 | |
John Bean Technologies | |||
Corp. | 258,396 | 22,971 | |
Barnes Group Inc. | 388,084 | 22,858 | |
Applied Industrial | |||
Technologies Inc. | 315,032 | 22,100 | |
SkyWest Inc. | 416,983 | 21,641 | |
UniFirst Corp. | 121,974 | 21,577 |
Simpson Manufacturing | |||
Co. Inc. | 324,278 | 20,167 | |
Moog Inc. Class A | 252,585 | 19,692 | |
Exponent Inc. | 396,194 | 19,136 | |
* | Aerojet Rocketdyne | ||
Holdings Inc. | 610,745 | 18,011 | |
Universal Forest | |||
Products Inc. | 490,019 | 17,945 | |
* | FTI Consulting Inc. | 296,566 | 17,936 |
Mobile Mini Inc. | 364,966 | 17,117 | |
ABM Industries Inc. | 583,245 | 17,019 | |
Watts Water | |||
Technologies Inc. | |||
Class A | 213,678 | 16,752 | |
Matthews International | |||
Corp. Class A | 280,869 | 16,515 | |
* | Saia Inc. | 201,637 | 16,302 |
* | Chart Industries Inc. | 252,010 | 15,544 |
* | Mercury Systems Inc. | 407,588 | 15,513 |
Brady Corp. Class A | 399,141 | 15,387 | |
Hawaiian Holdings Inc. | 425,604 | 15,300 | |
* | SPX FLOW Inc. | 345,478 | 15,122 |
Kaman Corp. | 216,916 | 15,117 | |
Actuant Corp. Class A | 511,983 | 15,027 | |
* | Atlas Air Worldwide | ||
Holdings Inc. | 207,196 | 14,856 | |
* | Harsco Corp. | 671,420 | 14,838 |
Mueller Industries Inc. | 496,184 | 14,642 | |
Franklin Electric Co. Inc. | 320,147 | 14,439 | |
Allegiant Travel Co. | |||
Class A | 102,720 | 14,273 | |
Albany International | |||
Corp. | 232,671 | 13,995 | |
Forward Air Corp. | 231,598 | 13,683 | |
Comfort Systems USA | |||
Inc. | 293,547 | 13,444 | |
Matson Inc. | 348,575 | 13,378 | |
* | Hub Group Inc. Class A | 265,917 | 13,243 |
Cubic Corp. | 197,625 | 12,688 | |
ESCO Technologies Inc. | 217,769 | 12,565 | |
* | Aerovironment Inc. | 175,284 | 12,521 |
US Ecology Inc. | 195,946 | 12,482 | |
EnPro Industries Inc. | 175,929 | 12,306 | |
Greenbrier Cos. Inc. | 233,031 | 12,292 | |
AAR Corp. | 262,287 | 12,194 | |
* | SPX Corp. | 345,251 | 12,101 |
Apogee Enterprises Inc. | 248,938 | 11,991 | |
Raven Industries Inc. | 311,460 | 11,976 | |
Tennant Co. | 150,009 | 11,851 | |
Interface Inc. Class A | 515,340 | 11,827 | |
* | Patrick Industries Inc. | 205,052 | 11,657 |
Federal Signal Corp. | 486,814 | 11,338 | |
AAON Inc. | 339,463 | 11,287 | |
* | American Woodmark | ||
Corp. | 120,333 | 11,017 |
120
Tax-Managed Small-Cap Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
Standex International | |||
Corp. | 107,391 | 10,975 | |
* | WageWorks Inc. | 217,135 | 10,857 |
* | Gibraltar Industries Inc. | 279,179 | 10,469 |
Astec Industries Inc. | 169,093 | 10,112 | |
Viad Corp. | 183,879 | 9,975 | |
ArcBest Corp. | 217,082 | 9,921 | |
* | TrueBlue Inc. | 360,417 | 9,713 |
AZZ Inc. | 218,245 | 9,483 | |
Wabash National Corp. | 501,537 | 9,359 | |
Lindsay Corp. | 88,796 | 8,612 | |
Triumph Group Inc. | 437,930 | 8,583 | |
* | Navigant Consulting Inc. | 386,626 | 8,560 |
Multi-Color Corp. | 131,512 | 8,502 | |
* | PGT Innovations Inc. | 406,769 | 8,481 |
Briggs & Stratton Corp. | 452,781 | 7,973 | |
Encore Wire Corp. | 166,151 | 7,884 | |
Marten Transport Ltd. | 326,937 | 7,667 | |
Heartland Express Inc. | 405,030 | 7,513 | |
Alamo Group Inc. | 82,127 | 7,421 | |
* | Aegion Corp. Class A | 283,628 | 7,303 |
* | Lydall Inc. | 164,824 | 7,195 |
* | Team Inc. | 290,297 | 6,706 |
* | Echo Global Logistics | ||
Inc. | 223,325 | 6,532 | |
Quanex Building | |||
Products Corp. | 353,738 | 6,350 | |
Griffon Corp. | 356,376 | 6,344 | |
Kelly Services Inc. | |||
Class A | 278,473 | 6,252 | |
Insteel Industries Inc. | 183,760 | 6,138 | |
* | Vicor Corp. | 137,603 | 5,993 |
National Presto | |||
Industries Inc. | 48,193 | 5,976 | |
Heidrick & Struggles | |||
International Inc. | 170,475 | 5,967 | |
Resources Connection | |||
Inc. | 350,247 | 5,919 | |
* | DXP Enterprises Inc. | 145,663 | 5,564 |
LSC Communications | |||
Inc. | 354,386 | 5,550 | |
* | MYR Group Inc. | 152,069 | 5,392 |
Titan International Inc. | 502,366 | 5,390 | |
Essendant Inc. | 402,485 | 5,321 | |
* | Engility Holdings Inc. | 165,926 | 5,084 |
Forrester Research Inc. | 112,916 | 4,737 | |
* | Veritiv Corp. | 106,784 | 4,255 |
Powell Industries Inc. | 95,497 | 3,326 | |
* | Orion Group Holdings | ||
Inc. | 378,828 | 3,129 | |
CIRCOR International | |||
Inc. | 79,821 | 2,950 | |
RR Donnelley & Sons Co. | 278,521 | 1,604 | |
1,265,303 |
Information Technology (15.3%) | |||
* | Stamps.com Inc. | 134,614 | 34,064 |
* | CACI International Inc. | ||
Class A | 190,857 | 32,169 | |
* | Semtech Corp. | 547,813 | 25,775 |
Cabot Microelectronics | |||
Corp. | 210,769 | 22,670 | |
* | Qualys Inc. | 262,404 | 22,121 |
* | Advanced Energy | ||
Industries Inc. | 342,095 | 19,872 | |
* | II-VI Inc. | 454,087 | 19,730 |
Brooks Automation Inc. | 604,031 | 19,703 | |
* | Viavi Solutions Inc. | 1,903,997 | 19,497 |
Power Integrations Inc. | 252,807 | 18,468 | |
Travelport Worldwide | |||
Ltd. | 978,900 | 18,149 | |
* | Finisar Corp. | 964,600 | 17,363 |
* | Rogers Corp. | 155,050 | 17,282 |
* | NETGEAR Inc. | 272,069 | 17,004 |
* | Sanmina Corp. | 573,095 | 16,792 |
* | Itron Inc. | 273,774 | 16,440 |
* | Plexus Corp. | 262,163 | 15,609 |
* | Anixter International Inc. | 239,874 | 15,184 |
* | 8x8 Inc. | 756,258 | 15,163 |
* | ExlService Holdings Inc. | 262,589 | 14,865 |
* | Insight Enterprises Inc. | 299,245 | 14,642 |
* | SolarEdge Technologies | ||
Inc. | 302,738 | 14,486 | |
Kulicke & Soffa | |||
Industries Inc. | 606,751 | 14,453 | |
Progress Software Corp. | 368,885 | 14,320 | |
* | Blucora Inc. | 383,897 | 14,204 |
* | Bottomline Technologies | ||
de Inc. | 284,580 | 14,181 | |
TiVo Corp. | 1,039,464 | 13,981 | |
* | TTM Technologies Inc. | 778,081 | 13,718 |
Ebix Inc. | 177,487 | 13,533 | |
* | 3D Systems Corp. | 959,647 | 13,253 |
* | Oclaro Inc. | 1,462,400 | 13,059 |
Methode Electronics Inc. | 308,996 | 12,452 | |
* | Electronics For Imaging | ||
Inc. | 380,182 | 12,379 | |
* | Knowles Corp. | 777,241 | 11,892 |
* | OSI Systems Inc. | 153,442 | 11,866 |
* | Rambus Inc. | 917,897 | 11,510 |
Benchmark Electronics | |||
Inc. | 393,123 | 11,459 | |
* | Fabrinet | 307,899 | 11,358 |
* | Diodes Inc. | 322,387 | 11,113 |
ManTech International | |||
Corp. Class A | 203,817 | 10,933 | |
CSG Systems | |||
International Inc. | 264,228 | 10,799 | |
Badger Meter Inc. | 239,552 | 10,708 |
121
Tax-Managed Small-Cap Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
* | ePlus Inc. | 113,686 | 10,698 |
* | Virtusa Corp. | 215,244 | 10,478 |
EVERTEC Inc. | 475,580 | 10,391 | |
* | KEMET Corp. | 425,956 | 10,287 |
* | SPS Commerce Inc. | 137,973 | 10,138 |
CTS Corp. | 277,572 | 9,993 | |
* | MicroStrategy Inc. | ||
Class A | 75,739 | 9,676 | |
* | Sykes Enterprises Inc. | 334,954 | 9,640 |
* | LivePerson Inc. | 454,831 | 9,597 |
* | Cardtronics plc Class A | 390,098 | 9,433 |
NIC Inc. | 591,578 | 9,199 | |
* | ScanSource Inc. | 222,936 | 8,984 |
* | Rudolph Technologies | ||
Inc. | 302,112 | 8,942 | |
MTS Systems Corp. | 161,691 | 8,513 | |
* | CalAmp Corp. | 354,626 | 8,309 |
* | Cray Inc. | 335,001 | 8,241 |
* | Alarm.com Holdings Inc. | 203,200 | 8,205 |
* | FARO Technologies Inc. | 148,615 | 8,077 |
Diebold Nixdorf Inc. | 674,109 | 8,056 | |
* | Super Micro Computer | ||
Inc. | 336,215 | 7,951 | |
* | XO Group Inc. | 245,643 | 7,861 |
* | Nanometrics Inc. | 219,637 | 7,777 |
* | Perficient Inc. | 290,423 | 7,658 |
* | Shutterstock Inc. | 159,073 | 7,550 |
Monotype Imaging | |||
Holdings Inc. | 356,791 | 7,243 | |
Comtech | |||
Telecommunications | |||
Corp. | 225,330 | 7,183 | |
Xperi Corp. | 437,244 | 7,040 | |
Cohu Inc. | 281,623 | 6,903 | |
ADTRAN Inc. | 464,062 | 6,891 | |
* | CEVA Inc. | 215,117 | 6,496 |
* | Photronics Inc. | 779,609 | 6,217 |
Park Electrochemical | |||
Corp. | 257,715 | 5,976 | |
* | Ultra Clean Holdings Inc. | 356,900 | 5,925 |
* | Applied Optoelectronics | ||
Inc. | 119,502 | 5,366 | |
* | OneSpan Inc. | 260,986 | 5,128 |
* | Digi International Inc. | 384,990 | 5,082 |
* | Electro Scientific | ||
Industries Inc. | 291,090 | 4,590 | |
* | Control4 Corp. | 185,912 | 4,519 |
Daktronics Inc. | 496,549 | 4,226 | |
TTEC Holdings Inc. | 115,799 | 4,001 | |
* | FormFactor Inc. | 289,393 | 3,849 |
* | QuinStreet Inc. | 297,779 | 3,782 |
* | DSP Group Inc. | 296,065 | 3,686 |
* | PDF Solutions Inc. | 303,497 | 3,636 |
* | Veeco Instruments Inc. | 243,510 | 3,470 |
* | Harmonic Inc. | 803,284 | 3,414 |
* | Agilysys Inc. | 199,650 | 3,095 |
Bel Fuse Inc. Class B | 142,477 | 2,978 | |
* | MaxLinear Inc. | 161,269 | 2,514 |
* | Kopin Corp. | 793,555 | 2,270 |
* | Liquidity Services Inc. | 297,696 | 1,950 |
* | Axcelis Technologies Inc. | 70,800 | 1,402 |
1,022,705 | |||
Materials (5.1%) | |||
* | Ingevity Corp. | 338,925 | 27,405 |
Balchem Corp. | 250,240 | 24,558 | |
KapStone Paper and | |||
Packaging Corp. | 684,726 | 23,623 | |
HB Fuller Co. | 407,208 | 21,859 | |
Quaker Chemical Corp. | 104,900 | 16,246 | |
Innospec Inc. | 201,390 | 15,416 | |
Boise Cascade Co. | 310,119 | 13,862 | |
Kaiser Aluminum Corp. | 128,050 | 13,331 | |
Stepan Co. | 168,861 | 13,173 | |
* | Kraton Corp. | 268,994 | 12,411 |
* | AK Steel Holding Corp. | 2,670,679 | 11,591 |
Schweitzer-Mauduit | |||
International Inc. | 259,782 | 11,358 | |
Neenah Inc. | 131,980 | 11,198 | |
A Schulman Inc. | 233,631 | 10,397 | |
* | AdvanSix Inc. | 264,637 | 9,694 |
PH Glatfelter Co. | 466,756 | 9,144 | |
Innophos Holdings Inc. | 188,875 | 8,990 | |
Materion Corp. | 160,564 | 8,694 | |
Rayonier Advanced | |||
Materials Inc. | 434,166 | 7,420 | |
* | Century Aluminum Co. | 470,516 | 7,411 |
* | SunCoke Energy Inc. | 548,089 | 7,344 |
* | Koppers Holdings Inc. | 186,813 | 7,164 |
* | US Concrete Inc. | 133,363 | 7,002 |
Tredegar Corp. | 260,745 | 6,127 | |
* | TimkenSteel Corp. | 350,251 | 5,727 |
American Vanguard Corp. | 237,428 | 5,449 | |
FutureFuel Corp. | 333,304 | 4,670 | |
Hawkins Inc. | 127,612 | 4,511 | |
Myers Industries Inc. | 220,505 | 4,234 | |
* | Clearwater Paper Corp. | 175,004 | 4,043 |
Haynes International Inc. | 104,620 | 3,844 | |
Olympic Steel Inc. | 126,350 | 2,579 | |
* | LSB Industries Inc. | 58,717 | 311 |
* | Flotek Industries Inc. | 8,900 | 29 |
340,815 | |||
Other (3.3%) | |||
2 | Vanguard Real Estate | ||
ETF | 2,700,000 | 219,915 |
122
Tax-Managed Small-Cap Fund | ||
Market | ||
Value• | ||
Shares | ($000) | |
Real Estate (2.6%) | ||
DiamondRock | ||
Hospitality Co. | 1,116,993 | 13,717 |
EastGroup Properties Inc. | 133,506 | 12,758 |
Kite Realty Group Trust | 655,365 | 11,194 |
PS Business Parks Inc. | 70,631 | 9,076 |
Acadia Realty Trust | 329,740 | 9,025 |
Retail Opportunity | ||
Investments Corp. | 443,301 | 8,494 |
HFF Inc. Class A | 239,047 | 8,211 |
RE/MAX Holdings Inc. | ||
Class A | 135,568 | 7,111 |
Chesapeake Lodging Trust | 222,783 | 7,049 |
Lexington Realty Trust | 779,396 | 6,804 |
National Storage | ||
Affiliates Trust | 198,052 | 6,104 |
Summit Hotel | ||
Properties Inc. | 410,468 | 5,874 |
Four Corners Property | ||
Trust Inc. | 226,948 | 5,590 |
Global Net Lease Inc. | 250,000 | 5,107 |
LTC Properties Inc. | 116,552 | 4,981 |
Agree Realty Corp. | 94,290 | 4,976 |
American Assets Trust | ||
Inc. | 111,463 | 4,268 |
Ramco-Gershenson | ||
Properties Trust | 312,635 | 4,130 |
CareTrust REIT Inc. | 211,982 | 3,538 |
Getty Realty Corp. | 123,157 | 3,469 |
CBL & Associates | ||
Properties Inc. | 596,470 | 3,322 |
Easterly Government | ||
Properties Inc. | 165,000 | 3,260 |
Chatham Lodging Trust | 145,791 | 3,094 |
Washington Prime | ||
Group Inc. | 380,413 | 3,085 |
Pennsylvania REIT | 273,910 | 3,010 |
Universal Health Realty | ||
Income Trust | 46,247 | 2,959 |
Independence Realty | ||
Trust Inc. | 277,752 | 2,864 |
Hersha Hospitality Trust | ||
Class A | 109,499 | 2,349 |
Saul Centers Inc. | 42,134 | 2,257 |
Community Healthcare | ||
Trust Inc. | 60,700 | 1,813 |
Urstadt Biddle | ||
Properties Inc. Class A | 76,220 | 1,725 |
Cedar Realty Trust Inc. | 116,966 | 552 |
Armada Hoffler | ||
Properties Inc. | 22,216 | 331 |
Whitestone REIT | 16,156 | 202 |
Franklin Street | ||
Properties Corp. | 23,400 | 200 |
172,499 |
Market | |||
Value• | |||
Shares | ($000) | ||
Telecommunication Services (1.1%) | |||
* | Vonage Holdings Corp. | 1,794,119 | 23,126 |
Cogent Communications | |||
Holdings Inc. | 353,158 | 18,859 | |
* | Iridium Communications | ||
Inc. | 730,477 | 11,761 | |
ATN International Inc. | 105,581 | 5,571 | |
Spok Holdings Inc. | 320,163 | 4,818 | |
Frontier Communications | |||
Corp. | 699,441 | 3,749 | |
Consolidated | |||
Communications | |||
Holdings Inc. | 283,060 | 3,499 | |
71,383 | |||
Utilities (2.1%) | |||
Avista Corp. | 525,077 | 27,650 | |
Spire Inc. | 367,964 | 25,997 | |
South Jersey Industries | |||
Inc. | 654,405 | 21,903 | |
El Paso Electric Co. | 325,660 | 19,246 | |
American States Water | |||
Co. | 286,212 | 16,360 | |
California Water Service | |||
Group | 373,375 | 14,543 | |
Northwest Natural Gas | |||
Co. | 219,765 | 14,021 | |
139,720 | |||
Total Common Stocks | |||
(Cost $4,244,961) | 6,637,916 | ||
Temporary Cash Investments (0.7%)1 | |||
Money Market Fund (0.7%) | |||
3 | Vanguard Market Liquidity | ||
Fund, 2.122% | 439,148 | 43,919 | |
Face | |||
Amount | |||
($000) | |||
U.S. Government and Agency Obligations (0.0%) | |||
4 | United States Treasury Bill, | ||
1.934%, 10/11/18 | 1,120 | 1,114 | |
4 | United States Treasury Bill, | ||
2.034%, 11/15/18 | 200 | 199 | |
1,313 | |||
Total Temporary Cash Investments | |||
(Cost $45,228) | 45,232 | ||
Total Investments (100.2%) | |||
(Cost $4,290,189) | 6,683,148 |
123
Tax-Managed Small-Cap Fund | |
Amount | |
($000) | |
Other Assets and Liabilities (-0.2%) | |
Other Assets | |
Investment in Vanguard | 347 |
Receivables for Accrued Income | 5,384 |
Receivables for Capital Shares Issued | 7,435 |
Total Other Assets | 13,166 |
Liabilities | |
Payables for Investment Securities | |
Purchased | (15,015) |
Payables for Capital Shares Redeemed | (9,272) |
Payables to Vanguard | (2,045) |
Variation Margin Payable— | |
Futures Contracts | (60) |
Other Liabilities | (1,484) |
Total Liabilities | (27,876) |
Net Assets (100%) | 6,668,438 |
At June 30, 2018, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 4,468,264 |
Undistributed Net Investment Income | 3,713 |
Accumulated Net Realized Losses | (195,967) |
Unrealized Appreciation (Depreciation) | |
Investment Securities | 2,392,959 |
Futures Contracts | (531) |
Net Assets | 6,668,438 |
Admiral Shares—Net Assets | |
Applicable to 91,138,815 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 6,114,554 |
Net Asset Value Per Share— | |
Admiral Shares | $67.09 |
Institutional Shares—Net Assets | |
Applicable to 8,236,868 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 553,884 |
Net Asset Value Per Share— | |
Institutional Shares | $67.24 |
• 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 0.2%, respectively, of net assets.
2 Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group.
3 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
4 Securities with a value of $1,313,000 have been segregated as initial margin for open futures contracts.
REIT—Real Estate Investment Trust.
124
Tax-Managed Small-Cap 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 | ||||
E-mini Russell 2000 Index | September 2018 | 405 | 33,362 | (531) |
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.
125
Tax-Managed Small-Cap Fund | |
Statement of Operations | |
Six Months Ended | |
June 30, 2018 | |
($000) | |
Investment Income | |
Income | |
Dividends—Unaffiliated Issuers | 33,099 |
Dividends—Affiliated Issuers | — |
Interest—Unaffiliated Issuers | 14 |
Interest—Affiliated Issuers | 289 |
Total Income | 33,402 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 765 |
Management and Administrative—Admiral Shares | 1,634 |
Management and Administrative—Institutional Shares | 83 |
Marketing and Distribution—Admiral Shares | 161 |
Marketing and Distribution—Institutional Shares | 4 |
Custodian Fees | 22 |
Shareholders’ Reports—Admiral Shares | 26 |
Shareholders’ Reports—Institutional Shares | 2 |
Trustees’ Fees and Expenses | 2 |
Total Expenses | 2,699 |
Net Investment Income | 30,703 |
Realized Net Gain (Loss) | |
Investment Securities Sold—Unaffiliated Issuers | 311,651 |
Investment Securities Sold—Affiliated Issuers | 1,834 |
Futures Contracts | 5,180 |
Realized Net Gain (Loss) | 318,665 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities—Unaffiliated Issuers | 210,142 |
Investment Securities—Affiliated Issuers | (3,411) |
Futures Contracts | (660) |
Change in Unrealized Appreciation (Depreciation) | 206,071 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 555,439 |
See accompanying Notes, which are an integral part of the Financial Statements.
126
Tax-Managed Small-Cap Fund | ||
Statement of Changes in Net Assets | ||
Six Months Ended | Year Ended | |
June 30, | December 31, | |
2018 | 2017 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 30,703 | 63,105 |
Realized Net Gain (Loss) | 318,665 | 223,265 |
Change in Unrealized Appreciation (Depreciation) | 206,071 | 393,439 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 555,439 | 679,809 |
Distributions | ||
Net Investment Income | ||
Admiral Shares | (22,622) | (58,195) |
Institutional Shares | (2,097) | (4,878) |
Realized Capital Gain | ||
Admiral Shares | — | — |
Institutional Shares | — | — |
Return of Capital | ||
Admiral Shares | — | (1,553) |
Institutional Shares | — | (130) |
Total Distributions | (24,719) | (64,756) |
Capital Share Transactions | ||
Admiral Shares | 200,840 | 186,606 |
Institutional Shares | 17,505 | 66,991 |
Net Increase (Decrease) from Capital Share Transactions | 218,345 | 253,597 |
Total Increase (Decrease) | 749,065 | 868,650 |
Net Assets | ||
Beginning of Period | 5,919,373 | 5,050,723 |
End of Period1 | 6,668,438 | 5,919,373 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $3,713,000 and ($2,271,000).
See accompanying Notes, which are an integral part of the Financial Statements.
127
Tax-Managed Small-Cap Fund | ||||||
Financial Highlights | ||||||
Admiral Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $61.63 | $55.16 | $44.37 | $45.78 | $43.53 | $31.16 |
Investment Operations | ||||||
Net Investment Income | . 3151 | .6661 | .558 | .556 | .463 | .383 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 5.392 | 6.486 | 10.788 | (1.406) | 2.242 | 12.389 |
Total from Investment Operations | 5.707 | 7.152 | 11.346 | (.850) | 2.705 | 12.772 |
Distributions | ||||||
Dividends from Net Investment Income | (.247) | (.664) | (.556) | (.560) | (.455) | (.402) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Return of Capital | — | (.018) | — | — | — | — |
Total Distributions | (.247) | (.682) | (.556) | (.560) | (.455) | (.402) |
Net Asset Value, End of Period | $67.09 | $61.63 | $55.16 | $44.37 | $45.78 | $43.53 |
Total Return2 | 9.27% | 13.05% | 25.73% | -1.85% | 6.23% | 41.00% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $6,115 | $5,428 | $4,671 | $3,419 | $3,382 | $3,143 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.09% | 0.09% | 0.09% | 0.11% | 0.12% | 0.12% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.01% | 1.17% | 1.19% | 1.21% | 1.06% | 1.05% |
Portfolio Turnover Rate 3 | 34% | 37% | 45% | 33% | 40% | 31% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
128
Tax-Managed Small-Cap Fund | ||||||
Financial Highlights | ||||||
Institutional Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $61.77 | $55.29 | $44.47 | $45.88 | $43.63 | $31.22 |
Investment Operations | ||||||
Net Investment Income | . 3241 | .6931 | .572 | .576 | .481 | . 398 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 5.403 | 6.488 | 10.818 | (1.406) | 2.242 | 12.428 |
Total from Investment Operations | 5.727 | 7.181 | 11.390 | (.830) | 2.723 | 12.826 |
Distributions | ||||||
Dividends from Net Investment Income | (.257) | (.683) | (.570) | (.580) | (.473) | (.416) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Return of Capital | — | (.018) | — | — | — | — |
Total Distributions | (.257) | (.701) | (.570) | (.580) | (.473) | (.416) |
Net Asset Value, End of Period | $67.24 | $61.77 | $55.29 | $44.47 | $45.88 | $43.63 |
Total Return | 9.28% | 13.08% | 25.78% | -1.80% | 6.26% | 41.09% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $554 | $492 | $379 | $276 | $236 | $237 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.06% | 0.06% | 0.06% | 0.07% | 0.08% | 0.08% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.04% | 1.20% | 1.22% | 1.25% | 1.10% | 1.09% |
Portfolio Turnover Rate2 | 34% | 37% | 45% | 33% | 40% | 31% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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 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 clearing-house is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearing-house imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract.
Futures contracts are valued at their quoted daily settlement prices. The 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 six months ended June 30, 2018, 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 for the period ended June 30, 2018, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
4. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
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Tax-Managed Small-Cap Fund
5. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $3.1 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
The fund had no borrowings outstanding at June 30, 2018, 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. All other costs of operations payable to Vanguard are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At June 30, 2018, the fund had contributed to Vanguard capital in the amount of $347,000, representing 0.01% of the fund’s net assets and 0.14% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
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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 June 30, 2018, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 6,637,916 | — | — |
Temporary Cash Investments | 43,919 | 1,313 | — |
Futures Contracts—Liabilities1 | (60) | — | — |
Total | 6,681,775 | 1,313 | — |
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 six months ended June 30, 2018, the fund realized $384,308,000 of net capital gains resulting from in-kind redemptions—in which shareholders exchanged fund shares for securities held by the fund rather than for cash. Because such gains are not taxable to the fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid-in capital.
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 2017, the fund had available capital losses totaling $130,195,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2018; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
At June 30, 2018, the cost of investment securities for tax purposes was $4,290,189,000. Net unrealized appreciation of investment securities for tax purposes was $2,392,959,000, consisting of unrealized gains of $2,448,326,000 on securities that had risen in value since their purchase and $55,367,000 in unrealized losses on securities that had fallen in value since their purchase.
E. During the six months ended June 30, 2018, the fund purchased $1,857,426,000 of investment securities and sold $1,630,637,000 of investment securities, other than temporary cash investments. Purchases and sales include $0 and $587,309,000, 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: | ||||
Six Months Ended | Year Ended | |||
June 30, 2018 | December 31, 2017 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Admiral Shares | ||||
Issued | 1,052,220 | 16,394 | 1,074,323 | 18,944 |
Issued in Lieu of Cash Distributions | 16,956 | 256 | 45,494 | 786 |
Redeemed | (868,336) | (13,575) | (933,211) | (16,353) |
Net Increase (Decrease)—Admiral Shares | 200,840 | 3,075 | 186,606 | 3,377 |
Institutional Shares | ||||
Issued | 27,106 | 429 | 109,542 | 1,862 |
Issued in Lieu of Cash Distributions | 1,359 | 20 | 3,241 | 56 |
Redeemed | (10,960) | (172) | (45,792) | (818) |
Net Increase (Decrease)—Institutional Shares | 17,505 | 277 | 66,991 | 1,100 |
G. Transactions during the period in investments where the issuer is another member of the Vanguard Group were as follows:
Current Period Transactions | ||||||||
Dec. 31, | Proceeds | Realized | June 30, | |||||
2017 | from | Net | Change in | Capital Gain | 2018 | |||
Market | Purchases | Securities | Gain | Unrealized | Distributions | Market | ||
Value | at Cost | Sold | (Loss) | App. (Dep.) | Income | Received | Value | |
($000) | ($000) | ($000) | ($000) | ($000) | ($000) | ($000) | ($000) | |
Vanguard Market | ||||||||
Liquidity Fund | 22,275 | NA1 | NA1 | 11 | 3 | 289 | — | 43,919 |
Vanguard | ||||||||
Real Estate ETF | 174,258 | 408,256 | 361,008 | 1,823 | (3,414) | — | — | 219,915 |
Total | 196,533 | 1,834 | (3,411) | 289 | — | 263,834 | ||
1 Not applicable—purchases and sales are for temporary cash investment purposes. |
H. Management has determined that no events or transactions occurred subsequent to June 30, 2018, that would require recognition or disclosure in these financial statements.
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About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The accompanying table illustrates your fund’s costs in two ways:
• Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During Period.“
• Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
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Six Months Ended June 30, 2018 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
12/31/2017 | 6/30/2018 | Period | |
Based on Actual Fund Return | |||
Tax-Managed Balanced Fund | $1,000.00 | $1,013.55 | $0.45 |
Tax-Managed Capital Appreciation Fund | |||
Admiral Shares | $1,000.00 | $1,027.39 | $0.45 |
Institutional Shares | 1,000.00 | 1,027.45 | 0.30 |
Tax-Managed Small-Cap Fund | |||
Admiral Shares | $1,000.00 | $1,092.67 | $0.47 |
Institutional Shares | 1,000.00 | 1,092.77 | 0.31 |
Based on Hypothetical 5% Yearly Return | |||
Tax-Managed Balanced Fund | $1,000.00 | $1,024.35 | $0.45 |
Tax-Managed Capital Appreciation Fund | |||
Admiral Shares | $1,000.00 | $1,024.35 | $0.45 |
Institutional Shares | 1,000.00 | 1,024.50 | 0.30 |
Tax-Managed Small-Cap Fund | |||
Admiral Shares | $1,000.00 | $1,024.35 | $0.45 |
Institutional Shares | 1,000.00 | 1,024.50 | 0.30 |
The calculations are based on expenses incurred in the most recent six-month period. The funds’ annualized six-month expense ratios for that period are: for the Tax-Managed Balanced Fund, 0.09%; for the Tax-Managed Capital Appreciation Fund, 0.09% for Admiral Shares and 0.06% for Institutional Shares; and for the Tax-Managed Small-Cap Fund, 0.09% for Admiral Shares and 0.06% for Institutional Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (181/365).
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Trustees Approve Advisory Arrangements
The board of trustees of Vanguard Tax-Managed Balanced Fund, Vanguard Tax-Managed Capital Appreciation Fund, and Vanguard Tax-Managed Small-Cap Fund has renewed each fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Equity Index and Fixed Income Groups. The board determined that continuing each fund’s internalized management structure was in the best interests of the fund and its shareholders.
The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard’s Portfolio Review Department, which is responsible for fund and advisor oversight and product management. The Portfolio Review Department met regularly with the advisor and made monthly presentations to the board during the fiscal year that directed the board’s focus to relevant information and topics.
The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor’s assessment of the investment environment, portfolio performance, and portfolio characteristics.
In addition, the board received monthly reports, which included a Market and Economic Report, a Fund Dashboard Monthly Summary, and a Fund Performance Report.
Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangements. Rather, it was the totality of the circumstances that drove the board’s decision.
Nature, extent, and quality of services
The board reviewed the quality of each fund’s investment management services over both the short and long term and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than four decades. Both the Equity Index Group and the Fixed Income Group adhere to sound, disciplined investment management processes; each group’s management team has considerable experience, stability, and depth.
The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of each advisory arrangement.
Investment performance
The board considered the short- and long-term performance of each fund, including any periods of outperformance or underperformance compared with a relevant benchmark index and peer group. The board concluded that the performance was such that each advisory arrangement should continue. Information about each fund’s most recent performance can be found on the Performance Summary pages of this report.
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Cost
The board concluded that each fund’s expense ratio was well below the average expense ratio charged by funds in its peer group and that each fund’s advisory expenses were also well below the peer-group average. Information about the funds’ expenses appears in the About Your Fund’s Expenses section of this report as well as in the Financial Statements sections.
The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique “at-cost” structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees and produces “profits” only in the form of reduced expenses for fund shareholders.
The benefit of economies of scale
The board concluded that each fund’s at-cost arrangement with Vanguard ensures that the funds will realize economies of scale as they grow, with the cost to shareholders declining as fund assets increase.
The board will consider whether to renew the advisory arrangements again after a one-year period.
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Glossary
30-Day SEC Yield. A fund’s 30-day SEC yield is derived using a formula specified by the U.S. Securities and Exchange Commission. Under the formula, data related to the fund’s security holdings in the previous 30 days are used to calculate the fund’s hypothetical net income for that period, which is then annualized and divided by the fund’s estimated average net assets over the calculation period. For the purposes of this calculation, a security’s income is based on its current market yield to maturity (for bonds), its actual income (for asset-backed securities), or its projected dividend yield (for stocks). Because the SEC yield represents hypothetical annualized income, it will differ—at times significantly—from the fund’s actual experience. As a result, the fund’s income distributions may be higher or lower than implied by the SEC yield.
Average Coupon. The average interest rate paid on the fixed income securities held by a fund. It is expressed as a percentage of face value.
Average Duration. An estimate of how much the value of the bonds held by a fund will fluctuate in response to a change in interest rates. To see how the value could change, multiply the average duration by the change in rates. If interest rates rise by 1 percentage point, the value of the bonds in a fund with an average duration of five years would decline by about 5%. If rates decrease by a percentage point, the value would rise by 5%.
Average Stated Maturity. The average length of time until fixed income securities held by a fund reach maturity and are repaid using the maturity date of the security. The figure reflects the proportion of fund assets represented by each security; it also reflects any futures contracts held. In general, the longer the average stated maturity, the more a fund’s share price will fluctuate in response to changes in market interest rates.
Beta. A measure of the magnitude of a fund’s past share-price fluctuations in relation to the ups and downs of a given market index. The index is assigned a beta of 1.00. Compared with a given index, a fund with a beta of 1.20 typically would have seen its share price rise or fall by 12% when the index rose or fell by 10%. For this report, beta is based on returns over the past 36 months for both the fund and the index. Note that a fund’s beta should be reviewed in conjunction with its R-squared (see definition). The lower the R-squared, the less correlation there is between the fund and the index, and the less reliable beta is as an indicator of volatility.
Credit Quality. Credit-quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Credit-quality ratings are obtained from Moody’s and S&P, and the higher rating for each issue is used. ”Not Rated” is used to classify securities for which a rating is not available.
Dividend Yield. The current, annualized rate of dividends paid on a share of stock, divided by its current share price. For a fund, the weighted average yield for stocks it holds. The index yield is based on the current annualized rate of dividends paid on stocks in the index.
Earnings Growth Rate. The average annual rate of growth in earnings over the past five years for the stocks now in a fund.
Equity Exposure. A measure that reflects a fund’s investments in stocks and stock futures. Any holdings in short-term reserves are excluded.
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Expense Ratio. A fund’s total annual operating expenses expressed as a percentage of the fund’s average net assets. The expense ratio includes management and administrative expenses, but does not include the transaction costs of buying and selling portfolio securities.
Foreign Holdings. The percentage of a fund represented by securities or depositary receipts of companies based outside the United States.
Inception Date. The date on which the assets of a fund (or one of its share classes) are first invested in accordance with the fund’s investment objective. For funds with a subscription period, the inception date is the day after that period ends. Investment performance is measured from the inception date.
Largest Area Concentrations. An indicator of diversification. The less concentrated a fund’s holdings of bonds, the less the fund will be hurt by any financial problems in a single state or region.
Median Market Cap. An indicator of the size of companies in which a fund invests; the midpoint of market capitalization (market price x shares outstanding) of a fund’s stocks, weighted by the proportion of the fund’s assets invested in each stock. Stocks representing half of the fund’s assets have market capitalizations above the median, and the rest are below it.
Price/Book Ratio. The share price of a stock divided by its net worth, or book value, per share. For a fund, the weighted average price/book ratio of the stocks it holds.
Price/Earnings Ratio. The ratio of a stock’s current price to its per-share earnings over the past year. For a fund, the weighted average P/E of the stocks it holds. P/E is an indicator of market expectations about corporate prospects; the higher the P/E, the greater the expectations for a company��s future growth.
R-Squared. A measure of how much of a fund’s past returns can be explained by the returns from the market in general, as measured by a given index. If a fund’s total returns were precisely synchronized with an index’s returns, its R-squared would be 1.00. If the fund’s returns bore no relationship to the index’s returns, its R-squared would be 0. For this report, R-squared is based on returns over the past 36 months for both the fund and the index.
Return on Equity. The annual average rate of return generated by a company during the past five years for each dollar of shareholder’s equity (net income divided by shareholder’s equity). For a fund, the weighted average return on equity for the companies whose stocks it holds.
Short-Term Reserves. The percentage of a fund invested in highly liquid, short-term securities that can be readily converted to cash.
Turnover Rate. An indication of the fund’s trading activity. Funds with high turnover rates incur higher transaction costs and may be more likely to distribute capital gains (which may be taxable to investors). The turnover rate excludes in-kind transactions, which have minimal impact on costs.
Yield to Maturity. The rate of return an investor would receive if the fixed income securities held by a fund were held to their maturity dates.
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Benchmark Information
Tax-Managed Balanced Composite Index: Weighted 50% Russell 1000 Index and 50% Bloomberg Barclays 7 Year Municipal Bond Index through January 31, 2002, and 50% Russell 1000 Index and 50% Bloomberg Barclays 1–15 Year Municipal Bond Index thereafter.
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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.
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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
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142
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 208 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 Trustees1
F. William McNabb III
Born in 1957. Trustee since July 2009. Principal occupation(s) during the past five years and other experience: chairman of the board (January 2010–present) of Vanguard and of each of the investment companies served by Vanguard, trustee (2009–present) of each of the investment companies served by Vanguard, and director (2008–present) of Vanguard. Chief executive officer and president (2008–2017) of Vanguard and each of the investment companies served by Vanguard, managing director (1995–2008) of Vanguard, and director (1997–2018) of Vanguard Marketing Corporation. Director (2018–present) of UnitedHealth Group.
Mortimer J. Buckley
Born in 1969. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chief executive officer (January 2018–present) of Vanguard; chief executive officer, president, and trustee (January 2018–present) of each of the investment companies served by Vanguard; president and director (2017–present) of Vanguard; and president (February 2018–present) of Vanguard Marketing Corporation. Chief investment officer (2013–2017), managing director (2002–2017), head of the Retail Investor Group (2006–2012), and chief information officer (2001–2006) of Vanguard. Chairman of the board (2011–2017) of the Children’s Hospital of Philadelphia.
Independent Trustees
Emerson U. Fullwood
Born in 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). Former president of the Worldwide Channels Group, Latin America, and Worldwide Customer Service and executive chief staff officer of Developing Markets of Xerox. 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 University of Rochester Medical Center, the Monroe Community College Foundation, the United Way of Rochester, North Carolina A&T University, and Roberts Wesleyan College. Trustee of the University of Rochester.
Amy Gutmann
Born in 1949. Trustee since June 2006. Principal occupation(s) during the past five years and other experience: president (2004–present) of the University of Pennsylvania. Christopher H. Browne Distinguished Professor of Political Science, School of Arts and Sciences, and professor of communication, Annenberg School for Communication, with secondary faculty appointments in the Department of Philosophy, School of Arts and Sciences, and at the Graduate School of Education, University of Pennsylvania. Trustee of the National Constitution Center.
1 Mr. McNabb and Mr. Buckley are considered “interested persons,” as defined in the Investment Company Act of 1940, because they are officers of the Vanguard funds.
JoAnn Heffernan Heisen
Born in 1950. Trustee since July 1998. Principal occupation(s) during the past five years and other experience: corporate vice president of Johnson & Johnson (pharmaceuticals/medical devices/consumer products) and member of its 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. 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 in 1949. Trustee since October 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2009) and vice chairman of the board (2008–2009) 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 in 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) of IBM (information technology services). Fiduciary member of IBM’s Retirement Plan Committee (2004–2013), senior vice president and general manager (2002–2004) of IBM Global Financing, vice president and controller (1998–2002) of IBM, and a variety of other prior management roles at IBM. Member of the Council on Chicago Booth.
Scott C. Malpass
Born in 1962. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: chief investment officer (1989–present) and vice president (1996–present) of the University of Notre Dame. Assistant professor of finance at the Mendoza College of Business, University of Notre Dame, and member of the Notre Dame 403(b) Investment Committee. Chairman of the board of TIFF Advisory Services, Inc. Member of the board of Catholic Investment Services, Inc. (investment advisors), the board of advisors for Spruceview Capital Partners, and the board of superintendence of the Institute for the Works of Religion.
Deanna Mulligan
Born in 1963. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: president (2010–present) and chief executive officer (2011–present) of The Guardian Life Insurance Company of America. Chief operating officer (2010–2011) and executive vice president (2008–2010) of Individual Life and Disability of The Guardian Life Insurance Company of America. Member of the board of The Guardian Life Insurance Company of America, the American Council of Life Insurers, the Partnership for New York City (business leadership), and the Committee Encouraging Corporate Philanthropy. Trustee of the Economic Club of New York and the Bruce Museum (arts and science). Member of the Advisory Council for the Stanford Graduate School of Business.
André F. Perold
Born in 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.
Sarah Bloom Raskin
Born in 1961. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: deputy secretary (2014–2017) of the United States Department of the Treasury. Governor (2010–2014) of the Federal Reserve Board. Commissioner (2007–2010) of financial regulation for the State of Maryland. Member of the board of directors (2012–2014) of Neighborhood Reinvestment Corporation. Director of i(x) Investments, LLC.
Peter F. Volanakis
Born in 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) and director of Corning Incorporated (2000–2010) and Dow Corning (2001–2010). Director (2012) of SPX Corporation (multi-industry manufacturing). Overseer of the Amos Tuck School of Business Administration, Dartmouth College (2001–2013). 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 in 1967. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Investment stewardship officer (2017–present), treasurer (2015–2017), controller (2010–2015), and assistant controller (2001–2010) of each of the investment companies served by Vanguard.
Christine M. Buchanan
Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard and global head of Fund Administration at Vanguard. Treasurer (2017–present) of each of the investment companies served by Vanguard. Partner (2005–2017) at KPMG LLP (audit, tax, and advisory services).
Brian Dvorak
Born in 1973. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief compliance officer (2017–present) of Vanguard and each of the investment companies served by Vanguard. Assistant vice president (2017–present) of Vanguard Marketing Corporation. Vice president and director of Enterprise Risk Management (2011–2013) at Oppenheimer Funds, Inc.
Thomas J. Higgins
Born in 1957. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief financial officer (2008–present) and treasurer (1998–2008) of each of the investment companies served by Vanguard.
Peter Mahoney
Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Controller (2015–present) of each of the investment companies served by Vanguard. Head of International Fund Services (2008–2014) at Vanguard.
Anne E. Robinson
Born in 1970. Principal occupation(s) during the past five years and other experience: general counsel (2016–present) of Vanguard. Secretary (2016–present) of Vanguard and of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Director and senior vice president (2016–2018) of Vanguard Marketing Corporation. Managing director and general counsel of Global Cards and Consumer Services (2014–2016) at Citigroup. Counsel (2003–2014) at American Express.
Michael Rollings
Born in 1963. Principal occupation(s) during the past five years and other experience: finance director (2017–present) and treasurer (2017) of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Chief financial officer (2016–present) of Vanguard. Director (2016–present) of Vanguard Marketing Corporation. Executive vice president and chief financial officer (2006–2016) of MassMutual Financial Group.
Vanguard Senior Management Team | |
Mortimer J. Buckley | James M. Norris |
Gregory Davis | Thomas M. Rampulla |
John James | Karin A. Risi |
Martha G. King | Anne E. Robinson |
John T. Marcante | Michael Rollings |
Chris D. McIsaac | |
Chairman Emeritus and Senior Advisor | |
John J. Brennan | |
Chairman, 1996–2009 | |
Chief Executive Officer and President, 1996–2008 | |
Founder | |
John C. Bogle | |
Chairman and Chief Executive Officer, 1974–1996 |
| P.O. Box 2600 |
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All comparative mutual fund data are from Lipper, a | |
Thomson Reuters Company, or Morningstar, Inc., unless | |
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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 | |
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© 2018 The Vanguard Group, Inc. | |
All rights reserved. | |
Vanguard Marketing Corporation, Distributor. | |
Q1032 082018 |
Semiannual Report | June 30, 2018 |
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 |
CEO’s Perspective. | 3 |
Fund Profile. | 5 |
Performance Summary. | 7 |
Financial Statements. | 8 |
About Your Fund’s Expenses. | 29 |
Trustees Approve Advisory Arrangement. | 31 |
Glossary. | 33 |
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
• International equity markets lost ground over the first half of 2018 in an environment marked by heightened volatility. Concerns about monetary policy, trade tariffs, and oil prices countered strong job reports and decent corporate earnings. Developed markets outperformed emerging markets, and broad European markets outpaced U.K. stocks. Equities in the Pacific region performed well in early 2018 but fell back as the year progressed.
• For the six months ended June 30, 2018, Vanguard Developed Markets Index Fund returned –2.79% for Investor Shares. The fund slightly edged its target index, the FTSE Developed All Cap ex US Index, after accounting for fair-value pricing. It performed in line with the average return of its international fund peers.
• The fund recorded negative returns in five of the ten industry sectors, with financials (–6.6%), consumer goods (–4.4%), and industrials (–2.8%) detracting most. The biggest contributors to performance were oil and gas (+6.3%), health care (+2.1%), and consumer services (+1.5%).
