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 |
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| Valley Forge, PA 19482 |
Name and address of agent for service: |
| Anne E. Robinson, Esquire |
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| P.O. Box 876 |
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| 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, 2019—June 30, 2019
Item 1: Reports to Shareholders
Semiannual Report | June 30, 2019
Vanguard Tax-Managed Funds®
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Vanguard Tax-Managed Balanced Fund
Vanguard Tax-Managed Capital Appreciation Fund
Vanguard Tax-Managed Small-Cap Fund
See the inside front cover for important information about access to your fund’s annual and semiannual shareholder reports.
|
Important information about access to shareholder reports
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your fund’s annual and semiannual shareholder reports will no longer be sent to you by mail, unless you specifically request them. Instead, you will be notified by mail each time a report is posted on the website and will be provided with a link to access the report.
If you have already elected to receive shareholder reports electronically, you will not be affected by this change and do not need to take any action. You may elect to receive shareholder reports and other communications from the fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you invest directly with the fund, by calling Vanguard at one of the phone numbers on the back cover of this report or by logging on to vanguard.com.
You may elect to receive paper copies of all future shareholder reports free of charge. If you invest through a financial intermediary, you can contact the intermediary to request that you continue to receive paper copies. If you invest directly with the fund, you can call Vanguard at one of the phone numbers on the back cover of this report or log on to vanguard.com. Your election to receive paper copies will apply to all the funds you hold through an intermediary or directly with Vanguard.
Contents |
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About Your Fund’s Expenses | 1 |
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Tax-Managed Balanced Fund | 3 |
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Tax-Managed Capital Appreciation Fund | 90 |
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Tax-Managed Small-Cap Fund | 110 |
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Trustees Approve Advisory Arrangements | 128 |
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.
Six Months Ended June 30, 2019 |
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| Beginning | Ending | Expenses |
Based on Actual Fund Return |
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Tax-Managed Balanced Fund | $1,000.00 | $1,113.17 | $0.47 |
Tax-Managed Capital Appreciation Fund |
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Admiral™ Shares | $1,000.00 | $1,190.49 | $0.49 |
Institutional Shares | 1,000.00 | 1,190.69 | 0.33 |
Tax-Managed Small-Cap Fund |
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|
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Admiral Shares | $1,000.00 | $1,139.48 | $0.48 |
Institutional Shares | 1,000.00 | 1,139.69 | 0.32 |
Based on Hypothetical 5% Yearly Return |
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Tax-Managed Balanced Fund | $1,000.00 | $1,024.35 | $0.45 |
Tax-Managed Capital Appreciation Fund |
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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 |
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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).
Tax-Managed Balanced Fund
Sector Diversification
As of June 30, 2019
Equity Exposure |
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|
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Consumer Discretionary |
| 15.2 | % |
Consumer Staples |
| 5.6 |
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Energy |
| 4.7 |
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Financial Services |
| 20.4 |
|
Health Care |
| 13.4 |
|
Materials & Processing |
| 3.2 |
|
Other |
| 0.0 |
|
Producer Durables |
| 10.3 |
|
Technology |
| 22.3 |
|
Utilities |
| 4.9 |
|
The table reflects the fund’s equity exposure, based on its investments in stocks and stock index futures. Any holdings in short-term reserves are excluded. 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.
Fixed Income Exposure |
|
|
|
New York |
| 7.8 | % |
Texas |
| 5.2 |
|
California |
| 5.0 |
|
Florida |
| 2.8 |
|
Illinois |
| 2.7 |
|
Pennsylvania |
| 2.6 |
|
Maryland |
| 1.7 |
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Michigan |
| 1.6 |
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Ohio |
| 1.6 |
|
New Jersey |
| 1.4 |
|
Top Ten |
| 32.4 | % |
The table excludes any fixed income futures contracts.