Total Returns: Six Months Ended June 30, 2018 | |
Total | |
Returns | |
Vanguard Developed Markets Index Fund | |
Investor Shares | -2.79% |
FTSE Developed Markets ETF Shares | |
Market Price | -2.96 |
Net Asset Value | -2.69 |
Admiral™ Shares | -2.67 |
Institutional Shares | -2.65 |
Institutional Plus Shares | -2.68 |
FTSE Developed All Cap ex US Index | -2.84 |
International Funds Average | -2.75 |
International Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
Admiral Shares carry lower expenses and are available to investors who meet certain account-balance requirements. Institutional Shares and Institutional Plus Shares are available to certain institutional investors who meet specific administrative, service, and account-size criteria. The Vanguard ETF® Shares shown are traded on the NYSE Arca exchange and are available only through brokers. The table provides ETF returns based on both the NYSE Arca market price and the net asset value for a share. U.S. Pat. Nos. 6,879,964; 7,337,138; 7,720,749; 7,925,573; 8,090,646; and 8,417,623.
For the ETF Shares, the market price is determined by the midpoint of the bid-offer spread as of the closing time of the New York Stock Exchange (generally 4 p.m., Eastern time). The net asset value is also determined as of the NYSE closing time. For more information about how the ETF Shares' market prices have compared with their net asset value, visit vanguard.com, select your ETF, and then select the Price and Performance tab. The ETF premium/discount analysis there shows the percentages of days on which the ETF Shares' market price was above or below the NAV.
1
Expense Ratios | ||||||
Your Fund Compared With Its Peer Group | ||||||
FTSE | ||||||
Developed | ||||||
Markets | ||||||
Investor | ETF | Admiral | Institutional | Institutional | Peer Group | |
Shares | Shares | Shares | Shares | Plus Shares | Average | |
Developed Markets Index Fund | 0.17% | 0.07% | 0.07% | 0.06% | 0.05% | 1.31% |
The fund expense ratios shown are from the prospectus dated April 25, 2018, and represent estimated costs for the current fiscal year. For the six months ended June 30, 2018, the fund’s annualized expense ratios were 0.17% for Investor Shares, 0.07% for FTSE Developed Markets ETF Shares, 0.07% for Admiral Shares, 0.06% for Institutional Shares, and 0.05% for Institutional Plus Shares. The peer-group expense ratio is derived from data provided by Lipper, a Thomson Reuters Company, and captures information through year-end 2017.
Peer group: International Funds.
2
CEO’s Perspective
Tim Buckley
President and Chief Executive Officer
Dear Shareholder,
I feel extremely fortunate to have the chance to lead a company filled with people who come to work every day passionate about Vanguard’s core purpose: to take a stand for all investors, to treat them fairly, and to give them the best chance for investment success.
When I joined Vanguard in 1991, I found a mission-driven team focused on improving lives—helping people retire more comfortably, put their children through college, and achieve financial security. I also found a company with purpose in an industry ripe for improvement.
It was clear, even early in my career, that the cards were stacked against most investors. Hidden fees, performance-chasing, and poor advice were relentlessly eroding investors’ dreams.
We knew Vanguard could be different and, as a result, could make a real difference. We have lowered the costs of investing for our shareholders significantly. And we’re proud of the performance of our funds.
Vanguard is built for Vanguard investors—we focus solely on you, our fund shareholders. Everything we do is designed to give our clients the best chance for investment success. In my role as CEO, I’ll keep this priority
3
front and center. We’re proud of what we’ve achieved, but we’re even more excited about what’s to come.
Steady, time-tested guidance
Our guidance for investors, as always, is to stay the course, tune out the hyperbolic headlines, and focus on your goals and what you can control, such as costs and how much you save. This time-tested advice has served our clients well over the decades.
Regardless of how the markets perform in the short term, I’m incredibly optimistic about the future for our investors. We have a dedicated team serving you, and we will never stop striving to make
Vanguard the best place for you to invest through our high-quality funds and services, advice and guidance to help you meet your financial goals, and an experience that makes you feel good about entrusting us with your hard-earned savings.
Thank you for your continued loyalty.
Sincerely,
Mortimer J. Buckley
President and Chief Executive Officer
July 13, 2018
Market Barometer | |||
Total Returns | |||
Periods Ended June 30, 2018 | |||
Six | One | Five Years | |
Months | Year | (Annualized) | |
Stocks | |||
Russell 1000 Index (Large-caps) | 2.85% | 14.54% | 13.37% |
Russell 2000 Index (Small-caps) | 7.66 | 17.57 | 12.46 |
Russell 3000 Index (Broad U.S. market) | 3.22 | 14.78 | 13.29 |
FTSE All-World ex US Index (International) | -3.83 | 7.28 | 6.35 |
Bonds | |||
Bloomberg Barclays U.S. Aggregate Bond Index | |||
(Broad taxable market) | -1.62% | -0.40% | 2.27% |
Bloomberg Barclays Municipal Bond Index | |||
(Broad tax-exempt market) | -0.25 | 1.56 | 3.53 |
FTSE Three-Month U. S. Treasury Bill Index | 0.78 | 1.33 | 0.38 |
CPI | |||
Consumer Price Index | 2.22% | 2.87% | 1.54% |
4
Developed Markets Index Fund
Fund Profile
As of June 30, 2018
Share-Class Characteristics | |||||
FTSE | |||||
Developed | |||||
Investor | Markets ETF | Admiral | Institutional | Institutional | |
Shares | Shares | Shares | Shares | Plus Shares | |
Ticker Symbol | VDVIX | VEA | VTMGX | VTMNX | VDIPX |
Expense Ratio1 | 0.17% | 0.07% | 0.07% | 0.06% | 0.05% |
Portfolio Characteristics | |||
FTSE | |||
Developed | FTSE Global | ||
All Cap ex | All Cap ex | ||
Fund | US Index | US Index | |
Number of Stocks | 3,906 | 3,839 | 5,997 |
Median Market Cap | $28.2B | $28.2B | $25.8B |
Price/Earnings Ratio | 14.1x | 14.1x | 14.1x |
Price/Book Ratio | 1.6x | 1.6x | 1.6x |
Return on Equity | 11.2% | 11.2% | 12.3% |
Earnings Growth | |||
Rate | 8.4% | 8.4% | 9.7% |
Dividend Yield | 3.0% | 3.0% | 2.9% |
Turnover Rate | |||
(Annualized) | 3% | — | — |
Short-Term | |||
Reserves | -0.5% | — | — |
Sector Diversification (% of equity exposure) | |||
FTSE | |||
Developed | FTSE Global | ||
All Cap ex | All Cap ex | ||
Fund | US Index | US Index | |
Basic Materials | 7.7% | 7.7% | 7.6% |
Consumer Goods | 17.4 | 17.4 | 15.4 |
Consumer Services | 8.4 | 8.4 | 9.3 |
Financials | 23.6 | 23.6 | 24.4 |
Health Care | 9.2 | 9.2 | 7.9 |
Industrials | 16.0 | 16.0 | 14.8 |
Oil & Gas | 6.6 | 6.6 | 6.9 |
Technology | 4.9 | 4.9 | 7.3 |
Telecommunications | 3.0 | 3.0 | 3.3 |
Utilities | 3.2 | 3.2 | 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 | ||
Developed | FTSE Global | |
ex US | All Cap ex | |
Index | US Index | |
R-Squared | 0.98 | 0.96 |
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 | 1.5% |
Nestle SA | Food Products | 1.2 |
Samsung Electronics Co. Consumer | ||
Ltd. | Electronics | 1.2 |
HSBC Holdings plc | Banks | 1.0 |
Toyota Motor Corp. | Automobiles | 0.9 |
Novartis AG | Pharmaceuticals | 0.9 |
Roche Holding AG | Pharmaceuticals | 0.8 |
TOTAL SA | Integrated Oil & Gas | 0.8 |
BP plc | Integrated Oil & Gas | 0.8 |
Unilever | Personal Products | 0.8 |
Top Ten | 9.9% |
The holdings listed exclude any temporary cash investments and equity index products.
Allocation by Region (% of portfolio)
1 The expense ratios shown are from the prospectus dated April 25, 2018, and represent estimated costs for the current fiscal year. For the six months ended June 30, 2018, the annualized expense ratios were 0.17% for Investor Shares, 0.07% for FTSE Developed Markets ETF Shares, 0.07% for Admiral Shares, 0.06% for Institutional Shares, and 0.05% for Institutional Plus Shares.
5
Developed Markets Index Fund
Market Diversification (% of equity exposure) | |||
FTSE | FTSE | ||
Developed | Global | ||
All Cap ex | All Cap ex | ||
Fund | US Index | US Index | |
Europe | |||
United | |||
Kingdom | 15.9% | 15.9% | 12.6% |
France | 8.3 | 8.3 | 6.5 |
Germany | 7.8 | 7.8 | 6.2 |
Switzerland | 6.3 | 6.3 | 5.0 |
Netherlands | 3.0 | 3.0 | 2.3 |
Spain | 2.6 | 2.6 | 2.0 |
Sweden | 2.5 | 2.5 | 2.0 |
Italy | 2.3 | 2.3 | 1.8 |
Denmark | 1.4 | 1.4 | 1.1 |
Finland | 1.0 | 1.0 | 0.8 |
Belgium | 1.0 | 1.0 | 0.8 |
Other | 1.5 | 1.5 | 1.2 |
Subtotal | 53.6% | 53.6% | 42.3% |
Pacific | |||
Japan | 22.2% | 22.2% | 17.6% |
Australia | 6.2 | 6.2 | 4.9 |
South Korea | 4.5 | 4.5 | 3.6 |
Hong Kong | 3.2 | 3.2 | 2.5 |
Singapore | 1.1 | 1.1 | 0.9 |
Other | 0.3 | 0.3 | 0.2 |
Subtotal | 37.5% | 37.5% | 29.7% |
Emerging | |||
Markets | 0.0% | 0.0% | 21.0% |
North America | |||
Canada | 8.4% | 8.4% | 6.6% |
Middle East | 0.5% | 0.5% | 0.4% |
6
Developed Markets Index Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Fiscal-Year Total Returns (%): December 31, 2007, Through June 30, 2018
Average Annual Total Returns: Periods Ended June 30, 2018 | ||||
Inception | One | Five | Ten | |
Date | Year | Years | Years | |
Investor Shares | 12/19/2013 | 7.16% | — | 4.50%1 |
FTSE Developed Markets ETF | ||||
Shares | 7/20/2007 | |||
Market Price | 6.89 | 6.87% | 3.19 | |
Net Asset Value | 7.28 | 6.96 | 3.23 | |
Admiral Shares | 8/17/1999 | 7.25 | 6.95 | 3.22 |
Institutional Shares | 1/4/2001 | 7.33 | 6.97 | 3.26 |
Institutional Plus Shares | 4/1/2014 | 7.29 | — | 3.87 1 |
1 Return since inception. |
7
Developed Markets Index Fund
Financial Statements (unaudited)
Statement of Net Assets—Investments Summary
As of June 30, 2018
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 | 9,939,881 | 536,083 | 0.5% | |
BHP Billiton Ltd. | 18,129,879 | 453,646 | 0.4% | |
Westpac Banking Corp. | 19,318,171 | 419,532 | 0.4% | |
CSL Ltd. | 2,550,817 | 363,091 | 0.3% | |
Australia & New Zealand Banking Group Ltd. | 16,364,838 | 342,509 | 0.3% | |
1,2 | Australia—Other † | 4,593,198 | 4.3% | |
6,708,059 | 6.2% | |||
1,2Austria † | 334,323 | 0.3% | ||
Belgium | ||||
Anheuser-Busch InBev SA/NV | 4,284,553 | 432,162 | 0.4% | |
Belgium—Other † | 636,296 | 0.6% | ||
1,068,458 | 1.0% | |||
Canada | ||||
Royal Bank of Canada | 8,149,017 | 613,602 | 0.6% | |
Toronto-Dominion Bank | 10,406,641 | 602,321 | 0.5% | |
Bank of Nova Scotia | 6,871,276 | 389,075 | 0.4% | |
Suncor Energy Inc. | 9,225,762 | 375,445 | 0.3% | |
Enbridge Inc. | 9,593,332 | 342,971 | 0.3% | |
Canadian National Railway Co. | 4,145,886 | 339,107 | 0.3% | |
1 | Canada—Other † | 6,387,910 | 5.9% | |
9,050,431 | 8.3% | |||
Denmark | ||||
Novo Nordisk A/S Class B | 9,588,306 | 442,889 | 0.4% | |
1 | Denmark—Other † | 1,070,120 | 1.0% | |
1,513,009 | 1.4% |
8
Developed Markets Index Fund | |||
Market | Percentage | ||
Value• | of Net | ||
Shares | ($000) | Assets | |
Finland † | 1,073,422 | 1.0% | |
France | |||
TOTAL SA | 14,180,991 | 861,153 | 0.8% |
Sanofi | 6,119,191 | 491,124 | 0.5% |
LVMH Moet Hennessy Louis Vuitton SE | 1,400,501 | 464,993 | 0.4% |
BNP Paribas SA | 6,100,948 | 377,386 | 0.4% |
Airbus SE | 3,099,647 | 361,713 | 0.3% |
1 France—Other † | 6,323,957 | 5.8% | |
8,880,326 | 8.2% | ||
Germany | |||
SAP SE | 5,463,615 | 630,599 | 0.6% |
Bayer AG | 5,267,238 | 578,468 | 0.5% |
Siemens AG | 4,329,816 | 570,479 | 0.5% |
Allianz SE | 2,467,709 | 508,484 | 0.5% |
BASF SE | 5,162,852 | 492,891 | 0.5% |
1 Germany—Other † | 5,646,008 | 5.2% | |
8,426,929 | 7.8% | ||
Hong Kong | |||
AIA Group Ltd. | 68,216,804 | 594,265 | 0.6% |
Hang Seng Bank Ltd. | 4,084,651 | 101,995 | 0.1% |
Canvest Environmental Protection Group Co. Ltd. | 4,001,000 | 2,145 | 0.0% |
1,2 Hong Kong—Other † | 2,771,038 | 2.5% | |
3,469,443 | 3.2% | ||
2Ireland † | 253,596 | 0.2% | |
Israel † | 503,391 | 0.5% | |
1Italy † | 2,451,933 | 2.2% | |
Japan | |||
Toyota Motor Corp. | 14,459,130 | 935,057 | 0.9% |
Mitsubishi UFJ Financial Group Inc. | 72,398,857 | 410,131 | 0.4% |
Sony Corp. | 7,140,259 | 365,684 | 0.3% |
SoftBank Group Corp. | 4,807,895 | 343,323 | 0.3% |
Japan—Other † | 21,890,968 | 20.2% | |
23,945,163 | 22.1% | ||
Mexico † | 7,958 | 0.0% | |
Netherlands | |||
Unilever NV | 8,534,409 | 475,512 | 0.4% |
ASML Holding NV | 2,291,881 | 453,529 | 0.4% |
ING Groep NV | 21,961,334 | 315,245 | 0.3% |
1 Netherlands—Other † | 1,906,065 | 1.8% | |
3,150,351 | 2.9% | ||
New Zealand † | 312,743 | 0.3% | |
1Norway † | 837,829 | 0.8% | |
Portugal † | 190,120 | 0.2% |
9
Developed Markets Index Fund | ||||
Market | Percentage | |||
Value• | of Net | |||
Shares | ($000) | Assets | ||
2Singapore † | 1,208,604 | 1.1% | ||
South Korea | ||||
Samsung Electronics Co. Ltd. | 23,517,591 | 985,142 | 0.9% | |
Samsung Electronics Co. Ltd. GDR | 141,156 | 146,402 | 0.2% | |
Samsung Electronics Co. Ltd. Preference Shares | 4,251,550 | 143,570 | 0.1% | |
Hankook Shell Oil Co. Ltd. | 3,259 | 1,034 | 0.0% | |
1,2 | South Korea—Other † | 3,582,889 | 3.3% | |
4,859,037 | 4.5% | |||
Spain | ||||
Banco Santander SA | 89,995,896 | 480,981 | 0.4% | |
1 | Spain—Other † | 2,295,115 | 2.1% | |
2,776,096 | 2.5% | |||
1Sweden † | 2,686,552 | 2.5% | ||
Switzerland | ||||
Nestle SA | 17,266,710 | 1,338,185 | 1.2% | |
Novartis AG | 12,278,200 | 930,085 | 0.9% | |
Roche Holding AG | 3,903,365 | 865,993 | 0.8% | |
1 | Switzerland—Other † | 3,672,177 | 3.4% | |
6,806,440 | 6.3% | |||
United Kingdom | ||||
HSBC Holdings plc | 113,409,785 | 1,059,754 | 1.0% | |
Royal Dutch Shell plc Class A (London Shares) | 25,881,037 | 895,726 | 0.8% | |
BP plc | 110,230,413 | 838,700 | 0.8% | |
Royal Dutch Shell plc Class B | 21,160,731 | 757,838 | 0.7% | |
British American Tobacco plc | 12,519,177 | 630,641 | 0.6% | |
GlaxoSmithKline plc | 27,504,874 | 554,531 | 0.5% | |
AstraZeneca plc | 7,153,946 | 494,824 | 0.5% | |
Diageo plc | 13,620,803 | 489,346 | 0.4% | |
Vodafone Group plc | 150,663,334 | 364,955 | 0.3% | |
Rio Tinto plc | 6,497,772 | 358,152 | 0.3% | |
Unilever plc | 6,472,898 | 357,570 | 0.3% | |
Lloyds Banking Group plc | 405,389,207 | 336,363 | 0.3% | |
Prudential plc | 14,619,765 | 333,281 | 0.3% | |
Glencore plc | 65,875,594 | 312,767 | 0.3% | |
Royal Dutch Shell plc Class A | 72,780 | 2,526 | 0.0% | |
1,2 | United Kingdom—Other † | 9,284,929 | 8.6% | |
17,071,903 | 15.7% | |||
Total Common Stocks (Cost $93,517,122) | 107,586,116 | 99.2%3 |
10
Developed Markets Index Fund | ||||
Market | Percentage | |||
Value• | of Net | |||
Coupon | Shares | ($000) | Assets | |
Temporary Cash Investments | ||||
Money Market Fund | ||||
4,5 Vanguard Market Liquidity Fund | 2.122% | 14,177,262 | 1,417,868 | 1.3% |
6U. S. Government and Agency Obligations † | 82,429 | 0.1% | ||
Total Temporary Cash Investments (Cost $1,500,075) | 1,500,297 | 1.4%3 | ||
7Total Investments (Cost $95,017,197) | 109,086,413 | 100.6% | ||
Amount | ||||
($000) | ||||
Other Assets and Liabilities | ||||
Other Assets | ||||
Investment in Vanguard | 5,870 | |||
Receivables for Investment Securities Sold | 61,307 | |||
Receivables for Accrued Income | 384,428 | |||
Receivables for Capital Shares Issued | 60,221 | |||
Variation Margin Receivable—Futures Contracts | 5,989 | |||
Unrealized Appreciation—Forwards Currency Contracts | 2,132 | |||
Other Assets 8 | 81,455 | |||
Total Other Assets | 601,402 | 0.6% | ||
Liabilities | ||||
Payables for Investment Securities Purchased | (6,731) | |||
Collateral for Securities on Loan | (1,141,242) | |||
Payables for Capital Shares Redeemed | (111,551) | |||
Payables to Vanguard | (20,200) | |||
Variation Margin Payable—Futures Contracts | (324) | |||
Unrealized Depreciation—Forwards Currency Contracts | (15,880) | |||
Total Liabilities | (1,295,928) | (1.2%) | ||
Net Assets | 108,391,887 | 100.0% | ||
At June 30, 2018, net assets consisted of: | ||||
Amount | ||||
($000) | ||||
Paid-in Capital | 96,601,330 | |||
Overdistributed Net Investment Income | (13,638) | |||
Accumulated Net Realized Losses | (2,235,483) | |||
Unrealized Appreciation (Depreciation) | ||||
Investment Securities | 14,069,216 | |||
Futures Contracts | (8,898) | |||
Forward Currency Contracts | (13,748) | |||
Foreign Currencies | (6,892) | |||
Net Assets | 108,391,887 |
11
Developed Markets Index Fund | |
Amount | |
($000) | |
Investor Shares—Net Assets | |
Applicable to 79,031,848 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 844,439 |
Net Asset Value Per Share—Investor Shares | $10.68 |
ETF Shares—Net Assets | |
Applicable to 1,631,120,473 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 70,016,291 |
Net Asset Value Per Share—ETF Shares | $42.93 |
Admiral Shares—Net Assets | |
Applicable to 1,162,607,775 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 16,044,605 |
Net Asset Value Per Share—Admiral Shares | $13.80 |
Institutional Shares—Net Assets | |
Applicable to 823,856,272 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 11,384,994 |
Net Asset Value Per Share—Institutional Shares | $13.82 |
Institutional Plus Shares—Net Assets | |
Applicable to 467,678,589 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 10,101,558 |
Net Asset Value Per Share—Institutional Plus Shares | $21.60 |
• See Note A in Notes to Financial Statements.
† Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer,
represent 1% or less of net assets.
1 Certain of the fund’s securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be
sold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2018, the aggregate value of
these securities was $1,311,113,000, representing 1.2% of net assets.
2 Certain of the fund’s securities are valued 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 0.6%,
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 $1,141,242,000 of collateral received for securities on loan.
6 Securities with a value of $40,449,000 have been segregated as initial margin for open futures contracts.
7 The total value of securities on loan is $1,031,050,000.
8 Cash of $19,003,000 has been segregated as collateral for open forward currency contracts.
GDR—Global Depositary Receipt.
12
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 | September 2018 | 7,298 | 288,941 | (5,006) |
Topix Index | September 2018 | 1,514 | 236,535 | (5,158) |
FTSE 100 Index | September 2018 | 1,601 | 160,675 | (410) |
S&P/TSX 60 Index | September 2018 | 616 | 90,219 | 712 |
S&P ASX 200 Index | September 2018 | 748 | 84,944 | 964 |
(8,898) |
Unrealized appreciation (depreciation) on open futures contracts, except for Topix Index, S&P/TSX 60 Index, and S&P ASX 200 Index contracts, is required to be treated as realized gain (loss) for tax purposes. Unrealized appreciation (depreciation) for Topix Index, S&P/TSX 60 Index, and S&P ASX 200 Index futures contracts is generally treated the same for financial reporting and tax purposes.
Forward Currency Contracts | ||||||
Unrealized | ||||||
Contract | Appreciation | |||||
Settlement | Contract Amount (000) | (Depreciation) | ||||
Counterparty | Date | Receive | Deliver | ($000) | ||
Bank of America, N.A. | 9/26/18 | EUR | 372,491 | USD | 442,395 | (4,445) |
Barclays Bank plc | 9/26/18 | GBP | 162,689 | USD | 218,621 | (3,054) |
Bank of America, N.A. | 9/19/18 | JPY | 22,212,841 | USD | 203,996 | (2,202) |
BNP Paribas | 9/25/18 | CAD | 172,262 | USD | 132,932 | (1,703) |
Toronto-Dominion Bank | 9/25/18 | AUD | 154,485 | USD | 114,021 | 336 |
JPMorgan Chase Bank, N.A. | 9/19/18 | JPY | 8,147,764 | USD | 74,786 | (767) |
BNP Paribas | 9/19/18 | JPY | 4,526,535 | USD | 41,587 | (465) |
JPMorgan Chase Bank, N.A. | 9/26/18 | EUR | 29,712 | USD | 34,863 | 71 |
Barclays Bank plc | 9/19/18 | JPY | 3,149,510 | USD | 28,803 | (191) |
UBS AG | 9/26/18 | GBP | 14,558 | USD | 19,319 | (29) |
JPMorgan Chase Bank, N.A. | 9/26/18 | GBP | 11,487 | USD | 15,437 | (217) |
Toronto-Dominion Bank | 9/26/18 | EUR | 12,258 | USD | 14,548 | (135) |
Credit Suisse International | 9/25/18 | CAD | 13,002 | USD | 9,789 | 115 |
JPMorgan Chase Bank, N.A. | 9/25/18 | AUD | 11,227 | USD | 8,298 | 13 |
Goldman Sachs International | 9/25/18 | CAD | 7,084 | USD | 5,467 | (70) |
Bank of America, N.A. | 9/25/18 | AUD | 2,596 | USD | 1,917 | 4 |
JPMorgan Chase Bank, N.A. | 9/26/18 | USD | 120,163 | EUR | 102,810 | (715) |
BNP Paribas | 9/25/18 | USD | 101,119 | CHF | 100,000 | (638) |
13
Developed Markets Index Fund | ||||||
Forward Currency Contracts (continued) | ||||||
Unrealized | ||||||
Contract | Appreciation | |||||
Settlement | Contract Amount (000) | (Depreciation) | ||||
Counterparty | Date | Receive | Deliver | ($000) | ||
Goldman Sachs International | 9/19/18 | USD | 94,128 | JPY | 10,286,650 | 677 |
BNP Paribas | 9/26/18 | USD | 67,963 | EUR | 58,094 | (341) |
Citibank, N.A. | 9/19/18 | USD | 56,121 | JPY | 6,133,725 | 399 |
UBS AG | 9/25/18 | USD | 50,491 | EUR | 43,000 | (62) |
BNP Paribas | 9/26/18 | USD | 50,299 | GBP | 37,680 | 372 |
Credit Suisse International | 9/26/18 | USD | 37,330 | GBP | 28,064 | 145 |
Toronto-Dominion Bank | 9/25/18 | USD | 35,911 | CAD | 47,755 | (468) |
Goldman Sachs International | 9/25/18 | USD | 21,102 | AUD | 28,587 | (59) |
Citibank, N.A. | 9/25/18 | USD | 20,687 | CAD | 27,482 | (249) |
Citibank, N.A. | 9/25/18 | USD | 19,784 | AUD | 26,797 | (52) |
UBS AG | 8/3/18 | USD | 17,544 | EUR | 15,000 | (18) |
(13,748) | ||||||
AUD—Australian dollar. | ||||||
CAD—Canadian dollar. | ||||||
CHF—Swiss franc. | ||||||
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 June 30, 2018, the counterparties had deposited in segregated accounts securities with a value of $536,000 and cash of $970,000 in connection with open forward currency contracts.
See accompanying Notes, which are an integral part of the Financial Statements.
14
Developed Markets Index Fund | |
Statement of Operations | |
Six Months Ended | |
June30,2018 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 2,069,816 |
Interest 2 | 7,854 |
Securities Lending—Net | 40,294 |
Total Income | 2,117,964 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 2,449 |
Management and Administrative—Investor Shares | 592 |
Management and Administrative—ETF Shares | 15,385 |
Management and Administrative—Admiral Shares | 3,361 |
Management and Administrative—Institutional Shares | 2,282 |
Management and Administrative—Institutional Plus Shares | 1,522 |
Marketing and Distribution—Investor Shares | 85 |
Marketing and Distribution—ETF Shares | 1,820 |
Marketing and Distribution—Admiral Shares | 627 |
Marketing and Distribution—Institutional Shares | 141 |
Marketing and Distribution—Institutional Plus Shares | 39 |
Custodian Fees | 6,077 |
Shareholders’ Reports—Investor Shares | 12 |
Shareholders’ Reports—ETF Shares | 825 |
Shareholders’ Reports—Admiral Shares | 73 |
Shareholders’ Reports—Institutional Shares | 18 |
Shareholders’ Reports—Institutional Plus Shares | 8 |
Trustees’ Fees and Expenses | 34 |
Total Expenses | 35,350 |
Net Investment Income | 2,082,614 |
Realized Net Gain (Loss) | |
Investment Securities Sold 2 | 239,476 |
Futures Contracts | 15,586 |
Forward Currency Contracts | (17,178) |
Foreign Currencies | (12,877) |
Realized Net Gain (Loss) | 225,007 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities 2 | (5,347,530) |
Futures Contracts | (11,330) |
Forward Currency Contracts | (22,504) |
Foreign Currencies | (7,275) |
Change in Unrealized Appreciation (Depreciation) | (5,388,639) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (3,081,018) |
1 Dividends are net of foreign withholding taxes of $212,087,000.
2 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund
were $7,268,000, $416,000, and $79,000, respectively. Purchases and sales are for temporary cash investment purposes.
See accompanying Notes, which are an integral part of the Financial Statements.
15
Developed Markets Index Fund | ||
Statement of Changes in Net Assets | ||
Six Months Ended | Year Ended | |
June 30, | December 31, | |
2018 | 2017 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 2,082,614 | 2,489,259 |
Realized Net Gain (Loss) | 225,007 | (27,790) |
Change in Unrealized Appreciation (Depreciation) | (5,388,639) | 17,610,937 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (3,081,018) | 20,072,406 |
Distributions | ||
Net Investment Income | ||
Investor Shares | (13,398) | (27,199) |
ETF Shares | (1,138,409) | (1,731,736) |
Admiral Shares | (257,684) | (386,199) |
Institutional Shares | (186,126) | (320,992) |
Institutional Plus Shares | (161,404) | (273,211) |
Realized Capital Gain | ||
Investor Shares | — | — |
ETF Shares | — | — |
Admiral Shares | — | — |
Institutional Shares | — | — |
Institutional Plus Shares | — | — |
Total Distributions | (1,757,021) | (2,739,337) |
Capital Share Transactions | ||
Investor Shares | (69,386) | (117,734) |
ETF Shares | 4,756,474 | 17,393,805 |
Admiral Shares | 1,577,218 | 3,023,723 |
Institutional Shares | (114,669) | 773,354 |
Institutional Plus Shares | 443,760 | 874,549 |
Net Increase (Decrease) from Capital Share Transactions | 6,593,397 | 21,947,697 |
Total Increase (Decrease) | 1,755,358 | 39,280,766 |
Net Assets | ||
Beginning of Period | 106,636,529 | 67,355,763 |
End of Period1 | 108,391,887 | 106,636,529 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($13,638,000) and ($326,354,000).
See accompanying Notes, which are an integral part of the Financial Statements.
16
Developed Markets Index Fund | ||||||
Financial Highlights | ||||||
Investor Shares | ||||||
Six Months | Dec. 19, | |||||
Ended | 20131 to | |||||
For a Share Outstanding | June 30, | Year Ended December 31, | Dec. 31, | |||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $11.16 | $9.09 | $9.15 | $9.42 | $10.34 | $10.00 |
Investment Operations | ||||||
Net Investment Income | . 202 2 | .2842 | .262 | .261 | .337 | .008 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | (. 513) | 2.086 | (. 054) | (. 276) | (. 919) | . 332 |
Total from Investment Operations | (. 311) | 2.370 | . 208 | (. 015) | (. 582) | . 340 |
Distributions | ||||||
Dividends from Net Investment Income | (.169) | (. 300) | (. 268) | (. 255) | (. 338) | — |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.169) | (. 300) | (. 268) | (. 255) | (. 338) | — |
Net Asset Value, End of Period | $10.68 | $11.16 | $9.09 | $9.15 | $9.42 | $10.34 |
Total Return3 | -2.79% | 26.31% | 2.36% | -0.29% | -5.82% | 3.40% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $844 | $950 | $875 | $1,040 | $1,331 | $0 .1 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.17% | 0.17% | 0.17% | 0.20% | 0.20% | 0.20%4 |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 3.53% | 2.71% | 3.00% | 2.73% | 3.22% | 2.80%4 |
Portfolio Turnover Rate 5 | 3% | 3% | 11% | 3% | 4% | 13% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
17
Developed Markets Index Fund | ||||||
Financial Highlights | ||||||
FTSE Developed Markets ETF Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $44.83 | $36.51 | $36.75 | $37.85 | $41.53 | $35.02 |
Investment Operations | ||||||
Net Investment Income | . 8491 | 1.1661 | 1.090 | 1.096 | 1.395 | 1.099 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | (2.047) | 8.397 | (.216) | (1.125) | (3.681) | 6.494 |
Total from Investment Operations | (1.198) | 9.563 | .874 | (.029) | (2.286) | 7.593 |
Distributions | ||||||
Dividends from Net Investment Income | (.702) | (1.243) | (1.114) | (1.071) | (1.394) | (1.083) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.702) | (1.243) | (1.114) | (1.071) | (1.394) | (1.083) |
Net Asset Value, End of Period | $42.93 | $44.83 | $36.51 | $36.75 | $37.85 | $41.53 |
Total Return | -2.69% | 26.44% | 2.51% | -0.21% | -5.71% | 22.12% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $70,016 | $68,406 | $40,243 | $29,288 | $24,155 | $19,021 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.07% | 0.07% | 0.07% | 0.09% | 0.09% | 0.09% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 3.63% | 2.81% | 3.10% | 2.84% | 3.33% | 2.91% |
Portfolio Turnover Rate2 | 3% | 3% | 11% | 3% | 4% | 13% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
18
Developed Markets Index Fund | ||||||
Financial Highlights | ||||||
Admiral Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $14.41 | $11.74 | $11.82 | $12.17 | $13.35 | $11.26 |
Investment Operations | ||||||
Net Investment Income | . 2741 | .3751 | .350 | .352 | .450 | .353 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | (.658) | 2.695 | (.071) | (.358) | (1.180) | 2.085 |
Total from Investment Operations | (. 384) | 3.070 | . 279 | (. 006) | (.730) | 2.438 |
Distributions | ||||||
Dividends from Net Investment Income | (. 226) | (. 400) | (. 359) | (. 344) | (. 450) | (. 348) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (. 226) | (. 400) | (. 359) | (. 344) | (. 450) | (. 348) |
Net Asset Value, End of Period | $13.80 | $14.41 | $11.74 | $11.82 | $12.17 | $13.35 |
Total Return2 | -2.67% | 26.40% | 2.45% | -0.18% | -5.66% | 22.06% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $16,045 | $15,180 | $9,702 | $7,921 | $6,068 | $2,060 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.07% | 0.07% | 0.07% | 0.09% | 0.09% | 0.09% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 3.63% | 2.81% | 3.10% | 2.84% | 3.33% | 2.91% |
Portfolio Turnover Rate 3 | 3% | 3% | 11% | 3% | 4% | 13% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
19
Developed Markets Index Fund | ||||||
Financial Highlights | ||||||
Institutional Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $14.43 | $11.75 | $11.83 | $12.18 | $13.37 | $11.27 |
Investment Operations | ||||||
Net Investment Income | . 2721 | .3791 | .352 | .354 | .452 | .356 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | (.655) | 2.701 | (.072) | (.358) | (1.190) | 2.094 |
Total from Investment Operations | (. 383) | 3.080 | . 280 | (. 004) | (.738) | 2.450 |
Distributions | ||||||
Dividends from Net Investment Income | (. 227) | (. 400) | (. 360) | (. 346) | (. 452) | (. 350) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (. 227) | (. 400) | (. 360) | (. 346) | (. 452) | (. 350) |
Net Asset Value, End of Period | $13.82 | $14.43 | $11.75 | $11.83 | $12.18 | $13.37 |
Total Return | -2.65% | 26.46% | 2.46% | -0.17% | -5.72% | 22.15% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $11,385 | $11,998 | $9,092 | $8,093 | $7,743 | $482 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.06% | 0.06% | 0.06% | 0.07% | 0.07% | 0.07% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 3.64% | 2.82% | 3.11% | 2.86% | 3.35% | 2.93% |
Portfolio Turnover Rate2 | 3% | 3% | 11% | 3% | 4% | 13% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
20
Developed Markets Index Fund | |||||
Financial Highlights | |||||
Institutional Plus Shares | |||||
Six Months | April 1, | ||||
Ended | 20141 to | ||||
June 30, | Year Ended December 31, | Dec. 31, | |||
For a Share Outstanding Throughout Each Period | 2018 | 2017 | 2016 | 2015 | 2014 |
Net Asset Value, Beginning of Period | $22.56 | $18.37 | $18.49 | $19.05 | $20.90 |
Investment Operations | |||||
Net Investment Income | . 423 2 | .5972 | .552 | .558 | .438 |
Net Realized and Unrealized Gain (Loss) | |||||
on Investments | (1.028) | 4.233 | (.107) | (.573) | (1.798) |
Total from Investment Operations | (.605) | 4.820 | .445 | (.015) | (1.360) |
Distributions | |||||
Dividends from Net Investment Income | (. 355) | (. 630) | (. 565) | (. 545) | (. 490) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (. 355) | (. 630) | (. 565) | (. 545) | (. 490) |
Net Asset Value, End of Period | $21.60 | $22.56 | $18.37 | $18.49 | $19.05 |
Total Return | -2.68% | 26.49% | 2.50% | -0.21% | -6.67% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $10,102 | $10,102 | $7,444 | $7,253 | $5,918 |
Ratio of Total Expenses to | |||||
Average Net Assets | 0.05% | 0.05% | 0.05% | 0.06% | 0.06%3 |
Ratio of Net Investment Income to | |||||
Average Net Assets | 3.65% | 2.83% | 3.12% | 2.87% | 2.92%3 |
Portfolio Turnover Rate 4 | 3% | 3% | 11% | 3% | 4% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
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.
21
Developed Markets Index Fund
Notes to Financial Statements
Vanguard Developed Markets Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in securities of foreign issuers, which may subject it to investment risks not normally associated with investing in securities of U.S. corporations. The fund offers five classes of shares: Investor Shares, ETF Shares, Admiral Shares, Institutional Shares, and Institutional Plus Shares. Investor Shares are available to any investor who meets the fund’s minimum purchase requirements. ETF Shares, 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
22
Developed Markets Index Fund
market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract.
The fund also enters into forward currency contracts to provide the appropriate currency exposure related to any open futures contracts. The fund’s risks in using these contracts include movement in the values of the foreign currencies relative to the U.S. dollar and the ability of the counterparties to fulfill their obligations under the contracts. The fund mitigates its counterparty risk by entering into forward currency contracts only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. The master netting arrangements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate the forward currency contracts, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The forward currency contracts contain provisions whereby a counterparty may terminate open contracts if the fund’s net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any assets pledged as collateral for open contracts are noted in the Statement of Net Assets. The value of collateral received or pledged is compared daily to the value of the forward currency contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
Futures contracts are valued at their quoted daily settlement prices. Forward currency contracts are valued at their quoted daily prices obtained from an independent third party, adjusted for currency risk based on the expiration date of each contract. The notional amounts of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures or forward currency contracts.
During the six months ended June 30, 2018, the fund’s average investments in long and short futures contracts represented 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 2% of net assets, based on the average of notional amounts at each quarter-end during the period.
4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (December 31, 2014–2017), and for the period ended June 30, 2018, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
23
Developed Markets Index Fund
5. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
6. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Net Assets for the return of the collateral, during the period the securities are on loan. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.
7. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $3.1 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
The fund had no borrowings outstanding at June 30, 2018, 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.
24
Developed Markets Index Fund
Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the fund’s understanding of the applicable countries’ tax rules and rates. The fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Such tax reclaims received during the year, if any, are included in dividend income. No other amounts for additional tax reclaims are reflected in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses), 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. All other costs of operations payable to Vanguard are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At June 30, 2018, the fund had contributed to Vanguard capital in the amount of $5,870,000, representing 0.01% of the fund’s net assets and 2.35% 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.
25
Developed Markets Index Fund
The following table summarizes the market value of the fund’s investments as of June 30, 2018, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 9,176,708 | 98,360,288 | 49,120 |
Temporary Cash Investments | 1,417,868 | 82,429 | — |
Futures Contracts—Assets1 | 5,989 | — | — |
Futures Contracts—Liabilities1 | (324) | — | — |
Forward Currency Contracts—Assets | — | 2,132 | — |
Forward Currency Contracts—Liabilities | — | (15,880) | — |
Total | 10,600,241 | 98,428,969 | 49,120 |
1 Represents variation margin on the last day of the reporting period. |
D. At June 30, 2018, 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 | 5,989 | — | 5,989 |
Unrealized Appreciation—Forward Currency Contracts | — | 2,132 | 2,132 |
Total Assets | 5,989 | 2,132 | 8,121 |
Variation Margin Payable—Futures Contracts | (324) | — | (324) |
Unrealized Depreciation—Forward Currency Contracts | — | (15,880) | (15,880) |
Total Liabilities | (324) | (15,880) | (16,204) |
Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the six months ended June 30, 2018, were:
Foreign | |||
Equity | Exchange | ||
Contracts | Contracts | Total | |
Realized Net Gain (Loss) on Derivatives | ($000) | ($000) | ($000) |
Futures Contracts | 15,586 | — | 15,586 |
Forward Currency Contracts | — | (17,178) | (17,178) |
Realized Net Gain (Loss) on Derivatives | 15,586 | (17,178) | (1,592) |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | (11,330) | — | (11,330) |
Forward Currency Contracts | — | (22,504) | (22,504) |
Change in Unrealized Appreciation (Depreciation) on Derivatives | (11,330) | (22,504) | (33,834) |
26
Developed Markets Index Fund
E. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.
During the six months ended June 30, 2018, the fund realized $260,362,000 of net capital gains resulting from in-kind redemptions—in which shareholders exchanged fund shares for securities held by the fund rather than for cash. Because such gains are not taxable to the fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid-in capital.
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 2017, the fund had available capital losses totaling $2,206,962,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2018; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
At June 30, 2018, the cost of investment securities for tax purposes was $95,441,175,000. Net unrealized appreciation of investment securities for tax purposes was $13,645,238,000, consisting of unrealized gains of $19,260,853,000 on securities that had risen in value since their purchase and $5,615,615,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the six months ended June 30, 2018, the fund purchased $9,278,064,000 of investment securities and sold $2,061,923,000 of investment securities, other than temporary cash investments. Purchases and sales include $4,343,636,000 and $547,353,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
27
Developed Markets Index Fund
G. Capital share transactions for each class of shares were: | ||||
Six Months Ended | Year Ended | |||
June 30, 2018 | December 31, 2017 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Investor Shares | ||||
Issued | 93,286 | 8,294 | 213,031 | 20,697 |
Issued in Lieu of Cash Distributions | 11,835 | 1,107 | 24,009 | 2,289 |
Redeemed | (174,507) | (15,530) | (354,774) | (34,097) |
Net Increase (Decrease)—Investor Shares | (69,386) | (6,129) | (117,734) | (11,111) |
ETF Shares | ||||
Issued | 4,756,474 | 105,118 | 17,393,805 | 423,773 |
Issued in Lieu of Cash Distributions | — | — | — | — |
Redeemed | — | — | — | — |
Net Increase (Decrease)—ETF Shares | 4,756,474 | 105,118 | 17,393,805 | 423,773 |
Admiral Shares | ||||
Issued | 2,829,752 | 195,252 | 5,080,944 | 381,223 |
Issued in Lieu of Cash Distributions | 214,955 | 15,559 | 320,784 | 23,586 |
Redeemed | (1,467,489) | (101,533) | (2,378,005) | (178,061) |
Net Increase (Decrease)—Admiral Shares | 1,577,218 | 109,278 | 3,023,723 | 226,748 |
Institutional Shares | ||||
Issued | 1,768,391 | 122,287 | 2,934,344 | 220,092 |
Issued in Lieu of Cash Distributions | 171,742 | 12,412 | 297,372 | 21,881 |
Redeemed | (2,054,802) | (142,213) | (2,458,362) | (184,172) |
Net Increase (Decrease)—Institutional Shares | (114,669) | (7,514) | 773,354 | 57,801 |
Institutional Plus Shares | ||||
Issued | 1,476,370 | 65,155 | 2,342,576 | 113,072 |
Issued in Lieu of Cash Distributions | 152,339 | 7,045 | 259,331 | 12,217 |
Redeemed | (1,184,949) | (52,358) | (1,727,358) | (82,623) |
Net Increase (Decrease)— | ||||
Institutional Plus Shares | 443,760 | 19,842 | 874,549 | 42,666 |
H. Management has determined that no events or transactions occurred subsequent to June 30, 2018, that would require recognition or disclosure in these financial statements.
28
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.
29
Six Months Ended June 30, 2018 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
Developed Markets Index Fund | 12/31/2017 | 6/30/2018 | Period |
Based on Actual Fund Return | |||
Investor Shares | $1,000.00 | $972.14 | $0.83 |
FTSE Developed Markets ETF Shares | 1,000.00 | 973.10 | 0.34 |
Admiral Shares | 1,000.00 | 973.34 | 0.34 |
Institutional Shares | 1,000.00 | 973.46 | 0.29 |
Institutional Plus Shares | 1,000.00 | 973.22 | 0.24 |
Based on Hypothetical 5% Yearly Return | |||
Investor Shares | $1,000.00 | $1,023.95 | $0.85 |
FTSE Developed Markets ETF Shares | 1,000.00 | 1,024.45 | 0.35 |
Admiral Shares | 1,000.00 | 1,024.45 | 0.35 |
Institutional Shares | 1,000.00 | 1,024.50 | 0.30 |
Institutional Plus Shares | 1,000.00 | 1,024.55 | 0.25 |
The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for that period are 0.17% for Investor Shares, 0.07% for FTSE Developed Markets ETF Shares, 0.07% for Admiral Shares, 0.06% for Institutional Shares, and 0.05% for Institutional Plus Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (181/365).
30
Trustees Approve Advisory Arrangement
The board of trustees of Vanguard Developed Markets Index Fund has renewed the fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Equity Index Group. The board determined that continuing the fund’s internalized management structure was in the best interests of the fund and its shareholders.
The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard’s Portfolio Review Department, which is responsible for fund and advisor oversight and product management. The Portfolio Review Department met regularly with the advisor and made monthly presentations to the board during the fiscal year that directed the board’s focus to relevant information and topics.
The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor’s assessment of the investment environment, portfolio performance, and portfolio characteristics.
In addition, the board received monthly reports, which included a Market and Economic Report, a Fund Dashboard Monthly Summary, and a Fund Performance Report.
Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangement. Rather, it was the totality of the circumstances that drove the board’s decision.
Nature, extent, and quality of services
The board reviewed the quality of the fund’s investment management services over both the short and long term and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than four decades. The Equity Index Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.
The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.
Investment performance
The board considered the short- and long-term performance of the fund, including any periods of outperformance or underperformance compared with its target index and peer group. The board concluded that the performance was such that the advisory arrangement should continue. Information about the fund’s most recent performance can be found in the Performance Summary section of this report.
Cost
The board concluded that the fund’s expense ratio was well below the average expense ratio charged by funds in its peer group and that the fund’s advisory expenses were also well below the peer-group average. Information about the fund’s expenses appears in the About Your Fund’s Expenses section of this report as well as in the Financial Statements section.
31
The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique “at-cost” structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees and produces “profits” only in the form of reduced expenses for fund shareholders.
The benefit of economies of scale
The board concluded that the fund’s at-cost arrangement with Vanguard ensures that the fund will realize economies of scale as it grows, with the cost to shareholders declining as fund assets increase.
The board will consider whether to renew the advisory arrangement again after a one-year period.
32
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.
33
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.
34
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 208 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 Trustees1
F. William McNabb III
Born in 1957. Trustee since July 2009. Principal occupation(s) during the past five years and other experience: chairman of the board (January 2010–present) of Vanguard and of each of the investment companies served by Vanguard, trustee (2009–present) of each of the investment companies served by Vanguard, and director (2008–present) of Vanguard. Chief executive officer and president (2008–2017) of Vanguard and each of the investment companies served by Vanguard, managing director (1995–2008) of Vanguard, and director (1997–2018) of Vanguard Marketing Corporation. Director (2018–present) of UnitedHealth Group.
Mortimer J. Buckley
Born in 1969. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chief executive officer (January 2018–present) of Vanguard; chief executive officer, president, and trustee (January 2018–present) of each of the investment companies served by Vanguard; president and director (2017–present) of Vanguard; and president (February 2018–present) of Vanguard Marketing Corporation. Chief investment officer (2013–2017), managing director (2002–2017), head of the Retail Investor Group (2006–2012), and chief information officer (2001–2006) of Vanguard. Chairman of the board (2011–2017) of the Children’s Hospital of Philadelphia.
Independent Trustees
Emerson U. Fullwood
Born in 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). Former president of the Worldwide Channels Group, Latin America, and Worldwide Customer Service and executive chief staff officer of Developing Markets of Xerox. 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 University of Rochester Medical Center, the Monroe Community College Foundation, the United Way of Rochester, North Carolina A&T University, and Roberts Wesleyan College. Trustee of the University of Rochester.
Amy Gutmann
Born in 1949. Trustee since June 2006. Principal occupation(s) during the past five years and other experience: president (2004–present) of the University of Pennsylvania. Christopher H. Browne Distinguished Professor of Political Science, School of Arts and Sciences, and professor of communication, Annenberg School for Communication, with secondary faculty appointments in the Department of Philosophy, School of Arts and Sciences, and at the Graduate School of Education, University of Pennsylvania. Trustee of the National Constitution Center.
1 Mr. McNabb and Mr. Buckley are considered “interested persons,” as defined in the Investment Company Act of 1940, because they are officers of the Vanguard funds.
JoAnn Heffernan Heisen
Born in 1950. Trustee since July 1998. Principal occupation(s) during the past five years and other experience: corporate vice president of Johnson & Johnson (pharmaceuticals/medical devices/consumer products) and member of its 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. 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 in 1949. Trustee since October 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2009) and vice chairman of the board (2008–2009) 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 in 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) of IBM (information technology services). Fiduciary member of IBM’s Retirement Plan Committee (2004–2013), senior vice president and general manager (2002–2004) of IBM Global Financing, vice president and controller (1998–2002) of IBM, and a variety of other prior management roles at IBM. Member of the Council on Chicago Booth.
Scott C. Malpass
Born in 1962. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: chief investment officer (1989–present) and vice president (1996–present) of the University of Notre Dame. Assistant professor of finance at the Mendoza College of Business, University of Notre Dame, and member of the Notre Dame 403(b) Investment Committee. Chairman of the board of TIFF Advisory Services, Inc. Member of the board of Catholic Investment Services, Inc. (investment advisors), the board of advisors for Spruceview Capital Partners, and the board of superintendence of the Institute for the Works of Religion.
Deanna Mulligan
Born in 1963. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: president (2010–present) and chief executive officer (2011–present) of The Guardian Life Insurance Company of America. Chief operating officer (2010–2011) and executive vice president (2008–2010) of Individual Life and Disability of The Guardian Life Insurance Company of America. Member of the board of The Guardian Life Insurance Company of America, the American Council of Life Insurers, the Partnership for New York City (business leadership), and the Committee Encouraging Corporate Philanthropy. Trustee of the Economic Club of New York and the Bruce Museum (arts and science). Member of the Advisory Council for the Stanford Graduate School of Business.
André F. Perold
Born in 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.
Sarah Bloom Raskin
Born in 1961. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: deputy secretary (2014–2017) of the United States Department of the Treasury. Governor (2010–2014) of the Federal Reserve Board. Commissioner (2007–2010) of financial regulation for the State of Maryland. Member of the board of directors (2012–2014) of Neighborhood Reinvestment Corporation. Director of i(x) Investments, LLC.
Peter F. Volanakis
Born in 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) and director of Corning Incorporated (2000–2010) and Dow Corning (2001–2010). Director (2012) of SPX Corporation (multi-industry manufacturing). Overseer of the Amos Tuck School of Business Administration, Dartmouth College (2001–2013). 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 in 1967. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Investment stewardship officer (2017–present), treasurer (2015–2017), controller (2010–2015), and assistant controller (2001–2010) of each of the investment companies served by Vanguard.
Christine M. Buchanan
Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard and global head of Fund Administration at Vanguard. Treasurer (2017–present) of each of the investment companies served by Vanguard. Partner (2005–2017) at KPMG LLP (audit, tax, and advisory services).
Brian Dvorak
Born in 1973. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief compliance officer (2017–present) of Vanguard and each of the investment companies served by Vanguard. Assistant vice president (2017–present) of Vanguard Marketing Corporation. Vice president and director of Enterprise Risk Management (2011–2013) at Oppenheimer Funds, Inc.
Thomas J. Higgins
Born in 1957. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief financial officer (2008–present) and treasurer (1998–2008) of each of the investment companies served by Vanguard.
Peter Mahoney
Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Controller (2015–present) of each of the investment companies served by Vanguard. Head of International Fund Services (2008–2014) at Vanguard.
Anne E. Robinson
Born in 1970. Principal occupation(s) during the past five years and other experience: general counsel (2016–present) of Vanguard. Secretary (2016–present) of Vanguard and of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Director and senior vice president (2016–2018) of Vanguard Marketing Corporation. Managing director and general counsel of Global Cards and Consumer Services (2014–2016) at Citigroup. Counsel (2003–2014) at American Express.
Michael Rollings
Born in 1963. Principal occupation(s) during the past five years and other experience: finance director (2017–present) and treasurer (2017) of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Chief financial officer (2016–present) of Vanguard. Director (2016–present) of Vanguard Marketing Corporation. Executive vice president and chief financial officer (2006–2016) of MassMutual Financial Group.
Vanguard Senior Management Team | |
Mortimer J. Buckley | James M. Norris |
Gregory Davis | Thomas M. Rampulla |
John James | Karin A. Risi |
Martha G. King | Anne E. Robinson |
John T. Marcante | Michael Rollings |
Chris D. McIsaac | |
Chairman Emeritus and Senior Advisor | |
John J. Brennan | |
Chairman, 1996–2009 | |
Chief Executive Officer and President, 1996–2008 | |
Founder | |
John C. Bogle | |
Chairman and Chief Executive Officer, 1974–1996 |
P.O. Box 2600 | |
Connect with Vanguard® > vanguard.com | |
Fund Information > 800-662-7447 | Source for Bloomberg Barclays indexes: Bloomberg |
Direct Investor Account Services > 800-662-2739 | Index Services Limited. Copyright 2018, Bloomberg. |
Institutional Investor Services > 800-523-1036 | All rights reserved. |
Text Telephone for People | |
Who Are Deaf or Hard of Hearing > 800-749-7273 | London Stock Exchange Group companies include |
FTSE International Limited (”FTSE”), Frank Russell | |
This material may be used in conjunction | Company (”Russell”), MTS Next Limited (”MTS”), and |
with the offering of shares of any Vanguard | FTSE TMX Global Debt Capital Markets Inc. (”FTSE |
fund only if preceded or accompanied by | TMX”). All rights reserved. ”FTSE®”, ”Russell®”, |
the fund’s current prospectus. | ”MTS®”, ”FTSE TMX®” and ”FTSE Russell” and other |
service marks and trademarks related to the FTSE or | |
All comparative mutual fund data are from Lipper, a | Russell indexes are trademarks of the London Stock |
Thomson Reuters Company, or Morningstar, Inc., unless | Exchange Group companies and are used by FTSE, |
otherwise noted. | MTS, FTSE TMX and Russell under licence. All |
information is provided for information purposes only. | |
You can obtain a free copy of Vanguard’s proxy voting | No responsibility or liability can be accepted by the |
guidelines by visiting vanguard.com/proxyreporting or by | London Stock Exchange Group companies nor its |
calling Vanguard at 800-662-2739. The guidelines are | licensors for any errors or for any loss from use of this |
also available from the SEC’s website, sec.gov. In | publication. Neither the London Stock Exchange |
addition, you may obtain a free report on how your fund | Group companies nor any of its licensors make any |
voted the proxies for securities it owned during the 12 | claim, prediction, warranty or representation |
months ended June 30. To get the report, visit either | whatsoever, expressly or impliedly, either as to the |
vanguard.com/proxyreporting or sec.gov. | results to be obtained from the use of the FTSE |
Indexes or the fitness or suitability of the Indexes for | |
You can review and copy information about your fund at | any particular purpose to which they might be put. |
the SEC’s Public Reference Room in Washington, D.C. To | |
find out more about this public service, call the SEC at | The Industry Classification Benchmark (”ICB”) is |
202-551-8090. Information about your fund is also | owned by FTSE. FTSE does not accept any liability to |
available on the SEC’s website, and you can receive | any person for any loss or damage arising out of any |
copies of this information, for a fee, by sending a | error or omission in the ICB. |
request in either of two ways: via email addressed to | |
publicinfo@sec.gov or via regular mail addressed to the | |
Public Reference Section, Securities and Exchange | |
Commission, Washington, DC 20549-1520. | |
© 2018 The Vanguard Group, Inc. | |
All rights reserved. | |
Vanguard Marketing Corporation, Distributor. | |
Q1272 082018 |
Item 2: Code of Ethics.
Not Applicable.
Item 3: Audit Committee Financial Expert.
Not Applicable.
Item 4: Principal Accountant Fees and Services.
(a) Audit Fees.
Not Applicable.
Item 5: Audit Committee of Listed Registrants.
Not Applicable.
Item 6: Investments.
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Common Stocks (99.2%)1 | |||
Australia (6.2%) | |||
Commonwealth Bank of Australia | 9,939,881 | 536,083 | |
BHP Billiton Ltd. | 18,129,879 | 453,646 | |
Westpac Banking Corp. | 19,318,171 | 419,532 | |
CSL Ltd. | 2,550,817 | 363,091 | |
Australia & New Zealand Banking Group Ltd. | 16,364,838 | 342,509 | |
National Australia Bank Ltd. | 15,368,082 | 312,043 | |
Wesfarmers Ltd. | 6,393,885 | 233,289 | |
Woolworths Group Ltd. | 7,403,973 | 167,209 | |
Macquarie Group Ltd. | 1,735,739 | 158,189 | |
Rio Tinto Ltd. | 2,325,994 | 143,712 | |
Woodside Petroleum Ltd. | 5,268,664 | 138,073 | |
Transurban Group | 12,541,232 | 111,057 | |
Scentre Group | 28,802,554 | 93,581 | |
Insurance Australia Group Ltd. | 13,353,519 | 84,243 | |
Aristocrat Leisure Ltd. | 3,615,190 | 82,562 | |
Suncorp Group Ltd. | 7,323,892 | 78,985 | |
South32 Ltd. | 29,002,078 | 77,445 | |
* | Origin Energy Ltd. | 9,908,024 | 73,489 |
Goodman Group | 9,962,268 | 71,019 | |
Newcrest Mining Ltd. | 4,353,421 | 70,687 | |
Amcor Ltd. | 6,521,792 | 69,488 | |
AGL Energy Ltd. | 3,695,140 | 61,483 | |
Brambles Ltd. | 8,998,601 | 59,078 | |
QBE Insurance Group Ltd. | 7,661,674 | 55,158 | |
Treasury Wine Estates Ltd. | 4,061,664 | 52,184 | |
ASX Ltd. | 1,087,781 | 51,852 | |
Oil Search Ltd. | 7,478,895 | 49,136 | |
APA Group | 6,668,211 | 48,581 | |
LendLease Group | 3,274,683 | 47,947 | |
Cochlear Ltd. | 315,579 | 46,722 | |
* | Santos Ltd. | 10,035,390 | 46,480 |
Telstra Corp. Ltd. | 23,501,593 | 45,455 | |
Sonic Healthcare Ltd. | 2,409,134 | 43,702 | |
AMP Ltd. | 16,490,839 | 43,374 | |
* | Unibail-Rodamco-Westfield CDI | 3,977,140 | 43,178 |
James Hardie Industries plc | 2,480,265 | 41,584 | |
Dexus | 5,734,018 | 41,215 | |
Stockland | 13,739,111 | 40,368 | |
BlueScope Steel Ltd. | 3,132,983 | 39,985 | |
GPT Group | 10,189,223 | 38,123 | |
Computershare Ltd. | 2,715,853 | 36,997 | |
Caltex Australia Ltd. | 1,470,093 | 35,379 | |
Tabcorp Holdings Ltd. | 10,606,772 | 34,966 | |
Vicinity Centres | 18,013,829 | 34,547 | |
Aurizon Holdings Ltd. | 10,802,867 | 34,547 | |
Medibank Pvt Ltd. | 15,563,222 | 33,605 | |
Mirvac Group | 20,867,388 | 33,492 | |
Sydney Airport | 6,242,032 | 33,045 | |
Boral Ltd. | 6,598,852 | 31,836 | |
SEEK Ltd. | 1,956,487 | 31,529 | |
Fortescue Metals Group Ltd. | 9,037,576 | 29,345 | |
Alumina Ltd. | 14,101,933 | 29,182 | |
Ramsay Health Care Ltd. | 723,541 | 28,893 | |
Challenger Ltd. | 3,214,400 | 28,130 | |
Orica Ltd. | 2,137,861 | 28,067 | |
Incitec Pivot Ltd. | 9,324,776 | 25,018 | |
Bendigo & Adelaide Bank Ltd. | 2,720,269 | 21,793 | |
Crown Resorts Ltd. | 1,999,067 | 19,946 | |
Coca-Cola Amatil Ltd. | 2,875,664 | 19,559 | |
Iluka Resources Ltd. | 2,352,754 | 19,433 | |
REA Group Ltd. | 282,007 | 18,926 |
1
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Northern Star Resources Ltd. | 3,333,504 | 18,047 | |
Orora Ltd. | 6,817,277 | 18,006 | |
* | Atlas Arteria Ltd. | 3,772,330 | 17,946 |
CIMIC Group Ltd. | 552,397 | 17,268 | |
* | Xero Ltd. | 514,605 | 17,117 |
Qantas Airways Ltd. | 3,742,682 | 17,043 | |
Star Entertainment Grp Ltd. | 4,635,225 | 16,884 | |
Downer EDI Ltd. | 3,367,793 | 16,861 | |
Bank of Queensland Ltd. | 2,209,052 | 16,633 | |
Whitehaven Coal Ltd. | 3,853,474 | 16,449 | |
Ansell Ltd. | 800,356 | 16,080 | |
Healthscope Ltd. | 9,837,786 | 16,052 | |
Reliance Worldwide Corp. Ltd. | 3,985,808 | 15,780 | |
Link Administration Holdings Ltd. | 2,870,195 | 15,557 | |
Evolution Mining Ltd. | 5,939,825 | 15,537 | |
ALS Ltd. | 2,773,694 | 15,463 | |
Flight Centre Travel Group Ltd. | 319,206 | 15,026 | |
WorleyParsons Ltd. | 1,145,491 | 14,796 | |
carsales.com Ltd. | 1,191,000 | 13,313 | |
Adelaide Brighton Ltd. | 2,561,191 | 13,155 | |
^ | Domino's Pizza Enterprises Ltd. | 336,863 | 13,010 |
Beach Energy Ltd. | 9,993,438 | 12,935 | |
IOOF Holdings Ltd. | 1,932,967 | 12,817 | |
Magellan Financial Group Ltd. | 743,244 | 12,792 | |
Charter Hall Group | 2,609,631 | 12,593 | |
Qube Holdings Ltd. | 7,004,484 | 12,475 | |
DuluxGroup Ltd. | 2,195,711 | 12,416 | |
AusNet Services | 10,111,487 | 12,009 | |
OZ Minerals Ltd. | 1,700,941 | 11,861 | |
Investa Office Fund | 3,064,682 | 11,857 | |
Sims Metal Management Ltd. | 927,189 | 11,012 | |
nib holdings Ltd. | 2,583,165 | 10,942 | |
Metcash Ltd. | 5,544,200 | 10,693 | |
JB Hi-Fi Ltd. | 634,909 | 10,550 | |
St. Barbara Ltd. | 2,909,014 | 10,461 | |
Costa Group Holdings Ltd. | 1,696,851 | 10,339 | |
Independence Group NL | 2,688,645 | 10,220 | |
Altium Ltd. | 614,213 | 10,208 | |
* | NEXTDC Ltd. | 1,828,276 | 10,203 |
Regis Resources Ltd. | 2,587,506 | 9,854 | |
Pendal Group Ltd. | 1,342,904 | 9,825 | |
CSR Ltd. | 2,880,054 | 9,772 | |
Cleanaway Waste Management Ltd. | 7,621,105 | 9,527 | |
Nufarm Ltd. | 1,429,497 | 9,369 | |
Corporate Travel Management Ltd. | 457,454 | 9,229 | |
Mineral Resources Ltd. | 778,787 | 9,220 | |
Steadfast Group Ltd. | 4,425,168 | 9,197 | |
TPG Telecom Ltd. | 2,070,073 | 7,913 | |
Seven Group Holdings Ltd. | 557,782 | 7,851 | |
Washington H Soul Pattinson & Co. Ltd. | 511,988 | 7,827 | |
Shopping Centres Australasia Property Group | 4,282,064 | 7,767 | |
^ | Blackmores Ltd. | 73,423 | 7,724 |
Perpetual Ltd. | 249,900 | 7,692 | |
Bapcor Ltd. | 1,576,990 | 7,636 | |
^ | Harvey Norman Holdings Ltd. | 3,011,318 | 7,398 |
GrainCorp Ltd. Class A | 1,281,439 | 7,275 | |
Primary Health Care Ltd. | 2,777,331 | 7,162 | |
Fairfax Media Ltd. | 12,781,025 | 7,081 | |
Cromwell Property Group | 8,428,648 | 6,981 | |
* | Saracen Mineral Holdings Ltd. | 4,249,451 | 6,942 |
BWP Trust | 2,837,158 | 6,824 | |
IRESS Ltd. | 765,194 | 6,821 | |
Breville Group Ltd. | 755,552 | 6,492 | |
Nine Entertainment Co. Holdings Ltd. | 3,532,344 | 6,477 |
2
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Lynas Corp. Ltd. | 3,715,165 | 6,411 |
^ | InvoCare Ltd. | 624,750 | 6,345 |
^ | Webjet Ltd. | 631,097 | 6,273 |
*,^ | Afterpay Touch Group Ltd. | 902,188 | 6,253 |
ARB Corp. Ltd. | 364,351 | 6,159 | |
Sirtex Medical Ltd. | 261,371 | 6,075 | |
SpeedCast International Ltd. | 1,286,338 | 5,868 | |
Sandfire Resources NL | 858,488 | 5,813 | |
Charter Hall Retail REIT | 1,856,693 | 5,756 | |
*,^ | Pilbara Minerals Ltd. | 8,888,879 | 5,681 |
* | Vocus Group Ltd. | 3,307,135 | 5,646 |
Platinum Asset Management Ltd. | 1,327,289 | 5,639 | |
Premier Investments Ltd. | 451,308 | 5,632 | |
Appen Ltd. | 568,024 | 5,611 | |
Bega Cheese Ltd. | 1,004,446 | 5,497 | |
Navitas Ltd. | 1,659,891 | 5,448 | |
Monadelphous Group Ltd. | 487,949 | 5,427 | |
*,^ | Mayne Pharma Group Ltd. | 8,419,859 | 5,416 |
IDP Education Ltd. | 691,619 | 5,378 | |
2 | MYOB Group Ltd. | 2,474,444 | 5,287 |
Abacus Property Group | 1,859,621 | 5,190 | |
GUD Holdings Ltd. | 485,095 | 5,080 | |
*,^ | Galaxy Resources Ltd. | 2,247,534 | 5,030 |
Super Retail Group Ltd. | 819,491 | 4,909 | |
^ | WiseTech Global Ltd. | 422,262 | 4,885 |
* | Emeco Holdings Ltd. | 17,584,483 | 4,873 |
*,^ | Orocobre Ltd. | 1,243,102 | 4,754 |
* | Bellamy's Australia Ltd. | 392,650 | 4,507 |
G8 Education Ltd. | 2,615,734 | 4,504 | |
APN Outdoor Group Ltd. | 916,460 | 4,254 | |
Viva Energy REIT | 2,554,833 | 4,250 | |
Aveo Group | 2,330,233 | 4,189 | |
Charter Hall Long Wale REIT | 1,285,022 | 4,180 | |
Pact Group Holdings Ltd. | 1,066,667 | 4,159 | |
Southern Cross Media Group Ltd. | 4,294,918 | 4,157 | |
SmartGroup Corp. Ltd. | 475,128 | 4,103 | |
Eclipx Group Ltd. | 1,684,946 | 3,950 | |
Brickworks Ltd. | 340,212 | 3,933 | |
Elders Ltd. | 628,099 | 3,932 | |
National Storage REIT | 3,225,231 | 3,927 | |
^ | Ardent Leisure Group | 2,596,694 | 3,785 |
McMillan Shakespeare Ltd. | 315,829 | 3,745 | |
Western Areas Ltd. | 1,404,153 | 3,699 | |
Growthpoint Properties Australia Ltd. | 1,367,667 | 3,651 | |
GWA Group Ltd. | 1,452,828 | 3,649 | |
Sigma Healthcare Ltd. | 5,957,111 | 3,575 | |
Aventus Retail Property Fund Ltd. | 2,106,135 | 3,489 | |
Estia Health Ltd. | 1,395,600 | 3,396 | |
Bingo Industries Ltd. | 1,634,921 | 3,234 | |
*,^ | Syrah Resources Ltd. | 1,510,955 | 3,231 |
Credit Corp. Group Ltd. | 234,269 | 3,132 | |
Seven West Media Ltd. | 5,043,657 | 3,131 | |
^ | oOh!media Ltd. (Ordinary Shares) | 836,703 | 3,062 |
Resolute Mining Ltd. | 3,188,780 | 3,042 | |
Automotive Holdings Group Ltd. | 1,444,507 | 3,041 | |
^ | Inghams Group Ltd. | 1,070,797 | 3,023 |
*,^ | Nanosonics Ltd. | 1,293,565 | 3,019 |
Domain Holdings Australia Ltd. | 1,257,587 | 2,995 | |
Tassal Group Ltd. | 958,409 | 2,927 | |
Australian Pharmaceutical Industries Ltd. | 2,285,511 | 2,873 | |
Select Harvests Ltd. | 548,179 | 2,795 | |
* | Netwealth Group Ltd. | 457,188 | 2,775 |
^ | HT&E Ltd. | 1,475,772 | 2,735 |
Ingenia Communities Group | 1,171,646 | 2,674 |
3
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Folkestone Education Trust | 1,326,889 | 2,635 | |
^ | BWX Ltd. | 620,310 | 2,615 |
*,^ | Kidman Resources Ltd. | 1,902,248 | 2,612 |
Collins Foods Ltd. | 628,789 | 2,590 | |
Gateway Lifestyle | 1,498,291 | 2,585 | |
Technology One Ltd. | 810,377 | 2,547 | |
FlexiGroup Ltd. | 1,549,993 | 2,545 | |
IPH Ltd. | 772,596 | 2,540 | |
* | Gold Road Resources Ltd. | 4,613,568 | 2,536 |
* | NRW Holdings Ltd. | 1,997,073 | 2,504 |
Ausdrill Ltd. | 1,840,804 | 2,498 | |
Genworth Mortgage Insurance Australia Ltd. | 1,276,907 | 2,427 | |
Centuria Industrial REIT | 1,256,903 | 2,393 | |
Arena REIT | 1,486,746 | 2,365 | |
*,^ | Mesoblast Ltd. | 2,149,172 | 2,342 |
*,^ | Australian Agricultural Co. Ltd. | 2,479,612 | 2,306 |
GDI Property Group | 2,407,256 | 2,299 | |
Rural Funds Group | 1,431,302 | 2,245 | |
* | Senex Energy Ltd. | 6,906,079 | 2,218 |
* | Dacian Gold Ltd. | 1,034,869 | 2,191 |
* | Westgold Resources Ltd. | 1,579,140 | 2,179 |
Accent Group Ltd. | 1,752,667 | 2,141 | |
Asaleo Care Ltd. | 2,011,672 | 2,074 | |
Hotel Property Investments | 848,543 | 1,986 | |
Japara Healthcare Ltd. | 1,441,106 | 1,923 | |
RCR Tomlinson Ltd. | 849,662 | 1,873 | |
*,^ | Perseus Mining Ltd. | 5,642,069 | 1,814 |
Regis Healthcare Ltd. | 743,389 | 1,803 | |
* | Infigen Energy | 3,680,438 | 1,797 |
SeaLink Travel Group Ltd. | 531,810 | 1,744 | |
* | Starpharma Holdings Ltd. | 2,009,197 | 1,731 |
*,^ | Clean TeQ Holdings Ltd. | 2,904,339 | 1,730 |
^ | Superloop Ltd. | 900,230 | 1,677 |
SG Fleet Group Ltd. | 613,336 | 1,677 | |
OFX Group Ltd. | 1,246,581 | 1,607 | |
* | Cardno Ltd. | 1,620,188 | 1,595 |
Greencross Ltd. | 467,459 | 1,549 | |
WPP AUNZ Ltd. | 2,021,633 | 1,510 | |
Cedar Woods Properties Ltd. | 339,883 | 1,449 | |
Virtus Health Ltd. | 336,475 | 1,432 | |
Cabcharge Australia Ltd. | 713,755 | 1,266 | |
MACA Ltd. | 1,396,387 | 1,236 | |
*,^ | Liquefied Natural Gas Ltd. | 2,864,721 | 1,226 |
^ | Myer Holdings Ltd. | 4,449,059 | 1,216 |
Mount Gibson Iron Ltd. | 3,399,551 | 1,094 | |
*,^ | Highfield Resources Ltd. | 1,795,976 | 995 |
*,^ | Karoon Gas Australia Ltd. | 1,043,199 | 871 |
ERM Power Ltd. | 777,982 | 851 | |
* | oOh!media Ltd. | 215,958 | 791 |
* | Village Roadshow Ltd. | 440,566 | 753 |
Reject Shop Ltd. | 170,164 | 714 | |
NZME Ltd. | 1,085,763 | 630 | |
Ainsworth Game Technology Ltd. | 809,272 | 623 | |
Vita Group Ltd. | 723,916 | 526 | |
^ | Blue Sky Alternative Investments Ltd. | 408,569 | 515 |
* | OneMarket Ltd. | 539,201 | 511 |
* | Cash Converters International Ltd. | 2,154,899 | 493 |
* | Decmil Group Ltd. | 683,601 | 491 |
iSentia Group Ltd. | 805,041 | 420 | |
Thorn Group Ltd. | 817,872 | 364 | |
^ | Retail Food Group Ltd. | 875,385 | 350 |
*,^ | Beadell Resources Ltd. | 6,758,803 | 339 |
*,3 | Quintis Ltd. | 1,474,169 | 322 |
* | Spotless Group Holdings Ltd. | 103,737 | 85 |
4
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
3 | BGP Holdings plc | 7,179,555 | — |
6,708,059 | |||
Austria (0.3%) | |||
Erste Group Bank AG | 1,615,596 | 67,354 | |
OMV AG | 802,211 | 45,371 | |
voestalpine AG | 647,024 | 29,752 | |
Raiffeisen Bank International AG | 736,109 | 22,554 | |
ANDRITZ AG | 401,833 | 21,298 | |
Wienerberger AG | 656,405 | 16,373 | |
*,3 | BUWOG AG Acceptance Line | 411,021 | 13,944 |
* | IMMOFINANZ AG | 559,829 | 13,306 |
CA Immobilien Anlagen AG | 389,294 | 12,967 | |
*,2 | BAWAG Group AG | 197,015 | 9,167 |
Lenzing AG | 75,053 | 9,034 | |
Oesterreichische Post AG | 188,567 | 8,593 | |
Schoeller-Bleckmann Oilfield Equipment AG | 62,098 | 7,453 | |
Telekom Austria AG Class A | 772,440 | 6,434 | |
Mayr Melnhof Karton AG | 45,088 | 6,081 | |
Vienna Insurance Group AG Wiener Versicherung Gruppe | 215,334 | 5,858 | |
Verbund AG | 179,820 | 5,803 | |
UNIQA Insurance Group AG | 614,946 | 5,650 | |
S IMMO AG | 264,084 | 5,153 | |
Strabag SE | 87,956 | 3,442 | |
EVN AG | 163,654 | 3,051 | |
Palfinger AG | 59,430 | 2,248 | |
Flughafen Wien AG | 59,061 | 2,199 | |
BUWOG AG | 64,806 | 2,179 | |
^ | DO & CO AG | 35,493 | 2,101 |
Porr AG | 54,824 | 1,844 | |
Agrana Beteiligungs AG | 16,770 | 1,725 | |
Zumtobel Group AG | 162,750 | 1,244 | |
Kapsch TrafficCom AG | 25,919 | 1,168 | |
*,^ | Semperit AG Holding | 52,695 | 977 |
334,323 | |||
Belgium (1.0%) | |||
Anheuser-Busch InBev SA/NV | 4,284,553 | 432,162 | |
KBC Group NV | 1,559,361 | 119,759 | |
Umicore SA | 1,160,675 | 66,260 | |
^ | Ageas | 1,063,880 | 53,559 |
UCB SA | 680,348 | 53,333 | |
Solvay SA Class A | 389,620 | 49,068 | |
Groupe Bruxelles Lambert SA | 412,975 | 43,445 | |
Ackermans & van Haaren NV | 124,675 | 21,435 | |
Colruyt SA | 365,808 | 20,857 | |
Proximus SADP | 796,382 | 17,912 | |
Cofinimmo SA | 126,700 | 15,618 | |
Sofina SA | 86,368 | 14,913 | |
* | Telenet Group Holding NV | 272,490 | 12,686 |
Warehouses De Pauw CVA | 94,447 | 11,936 | |
Elia System Operator SA/NV | 174,009 | 10,816 | |
KBC Ancora | 199,222 | 10,624 | |
^ | Ontex Group NV | 448,814 | 9,837 |
Melexis NV | 105,402 | 9,758 | |
Aedifica SA | 101,200 | 9,218 | |
bpost SA | 561,895 | 8,869 | |
^ | Euronav NV | 904,456 | 8,289 |
Barco NV | 56,318 | 6,874 | |
Befimmo SA | 108,631 | 6,698 | |
Gimv NV | 104,531 | 6,365 | |
Bekaert SA | 196,205 | 6,357 | |
* | Tessenderlo Chemie NV (Voting Shares) | 150,164 | 5,846 |
D'ieteren SA/NV | 128,527 | 5,337 | |
Cie d'Entreprises CFE | 38,943 | 4,814 | |
Kinepolis Group NV | 72,494 | 4,590 |
5
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Econocom Group SA/NV | 728,552 | 4,005 | |
* | AGFA-Gevaert NV | 954,971 | 4,003 |
*,^ | Ion Beam Applications | 110,451 | 2,943 |
Orange Belgium SA | 168,861 | 2,846 | |
*,^ | Nyrstar (Voting Shares) | 388,891 | 2,079 |
EVS Broadcast Equipment SA | 70,714 | 1,620 | |
Wereldhave Belgium NV | 11,728 | 1,339 | |
Van de Velde NV | 35,160 | 1,276 | |
^ | Greenyard NV | 77,424 | 1,112 |
1,068,458 | |||
Canada (8.3%) | |||
Royal Bank of Canada | 8,149,017 | 613,602 | |
Toronto-Dominion Bank | 10,406,641 | 602,321 | |
Bank of Nova Scotia | 6,871,276 | 389,075 | |
Suncor Energy Inc. | 9,225,762 | 375,445 | |
Enbridge Inc. | 9,593,332 | 342,971 | |
Canadian National Railway Co. | 4,145,886 | 339,107 | |
Bank of Montreal | 3,639,917 | 281,359 | |
Canadian Natural Resources Ltd. | 6,784,074 | 244,859 | |
Canadian Imperial Bank of Commerce | 2,505,297 | 217,933 | |
TransCanada Corp. | 4,934,178 | 213,484 | |
Manulife Financial Corp. | 11,203,704 | 201,294 | |
Nutrien Ltd. | 3,571,628 | 194,305 | |
Brookfield Asset Management Inc. Class A | 4,783,073 | 194,030 | |
Canadian Pacific Railway Ltd. | 808,832 | 148,225 | |
Sun Life Financial Inc. | 3,436,431 | 138,095 | |
Magna International Inc. | 1,900,375 | 110,526 | |
Alimentation Couche-Tard Inc. Class B | 2,372,678 | 103,072 | |
Pembina Pipeline Corp. | 2,831,176 | 98,052 | |
Rogers Communications Inc. Class B | 2,021,522 | 96,013 | |
National Bank of Canada | 1,915,823 | 91,984 | |
* | CGI Group Inc. Class A | 1,413,925 | 89,601 |
Constellation Software Inc. | 112,378 | 87,152 | |
Barrick Gold Corp. | 6,562,380 | 86,207 | |
Fairfax Financial Holdings Ltd. | 153,327 | 85,916 | |
Restaurant Brands International Inc. | 1,319,074 | 79,567 | |
Franco-Nevada Corp. | 1,030,714 | 75,227 | |
Fortis Inc. | 2,276,543 | 72,765 | |
Teck Resources Ltd. Class B | 2,847,457 | 72,537 | |
Dollarama Inc. | 1,834,038 | 71,093 | |
Encana Corp. | 5,435,278 | 70,988 | |
BCE Inc. | 1,686,698 | 68,307 | |
Goldcorp Inc. | 4,863,742 | 66,779 | |
Waste Connections Inc. (Canadian Shares) | 848,848 | 63,942 | |
^ | Thomson Reuters Corp. | 1,576,532 | 63,618 |
Agnico Eagle Mines Ltd. | 1,314,873 | 60,280 | |
Cenovus Energy Inc. | 5,751,173 | 59,714 | |
First Quantum Minerals Ltd. | 3,847,388 | 56,687 | |
Intact Financial Corp. | 782,087 | 55,475 | |
Wheaton Precious Metals Corp. | 2,500,225 | 55,191 | |
Loblaw Cos. Ltd. | 1,065,936 | 54,811 | |
Open Text Corp. | 1,437,337 | 50,588 | |
Shaw Communications Inc. Class B | 2,475,520 | 50,427 | |
Power Corp. of Canada | 2,175,385 | 48,715 | |
Waste Connections Inc. | 632,139 | 47,587 | |
Imperial Oil Ltd. | 1,415,278 | 47,045 | |
* | Bombardier Inc. Class B | 11,760,996 | 46,520 |
Metro Inc. | 1,355,191 | 46,068 | |
Canadian Tire Corp. Ltd. Class A | 351,035 | 45,820 | |
* | Valeant Pharmaceuticals International Inc. | 1,928,077 | 44,878 |
^ | SNC-Lavalin Group Inc. | 988,848 | 43,671 |
Saputo Inc. | 1,233,987 | 40,972 | |
^ | Inter Pipeline Ltd. | 2,160,120 | 40,486 |
CCL Industries Inc. Class B | 820,520 | 40,226 |
6
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
TELUS Corp. | 1,122,982 | 39,891 | |
Great-West Lifeco Inc. | 1,558,686 | 38,320 | |
Onex Corp. | 468,255 | 34,368 | |
Gildan Activewear Inc. | 1,217,638 | 34,297 | |
Methanex Corp. | 468,193 | 33,106 | |
RioCan REIT | 1,786,393 | 32,816 | |
Power Financial Corp. | 1,379,430 | 32,265 | |
^ | Keyera Corp. | 1,151,584 | 32,043 |
CAE Inc. | 1,519,521 | 31,566 | |
WSP Global Inc. | 579,764 | 30,526 | |
* | Stars Group Inc. | 832,099 | 30,179 |
*,^ | Canopy Growth Corp. | 991,664 | 28,981 |
2 | Hydro One Ltd. | 1,762,474 | 26,866 |
^ | Vermilion Energy Inc. | 744,366 | 26,844 |
Husky Energy Inc. | 1,717,849 | 26,774 | |
* | BlackBerry Ltd. | 2,727,947 | 26,311 |
West Fraser Timber Co. Ltd. | 381,264 | 26,243 | |
* | Kinross Gold Corp. | 6,956,255 | 26,192 |
PrairieSky Royalty Ltd. | 1,325,989 | 26,174 | |
CI Financial Corp. | 1,429,375 | 25,692 | |
Tourmaline Oil Corp. | 1,410,863 | 25,209 | |
^ | Canadian Apartment Properties REIT | 768,455 | 24,919 |
H&R REIT | 1,626,310 | 24,890 | |
Cameco Corp. | 2,206,982 | 24,829 | |
Industrial Alliance Insurance & Financial Services Inc. | 613,553 | 23,685 | |
Finning International Inc. | 953,120 | 23,526 | |
Algonquin Power & Utilities Corp. | 2,345,666 | 22,660 | |
Crescent Point Energy Corp. | 3,040,181 | 22,339 | |
Kirkland Lake Gold Ltd. | 1,047,574 | 22,184 | |
George Weston Ltd. | 259,101 | 21,140 | |
*,^ | Aurora Cannabis Inc. | 2,956,816 | 20,917 |
^ | Ritchie Bros Auctioneers Inc. | 604,233 | 20,609 |
ARC Resources Ltd. | 1,992,205 | 20,579 | |
^ | AltaGas Ltd. | 993,812 | 20,524 |
TMX Group Ltd. | 308,522 | 20,225 | |
Lundin Mining Corp. | 3,550,870 | 19,744 | |
Empire Co. Ltd. | 957,411 | 19,219 | |
Toromont Industries Ltd. | 440,172 | 19,038 | |
^ | Enbridge Income Fund Holdings Inc. | 746,073 | 18,296 |
^ | Parkland Fuel Corp. | 739,473 | 18,168 |
Enerplus Corp. | 1,367,538 | 17,247 | |
* | Seven Generations Energy Ltd. Class A | 1,532,442 | 16,891 |
Canadian Utilities Ltd. Class A | 667,911 | 16,867 | |
Allied Properties REIT | 523,472 | 16,664 | |
Stantec Inc. | 638,011 | 16,408 | |
^ | Maxar Technologies Ltd. | 317,130 | 15,921 |
* | Turquoise Hill Resources Ltd. | 5,594,818 | 15,831 |
Whitecap Resources Inc. | 2,310,295 | 15,658 | |
^ | SmartCentres REIT | 670,516 | 15,571 |