Tax-Managed Balanced Fund
Financial Statements (unaudited)
Statement of Net Assets
As of June 30, 2019
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
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| Market |
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| Value· |
|
| Shares | ($000) |
Common Stocks (48.1%)1 |
|
| |
Consumer Discretionary (7.3%) |
|
| |
* | Amazon.com Inc. | 36,381 | 68,892 |
| Walt Disney Co. | 153,888 | 21,489 |
| Home Depot Inc. | 102,499 | 21,317 |
| Comcast Corp. Class A | 401,789 | 16,988 |
| Walmart Inc. | 132,349 | 14,623 |
| McDonald’s Corp. | 69,274 | 14,385 |
* | Netflix Inc. | 37,189 | 13,660 |
| Costco Wholesale Corp. | 39,493 | 10,436 |
| NIKE Inc. Class B | 109,518 | 9,194 |
| Starbucks Corp. | 107,823 | 9,039 |
* | Booking Holdings Inc. | 4,330 | 8,117 |
| Lowe’s Cos. Inc. | 71,197 | 7,184 |
* | Charter Communications Inc. Class A | 15,395 | 6,084 |
| TJX Cos. Inc. | 103,072 | 5,450 |
| General Motors Co. | 116,600 | 4,493 |
| Target Corp. | 47,667 | 4,128 |
| Marriott International Inc. Class A | 27,645 | 3,878 |
| Estee Lauder Cos. Inc. Class A | 18,990 | 3,477 |
| Ross Stores Inc. | 32,367 | 3,208 |
| eBay Inc. | 79,628 | 3,145 |
* | Ulta Beauty Inc. | 8,755 | 3,037 |
| Dollar General Corp. | 21,992 | 2,972 |
* | Lululemon Athletica Inc. | 16,018 | 2,887 |
| Ford Motor Co. | 280,100 | 2,865 |
* | AutoZone Inc. | 2,594 | 2,852 |
* | Dollar Tree Inc. | 26,429 | 2,838 |
* | O’Reilly Automotive Inc. | 7,603 | 2,808 |
| Yum! Brands Inc. | 23,605 | 2,612 |
| VF Corp. | 27,400 | 2,393 |
* | Tesla Inc. | 10,642 | 2,378 |
* | Norwegian Cruise Line Holdings Ltd. | 41,711 | 2,237 |
| Hilton Worldwide Holdings Inc. | 21,934 | 2,144 |
* | NVR Inc. | 585 | 1,972 |
* | WABCO Holdings Inc. | 13,857 | 1,837 |
| Royal Caribbean Cruises Ltd. | 15,032 | 1,822 |
| CBS Corp. Class B | 36,316 | 1,812 |
* | Hilton Grand Vacations Inc. | 54,967 | 1,749 |
* | Chipotle Mexican Grill Inc. Class A | 2,268 | 1,662 |
* | Visteon Corp. | 28,085 | 1,645 |
| Las Vegas Sands Corp. | 27,200 | 1,607 |
* | frontdoor Inc. | 36,633 | 1,595 |
* | Floor & Decor Holdings Inc. Class A | 37,941 | 1,590 |
* | Madison Square Garden Co. Class A | 5,648 | 1,581 |
* | CarMax Inc. | 18,140 | 1,575 |
| Yum China Holdings Inc. | 34,065 | 1,574 |
| Carnival Corp. | 33,050 | 1,538 |
| DR Horton Inc. | 34,933 | 1,507 |
| MGM Resorts International | 52,646 | 1,504 |
| Aptiv plc | 18,493 | 1,495 |
| Expedia Group Inc. | 11,176 | 1,487 |
| Best Buy Co. Inc. | 21,100 | 1,471 |
| Lennar Corp. Class A | 29,269 | 1,418 |
| Tractor Supply Co. | 12,514 | 1,362 |
| Domino’s Pizza Inc. | 4,761 | 1,325 |
* | Discovery Communications Inc. | 45,622 | 1,298 |
| Lear Corp. | 9,208 | 1,282 |
* | Garrett Motion Inc. | 81,290 | 1,248 |
* | Bright Horizons Family Solutions Inc. | 8,183 | 1,235 |
| Sirius XM Holdings Inc. | 219,780 | 1,226 |
* | Liberty Broadband Corp. | 11,615 | 1,210 |
* | Kontoor Brands Inc. | 42,414 | 1,188 |
| Omnicom Group Inc. | 14,479 | 1,187 |
| Wynn Resorts Ltd. | 9,491 | 1,177 |
| Fox Corp. Class A | 31,850 | 1,167 |
| Adient plc | 47,200 | 1,146 |
* | GCI Liberty Inc. Class A | 18,355 | 1,128 |
* | Liberty Media Corp-Liberty SiriusXM Class C | 29,296 | 1,113 |
| Genuine Parts Co. | 10,203 | 1,057 |
| Darden Restaurants Inc. | 8,680 | 1,057 |
Tax-Managed Balanced Fund
|
|
| Market |
|
|
| Value· |
|
| Shares | ($000) |
| Fortune Brands Home & Security Inc. | 18,483 | 1,056 |
* | Under Armour Inc. Class C | 47,288 | 1,050 |
* | Caesars Entertainment Corp. | 87,964 | 1,040 |
* | Under Armour Inc. Class A | 40,980 | 1,039 |
* | Live Nation Entertainment Inc. | 15,645 | 1,036 |
| Advance Auto Parts Inc. | 6,656 | 1,026 |
| Service Corp. International | 21,408 | 1,001 |
* | ServiceMaster Global Holdings Inc. | 18,967 | 988 |
| Gentex Corp. | 39,660 | 976 |
| Hasbro Inc. | 9,200 | 972 |
* | Liberty Media Corp-Liberty SiriusXM Class A | 25,335 | 958 |
| Dunkin’ Brands Group Inc. | 11,883 | 947 |
* | Henry Schein Inc. | 13,422 | 938 |
| Polaris Industries Inc. | 10,200 | 931 |
* | Liberty Media Corp-Liberty Formula One Class A | 25,794 | 925 |
| PVH Corp. | 9,530 | 902 |
| Tiffany & Co. | 9,500 | 890 |
* | DISH Network Corp. Class A | 22,973 | 882 |
| News Corp. Class A | 62,267 | 840 |
| Toll Brothers Inc. | 22,801 | 835 |
* | Wayfair Inc. | 5,518 | 806 |
| PulteGroup Inc. | 25,300 | 800 |
* | Burlington Stores Inc. | 4,636 | 789 |
* | Liberty Media Corp-Liberty Formula One Class C | 20,129 | 753 |
* | LKQ Corp. | 27,985 | 745 |
| Wendy’s Co. | 37,068 | 726 |
| Coty Inc. Class A | 51,586 | 691 |
| Kohl’s Corp. | 14,485 | 689 |
| Vail Resorts Inc. | 3,000 | 670 |
| Wyndham Hotels & Resorts Inc. | 11,225 | 626 |
| BorgWarner Inc. | 14,652 | 615 |
| Harley-Davidson Inc. | 16,990 | 609 |
| Garmin Ltd. | 7,500 | 598 |
* | Mohawk Industries Inc. | 4,057 | 598 |
* | Liberty Broadband Corp. Class A | 5,805 | 597 |
* | TripAdvisor Inc. | 12,822 | 594 |
| Viacom Inc. Class B | 19,324 | 577 |
| L Brands Inc. | 21,900 | 572 |
| Williams-Sonoma Inc. | 8,700 | 565 |
| Fox Corp. Class B | 15,334 | 560 |
| Thor Industries Inc. | 9,533 | 557 |
| Carter’s Inc. | 5,600 | 546 |
| Whirlpool Corp. | 3,582 | 510 |
| Ralph Lauren Corp. Class A | 4,373 | 497 |
| Nielsen Holdings plc | 21,928 | 496 |
| Brunswick Corp. | 10,728 | 492 |
| Interpublic Group of Cos. Inc. | 21,783 | 492 |
* | Capri Holdings Ltd. | 14,070 | 488 |
| Tapestry Inc. | 15,120 | 480 |
| Aramark | 13,199 | 476 |
| H&R Block Inc. | 16,100 | 472 |
| AMERCO | 1,222 | 463 |
| Hanesbrands Inc. | 26,300 | 453 |
* | AMC Networks Inc. Class A | 7,849 | 428 |
| Foot Locker Inc. | 8,700 | 365 |
| Newell Brands Inc. | 22,794 | 351 |
* | Murphy USA Inc. | 4,131 | 347 |
| Hyatt Hotels Corp. Class A | 4,521 | 344 |
* | Mattel Inc. | 30,537 | 342 |
| John Wiley & Sons Inc. Class A | 7,218 | 331 |
* | Qurate Retail Group Inc. QVC Group Class A | 25,338 | 314 |
* | Tempur Sealy International Inc. | 4,272 | 313 |
* | Skechers U.S.A. Inc. Class A | 9,759 | 307 |
| Gap Inc. | 16,771 | 301 |
* | Avis Budget Group Inc. | 8,434 | 297 |
* | Vista Outdoor Inc. | 32,307 | 287 |
* | Grand Canyon Education Inc. | 2,451 | 287 |
* | Urban Outfitters Inc. | 12,377 | 282 |
| Nordstrom Inc. | 8,000 | 255 |
* | AutoNation Inc. | 5,897 | 247 |
* | Discovery Communications Inc. Class A | 7,816 | 240 |
| Pool Corp. | 1,184 | 226 |
* | Sally Beauty Holdings Inc. | 16,347 | 218 |
* | Liberty Expedia Holdings Inc. Class A | 4,472 | 214 |
* | Hertz Global Holdings Inc. | 13,023 | 208 |
| Brinker International Inc. | 4,837 | 190 |
* | Dropbox Inc. Class A | 7,446 | 187 |
| Dick’s Sporting Goods Inc. | 5,100 | 177 |
* | Fitbit Inc. Class A | 37,859 | 167 |
| Penske Automotive Group Inc. | 3,473 | 164 |
| Dillard’s Inc. Class A | 2,353 | 147 |
* | IAA Inc. | 3,700 | 143 |
* | Michaels Cos. Inc. | 16,098 | 140 |
| Tribune Media Co. Class A | 2,480 | 115 |
| Extended Stay America Inc. | 6,727 | 114 |
| Lennar Corp. Class B | 2,807 | 108 |
* | 2U Inc. | 2,464 | 93 |
| KAR Auction Services Inc. | 3,700 | 92 |
Tax-Managed Balanced Fund
|
|
| Market |
|
|
| Value· |
|
| Shares | ($000) |
| Cinemark Holdings Inc. | 2,058 | 74 |