* | Parex Resources Inc. | 823,711 | 15,551 |
Yamana Gold Inc. | 5,311,305 | 15,474 | |
* | IAMGOLD Corp. | 2,612,976 | 15,225 |
Pan American Silver Corp. | 839,153 | 15,019 | |
TFI International Inc. | 483,871 | 14,925 | |
Colliers International Group Inc. | 190,900 | 14,524 | |
Choice Properties REIT | 1,546,080 | 14,242 | |
Premium Brands Holdings Corp. | 164,948 | 14,213 | |
Quebecor Inc. Class B | 684,597 | 14,018 | |
* | Descartes Systems Group Inc. | 430,161 | 14,014 |
* | B2Gold Corp. | 5,380,884 | 13,957 |
Chartwell Retirement Residences | 1,194,810 | 13,933 | |
IGM Financial Inc. | 466,699 | 13,529 | |
First Capital Realty Inc. | 842,829 | 13,245 | |
FirstService Corp. | 171,911 | 13,075 |
7
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^ | Canadian Western Bank | 491,826 | 12,963 |
Atco Ltd. | 418,973 | 12,933 | |
Cott Corp. | 767,366 | 12,713 | |
Alamos Gold Inc. Class A | 2,181,949 | 12,431 | |
^ | Northland Power Inc. | 638,010 | 11,905 |
^ | Norbord Inc. | 288,283 | 11,855 |
NFI Group Inc. | 316,845 | 11,819 | |
* | MEG Energy Corp. | 1,412,416 | 11,775 |
* | Great Canadian Gaming Corp. | 325,026 | 11,509 |
Linamar Corp. | 260,994 | 11,477 | |
Maple Leaf Foods Inc. | 450,318 | 11,386 | |
Capital Power Corp. | 581,977 | 11,169 | |
Gibson Energy Inc. | 801,129 | 10,683 | |
Emera Inc. | 325,304 | 10,591 | |
Granite REIT | 257,881 | 10,518 | |
Dream Global REIT | 940,256 | 10,271 | |
^ | Cominar REIT | 1,018,037 | 9,928 |
Element Fleet Management Corp. | 2,101,301 | 9,878 | |
Stella-Jones Inc. | 266,734 | 9,717 | |
OceanaGold Corp. | 3,488,347 | 9,685 | |
* | Kinaxis Inc. | 143,146 | 9,636 |
*,^ | Aphria Inc. | 1,017,176 | 9,184 |
* | Detour Gold Corp. | 983,178 | 8,840 |
* | Canfor Corp. | 361,696 | 8,705 |
Tahoe Resources Inc. | 1,714,493 | 8,438 | |
^ | Osisko Gold Royalties Ltd. | 879,055 | 8,325 |
Enercare Inc. | 606,072 | 8,289 | |
Transcontinental Inc. Class A | 356,043 | 8,268 | |
* | Celestica Inc. | 691,253 | 8,218 |
TransAlta Corp. | 1,615,496 | 8,110 | |
^ | Laurentian Bank of Canada | 233,820 | 7,979 |
^ | Cineplex Inc. | 354,633 | 7,871 |
ShawCor Ltd. | 401,750 | 7,799 | |
Superior Plus Corp. | 805,965 | 7,792 | |
Artis REIT | 769,793 | 7,677 | |
Hudbay Minerals Inc. | 1,340,819 | 7,476 | |
* | Gran Tierra Energy Inc. | 2,134,602 | 7,388 |
* | Endeavour Mining Corp. | 411,617 | 7,386 |
^ | Boardwalk REIT | 211,155 | 7,335 |
Innergex Renewable Energy Inc. | 688,784 | 7,236 | |
*,^ | First Majestic Silver Corp. | 940,534 | 7,176 |
Russel Metals Inc. | 349,806 | 7,150 | |
* | Ivanhoe Mines Ltd. | 3,448,663 | 7,083 |
* | Pretium Resources Inc. | 955,085 | 7,025 |
^ | Genworth MI Canada Inc. | 215,143 | 7,001 |
^ | Peyto Exploration & Development Corp. | 894,243 | 6,884 |
Pason Systems Inc. | 415,157 | 6,796 | |
* | New Gold Inc. | 3,226,124 | 6,724 |
* | SSR Mining Inc. | 680,988 | 6,718 |
* | Centerra Gold Inc. | 1,204,326 | 6,697 |
Mullen Group Ltd. | 550,171 | 6,482 | |
* | ATS Automation Tooling Systems Inc. | 433,775 | 6,447 |
*,^ | NuVista Energy Ltd. | 921,372 | 6,392 |
Enghouse Systems Ltd. | 108,152 | 6,316 | |
* | Air Canada Class B | 387,341 | 6,261 |
North West Co. Inc. | 272,670 | 6,081 | |
*,^ | NovaGold Resources Inc. | 1,293,971 | 5,797 |
* | Kelt Exploration Ltd. | 849,749 | 5,772 |
Winpak Ltd. | 171,934 | 5,754 | |
Nevsun Resources Ltd. | 1,637,695 | 5,693 | |
Enerflex Ltd. | 506,440 | 5,447 | |
Birchcliff Energy Ltd. | 1,464,014 | 5,368 | |
* | Precision Drilling Corp. | 1,620,277 | 5,361 |
Martinrea International Inc. | 494,230 | 5,301 |
8
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Raging River Exploration Inc. | 1,201,204 | 5,208 |
* | SEMAFO Inc. | 1,795,830 | 5,205 |
*,^ | Home Capital Group Inc. Class B | 450,528 | 5,144 |
ECN Capital Corp. | 1,913,253 | 5,137 | |
TransAlta Renewables Inc. | 526,481 | 4,982 | |
^ | Hudson's Bay Co. | 555,003 | 4,948 |
^ | Westshore Terminals Investment Corp. | 270,023 | 4,895 |
Secure Energy Services Inc. | 886,219 | 4,894 | |
^ | CES Energy Solutions Corp. | 1,424,579 | 4,865 |
Northview Apartment REIT | 241,528 | 4,828 | |
Dream Office REIT | 264,166 | 4,708 | |
*,^ | Eldorado Gold Corp. | 4,490,484 | 4,543 |
*,^ | Paramount Resources Ltd. Class A | 394,037 | 4,463 |
TORC Oil & Gas Ltd. | 775,298 | 4,329 | |
*,^ | Baytex Energy Corp. | 1,292,818 | 4,297 |
* | Torex Gold Resources Inc. | 481,268 | 4,287 |
Aecon Group Inc. | 342,291 | 4,025 | |
Cascades Inc. | 375,654 | 3,363 | |
* | Advantage Oil & Gas Ltd. | 1,043,445 | 3,262 |
Cogeco Communications Inc. | 65,565 | 3,248 | |
Ensign Energy Services Inc. | 724,899 | 3,237 | |
*,^ | Obsidian Energy Ltd. | 2,827,389 | 3,205 |
*,^ | Sierra Wireless Inc. | 190,777 | 3,052 |
* | Alacer Gold Corp. | 1,598,163 | 2,954 |
^ | Extendicare Inc. | 530,600 | 2,926 |
Fortis Inc. (New York Shares) | 81,392 | 2,595 | |
Dorel Industries Inc. Class B | 143,229 | 2,430 | |
^ | Corus Entertainment Inc. Class B | 631,014 | 2,381 |
* | China Gold International Resources Corp. Ltd. | 1,308,951 | 2,270 |
^ | Just Energy Group Inc. | 543,448 | 1,959 |
^ | First National Financial Corp. | 88,792 | 1,926 |
*,^ | ProMetic Life Sciences Inc. | 3,754,210 | 1,485 |
Morguard REIT | 146,700 | 1,477 | |
Enbridge Inc. (New York Shares) | 6,500 | 232 | |
Canadian Pacific Railway Ltd. (New York Shares) | 100 | 18 | |
* | Osisko Gold Royalties Warrants Exp. 02/26/2019 | 3,963 | 1 |
9,050,431 | |||
Denmark (1.4%) | |||
Novo Nordisk A/S Class B | 9,588,306 | 442,889 | |
Danske Bank A/S | 3,673,999 | 114,459 | |
DSV A/S | 1,017,570 | 81,916 | |
Coloplast A/S Class B | 747,006 | 74,583 | |
Carlsberg A/S Class B | 593,399 | 69,818 | |
Vestas Wind Systems A/S | 1,084,297 | 66,941 | |
Novozymes A/S | 1,161,112 | 58,727 | |
2 | Orsted A/S | 842,134 | 50,883 |
Chr Hansen Holding A/S | 551,409 | 50,763 | |
* | Genmab A/S | 311,997 | 48,006 |
Pandora A/S | 586,997 | 40,912 | |
AP Moller - Maersk A/S Class B | 32,242 | 39,887 | |
ISS A/S | 1,041,353 | 35,668 | |
AP Moller - Maersk A/S Class A | 29,250 | 34,567 | |
GN Store Nord A/S | 758,588 | 34,467 | |
* | Ambu A/S Class B | 769,528 | 25,887 |
* | William Demant Holding A/S | 609,173 | 24,447 |
H Lundbeck A/S | 337,460 | 23,651 | |
Royal Unibrew A/S | 285,563 | 22,693 | |
Jyske Bank A/S | 381,733 | 20,866 | |
SimCorp A/S | 220,001 | 17,769 | |
FLSmidth & Co. A/S | 280,789 | 16,754 | |
Tryg A/S | 685,093 | 16,044 |
9
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Rockwool International A/S Class B | 36,033 | 14,046 | |
Sydbank A/S | 367,049 | 12,583 | |
Dfds A/S | 159,604 | 10,159 | |
Topdanmark A/S | 232,315 | 10,145 | |
* | Nilfisk Holding A/S | 151,370 | 7,371 |
Schouw & Co. A/S | 73,172 | 6,448 | |
*,^ | ALK-Abello A/S | 36,490 | 6,080 |
*,^ | Bavarian Nordic A/S | 183,668 | 5,399 |
2 | Scandinavian Tobacco Group A/S | 354,076 | 5,342 |
Spar Nord Bank A/S | 474,878 | 5,075 | |
*,^ | NKT A/S | 156,163 | 4,254 |
* | Bang & Olufsen A/S | 194,217 | 4,203 |
Alm Brand A/S | 358,686 | 3,515 | |
* | D/S Norden A/S | 148,750 | 2,629 |
Solar A/S Class B | 27,274 | 1,701 | |
Matas A/S | 180,328 | 1,462 | |
1,513,009 | |||
Finland (1.0%) | |||
Nokia Oyj | 31,514,832 | 180,765 | |
Sampo Oyj Class A | 2,762,399 | 134,531 | |
Kone Oyj Class B | 2,193,990 | 111,555 | |
UPM-Kymmene Oyj | 3,008,805 | 107,129 | |
Stora Enso Oyj | 3,156,459 | 61,494 | |
Neste Oyj | 781,635 | 61,154 | |
Fortum Oyj | 2,428,813 | 57,852 | |
Wartsila Oyj Abp | 2,566,502 | 50,244 | |
Elisa Oyj | 805,750 | 37,224 | |
Nokian Renkaat Oyj | 760,326 | 29,940 | |
Kesko Oyj Class B | 382,628 | 23,370 | |
Amer Sports Oyj | 649,546 | 20,424 | |
Metso Oyj | 600,737 | 20,038 | |
Huhtamaki Oyj | 521,612 | 19,235 | |
Konecranes Oyj Class A | 405,850 | 16,654 | |
Orion Oyj Class B | 576,762 | 15,512 | |
Valmet Oyj | 757,110 | 14,553 | |
Tieto Oyj | 414,021 | 13,380 | |
Cargotec Oyj Class B | 232,536 | 11,733 | |
Metsa Board Oyj | 968,939 | 10,923 | |
Outokumpu Oyj | 1,719,505 | 10,650 | |
DNA Oyj | 341,336 | 8,155 | |
Kemira Oyj | 496,051 | 6,580 | |
* | Outotec Oyj | 825,839 | 6,548 |
Cramo Oyj | 241,536 | 5,605 | |
YIT Oyj | 903,889 | 5,374 | |
Uponor Oyj | 306,350 | 4,900 | |
Citycon Oyj | 2,129,394 | 4,602 | |
Sanoma Oyj | 416,760 | 4,219 | |
Ramirent Oyj | 364,612 | 3,860 | |
*,^ | Caverion Oyj | 503,503 | 3,577 |
Finnair Oyj | 301,306 | 3,248 | |
Raisio Oyj | 629,951 | 2,671 | |
Oriola Oyj | 720,631 | 2,568 | |
F-Secure Oyj | 522,243 | 2,288 | |
*,^ | Stockmann Oyj Abp Class B | 185,329 | 867 |
1,073,422 | |||
France (8.2%) | |||
TOTAL SA | 14,180,991 | 861,153 | |
Sanofi | 6,119,191 | 491,124 | |
LVMH Moet Hennessy Louis Vuitton SE | 1,400,501 | 464,993 | |
BNP Paribas SA | 6,100,948 | 377,386 | |
Airbus SE | 3,099,647 | 361,713 | |
AXA SA | 10,842,576 | 264,925 | |
Vinci SA | 2,619,654 | 251,464 | |
L'Oreal SA | 989,649 | 243,975 |
10
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Danone SA | 3,296,370 | 240,676 | |
Schneider Electric SE | 2,881,192 | 239,620 | |
Kering SA | 418,268 | 235,611 | |
Air Liquide SA Prime De Fidelite | 1,762,924 | 220,974 | |
Safran SA | 1,807,926 | 218,949 | |
Pernod Ricard SA | 1,193,583 | 194,799 | |
Orange SA | 10,818,233 | 180,580 | |
Societe Generale SA | 4,142,051 | 174,090 | |
Essilor International Cie Generale d'Optique SA | 1,155,156 | 162,873 | |
Engie SA | 9,253,613 | 141,548 | |
Vivendi SA | 5,413,002 | 132,418 | |
Cie de Saint-Gobain | 2,779,187 | 123,799 | |
Cie Generale des Etablissements Michelin SCA | 993,341 | 120,173 | |
Capgemini SE | 880,038 | 117,934 | |
^ | Legrand SA | 1,502,559 | 110,058 |
Hermes International | 173,836 | 106,189 | |
Dassault Systemes SE | 734,053 | 102,726 | |
L'Oreal SA Loyalty Line | 368,925 | 90,950 | |
^ | Renault SA | 1,038,883 | 88,016 |
Credit Agricole SA | 6,490,408 | 86,144 | |
TechnipFMC plc | 2,589,382 | 82,355 | |
Publicis Groupe SA | 1,159,519 | 79,569 | |
STMicroelectronics NV | 3,529,849 | 78,374 | |
Air Liquide SA | 605,982 | 75,957 | |
^ | Valeo SA | 1,344,229 | 73,292 |
Thales SA | 565,247 | 72,721 | |
^ | Atos SE | 514,648 | 69,980 |
Peugeot SA | 3,067,642 | 69,897 | |
Veolia Environnement SA | 2,807,294 | 59,989 | |
Teleperformance | 322,137 | 56,856 | |
Accor SA | 1,137,847 | 55,727 | |
* | Ubisoft Entertainment SA | 458,143 | 50,079 |
^ | Carrefour SA | 3,089,715 | 49,840 |
Sodexo SA | 499,042 | 49,817 | |
Bouygues SA | 1,152,519 | 49,522 | |
Gecina SA | 291,419 | 48,684 | |
Arkema SA | 406,479 | 47,965 | |
Eiffage SA | 418,190 | 45,434 | |
Klepierre SA | 1,127,762 | 42,374 | |
Edenred | 1,317,132 | 41,604 | |
Alstom SA | 866,951 | 39,774 | |
Bureau Veritas SA | 1,428,680 | 38,085 | |
SES SA Class A | 1,981,341 | 36,218 | |
Aeroports de Paris | 159,573 | 36,046 | |
Eurofins Scientific SE | 63,353 | 35,136 | |
Getlink | 2,542,918 | 34,863 | |
Electricite de France SA | 2,493,113 | 34,210 | |
Orpea | 253,451 | 33,759 | |
Natixis SA | 4,713,866 | 33,353 | |
SCOR SE | 888,440 | 32,856 | |
Ingenico Group SA | 351,473 | 31,515 | |
Ipsen SA | 193,272 | 30,230 | |
^ | Rubis SCA | 472,328 | 29,441 |
Faurecia SA | 412,851 | 29,348 | |
^ | Suez | 2,071,348 | 26,795 |
SEB SA | 152,540 | 26,613 | |
Bollore SA | 5,496,200 | 25,524 | |
2 | Euronext NV | 392,202 | 24,853 |
^ | Dassault Aviation SA | 13,070 | 24,852 |
Rexel SA | 1,718,059 | 24,663 | |
2 | Amundi SA | 318,756 | 22,034 |
Wendel SA | 159,204 | 21,905 | |
^ | Iliad SA | 135,579 | 21,392 |
^ | BioMerieux | 233,027 | 20,937 |
11
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Covivio | 200,897 | 20,874 | |
CNP Assurances | 891,958 | 20,265 | |
Eurazeo SA | 264,867 | 20,048 | |
Eutelsat Communications SA | 952,531 | 19,713 | |
^ | Altran Technologies SA | 1,300,663 | 18,798 |
Remy Cointreau SA | 136,970 | 17,733 | |
Lagardere SCA | 654,469 | 17,244 | |
Imerys SA | 204,415 | 16,498 | |
ICADE | 176,008 | 16,486 | |
Alten SA | 160,189 | 16,467 | |
Elis SA (London Shares) | 716,771 | 16,391 | |
Sopra Steria Group | 80,176 | 16,313 | |
Nexity SA | 241,888 | 15,271 | |
Sartorius Stedim Biotech | 134,064 | 13,986 | |
SPIE SA | 674,127 | 13,645 | |
JCDecaux SA | 408,421 | 13,638 | |
Societe BIC SA | 146,125 | 13,547 | |
Cie Plastic Omnium SA | 315,060 | 13,286 | |
*,2 | Worldline SA | 223,998 | 12,665 |
Casino Guichard Perrachon SA | 317,534 | 12,289 | |
*,^ | Vallourec SA | 1,710,464 | 10,090 |
* | Air France-KLM | 1,204,885 | 9,847 |
* | Fnac Darty SA | 97,354 | 9,228 |
^,2 | Maisons du Monde SA | 246,902 | 9,080 |
^ | Korian SA | 260,094 | 8,768 |
2 | Elior Group SA | 579,466 | 8,352 |
Trigano SA | 45,124 | 8,005 | |
* | SOITEC | 95,200 | 7,983 |
^,2 | ALD SA | 457,075 | 7,784 |
Gaztransport Et Technigaz SA | 124,090 | 7,595 | |
Metropole Television SA | 370,787 | 7,416 | |
IPSOS | 211,277 | 7,210 | |
Eramet | 49,533 | 6,498 | |
Television Francaise 1 | 605,422 | 6,368 | |
2 | Europcar Groupe SA | 579,501 | 6,025 |
Coface SA | 514,146 | 5,701 | |
Nexans SA | 164,746 | 5,662 | |
Vicat SA | 84,803 | 5,560 | |
* | DBV Technologies SA | 133,607 | 5,146 |
Tarkett SA | 175,738 | 5,054 | |
Neopost SA | 185,369 | 4,979 | |
Carmila SA | 170,841 | 4,758 | |
*,^ | Genfit | 160,422 | 4,395 |
Mercialys SA | 230,880 | 4,018 | |
*,2 | SMCP SA | 138,509 | 3,959 |
Beneteau SA | 201,638 | 3,777 | |
FFP | 29,080 | 3,596 | |
LISI | 94,771 | 3,581 | |
Albioma SA | 151,188 | 3,406 | |
Derichebourg SA | 529,119 | 3,337 | |
* | Virbac SA | 23,687 | 3,228 |
Mersen SA | 80,589 | 3,201 | |
Electricite de France SA Prime De Fidelite | 229,038 | 3,143 | |
*,2 | X-Fab Silicon Foundries SE | 309,436 | 3,111 |
Boiron SA | 33,540 | 2,844 | |
Bonduelle SCA | 77,790 | 2,805 | |
Interparfums SA | 66,414 | 2,796 | |
^ | Manitou BF SA | 68,486 | 2,574 |
* | Technicolor SA | 2,050,968 | 2,520 |
Direct Energie | 44,784 | 2,198 | |
Jacquet Metal Service SA | 68,515 | 2,179 | |
* | Etablissements Maurel et Prom | 298,418 | 2,176 |
Vilmorin & Cie SA | 29,459 | 1,984 | |
Guerbet | 29,296 | 1,959 |
12
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^ | Synergie SA | 35,858 | 1,765 |
AKWEL | 51,808 | 1,577 | |
^ | Rallye SA | 137,106 | 1,565 |
GL Events | 56,416 | 1,516 | |
Groupe Crit | 14,643 | 1,373 | |
Haulotte Group SA | 71,266 | 1,217 | |
* | Stallergenes Greer plc | 23,597 | 845 |
*,^ | Bourbon Corp. | 152,406 | 844 |
* | Esso SA Francaise | 12,795 | 719 |
Union Financiere de France BQE SA | 17,265 | 554 | |
8,880,326 | |||
Germany (7.8%) | |||
SAP SE | 5,463,615 | 630,599 | |
Bayer AG | 5,267,238 | 578,468 | |
Siemens AG | 4,329,816 | 570,479 | |
Allianz SE | 2,467,709 | 508,484 | |
BASF SE | 5,162,852 | 492,891 | |
Daimler AG | 4,856,725 | 311,108 | |
Deutsche Telekom AG | 18,226,269 | 281,677 | |
Linde AG- Tender Line | 1,048,461 | 249,093 | |
adidas AG | 1,129,149 | 245,836 | |
Fresenius SE & Co. KGaA | 2,289,493 | 183,308 | |
Deutsche Post AG | 5,477,004 | 177,950 | |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 822,207 | 172,863 | |
Volkswagen AG Preference Shares | 1,035,948 | 171,149 | |
Bayerische Motoren Werke AG | 1,815,375 | 164,096 | |
Infineon Technologies AG | 6,381,278 | 162,093 | |
Deutsche Boerse AG | 1,052,691 | 139,960 | |
Continental AG | 609,928 | 138,806 | |
Vonovia SE | 2,888,126 | 137,271 | |
E.ON SE | 12,240,924 | 130,421 | |
Henkel AG & Co. KGaA Preference Shares | 958,078 | 122,250 | |
Fresenius Medical Care AG & Co. KGaA | 1,201,131 | 120,944 | |
Deutsche Bank AG | 10,723,686 | 114,727 | |
Wirecard AG | 644,265 | 103,096 | |
Deutsche Wohnen SE | 2,004,730 | 96,816 | |
2 | Covestro AG | 1,056,379 | 93,895 |
Merck KGaA | 729,674 | 71,032 | |
HeidelbergCement AG | 839,284 | 70,472 | |
RWE AG | 2,963,169 | 67,337 | |
Henkel AG & Co. KGaA | 603,572 | 67,016 | |
Beiersdorf AG | 564,998 | 64,042 | |
thyssenkrupp AG | 2,625,924 | 63,652 | |
Symrise AG | 680,611 | 59,536 | |
* | Commerzbank AG | 5,872,334 | 56,018 |
MTU Aero Engines AG | 291,195 | 55,776 | |
Porsche Automobil Holding SE Preference Shares | 865,310 | 54,943 | |
Brenntag AG | 871,582 | 48,427 | |
* | QIAGEN NV | 1,240,402 | 44,964 |
*,2 | Zalando SE | 769,546 | 42,888 |
Hannover Rueck SE | 338,779 | 42,118 | |
LANXESS AG | 515,380 | 40,069 | |
LEG Immobilien AG | 356,011 | 38,675 | |
United Internet AG | 662,761 | 37,838 | |
Uniper SE | 1,103,069 | 32,842 | |
ProSiebenSat.1 Media SE | 1,295,417 | 32,781 | |
HUGO BOSS AG | 360,882 | 32,728 | |
*,2 | Delivery Hero AG | 609,055 | 32,283 |
2 | Scout24 AG | 607,056 | 32,131 |
Deutsche Lufthansa AG | 1,333,516 | 31,948 | |
GEA Group AG | 938,443 | 31,605 | |
2 | Innogy SE | 723,317 | 30,903 |
*,2 | Siemens Healthineers AG | 738,864 | 30,448 |
Volkswagen AG | 177,419 | 29,166 |
13
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Evonik Industries AG | 844,167 | 28,882 | |
Sartorius AG Preference Shares | 192,521 | 28,661 | |
KION Group AG | 397,637 | 28,542 | |
Puma SE | 46,118 | 26,943 | |
Rheinmetall AG | 241,209 | 26,538 | |
K&S AG | 1,076,958 | 26,492 | |
Bayerische Motoren Werke AG Preference Shares | 310,203 | 24,676 | |
MAN SE | 199,856 | 22,615 | |
OSRAM Licht AG | 542,466 | 22,092 | |
* | MorphoSys AG | 177,048 | 21,612 |
Fuchs Petrolub SE Preference Shares | 413,166 | 20,330 | |
Fraport AG Frankfurt Airport Services Worldwide | 201,845 | 19,418 | |
Freenet AG | 723,152 | 19,121 | |
HOCHTIEF AG | 102,014 | 18,397 | |
Axel Springer SE | 250,331 | 18,090 | |
Siltronic AG | 116,740 | 16,589 | |
GRENKE AG | 141,659 | 16,150 | |
Grand City Properties SA | 610,368 | 15,824 | |
TAG Immobilien AG | 710,055 | 15,616 | |
Aurubis AG | 202,306 | 15,443 | |
CTS Eventim AG & Co. KGaA | 306,662 | 15,056 | |
Telefonica Deutschland Holding AG | 3,813,804 | 15,003 | |
Aareal Bank AG | 339,911 | 14,912 | |
1&1 Drillisch AG | 260,936 | 14,802 | |
RTL Group SA | 214,994 | 14,570 | |
Gerresheimer AG | 178,774 | 14,464 | |
Hella GmbH & Co. KGaA | 251,892 | 14,065 | |
Carl Zeiss Meditec AG | 205,776 | 14,041 | |
TUI AG | 619,858 | 13,568 | |
alstria office REIT AG | 889,927 | 13,370 | |
Duerr AG | 278,566 | 12,897 | |
TLG Immobilien AG | 477,389 | 12,716 | |
* | Evotec AG | 742,153 | 12,661 |
Software AG | 271,017 | 12,596 | |
*,2 | Rocket Internet SE | 393,130 | 12,579 |
Stabilus SA | 138,896 | 12,477 | |
Norma Group SE | 180,660 | 12,343 | |
Rational AG | 18,906 | 12,312 | |
Nemetschek SE | 101,927 | 12,217 | |
STADA Arzneimittel AG | 127,046 | 11,931 | |
Bechtle AG | 153,623 | 11,808 | |
METRO AG | 948,971 | 11,695 | |
Jenoptik AG | 286,498 | 11,207 | |
Wacker Chemie AG | 84,869 | 11,093 | |
Krones AG | 81,722 | 10,538 | |
Deutsche EuroShop AG | 287,498 | 10,148 | |
Jungheinrich AG Preference Shares | 270,995 | 10,018 | |
* | Fielmann AG | 139,965 | 9,677 |
2 | Deutsche Pfandbriefbank AG | 693,420 | 9,675 |
CANCOM SE | 94,559 | 9,608 | |
Salzgitter AG | 216,040 | 9,399 | |
Leoni AG | 183,837 | 9,317 | |
2 | ADO Properties SA | 162,489 | 8,832 |
Bilfinger SE | 165,129 | 8,371 | |
Stroeer SE & Co. KGaA | 138,428 | 8,358 | |
Sixt SE Preference Shares | 106,102 | 8,308 | |
FUCHS PETROLUB SE | 171,760 | 8,091 | |
Talanx AG | 215,326 | 7,844 | |
* | AIXTRON SE | 595,844 | 7,668 |
CECONOMY AG | 908,785 | 7,558 | |
Sixt SE | 65,573 | 7,331 | |
Suedzucker AG | 440,990 | 7,009 | |
S&T AG | 265,999 | 6,815 | |
Indus Holding AG | 109,183 | 6,794 |
14
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
*,^ | zooplus AG | 35,354 | 6,596 |
* | HelloFresh SE | 431,288 | 6,570 |
CompuGroup Medical SE | 127,713 | 6,544 | |
* | Dialog Semiconductor plc | 427,036 | 6,473 |
Pfeiffer Vacuum Technology AG | 37,098 | 6,100 | |
DMG Mori AG | 108,349 | 5,902 | |
2 | Befesa SA | 105,397 | 5,665 |
Koenig & Bauer AG | 76,667 | 5,532 | |
Schaeffler AG Preference Shares | 422,186 | 5,480 | |
RIB Software SE | 233,657 | 5,414 | |
*,2 | Hapag-Lloyd AG | 152,134 | 5,408 |
Deutz AG | 693,814 | 5,338 | |
Washtec AG | 59,796 | 5,271 | |
RWE AG Preference Shares | 271,819 | 5,098 | |
XING SE | 15,763 | 5,076 | |
PATRIZIA Immobilien AG | 240,509 | 4,628 | |
Kloeckner & Co. SE | 413,456 | 4,354 | |
KWS Saat SE | 11,365 | 4,028 | |
* | Heidelberger Druckmaschinen AG | 1,461,553 | 4,003 |
*,2 | Tele Columbus AG | 552,703 | 3,825 |
* | Hornbach Holding AG & Co. KGaA | 52,125 | 3,755 |
VTG AG | 64,410 | 3,640 | |
Wacker Neuson SE | 140,766 | 3,566 | |
* | Nordex SE | 346,849 | 3,508 |
Takkt AG | 190,832 | 3,482 | |
RHOEN-KLINIKUM AG | 112,751 | 3,288 | |
Biotest AG Preference Shares | 108,948 | 3,147 | |
Hamburger Hafen und Logistik AG | 139,752 | 3,024 | |
Draegerwerk AG & Co. KGaA Preference Shares | 42,006 | 3,007 | |
* | SGL Carbon SE | 269,719 | 2,888 |
DIC Asset AG | 239,784 | 2,686 | |
Vossloh AG | 52,923 | 2,576 | |
Deutsche Beteiligungs AG | 64,294 | 2,546 | |
Diebold Nixdorf AG | 37,601 | 2,507 | |
BayWa AG | 73,629 | 2,490 | |
Bertrandt AG | 25,710 | 2,436 | |
comdirect bank AG | 156,932 | 2,272 | |
Wuestenrot & Wuerttembergische AG | 103,026 | 2,110 | |
SMA Solar Technology AG | 49,070 | 2,023 | |
ElringKlinger AG | 156,195 | 1,996 | |
Hornbach Baumarkt AG | 41,612 | 1,285 | |
Draegerwerk AG & Co. KGaA | 20,776 | 1,239 | |
* | Gerry Weber International AG | 163,065 | 1,046 |
H&R GmbH & Co. KGaA | 66,289 | 788 | |
CropEnergies AG | 106,451 | 628 | |
8,426,929 | |||
Hong Kong (3.2%) | |||
AIA Group Ltd. | 68,216,804 | 594,265 | |
Hong Kong Exchanges & Clearing Ltd. | 6,995,093 | 209,346 | |
CK Hutchison Holdings Ltd. | 15,103,495 | 159,886 | |
Sun Hung Kai Properties Ltd. | 8,006,447 | 120,625 | |
CK Asset Holdings Ltd. | 15,165,449 | 120,054 | |
Link REIT | 12,109,002 | 110,427 | |
Hang Seng Bank Ltd. | 4,084,651 | 101,995 | |
CLP Holdings Ltd. | 9,263,564 | 99,781 | |
Hong Kong & China Gas Co. Ltd. | 50,544,890 | 96,618 | |
BOC Hong Kong Holdings Ltd. | 20,229,394 | 95,077 | |
Galaxy Entertainment Group Ltd. | 12,034,839 | 92,770 | |
Jardine Matheson Holdings Ltd. | 1,171,621 | 73,828 | |
Sands China Ltd. | 13,529,094 | 72,129 | |
AAC Technologies Holdings Inc. | 3,891,657 | 54,651 | |
Power Assets Holdings Ltd. | 7,384,744 | 51,588 | |
China Mengniu Dairy Co. Ltd. | 15,076,504 | 50,850 | |
Wharf Real Estate Investment Co. Ltd. | 6,839,675 | 48,567 |
15
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Hongkong Land Holdings Ltd. | 6,576,923 | 47,018 | |
New World Development Co. Ltd. | 31,773,333 | 44,448 | |
MTR Corp. Ltd. | 7,860,460 | 43,418 | |
Techtronic Industries Co. Ltd. | 7,025,095 | 39,017 | |
2 | WH Group Ltd. | 47,148,427 | 38,152 |
Jardine Strategic Holdings Ltd. | 1,022,289 | 37,240 | |
Henderson Land Development Co. Ltd. | 6,637,117 | 34,999 | |
Wheelock & Co. Ltd. | 4,608,747 | 32,029 | |
Swire Pacific Ltd. Class A | 2,859,934 | 30,229 | |
Sino Land Co. Ltd. | 17,397,709 | 28,271 | |
Want Want China Holdings Ltd. | 30,802,651 | 27,391 | |
Bank of East Asia Ltd. | 6,865,967 | 27,365 | |
Wynn Macau Ltd. | 8,233,377 | 26,385 | |
CK Infrastructure Holdings Ltd. | 3,486,262 | 25,808 | |
2 | Samsonite International SA | 7,229,550 | 25,485 |
Tingyi Cayman Islands Holding Corp. | 10,525,240 | 24,381 | |
Hang Lung Properties Ltd. | 11,403,663 | 23,424 | |
Wharf Holdings Ltd. | 6,984,426 | 22,366 | |
Swire Properties Ltd. | 5,945,805 | 21,928 | |
*,^ | Semiconductor Manufacturing International Corp. | 16,675,006 | 21,605 |
ASM Pacific Technology Ltd. | 1,710,447 | 21,558 | |
Hysan Development Co. Ltd. | 3,465,810 | 19,344 | |
^ | Minth Group Ltd. | 3,890,817 | 16,457 |
Sun Art Retail Group Ltd. | 12,332,488 | 16,089 | |
Kerry Properties Ltd. | 3,339,422 | 15,959 | |
Dairy Farm International Holdings Ltd. | 1,682,870 | 14,775 | |
Vitasoy International Holdings Ltd. | 4,468,643 | 14,278 | |
Melco International Development Ltd. | 4,508,027 | 13,829 | |
Xinyi Glass Holdings Ltd. | 11,311,825 | 13,721 | |
NWS Holdings Ltd. | 7,915,056 | 13,659 | |
Hang Lung Group Ltd. | 4,867,137 | 13,628 | |
PRADA SPA | 2,868,134 | 13,215 | |
PCCW Ltd. | 23,353,897 | 13,141 | |
SJM Holdings Ltd. | 10,505,996 | 13,030 | |
Li & Fung Ltd. | 32,539,878 | 11,919 | |
Shangri-La Asia Ltd. | 6,279,028 | 11,763 | |
Yue Yuen Industrial Holdings Ltd. | 4,063,194 | 11,453 | |
Hopewell Holdings Ltd. | 3,236,412 | 11,042 | |
^ | Orient Overseas International Ltd. | 1,097,060 | 10,679 |
VTech Holdings Ltd. | 901,692 | 10,393 | |
China Resources Cement Holdings Ltd. | 9,736,000 | 9,798 | |
MGM China Holdings Ltd. | 4,176,858 | 9,658 | |
Swire Pacific Ltd. Class B | 5,135,173 | 9,116 | |
*,^ | MMG Ltd. | 12,956,468 | 9,020 |
Fortune REIT | 7,543,822 | 8,856 | |
Uni-President China Holdings Ltd. | 6,557,023 | 8,413 | |
Luk Fook Holdings International Ltd. | 1,912,886 | 7,902 | |
NagaCorp Ltd. | 8,389,826 | 7,609 | |
Great Eagle Holdings Ltd. | 1,556,691 | 7,590 | |
SITC International Holdings Co. Ltd. | 6,649,726 | 7,408 | |
2 | BOC Aviation Ltd. | 1,179,922 | 7,322 |
Champion REIT | 10,861,950 | 7,204 | |
Chow Tai Fook Jewellery Group Ltd. | 6,008,499 | 6,758 | |
Nexteer Automotive Group Ltd. | 4,559,121 | 6,706 | |
IGG Inc. | 5,151,589 | 6,557 | |
^ | Man Wah Holdings Ltd. | 8,251,206 | 6,459 |
HKBN Ltd. | 4,136,722 | 6,363 | |
First Pacific Co. Ltd. | 13,174,962 | 6,342 | |
* | Pacific Basin Shipping Ltd. | 22,902,187 | 6,260 |
Hongkong & Shanghai Hotels Ltd. | 4,237,000 | 6,031 | |
Haitong International Securities Group Ltd. | 13,183,968 | 5,989 | |
Lifestyle International Holdings Ltd. | 2,773,530 | 5,873 | |
Johnson Electric Holdings Ltd. | 1,964,719 | 5,722 | |
China Travel International Investment Hong Kong Ltd. | 14,455,713 | 5,621 |
16
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Towngas China Co. Ltd. | 5,704,180 | 5,520 | |
Xinyi Solar Holdings Ltd. | 17,472,446 | 5,353 | |
Cathay Pacific Airways Ltd. | 3,404,092 | 5,345 | |
Television Broadcasts Ltd. | 1,684,938 | 5,329 | |
Dah Sing Financial Holdings Ltd. | 863,024 | 5,033 | |
Shui On Land Ltd. | 19,711,761 | 4,985 | |
Shougang Fushan Resources Group Ltd. | 20,158,536 | 4,783 | |
^ | China Goldjoy Group Ltd. | 85,875,408 | 4,688 |
Cafe de Coral Holdings Ltd. | 1,874,862 | 4,535 | |
L'Occitane International SA | 2,654,173 | 4,371 | |
Yuexiu REIT | 6,461,937 | 4,338 | |
Dah Sing Banking Group Ltd. | 2,049,965 | 4,289 | |
Kerry Logistics Network Ltd. | 3,067,077 | 4,276 | |
Shun Tak Holdings Ltd. | 10,248,078 | 4,182 | |
Sunlight REIT | 5,997,298 | 4,141 | |
Giordano International Ltd. | 6,446,000 | 4,054 | |
^ | Value Partners Group Ltd. | 5,150,376 | 4,050 |
K Wah International Holdings Ltd. | 6,834,209 | 3,928 | |
SA Sa International Holdings Ltd. | 6,146,227 | 3,894 | |
Mandarin Oriental International Ltd. | 1,666,537 | 3,881 | |
Guotai Junan International Holdings Ltd. | 17,892,391 | 3,856 | |
United Energy Group Ltd. | 27,889,718 | 3,690 | |
Chinese Estates Holdings Ltd. | 2,797,000 | 3,630 | |
Far East Consortium International Ltd. | 5,898,000 | 3,505 | |
2 | Xiabuxiabu Catering Management China Holdings Co. Ltd. | 1,603,000 | 3,500 |
Gemdale Properties & Investment Corp. Ltd. | 29,270,250 | 3,155 | |
*,^ | Esprit Holdings Ltd. | 9,927,575 | 3,081 |
*,2 | Razer Inc. | 12,319,000 | 2,976 |
Huabao International Holdings Ltd. | 4,635,000 | 2,952 | |
Lai Sun Development Co. Ltd. | 1,755,150 | 2,926 | |
Goodbaby International Holdings Ltd. | 4,557,210 | 2,756 | |
Prosperity REIT | 6,690,000 | 2,712 | |
CP Pokphand Co. Ltd. | 29,184,000 | 2,636 | |
* | FIH Mobile Ltd. | 16,971,918 | 2,634 |
*,^,2 | FIT Hon Teng Ltd. | 5,809,000 | 2,626 |
Microport Scientific Corp. | 2,134,148 | 2,575 | |
^ | United Laboratories International Holdings Ltd. | 2,473,247 | 2,572 |
Stella International Holdings Ltd. | 2,078,000 | 2,569 | |
*,^ | We Solutions Ltd. | 16,848,518 | 2,523 |
Road King Infrastructure Ltd. | 1,397,704 | 2,437 | |
Chow Sang Sang Holdings International Ltd. | 1,257,000 | 2,421 | |
HKR International Ltd. | 3,925,600 | 2,403 | |
Pacific Textiles Holdings Ltd. | 2,803,000 | 2,380 | |
Hutchison Telecommunications Hong Kong Holdings Ltd. | 6,700,435 | 2,360 | |
^ | Pou Sheng International Holdings Ltd. | 11,763,000 | 2,246 |
SmarTone Telecommunications Holdings Ltd. | 2,166,500 | 2,234 | |
Canvest Environmental Protection Group Co. Ltd. | 4,001,000 | 2,145 | |
2 | Crystal International Group Ltd. | 2,989,316 | 2,079 |
Dynam Japan Holdings Co. Ltd. | 1,562,200 | 2,072 | |
CITIC Telecom International Holdings Ltd. | 7,694,000 | 2,016 | |
Chong Hing Bank Ltd. | 1,023,996 | 1,988 | |
Lee's Pharmaceutical Holdings Ltd. | 1,493,500 | 1,941 | |
^ | Nan Hai Corp. Ltd. | 72,900,000 | 1,920 |
^,2 | IMAX China Holding Inc. | 623,596 | 1,894 |
Sun Hung Kai & Co. Ltd. | 3,361,000 | 1,887 | |
* | Global Brands Group Holding Ltd. | 31,016,428 | 1,852 |
^ | HC International Inc. | 3,112,000 | 1,819 |
*,^,3 | Town Health International Medical Group Ltd. | 20,414,000 | 1,795 |
^ | China Harmony New Energy Auto Holding Ltd. | 4,067,836 | 1,739 |
Spring REIT | 4,070,908 | 1,730 | |
Liu Chong Hing Investment Ltd. | 1,052,000 | 1,660 | |
Texwinca Holdings Ltd. | 3,705,930 | 1,581 | |
^,2 | Regina Miracle International Holdings Ltd. | 1,929,000 | 1,498 |
*,^ | Truly International Holdings Ltd. | 7,834,000 | 1,492 |
17
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Beijing Enterprises Medical & Health Group Ltd. | 28,098,000 | 1,465 |
* | G-Resources Group Ltd. | 128,460,000 | 1,455 |
Emperor Capital Group Ltd. | 22,650,000 | 1,440 | |
* | COFCO Meat Holdings Ltd. | 9,440,000 | 1,382 |
*,^ | Digital Domain Holdings Ltd. | 88,350,000 | 1,369 |
*,^ | Panda Green Energy Group Ltd. | 18,666,268 | 1,354 |
*,^ | GCL New Energy Holdings Ltd. | 32,588,000 | 1,326 |
*,^ | China LNG Group Ltd. | 9,241,999 | 1,325 |
*,3 | Convoy Global Holdings Ltd. | 61,962,000 | 1,319 |
Macau Legend Development Ltd. | 7,927,505 | 1,302 | |
*,3 | China Baoli Technologies Holdings Ltd. | 120,130,040 | 1,286 |
* | China Oceanwide Holdings Ltd. | 24,345,156 | 1,242 |
* | Honghua Group Ltd. | 12,857,000 | 1,192 |
2 | CGN New Energy Holdings Co. Ltd. | 6,456,000 | 1,142 |
*,^ | China Financial International Investments Ltd. | 37,890,000 | 1,091 |
* | Lifestyle China Group Ltd. | 2,615,030 | 1,077 |
*,^ | NewOcean Energy Holdings Ltd. | 5,268,000 | 1,073 |
Emperor Watch & Jewellery Ltd. | 17,280,000 | 1,054 | |
Singamas Container Holdings Ltd. | 7,354,000 | 1,028 | |
* | Anton Oilfield Services Group | 7,124,000 | 1,021 |
*,^ | KuangChi Science Ltd. | 9,987,000 | 1,003 |
New Sports Group Ltd. | 8,667,500 | 968 | |
Inspur International Ltd. | 2,574,000 | 965 | |
*,^ | China Silver Group Ltd. | 5,652,000 | 928 |
*,^ | China Strategic Holdings Ltd. | 85,045,000 | 908 |
*,^ | Future World Financial Holdings Ltd. | 47,612,000 | 768 |
* | Sunshine Oilsands Ltd. | 25,028,500 | 761 |
Ju Teng International Holdings Ltd. | 4,552,000 | 754 | |
*,^ | Hong Kong Television Network Ltd. | 2,018,000 | 751 |
* | New World Department Store China Ltd. | 3,144,000 | 725 |
*,^ | Technovator International Ltd. | 2,916,000 | 724 |
^ | EVA Precision Industrial Holdings Ltd. | 6,254,000 | 715 |
* | CST Group Ltd. | 156,056,000 | 694 |
* | Freeman FinTech Corp. Ltd. | 61,011,203 | 683 |
^ | Shenwan Hongyuan HK Ltd. | 2,515,000 | 667 |
*,^ | China LotSynergy Holdings Ltd. | 40,040,000 | 646 |
^ | Yip's Chemical Holdings Ltd. | 1,582,000 | 556 |
* | Parkson Retail Group Ltd. | 4,455,494 | 545 |
*,^ | China Ocean Industry Group Ltd. | 78,260,000 | 508 |
Henderson Investment Ltd. | 5,995,033 | 504 | |
*,^ | BOE Varitronix Ltd. | 1,338,000 | 459 |
* | New Provenance Everlasting Holdings Ltd. | 65,000,000 | 455 |
TPV Technology Ltd. | 3,842,000 | 421 | |
* | Silver Base Group Holdings Ltd. | 5,365,500 | 388 |
*,^ | Summit Ascent Holdings Ltd. | 3,914,000 | 374 |
* | Xinchen China Power Holdings Ltd. | 3,538,000 | 355 |
^ | Qianhai Health Holdings Ltd. | 34,447,500 | 324 |
*,^ | Good Resources Holdings Ltd. | 10,919,595 | 290 |
*,^ | Sino Oil And Gas Holdings Ltd. | 61,950,000 | 284 |
* | Mei Ah Entertainment Group Ltd. | 8,980,000 | 281 |
*,3 | Brightoil Petroleum Holdings Ltd. | 10,512,023 | 268 |
*,^ | China Medical & HealthCare Group Ltd. | 7,470,000 | 237 |
* | Sincere Watch Hong Kong Ltd. | 8,780,000 | 125 |
* | Yanchang Petroleum International Ltd. | 6,870,000 | 99 |
*,^ | Vision Fame International Holding Ltd. | 214,977 | 4 |
3,469,443 | |||