| Goodyear Tire & Rubber Co. | 3,600 | 55 |
| Cable One Inc. | 40 | 47 |
| Graham Holdings Co. Class B | 59 | 41 |
| Choice Hotels International Inc. | 444 | 39 |
| Columbia Sportswear Co. | 358 | 36 |
| Leggett & Platt Inc. | 853 | 33 |
| Lions Gate Entertainment Corp. Class A | 2,223 | 27 |
* | Hertz Global Holdings Inc. Rights Exp. 07/12/2019 | 13,023 | 25 |
| Lions Gate Entertainment Corp. Class B | 1,700 | 20 |
| Entercom Communications Corp. Class A | 171 | 1 |
|
|
| 381,630 |
Consumer Staples (2.7%) |
|
| |
| Procter & Gamble Co. | 222,217 | 24,366 |
| Coca-Cola Co. | 346,544 | 17,646 |
| PepsiCo Inc. | 126,164 | 16,544 |
| Philip Morris International Inc. | 138,649 | 10,888 |
| Mondelez International Inc. Class A | 134,037 | 7,225 |
| Colgate-Palmolive Co. | 78,870 | 5,653 |
| Altria Group Inc. | 97,180 | 4,601 |
| Kimberly-Clark Corp. | 30,521 | 4,068 |
* | Monster Beverage Corp. | 55,718 | 3,556 |
| CVS Health Corp. | 60,292 | 3,285 |
| General Mills Inc. | 59,114 | 3,105 |
| Sysco Corp. | 43,197 | 3,055 |
| Constellation Brands Inc. Class A | 14,236 | 2,804 |
| Tyson Foods Inc. Class A | 30,613 | 2,472 |
| Archer-Daniels-Midland Co. | 58,573 | 2,390 |
| Hershey Co. | 14,600 | 1,957 |
* | US Foods Holding Corp. | 53,722 | 1,921 |
| McCormick & Co. Inc. | 12,380 | 1,919 |
* | Corteva Inc. | 59,120 | 1,748 |
| Walgreens Boots Alliance Inc. | 31,518 | 1,723 |
| Church & Dwight Co. Inc. | 22,910 | 1,674 |
| Brown-Forman Corp. Class B | 28,063 | 1,556 |
| Clorox Co. | 10,000 | 1,531 |
| JM Smucker Co. | 12,251 | 1,411 |
| Kroger Co. | 58,600 | 1,272 |
| Hormel Foods Corp. | 28,084 | 1,139 |
| Conagra Brands Inc. | 36,300 | 963 |
* | Post Holdings Inc. | 9,186 | 955 |
| Lamb Weston Holdings Inc. | 14,100 | 893 |
* | Herbalife Nutrition Ltd. | 20,063 | 858 |
| Campbell Soup Co. | 21,400 | 857 |
| Molson Coors Brewing Co. Class B | 14,000 | 784 |
| Ingredion Inc. | 9,319 | 769 |
* | Sprouts Farmers Market Inc. | 40,225 | 760 |
| Bunge Ltd. | 12,614 | 703 |
* | TreeHouse Foods Inc. | 12,870 | 696 |
| Kellogg Co. | 11,900 | 637 |
| Keurig Dr Pepper Inc. | 18,165 | 525 |
| Casey’s General Stores Inc. | 2,214 | 345 |
* | Pilgrim’s Pride Corp. | 13,227 | 336 |
* | Hain Celestial Group Inc. | 13,160 | 288 |
| Energizer Holdings Inc. | 6,965 | 269 |
* | Edgewell Personal Care Co. | 7,985 | 215 |
| Flowers Foods Inc. | 7,464 | 174 |
| Kraft Heinz Co. | 3,259 | 101 |
| Seaboard Corp. | 23 | 95 |
| Spectrum Brands Holdings Inc. | 983 | 53 |
|
|
| 140,785 |
Energy (2.3%) |
|
| |
| Exxon Mobil Corp. | 366,387 | 28,076 |
| Chevron Corp. | 174,060 | 21,660 |
| ConocoPhillips | 100,712 | 6,143 |
| EOG Resources Inc. | 51,556 | 4,803 |
| Phillips 66 | 38,775 | 3,627 |
| Kinder Morgan Inc. | 171,400 | 3,579 |
| Marathon Petroleum Corp. | 61,071 | 3,413 |
| Valero Energy Corp. | 39,000 | 3,339 |
| Anadarko Petroleum Corp. | 46,992 | 3,316 |
| Pioneer Natural Resources Co. | 17,785 | 2,736 |
| ONEOK Inc. | 36,402 | 2,505 |
| Diamondback Energy Inc. | 17,865 | 1,947 |
| Concho Resources Inc. | 18,530 | 1,912 |
* | Cheniere Energy Inc. | 26,147 | 1,790 |
| Occidental Petroleum Corp. | 35,566 | 1,788 |
* | Extraction Oil & Gas Inc. | 356,960 | 1,546 |
* | Apergy Corp. | 45,782 | 1,536 |
| Devon Energy Corp. | 52,854 | 1,507 |
| Hess Corp. | 23,030 | 1,464 |
| Williams Cos. Inc. | 52,100 | 1,461 |
| Baker Hughes a GE Co. Class A | 54,250 | 1,336 |
* | Centennial Resource Development Inc. Class A | 163,710 | 1,243 |
| Schlumberger Ltd. | 29,400 | 1,168 |
| Marathon Oil Corp. | 81,782 | 1,162 |
| Helmerich & Payne Inc. | 21,715 | 1,099 |