Ireland (0.2%) | |||
Kerry Group plc Class A | 824,830 | 86,228 | |
Kingspan Group plc | 839,031 | 41,940 | |
Bank of Ireland Group plc | 5,183,984 | 40,229 | |
AIB Group plc | 4,444,663 | 24,070 | |
Glanbia plc | 1,117,954 | 20,738 | |
* | Dalata Hotel Group plc | 1,037,877 | 8,452 |
Hibernia REIT plc | 3,905,118 | 6,837 |
18
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
C&C Group plc | 1,760,284 | 6,654 | |
Green REIT plc | 3,843,015 | 6,636 | |
Irish Continental Group plc | 906,439 | 5,366 | |
Origin Enterprises plc | 702,805 | 5,058 | |
* | Permanent TSB Group Holdings plc | 597,422 | 1,388 |
*,3 | Irish Bank Resolution Corp. Ltd. | 257,065 | — |
253,596 | |||
Israel (0.5%) | |||
Teva Pharmaceutical Industries Ltd. | 5,065,246 | 122,642 | |
Bank Leumi Le-Israel BM | 8,079,926 | 47,810 | |
Bank Hapoalim BM | 5,809,371 | 39,383 | |
* | Nice Ltd. | 342,902 | 35,489 |
Frutarom Industries Ltd. | 207,266 | 20,385 | |
Israel Discount Bank Ltd. Class A | 6,591,178 | 19,258 | |
Israel Chemicals Ltd. | 3,848,631 | 17,633 | |
Elbit Systems Ltd. | 132,456 | 15,595 | |
Mizrahi Tefahot Bank Ltd. | 725,657 | 13,350 | |
Bezeq The Israeli Telecommunication Corp. Ltd. | 11,546,579 | 13,013 | |
* | Tower Semiconductor Ltd. | 554,374 | 12,367 |
Azrieli Group Ltd. | 205,463 | 10,213 | |
* | SodaStream International Ltd. | 112,688 | 9,497 |
Paz Oil Co. Ltd. | 57,062 | 7,494 | |
* | Mazor Robotics Ltd. | 267,379 | 7,367 |
First International Bank Of Israel Ltd. | 290,376 | 6,072 | |
Alony Hetz Properties & Investments Ltd. | 645,536 | 5,939 | |
Gazit-Globe Ltd. | 538,284 | 4,969 | |
Harel Insurance Investments & Financial Services Ltd. | 620,440 | 4,659 | |
Strauss Group Ltd. | 227,202 | 4,578 | |
* | Airport City Ltd. | 407,720 | 4,523 |
Israel Corp. Ltd. | 20,834 | 4,447 | |
* | Nova Measuring Instruments Ltd. | 152,854 | 4,184 |
Shufersal Ltd. | 620,423 | 3,816 | |
Reit 1 Ltd. | 943,081 | 3,745 | |
Melisron Ltd. | 89,989 | 3,738 | |
Delek Group Ltd. | 27,242 | 3,710 | |
Phoenix Holdings Ltd. | 678,310 | 3,551 | |
Oil Refineries Ltd. | 8,337,976 | 3,509 | |
Amot Investments Ltd. | 674,371 | 3,378 | |
IDI Insurance Co. Ltd. | 44,550 | 2,676 | |
* | Jerusalem Oil Exploration | 45,997 | 2,335 |
Teva Pharmaceutical Industries Ltd. ADR | 95,178 | 2,315 | |
* | Jerusalem Economy Ltd. | 953,849 | 2,293 |
Electra Ltd. | 9,171 | 2,280 | |
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 41,848 | 2,032 | |
* | Shikun & Binui Ltd. | 1,111,467 | 1,968 |
Sella Capital Real Estate Ltd. | 1,071,290 | 1,918 | |
* | Clal Insurance Enterprises Holdings Ltd. | 136,809 | 1,913 |
* | Partner Communications Co. Ltd. | 506,775 | 1,908 |
Matrix IT Ltd. | 170,911 | 1,822 | |
* | Cellcom Israel Ltd. (Registered) | 301,015 | 1,718 |
* | Migdal Insurance & Financial Holding Ltd. | 1,912,770 | 1,654 |
* | Africa Israel Properties Ltd. | 70,386 | 1,603 |
Big Shopping Centers Ltd. | 23,391 | 1,581 | |
Kenon Holdings Ltd. | 102,929 | 1,563 | |
Bayside Land Corp. | 3,605 | 1,557 | |
* | Brack Capital Properties NV | 13,974 | 1,529 |
Delta-Galil Industries Ltd. | 50,768 | 1,470 | |
Formula Systems 1985 Ltd. | 40,596 | 1,469 | |
Menora Mivtachim Holdings Ltd. | 124,580 | 1,343 | |
* | Gilat Satellite Networks Ltd. | 142,835 | 1,324 |
Delek Automotive Systems Ltd. | 207,986 | 1,139 | |
Naphtha Israel Petroleum Corp. Ltd. | 189,595 | 1,112 | |
* | Allot Communications Ltd. | 165,076 | 875 |
Norstar Holdings Inc. | 48,081 | 851 |
19
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | AudioCodes Ltd. | 106,784 | 828 |
* | Kamada Ltd. | 132,976 | 685 |
* | B Communications Ltd. | 58,115 | 532 |
Property & Building Corp. Ltd. | 5,861 | 454 | |
* | Evogene Ltd. | 114,578 | 330 |
Ormat Technologies Inc. | 1 | — | |
503,391 | |||
Italy (2.2%) | |||
Eni SPA | 14,113,628 | 261,686 | |
Enel SPA | 43,868,352 | 243,083 | |
Intesa Sanpaolo SPA (Registered) | 73,773,330 | 213,447 | |
UniCredit SPA | 12,596,514 | 208,780 | |
Assicurazioni Generali SPA | 7,312,204 | 122,245 | |
* | Fiat Chrysler Automobiles NV | 6,206,891 | 117,088 |
Ferrari NV | 707,147 | 95,585 | |
Atlantia SPA | 3,003,756 | 88,557 | |
CNH Industrial NV | 5,602,903 | 59,186 | |
Luxottica Group SPA | 878,088 | 56,536 | |
Snam SPA | 12,733,463 | 53,066 | |
Tenaris SA | 2,637,144 | 48,128 | |
* | Telecom Italia SPA (Registered) | 60,670,603 | 44,950 |
Terna Rete Elettrica Nazionale SPA | 7,956,055 | 42,968 | |
Moncler SPA | 897,272 | 40,714 | |
EXOR NV | 604,791 | 40,471 | |
Prysmian SPA | 1,255,847 | 31,161 | |
Mediobanca Banca di Credito Finanziario SPA | 3,351,435 | 31,001 | |
Davide Campari-Milano SPA | 3,206,298 | 26,317 | |
FinecoBank Banca Fineco SPA | 2,226,845 | 25,068 | |
*,^ | Banco BPM SPA | 8,620,353 | 25,041 |
Intesa Sanpaolo SPA | 7,681,086 | 23,208 | |
Telecom Italia SPA (Bearer) | 34,045,592 | 22,156 | |
Unione di Banche Italiane SPA | 5,714,658 | 21,889 | |
2 | Poste Italiane SPA | 2,602,263 | 21,720 |
Leonardo SPA | 2,198,529 | 21,639 | |
Recordati SPA | 536,527 | 21,260 | |
*,2 | Pirelli & C SPA | 2,086,822 | 17,377 |
Italgas SPA | 2,778,911 | 15,295 | |
A2A SPA | 8,734,093 | 15,118 | |
DiaSorin SPA | 131,404 | 14,933 | |
Interpump Group SPA | 468,591 | 14,526 | |
*,^ | Saipem SPA | 3,162,369 | 14,503 |
Hera SPA | 4,556,500 | 14,178 | |
Amplifon SPA | 672,612 | 13,908 | |
BPER Banca | 2,261,770 | 12,341 | |
Unipol Gruppo SPA | 3,100,007 | 11,945 | |
Cerved Group SPA | 1,101,764 | 11,800 | |
Brembo SPA | 866,122 | 11,681 | |
2 | Infrastrutture Wireless Italiane SPA | 1,376,304 | 10,590 |
De' Longhi SPA | 362,706 | 10,256 | |
^ | Azimut Holding SPA | 659,396 | 10,162 |
Banca Popolare di Sondrio SCPA | 2,530,980 | 10,152 | |
^ | Buzzi Unicem SPA | 396,574 | 9,690 |
^ | UnipolSai Assicurazioni SPA | 4,264,399 | 9,404 |
Banca Mediolanum SPA | 1,362,350 | 9,202 | |
Autogrill SPA | 722,499 | 8,924 | |
2 | Anima Holding SPA | 1,601,268 | 8,558 |
Brunello Cucinelli SPA | 187,531 | 8,351 | |
IMA Industria Macchine Automatiche SPA | 94,673 | 8,215 | |
Banca Generali SPA | 319,536 | 7,931 | |
Reply SPA | 115,321 | 7,820 | |
Societa Cattolica di Assicurazioni SC | 890,833 | 7,414 | |
Iren SPA | 2,904,189 | 7,410 | |
2 | Enav SPA | 1,450,643 | 7,257 |
ERG SPA | 308,453 | 6,728 |
20
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
2 | Technogym SPA | 556,516 | 6,568 |
Saras SPA | 2,613,464 | 6,317 | |
Salvatore Ferragamo SPA | 247,212 | 6,013 | |
Societa Iniziative Autostradali e Servizi SPA | 389,273 | 5,840 | |
* | Mediaset SPA | 1,735,788 | 5,535 |
Ei Towers SPA | 90,634 | 5,012 | |
Beni Stabili SpA SIIQ | 5,695,323 | 4,985 | |
MARR SPA | 183,138 | 4,818 | |
ASTM SPA | 194,560 | 4,494 | |
^ | Tod's SPA | 72,001 | 4,479 |
Datalogic SPA | 117,184 | 4,320 | |
Danieli & C Officine Meccaniche SPA RSP | 221,156 | 3,887 | |
Parmalat SPA | 1,148,740 | 3,876 | |
Maire Tecnimont SPA | 816,721 | 3,655 | |
Fincantieri SPA | 2,670,028 | 3,627 | |
^ | ACEA SPA | 243,409 | 3,612 |
2 | Gima TT SPA | 197,712 | 3,247 |
*,2 | OVS SPA | 963,728 | 3,138 |
Buzzi Unicem SPA RSP | 235,894 | 3,132 | |
Banca IFIS SPA | 104,389 | 3,131 | |
Credito Emiliano SPA | 412,730 | 3,055 | |
Biesse SPA | 78,135 | 3,040 | |
2 | doBank SPA | 220,423 | 2,897 |
2 | Banca Farmafactoring SPA | 494,459 | 2,891 |
2 | RAI Way SPA | 536,182 | 2,509 |
^ | Salini Impregilo SPA | 933,467 | 2,425 |
Piaggio & C SPA | 912,094 | 2,280 | |
Immobiliare Grande Distribuzione SIIQ SPA | 283,883 | 2,280 | |
CIR-Compagnie Industriali Riunite SPA | 1,718,791 | 2,102 | |
Cementir Holding SPA | 252,322 | 1,993 | |
Danieli & C Officine Meccaniche SPA | 68,708 | 1,705 | |
Italmobiliare SPA | 66,864 | 1,638 | |
*,^ | Juventus Football Club SPA | 2,117,332 | 1,626 |
Zignago Vetro SPA | 163,761 | 1,525 | |
^ | Cairo Communication SPA | 377,580 | 1,507 |
^ | Geox SPA | 459,225 | 1,295 |
Cofide SPA | 2,129,843 | 1,057 | |
* | Arnoldo Mondadori Editore SPA | 677,153 | 1,030 |
*,^ | Rizzoli Corriere Della Sera Mediagroup SPA | 750,382 | 946 |
*,^ | Safilo Group SPA | 152,795 | 799 |
DeA Capital SPA | 378,098 | 565 | |
*,^ | GEDI Gruppo Editoriale SPA | 1,214,432 | 462 |
* | Intesa Sanpaolo Rights Exp. 07/17/2018 | 81,352,297 | 1 |
2,451,933 | |||
Japan (22.1%) | |||
Toyota Motor Corp. | 14,459,130 | 935,057 | |
Mitsubishi UFJ Financial Group Inc. | 72,398,857 | 410,131 | |
Sony Corp. | 7,140,259 | 365,684 | |
SoftBank Group Corp. | 4,807,895 | 343,323 | |
Sumitomo Mitsui Financial Group Inc. | 7,538,760 | 294,057 | |
Honda Motor Co. Ltd. | 9,931,324 | 291,196 | |
Keyence Corp. | 508,306 | 286,692 | |
KDDI Corp. | 10,022,370 | 274,061 | |
Mizuho Financial Group Inc. | 143,346,581 | 241,465 | |
FANUC Corp. | 1,095,412 | 217,124 | |
Central Japan Railway Co. | 1,017,164 | 210,583 | |
Kao Corp. | 2,712,843 | 206,777 | |
Shin-Etsu Chemical Co. Ltd. | 2,301,472 | 204,528 | |
Mitsubishi Corp. | 7,266,853 | 201,503 | |
East Japan Railway Co. | 2,079,264 | 199,122 | |
Nintendo Co. Ltd. | 606,832 | 198,088 | |
Nidec Corp. | 1,322,074 | 197,769 | |
Canon Inc. | 5,796,605 | 190,080 | |
Seven & i Holdings Co. Ltd. | 4,356,032 | 189,991 |
21
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Japan Tobacco Inc. | 6,752,082 | 188,696 | |
Recruit Holdings Co. Ltd. | 6,735,341 | 186,021 | |
Hitachi Ltd. | 26,037,146 | 183,431 | |
NTT DOCOMO Inc. | 7,102,719 | 180,994 | |
Takeda Pharmaceutical Co. Ltd. | 4,300,802 | 180,927 | |
Murata Manufacturing Co. Ltd. | 1,071,440 | 179,869 | |
Tokio Marine Holdings Inc. | 3,814,624 | 178,460 | |
Daikin Industries Ltd. | 1,492,771 | 178,406 | |
Shiseido Co. Ltd. | 2,187,163 | 173,564 | |
Astellas Pharma Inc. | 11,154,324 | 169,753 | |
Nippon Telegraph & Telephone Corp. | 3,689,223 | 167,594 | |
Panasonic Corp. | 12,005,271 | 161,884 | |
Mitsui & Co. Ltd. | 9,526,414 | 158,637 | |
Tokyo Electron Ltd. | 878,206 | 150,747 | |
Mitsubishi Electric Corp. | 11,131,181 | 147,688 | |
Komatsu Ltd. | 5,148,719 | 146,577 | |
ITOCHU Corp. | 7,956,866 | 143,907 | |
Daiichi Sankyo Co. Ltd. | 3,580,544 | 136,789 | |
Bridgestone Corp. | 3,481,238 | 135,987 | |
Fast Retailing Co. Ltd. | 289,077 | 132,494 | |
Mitsui Fudosan Co. Ltd. | 5,324,406 | 128,256 | |
Suzuki Motor Corp. | 2,315,490 | 127,602 | |
Kirin Holdings Co. Ltd. | 4,700,419 | 125,994 | |
Denso Corp. | 2,576,901 | 125,738 | |
Daiwa House Industry Co. Ltd. | 3,661,015 | 124,554 | |
JXTG Holdings Inc. | 17,880,447 | 124,051 | |
SMC Corp. | 326,631 | 119,577 | |
Hoya Corp. | 2,069,573 | 117,405 | |
Mitsubishi Estate Co. Ltd. | 6,655,185 | 116,179 | |
Otsuka Holdings Co. Ltd. | 2,361,046 | 114,210 | |
ORIX Corp. | 7,229,509 | 113,952 | |
Dai-ichi Life Holdings Inc. | 6,275,428 | 111,688 | |
Oriental Land Co. Ltd. | 1,060,058 | 111,144 | |
Asahi Group Holdings Ltd. | 2,145,594 | 110,043 | |
Nissan Motor Co. Ltd. | 10,898,411 | 106,044 | |
Eisai Co. Ltd. | 1,487,250 | 104,688 | |
Sumitomo Corp. | 6,311,906 | 103,514 | |
Subaru Corp. | 3,462,149 | 100,697 | |
Terumo Corp. | 1,736,673 | 99,421 | |
* | Toshiba Corp. | 33,091,994 | 99,344 |
Sysmex Corp. | 1,066,012 | 99,325 | |
Kyocera Corp. | 1,757,303 | 98,827 | |
Kubota Corp. | 6,265,023 | 98,329 | |
Nomura Holdings Inc. | 18,982,495 | 91,857 | |
Sumitomo Realty & Development Co. Ltd. | 2,432,010 | 89,559 | |
Asahi Kasei Corp. | 7,009,747 | 88,894 | |
MS&AD Insurance Group Holdings Inc. | 2,811,250 | 87,313 | |
Nippon Steel & Sumitomo Metal Corp. | 4,391,221 | 86,099 | |
Aeon Co. Ltd. | 3,935,053 | 84,180 | |
Secom Co. Ltd. | 1,092,173 | 83,752 | |
FUJIFILM Holdings Corp. | 2,139,711 | 83,454 | |
Sumitomo Mitsui Trust Holdings Inc. | 2,092,599 | 82,561 | |
Shionogi & Co. Ltd. | 1,601,011 | 82,154 | |
Japan Post Holdings Co. Ltd. | 7,479,231 | 81,851 | |
Sompo Holdings Inc. | 1,989,161 | 80,263 | |
West Japan Railway Co. | 1,033,348 | 76,080 | |
TDK Corp. | 675,868 | 68,819 | |
Marubeni Corp. | 8,903,671 | 67,787 | |
Nitto Denko Corp. | 894,313 | 67,518 | |
Toray Industries Inc. | 8,535,668 | 67,371 | |
Fujitsu Ltd. | 10,956,240 | 66,302 | |
Taisei Corp. | 1,199,313 | 66,046 | |
Tokyo Gas Co. Ltd. | 2,471,538 | 65,625 | |
Resona Holdings Inc. | 12,280,702 | 65,453 |
22
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Nitori Holdings Co. Ltd. | 417,561 | 64,963 | |
Daito Trust Construction Co. Ltd. | 399,178 | 64,936 | |
Shimano Inc. | 440,941 | 64,706 | |
Unicharm Corp. | 2,147,732 | 64,570 | |
Chugai Pharmaceutical Co. Ltd. | 1,220,543 | 63,908 | |
MEIJI Holdings Co. Ltd. | 755,426 | 63,799 | |
Sumitomo Electric Industries Ltd. | 4,246,764 | 63,161 | |
Makita Corp. | 1,374,185 | 61,471 | |
Mitsubishi Chemical Holdings Corp. | 7,256,301 | 60,596 | |
Kansai Electric Power Co. Inc. | 4,093,518 | 59,700 | |
Yamato Holdings Co. Ltd. | 2,011,614 | 59,207 | |
Olympus Corp. | 1,579,025 | 59,068 | |
Chubu Electric Power Co. Inc. | 3,930,526 | 58,936 | |
Mitsubishi Heavy Industries Ltd. | 1,611,077 | 58,565 | |
Dentsu Inc. | 1,236,955 | 58,555 | |
Ono Pharmaceutical Co. Ltd. | 2,487,291 | 58,230 | |
Sekisui House Ltd. | 3,270,373 | 57,802 | |
Japan Exchange Group Inc. | 3,026,601 | 56,138 | |
JFE Holdings Inc. | 2,893,885 | 54,659 | |
Ajinomoto Co. Inc. | 2,852,515 | 53,995 | |
Inpex Corp. | 5,150,152 | 53,489 | |
Daiwa Securities Group Inc. | 8,991,467 | 52,113 | |
Kikkoman Corp. | 1,030,647 | 52,036 | |
Yaskawa Electric Corp. | 1,471,104 | 51,805 | |
Omron Corp. | 1,095,525 | 51,034 | |
Sumitomo Metal Mining Co. Ltd. | 1,334,885 | 50,948 | |
Toyota Industries Corp. | 910,058 | 50,941 | |
Hankyu Hanshin Holdings Inc. | 1,253,744 | 50,362 | |
FamilyMart UNY Holdings Co. Ltd. | 457,257 | 48,151 | |
Sumitomo Chemical Co. Ltd. | 8,504,610 | 48,099 | |
T&D Holdings Inc. | 3,191,278 | 47,863 | |
Tokyu Corp. | 2,776,568 | 47,780 | |
Yamaha Corp. | 911,327 | 47,296 | |
Ryohin Keikaku Co. Ltd. | 133,482 | 46,895 | |
Shimadzu Corp. | 1,534,386 | 46,294 | |
Yakult Honsha Co. Ltd. | 692,130 | 46,277 | |
Osaka Gas Co. Ltd. | 2,230,641 | 46,188 | |
MISUMI Group Inc. | 1,564,597 | 45,522 | |
Bandai Namco Holdings Inc. | 1,098,062 | 45,231 | |
M3 Inc. | 1,131,203 | 44,986 | |
Aisin Seiki Co. Ltd. | 971,723 | 44,245 | |
Koito Manufacturing Co. Ltd. | 645,036 | 42,607 | |
Kintetsu Group Holdings Co. Ltd. | 1,030,561 | 42,021 | |
Toyota Tsusho Corp. | 1,254,918 | 41,935 | |
Rohm Co. Ltd. | 499,635 | 41,752 | |
Asahi Glass Co. Ltd. | 1,054,432 | 41,013 | |
* | Tokyo Electric Power Co. Holdings Inc. | 8,774,111 | 40,848 |
NTT Data Corp. | 3,545,153 | 40,780 | |
Isuzu Motors Ltd. | 3,056,889 | 40,526 | |
Kajima Corp. | 5,155,141 | 39,832 | |
MINEBEA MITSUMI Inc. | 2,362,412 | 39,811 | |
Yamaha Motor Co. Ltd. | 1,575,835 | 39,559 | |
Mazda Motor Corp. | 3,205,368 | 39,319 | |
Obayashi Corp. | 3,777,931 | 39,228 | |
NEC Corp. | 1,428,382 | 39,143 | |
* | Renesas Electronics Corp. | 3,914,580 | 38,268 |
TOTO Ltd. | 814,273 | 37,689 | |
Nippon Paint Holdings Co. Ltd. | 869,642 | 37,399 | |
Dai Nippon Printing Co. Ltd. | 1,669,364 | 37,305 | |
Trend Micro Inc. | 649,985 | 37,002 | |
Odakyu Electric Railway Co. Ltd. | 1,711,633 | 36,708 | |
Showa Denko KK | 826,387 | 36,581 | |
Nissan Chemical Industries Ltd. | 777,814 | 36,232 | |
Start Today Co. Ltd. | 999,699 | 36,170 |
23
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Coca-Cola Bottlers Japan Holdings Inc. | 895,836 | 35,842 | |
Santen Pharmaceutical Co. Ltd. | 2,037,127 | 35,439 | |
Tobu Railway Co. Ltd. | 1,153,553 | 35,255 | |
Ricoh Co. Ltd. | 3,817,120 | 34,956 | |
Kose Corp. | 162,372 | 34,925 | |
Sekisui Chemical Co. Ltd. | 2,015,650 | 34,287 | |
Hisamitsu Pharmaceutical Co. Inc. | 406,505 | 34,252 | |
Nexon Co. Ltd. | 2,322,354 | 33,696 | |
Concordia Financial Group Ltd. | 6,537,058 | 33,220 | |
Shimizu Corp. | 3,185,310 | 32,968 | |
Tohoku Electric Power Co. Inc. | 2,660,272 | 32,504 | |
CyberAgent Inc. | 538,480 | 32,294 | |
NGK Spark Plug Co. Ltd. | 1,123,480 | 31,939 | |
Don Quijote Holdings Co. Ltd. | 659,058 | 31,634 | |
Keio Corp. | 651,227 | 31,467 | |
SBI Holdings Inc. | 1,216,199 | 31,184 | |
Nikon Corp. | 1,952,314 | 31,027 | |
Obic Co. Ltd. | 375,539 | 31,026 | |
Hamamatsu Photonics KK | 715,192 | 30,701 | |
Oji Holdings Corp. | 4,942,049 | 30,626 | |
Nisshin Seifun Group Inc. | 1,444,417 | 30,606 | |
Suntory Beverage & Food Ltd. | 706,637 | 30,211 | |
Kobayashi Pharmaceutical Co. Ltd. | 349,434 | 30,162 | |
Rakuten Inc. | 4,445,314 | 30,004 | |
Nippon Express Co. Ltd. | 412,424 | 29,885 | |
Pigeon Corp. | 610,421 | 29,665 | |
Hoshizaki Corp. | 293,185 | 29,630 | |
LIXIL Group Corp. | 1,482,530 | 29,629 | |
Idemitsu Kosan Co. Ltd. | 821,153 | 29,202 | |
Kyushu Electric Power Co. Inc. | 2,601,144 | 29,044 | |
Kyowa Hakko Kirin Co. Ltd. | 1,424,368 | 28,670 | |
Nomura Research Institute Ltd. | 585,170 | 28,311 | |
Stanley Electric Co. Ltd. | 829,986 | 28,261 | |
Mitsubishi Motors Corp. | 3,527,973 | 28,123 | |
Taisho Pharmaceutical Holdings Co. Ltd. | 240,226 | 28,102 | |
Nissin Foods Holdings Co. Ltd. | 387,300 | 28,062 | |
Kyushu Railway Co. | 901,827 | 27,574 | |
Kuraray Co. Ltd. | 1,992,751 | 27,407 | |
Nagoya Railroad Co. Ltd. | 1,057,197 | 27,270 | |
Alps Electric Co. Ltd. | 1,056,840 | 27,142 | |
Konami Holdings Corp. | 531,430 | 27,003 | |
Seiko Epson Corp. | 1,552,725 | 26,958 | |
Fuji Electric Co. Ltd. | 3,538,595 | 26,880 | |
Japan Post Bank Co. Ltd. | 2,306,935 | 26,822 | |
Keisei Electric Railway Co. Ltd. | 779,042 | 26,723 | |
Disco Corp. | 156,427 | 26,631 | |
SUMCO Corp. | 1,319,277 | 26,497 | |
Mitsui Chemicals Inc. | 992,222 | 26,372 | |
NGK Insulators Ltd. | 1,482,305 | 26,338 | |
NSK Ltd. | 2,552,152 | 26,269 | |
Brother Industries Ltd. | 1,329,672 | 26,196 | |
Shizuoka Bank Ltd. | 2,905,832 | 26,127 | |
Lion Corp. | 1,417,817 | 25,944 | |
Sojitz Corp. | 7,107,783 | 25,742 | |
Tsuruha Holdings Inc. | 204,561 | 25,622 | |
Chiba Bank Ltd. | 3,620,670 | 25,536 | |
IHI Corp. | 729,425 | 25,372 | |
Isetan Mitsukoshi Holdings Ltd. | 2,003,586 | 24,997 | |
Aozora Bank Ltd. | 656,592 | 24,919 | |
Marui Group Co. Ltd. | 1,184,297 | 24,912 | |
Tosoh Corp. | 1,596,609 | 24,687 | |
JGC Corp. | 1,215,230 | 24,444 | |
^ | Yahoo Japan Corp. | 7,356,408 | 24,371 |
Kawasaki Heavy Industries Ltd. | 823,999 | 24,234 |
24
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Yokogawa Electric Corp. | 1,359,949 | 24,149 | |
Electric Power Development Co. Ltd. | 934,298 | 24,114 | |
NH Foods Ltd. | 585,994 | 23,690 | |
Daifuku Co. Ltd. | 541,741 | 23,670 | |
Alfresa Holdings Corp. | 1,004,834 | 23,596 | |
Mitsubishi Gas Chemical Co. Inc. | 1,040,655 | 23,516 | |
Konica Minolta Inc. | 2,534,734 | 23,508 | |
Japan Airlines Co. Ltd. | 658,236 | 23,322 | |
USS Co. Ltd. | 1,211,567 | 23,035 | |
ANA Holdings Inc. | 627,161 | 23,012 | |
Toppan Printing Co. Ltd. | 2,930,631 | 22,927 | |
Keikyu Corp. | 1,398,408 | 22,905 | |
Kansai Paint Co. Ltd. | 1,090,885 | 22,639 | |
Taiheiyo Cement Corp. | 684,738 | 22,525 | |
Otsuka Corp. | 574,698 | 22,498 | |
Hirose Electric Co. Ltd. | 180,185 | 22,284 | |
Hikari Tsushin Inc. | 125,443 | 22,015 | |
Mitsubishi Tanabe Pharma Corp. | 1,249,963 | 21,581 | |
Hakuhodo DY Holdings Inc. | 1,340,034 | 21,486 | |
Haseko Corp. | 1,557,954 | 21,473 | |
Hulic Co. Ltd. | 2,011,232 | 21,466 | |
Toho Co. Ltd. | 637,202 | 21,342 | |
Sumitomo Heavy Industries Ltd. | 632,542 | 21,312 | |
Asahi Intecc Co. Ltd. | 562,247 | 21,228 | |
Square Enix Holdings Co. Ltd. | 432,788 | 21,221 | |
J Front Retailing Co. Ltd. | 1,391,321 | 21,136 | |
Persol Holdings Co. Ltd. | 946,795 | 21,085 | |
Chugoku Electric Power Co. Inc. | 1,623,635 | 20,974 | |
Advantest Corp. | 1,006,802 | 20,884 | |
TIS Inc. | 451,140 | 20,732 | |
Nihon M&A Center Inc. | 714,642 | 20,705 | |
Seibu Holdings Inc. | 1,220,497 | 20,553 | |
Fukuoka Financial Group Inc. | 4,091,955 | 20,535 | |
Tokyu Fudosan Holdings Corp. | 2,902,370 | 20,473 | |
Nabtesco Corp. | 657,195 | 20,192 | |
^ | Sharp Corp. | 816,348 | 19,856 |
^ | Yamada Denki Co. Ltd. | 3,994,490 | 19,842 |
Matsumotokiyoshi Holdings Co. Ltd. | 441,950 | 19,832 | |
^ | Tokai Carbon Co. Ltd. | 1,102,929 | 19,757 |
* | PeptiDream Inc. | 475,360 | 19,750 |
Casio Computer Co. Ltd. | 1,215,747 | 19,745 | |
Keihan Holdings Co. Ltd. | 549,655 | 19,707 | |
Sumitomo Dainippon Pharma Co. Ltd. | 932,389 | 19,707 | |
Teijin Ltd. | 1,066,528 | 19,536 | |
Hitachi Construction Machinery Co. Ltd. | 595,724 | 19,313 | |
Mebuki Financial Group Inc. | 5,730,243 | 19,221 | |
Mitsubishi Materials Corp. | 699,775 | 19,198 | |
Sega Sammy Holdings Inc. | 1,107,128 | 18,949 | |
Bank of Kyoto Ltd. | 405,438 | 18,720 | |
Suzuken Co. Ltd. | 442,600 | 18,717 | |
Sony Financial Holdings Inc. | 982,071 | 18,711 | |
Yamazaki Baking Co. Ltd. | 706,374 | 18,521 | |
THK Co. Ltd. | 644,417 | 18,399 | |
Pola Orbis Holdings Inc. | 418,485 | 18,391 | |
Rinnai Corp. | 205,366 | 18,099 | |
Toyo Suisan Kaisha Ltd. | 505,745 | 18,044 | |
Daicel Corp. | 1,632,166 | 18,030 | |
JSR Corp. | 1,053,936 | 17,911 | |
Nippon Shinyaku Co. Ltd. | 288,025 | 17,874 | |
Nippon Yusen KK | 902,155 | 17,873 | |
Sohgo Security Services Co. Ltd. | 379,543 | 17,857 | |
Ebara Corp. | 568,266 | 17,631 | |
Toho Gas Co. Ltd. | 508,217 | 17,606 | |
Amada Holdings Co. Ltd. | 1,832,919 | 17,591 |
25
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Taiyo Yuden Co. Ltd. | 631,041 | 17,588 | |
MediPal Holdings Corp. | 873,596 | 17,548 | |
Kurita Water Industries Ltd. | 615,055 | 17,518 | |
Rohto Pharmaceutical Co. Ltd. | 544,830 | 17,457 | |
JTEKT Corp. | 1,276,453 | 17,326 | |
Nankai Electric Railway Co. Ltd. | 612,106 | 16,979 | |
Lawson Inc. | 269,577 | 16,836 | |
Kakaku.com Inc. | 745,939 | 16,797 | |
Azbil Corp. | 383,292 | 16,678 | |
Asics Corp. | 986,879 | 16,660 | |
Denka Co. Ltd. | 496,580 | 16,529 | |
Park24 Co. Ltd. | 594,956 | 16,180 | |
Sumitomo Rubber Industries Ltd. | 1,011,941 | 16,040 | |
Showa Shell Sekiyu KK | 1,076,434 | 16,038 | |
Hino Motors Ltd. | 1,502,737 | 16,024 | |
^ | Skylark Co. Ltd. | 1,072,096 | 15,860 |
Calbee Inc. | 421,336 | 15,850 | |
Tokyo Tatemono Co. Ltd. | 1,153,313 | 15,820 | |
Kewpie Corp. | 625,660 | 15,800 | |
Air Water Inc. | 855,866 | 15,696 | |
Toyo Seikan Group Holdings Ltd. | 891,210 | 15,641 | |
Iida Group Holdings Co. Ltd. | 803,177 | 15,462 | |
Ube Industries Ltd. | 592,298 | 15,379 | |
SCREEN Holdings Co. Ltd. | 218,911 | 15,331 | |
Nichirei Corp. | 599,608 | 15,274 | |
Kobe Steel Ltd. | 1,668,291 | 15,246 | |
Horiba Ltd. | 217,965 | 15,236 | |
Mitsubishi UFJ Lease & Finance Co. Ltd. | 2,481,900 | 15,215 | |
Relo Group Inc. | 576,435 | 15,187 | |
COMSYS Holdings Corp. | 571,901 | 15,137 | |
Sundrug Co. Ltd. | 370,458 | 15,008 | |
House Foods Group Inc. | 421,986 | 14,943 | |
Welcia Holdings Co. Ltd. | 280,272 | 14,902 | |
Mitsui OSK Lines Ltd. | 619,640 | 14,901 | |
Kagome Co. Ltd. | 448,121 | 14,898 | |
Oracle Corp. Japan | 182,444 | 14,870 | |
Sankyu Inc. | 282,430 | 14,823 | |
Tokyo Century Corp. | 261,803 | 14,820 | |
Ito En Ltd. | 319,221 | 14,799 | |
Seino Holdings Co. Ltd. | 832,427 | 14,730 | |
Hitachi High-Technologies Corp. | 360,000 | 14,645 | |
MonotaRO Co. Ltd. | 330,889 | 14,617 | |
Nomura Real Estate Holdings Inc. | 659,713 | 14,607 | |
Yamaguchi Financial Group Inc. | 1,276,552 | 14,361 | |
Kaneka Corp. | 1,602,840 | 14,355 | |
Nifco Inc. | 464,488 | 14,354 | |
DIC Corp. | 456,985 | 14,252 | |
Takashimaya Co. Ltd. | 1,657,625 | 14,182 | |
Credit Saison Co. Ltd. | 900,630 | 14,150 | |
Benesse Holdings Inc. | 395,747 | 14,034 | |
Ezaki Glico Co. Ltd. | 290,742 | 13,966 | |
Izumi Co. Ltd. | 223,731 | 13,807 | |
AEON Financial Service Co. Ltd. | 647,107 | 13,792 | |
Shinsei Bank Ltd. | 897,169 | 13,766 | |
Mabuchi Motor Co. Ltd. | 286,827 | 13,614 | |
Bic Camera Inc. | 883,083 | 13,595 | |
Sotetsu Holdings Inc. | 440,276 | 13,464 | |
Miura Co. Ltd. | 550,106 | 13,348 | |
Mitsui Mining & Smelting Co. Ltd. | 311,085 | 13,203 | |
Kyowa Exeo Corp. | 503,579 | 13,178 | |
Takara Holdings Inc. | 978,841 | 12,942 | |
Capcom Co. Ltd. | 525,448 | 12,921 | |
Nippon Shokubai Co. Ltd. | 177,959 | 12,852 | |
Nippon Electric Glass Co. Ltd. | 463,551 | 12,850 |
26
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Zensho Holdings Co. Ltd. | 504,891 | 12,810 | |
Cosmo Energy Holdings Co. Ltd. | 365,585 | 12,802 | |
Nippon Gas Co. Ltd. | 219,547 | 12,783 | |
Zenkoku Hosho Co. Ltd. | 282,240 | 12,779 | |
NOF Corp. | 393,329 | 12,691 | |
Gunma Bank Ltd. | 2,393,616 | 12,530 | |
Tokuyama Corp. | 384,396 | 12,312 | |
NOK Corp. | 634,269 | 12,251 | |
Kamigumi Co. Ltd. | 588,595 | 12,217 | |
Japan Airport Terminal Co. Ltd. | 260,451 | 12,181 | |
Yokohama Rubber Co. Ltd. | 586,192 | 12,159 | |
Kinden Corp. | 743,532 | 12,127 | |
Furukawa Electric Co. Ltd. | 346,141 | 12,077 | |
* | LINE Corp. | 292,267 | 12,067 |
Aeon Mall Co. Ltd. | 668,911 | 12,000 | |
TS Tech Co. Ltd. | 286,770 | 11,947 | |
Sugi Holdings Co. Ltd. | 205,647 | 11,898 | |
Tsumura & Co. | 367,737 | 11,874 | |
Maruichi Steel Tube Ltd. | 349,574 | 11,846 | |
Sanwa Holdings Corp. | 1,113,390 | 11,766 | |
TechnoPro Holdings Inc. | 191,393 | 11,752 | |
Nihon Kohden Corp. | 420,055 | 11,689 | |
Nishi-Nippon Railroad Co. Ltd. | 429,108 | 11,670 | |
DeNA Co. Ltd. | 623,116 | 11,668 | |
Shikoku Electric Power Co. Inc. | 863,324 | 11,547 | |
Sumitomo Forestry Co. Ltd. | 760,599 | 11,495 | |
Taiyo Nippon Sanso Corp. | 802,583 | 11,489 | |
Hitachi Metals Ltd. | 1,105,634 | 11,464 | |
Ain Holdings Inc. | 155,379 | 11,452 | |
Hitachi Chemical Co. Ltd. | 564,892 | 11,372 | |
Seven Bank Ltd. | 3,685,838 | 11,255 | |
Sankyo Co. Ltd. | 287,708 | 11,251 | |
Toda Corp. | 1,292,800 | 11,227 | |
Daiichikosho Co. Ltd. | 230,686 | 11,132 | |
Hiroshima Bank Ltd. | 1,662,582 | 11,027 | |
Hachijuni Bank Ltd. | 2,576,653 | 10,979 | |
Morinaga & Co. Ltd. | 228,202 | 10,942 | |
SCSK Corp. | 234,000 | 10,865 | |
Shimamura Co. Ltd. | 123,521 | 10,860 | |
Kyudenko Corp. | 221,349 | 10,667 | |
Kyushu Financial Group Inc. | 2,215,126 | 10,660 | |
Penta-Ocean Construction Co. Ltd. | 1,589,545 | 10,626 | |
Anritsu Corp. | 771,839 | 10,567 | |
GMO Payment Gateway Inc. | 91,619 | 10,548 | |
Nippon Kayaku Co. Ltd. | 939,318 | 10,493 | |
Toyoda Gosei Co. Ltd. | 412,835 | 10,449 | |
Ulvac Inc. | 270,683 | 10,326 | |
Aica Kogyo Co. Ltd. | 293,755 | 10,299 | |
Rengo Co. Ltd. | 1,169,198 | 10,283 | |
K's Holdings Corp. | 989,910 | 10,259 | |
PALTAC Corp. | 177,770 | 10,223 | |
Fancl Corp. | 202,242 | 10,118 | |
Kaken Pharmaceutical Co. Ltd. | 196,789 | 10,097 | |
Iyo Bank Ltd. | 1,530,525 | 10,085 | |
Cosmos Pharmaceutical Corp. | 49,549 | 10,055 | |
Nishi-Nippon Financial Holdings Inc. | 862,404 | 10,055 | |
Topcon Corp. | 584,165 | 10,000 | |
Citizen Watch Co. Ltd. | 1,521,086 | 9,974 | |
NTN Corp. | 2,419,342 | 9,902 | |
SG Holdings Co. Ltd. | 452,153 | 9,892 | |
GS Yuasa Corp. | 2,160,422 | 9,837 | |
Open House Co. Ltd. | 166,224 | 9,822 | |
Fujikura Ltd. | 1,542,773 | 9,800 | |
Sumitomo Osaka Cement Co. Ltd. | 2,089,298 | 9,783 |
27
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Sawai Pharmaceutical Co. Ltd. | 214,798 | 9,768 | |
Zeon Corp. | 823,774 | 9,718 | |
Chugoku Bank Ltd. | 962,818 | 9,716 | |
* | Hokuriku Electric Power Co. | 967,269 | 9,715 |
Wacoal Holdings Corp. | 333,238 | 9,706 | |
Ibiden Co. Ltd. | 604,956 | 9,666 | |
Nagase & Co. Ltd. | 614,089 | 9,583 | |
Hokuhoku Financial Group Inc. | 714,662 | 9,489 | |
Itochu Techno-Solutions Corp. | 548,062 | 9,454 | |
Fukuyama Transporting Co. Ltd. | 185,100 | 9,449 | |
Hazama Ando Corp. | 1,019,591 | 9,267 | |
Amano Corp. | 390,885 | 9,233 | |
Daido Steel Co. Ltd. | 199,547 | 9,213 | |
Fuji Oil Holdings Inc. | 255,682 | 9,191 | |
^ | Japan Lifeline Co. Ltd. | 374,343 | 9,177 |
Nihon Unisys Ltd. | 361,115 | 9,056 | |
Japan Steel Works Ltd. | 353,573 | 8,901 | |
ADEKA Corp. | 555,577 | 8,896 | |
OKUMA Corp. | 168,225 | 8,870 | |
SHO-BOND Holdings Co. Ltd. | 127,523 | 8,860 | |
OSG Corp. | 430,444 | 8,854 | |
Miraca Holdings Inc. | 297,556 | 8,851 | |
Sapporo Holdings Ltd. | 352,762 | 8,846 | |
Ship Healthcare Holdings Inc. | 234,663 | 8,843 | |
Ariake Japan Co. Ltd. | 102,273 | 8,803 | |
Sumitomo Bakelite Co. Ltd. | 911,287 | 8,772 | |
77 Bank Ltd. | 402,901 | 8,750 | |
Suruga Bank Ltd. | 977,175 | 8,704 | |
Aoyama Trading Co. Ltd. | 258,065 | 8,610 | |
Maeda Corp. | 750,384 | 8,600 | |
NHK Spring Co. Ltd. | 907,005 | 8,538 | |
*,^ | Kawasaki Kisen Kaisha Ltd. | 461,553 | 8,521 |
Goldwin Inc. | 98,084 | 8,483 | |
Fuji Seal International Inc. | 237,862 | 8,426 | |
Morinaga Milk Industry Co. Ltd. | 225,419 | 8,424 | |
Colowide Co. Ltd. | 315,325 | 8,423 | |
Glory Ltd. | 301,390 | 8,421 | |
Nippon Paper Industries Co. Ltd. | 527,413 | 8,408 | |
Kokuyo Co. Ltd. | 472,020 | 8,373 | |
Ushio Inc. | 656,475 | 8,337 | |
^ | Acom Co. Ltd. | 2,154,387 | 8,271 |
Outsourcing Inc. | 446,148 | 8,253 | |
Shochiku Co. Ltd. | 56,957 | 8,234 | |
Toyo Tire & Rubber Co. Ltd. | 564,541 | 8,230 | |
GMO Internet Inc. | 346,684 | 8,225 | |
Toyobo Co. Ltd. | 492,874 | 8,193 | |
Lintec Corp. | 282,369 | 8,182 | |
Mitsubishi Logistics Corp. | 379,359 | 8,180 | |
Tokai Tokyo Financial Holdings Inc. | 1,277,215 | 8,139 | |
Nishimatsu Construction Co. Ltd. | 283,892 | 8,136 | |
Tokyo Ohka Kogyo Co. Ltd. | 210,837 | 8,123 | |
Toagosei Co. Ltd. | 703,403 | 8,117 | |
Maruha Nichiro Corp. | 201,350 | 8,109 | |
Nisshinbo Holdings Inc. | 753,200 | 8,073 | |
Shima Seiki Manufacturing Ltd. | 168,418 | 8,027 | |
Tadano Ltd. | 649,868 | 7,970 | |
ABC-Mart Inc. | 145,607 | 7,959 | |
Iwatani Corp. | 228,215 | 7,939 | |
NET One Systems Co. Ltd. | 461,650 | 7,925 | |
Pilot Corp. | 142,172 | 7,909 | |
DMG Mori Co. Ltd. | 567,106 | 7,840 | |
Fuji Corp. | 437,706 | 7,835 | |
Hanwa Co. Ltd. | 205,621 | 7,828 | |
Nichias Corp. | 625,711 | 7,825 |
28
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Dowa Holdings Co. Ltd. | 253,821 | 7,815 | |
Nihon Parkerizing Co. Ltd. | 538,955 | 7,752 | |
Kenedix Inc. | 1,274,606 | 7,733 | |
Shimachu Co. Ltd. | 243,344 | 7,728 | |
H2O Retailing Corp. | 482,864 | 7,695 | |
Nipro Corp. | 664,423 | 7,666 | |
San-In Godo Bank Ltd. | 858,739 | 7,666 | |
Kureha Corp. | 107,260 | 7,652 | |
Nikkon Holdings Co. Ltd. | 291,239 | 7,637 | |
Infomart Corp. | 575,123 | 7,625 | |
Chiyoda Corp. | 871,514 | 7,557 | |
Tsubakimoto Chain Co. | 950,049 | 7,535 | |
Nippon Suisan Kaisha Ltd. | 1,526,084 | 7,520 | |
Nippon Light Metal Holdings Co. Ltd. | 3,333,811 | 7,479 | |
Fuyo General Lease Co. Ltd. | 108,541 | 7,458 | |
Japan Post Insurance Co. Ltd. | 362,289 | 7,447 | |
^ | Kyoritsu Maintenance Co. Ltd. | 135,793 | 7,441 |
Leopalace21 Corp. | 1,339,789 | 7,330 | |
Yoshinoya Holdings Co. Ltd. | 365,621 | 7,288 | |
Daishi Bank Ltd. | 182,689 | 7,257 | |
Shiga Bank Ltd. | 1,417,905 | 7,253 | |
Jafco Co. Ltd. | 177,860 | 7,210 | |
Toho Holdings Co. Ltd. | 293,692 | 7,160 | |
Digital Garage Inc. | 184,441 | 7,145 | |
Kumagai Gumi Co. Ltd. | 203,065 | 7,119 | |
* | Kansai Mirai Financial Group Inc. | 935,977 | 7,089 |
FP Corp. | 128,192 | 7,080 | |
Tokyo Seimitsu Co. Ltd. | 214,766 | 7,078 | |
Heiwa Corp. | 290,485 | 7,007 | |
Okumura Corp. | 213,197 | 6,940 | |
Hokkaido Electric Power Co. Inc. | 1,011,937 | 6,889 | |
Sakata Seed Corp. | 181,750 | 6,878 | |
Takasago Thermal Engineering Co. Ltd. | 370,199 | 6,864 | |
Sangetsu Corp. | 337,930 | 6,839 | |
Kanematsu Corp. | 469,469 | 6,771 | |
Iriso Electronics Co. Ltd. | 112,215 | 6,769 | |
Mandom Corp. | 216,906 | 6,746 | |
Yaoko Co. Ltd. | 122,078 | 6,728 | |
Meitec Corp. | 140,251 | 6,722 | |
NTT Urban Development Corp. | 620,270 | 6,663 | |
^ | Sanrio Co. Ltd. | 343,824 | 6,654 |
Resorttrust Inc. | 376,363 | 6,649 | |
Okamura Corp. | 452,501 | 6,644 | |
Itoham Yonekyu Holdings Inc. | 766,842 | 6,598 | |
Awa Bank Ltd. | 1,060,427 | 6,526 | |
Sushiro Global Holdings Ltd. | 105,579 | 6,377 | |
cocokara fine Inc. | 102,460 | 6,300 | |
Kandenko Co. Ltd. | 573,865 | 6,288 | |
Toyota Boshoku Corp. | 342,786 | 6,288 | |
Daiseki Co. Ltd. | 213,768 | 6,267 | |
Noevir Holdings Co. Ltd. | 86,556 | 6,235 | |
TOKAI Holdings Corp. | 640,387 | 6,182 | |
Hitachi Transport System Ltd. | 239,869 | 6,138 | |
Megmilk Snow Brand Co. Ltd. | 229,167 | 6,122 | |
Maeda Road Construction Co. Ltd. | 321,704 | 6,107 | |
Hitachi Capital Corp. | 236,546 | 6,105 | |