| National Oilwell Varco Inc. | 47,929 | 1,065 |
| Apache Corp. | 34,038 | 986 |
| Noble Energy Inc. | 42,872 | 960 |
Tax-Managed Balanced Fund
|
|
| Market |
|
|
| Value· |
|
| Shares | ($000) |
* | WPX Energy Inc. | 75,380 | 868 |
| Cabot Oil & Gas Corp. | 37,604 | 863 |
* | Continental Resources Inc. | 20,065 | 845 |
| Halliburton Co. | 30,664 | 697 |
* | First Solar Inc. | 10,605 | 697 |
* | Transocean Ltd. | 107,090 | 686 |
| HollyFrontier Corp. | 12,892 | 597 |
| Patterson-UTI Energy Inc. | 50,602 | 582 |
| Murphy Oil Corp. | 18,800 | 463 |
| Cimarex Energy Co. | 7,776 | 461 |
| Nabors Industries Ltd. | 133,500 | 387 |
| PBF Energy Inc. Class A | 12,000 | 376 |
| Valvoline Inc. | 17,015 | 332 |
| EQT Corp. | 19,810 | 313 |
* | Parsley Energy Inc. Class A | 15,666 | 298 |
* | CNX Resources Corp. | 29,639 | 217 |
* | Whiting Petroleum Corp. | 11,592 | 217 |
* | Chesapeake Energy Corp. | 95,620 | 186 |
* | QEP Resources Inc. | 24,055 | 174 |
* | CONSOL Energy Inc. | 5,640 | 150 |
* | Antero Resources Corp. | 23,252 | 129 |
| RPC Inc. | 17,717 | 128 |
| Arcosa Inc. | 1,968 | 74 |
| Encana Corp. | 8,819 | 45 |
| Kosmos Energy Ltd. | 6,584 | 41 |
| SM Energy Co. | 2,600 | 33 |
| Ensco Rowan plc Class A | 2,990 | 26 |
| Range Resources Corp. | 3,314 | 23 |
|
|
| 117,075 |
Financial Services (9.8%) |
|
| |
* | Berkshire Hathaway Inc. |
|
|
| Class B | 175,935 | 37,504 |
| JPMorgan Chase & Co. | 298,516 | 33,374 |
| Visa Inc. Class A | 157,019 | 27,251 |
| Bank of America Corp. | 816,936 | 23,691 |
| Mastercard Inc. Class A | 80,396 | 21,267 |
| Wells Fargo & Co. | 367,091 | 17,371 |
| Citigroup Inc. | 217,336 | 15,220 |
* | PayPal Holdings Inc. | 118,393 | 13,551 |
| American Tower Corp. | 40,219 | 8,223 |
| American Express Co. | 58,598 | 7,233 |
| US Bancorp | 130,672 | 6,847 |
| Goldman Sachs Group Inc. | 31,593 | 6,464 |
| CME Group Inc. | 31,395 | 6,094 |
| Chubb Ltd. | 40,602 | 5,980 |
| PNC Financial Services Group Inc. | 39,840 | 5,469 |
| Crown Castle International Corp. | 39,583 | 5,160 |
| BlackRock Inc. | 10,331 | 4,848 |
| Morgan Stanley | 108,719 | 4,763 |
| Simon Property Group Inc. | 29,278 | 4,677 |
| S&P Global Inc. | 20,231 | 4,608 |
* | Fiserv Inc. | 50,213 | 4,577 |
| Prologis Inc. | 56,910 | 4,558 |
| Aon plc | 22,428 | 4,328 |
| American International Group Inc. | 79,900 | 4,257 |
| Marsh & McLennan Cos. Inc. | 42,297 | 4,219 |
| Charles Schwab Corp. | 104,805 | 4,212 |
| Intercontinental Exchange Inc. | 47,087 | 4,047 |
| Progressive Corp. | 49,497 | 3,956 |
| Equinix Inc. | 7,396 | 3,730 |
| Capital One Financial Corp. | 39,892 | 3,620 |
| MetLife Inc. | 72,340 | 3,593 |
| Public Storage | 14,772 | 3,518 |
| Bank of New York Mellon Corp. | 79,501 | 3,510 |
* | SBA Communications Corp. Class A | 15,519 | 3,489 |
| Travelers Cos. Inc. | 23,146 | 3,461 |
* | Worldpay Inc. Class A | 27,520 | 3,373 |
| Aflac Inc. | 60,874 | 3,337 |
* | Square Inc. | 45,108 | 3,272 |
| Prudential Financial Inc. | 32,132 | 3,245 |
| Fidelity National Information Services Inc. | 26,381 | 3,236 |
| BB&T Corp. | 63,919 | 3,140 |
| Allstate Corp. | 29,585 | 3,009 |
| Welltower Inc. | 34,803 | 2,837 |
| Moody’s Corp. | 14,200 | 2,773 |
| Global Payments Inc. | 16,510 | 2,644 |
* | First Data Corp. Class A | 96,457 | 2,611 |
| Total System Services Inc. | 19,934 | 2,557 |
| Equity Residential | 33,625 | 2,553 |
| SunTrust Banks Inc. | 37,898 | 2,382 |
| Ventas Inc. | 33,100 | 2,262 |
* | FleetCor Technologies Inc. | 7,768 | 2,182 |
| Digital Realty Trust Inc. | 18,310 | 2,157 |
| AvalonBay Communities Inc. | 10,200 | 2,072 |