Nichiha Corp. | 161,065 | 6,080 | |
Duskin Co. Ltd. | 242,297 | 6,039 | |
Autobacs Seven Co. Ltd. | 340,655 | 6,032 | |
Topre Corp. | 239,365 | 6,016 | |
Gunze Ltd. | 93,813 | 6,006 | |
Lasertec Corp. | 213,478 | 5,982 | |
Inaba Denki Sangyo Co. Ltd. | 146,241 | 5,967 | |
Kiyo Bank Ltd. | 362,219 | 5,959 |
29
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^ | Monex Group Inc. | 1,029,200 | 5,934 |
Yamato Kogyo Co. Ltd. | 195,599 | 5,901 | |
KH Neochem Co. Ltd. | 192,181 | 5,815 | |
Kusuri no Aoki Holdings Co. Ltd. | 87,336 | 5,811 | |
Sumitomo Mitsui Construction Co. Ltd. | 833,009 | 5,791 | |
Keiyo Bank Ltd. | 1,345,410 | 5,769 | |
Hogy Medical Co. Ltd. | 128,346 | 5,742 | |
Ci:z Holdings Co. Ltd. | 119,567 | 5,681 | |
^ | Daio Paper Corp. | 404,785 | 5,630 |
Round One Corp. | 354,509 | 5,565 | |
Matsui Securities Co. Ltd. | 580,244 | 5,539 | |
Ogaki Kyoritsu Bank Ltd. | 218,071 | 5,531 | |
Toyo Ink SC Holdings Co. Ltd. | 211,482 | 5,510 | |
Fujitec Co. Ltd. | 442,343 | 5,444 | |
Takara Bio Inc. | 260,642 | 5,438 | |
* | Mitsui E&S Holdings Co. Ltd. | 415,279 | 5,437 |
FCC Co. Ltd. | 192,768 | 5,431 | |
Tsubaki Nakashima Co. Ltd. | 230,509 | 5,425 | |
Daiwabo Holdings Co. Ltd. | 102,034 | 5,423 | |
GungHo Online Entertainment Inc. | 2,133,396 | 5,420 | |
KYORIN Holdings Inc. | 260,855 | 5,414 | |
Kotobuki Spirits Co. Ltd. | 103,348 | 5,403 | |
United Arrows Ltd. | 144,131 | 5,371 | |
Hokkoku Bank Ltd. | 136,631 | 5,367 | |
Trusco Nakayama Corp. | 214,953 | 5,363 | |
HIS Co. Ltd. | 178,034 | 5,362 | |
Ichigo Inc. | 1,144,599 | 5,361 | |
Koei Tecmo Holdings Co. Ltd. | 271,962 | 5,336 | |
North Pacific Bank Ltd. | 1,592,610 | 5,316 | |
* | Aiful Corp. | 1,707,341 | 5,314 |
Musashino Bank Ltd. | 178,737 | 5,299 | |
Tokai Rika Co. Ltd. | 277,529 | 5,262 | |
Mochida Pharmaceutical Co. Ltd. | 72,131 | 5,250 | |
Ryosan Co. Ltd. | 142,964 | 5,232 | |
Joyful Honda Co. Ltd. | 341,596 | 5,220 | |
Oki Electric Industry Co. Ltd. | 466,923 | 5,219 | |
Canon Marketing Japan Inc. | 249,818 | 5,203 | |
Mani Inc. | 115,505 | 5,188 | |
Shinmaywa Industries Ltd. | 440,600 | 5,168 | |
Mitsubishi Pencil Co. Ltd. | 249,087 | 5,164 | |
SMS Co. Ltd. | 282,732 | 5,156 | |
CKD Corp. | 313,997 | 5,149 | |
Arcs Co. Ltd. | 188,653 | 5,147 | |
Juroku Bank Ltd. | 194,882 | 5,134 | |
Takuma Co. Ltd. | 419,813 | 5,105 | |
Okinawa Electric Power Co. Inc. | 244,160 | 5,093 | |
Nippo Corp. | 279,288 | 5,083 | |
Exedy Corp. | 163,081 | 5,048 | |
Nippon Flour Mills Co. Ltd. | 288,502 | 5,016 | |
EDION Corp. | 496,253 | 4,991 | |
Fuji Soft Inc. | 118,291 | 4,986 | |
Totetsu Kogyo Co. Ltd. | 156,482 | 4,980 | |
Senshu Ikeda Holdings Inc. | 1,476,770 | 4,980 | |
Fujitsu General Ltd. | 318,051 | 4,971 | |
ZERIA Pharmaceutical Co. Ltd. | 229,784 | 4,966 | |
Paramount Bed Holdings Co. Ltd. | 115,636 | 4,956 | |
Valor Holdings Co. Ltd. | 217,505 | 4,955 | |
Japan Material Co. Ltd. | 321,113 | 4,955 | |
Keihin Corp. | 243,527 | 4,942 | |
NSD Co. Ltd. | 216,313 | 4,924 | |
Nomura Co. Ltd. | 223,175 | 4,922 | |
San-A Co. Ltd. | 99,572 | 4,918 | |
Hyakujushi Bank Ltd. | 1,498,306 | 4,916 | |
KYB Corp. | 108,049 | 4,909 |
30
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Ryobi Ltd. | 148,817 | 4,892 | |
Taikisha Ltd. | 159,755 | 4,842 | |
JINS Inc. | 84,763 | 4,838 | |
Mirait Holdings Corp. | 310,933 | 4,808 | |
DCM Holdings Co. Ltd. | 513,140 | 4,800 | |
Nippon Sheet Glass Co. Ltd. | 500,249 | 4,798 | |
Alpine Electronics Inc. | 232,519 | 4,795 | |
Prima Meat Packers Ltd. | 828,775 | 4,791 | |
Nippon Television Holdings Inc. | 282,898 | 4,768 | |
Onward Holdings Co. Ltd. | 619,762 | 4,752 | |
Okamoto Industries Inc. | 414,821 | 4,729 | |
Nippon Seiki Co. Ltd. | 249,888 | 4,719 | |
Atom Corp. | 485,219 | 4,709 | |
Kanamoto Co. Ltd. | 149,108 | 4,708 | |
NS Solutions Corp. | 187,147 | 4,707 | |
Eizo Corp. | 108,328 | 4,699 | |
Tokyo Steel Manufacturing Co. Ltd. | 529,679 | 4,699 | |
As One Corp. | 67,736 | 4,697 | |
Senko Group Holdings Co. Ltd. | 592,075 | 4,676 | |
Kissei Pharmaceutical Co. Ltd. | 172,260 | 4,667 | |
Tokyo Dome Corp. | 522,046 | 4,662 | |
Toshiba Plant Systems & Services Corp. | 203,228 | 4,644 | |
Benefit One Inc. | 164,424 | 4,636 | |
JCR Pharmaceuticals Co. Ltd. | 76,300 | 4,628 | |
* | Katitas Co. Ltd. | 130,400 | 4,622 |
Milbon Co. Ltd. | 102,900 | 4,608 | |
^ | Nissha Co. Ltd. | 223,168 | 4,593 |
Nichicon Corp. | 364,986 | 4,587 | |
Nanto Bank Ltd. | 179,907 | 4,581 | |
Nachi-Fujikoshi Corp. | 102,457 | 4,571 | |
Morita Holdings Corp. | 226,547 | 4,568 | |
Makino Milling Machine Co. Ltd. | 588,275 | 4,563 | |
Wacom Co. Ltd. | 801,828 | 4,549 | |
Hyakugo Bank Ltd. | 1,157,795 | 4,543 | |
*,^ | Japan Display Inc. | 3,496,966 | 4,541 |
Bank of Okinawa Ltd. | 123,993 | 4,539 | |
V Technology Co. Ltd. | 24,588 | 4,536 | |
Japan Petroleum Exploration Co. Ltd. | 172,991 | 4,510 | |
Zenrin Co. Ltd. | 186,358 | 4,502 | |
Central Glass Co. Ltd. | 214,641 | 4,501 | |
Takara Standard Co. Ltd. | 270,174 | 4,498 | |
Showa Corp. | 273,476 | 4,495 | |
Descente Ltd. | 252,900 | 4,475 | |
Kato Sangyo Co. Ltd. | 129,857 | 4,447 | |
Daikyonishikawa Corp. | 304,178 | 4,444 | |
Financial Products Group Co. Ltd. | 345,424 | 4,444 | |
Macnica Fuji Electronics Holdings Inc. | 264,501 | 4,435 | |
Okasan Securities Group Inc. | 902,551 | 4,435 | |
Tokyo Broadcasting System Holdings Inc. | 196,958 | 4,417 | |
Optex Group Co. Ltd. | 156,956 | 4,379 | |
^ | Orient Corp. | 3,240,122 | 4,354 |
IBJ Leasing Co. Ltd. | 164,765 | 4,353 | |
Fuji Media Holdings Inc. | 254,921 | 4,350 | |
Starts Corp. Inc. | 177,124 | 4,312 | |
Kumiai Chemical Industry Co. Ltd. | 549,504 | 4,306 | |
Nippon Densetsu Kogyo Co. Ltd. | 194,488 | 4,277 | |
Seiren Co. Ltd. | 274,808 | 4,275 | |
Ai Holdings Corp. | 197,267 | 4,270 | |
Jeol Ltd. | 413,000 | 4,245 | |
Nitta Corp. | 108,147 | 4,238 | |
Hitachi Zosen Corp. | 899,579 | 4,233 | |
^ | Siix Corp. | 192,174 | 4,206 |
DTS Corp. | 113,200 | 4,200 | |
Heiwado Co. Ltd. | 168,300 | 4,192 |
31
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Nippon Soda Co. Ltd. | 755,995 | 4,177 | |
Unipres Corp. | 213,254 | 4,173 | |
Yokogawa Bridge Holdings Corp. | 175,305 | 4,152 | |
MOS Food Services Inc. | 140,086 | 4,134 | |
Maxell Holdings Ltd. | 245,558 | 4,132 | |
Kintetsu World Express Inc. | 199,348 | 4,109 | |
Tomy Co. Ltd. | 494,844 | 4,102 | |
Nojima Corp. | 183,160 | 4,067 | |
Arata Corp. | 67,200 | 4,057 | |
Toei Co. Ltd. | 39,600 | 4,053 | |
Takeuchi Manufacturing Co. Ltd. | 192,393 | 4,039 | |
Taiyo Holdings Co. Ltd. | 98,200 | 4,027 | |
Musashi Seimitsu Industry Co. Ltd. | 121,400 | 4,025 | |
Kitz Corp. | 489,419 | 4,007 | |
United Super Markets Holdings Inc. | 309,400 | 4,002 | |
Kameda Seika Co. Ltd. | 74,800 | 3,998 | |
Komeri Co. Ltd. | 157,531 | 3,997 | |
Nisshin Oillio Group Ltd. | 133,100 | 3,996 | |
EPS Holdings Inc. | 186,700 | 3,995 | |
Koa Corp. | 157,800 | 3,951 | |
Toshiba TEC Corp. | 648,708 | 3,944 | |
Royal Holdings Co. Ltd. | 144,038 | 3,943 | |
Noritake Co. Ltd. | 71,200 | 3,940 | |
Meidensha Corp. | 1,091,143 | 3,931 | |
Funai Soken Holdings Inc. | 176,310 | 3,922 | |
Sumitomo Warehouse Co. Ltd. | 646,727 | 3,918 | |
S Foods Inc. | 99,672 | 3,917 | |
Nissin Kogyo Co. Ltd. | 221,372 | 3,914 | |
Hokuetsu Kishu Paper Co. Ltd. | 760,089 | 3,908 | |
Yodogawa Steel Works Ltd. | 153,086 | 3,904 | |
Justsystems Corp. | 189,479 | 3,891 | |
Ichibanya Co. Ltd. | 89,000 | 3,886 | |
Nippon Steel & Sumikin Bussan Corp. | 78,388 | 3,885 | |
Systena Corp. | 380,772 | 3,881 | |
^ | Fuji Kyuko Co. Ltd. | 129,600 | 3,869 |
Japan Aviation Electronics Industry Ltd. | 245,508 | 3,862 | |
Earth Corp. | 75,800 | 3,857 | |
Sato Holdings Corp. | 128,928 | 3,851 | |
Nitto Boseki Co. Ltd. | 160,300 | 3,831 | |
Idec Corp. | 163,200 | 3,813 | |
Asahi Holdings Inc. | 201,900 | 3,764 | |
Koshidaka Holdings Co. Ltd. | 255,780 | 3,756 | |
Pacific Industrial Co. Ltd. | 255,400 | 3,748 | |
Mizuno Corp. | 99,900 | 3,730 | |
Toho Bank Ltd. | 1,031,600 | 3,729 | |
San-Ai Oil Co. Ltd. | 302,581 | 3,726 | |
Obara Group Inc. | 65,157 | 3,710 | |
Tokyu Construction Co. Ltd. | 382,264 | 3,709 | |
Yamagata Bank Ltd. | 174,000 | 3,695 | |
Create SD Holdings Co. Ltd. | 128,600 | 3,693 | |
Nagaileben Co. Ltd. | 145,200 | 3,689 | |
Create Restaurants Holdings Inc. | 251,800 | 3,680 | |
Kura Corp. | 55,400 | 3,676 | |
Ichikoh Industries Ltd. | 308,100 | 3,675 | |
Futaba Corp. | 209,460 | 3,663 | |
Transcosmos Inc. | 152,500 | 3,655 | |
^ | ASKUL Corp. | 112,700 | 3,649 |
TOMONY Holdings Inc. | 850,814 | 3,642 | |
Saibu Gas Co. Ltd. | 134,300 | 3,631 | |
DA Consortium Holdings Inc. | 129,100 | 3,597 | |
Eiken Chemical Co. Ltd. | 169,100 | 3,592 | |
Bank of Iwate Ltd. | 93,300 | 3,587 | |
Maruwa Co. Ltd. | 44,760 | 3,578 | |
Heiwa Real Estate Co. Ltd. | 200,800 | 3,574 |
32
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
TPR Co. Ltd. | 153,490 | 3,572 | |
Tokyotokeiba Co. Ltd. | 82,600 | 3,566 | |
Token Corp. | 40,330 | 3,554 | |
Kurabo Industries Ltd. | 1,126,000 | 3,552 | |
^ | J Trust Co. Ltd. | 429,886 | 3,540 |
Chudenko Corp. | 141,758 | 3,535 | |
Nisshin Steel Co. Ltd. | 255,591 | 3,523 | |
Shinko Electric Industries Co. Ltd. | 394,269 | 3,519 | |
Shibuya Corp. | 114,991 | 3,518 | |
Nichi-iko Pharmaceutical Co. Ltd. | 238,400 | 3,514 | |
^ | UACJ Corp. | 163,000 | 3,513 |
Inabata & Co. Ltd. | 253,200 | 3,512 | |
Showa Sangyo Co. Ltd. | 133,700 | 3,493 | |
Nippon Chemi-Con Corp. | 89,500 | 3,479 | |
Sanyo Denki Co. Ltd. | 48,900 | 3,467 | |
TSI Holdings Co. Ltd. | 490,600 | 3,464 | |
Menicon Co. Ltd. | 129,400 | 3,464 | |
^ | Bank of Nagoya Ltd. | 99,800 | 3,463 |
KOMEDA Holdings Co. Ltd. | 174,500 | 3,431 | |
Aeon Delight Co. Ltd. | 100,800 | 3,425 | |
Piolax Inc. | 142,100 | 3,421 | |
Daihen Corp. | 568,039 | 3,414 | |
Kohnan Shoji Co. Ltd. | 146,400 | 3,408 | |
Yamazen Corp. | 356,751 | 3,405 | |
Tokyo Kiraboshi Financial Group Inc. | 141,700 | 3,396 | |
Macromill Inc. | 138,200 | 3,396 | |
Aomori Bank Ltd. | 112,500 | 3,394 | |
^ | Hirata Corp. | 47,305 | 3,385 |
Sanken Electric Co. Ltd. | 638,706 | 3,379 | |
Daikyo Inc. | 154,357 | 3,373 | |
Japan Wool Textile Co. Ltd. | 362,000 | 3,359 | |
Ohsho Food Service Corp. | 58,600 | 3,341 | |
Nissan Shatai Co. Ltd. | 365,565 | 3,329 | |
Nikkiso Co. Ltd. | 328,500 | 3,326 | |
Saizeriya Co. Ltd. | 145,551 | 3,325 | |
Belluna Co. Ltd. | 263,000 | 3,316 | |
SKY Perfect JSAT Holdings Inc. | 687,367 | 3,275 | |
Nippon Carbon Co. Ltd. | 57,999 | 3,241 | |
Relia Inc. | 226,000 | 3,223 | |
Seiko Holdings Corp. | 149,703 | 3,214 | |
Doshisha Co. Ltd. | 141,800 | 3,204 | |
Matsuya Co. Ltd. | 212,700 | 3,197 | |
Aida Engineering Ltd. | 328,229 | 3,184 | |
Yamanashi Chuo Bank Ltd. | 836,000 | 3,178 | |
Fujicco Co. Ltd. | 124,000 | 3,175 | |
Modec Inc. | 114,600 | 3,171 | |
Sekisui Jushi Corp. | 151,300 | 3,170 | |
Nippon Signal Company Ltd. | 326,600 | 3,163 | |
Joshin Denki Co. Ltd. | 100,500 | 3,147 | |
Bell System24 Holdings Inc. | 180,500 | 3,142 | |
Internet Initiative Japan Inc. | 156,300 | 3,137 | |
Chiyoda Co. Ltd. | 135,500 | 3,134 | |
* | M&A Capital Partners Co. Ltd. | 35,200 | 3,133 |
Prestige International Inc. | 233,700 | 3,130 | |
Retail Partners Co. Ltd. | 206,700 | 3,123 | |
Hiday Hidaka Corp. | 139,193 | 3,113 | |
Nishimatsuya Chain Co. Ltd. | 269,700 | 3,100 | |
Toshiba Machine Co. Ltd. | 649,684 | 3,093 | |
Tosho Co. Ltd. | 81,000 | 3,090 | |
Tocalo Co. Ltd. | 295,600 | 3,083 | |
Kisoji Co. Ltd. | 121,200 | 3,073 | |
AOKI Holdings Inc. | 210,300 | 3,069 | |
Chugoku Marine Paints Ltd. | 307,000 | 3,058 | |
^ | Istyle Inc. | 278,400 | 3,055 |
33
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^ | Tateru Inc. | 185,300 | 3,050 |
Jaccs Co. Ltd. | 140,500 | 3,038 | |
Link And Motivation Inc. | 251,905 | 3,028 | |
BML Inc. | 117,600 | 3,027 | |
Marusan Securities Co. Ltd. | 329,600 | 3,025 | |
^ | Pepper Food Service Co. Ltd. | 73,203 | 3,010 |
Doutor Nichires Holdings Co. Ltd. | 151,400 | 3,004 | |
Noritz Corp. | 184,200 | 2,998 | |
Axial Retailing Inc. | 78,400 | 2,979 | |
TKC Corp. | 79,900 | 2,975 | |
Sakata INX Corp. | 227,559 | 2,968 | |
Anicom Holdings Inc. | 78,400 | 2,948 | |
Mitsuboshi Belting Ltd. | 234,000 | 2,936 | |
Nitto Kogyo Corp. | 146,500 | 2,927 | |
Riso Kagaku Corp. | 138,700 | 2,926 | |
^ | Zojirushi Corp. | 239,500 | 2,923 |
Oita Bank Ltd. | 86,000 | 2,919 | |
Bank of the Ryukyus Ltd. | 198,200 | 2,917 | |
Sanyo Special Steel Co. Ltd. | 122,300 | 2,916 | |
DyDo Group Holdings Inc. | 48,800 | 2,899 | |
Digital Arts Inc. | 53,600 | 2,897 | |
Max Co. Ltd. | 228,800 | 2,893 | |
Fukushima Industries Corp. | 63,100 | 2,890 | |
*,^ | Pacific Metals Co. Ltd. | 78,599 | 2,883 |
Nippon Thompson Co. Ltd. | 368,000 | 2,881 | |
Shizuoka Gas Co. Ltd. | 313,800 | 2,876 | |
Belc Co. Ltd. | 54,400 | 2,876 | |
Star Micronics Co. Ltd. | 185,600 | 2,870 | |
Tachi-S Co. Ltd. | 171,300 | 2,869 | |
OBIC Business Consultants Co. Ltd. | 40,400 | 2,865 | |
Solasto Corp. | 256,500 | 2,859 | |
T-Gaia Corp. | 111,900 | 2,856 | |
JCU Corp. | 123,000 | 2,853 | |
Oiles Corp. | 150,100 | 2,853 | |
Komori Corp. | 245,100 | 2,848 | |
Toridoll Holdings Corp. | 120,165 | 2,837 | |
Ringer Hut Co. Ltd. | 121,200 | 2,836 | |
LEC Inc. | 68,000 | 2,834 | |
Gree Inc. | 529,553 | 2,832 | |
Press Kogyo Co. Ltd. | 483,100 | 2,830 | |
Osaka Soda Co. Ltd. | 99,400 | 2,828 | |
Marudai Food Co. Ltd. | 622,000 | 2,828 | |
Dip Corp. | 110,000 | 2,822 | |
Kadokawa Dwango Corp. | 254,800 | 2,816 | |
FULLCAST Holdings Co. Ltd. | 110,498 | 2,815 | |
Daiho Corp. | 469,000 | 2,787 | |
*,^ | euglena Co. Ltd. | 372,100 | 2,787 |
Fukui Bank Ltd. | 127,400 | 2,783 | |
Broadleaf Co. Ltd. | 459,600 | 2,777 | |
Fujimori Kogyo Co. Ltd. | 84,100 | 2,768 | |
Japan Pulp & Paper Co. Ltd. | 60,800 | 2,763 | |
Seikagaku Corp. | 205,900 | 2,761 | |
Topy Industries Ltd. | 99,400 | 2,756 | |
Yuasa Trading Co. Ltd. | 86,500 | 2,755 | |
Pressance Corp. | 178,400 | 2,753 | |
Kenko Mayonnaise Co. Ltd. | 74,700 | 2,746 | |
Tsukishima Kikai Co. Ltd. | 192,200 | 2,737 | |
Nippon Ceramic Co. Ltd. | 105,100 | 2,734 | |
NEC Networks & System Integration Corp. | 121,100 | 2,722 | |
Mitsui Sugar Co. Ltd. | 87,800 | 2,721 | |
Fuso Chemical Co. Ltd. | 105,400 | 2,713 | |
Dexerials Corp. | 271,400 | 2,702 | |
T Hasegawa Co. Ltd. | 123,900 | 2,701 | |
Life Corp. | 108,500 | 2,695 |
34
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^ | Megachips Corp. | 101,100 | 2,688 |
Japan Securities Finance Co. Ltd. | 490,200 | 2,681 | |
Furukawa Co. Ltd. | 181,121 | 2,680 | |
MCJ Co. Ltd. | 351,000 | 2,680 | |
Nishio Rent All Co. Ltd. | 83,300 | 2,669 | |
Toho Zinc Co. Ltd. | 72,206 | 2,667 | |
Miroku Jyoho Service Co. Ltd. | 106,000 | 2,664 | |
Shikoku Chemicals Corp. | 190,400 | 2,655 | |
Raito Kogyo Co. Ltd. | 254,300 | 2,654 | |
Bando Chemical Industries Ltd. | 239,800 | 2,642 | |
kabu.com Securities Co. Ltd. | 815,400 | 2,641 | |
YA-MAN Ltd. | 157,452 | 2,633 | |
Tamura Corp. | 416,100 | 2,631 | |
Wakita & Co. Ltd. | 251,000 | 2,631 | |
Eagle Industry Co. Ltd. | 163,300 | 2,621 | |
Hosiden Corp. | 311,813 | 2,614 | |
Daibiru Corp. | 256,400 | 2,611 | |
Konoike Transport Co. Ltd. | 172,800 | 2,605 | |
Miyazaki Bank Ltd. | 85,500 | 2,604 | |
Akita Bank Ltd. | 93,500 | 2,600 | |
Takasago International Corp. | 81,200 | 2,598 | |
Kyokuto Kaihatsu Kogyo Co. Ltd. | 170,000 | 2,594 | |
Sinfonia Technology Co. Ltd. | 731,000 | 2,591 | |
^ | Monogatari Corp. | 25,384 | 2,583 |
Vector Inc. | 124,400 | 2,569 | |
Takamatsu Construction Group Co. Ltd. | 85,500 | 2,564 | |
Nohmi Bosai Ltd. | 119,700 | 2,556 | |
Shikoku Bank Ltd. | 207,200 | 2,552 | |
Towa Pharmaceutical Co. Ltd. | 47,600 | 2,546 | |
TV Asahi Holdings Corp. | 115,930 | 2,543 | |
Unizo Holdings Co. Ltd. | 136,700 | 2,543 | |
Ricoh Leasing Co. Ltd. | 77,000 | 2,532 | |
Hamakyorex Co. Ltd. | 86,000 | 2,519 | |
VT Holdings Co. Ltd. | 479,000 | 2,518 | |
Toa Corp. | 97,700 | 2,510 | |
Itochu Enex Co. Ltd. | 255,400 | 2,490 | |
Sakai Moving Service Co. Ltd. | 50,100 | 2,485 | |
Qol Co. Ltd. | 131,800 | 2,461 | |
Chubu Shiryo Co. Ltd. | 139,900 | 2,455 | |
Elecom Co. Ltd. | 105,100 | 2,454 | |
Bunka Shutter Co. Ltd. | 289,300 | 2,452 | |
Riken Corp. | 46,700 | 2,443 | |
Kanematsu Electronics Ltd. | 66,500 | 2,434 | |
Teikoku Sen-I Co. Ltd. | 115,800 | 2,418 | |
Sumitomo Seika Chemicals Co. Ltd. | 48,400 | 2,414 | |
Shoei Foods Corp. | 68,700 | 2,412 | |
Sanyo Chemical Industries Ltd. | 55,700 | 2,410 | |
Yondoshi Holdings Inc. | 98,400 | 2,405 | |
Aichi Steel Corp. | 62,200 | 2,392 | |
Hokuetsu Bank Ltd. | 120,200 | 2,391 | |
Computer Engineering & Consulting Ltd. | 64,900 | 2,389 | |
Nippon Yakin Kogyo Co. Ltd. | 828,800 | 2,385 | |
Avex Inc. | 171,900 | 2,384 | |
Sanshin Electronics Co. Ltd. | 137,300 | 2,382 | |
Sanyo Electric Railway Co. Ltd. | 98,000 | 2,373 | |
Nissei ASB Machine Co. Ltd. | 45,600 | 2,370 | |
NichiiGakkan Co. Ltd. | 208,500 | 2,363 | |
Fujimi Inc. | 106,800 | 2,363 | |
Sintokogio Ltd. | 266,900 | 2,363 | |
Nissin Electric Co. Ltd. | 256,900 | 2,362 | |
Yellow Hat Ltd. | 79,700 | 2,352 | |
Chofu Seisakusho Co. Ltd. | 108,600 | 2,352 | |
Sakai Chemical Industry Co. Ltd. | 86,600 | 2,328 | |
Konishi Co. Ltd. | 143,800 | 2,328 |
35
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Sanki Engineering Co. Ltd. | 238,200 | 2,327 | |
* | Shoei Co. Ltd. | 65,800 | 2,323 |
Inageya Co. Ltd. | 141,600 | 2,322 | |
YAMABIKO Corp. | 192,700 | 2,308 | |
Trancom Co. Ltd. | 33,600 | 2,307 | |
Nippon Valqua Industries Ltd. | 81,100 | 2,305 | |
Okabe Co. Ltd. | 265,200 | 2,304 | |
Tsukui Corp. | 255,300 | 2,303 | |
Tsugami Corp. | 259,000 | 2,290 | |
Denki Kogyo Co. Ltd. | 70,700 | 2,272 | |
Toppan Forms Co. Ltd. | 224,591 | 2,271 | |
Tonami Holdings Co. Ltd. | 38,100 | 2,262 | |
* | San ju San Financial Group Inc. | 125,250 | 2,261 |
^ | Kitanotatsujin Corp. | 314,500 | 2,251 |
Ehime Bank Ltd. | 193,800 | 2,251 | |
Kyoei Steel Ltd. | 119,100 | 2,247 | |
Fuji Co. Ltd. | 106,900 | 2,235 | |
Kaga Electronics Co. Ltd. | 94,300 | 2,234 | |
^ | Starzen Co. Ltd. | 42,000 | 2,213 |
Toyo Tanso Co. Ltd. | 75,700 | 2,213 | |
Plenus Co. Ltd. | 135,000 | 2,212 | |
Riken Keiki Co. Ltd. | 97,700 | 2,204 | |
KLab Inc. | 165,700 | 2,196 | |
Maeda Kosen Co. Ltd. | 127,500 | 2,187 | |
Tanseisha Co. Ltd. | 172,900 | 2,186 | |
Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 70,100 | 2,180 | |
Aichi Bank Ltd. | 50,200 | 2,174 | |
Taihei Dengyo Kaisha Ltd. | 85,700 | 2,167 | |
Geo Holdings Corp. | 161,700 | 2,163 | |
Arcland Sakamoto Co. Ltd. | 143,600 | 2,154 | |
Tokai Corp. | 99,900 | 2,150 | |
Iino Kaiun Kaisha Ltd. | 473,900 | 2,148 | |
Sogo Medical Co. Ltd. | 101,800 | 2,126 | |
^ | W-Scope Corp. | 146,600 | 2,123 |
Vital KSK Holdings Inc. | 203,700 | 2,122 | |
Shinko Plantech Co. Ltd. | 210,300 | 2,120 | |
Sumitomo Riko Co. Ltd. | 206,700 | 2,118 | |
*,^ | Pioneer Corp. | 1,523,900 | 2,115 |
Kanto Denka Kogyo Co. Ltd. | 254,100 | 2,112 | |
Eighteenth Bank Ltd. | 811,000 | 2,112 | |
Ichiyoshi Securities Co. Ltd. | 195,000 | 2,109 | |
Shindengen Electric Manufacturing Co. Ltd. | 44,200 | 2,108 | |
Aruhi Corp. | 100,500 | 2,098 | |
St. Marc Holdings Co. Ltd. | 85,000 | 2,097 | |
Sinko Industries Ltd. | 117,100 | 2,090 | |
Hioki EE Corp. | 49,600 | 2,079 | |
Hosokawa Micron Corp. | 33,500 | 2,077 | |
LIFULL Co. Ltd. | 314,031 | 2,075 | |
JVC Kenwood Corp. | 732,000 | 2,071 | |
Mitsuuroko Group Holdings Co. Ltd. | 258,600 | 2,067 | |
Aeon Fantasy Co. Ltd. | 35,400 | 2,063 | |
TOC Co. Ltd. | 283,100 | 2,059 | |
Intage Holdings Inc. | 182,000 | 2,057 | |
Futaba Industrial Co. Ltd. | 326,000 | 2,046 | |
Yokohama Reito Co. Ltd. | 224,400 | 2,045 | |
Canon Electronics Inc. | 101,400 | 2,041 | |
Mitsubishi Shokuhin Co. Ltd. | 76,400 | 2,037 | |
Daido Metal Co. Ltd. | 198,600 | 2,021 | |
ESPEC Corp. | 103,200 | 2,018 | |
BRONCO BILLY Co. Ltd. | 48,600 | 2,018 | |
Pack Corp. | 62,300 | 2,011 | |
Hokuto Corp. | 112,300 | 2,005 | |
Fujibo Holdings Inc. | 61,700 | 2,003 | |
Meisei Industrial Co. Ltd. | 273,900 | 1,989 |
36
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Anest Iwata Corp. | 184,400 | 1,985 | |
^ | Maruwa Unyu Kikan Co. Ltd. | 54,294 | 1,985 |
Yakuodo Co. Ltd. | 55,100 | 1,984 | |
Key Coffee Inc. | 99,700 | 1,983 | |
^ | Giken Ltd. | 85,400 | 1,983 |
^ | Adastria Co. Ltd. | 156,400 | 1,981 |
^ | PIA Corp. | 35,200 | 1,979 |
METAWATER Co. Ltd. | 67,400 | 1,957 | |
Genky DrugStores Co. Ltd. | 47,900 | 1,955 | |
Information Services International-Dentsu Ltd. | 65,000 | 1,955 | |
Asahi Diamond Industrial Co. Ltd. | 277,200 | 1,954 | |
Nippon Kanzai Co. Ltd. | 98,300 | 1,950 | |
^ | Yamashin-Filter Corp. | 200,626 | 1,947 |
Sodick Co. Ltd. | 213,600 | 1,943 | |
*,^ | Nextage Co. Ltd. | 170,300 | 1,942 |
Xebio Holdings Co. Ltd. | 121,700 | 1,935 | |
Hibiya Engineering Ltd. | 97,100 | 1,931 | |
Dai Nippon Toryo Co. Ltd. | 149,500 | 1,929 | |
* | RS Technologies Co. Ltd. | 37,500 | 1,926 |
* | Optorun Co. Ltd. | 50,300 | 1,923 |
Mitsubishi Logisnext Co. Ltd. | 168,300 | 1,921 | |
G-Tekt Corp. | 113,200 | 1,915 | |
^ | Noritsu Koki Co. Ltd. | 111,400 | 1,911 |
Tochigi Bank Ltd. | 550,000 | 1,903 | |
Takara Leben Co. Ltd. | 507,900 | 1,900 | |
Fukuda Corp. | 31,500 | 1,897 | |
Rheon Automatic Machinery Co. Ltd. | 108,723 | 1,889 | |
ST Corp. | 63,100 | 1,886 | |
Daito Pharmaceutical Co. Ltd. | 60,600 | 1,880 | |
Tayca Corp. | 92,700 | 1,874 | |
Kamei Corp. | 135,900 | 1,873 | |
Shin-Etsu Polymer Co. Ltd. | 200,900 | 1,871 | |
* | Mitsui-Soko Holdings Co. Ltd. | 599,000 | 1,862 |
^ | Nippon Denko Co. Ltd. | 655,000 | 1,858 |
Towa Bank Ltd. | 181,200 | 1,858 | |
Tekken Corp. | 67,400 | 1,856 | |
JAC Recruitment Co. Ltd. | 85,900 | 1,850 | |
Tsurumi Manufacturing Co. Ltd. | 110,000 | 1,849 | |
Osaki Electric Co. Ltd. | 241,100 | 1,848 | |
Alpen Co. Ltd. | 85,900 | 1,846 | |
Nippon Koei Co. Ltd. | 74,500 | 1,845 | |
Nihon Nohyaku Co. Ltd. | 286,300 | 1,838 | |
Ryoyo Electro Corp. | 113,600 | 1,835 | |
Nichiban Co. Ltd. | 67,200 | 1,829 | |
Daiken Corp. | 79,300 | 1,826 | |
LIXIL VIVA Corp. | 117,700 | 1,825 | |
Yurtec Corp. | 222,200 | 1,819 | |
Tachibana Eletech Co. Ltd. | 99,500 | 1,819 | |
Daiwa Industries Ltd. | 155,900 | 1,808 | |
Toyo Kanetsu KK | 49,600 | 1,806 | |
Sankyo Tateyama Inc. | 144,800 | 1,806 | |
* | Unitika Ltd. | 317,500 | 1,806 |
Warabeya Nichiyo Holdings Co. Ltd. | 78,700 | 1,805 | |
J-Oil Mills Inc. | 50,000 | 1,795 | |
Riken Vitamin Co. Ltd. | 45,200 | 1,795 | |
UKC Holdings Corp. | 88,200 | 1,794 | |
eRex Co. Ltd. | 170,900 | 1,793 | |
Tokushu Tokai Paper Co. Ltd. | 45,500 | 1,787 | |
Toyo Construction Co. Ltd. | 401,200 | 1,779 | |
Foster Electric Co. Ltd. | 123,700 | 1,770 | |
Kyokuyo Co. Ltd. | 54,500 | 1,768 | |
Nihon Tokushu Toryo Co. Ltd. | 83,400 | 1,766 | |
^ | Stella Chemifa Corp. | 51,400 | 1,764 |
Rock Field Co. Ltd. | 102,400 | 1,761 |
37
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
JSP Corp. | 58,300 | 1,758 | |
COLOPL Inc. | 259,485 | 1,755 | |
* | Ishihara Sangyo Kaisha Ltd. | 185,400 | 1,742 |
Kasai Kogyo Co. Ltd. | 139,900 | 1,731 | |
Maruzen Showa Unyu Co. Ltd. | 379,000 | 1,731 | |
Enplas Corp. | 61,800 | 1,720 | |
Komatsu Seiren Co. Ltd. | 195,500 | 1,715 | |
Sun Frontier Fudousan Co. Ltd. | 145,200 | 1,714 | |
CMK Corp. | 269,400 | 1,713 | |
Neturen Co. Ltd. | 196,500 | 1,710 | |
Feed One Co. Ltd. | 819,300 | 1,705 | |
* | Kintetsu Department Store Co. Ltd. | 47,100 | 1,704 |
Union Tool Co. | 54,100 | 1,688 | |
* | Sanden Holdings Corp. | 128,300 | 1,672 |
Hochiki Corp. | 83,800 | 1,672 | |
Keihanshin Building Co. Ltd. | 201,900 | 1,665 | |
Kyosan Electric Manufacturing Co. Ltd. | 268,000 | 1,657 | |
Tamron Co. Ltd. | 93,100 | 1,654 | |
Micronics Japan Co. Ltd. | 186,200 | 1,653 | |
Sagami Chain Co. Ltd. | 127,700 | 1,645 | |
Shinnihon Corp. | 142,700 | 1,644 | |
^ | Arcland Service Holdings Co. Ltd. | 77,400 | 1,642 |
^ | Nissei Build Kogyo Co. Ltd. | 159,300 | 1,635 |
Michinoku Bank Ltd. | 99,500 | 1,632 | |
Yorozu Corp. | 106,000 | 1,628 | |
Nagatanien Holdings Co. Ltd. | 120,000 | 1,628 | |
Dai-Dan Co. Ltd. | 78,700 | 1,627 | |
Kappa Create Co. Ltd. | 124,700 | 1,624 | |
KFC Holdings Japan Ltd. | 90,220 | 1,624 | |
^ | Mitsui High-Tec Inc. | 128,000 | 1,622 |
F@N Communications Inc. | 240,400 | 1,621 | |
^ | Alconix Corp. | 112,240 | 1,611 |
Tenma Corp. | 89,700 | 1,607 | |
KAWADA TECHNOLOGIES Inc. | 24,800 | 1,601 | |
^ | Trust Tech Inc. | 45,540 | 1,598 |
Toho Titanium Co. Ltd. | 173,500 | 1,590 | |
Riken Technos Corp. | 317,500 | 1,586 | |
Torii Pharmaceutical Co. Ltd. | 65,200 | 1,583 | |
Okuwa Co. Ltd. | 151,000 | 1,582 | |
Goldcrest Co. Ltd. | 97,400 | 1,582 | |
Mitsubishi Research Institute Inc. | 34,600 | 1,582 | |
Achilles Corp. | 80,500 | 1,581 | |
Tosei Corp. | 148,600 | 1,572 | |
CONEXIO Corp. | 90,400 | 1,570 | |
Itochu-Shokuhin Co. Ltd. | 28,500 | 1,568 | |
Uchida Yoko Co. Ltd. | 45,100 | 1,566 | |
Juki Corp. | 155,600 | 1,564 | |
IDOM Inc. | 282,200 | 1,558 | |
Pasona Group Inc. | 96,000 | 1,558 | |
OSJB Holdings Corp. | 617,000 | 1,556 | |
Matsuya Foods Co. Ltd. | 45,500 | 1,548 | |
Arakawa Chemical Industries Ltd. | 95,900 | 1,538 | |
Bank of Saga Ltd. | 68,500 | 1,533 | |
Kato Works Co. Ltd. | 61,200 | 1,533 | |
Clarion Co. Ltd. | 571,000 | 1,533 | |
Iseki & Co. Ltd. | 85,900 | 1,531 | |
OSAKA Titanium Technologies Co. Ltd. | 101,800 | 1,517 | |
Fujiya Co. Ltd. | 66,000 | 1,509 | |
Mitsuba Corp. | 187,600 | 1,502 | |
Nippon Road Co. Ltd. | 29,200 | 1,500 | |
Nittetsu Mining Co. Ltd. | 31,600 | 1,492 | |
NDS Co. Ltd. | 27,500 | 1,486 | |
Oyo Corp. | 116,800 | 1,486 | |
Shinko Shoji Co. Ltd. | 94,600 | 1,481 |
38
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Cosel Co. Ltd. | 116,400 | 1,470 | |
Cawachi Ltd. | 71,200 | 1,456 | |
Amuse Inc. | 54,200 | 1,455 | |
Aisan Industry Co. Ltd. | 172,200 | 1,450 | |
Jimoto Holdings Inc. | 954,300 | 1,448 | |
Kyokuto Securities Co. Ltd. | 110,600 | 1,447 | |
Toa Corp. | 131,700 | 1,446 | |
Kobe Bussan Co. Ltd. | 29,000 | 1,429 | |
Sumida Corp. | 127,167 | 1,427 | |
ASKA Pharmaceutical Co. Ltd. | 109,500 | 1,422 | |
Mie Kotsu Group Holdings Inc. | 290,500 | 1,417 | |
* | World Holdings Co. Ltd. | 46,400 | 1,409 |
Chiyoda Integre Co. Ltd. | 64,200 | 1,405 | |
FIDEA Holdings Co. Ltd. | 905,100 | 1,404 | |
Katakura Industries Co. Ltd. | 119,600 | 1,403 | |
* | Open Door Inc. | 68,200 | 1,399 |
Chukyo Bank Ltd. | 66,500 | 1,397 | |
^ | Ohara Inc. | 47,800 | 1,390 |
Daiichi Jitsugyo Co. Ltd. | 47,400 | 1,389 | |
Fuji Pharma Co. Ltd. | 80,400 | 1,379 | |
Sekisui Plastics Co. Ltd. | 137,600 | 1,375 | |
Onoken Co. Ltd. | 81,600 | 1,375 | |
Sumitomo Densetsu Co. Ltd. | 76,800 | 1,374 | |
Nippon Parking Development Co. Ltd. | 801,200 | 1,373 | |
Japan Transcity Corp. | 282,000 | 1,373 | |
PAL GROUP Holdings Co. Ltd. | 58,100 | 1,372 | |
Yushin Precision Equipment Co. Ltd. | 118,200 | 1,369 | |
Nitto Kohki Co. Ltd. | 58,400 | 1,366 | |
Nissin Corp. | 58,800 | 1,362 | |
CI Takiron Corp. | 241,800 | 1,359 | |
Koatsu Gas Kogyo Co. Ltd. | 154,100 | 1,350 | |
Krosaki Harima Corp. | 23,700 | 1,348 | |
Rokko Butter Co. Ltd. | 63,600 | 1,344 | |
ASAHI YUKIZAI Corp. | 65,200 | 1,339 | |
Icom Inc. | 54,600 | 1,332 | |
Melco Holdings Inc. | 35,900 | 1,330 | |
^ | Yonex Co. Ltd. | 215,200 | 1,329 |
Itoki Corp. | 228,300 | 1,328 | |
Kanagawa Chuo Kotsu Co. Ltd. | 39,100 | 1,315 | |
Kanaden Corp. | 105,800 | 1,315 | |
Roland DG Corp. | 59,800 | 1,313 | |
Mimasu Semiconductor Industry Co. Ltd. | 81,700 | 1,312 | |
Mitsubishi Steel Manufacturing Co. Ltd. | 67,600 | 1,310 | |
Fudo Tetra Corp. | 700,700 | 1,308 | |
^ | Towa Corp. | 129,642 | 1,303 |
Advan Co. Ltd. | 148,500 | 1,295 | |
Osaka Steel Co. Ltd. | 67,300 | 1,283 | |
^ | Marvelous Inc. | 155,300 | 1,278 |
Nichiden Corp. | 66,300 | 1,277 | |
Sinanen Holdings Co. Ltd. | 50,500 | 1,274 | |
WDB Holdings Co. Ltd. | 42,328 | 1,271 | |
Linical Co. Ltd. | 56,600 | 1,270 | |
*,^ | Medical Data Vision Co. Ltd. | 88,600 | 1,261 |
^ | COOKPAD Inc. | 273,500 | 1,259 |
Tokyo Energy & Systems Inc. | 109,600 | 1,257 | |
Central Sports Co. Ltd. | 32,930 | 1,253 | |
Denyo Co. Ltd. | 80,800 | 1,251 | |
Namura Shipbuilding Co. Ltd. | 296,400 | 1,251 | |
Shinwa Co. Ltd. | 57,800 | 1,250 | |
Studio Alice Co. Ltd. | 52,600 | 1,246 | |
Mito Securities Co. Ltd. | 344,500 | 1,243 | |
Ministop Co. Ltd. | 61,600 | 1,242 | |
Nippon Beet Sugar Manufacturing Co. Ltd. | 57,000 | 1,236 | |
Kurimoto Ltd. | 69,900 | 1,231 |
39
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Sanyo Shokai Ltd. | 61,400 | 1,229 | |
Kyodo Printing Co. Ltd. | 47,400 | 1,227 | |
Fuso Pharmaceutical Industries Ltd. | 46,300 | 1,217 | |
WATAMI Co. Ltd. | 92,700 | 1,215 | |
Mars Engineering Corp. | 51,500 | 1,212 | |
Ryoden Corp. | 74,000 | 1,206 | |
Daikokutenbussan Co. Ltd. | 25,700 | 1,205 | |
Ines Corp. | 125,500 | 1,200 | |
Yahagi Construction Co. Ltd. | 150,100 | 1,198 | |
Gakken Holdings Co. Ltd. | 26,700 | 1,191 | |
Tv Tokyo Holdings Corp. | 38,800 | 1,185 | |
Chiba Kogyo Bank Ltd. | 271,400 | 1,181 | |
Jamco Corp. | 51,900 | 1,180 | |
Toho Co. Ltd. | 49,000 | 1,175 | |
K&O Energy Group Inc. | 69,600 | 1,174 | |
Tokyo Rope Manufacturing Co. Ltd. | 73,600 | 1,172 | |
Teikoku Electric Manufacturing Co. Ltd. | 95,800 | 1,169 | |
^ | Weathernews Inc. | 38,300 | 1,162 |
Torishima Pump Manufacturing Co. Ltd. | 123,700 | 1,158 | |
Zuken Inc. | 71,200 | 1,156 | |
CHIMNEY Co. Ltd. | 43,300 | 1,153 | |
^ | Rorze Corp. | 58,800 | 1,135 |
^ | Fujita Kanko Inc. | 38,300 | 1,133 |
Yomiuri Land Co. Ltd. | 27,100 | 1,132 | |
Seika Corp. | 52,000 | 1,132 | |
Halows Co. Ltd. | 46,000 | 1,129 | |
Future Corp. | 91,800 | 1,127 | |
Gurunavi Inc. | 137,300 | 1,124 | |
Meiko Network Japan Co. Ltd. | 95,800 | 1,103 | |
Toenec Corp. | 36,600 | 1,098 | |
Takaoka Toko Co. Ltd. | 61,800 | 1,093 | |
Chori Co. Ltd. | 61,700 | 1,089 | |
CMIC Holdings Co. Ltd. | 52,600 | 1,089 | |
Aiphone Co. Ltd. | 69,600 | 1,084 | |
Organo Corp. | 38,000 | 1,084 | |
*,^ | Akebono Brake Industry Co. Ltd. | 446,400 | 1,081 |
Japan Cash Machine Co. Ltd. | 96,800 | 1,081 | |
France Bed Holdings Co. Ltd. | 122,900 | 1,077 | |
Ateam Inc. | 50,600 | 1,077 | |
^ | Hito Communications Inc. | 59,900 | 1,076 |
Kita-Nippon Bank Ltd. | 44,300 | 1,067 | |
Tokyo Individualized Educational Institute Inc. | 120,900 | 1,066 | |
Kansai Super Market Ltd. | 96,700 | 1,066 | |
Toyo Corp. | 130,800 | 1,064 | |
Furuno Electric Co. Ltd. | 134,500 | 1,056 | |
SMK Corp. | 309,000 | 1,054 | |
T RAD Co. Ltd. | 34,000 | 1,053 | |
NS United Kaiun Kaisha Ltd. | 54,200 | 1,051 | |
Akatsuki Inc. | 27,800 | 1,046 | |
Pronexus Inc. | 87,600 | 1,045 | |
^ | Keiyo Co. Ltd. | 209,900 | 1,041 |
Hisaka Works Ltd. | 109,800 | 1,038 | |
SRA Holdings | 37,600 | 1,037 | |
Sac's Bar Holdings Inc. | 115,400 | 1,034 | |
Tsukuba Bank Ltd. | 435,900 | 1,017 | |
Misawa Homes Co. Ltd. | 122,100 | 1,013 | |
Nihon Trim Co. Ltd. | 23,400 | 1,007 | |
Matsuda Sangyo Co. Ltd. | 68,300 | 1,006 | |
Hokkan Holdings Ltd. | 296,000 | 996 | |
Yushiro Chemical Industry Co. Ltd. | 64,800 | 990 | |
Elematec Corp. | 41,700 | 988 | |
Tatsuta Electric Wire and Cable Co. Ltd. | 194,100 | 984 | |
Kitagawa Corp. | 41,600 | 980 | |
^ | Hodogaya Chemical Co. Ltd. | 32,600 | 980 |
40
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | KNT-CT Holdings Co. Ltd. | 69,600 | 975 |
Wowow Inc. | 30,500 | 968 | |
*,^ | Nippon Sharyo Ltd. | 381,000 | 962 |
Chugai Ro Co. Ltd. | 38,000 | 961 | |
Toyo Securities Co. Ltd. | 407,000 | 959 | |
Daisyo Corp. | 59,400 | 956 | |
Mitsui Matsushima Co. Ltd. | 64,100 | 956 | |
Kitano Construction Corp. | 230,000 | 955 | |
* | Sanei Architecture Planning Co. Ltd. | 56,300 | 953 |
Asunaro Aoki Construction Co. Ltd. | 112,700 | 953 | |
Parco Co. Ltd. | 87,400 | 951 | |
Asahi Co. Ltd. | 67,300 | 949 | |
Okura Industrial Co. Ltd. | 40,400 | 949 | |
Happinet Corp. | 74,100 | 937 | |
GCA Corp. | 121,500 | 937 | |
Shimizu Bank Ltd. | 48,900 | 934 | |
* | U-Shin Ltd. | 145,500 | 930 |
Tomoku Co. Ltd. | 50,600 | 929 | |
Nihon Chouzai Co. Ltd. | 35,000 | 928 | |
Hakuto Co. Ltd. | 61,700 | 916 | |
Taisei Lamick Co. Ltd. | 32,500 | 914 | |
Mitsubishi Paper Mills Ltd. | 159,800 | 909 | |
Atsugi Co. Ltd. | 85,600 | 901 | |
Maezawa Kyuso Industries Co. Ltd. | 51,200 | 900 | |
Aichi Corp. | 151,900 | 889 | |
Taiho Kogyo Co. Ltd. | 77,000 | 888 | |
Fuji Oil Co. Ltd. | 236,800 | 887 | |
JP-Holdings Inc. | 275,400 | 876 | |
Nihon Yamamura Glass Co. Ltd. | 513,000 | 870 | |
Sankyo Seiko Co. Ltd. | 207,600 | 858 | |
^ | Tosho Printing Co. Ltd. | 96,000 | 858 |
Gun-Ei Chemical Industry Co. Ltd. | 27,100 | 857 | |
Kourakuen Holdings Corp. | 55,900 | 853 | |
Godo Steel Ltd. | 45,000 | 851 | |
Hokkaido Gas Co. Ltd. | 299,000 | 850 | |
Maezawa Kasei Industries Co. Ltd. | 75,000 | 840 | |
Wellnet Corp. | 85,300 | 839 | |
Sanoh Industrial Co. Ltd. | 131,300 | 836 | |
PC Depot Corp. | 159,300 | 834 | |
Nippon Coke & Engineering Co. Ltd. | 784,500 | 834 | |
Shibusawa Warehouse Co. Ltd. | 53,200 | 829 | |
SWCC Showa Holdings Co. Ltd. | 126,200 | 817 | |
Alpha Systems Inc. | 39,300 | 815 | |
*,^ | Toyo Engineering Corp. | 116,300 | 796 |
Toli Corp. | 263,100 | 787 | |
Toa Oil Co. Ltd. | 383,000 | 781 | |
^ | Fields Corp. | 82,600 | 779 |
Artnature Inc. | 125,800 | 777 | |
Chuetsu Pulp & Paper Co. Ltd. | 50,500 | 777 | |
Tsutsumi Jewelry Co. Ltd. | 46,400 | 769 | |
Fujitsu Frontech Ltd. | 56,700 | 769 | |
Rhythm Watch Co. Ltd. | 41,100 | 768 | |
Tokyo Tekko Co. Ltd. | 52,600 | 754 | |
Daikoku Denki Co. Ltd. | 43,700 | 735 | |
Cybozu Inc. | 151,300 | 735 | |
AOI Electronics Co. Ltd. | 22,600 | 730 | |
Srg Takamiya Co. Ltd. | 109,500 | 728 | |
MTI Ltd. | 130,000 | 726 | |
Kojima Co. Ltd. | 150,700 | 725 | |
Honeys Holdings Co. Ltd. | 83,700 | 719 | |
Mitsui Home Co. Ltd. | 119,000 | 717 | |
Corona Corp. Class A | 65,400 | 716 | |
Zuiko Corp. | 24,400 | 716 | |
*,^ | Tokyo Base Co. Ltd. | 93,500 | 714 |
41
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Fujikura Kasei Co. Ltd. | 122,900 | 710 | |
* | FDK Corp. | 410,000 | 708 |
Takihyo Co. Ltd. | 32,300 | 707 | |
Nippon Chemiphar Co. Ltd. | 16,300 | 688 | |
Chuo Spring Co. Ltd. | 19,700 | 678 | |
^ | Toyo Denki Seizo KK | 40,000 | 675 |
Inaba Seisakusho Co. Ltd. | 51,300 | 668 | |
NEC Capital Solutions Ltd. | 37,300 | 649 | |
Nakayama Steel Works Ltd. | 107,300 | 649 | |
Shimojima Co. Ltd. | 63,800 | 642 | |
CAC Holdings Corp. | 65,200 | 638 | |
* | Senshukai Co. Ltd. | 135,900 | 636 |
Showa Aircraft Industry Co. Ltd. | 56,400 | 625 | |
Right On Co. Ltd. | 63,700 | 614 | |
Cleanup Corp. | 77,600 | 609 | |
Fukui Computer Holdings Inc. | 36,700 | 605 | |
* | Aplus Financial Co. Ltd. | 594,500 | 604 |
Sumitomo Precision Products Co. Ltd. | 180,000 | 594 | |
Dai-ichi Seiko Co. Ltd. | 36,600 | 592 | |
Tokyo Rakutenchi Co. Ltd. | 11,300 | 587 | |
Gecoss Corp. | 61,000 | 586 | |
Airport Facilities Co. Ltd. | 102,900 | 572 | |
* | Shin Nippon Biomedical Laboratories Ltd. | 123,900 | 557 |
Paris Miki Holdings Inc. | 120,400 | 544 | |
Mitsubishi Kakoki Kaisha Ltd. | 30,100 | 541 | |
^ | Toda Kogyo Corp. | 21,000 | 539 |
Tokyo Electron Device Ltd. | 28,100 | 513 | |
*,^ | Laox Co. Ltd. | 137,100 | 505 |
* | Kinki Sharyo Co. Ltd. | 22,100 | 480 |
*,^ | Funai Electric Co. Ltd. | 82,300 | 472 |
Mitani Sekisan Co. Ltd. | 12,900 | 304 | |
23,945,163 | |||
Mexico (0.0%) | |||
Elis SA | 348,824 | 7,958 | |
Netherlands (2.9%) | |||
Unilever NV | 8,534,409 | 475,512 | |
ASML Holding NV | 2,291,881 | 453,529 | |
ING Groep NV | 21,961,334 | 315,245 | |
Koninklijke Philips NV | 5,235,125 | 221,802 | |
Koninklijke Ahold Delhaize NV | 6,897,654 | 164,700 | |
Heineken NV | 1,328,431 | 133,094 | |
*,^ | Unibail-Rodamco-Westfield | 562,068 | 123,761 |
Akzo Nobel NV | 1,423,962 | 121,453 | |
RELX NV | 4,913,859 | 104,463 | |
ArcelorMittal | 3,406,800 | 99,396 | |
Koninklijke DSM NV | 986,910 | 98,730 | |
Wolters Kluwer NV | 1,588,053 | 89,212 | |
NN Group NV | 1,848,566 | 74,971 | |
2 | ABN AMRO Group NV | 2,330,061 | 60,260 |
Heineken Holding NV | 595,189 | 56,922 | |
Aegon NV | 9,532,475 | 56,915 | |
Koninklijke KPN NV | 18,584,998 | 50,536 | |
Randstad NV | 616,885 | 36,208 | |
ASR Nederland NV | 779,898 | 31,758 | |
* | Gemalto NV | 465,932 | 27,076 |
Aalberts Industries NV | 540,290 | 25,810 | |
* | Galapagos NV | 246,839 | 22,733 |
IMCD NV | 297,841 | 19,917 | |
Koninklijke Vopak NV | 372,335 | 17,162 | |
2 | Signify NV | 622,637 | 16,109 |
SBM Offshore NV | 991,876 | 15,379 | |
TKH Group NV | 236,472 | 14,972 | |
* | OCI NV | 539,993 | 14,501 |
42
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | ALTICE EUROPE NV | 3,431,344 | 13,928 |
ASM International NV | 238,131 | 13,122 | |
^ | Boskalis Westminster | 444,885 | 12,928 |
APERAM SA | 283,200 | 12,139 | |
Eurocommercial Properties NV | 270,559 | 11,483 | |
* | BE Semiconductor Industries NV | 407,748 | 10,972 |
Corbion NV | 330,529 | 10,520 | |
AMG Advanced Metallurgical Group NV | 169,733 | 9,492 | |
PostNL NV | 2,516,217 | 9,429 | |
Wereldhave NV | 226,825 | 8,901 | |
*,2 | Takeaway.com NV | 116,027 | 7,746 |
Rhi Magnesita NV | 127,757 | 7,674 | |
2 | Intertrust NV | 427,478 | 7,581 |
Arcadis NV | 395,647 | 7,110 | |
* | Fugro NV | 454,329 | 6,581 |
Wessanen | 308,042 | 6,462 | |
* | TomTom NV | 686,728 | 6,196 |
2 | Flow Traders | 158,004 | 6,146 |
2 | GrandVision NV | 270,560 | 6,067 |
^ | Koninklijke BAM Groep NV | 1,396,876 | 5,856 |
Vastned Retail NV | 102,348 | 4,822 | |
*,2 | Basic-Fit NV | 139,417 | 4,692 |
NSI NV | 98,726 | 4,138 | |
Koninklijke Volkerwessels NV | 139,809 | 3,594 | |
Accell Group | 137,101 | 2,927 | |
ForFarmers NV | 206,609 | 2,682 | |
Aegon NV (New York Shares) | 348,532 | 2,063 | |
Brunel International NV | 103,877 | 1,754 | |
* | ALTICE EUROPE NV Class B | 301,605 | 1,220 |
3,150,351 | |||
New Zealand (0.3%) | |||
Fisher & Paykel Healthcare Corp. Ltd. | 3,182,005 | 32,065 | |
* | a2 Milk Co. Ltd. | 4,078,356 | 31,587 |
Spark New Zealand Ltd. | 10,311,897 | 26,025 | |
Auckland International Airport Ltd. | 5,261,044 | 24,139 | |
Fletcher Building Ltd. | 4,785,481 | 22,457 | |
Ryman Healthcare Ltd. | 2,312,838 | 18,734 | |
Contact Energy Ltd. | 4,062,102 | 16,081 | |
Meridian Energy Ltd. | 6,916,182 | 14,609 | |
SKYCITY Entertainment Group Ltd. | 3,868,109 | 10,575 | |
Z Energy Ltd. | 2,015,018 | 10,326 | |
Mercury NZ Ltd. | 3,886,152 | 8,862 | |
Mainfreight Ltd. | 458,138 | 8,622 | |
Kiwi Property Group Ltd. | 7,998,097 | 7,289 | |
Trade Me Group Ltd. | 2,269,677 | 7,157 | |
Chorus Ltd. | 2,472,534 | 6,997 | |
Summerset Group Holdings Ltd. | 1,267,968 | 6,566 | |
Air New Zealand Ltd. | 2,872,241 | 6,172 | |
EBOS Group Ltd. | 487,580 | 5,925 | |
^ | Goodman Property Trust | 6,008,705 | 5,903 |
Infratil Ltd. | 2,253,995 | 5,156 | |
Freightways Ltd. | 860,475 | 4,554 | |
Genesis Energy Ltd. | 2,722,206 | 4,498 | |
Precinct Properties New Zealand Ltd. | 4,863,698 | 4,445 | |
Metlifecare Ltd. | 971,138 | 4,116 | |
SKY Network Television Ltd. | 2,136,938 | 3,759 | |
Argosy Property Ltd. | 4,511,363 | 3,268 | |
Tourism Holdings Ltd. | 671,958 | 3,025 | |
^ | Vital Healthcare Property Trust | 1,967,043 | 2,679 |
Heartland Bank Ltd. | 2,196,206 | 2,526 | |
Kathmandu Holdings Ltd. | 1,040,790 | 2,052 | |
New Zealand Refining Co. Ltd. | 974,011 | 1,609 |
43
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | TOWER Ltd. | 1,850,090 | 965 |
312,743 | |||
Norway (0.8%) | |||
Equinor ASA | 5,568,525 | 147,246 | |
DNB ASA | 6,064,046 | 118,086 | |
Telenor ASA | 3,832,767 | 78,497 | |
Marine Harvest ASA | 2,277,370 | 45,281 | |
Norsk Hydro ASA | 7,533,500 | 44,969 | |
Yara International ASA | 981,049 | 40,588 | |
Orkla ASA | 4,398,982 | 38,486 | |
Subsea 7 SA | 1,448,505 | 23,027 | |
Aker BP ASA | 607,216 | 22,335 | |
Storebrand ASA | 2,634,722 | 21,206 | |
TGS NOPEC Geophysical Co. ASA | 575,724 | 21,144 | |
Gjensidige Forsikring ASA | 928,867 | 15,207 | |
Schibsted ASA Class A | 497,845 | 15,097 | |
Schibsted ASA Class B | 500,177 | 14,111 | |
Tomra Systems ASA | 620,254 | 13,002 | |
Salmar ASA | 294,823 | 12,366 | |
Bakkafrost P/F | 222,026 | 12,305 | |
SpareBank 1 SR-Bank ASA | 996,257 | 10,546 | |
Aker ASA | 134,133 | 10,233 | |
* | Borr Drilling Ltd. | 2,108,953 | 10,059 |
* | Norwegian Finans Holding ASA | 878,015 | 9,720 |
Leroy Seafood Group ASA | 1,434,648 | 9,664 | |
2 | Entra ASA | 614,378 | 8,374 |
* | Petroleum Geo-Services ASA | 1,699,410 | 7,939 |
SpareBank 1 SMN | 731,107 | 7,572 | |
* | DNO ASA | 3,526,377 | 6,492 |
Atea ASA | 448,304 | 6,456 | |
Veidekke ASA | 621,085 | 6,234 | |
Austevoll Seafood ASA | 504,840 | 6,056 | |
Kongsberg Gruppen ASA | 283,710 | 6,032 | |
Borregaard ASA | 554,750 | 5,981 | |
*,2 | Aker Solutions ASA | 821,736 | 5,729 |
* | Nordic Semiconductor ASA | 819,044 | 5,218 |
^,2 | XXL ASA | 559,067 | 4,519 |
2 | Evry AS | 992,536 | 3,591 |
Grieg Seafood ASA | 306,614 | 3,224 | |
* | Wallenius Wilhelmsen Logistics | 559,263 | 2,607 |
* | Norwegian Air Shuttle ASA | 81,099 | 2,475 |
Ocean Yield ASA | 279,376 | 2,434 | |
Stolt-Nielsen Ltd. | 144,415 | 2,245 | |
*,^ | Otello Corp. ASA | 733,789 | 1,941 |
Norway Royal Salmon ASA | 83,292 | 1,859 | |
* | Akastor ASA | 813,798 | 1,784 |
Sparebank 1 Oestlandet | 154,250 | 1,644 | |
*,^,2 | BW LPG Ltd. | 410,244 | 1,633 |
Hoegh LNG Holdings Ltd. | 236,888 | 1,309 | |
*,^ | REC Silicon ASA | 11,646,038 | 1,306 |
837,829 | |||
Portugal (0.2%) | |||
Galp Energia SGPS SA | 2,898,378 | 55,138 | |
EDP - Energias de Portugal SA | 12,782,576 | 50,664 | |
Jeronimo Martins SGPS SA | 1,367,025 | 19,691 | |
* | Banco Comercial Portugues SA | 43,633,726 | 13,048 |
EDP Renovaveis SA | 844,057 | 8,797 | |
Navigator Co. SA | 1,424,278 | 8,457 | |
NOS SGPS SA | 1,275,814 | 6,979 | |
Sonae SGPS SA | 5,326,195 | 6,391 | |
REN - Redes Energeticas Nacionais SGPS SA | 2,166,230 | 6,060 | |
Altri SGPS SA | 405,282 | 4,084 | |
Semapa-Sociedade de Investimento e Gestao | 133,280 | 3,561 | |
^ | CTT-Correios de Portugal SA | 872,933 | 3,058 |
44
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^ | Corticeira Amorim SGPS SA | 185,723 | 2,432 |
* | Mota-Engil SGPS SA | 523,244 | 1,746 |
* | Banco Espirito Santo SA | 10,412,510 | 14 |
190,120 | |||
Singapore (1.1%) | |||
DBS Group Holdings Ltd. | 10,189,810 | 198,161 | |
Oversea-Chinese Banking Corp. Ltd. | 18,416,465 | 156,867 | |
United Overseas Bank Ltd. | 7,211,709 | 141,340 | |
Singapore Telecommunications Ltd. | 41,862,522 | 94,517 | |
Keppel Corp. Ltd. | 8,037,943 | 42,048 | |
CapitaLand Ltd. | 14,125,629 | 32,694 | |
* | Genting Singapore Ltd. | 32,485,351 | 29,088 |
Ascendas REIT | 13,404,836 | 25,959 | |
Wilmar International Ltd. | 10,909,872 | 24,464 | |
Singapore Exchange Ltd. | 4,628,621 | 24,323 | |
Singapore Airlines Ltd. | 2,856,539 | 22,371 | |
City Developments Ltd. | 2,653,604 | 21,255 | |
Singapore Technologies Engineering Ltd. | 8,646,039 | 20,841 | |
ComfortDelGro Corp. Ltd. | 11,527,649 | 19,839 | |
CapitaLand Mall Trust | 13,006,763 | 19,771 | |
Venture Corp. Ltd. | 1,454,482 | 19,003 | |
Singapore Press Holdings Ltd. | 8,979,386 | 17,112 | |
CapitaLand Commercial Trust | 13,302,337 | 16,199 | |
UOL Group Ltd. | 2,785,623 | 15,556 | |
Suntec REIT | 10,952,268 | 13,887 | |
SATS Ltd. | 3,587,713 | 13,142 | |
Jardine Cycle & Carriage Ltd. | 555,045 | 12,967 | |
Mapletree Commercial Trust | 10,726,244 | 12,360 | |
Mapletree Logistics Trust | 11,618,945 | 10,472 | |
Sembcorp Industries Ltd. | 5,183,206 | 10,441 | |
Mapletree Industrial Trust | 7,377,321 | 10,440 | |
Mapletree North Asia Commercial Trust | 11,729,387 | 9,818 | |
NetLink NBN Trust | 16,633,458 | 9,034 | |
Keppel REIT | 11,133,249 | 8,992 | |
Golden Agri-Resources Ltd. | 36,218,616 | 8,087 | |
^ | Singapore Post Ltd. | 8,618,228 | 7,958 |
Hutchison Port Holdings Trust | 28,411,426 | 7,929 | |
^ | Sembcorp Marine Ltd. | 4,590,299 | 6,838 |
Manulife US REIT | 6,450,450 | 5,505 | |
United Engineers Ltd. | 2,538,147 | 5,230 | |
CDL Hospitality Trusts | 4,462,232 | 5,141 | |
Frasers Logistics & Industrial Trust | 6,518,921 | 5,014 | |
Frasers Centrepoint Trust | 3,046,643 | 4,937 | |
Ascott Residence Trust | 6,182,238 | 4,857 | |
^ | Keppel DC REIT | 4,562,609 | 4,546 |
Parkway Life REIT | 2,211,559 | 4,410 | |
Keppel Infrastructure Trust | 11,254,207 | 4,294 | |
^ | Raffles Medical Group Ltd. | 5,249,511 | 3,886 |
StarHub Ltd. | 3,165,643 | 3,851 | |
Starhill Global REIT | 8,132,876 | 3,847 | |
Frasers Commercial Trust | 3,552,300 | 3,599 | |
CapitaLand Retail China Trust | 3,191,100 | 3,557 | |
^ | ESR-REIT | 9,189,215 | 3,437 |
Cache Logistics Trust | 5,966,176 | 3,367 | |
OUE Hospitality Trust | 5,680,900 | 3,316 | |
First Resources Ltd. | 2,897,276 | 3,311 | |
Wing Tai Holdings Ltd. | 2,228,875 | 3,251 | |
SIA Engineering Co. Ltd. | 1,287,177 | 2,964 | |
First REIT | 2,878,400 | 2,810 | |
Ascendas Hospitality Trust | 4,635,000 | 2,651 | |
^ | GuocoLand Ltd. | 1,722,000 | 2,566 |
Far East Hospitality Trust | 5,331,200 | 2,484 | |
Lippo Malls Indonesia Retail Trust | 10,747,000 | 2,482 | |
Frasers Property Ltd. | 1,938,100 | 2,348 |
45
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
SPH REIT | 3,189,900 | 2,318 | |
M1 Ltd. | 1,957,840 | 2,296 | |
Asian Pay Television Trust | 7,638,000 | 2,270 | |
Soilbuild Business Space REIT | 4,501,920 | 2,148 | |
Frasers Hospitality Trust | 4,272,800 | 2,116 | |
Accordia Golf Trust | 4,433,700 | 2,000 | |
Sheng Siong Group Ltd. | 2,419,400 | 1,880 | |
OUE Ltd. | 1,583,500 | 1,812 | |
RHT Health Trust | 3,184,700 | 1,811 | |
^ | Yoma Strategic Holdings Ltd. | 6,644,600 | 1,802 |
Sabana Shari'ah Compliant Industrial REIT | 5,546,100 | 1,794 | |
Silverlake Axis Ltd. | 4,390,500 | 1,688 | |
^ | Boustead Singapore Ltd. | 1,787,300 | 1,023 |
Bumitama Agri Ltd. | 1,814,600 | 826 | |
* | Noble Group Ltd. | 4,867,386 | 479 |
*,^,3 | Hyflux Ltd. | 2,806,700 | 433 |
^ | Indofood Agri Resources Ltd. | 2,461,500 | 388 |
*,^,3 | Ezra Holdings Ltd. | 10,329,900 | 83 |
* | Ezion Holdings Ltd. Warrants Exp. 04/15/2020 | 720,757 | 3 |
*,^ | Ezion Holdings Ltd. Warrants Exp. 04/16/2023 | 5,153,611 | — |
1,208,604 | |||
South Korea (4.5%) | |||
Samsung Electronics Co. Ltd. | 23,517,591 | 985,142 | |
SK Hynix Inc. | 3,007,359 | 230,843 | |
Samsung Electronics Co. Ltd. GDR | 141,156 | 146,402 | |
Samsung Electronics Co. Ltd. Preference Shares | 4,251,550 | 143,570 | |
*,^ | Celltrion Inc. | 438,053 | 119,012 |
POSCO | 382,767 | 112,939 | |
NAVER Corp. | 150,577 | 103,041 | |
KB Financial Group Inc. | 2,131,108 | 100,315 | |
Shinhan Financial Group Co. Ltd. | 2,409,615 | 93,296 | |
Hyundai Motor Co. | 776,580 | 87,283 | |
LG Chem Ltd. | 246,635 | 73,820 | |
Hyundai Mobis Co. Ltd. | 366,737 | 69,754 | |
Hana Financial Group Inc. | 1,666,109 | 63,980 | |
SK Innovation Co. Ltd. | 339,764 | 61,541 | |
LG Household & Health Care Ltd. | 48,396 | 60,644 | |
KT&G Corp. | 622,084 | 59,773 | |
Samsung SDI Co. Ltd. | 295,126 | 56,608 | |
Amorepacific Corp. | 170,403 | 49,327 | |
Samsung C&T Corp. | 428,029 | 44,755 | |
SK Holdings Co. Ltd. | 186,605 | 43,329 | |
Samsung Electro-Mechanics Co. Ltd. | 312,667 | 41,628 | |
Woori Bank | 2,837,091 | 41,381 | |
Samsung Fire & Marine Insurance Co. Ltd. | 174,064 | 41,243 | |
LG Electronics Inc. | 549,963 | 40,948 | |
Kia Motors Corp. | 1,442,942 | 39,868 | |
Korea Electric Power Corp. | 1,257,622 | 36,072 | |
LG Corp. | 503,237 | 32,534 | |
NCSoft Corp. | 96,695 | 32,179 | |
Samsung SDS Co. Ltd. | 179,201 | 32,177 | |
Samsung Life Insurance Co. Ltd. | 362,673 | 32,016 | |
*,2 | Samsung Biologics Co. Ltd. | 75,369 | 28,210 |
Kakao Corp. | 260,313 | 26,733 | |
*,^ | Celltrion Healthcare Co. Ltd. | 262,252 | 26,016 |
Lotte Chemical Corp. | 82,449 | 25,702 | |
E-MART Inc. | 112,493 | 25,671 | |
Coway Co. Ltd. | 295,311 | 22,968 | |
S-Oil Corp. | 230,639 | 22,649 | |
* | Hyundai Heavy Industries Co. Ltd. | 235,594 | 21,545 |
Hyundai Engineering & Construction Co. Ltd. | 406,643 | 21,010 | |
LG Display Co. Ltd. | 1,254,456 | 20,580 | |
Industrial Bank of Korea | 1,487,756 | 20,519 | |
Hyundai Steel Co. | 421,990 | 19,907 |
46
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Hotel Shilla Co. Ltd. | 174,417 | 19,319 | |
Hyundai Motor Co. 2nd Preference Shares | 235,681 | 19,183 | |
Korea Zinc Co. Ltd. | 55,293 | 19,152 | |
*,^ | SillaJen Inc. | 288,761 | 18,954 |
* | Hyundai Heavy Industries Holdings Co. Ltd. | 58,363 | 18,501 |
AMOREPACIFIC Group | 163,147 | 18,085 | |
Lotte Corp. | 323,194 | 16,590 | |
Mirae Asset Daewoo Co. Ltd. | 2,154,762 | 16,466 | |
Orion Corp. | 122,151 | 16,309 | |
Korea Investment Holdings Co. Ltd. | 214,429 | 16,168 | |
*,^ | ViroMed Co. Ltd. | 76,267 | 16,097 |
*,^ | HLB Inc. | 183,786 | 16,057 |
Hankook Tire Co. Ltd. | 421,042 | 15,909 | |
* | Samsung Heavy Industries Co. Ltd. | 2,444,255 | 15,652 |
3 | Hyosung Corp. | 50,877 | 15,572 |
Medy-Tox Inc. | 22,472 | 15,449 | |
^ | Hanmi Pharm Co. Ltd. | 38,517 | 14,537 |
DB Insurance Co. Ltd. | 265,641 | 14,068 | |
GS Holdings Corp. | 284,786 | 13,894 | |
Shinsegae Inc. | 38,619 | 13,889 | |
Kangwon Land Inc. | 591,394 | 13,878 | |
BNK Financial Group Inc. | 1,640,897 | 13,749 | |
LG Uplus Corp. | 1,089,878 | 13,689 | |
SK Telecom Co. Ltd. ADR | 584,537 | 13,631 | |
CJ CheilJedang Corp. | 42,893 | 13,579 | |
^,2 | Netmarble Corp. | 99,200 | 13,572 |
SK Telecom Co. Ltd. | 64,568 | 13,495 | |
*,^ | Korea Aerospace Industries Ltd. | 363,736 | 13,413 |
*,^ | Samsung Engineering Co. Ltd. | 886,304 | 12,436 |
Lotte Shopping Co. Ltd. | 62,106 | 11,710 | |
LG Chem Ltd. Preference Shares | 61,161 | 11,052 | |
Samsung Securities Co. Ltd. | 352,428 | 11,001 | |
3 | CJ E&M Corp. | 105,887 | 10,907 |
Hyundai Motor Co. Preference Shares | 146,334 | 10,797 | |
Hyundai Glovis Co. Ltd. | 102,986 | 10,671 | |
^ | GS Engineering & Construction Corp. | 254,834 | 10,533 |
Amorepacific Corp. Preference Shares | 74,745 | 10,385 | |
Daelim Industrial Co. Ltd. | 150,903 | 10,366 | |
^ | LG Innotek Co. Ltd. | 79,747 | 10,342 |
Kumho Petrochemical Co. Ltd. | 98,583 | 10,300 | |
Hyundai Marine & Fire Insurance Co. Ltd. | 336,784 | 10,198 | |
LG Household & Health Care Ltd. Preference Shares | 14,538 | 9,525 | |
NH Investment & Securities Co. Ltd. | 710,810 | 9,522 | |
OCI Co. Ltd. | 101,343 | 9,376 | |
S-1 Corp. | 106,299 | 9,237 | |
Hanwha Chemical Corp. | 461,575 | 9,047 | |
KCC Corp. | 30,634 | 9,017 | |
Yuhan Corp. | 46,068 | 8,988 | |
* | HDC Hyundai Development Co-Engineering & Construction | 185,185 | 8,956 |
CJ Corp. | 69,758 | 8,888 | |
Fila Korea Ltd. | 293,525 | 8,832 | |
Hyundai Department Store Co. Ltd. | 85,118 | 8,824 | |
Hanon Systems | 910,750 | 8,663 | |
* | Korea Gas Corp. | 149,270 | 8,580 |
^ | Com2uSCorp | 55,587 | 8,381 |
* | Celltrion Pharm Inc. | 97,035 | 7,871 |
DGB Financial Group Inc. | 852,491 | 7,840 | |
LG Electronics Inc. Preference Shares | 250,850 | 7,697 | |
Hanwha Life Insurance Co. Ltd. | 1,537,201 | 7,307 | |
Cheil Worldwide Inc. | 391,043 | 7,242 | |
2 | ING Life Insurance Korea Ltd. | 186,135 | 6,988 |
*,^ | Hyundai Merchant Marine Co. Ltd. | 1,526,141 | 6,896 |
Hanwha Corp. | 241,536 | 6,833 | |
*,^ | Hyundai Rotem Co. Ltd. | 270,467 | 6,821 |
47
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Korean Air Lines Co. Ltd. | 268,494 | 6,802 | |
*,^ | Pearl Abyss Corp. | 33,260 | 6,716 |
LS Corp. | 95,507 | 6,430 | |
Shinhan Financial Group Co. Ltd. ADR | 166,024 | 6,389 | |
Mando Corp. | 185,195 | 6,385 | |
*,^ | Doosan Infracore Co. Ltd. | 733,708 | 6,355 |
^ | KIWOOM Securities Co. Ltd. | 65,252 | 6,347 |
BGF retail Co. Ltd. | 35,320 | 6,179 | |
*,^ | CJ Logistics Corp. | 40,308 | 6,079 |
Kolon Industries Inc. | 98,681 | 5,984 | |
Koh Young Technology Inc. | 65,077 | 5,949 | |
GS Retail Co. Ltd. | 150,554 | 5,941 | |
Samsung Card Co. Ltd. | 170,703 | 5,869 | |
*,^ | Genexine Co. Ltd. | 69,211 | 5,763 |
LOTTE Fine Chemical Co. Ltd. | 98,713 | 5,753 | |
Douzone Bizon Co. Ltd. | 103,222 | 5,736 | |
^ | Korea Kolmar Co. Ltd. | 75,396 | 5,715 |
Green Cross Corp. | 30,550 | 5,662 | |
* | Doosan Heavy Industries & Construction Co. Ltd. | 398,845 | 5,605 |
Meritz Fire & Marine Insurance Co. Ltd. | 314,707 | 5,419 | |
LS Industrial Systems Co. Ltd. | 85,111 | 5,389 | |
Cosmax Inc. | 36,904 | 5,380 | |
^ | Korea Electric Power Corp. ADR | 374,828 | 5,375 |
*,^ | Hugel Inc. | 12,385 | 5,356 |
Posco Daewoo Corp. | 278,424 | 5,347 | |
^ | SK Discovery Co. Ltd. | 161,220 | 5,332 |
Ottogi Corp. | 6,903 | 5,324 | |
Korean Reinsurance Co. | 496,313 | 5,271 | |
* | Daewoo Engineering & Construction Co. Ltd. | 994,033 | 5,239 |
NongShim Co. Ltd. | 17,802 | 5,192 | |
Youngone Corp. | 170,262 | 5,119 | |
*,^ | Kumho Tire Co. Inc. | 906,512 | 5,118 |
Samsung Fire & Marine Insurance Co. Ltd. Preference Shares | 31,102 | 5,091 | |
^ | Hanssem Co. Ltd. | 53,864 | 5,069 |
Meritz Securities Co. Ltd. | 1,592,682 | 5,067 | |
KB Financial Group Inc. ADR | 104,259 | 4,846 | |
* | Cafe24 Corp. | 29,987 | 4,822 |
* | Pan Ocean Co. Ltd. | 1,070,440 | 4,683 |
POSCO Chemtech Co. Ltd. | 117,690 | 4,637 | |
LOTTE Himart Co. Ltd. | 65,285 | 4,620 | |
* | Hanall Biopharma Co. Ltd. | 205,710 | 4,599 |
Green Cross Holdings Corp. | 150,726 | 4,503 | |
*,^ | Hyundai Construction Equipment Co. Ltd. | 35,493 | 4,497 |
*,^ | Komipharm International Co. Ltd. | 182,566 | 4,471 |
^ | Hyundai Elevator Co. Ltd. | 54,909 | 4,431 |
*,^ | Hyundai Mipo Dockyard Co. Ltd. | 57,540 | 4,424 |
^ | CJ CGV Co. Ltd. | 72,409 | 4,363 |
^ | SK Materials Co. Ltd. | 27,005 | 4,338 |
^ | Daewoong Pharmaceutical Co. Ltd. | 24,539 | 4,310 |
*,^ | Hanwha Aerospace Co. Ltd. | 204,422 | 4,291 |
SKC Co. Ltd. | 110,020 | 4,256 | |
^ | Paradise Co. Ltd. | 258,730 | 4,187 |
Hanmi Science Co. ltd | 71,669 | 4,154 | |
CJ O Shopping Co. Ltd. | 16,536 | 4,146 | |
Dongsuh Cos. Inc. | 174,605 | 4,103 | |
*,^ | Pharmicell Co. Ltd. | 286,614 | 4,068 |
WONIK IPS Co. Ltd. | 160,298 | 4,037 | |
Doosan Bobcat Inc. | 136,714 | 3,926 | |
KEPCO Plant Service & Engineering Co. Ltd. | 121,206 | 3,877 | |
L&F Co. Ltd. | 84,064 | 3,822 | |
Taekwang Industrial Co. Ltd. | 3,056 | 3,813 | |
^ | Hana Tour Service Inc. | 47,669 | 3,734 |
* | Studio Dragon Corp. | 35,407 | 3,670 |
Hyundai Greenfood Co. Ltd. | 281,691 | 3,596 |
48
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Korea Petrochemical Ind Co. Ltd. | 15,868 | 3,563 | |
DB HiTek Co. Ltd. | 198,859 | 3,493 | |
^ | Iljin Materials Co. Ltd. | 91,411 | 3,468 |
Samyang Holdings Corp. | 32,300 | 3,456 | |
SKCKOLONPI Inc. | 76,697 | 3,402 | |
HDC Holdings Co. Ltd. | 132,534 | 3,401 | |
*,^ | G-treeBNT Co. Ltd. | 107,112 | 3,347 |
^ | SK Networks Co. Ltd. | 825,579 | 3,334 |
^ | Hyundai Wia Corp. | 91,165 | 3,332 |
Innocean Worldwide Inc. | 61,680 | 3,287 | |
* | Medipost Co. Ltd. | 40,122 | 3,278 |
* | SM Entertainment Co. Ltd. | 86,403 | 3,248 |
Hite Jinro Co. Ltd. | 182,389 | 3,216 | |
Poongsan Corp. | 105,212 | 3,210 | |
Bukwang Pharmaceutical Co. Ltd. | 151,886 | 3,207 | |
*,^ | Yungjin Pharmaceutical Co. Ltd. | 478,591 | 3,189 |
Hyundai Home Shopping Network Corp. | 31,454 | 3,174 | |
Hansol Chemical Co. Ltd. | 44,932 | 3,156 | |
Chong Kun Dang Pharmaceutical Corp. | 34,960 | 3,153 | |
*,^ | Ecopro Co. Ltd. | 104,357 | 3,151 |
Huchems Fine Chemical Corp. | 119,950 | 3,148 | |
*,^ | Telcon RF Pharmaceutical Inc. | 353,928 | 3,121 |
* | NHN Entertainment Corp. | 53,288 | 3,099 |
^ | SFA Engineering Corp. | 105,149 | 3,090 |
^ | Seoul Semiconductor Co. Ltd. | 204,236 | 3,040 |
Dentium Co. Ltd. | 37,915 | 3,033 | |
*,^ | BH Co. Ltd. | 137,788 | 3,023 |
LG International Corp. | 138,531 | 3,001 | |
*,^ | Naturecell Co. Ltd. | 218,162 | 2,998 |
Eo Technics Co. Ltd. | 46,836 | 2,928 | |
Doosan Corp. | 31,168 | 2,911 | |
^ | Ssangyong Cement Industrial Co. Ltd. | 113,037 | 2,881 |
LEENO Industrial Inc. | 50,877 | 2,872 | |
* | SK Chemicals Co. Ltd. | 33,983 | 2,830 |
* | CrystalGenomics Inc. | 136,929 | 2,824 |
JB Financial Group Co. Ltd. | 566,219 | 2,824 | |
Kakao M Corp. | 34,857 | 2,813 | |
GS Home Shopping Inc. | 17,232 | 2,785 | |
Daou Technology Inc. | 133,755 | 2,776 | |
Handsome Co. Ltd. | 73,720 | 2,756 | |
3 | Hanil Cement Co. Ltd. | 9,534 | 2,718 |
Orion Holdings Corp. | 109,505 | 2,703 | |
Soulbrain Co. Ltd. | 48,504 | 2,693 | |
Taeyoung Engineering & Construction Co. Ltd. | 215,624 | 2,681 | |
* | Amicogen Inc. | 95,216 | 2,678 |
Lotte Chilsung Beverage Co. Ltd. | 1,938 | 2,670 | |
Daesang Corp. | 108,849 | 2,595 | |
* | Osstem Implant Co. Ltd. | 56,348 | 2,573 |
^ | Kolon Life Science Inc. | 39,980 | 2,570 |
Hanwha General Insurance Co. Ltd. | 428,803 | 2,511 | |
DoubleUGames Co. Ltd. | 52,023 | 2,504 | |
Hanjin Kal Corp. | 164,750 | 2,497 | |
LF Corp. | 98,682 | 2,488 | |
Dongkuk Steel Mill Co. Ltd. | 326,970 | 2,477 | |
*,^ | Foosung Co. Ltd. | 267,420 | 2,470 |
Grand Korea Leisure Co. Ltd. | 103,007 | 2,405 | |
*,^ | Toptec Co. Ltd. | 108,069 | 2,361 |
Dongwon Industries Co. Ltd. | 7,548 | 2,318 | |
* | iNtRON Biotechnology Inc. | 65,002 | 2,265 |
Huons Co. Ltd. | 26,906 | 2,207 | |
JW Pharmaceutical Corp. | 70,177 | 2,184 | |
^ | LIG Nex1 Co. Ltd. | 60,862 | 2,181 |
Hankook Tire Worldwide Co. Ltd. | 135,621 | 2,133 | |
* | Seegene Inc. | 85,211 | 2,132 |
49
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Mirae Asset Life Insurance Co. Ltd. | 427,192 | 2,128 | |
*,^ | Hyundai Electric & Energy System Co. Ltd. | 33,737 | 2,125 |
Ilyang Pharmaceutical Co. Ltd. | 73,204 | 2,122 | |
LG Hausys Ltd. | 33,969 | 2,116 | |
AK Holdings Inc. | 30,661 | 2,075 | |
Korea Real Estate Investment & Trust Co. Ltd. | 851,307 | 2,072 | |
Young Poong Corp. | 2,847 | 2,048 | |
*,^ | Webzen Inc. | 93,486 | 2,027 |
BGF Co. Ltd. | 209,085 | 2,024 | |
* | DIO Corp. | 62,563 | 2,021 |
WeMade Entertainment Co. Ltd. | 47,176 | 2,008 | |
Dong-A ST Co. Ltd. | 25,538 | 2,007 | |
NICE Information Service Co. Ltd. | 201,633 | 1,988 | |
Modetour Network Inc. | 81,357 | 1,984 | |
^ | Tongyang Inc. | 1,123,121 | 1,970 |
^ | YG Entertainment Inc. | 60,018 | 1,952 |
* | Asiana Airlines Inc. | 516,283 | 1,916 |
*,^ | CMG Pharmaceutical Co. Ltd. | 453,706 | 1,882 |
Daewoong Co. Ltd. | 117,513 | 1,877 | |
^ | SK Gas Ltd. | 22,237 | 1,873 |
^ | Lock&Lock Co. Ltd. | 92,900 | 1,851 |
Meritz Financial Group Inc. | 153,691 | 1,848 | |
HS Industries Co. Ltd. | 250,118 | 1,794 | |
Songwon Industrial Co. Ltd. | 87,246 | 1,792 | |
IS Dongseo Co. Ltd. | 70,935 | 1,768 | |
Posco ICT Co. Ltd. | 289,358 | 1,768 | |
Nexen Tire Corp. | 192,086 | 1,766 | |
^ | Dongwon F&B Co. Ltd. | 6,635 | 1,759 |
*,^ | GemVax & Kael Co. Ltd. | 149,899 | 1,751 |
^ | Dongjin Semichem Co. Ltd. | 159,159 | 1,748 |
* | Ananti Inc. | 230,705 | 1,710 |
InBody Co. Ltd. | 59,060 | 1,698 | |
Halla Holdings Corp. | 42,686 | 1,690 | |
Daishin Securities Co. Ltd. | 157,826 | 1,655 | |
SPC Samlip Co. Ltd. | 13,957 | 1,646 | |
* | Innox Advanced Materials Co. Ltd. | 32,102 | 1,644 |
*,^ | Peptron Inc. | 35,474 | 1,640 |
Silicon Works Co. Ltd. | 50,528 | 1,635 | |
Caregen Co. Ltd. | 22,308 | 1,609 | |
TES Co. Ltd. | 76,230 | 1,602 | |
*,^ | Taihan Electric Wire Co. Ltd. | 1,377,777 | 1,602 |
ST Pharm Co. Ltd. | 48,592 | 1,600 | |
NICE Holdings Co. Ltd. | 106,715 | 1,594 | |
^ | Ahnlab Inc. | 34,731 | 1,588 |
Dong-A Socio Holdings Co. Ltd. | 17,188 | 1,580 | |
^ | Namhae Chemical Corp. | 113,780 | 1,577 |
^ | KEPCO Engineering & Construction Co. Inc. | 65,601 | 1,565 |
Hanwha Corp. Preference Shares | 113,652 | 1,559 | |
Lotte Food Co. Ltd. | 2,032 | 1,555 | |
Korea Electric Terminal Co. Ltd. | 39,395 | 1,553 | |
Jeil Pharmaceutical Co. Ltd. | 46,799 | 1,541 | |
Kumho Industrial Co. Ltd. | 163,764 | 1,536 | |
*,^ | ATGen Co. Ltd. | 105,163 | 1,536 |
Lotte Confectionery Co. Ltd. | 9,448 | 1,533 | |
CJ Hello Co. Ltd. | 155,972 | 1,511 | |
* | Yuanta Securities Korea Co. Ltd. | 456,726 | 1,508 |
*,^ | Naturalendo Tech Co. Ltd. | 73,316 | 1,492 |
^ | JW Holdings Corp. | 209,012 | 1,482 |
DongKook Pharmaceutical Co. Ltd. | 25,699 | 1,481 | |
Namyang Dairy Products Co. Ltd. | 2,539 | 1,466 | |
*,^ | Aprogen pharmaceuticals Inc. | 430,068 | 1,461 |
Sebang Global Battery Co. Ltd. | 51,267 | 1,456 | |
Korea Kolmar Holdings Co. Ltd. | 36,092 | 1,453 | |
^ | Partron Co. Ltd. | 226,435 | 1,443 |
50
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Hansol Paper Co. Ltd. | 95,821 | 1,440 | |
^ | Lutronic Corp. | 110,737 | 1,419 |
^ | Able C&C Co. Ltd. | 102,088 | 1,401 |
^ | Binggrae Co. Ltd. | 25,584 | 1,381 |
Hyundai Corp. | 42,262 | 1,379 | |
Youngone Holdings Co. Ltd. | 27,927 | 1,377 | |
S&T Motiv Co. Ltd. | 46,362 | 1,371 | |
Shinyoung Securities Co. Ltd. | 26,792 | 1,365 | |
^ | Samyang Corp. | 18,502 | 1,362 |
*,^ | Cellumed Co. Ltd. | 109,221 | 1,361 |
^ | Hansae Co. Ltd. | 92,161 | 1,352 |
^ | Jusung Engineering Co. Ltd. | 183,291 | 1,349 |
*,^ | Binex Co. Ltd. | 140,057 | 1,348 |
* | SK Securities Co. Ltd. | 1,428,202 | 1,346 |
^ | Dawonsys Co. Ltd. | 108,004 | 1,345 |
Hancom Inc. | 84,391 | 1,340 | |
SL Corp. | 81,978 | 1,336 | |
Huons Global Co. Ltd. | 24,696 | 1,320 | |
NEPES Corp. | 93,434 | 1,319 | |
*,^ | Korea Line Corp. | 64,617 | 1,295 |
Dae Hwa Pharmaceutical Co. Ltd. | 66,304 | 1,291 | |
Hanjin Transportation Co. Ltd. | 67,134 | 1,284 | |
CJ CheilJedang Corp. Preference Shares | 10,573 | 1,282 | |
Daishin Securities Co. Ltd. Preference Shares | 163,906 | 1,268 | |
Samchully Co. Ltd. | 12,589 | 1,266 | |
Tongyang Life Insurance Co. Ltd. | 186,940 | 1,239 | |
* | Cuckoo Homesys Co. Ltd. | 6,196 | 1,233 |
^ | Kolon Corp. | 32,091 | 1,212 |
Maeil Dairies Co. Ltd. | 15,115 | 1,209 | |
* | Gamevil Inc. | 24,787 | 1,201 |
^ | Cuckoo Holdings Co. Ltd. | 7,425 | 1,183 |
Daeduck Electronics Co. | 155,203 | 1,163 | |
KC Tech Co. Ltd. | 56,458 | 1,163 | |
* | Hanwha Investment & Securities Co. Ltd. | 498,370 | 1,162 |
KISWIRE Ltd. | 44,257 | 1,159 | |
^ | Kwang Dong Pharmaceutical Co. Ltd. | 168,119 | 1,157 |
^ | Advanced Process Systems Corp. | 60,947 | 1,147 |
Seah Besteel Corp. | 59,092 | 1,137 | |
^ | Vieworks Co. Ltd. | 41,511 | 1,135 |
Daekyo Co. Ltd. | 161,636 | 1,125 | |
Kwangju Bank Co. Ltd. | 117,255 | 1,124 | |
^ | Sung Kwang Bend Co. Ltd. | 107,988 | 1,124 |
*,^ | Neowiz | 69,435 | 1,118 |
*,^ | Vidente Co. Ltd. | 115,267 | 1,114 |
Daeduck GDS Co. Ltd. | 92,757 | 1,111 | |
Hyundai Livart Furniture Co. Ltd. | 53,890 | 1,102 | |
Korea Asset In Trust Co. Ltd. | 244,090 | 1,090 | |
NS Shopping Co. Ltd. | 91,209 | 1,080 | |
*,^ | Jenax Inc. | 86,509 | 1,072 |
*,^ | Homecast Co. Ltd. | 154,109 | 1,066 |
*,^ | Insun ENT Co. Ltd. | 161,857 | 1,053 |
*,^ | NUTRIBIOTECH Co. Ltd. | 54,959 | 1,042 |
*,^ | Seobu T&D | 120,541 | 1,040 |
*,^ | Leaders Cosmetics Co. Ltd. | 66,350 | 1,035 |
Hankook Shell Oil Co. Ltd. | 3,259 | 1,034 | |
Cell Biotech Co. Ltd. | 31,477 | 1,030 | |
Green Cross Cell Corp. | 30,014 | 1,002 | |
It's Hanbul Co. Ltd. | 20,953 | 1,001 | |
i-SENS Inc. | 49,409 | 997 | |
^ | Sungwoo Hitech Co. Ltd. | 256,964 | 995 |
*,^ | COSON Co. Ltd. | 85,102 | 979 |
* | APS Holdings Corp. | 212,597 | 973 |
Sindoh Co. Ltd. | 20,162 | 960 | |
* | KTB Investment & Securities Co. Ltd. | 263,903 | 959 |
51
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Muhak Co. Ltd. | 70,361 | 956 | |
KT Skylife Co. Ltd. | 77,678 | 955 | |
Chongkundang Holdings Corp. | 16,275 | 947 | |
*,^ | CUROCOM Co. Ltd. | 479,509 | 934 |
^ | SeAH Steel Corp. | 13,474 | 919 |
^ | E1 Corp. | 14,871 | 911 |
* | Eugene Investment & Securities Co. Ltd. | 337,863 | 910 |
Dae Han Flour Mills Co. Ltd. | 5,395 | 894 | |
*,^ | Interflex Co. Ltd. | 57,472 | 893 |
* | Wonik Holdings Co. Ltd. | 174,797 | 891 |
^ | TK Corp. | 82,760 | 880 |
Youlchon Chemical Co. Ltd. | 72,331 | 865 | |
*,^ | Duk San Neolux Co. Ltd. | 62,066 | 858 |
KISCO Corp. | 126,920 | 829 | |
*,^ | Hanjin Heavy Industries & Construction Co. Ltd. | 308,670 | 825 |
Hansol Holdings Co. Ltd. | 205,414 | 825 | |
*,^ | Agabang&Company | 166,714 | 825 |
CJ Freshway Corp. | 28,241 | 821 | |
Humedix Co. Ltd. | 30,141 | 819 | |
*,^ | Taewoong Co. Ltd. | 56,050 | 815 |
^ | Byucksan Corp. | 263,447 | 805 |
* | Ssangyong Motor Co. | 195,087 | 801 |
* | KONA I Co. Ltd. | 69,825 | 739 |
*,^ | KH Vatec Co. Ltd. | 76,572 | 735 |
Sam Young Electronics Co. Ltd. | 51,402 | 724 | |
* | Hansol Technics Co. Ltd. | 82,677 | 707 |
iMarketKorea Inc. | 112,171 | 695 | |