| T. Rowe Price Group Inc. | 18,574 | 2,038 |
* | CBRE Group Inc. Class A | 38,701 | 1,985 |
| Synchrony Financial | 57,247 | 1,985 |
| MSCI Inc. Class A | 8,302 | 1,982 |
* | Markel Corp. | 1,770 | 1,929 |
| Willis Towers Watson plc | 10,000 | 1,915 |
| Hartford Financial Services Group Inc. | 33,742 | 1,880 |
| Loews Corp. | 34,103 | 1,864 |
* | Alleghany Corp. | 2,733 | 1,861 |
| Discover Financial Services | 23,903 | 1,855 |
* | Zillow Group Inc. | 39,849 | 1,849 |
* | Athene Holding Ltd. Class A | 42,724 | 1,840 |
| Essex Property Trust Inc. | 5,973 | 1,744 |
Tax-Managed Balanced Fund
|
|
| Market |
|
|
| Value· |
|
| Shares | ($000) |
| M&T Bank Corp. | 10,199 | 1,735 |
| State Street Corp. | 30,669 | 1,719 |
| First Republic Bank | 17,026 | 1,663 |
| Realty Income Corp. | 24,100 | 1,662 |
| Equifax Inc. | 12,213 | 1,652 |
| Boston Properties Inc. | 12,781 | 1,649 |
* | Arch Capital Group Ltd. | 44,027 | 1,633 |
* | Brighthouse Financial Inc. | 43,160 | 1,584 |
| AGNC Investment Corp. | 92,155 | 1,550 |
| Equity Commonwealth | 46,427 | 1,510 |
| KeyCorp | 84,218 | 1,495 |
| Fifth Third Bancorp | 53,575 | 1,495 |
| Ameriprise Financial Inc. | 10,193 | 1,480 |
| Comerica Inc. | 20,326 | 1,476 |
* | SVB Financial Group | 6,567 | 1,475 |
| TransUnion | 19,883 | 1,462 |
| E*TRADE Financial Corp. | 32,518 | 1,450 |
| Zions Bancorp NA | 30,699 | 1,412 |
| Extra Space Storage Inc. | 13,300 | 1,411 |
| Torchmark Corp. | 15,679 | 1,403 |
| Nasdaq Inc. | 14,423 | 1,387 |
| Franklin Resources Inc. | 38,675 | 1,346 |
| Reinsurance Group of America Inc. Class A | 8,395 | 1,310 |
| Regions Financial Corp. | 87,002 | 1,300 |
| HCP Inc. | 40,614 | 1,299 |
| Northern Trust Corp. | 14,372 | 1,293 |
| Equity LifeStyle Properties Inc. | 10,523 | 1,277 |
| WR Berkley Corp. | 19,249 | 1,269 |
| Huntington Bancshares Inc. | 89,700 | 1,240 |
| Lincoln National Corp. | 19,230 | 1,239 |
| FactSet Research Systems Inc. | 4,244 | 1,216 |
| Cboe Global Markets Inc. | 11,525 | 1,194 |
* | Western Alliance Bancorp | 26,646 | 1,192 |
| TD Ameritrade Holding Corp. | 23,647 | 1,180 |
| Alexandria Real Estate Equities Inc. | 8,330 | 1,175 |
| Citizens Financial Group Inc. | 31,943 | 1,130 |
| Camden Property Trust | 10,700 | 1,117 |
| American Homes 4 Rent Class A | 45,625 | 1,109 |
| Host Hotels & Resorts Inc. | 60,499 | 1,102 |
| Mid-America Apartment Communities Inc. | 9,294 | 1,094 |
| Everest Re Group Ltd. | 4,400 | 1,088 |
| Principal Financial Group Inc. | 18,700 | 1,083 |
* | Howard Hughes Corp. | 8,728 | 1,081 |
| SEI Investments Co. | 18,913 | 1,061 |
| Lamar Advertising Co. Class A | 13,067 | 1,055 |
| Weyerhaeuser Co. | 39,846 | 1,050 |
| Raymond James Financial Inc. | 11,434 | 967 |
| Douglas Emmett Inc. | 24,033 | 957 |
| East West Bancorp Inc. | 20,444 | 956 |
| Federal Realty Investment Trust | 7,319 | 942 |
| Broadridge Financial Solutions Inc. | 7,331 | 936 |
| Apartment Investment & Management Co. | 18,480 | 926 |
| Arthur J Gallagher & Co. | 10,570 | 926 |
| Synovus Financial Corp. | 26,425 | 925 |
| Kilroy Realty Corp. | 12,189 | 900 |
| Hanover Insurance Group Inc. | 6,939 | 890 |
* | Credit Acceptance Corp. | 1,822 | 882 |
| Brown & Brown Inc. | 26,238 | 879 |
| Cincinnati Financial Corp. | 8,401 | 871 |
| Navient Corp. | 61,273 | 836 |
| RenaissanceRe Holdings Ltd. | 4,651 | 828 |
| Vornado Realty Trust | 12,900 | 827 |
| Fidelity National Financial Inc. | 20,332 | 819 |
| Unum Group | 24,293 | 815 |
| Ally Financial Inc. | 26,054 | 807 |
* | WEX Inc. | 3,748 | 780 |
| Assurant Inc. | 7,242 | 770 |
| JBG SMITH Properties | 19,287 | 759 |
| Invesco Ltd. | 37,000 | 757 |
| Associated Banc-Corp | 35,476 | 750 |
| TCF Financial Corp. | 35,874 | 746 |
| Voya Financial Inc. | 13,412 | 742 |
| MarketAxess Holdings Inc. | 2,300 | 739 |
| Duke Realty Corp. | 23,013 | 727 |
| Jones Lang LaSalle Inc. | 5,012 | 705 |
| Sterling Bancorp | 32,600 | 694 |
| WP Carey Inc. | 8,400 | 682 |
| Commerce Bancshares Inc. | 11,196 | 668 |
| Western Union Co. | 32,876 | 654 |
| New Residential Investment Corp. | 40,541 | 624 |
| UDR Inc. | 13,895 | 624 |
| VEREIT Inc. | 68,000 | 613 |
| Starwood Property Trust Inc. | 26,200 | 595 |
| Popular Inc. | 10,841 | 588 |
| Invitation Homes Inc. | 21,896 | 585 |
| Kimco Realty Corp. | 31,300 | 578 |
* | Euronet Worldwide Inc. | 3,392 | 571 |
| Santander Consumer USA Holdings Inc. | 23,585 | 565 |
| Assured Guaranty Ltd. | 13,302 | 560 |
Tax-Managed Balanced Fund
|
|
| Market |
|
|
| Value· |
|
| Shares | ($000) |
| Jack Henry & Associates Inc. | 4,132 | 553 |
| Legg Mason Inc. | 14,354 | 549 |
| Gaming and Leisure Properties Inc. | 13,700 | 534 |
| Omega Healthcare Investors Inc. | 14,000 | 515 |
| New York Community Bancorp Inc. | 50,788 | 507 |
| SL Green Realty Corp. | 6,259 | 503 |
| Wyndham Destinations Inc. | 11,225 | 493 |
| Alliance Data Systems Corp. | 3,477 | 487 |
| Park Hotels & Resorts Inc. | 17,624 | 486 |
| First Horizon National Corp. | 32,130 | 480 |
| Sun Communities Inc. | 3,700 | 474 |
| American Financial Group Inc. | 4,520 | 463 |
| Affiliated Managers Group Inc. | 4,984 | 459 |
* | Fair Isaac Corp. | 1,440 | 452 |
| CyrusOne Inc. | 7,600 | 439 |
| Outfront Media Inc. | 17,000 | 438 |
| First Hawaiian Inc. | 16,576 | 429 |
| Weingarten Realty Investors | 15,484 | 425 |
| SITE Centers Corp. | 31,400 | 416 |
| Chimera Investment Corp. | 21,783 | 411 |
| CNA Financial Corp. | 8,693 | 409 |
| MFA Financial Inc. | 55,156 | 396 |
| Brookfield Property REIT Inc. Class A | 20,850 | 394 |
| OneMain Holdings Inc. | 11,211 | 379 |
| Brixmor Property Group Inc. | 20,800 | 372 |
| CoreSite Realty Corp. | 3,037 | 350 |
| Regency Centers Corp. | 5,233 | 349 |
| Annaly Capital Management Inc. | 37,800 | 345 |
| BankUnited Inc. | 10,000 | 337 |
| Lazard Ltd. Class A | 9,725 | 334 |
| LPL Financial Holdings Inc. | 4,000 | 326 |
| Jefferies Financial Group Inc. | 16,533 | 318 |
| National Retail Properties Inc. | 5,800 | 307 |
* | Texas Capital Bancshares Inc. | 5,009 | 307 |
| Spirit Realty Capital Inc. | 7,200 | 307 |
| Old Republic International Corp. | 13,642 | 305 |
| Liberty Property Trust | 6,100 | 305 |
| BOK Financial Corp. | 4,040 | 305 |
| White Mountains Insurance Group Ltd. | 298 | 304 |
| First American Financial Corp. | 5,600 | 301 |
| Brandywine Realty Trust | 20,600 | 295 |
* | CoreLogic Inc. | 6,976 | 292 |
| Interactive Brokers Group Inc. | 5,220 | 283 |
| VICI Properties Inc. | 12,500 | 276 |
| Signature Bank | 2,248 | 272 |
| Apple Hospitality REIT Inc. | 16,400 | 260 |
* | Zillow Group Inc. Class A | 5,369 | 246 |
| Corporate Office Properties Trust | 9,060 | 239 |
| Retail Properties of America Inc. | 19,700 | 232 |
| Hudson Pacific Properties Inc. | 6,800 | 226 |
| Umpqua Holdings Corp. | 12,000 | 199 |
| American Campus Communities Inc. | 4,260 | 197 |
| AXA Equitable Holdings Inc. | 9,264 | 194 |
| Medical Properties Trust Inc. | 10,779 | 188 |
| CIT Group Inc. | 3,500 | 184 |
| Healthcare Trust of America Inc. Class A | 6,500 | 178 |
| CubeSmart | 5,009 | 168 |
| STORE Capital Corp. | 4,944 | 164 |
| Eaton Vance Corp. | 3,800 | 164 |
| Axis Capital Holdings Ltd. | 2,600 | 155 |
| Rayonier Inc. | 5,100 | 155 |