Cosmax BTI Inc | 24,252 | 685 | |
* | GNCO Co. Ltd. | 366,174 | 684 |
Kyobo Securities Co. Ltd. | 79,565 | 681 | |
KC Co. Ltd. | 38,571 | 657 | |
GOLFZON Co. Ltd. | 16,463 | 628 | |
^ | Coreana Cosmetics Co. Ltd. | 115,233 | 621 |
* | Lumens Co. Ltd. | 193,646 | 620 |
*,^ | Samsung Pharmaceutical Co. Ltd. | 243,462 | 615 |
Woongjin Thinkbig Co. Ltd. | 111,751 | 613 | |
* | SFA Semicon Co. Ltd. | 356,349 | 612 |
DB Financial Investment Co. Ltd. | 158,760 | 587 | |
SBS Media Holdings Co. Ltd. | 270,712 | 573 | |
Interpark Holdings Corp. | 226,106 | 573 | |
*,^ | G-SMATT GLOBAL Co. Ltd. | 66,586 | 564 |
Humax Co. Ltd. | 74,623 | 557 | |
Maeil Holdings Co. Ltd. | 40,509 | 520 | |
INTOPS Co. Ltd. | 63,755 | 509 | |
* | S&T Dynamics Co. Ltd. | 79,767 | 495 |
^ | ICD Co. Ltd. | 59,955 | 484 |
^ | LVMC Holdings | 139,617 | 474 |
* | Eusu Holdings Co. Ltd. | 83,934 | 459 |
Seoyon E-Hwa Co. Ltd. | 73,305 | 441 | |
DY Corp. | 78,889 | 366 | |
*,^ | CrucialTec Co. Ltd. | 171,026 | 354 |
* | Duksan Hi-Metal Co. Ltd. | 57,995 | 345 |
* | HSD Engine Co. Ltd. | 73,917 | 276 |
Seoyon Co. Ltd. | 13,782 | 63 | |
*,3 | Hyosung Chemical Corp. | 11,765 | — |
*,3 | Hyosung TNC Co. Ltd. | 15,960 | — |
*,3 | Hyosung Heavy Industries Corp. | 34,388 | — |
*,3 | Hyosung Advanced Materials Corp. | 16,521 | — |
*,3 | Hanil Cement Co. Ltd. New | 11,620 | — |
4,859,037 | |||
Spain (2.5%) | |||
Banco Santander SA | 89,995,896 | 480,981 | |
Banco Bilbao Vizcaya Argentaria SA | 37,544,202 | 264,783 | |
Iberdrola SA | 33,861,774 | 261,134 |
52
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Telefonica SA | 25,600,635 | 217,284 | |
Industria de Diseno Textil SA | 5,924,265 | 201,746 | |
Amadeus IT Group SA | 2,328,487 | 183,095 | |
* | Repsol SA | 6,625,686 | 129,327 |
CaixaBank SA | 20,267,572 | 87,237 | |
2 | Aena SME SA | 360,988 | 65,356 |
Grifols SA | 2,019,803 | 60,539 | |
* | Ferrovial SA | 2,719,572 | 55,650 |
* | ACS Actividades de Construccion y Servicios SA | 1,371,589 | 55,338 |
Banco de Sabadell SA | 31,690,150 | 52,917 | |
Red Electrica Corp. SA | 2,451,104 | 49,797 | |
Gas Natural SDG SA | 1,744,558 | 46,119 | |
Endesa SA | 1,788,710 | 39,337 | |
Bankinter SA | 3,850,127 | 37,358 | |
Enagas SA | 1,277,489 | 37,260 | |
Merlin Properties Socimi SA | 1,887,561 | 27,404 | |
Grifols SA Preference Shares | 1,262,262 | 27,220 | |
Bankia SA | 6,818,336 | 25,426 | |
2 | Cellnex Telecom SA | 862,815 | 21,692 |
Inmobiliaria Colonial Socimi SA | 1,602,481 | 17,670 | |
Siemens Gamesa Renewable Energy SA | 1,271,734 | 16,999 | |
Mapfre SA | 5,586,619 | 16,792 | |
Viscofan SA | 221,033 | 15,036 | |
Bolsas y Mercados Espanoles SHMSF SA | 428,755 | 14,138 | |
Acerinox SA | 970,607 | 12,825 | |
Grupo Catalana Occidente SA | 248,687 | 11,057 | |
Applus Services SA | 812,760 | 10,832 | |
Hispania Activos Inmobiliarios SOCIMI SA | 503,692 | 10,697 | |
Ebro Foods SA | 439,554 | 10,246 | |
Acciona SA | 121,965 | 10,068 | |
Prosegur Cia de Seguridad SA | 1,495,227 | 9,740 | |
Zardoya Otis SA | 1,003,574 | 9,570 | |
CIE Automotive SA | 304,922 | 8,973 | |
NH Hotel Group SA | 1,175,952 | 8,678 | |
Mediaset Espana Comunicacion SA | 1,004,086 | 8,440 | |
Melia Hotels International SA | 616,427 | 8,432 | |
* | Indra Sistemas SA | 702,300 | 8,378 |
* | Masmovil Ibercom SA | 71,983 | 8,344 |
*,2 | Neinor Homes SA | 432,956 | 8,092 |
2 | Unicaja Banco SA | 4,359,133 | 7,465 |
Distribuidora Internacional de Alimentacion SA | 2,568,519 | 7,461 | |
Cia de Distribucion Integral Logista Holdings SA | 275,224 | 7,103 | |
Corp Financiera Alba SA | 113,586 | 6,592 | |
*,2 | Gestamp Automocion SA | 874,179 | 6,527 |
Ence Energia y Celulosa SA | 705,535 | 6,236 | |
Faes Farma SA | 1,472,816 | 6,228 | |
Tecnicas Reunidas SA | 177,563 | 5,706 | |
2 | Prosegur Cash SA | 2,098,405 | 5,648 |
Papeles y Cartones de Europa SA | 282,623 | 5,587 | |
* | Fomento de Construcciones y Contratas SA | 405,720 | 5,101 |
2 | Euskaltel SA | 562,450 | 5,086 |
Construcciones y Auxiliar de Ferrocarriles SA | 103,235 | 4,941 | |
* | Sacyr SA | 1,795,287 | 4,894 |
Fluidra SA | 281,815 | 4,503 | |
* | Almirall SA | 335,838 | 4,489 |
*,2 | Metrovacesa SA | 254,095 | 4,444 |
*,2 | Aedas Homes SAU | 118,687 | 4,215 |
Atresmedia Corp. de Medios de Comunicacion SA | 464,224 | 3,894 | |
* | Repsol SA Rights Exp. 07/06/2018 | 6,625,686 | 3,761 |
* | Liberbank SA | 7,274,645 | 3,716 |
* | Codere SA | 289,939 | 2,803 |
Obrascon Huarte Lain SA | 721,357 | 2,301 | |
* | Pharma Mar SA | 934,420 | 1,658 |
* | ACS Actividades de Construccion y Servicios SA Rights Exp. 07/06/2018 | 1,371,589 | 1,413 |
53
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Axiare Patrimonio SOCIMI SA | 55,372 | 1,133 | |
*,2 | Global Dominion Access SA | 200,361 | 1,082 |
* | Sacyr SA Right Exp. 07/09/2018 | 1,795,287 | 102 |
2,776,096 | |||
Sweden (2.5%) | |||
Nordea Bank AB | 17,933,324 | 172,027 | |
Volvo AB Class B | 8,421,092 | 133,837 | |
Telefonaktiebolaget LM Ericsson Class B | 16,711,818 | 128,751 | |
Swedbank AB Class A | 5,634,859 | 120,058 | |
Assa Abloy AB Class B | 5,168,053 | 109,623 | |
Sandvik AB | 6,070,147 | 107,205 | |
Investor AB Class B | 2,558,801 | 103,648 | |
* | Atlas Copco AB Class A | 3,556,874 | 103,009 |
Svenska Handelsbanken AB Class A | 8,034,718 | 88,988 | |
Essity AB Class B | 3,430,169 | 84,388 | |
Hexagon AB Class B | 1,411,554 | 78,436 | |
Skandinaviska Enskilda Banken AB Class A | 7,973,337 | 75,463 | |
^ | Hennes & Mauritz AB Class B | 4,940,847 | 73,545 |
Telia Co. AB | 15,311,438 | 69,788 | |
* | Atlas Copco AB Class B | 2,118,751 | 55,197 |
* | Boliden AB | 1,549,079 | 49,994 |
Swedish Match AB | 991,629 | 49,008 | |
Kinnevik AB | 1,313,410 | 44,757 | |
Alfa Laval AB | 1,771,891 | 41,831 | |
SKF AB | 2,083,271 | 38,566 | |
* | Epiroc AB Class A | 3,573,054 | 37,495 |
Skanska AB Class B | 2,020,821 | 36,578 | |
Svenska Cellulosa AB SCA Class B | 3,356,686 | 36,339 | |
Lundin Petroleum AB | 974,158 | 30,920 | |
Electrolux AB Class B | 1,351,944 | 30,680 | |
Trelleborg AB Class B | 1,370,998 | 29,153 | |
Securitas AB Class B | 1,735,810 | 28,464 | |
Elekta AB Class B | 2,014,975 | 26,484 | |
Castellum AB | 1,524,269 | 24,652 | |
^ | Tele2 AB | 1,957,967 | 22,932 |
Industrivarden AB Class A | 1,084,398 | 21,846 | |
Husqvarna AB | 2,277,893 | 21,549 | |
Industrivarden AB | 1,058,192 | 20,413 | |
* | Swedish Orphan Biovitrum AB | 908,302 | 19,781 |
* | Epiroc AB Class B | 2,118,751 | 19,397 |
^ | Nibe Industrier AB Class B | 1,683,024 | 18,000 |
* | Fabege AB | 1,490,844 | 17,732 |
Saab AB Class B | 416,984 | 17,268 | |
2 | Dometic Group AB | 1,666,963 | 16,315 |
Com Hem Holding AB | 994,901 | 16,140 | |
* | AAK AB | 964,398 | 15,305 |
2 | Thule Group AB | 586,182 | 14,530 |
Hexpol AB | 1,403,902 | 14,521 | |
* | Fastighets AB Balder Class B | 546,498 | 14,221 |
Loomis AB Class B | 406,059 | 14,068 | |
BillerudKorsnas AB | 990,886 | 13,968 | |
^ | ICA Gruppen AB | 436,482 | 13,353 |
* | Holmen AB | 573,148 | 12,982 |
SSAB AB Class B | 3,412,887 | 12,813 | |
L E Lundbergforetagen AB Class B | 414,112 | 12,675 | |
Modern Times Group MTG AB Class B | 297,267 | 12,405 | |
Indutrade AB | 519,724 | 12,369 | |
Getinge AB | 1,258,326 | 11,423 | |
Axfood AB | 590,149 | 11,327 | |
2 | Ahlsell AB | 1,811,075 | 10,660 |
^ | Intrum AB | 414,630 | 9,583 |
Hemfosa Fastigheter AB | 775,592 | 9,059 | |
Lifco AB Class B | 252,960 | 8,986 | |
Sweco AB Class B | 381,531 | 8,982 |
54
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
2 | Bravida Holding AB | 1,120,120 | 8,880 |
NCC AB Class B | 529,992 | 8,788 | |
Hufvudstaden AB Class A | 611,151 | 8,733 | |
* | Wihlborgs Fastigheter AB | 750,284 | 8,661 |
2 | Evolution Gaming Group AB | 137,203 | 8,490 |
AF AB | 370,216 | 8,452 | |
Peab AB | 1,105,479 | 8,313 | |
Wallenstam AB | 919,065 | 8,245 | |
Nolato AB Class B | 97,368 | 7,835 | |
Kungsleden AB | 1,071,189 | 7,373 | |
Investment AB Latour Class B | 675,051 | 7,270 | |
Pandox AB Class B | 426,886 | 7,237 | |
JM AB | 397,213 | 7,074 | |
^ | Avanza Bank Holding AB | 134,667 | 6,893 |
SSAB AB Class A | 1,297,026 | 6,100 | |
Bonava AB Class B | 483,195 | 5,660 | |
* | NetEnt AB | 1,015,488 | 5,394 |
* | Vitrolife AB | 361,003 | 5,273 |
2 | Attendo AB | 594,828 | 5,252 |
Nobia AB | 629,284 | 4,832 | |
Arjo AB | 1,228,550 | 4,374 | |
Oriflame Holding AG | 134,856 | 4,330 | |
Svenska Handelsbanken AB Class B | 373,529 | 4,274 | |
^ | Mycronic AB | 382,064 | 4,258 |
* | Betsson AB | 702,336 | 4,257 |
Atrium Ljungberg AB | 259,341 | 4,179 | |
2 | Resurs Holding AB | 605,220 | 3,881 |
Concentric AB | 226,229 | 3,875 | |
Ratos AB | 1,105,846 | 3,685 | |
Cloetta AB Class B | 1,171,224 | 3,545 | |
Bilia AB | 440,569 | 3,432 | |
2 | Scandic Hotels Group AB | 392,909 | 3,381 |
Klovern AB | 2,962,927 | 3,278 | |
Bure Equity AB | 280,100 | 3,153 | |
Klovern AB Preference Shares | 84,466 | 3,079 | |
Lindab International AB | 376,869 | 2,755 | |
SkiStar AB | 113,173 | 2,354 | |
* | Investment AB Oresund | 167,165 | 2,348 |
Skandinaviska Enskilda Banken AB | 251,839 | 2,347 | |
*,^ | SAS AB | 1,192,536 | 2,278 |
Hemfosa Fastigheter AB Preference Shares | 102,528 | 2,162 | |
^ | Mekonomen AB | 154,207 | 2,123 |
2 | Munters Group AB | 392,442 | 1,981 |
^ | Haldex AB | 177,599 | 1,767 |
Telefonaktiebolaget LM Ericsson Class A | 225,492 | 1,717 | |
^ | Clas Ohlson AB | 213,507 | 1,694 |
*,^ | Collector AB | 237,645 | 1,603 |
Sagax AB | 335,392 | 1,220 | |
SKF AB Class A | 62,797 | 1,170 | |
*,^ | Fingerprint Cards AB Class B | 1,356,279 | 1,036 |
* | Radisson Hospitality AB | 281,381 | 901 |
Sagax AB Preference Shares | 166,656 | 665 | |
SAS AB Preference Shares | 7,787 | 476 | |
NCC AB Class A | 27,688 | 457 | |
Bonava AB Class A | 22,761 | 275 | |
2,686,552 | |||
Switzerland (6.3%) | |||
Nestle SA | 17,266,710 | 1,338,185 | |
Novartis AG | 12,278,200 | 930,085 | |
Roche Holding AG | 3,903,365 | 865,993 | |
UBS Group AG | 19,867,632 | 304,578 | |
Zurich Insurance Group AG | 847,465 | 250,621 | |
Cie Financiere Richemont SA | 2,876,843 | 243,192 | |
ABB Ltd. | 10,043,827 | 219,095 |
55
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Credit Suisse Group AG | 14,345,168 | 214,504 | |
Swiss Re AG | 1,771,446 | 154,663 | |
Givaudan SA | 51,972 | 117,707 | |
Lonza Group AG | 417,581 | 110,344 | |
* | Sika AG | 715,620 | 98,877 |
LafargeHolcim Ltd. (Swiss Shares) | 2,031,796 | 98,791 | |
Geberit AG | 204,084 | 87,381 | |
Swatch Group AG (Bearer) | 166,435 | 78,787 | |
SGS SA | 29,028 | 77,133 | |
Julius Baer Group Ltd. | 1,217,300 | 71,299 | |
Partners Group Holding AG | 93,411 | 68,288 | |
Swiss Life Holding AG | 192,732 | 66,830 | |
Swisscom AG | 143,394 | 64,002 | |
Adecco Group AG | 892,210 | 52,653 | |
Sonova Holding AG | 285,146 | 51,008 | |
Temenos AG | 329,569 | 49,563 | |
Schindler Holding AG | 220,108 | 47,258 | |
Straumann Holding AG | 56,393 | 42,768 | |
Chocoladefabriken Lindt & Spruengli AG Registered Shares | 558 | 42,390 | |
Kuehne & Nagel International AG | 282,259 | 42,373 | |
Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 6,138 | 39,784 | |
Vifor Pharma AG | 249,260 | 39,760 | |
Baloise Holding AG | 265,698 | 38,541 | |
Roche Holding AG (Bearer) | 165,132 | 37,248 | |
Swiss Prime Site AG | 399,276 | 36,685 | |
Logitech International SA | 820,688 | 35,955 | |
ams AG | 435,629 | 32,306 | |
LafargeHolcim Ltd. (Paris Shares) | 635,227 | 30,722 | |
Georg Fischer AG | 23,141 | 29,551 | |
Clariant AG | 1,124,761 | 26,914 | |
EMS-Chemie Holding AG | 39,800 | 25,464 | |
Schindler Holding AG (Registered) | 115,842 | 24,334 | |
Dufry AG | 175,789 | 22,357 | |
Flughafen Zurich AG | 107,741 | 21,922 | |
Swatch Group AG (Registered) | 249,188 | 21,517 | |
Helvetia Holding AG | 36,851 | 21,023 | |
^ | BB Biotech AG | 310,665 | 20,799 |
PSP Swiss Property AG | 221,707 | 20,554 | |
2 | VAT Group AG | 145,326 | 19,351 |
Barry Callebaut AG | 10,754 | 19,270 | |
Pargesa Holding SA | 211,579 | 17,908 | |
OC Oerlikon Corp. AG | 1,090,966 | 16,621 | |
Tecan Group AG | 65,478 | 15,891 | |
2 | Sunrise Communications Group AG | 191,271 | 15,542 |
2 | Galenica AG | 269,126 | 14,267 |
* | Allreal Holding AG | 79,038 | 12,879 |
Cembra Money Bank AG | 158,604 | 12,423 | |
Bucher Industries AG | 36,822 | 12,283 | |
Banque Cantonale Vaudoise | 15,829 | 12,167 | |
GAM Holding AG | 879,201 | 12,090 | |
dormakaba Holding AG | 17,296 | 12,083 | |
* | Idorsia Ltd. | 451,941 | 11,925 |
Belimo Holding AG | 2,594 | 11,278 | |
Vontobel Holding AG | 153,325 | 11,120 | |
DKSH Holding AG | 146,991 | 10,334 | |
SFS Group AG | 97,001 | 10,230 | |
Valiant Holding AG | 90,104 | 10,185 | |
^ | Panalpina Welttransport Holding AG | 72,644 | 9,889 |
*,^ | Landis&Gyr Group AG | 140,553 | 9,751 |
Forbo Holding AG | 6,317 | 9,414 | |
Emmi AG | 10,789 | 9,179 | |
Siegfried Holding AG | 22,521 | 9,003 | |
Mobimo Holding AG | 35,090 | 8,665 | |
Sulzer AG | 69,241 | 8,387 |
56
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Conzzeta AG | 7,288 | 8,382 | |
Daetwyler Holding AG | 40,979 | 7,862 | |
u-blox Holding AG | 37,313 | 7,394 | |
*,^ | Aryzta AG | 475,825 | 7,117 |
St. Galler Kantonalbank AG | 12,556 | 6,526 | |
BKW AG | 99,523 | 6,424 | |
Burckhardt Compression Holding AG | 17,459 | 6,193 | |
Implenia AG | 80,239 | 6,102 | |
Valora Holding AG | 18,639 | 6,085 | |
Schweiter Technologies AG | 5,276 | 5,492 | |
Inficon Holding AG | 10,793 | 5,486 | |
Interroll Holding AG | 3,104 | 5,445 | |
Komax Holding AG | 20,330 | 5,354 | |
Huber & Suhner AG | 82,582 | 5,022 | |
VZ Holding AG | 14,821 | 4,658 | |
Comet Holding AG | 42,694 | 4,599 | |
*,^ | COSMO Pharmaceuticals NV | 39,926 | 4,502 |
Bobst Group SA | 42,431 | 4,338 | |
*,^ | Basilea Pharmaceutica AG | 62,006 | 4,121 |
Autoneum Holding AG | 17,349 | 4,050 | |
*,^ | Arbonia AG | 241,156 | 3,964 |
Bachem Holding AG | 29,872 | 3,938 | |
LEM Holding SA | 2,595 | 3,866 | |
Ascom Holding AG | 210,549 | 3,809 | |
Intershop Holding AG | 6,545 | 3,334 | |
*,^ | Meyer Burger Technology AG | 3,497,988 | 3,291 |
EFG International AG | 419,477 | 3,131 | |
Rieter Holding AG | 17,922 | 3,088 | |
* | Leonteq AG | 51,412 | 2,950 |
Bossard Holding AG | 14,747 | 2,734 | |
Swissquote Group Holding SA | 48,356 | 2,677 | |
^ | Ypsomed Holding AG | 18,374 | 2,672 |
APG SGA SA | 6,190 | 2,318 | |
Vetropack Holding AG | 1,098 | 2,217 | |
Bell Food Group AG | 6,694 | 2,142 | |
Zehnder Group AG | 51,472 | 2,131 | |
* | Schmolz & Bickenbach AG | 2,466,477 | 1,937 |
^ | Kudelski SA | 191,541 | 1,789 |
ALSO Holding AG | 14,814 | 1,769 | |
* | Alpiq Holding AG | 20,332 | 1,540 |
* | Aryzta AG (Dublin Shares) | 3,631 | 52 |
6,806,440 | |||
United Kingdom (15.7%) | |||
HSBC Holdings plc | 113,409,785 | 1,059,754 | |
Royal Dutch Shell plc Class A (London Shares) | 25,881,037 | 895,726 | |
BP plc | 110,230,413 | 838,700 | |
Royal Dutch Shell plc Class B | 21,160,731 | 757,838 | |
British American Tobacco plc | 12,519,177 | 630,641 | |
GlaxoSmithKline plc | 27,504,874 | 554,531 | |
AstraZeneca plc | 7,153,946 | 494,824 | |
Diageo plc | 13,620,803 | 489,346 | |
Vodafone Group plc | 150,663,334 | 364,955 | |
Rio Tinto plc | 6,497,772 | 358,152 | |
Unilever plc | 6,472,898 | 357,570 | |
Lloyds Banking Group plc | 405,389,207 | 336,363 | |
Prudential plc | 14,619,765 | 333,281 | |
Glencore plc | 65,875,594 | 312,767 | |
Reckitt Benckiser Group plc | 3,533,131 | 290,303 | |
BHP Billiton plc | 11,734,836 | 263,361 | |
Barclays plc | 96,281,726 | 237,986 | |
Shire plc | 3,880,529 | 218,627 | |
National Grid plc | 18,934,491 | 209,249 | |
Imperial Brands plc | 5,352,353 | 198,779 | |
Compass Group plc | 8,930,907 | 190,370 |
57
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Tesco plc | 54,523,561 | 184,488 | |
BAE Systems plc | 18,016,901 | 153,277 | |
Aviva plc | 22,606,236 | 149,996 | |
Standard Chartered plc | 15,270,525 | 138,710 | |
BT Group plc | 47,087,882 | 135,085 | |
Experian plc | 5,158,953 | 127,266 | |
RELX plc | 5,873,219 | 125,424 | |
CRH plc (London Shares) | 3,535,828 | 124,029 | |
Anglo American plc | 5,564,587 | 123,541 | |
Rolls-Royce Holdings plc | 9,367,308 | 122,011 | |
Legal & General Group plc | 33,370,791 | 116,727 | |
Sky plc | 5,831,315 | 112,306 | |
WPP plc | 6,919,943 | 108,725 | |
* | Ferguson plc | 1,329,155 | 107,540 |
London Stock Exchange Group plc | 1,756,965 | 103,433 | |
SSE plc | 5,736,378 | 102,399 | |
Smith & Nephew plc | 4,946,188 | 91,111 | |
* | Royal Bank of Scotland Group plc | 25,513,187 | 85,892 |
Ashtead Group plc | 2,754,813 | 82,038 | |
Informa plc | 7,029,121 | 77,266 | |
Associated British Foods plc | 1,964,098 | 70,823 | |
Melrose Industries plc | 24,624,173 | 68,901 | |
Intertek Group plc | 908,561 | 68,316 | |
InterContinental Hotels Group plc | 1,082,999 | 67,326 | |
Burberry Group plc | 2,346,495 | 66,689 | |
Shire plc ADR | 394,371 | 66,570 | |
Centrica plc | 31,777,889 | 65,984 | |
Standard Life Aberdeen plc | 15,288,110 | 65,467 | |
3i Group plc | 5,360,199 | 63,461 | |
Next plc | 764,000 | 60,814 | |
Persimmon plc | 1,746,543 | 58,177 | |
Bunzl plc | 1,910,357 | 57,696 | |
Carnival plc | 981,936 | 56,123 | |
Mondi plc | 2,064,711 | 55,703 | |
Whitbread plc | 1,038,081 | 54,113 | |
Smurfit Kappa Group plc | 1,303,162 | 52,483 | |
RSA Insurance Group plc | 5,785,328 | 51,741 | |
Paddy Power Betfair plc | 468,583 | 51,209 | |
Pearson plc | 4,392,377 | 51,153 | |
Johnson Matthey plc | 1,069,310 | 50,917 | |
Land Securities Group plc | 4,017,786 | 50,618 | |
International Consolidated Airlines Group SA (London Shares) | 5,794,773 | 50,557 | |
Sage Group plc | 6,120,845 | 50,554 | |
Segro plc | 5,684,480 | 50,063 | |
Smiths Group plc | 2,238,941 | 50,013 | |
British Land Co. plc | 5,509,157 | 48,740 | |
ITV plc | 21,042,583 | 48,109 | |
Rentokil Initial plc | 10,379,918 | 47,859 | |
Kingfisher plc | 12,139,179 | 47,472 | |
DCC plc | 505,955 | 45,880 | |
Croda International plc | 718,422 | 45,388 | |
St. James's Place plc | 2,936,596 | 44,308 | |
Taylor Wimpey plc | 18,408,793 | 43,335 | |
CRH plc (Dublin Shares) | 1,223,164 | 43,024 | |
GVC Holdings plc | 3,103,631 | 42,917 | |
* | Ocado Group plc | 3,103,913 | 41,948 |
Wm Morrison Supermarkets plc | 12,278,357 | 40,728 | |
Randgold Resources Ltd. | 528,916 | 40,710 | |
TUI AG (London Shares) | 1,831,150 | 40,051 | |
United Utilities Group plc | 3,884,265 | 39,050 | |
Halma plc | 2,149,727 | 38,709 | |
Barratt Developments plc | 5,685,475 | 38,542 | |
J Sainsbury plc | 9,095,715 | 38,491 | |
DS Smith plc | 5,608,733 | 38,430 |
58
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Hargreaves Lansdown plc | 1,477,587 | 38,302 | |
Coca-Cola HBC AG | 1,112,794 | 37,039 | |
*,2 | Quilter plc | 19,058,961 | 36,452 |
Weir Group plc | 1,359,460 | 35,703 | |
Marks & Spencer Group plc | 9,157,844 | 35,574 | |
Spirax-Sarco Engineering plc | 414,364 | 35,534 | |
Rightmove plc | 505,548 | 35,339 | |
Berkeley Group Holdings plc | 704,225 | 35,080 | |
Micro Focus International plc | 2,017,850 | 35,013 | |
Severn Trent plc | 1,342,195 | 34,996 | |
Direct Line Insurance Group plc | 7,750,636 | 34,977 | |
Royal Mail plc | 5,156,402 | 34,306 | |
* | Just Eat plc | 3,249,474 | 33,322 |
Hiscox Ltd. | 1,584,945 | 31,809 | |
Hammerson plc | 4,481,388 | 30,798 | |
G4S plc | 8,731,605 | 30,757 | |
John Wood Group plc | 3,720,860 | 30,727 | |
2 | Auto Trader Group plc | 5,207,987 | 29,188 |
Admiral Group plc | 1,151,058 | 28,929 | |
Meggitt plc | 4,393,878 | 28,513 | |
Bellway plc | 698,340 | 27,589 | |
easyJet plc | 1,236,571 | 27,205 | |
Travis Perkins plc | 1,416,934 | 26,552 | |
BBA Aviation plc | 5,821,569 | 26,117 | |
Schroders plc | 627,893 | 26,056 | |
B&M European Value Retail SA | 4,783,580 | 25,412 | |
Investec plc | 3,584,279 | 25,344 | |
Antofagasta plc | 1,948,669 | 25,318 | |
* | Tullow Oil plc | 7,780,214 | 25,034 |
Electrocomponents plc | 2,493,140 | 24,855 | |
Pennon Group plc | 2,372,060 | 24,807 | |
�� | NEX Group plc | 1,777,767 | 24,032 |
Inchcape plc | 2,321,232 | 23,864 | |
Howden Joinery Group plc | 3,328,827 | 23,475 | |
Spectris plc | 673,493 | 23,140 | |
Derwent London plc | 564,351 | 23,089 | |
IG Group Holdings plc | 2,034,725 | 23,072 | |
2 | ConvaTec Group plc | 8,201,599 | 22,897 |
* | Cobham plc | 13,509,948 | 22,845 |
NMC Health plc | 483,398 | 22,753 | |
Intermediate Capital Group plc | 1,567,300 | 22,706 | |
Beazley plc | 2,931,471 | 22,590 | |
IMI plc | 1,506,728 | 22,422 | |
Tate & Lyle plc | 2,624,691 | 22,337 | |
RPC Group plc | 2,245,278 | 22,107 | |
SSP Group plc | 2,592,855 | 21,634 | |
Rotork plc | 4,881,503 | 21,499 | |
CYBG plc | 5,014,027 | 21,006 | |
Man Group plc | 8,840,456 | 20,493 | |
* | Indivior plc | 4,061,104 | 20,450 |
Dechra Pharmaceuticals plc | 556,018 | 20,349 | |
2 | Merlin Entertainments plc | 3,972,550 | 20,255 |
Cineworld Group plc | 5,705,500 | 19,914 | |
Phoenix Group Holdings | 2,226,688 | 19,829 | |
* | Metro Bank plc | 461,829 | 19,648 |
Capita plc | 9,285,520 | 19,517 | |
William Hill plc | 4,818,046 | 19,243 | |
Evraz plc | 2,846,953 | 19,002 | |
Inmarsat plc | 2,582,704 | 18,676 | |
Hays plc | 7,554,005 | 18,551 | |
British American Tobacco plc ADR | 358,284 | 18,075 | |
HomeServe plc | 1,527,992 | 18,073 | |
TP ICAP plc | 3,193,171 | 17,717 | |
Victrex plc | 460,777 | 17,641 |
59
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Tritax Big Box REIT plc | 8,399,344 | 17,254 | |
Close Brothers Group plc | 850,069 | 16,595 | |
UNITE Group plc | 1,452,762 | 16,485 | |
Playtech plc | 1,648,613 | 16,348 | |
Shaftesbury plc | 1,304,879 | 16,093 | |
IWG plc | 3,824,719 | 16,072 | |
Fresnillo plc | 1,049,921 | 15,822 | |
Capital & Counties Properties plc | 4,147,908 | 15,691 | |
WH Smith plc | 592,263 | 15,590 | |
Hikma Pharmaceuticals plc | 783,244 | 15,449 | |
UDG Healthcare plc | 1,416,327 | 15,392 | |
Babcock International Group plc | 1,428,931 | 15,353 | |
Mediclinic International plc | 2,202,689 | 15,260 | |
2 | Sophos Group plc | 1,813,864 | 15,252 |
Britvic plc | 1,476,969 | 15,145 | |
Great Portland Estates plc | 1,593,679 | 15,016 | |
* | BTG plc | 2,162,317 | 14,675 |
Daily Mail & General Trust plc | 1,494,060 | 14,590 | |
* | KAZ Minerals plc | 1,302,444 | 14,396 |
Balfour Beatty plc | 3,841,813 | 14,339 | |
Dixons Carphone plc | 5,618,733 | 13,789 | |
Jupiter Fund Management plc | 2,331,700 | 13,671 | |
Bodycote plc | 1,057,947 | 13,617 | |
Renishaw plc | 192,790 | 13,440 | |
Ascential plc | 2,199,022 | 13,091 | |
Greene King plc | 1,718,541 | 13,018 | |
Pagegroup plc | 1,752,787 | 12,997 | |
Grafton Group plc | 1,228,762 | 12,875 | |
Cranswick plc | 287,767 | 12,780 | |
National Express Group plc | 2,414,218 | 12,747 | |
AVEVA Group plc | 356,555 | 12,609 | |
BCA Marketplace plc | 4,273,076 | 12,367 | |
Domino's Pizza Group plc | 2,708,070 | 12,360 | |
Aggreko plc | 1,371,446 | 12,204 | |
Moneysupermarket.com Group plc | 2,923,284 | 12,135 | |
Genus plc | 342,896 | 11,894 | |
Intu Properties plc | 4,972,355 | 11,804 | |
JD Sports Fashion plc | 2,019,340 | 11,701 | |
Jardine Lloyd Thompson Group plc | 690,480 | 11,662 | |
2 | Countryside Properties plc | 2,536,377 | 11,490 |
Polymetal International plc | 1,291,067 | 11,408 | |
Bovis Homes Group plc | 756,294 | 11,403 | |
QinetiQ Group plc | 3,158,580 | 11,210 | |
* | Provident Financial plc | 1,418,647 | 11,193 |
Petrofac Ltd. | 1,450,750 | 11,145 | |
* | Sirius Minerals plc | 25,292,791 | 11,028 |
Thomas Cook Group plc | 7,618,826 | 10,796 | |
2 | ZPG plc | 1,676,525 | 10,780 |
Fidessa Group plc | 211,311 | 10,764 | |
Diploma plc | 619,487 | 10,686 | |
* | Cairn Energy plc | 3,241,321 | 10,643 |
Ashmore Group plc | 2,160,405 | 10,592 | |
Synthomer plc | 1,515,440 | 10,501 | |
Saga plc | 6,331,580 | 10,475 | |
Big Yellow Group plc | 826,764 | 10,364 | |
Assura plc | 13,211,841 | 10,035 | |
2 | John Laing Group plc | 2,767,252 | 10,032 |
Drax Group plc | 2,299,746 | 9,920 | |
Greencore Group plc | 4,000,129 | 9,794 | |
Rathbone Brothers plc | 286,822 | 9,787 | |
Centamin plc | 6,153,298 | 9,648 | |
Entertainment One Ltd. | 1,991,422 | 9,631 | |
Workspace Group plc | 675,124 | 9,597 | |
Redrow plc | 1,358,507 | 9,544 |
60
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
*,2 | Wizz Air Holdings plc | 200,529 | 9,496 |
Senior plc | 2,355,508 | 9,418 | |
Grainger plc | 2,314,263 | 9,384 | |
Vesuvius plc | 1,190,699 | 9,360 | |
Essentra plc | 1,461,979 | 9,256 | |
Just Group plc | 5,204,144 | 9,255 | |
Paragon Banking Group plc | 1,463,419 | 9,227 | |
Ultra Electronics Holdings plc | 410,399 | 8,929 | |
LondonMetric Property plc | 3,610,931 | 8,799 | |
Elementis plc | 2,591,317 | 8,621 | |
2 | Ibstock plc | 2,173,020 | 8,563 |
* | Cairn Homes plc | 4,128,343 | 8,555 |
Hill & Smith Holdings plc | 439,688 | 8,553 | |
Lancashire Holdings Ltd. | 1,144,525 | 8,553 | |
Savills plc | 739,245 | 8,470 | |
Safestore Holdings plc | 1,155,589 | 8,356 | |
Coats Group plc | 7,948,344 | 8,120 | |
* | Serco Group plc | 6,187,464 | 8,066 |
* | Hunting plc | 788,282 | 8,059 |
Virgin Money Holdings UK plc | 1,596,104 | 7,685 | |
Computacenter plc | 399,921 | 7,619 | |
OneSavings Bank plc | 1,383,444 | 7,466 | |
* | Firstgroup plc | 6,797,717 | 7,447 |
Greggs plc | 556,587 | 7,299 | |
Crest Nicholson Holdings plc | 1,402,634 | 7,195 | |
Brewin Dolphin Holdings plc | 1,534,177 | 7,171 | |
Morgan Advanced Materials plc | 1,648,843 | 7,100 | |
* | Premier Oil plc | 4,172,740 | 7,056 |
Micro Focus International plc ADR | 406,093 | 7,013 | |
Galliford Try plc | 605,735 | 6,954 | |
Kier Group plc | 528,091 | 6,679 | |
Sanne Group plc | 749,025 | 6,662 | |
J D Wetherspoon plc | 391,171 | 6,494 | |
SIG plc | 3,330,677 | 6,115 | |
F&C Commercial Property Trust Ltd. | 3,055,022 | 6,069 | |
2 | Equiniti Group plc | 1,861,708 | 6,043 |
NewRiver REIT plc | 1,677,753 | 5,965 | |
Marshalls plc | 1,108,450 | 5,945 | |
Softcat plc | 583,753 | 5,890 | |
2 | Hastings Group Holdings plc | 1,713,450 | 5,742 |
* | Sports Direct International plc | 1,083,699 | 5,702 |
AA plc | 3,412,297 | 5,583 | |
Polypipe Group plc | 1,083,286 | 5,489 | |
St. Modwen Properties plc | 987,567 | 5,466 | |
TalkTalk Telecom Group plc | 3,866,895 | 5,338 | |
2 | Spire Healthcare Group plc | 1,606,345 | 5,298 |
Keller Group plc | 396,866 | 5,294 | |
888 Holdings plc | 1,459,541 | 5,192 | |
Stobart Group Ltd. | 1,700,422 | 5,152 | |
* | Bank of Georgia Group plc | 207,578 | 5,148 |
Go-Ahead Group plc | 241,279 | 5,041 | |
* | EI Group plc | 2,625,585 | 5,041 |
Halfords Group plc | 1,100,227 | 5,025 | |
Dairy Crest Group plc | 763,281 | 4,939 | |
Telecom Plus plc | 320,026 | 4,744 | |
esure Group plc | 1,651,000 | 4,721 | |
Card Factory plc | 1,785,326 | 4,635 | |
Marston's plc | 3,506,123 | 4,596 | |
Chemring Group plc | 1,564,760 | 4,594 | |
Pets at Home Group plc | 2,675,944 | 4,565 | |
Stagecoach Group plc | 2,448,810 | 4,559 | |
Ted Baker plc | 159,718 | 4,532 | |
TBC Bank Group plc | 195,102 | 4,500 | |
UK Commercial Property Trust Ltd. | 3,786,319 | 4,401 |
61
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2018 | |||
Market | |||
Value | |||
Shares | ($000) | ||
RPS Group plc | 1,289,942 | 4,359 | |
Mitie Group plc | 2,062,094 | 4,243 | |
De La Rue plc | 575,908 | 4,229 | |
Superdry plc | 282,315 | 4,173 | |
Mitchells & Butlers plc | 1,216,742 | 4,165 | |
Northgate plc | 774,478 | 4,147 | |
ITE Group plc | 3,932,469 | 4,146 | |
Chesnara plc | 860,373 | 4,103 | |
Restaurant Group plc | 1,087,658 | 4,028 | |
NCC Group plc | 1,487,950 | 4,004 | |
Vedanta Resources plc | 468,747 | 3,978 | |
Ferrexpo plc | 1,617,962 | 3,890 | |
2 | McCarthy & Stone plc | 3,002,349 | 3,876 |
Dignity plc | 290,832 | 3,857 | |
* | Vectura Group plc | 3,710,632 | 3,814 |
KCOM Group plc | 2,936,994 | 3,760 | |
Picton Property Income Ltd. | 2,994,419 | 3,600 | |
Dunelm Group plc | 540,127 | 3,592 | |
* | Petra Diamonds Ltd. | 4,812,117 | 3,566 |
Renewi plc | 3,420,659 | 3,521 | |
Hochschild Mining plc | 1,388,173 | 3,485 | |
Redefine International plc | 7,435,216 | 3,432 | |
PZ Cussons plc | 1,104,305 | 3,279 | |
International Personal Finance plc | 1,218,090 | 3,272 | |
Gocompare.Com Group plc | 1,794,576 | 3,094 | |
* | AO World plc | 1,540,801 | 3,030 |
Hansteen Holdings plc | 2,206,329 | 3,028 | |
* | Georgia Capital plc | 207,648 | 2,823 |
Lookers plc | 1,817,238 | 2,599 | |
* | Ophir Energy plc | 3,817,963 | 2,545 |
Royal Dutch Shell plc Class A | 72,780 | 2,526 | |
Helical plc | 557,107 | 2,493 | |
Devro plc | 939,809 | 2,470 | |
Schroder REIT Ltd. | 2,895,599 | 2,361 | |
Rank Group plc | 936,660 | 2,357 | |
* | Phoenix Group Holdings Rights. Exp. 07/09/2018 | 1,039,121 | 2,264 |
*,2 | Bakkavor Group plc | 815,033 | 2,078 |
Daejan Holdings plc | 25,906 | 2,005 | |
* | Premier Foods plc | 3,906,931 | 1,947 |
N Brown Group plc | 858,112 | 1,916 | |
* | Allied Minds plc | 1,270,954 | 1,759 |
2 | CMC Markets plc | 661,320 | 1,734 |
* | Lamprell plc | 1,335,997 | 1,663 |
Smurfit Kappa Group plc (Dublin Shares) | 40,073 | 1,618 | |
Soco International plc | 1,184,766 | 1,507 | |
* | Acacia Mining plc | 829,685 | 1,371 |
*,2 | Alfa Financial Software Holdings plc | 525,966 | 1,217 |
* | Nostrum Oil & Gas plc | 472,069 | 1,203 |
Debenhams plc | 4,847,794 | 952 | |
Rhi Magnesita NV (London Shares) | 8,847 | 537 | |
* | Countrywide plc | 942,821 | 469 |
*,^,3 | Carillion plc | 2,500,529 | 469 |
*,3 | GVC CVR | 29,940 | 4 |
*,3 | Sole Realisation Co. plc | 135 | — |
17,071,903 | |||
Total Common Stocks (Cost $93,517,122) | 107,586,116 |
62
Vanguard® Developed Markets Index Fund | |||||
Schedule of Investments | |||||
June 30, 2018 | |||||
Market | |||||
Value | |||||
Coupon | Shares | ($000) | |||
Temporary Cash Investments (1.4%)1 | |||||
Money Market Fund (1.3%) | |||||
4,5 | Vanguard Market Liquidity Fund | 2.122% | 14,177,262 | 1,417,868 | |
Face | |||||
Maturity | Amount | ||||
Date | ($000) | ||||
U.S. Government and Agency Obligations (0.1%) | |||||
United States Treasury Bill | 1.693% | 7/12/18 | 10,800 | 10,795 | |
United States Treasury Bill | 1.833% | 8/2/18 | 600 | 599 | |
United States Treasury Bill | 1.882% | 8/9/18 | 3,000 | 2,994 | |
United States Treasury Bill | 1.916%—1.919% | 9/6/18 | 18,600 | 18,536 | |
United States Treasury Bill | 1.941% | 9/27/18 | 1,600 | 1,593 | |
6 | United States Treasury Bill | 1.918%—1.946% | 10/4/18 | 29,100 | 28,956 |
6 | United States Treasury Bill | 2.078% | 11/15/18 | 19,100 | 18,956 |
82,429 | |||||
Total Temporary Cash Investments (Cost $1,500,075) | 1,500,297 | ||||
Total Investments (100.6%) (Cost $95,017,197) | 109,086,413 | ||||
Other Assets and Liabilities—Net (-0.6%)5,7 | (694,526) | ||||
Net Assets (100%) | 108,391,887 |
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $1,031,050,000.
1 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures
investments, the fund's effective common stock and temporary cash investment positions represent 100.0% and 0.6%, respectively, of net
assets.
2 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from
registration, normally to qualified institutional buyers. At June 30, 2018, the aggregate value of these securities was $1,311,113,000,
representing 1.2% of net assets.
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 Includes $1,141,242,000 of collateral received for securities on loan.
6 Securities with a value of $40,449,000 have been segregated as initial margin for open futures contracts.
7 Cash of $19,003,000 has been segregated as collateral for open forward currency contracts.
ADR—American Depositary Receipt.
CVR—Contingent Value Rights.
GDR—Global Depositary Receipt.
REIT—Real Estate Investment Trust.
63
© 2018 The Vanguard Group, Inc. | |
All rights reserved. | |
Vanguard Marketing Corporation, Distributor. | |
SNA1272 082018 |
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) 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: August 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: August 20, 2018 |
VANGUARD TAX-MANAGED FUNDS | |
By: | /s/ THOMAS J. HIGGINS* |
THOMAS J. HIGGINS | |
CHIEF FINANCIAL OFFICER | |
Date: August 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.