| Evercore Inc. Class A | 1,600 | 142 |
| Morningstar Inc. | 964 | 139 |
| EPR Properties | 1,518 | 113 |
| FNB Corp. | 8,934 | 105 |
| First Citizens BancShares Inc. Class A | 229 | 103 |
| Taubman Centers Inc. | 2,484 | 101 |
| Pinnacle Financial Partners Inc. | 1,700 | 98 |
| BGC Partners Inc. Class A | 15,300 | 80 |
| Cullen/Frost Bankers Inc. | 800 | 75 |
| Highwoods Properties Inc. | 1,638 | 68 |
| SLM Corp. | 6,800 | 66 |
| Webster Financial Corp. | 998 | 48 |
| Mercury General Corp. | 711 | 44 |
| Bank of Hawaii Corp. | 443 | 37 |
| Wintrust Financial Corp. | 497 | 36 |
| People’s United Financial Inc. | 2,142 | 36 |
| PacWest Bancorp | 905 | 35 |
| Empire State Realty Trust Inc. | 2,287 | 34 |
| Paramount Group Inc. | 2,332 | 33 |
| Life Storage Inc. | 342 | 33 |
| Columbia Property Trust Inc. | 1,558 | 32 |
| Prosperity Bancshares Inc. | 487 | 32 |
| Virtu Financial Inc. Class A | 1,264 | 28 |
|
|
| 510,155 |
Tax-Managed Balanced Fund
|
|
| Market |
|
|
| Value· |
|
| Shares | ($000) |
Health Care (6.4%) |
|
| |
| Johnson & Johnson | 237,487 | 33,077 |
| Pfizer Inc. | 533,150 | 23,096 |
| UnitedHealth Group Inc. | 88,062 | 21,488 |
| Merck & Co. Inc. | 239,480 | 20,080 |
| Abbott Laboratories | 156,188 | 13,135 |
| Medtronic plc | 124,710 | 12,146 |
| Amgen Inc. | 58,906 | 10,855 |
| Thermo Fisher Scientific Inc. | 35,013 | 10,283 |
| Eli Lilly & Co. | 82,252 | 9,113 |
| Danaher Corp. | 56,851 | 8,125 |
| Anthem Inc. | 24,296 | 6,857 |
| Stryker Corp. | 30,449 | 6,260 |
| Becton Dickinson and Co. | 24,169 | 6,091 |
| AbbVie Inc. | 83,654 | 6,083 |
* | Celgene Corp. | 65,326 | 6,039 |
| Gilead Sciences Inc. | 88,002 | 5,945 |
| Cigna Corp. | 34,929 | 5,503 |
* | Boston Scientific Corp. | 125,265 | 5,384 |
* | Intuitive Surgical Inc. | 10,232 | 5,367 |
| Zoetis Inc. | 46,568 | 5,285 |
* | Illumina Inc. | 13,328 | 4,907 |
* | Vertex Pharmaceuticals Inc. | 23,495 | 4,309 |
| Bristol-Myers Squibb Co. | 93,960 | 4,261 |
| Baxter International Inc. | 45,000 | 3,686 |
| HCA Healthcare Inc. | 27,087 | 3,661 |
| Humana Inc. | 13,448 | 3,568 |
* | Edwards Lifesciences Corp. | 19,230 | 3,553 |
* | Biogen Inc. | 15,020 | 3,513 |
| Allergan plc | 18,705 | 3,132 |
* | Alexion Pharmaceuticals Inc. | 20,097 | 2,632 |
* | IQVIA Holdings Inc. | 14,714 | 2,368 |
* | Elanco Animal Health Inc. | 68,229 | 2,306 |
| McKesson Corp. | 16,936 | 2,276 |
| Agilent Technologies Inc. | 29,707 | 2,218 |
* | IDEXX Laboratories Inc. | 7,776 | 2,141 |
* | QIAGEN NV | 52,694 | 2,137 |
| Zimmer Biomet Holdings Inc. | 18,070 | 2,128 |
* | Laboratory Corp. of America Holdings | 12,244 | 2,117 |
* | Regeneron Pharmaceuticals Inc. | 6,762 | 2,117 |
* | Align Technology Inc. | 7,159 | 1,959 |
* | Penumbra Inc. | 11,995 | 1,919 |
* | Veeva Systems Inc. Class A | 11,830 | 1,918 |
* | Masimo Corp. | 12,799 | 1,905 |
| Cerner Corp. | 25,793 | 1,891 |
* | Centene Corp. | 36,050 | 1,890 |
| Cooper Cos. Inc. | 5,136 | 1,730 |
| Quest Diagnostics Inc. | 16,919 | 1,723 |
| Cardinal Health Inc. | 32,745 | 1,542 |
* | BioMarin Pharmaceutical Inc. | 17,664 | 1,513 |
* | Varian Medical Systems Inc. | 10,913 | 1,486 |
* | Incyte Corp. | 17,015 | 1,446 |
* | Exact Sciences Corp. | 11,972 | 1,413 |
| ResMed Inc. | 11,300 | 1,379 |
* | Hologic Inc. | 27,922 | 1,341 |
| AmerisourceBergen Corp. Class A | 15,706 | 1,339 |
| Universal Health Services Inc. Class B | 10,172 | 1,326 |
| Teleflex Inc. | 3,932 | 1,302 |
| PerkinElmer Inc. | 13,223 | 1,274 |
* | DexCom Inc. | 7,664 | 1,148 |
| Dentsply Sirona Inc. | 18,983 | 1,108 |
* | Sage Therapeutics Inc. | 5,863 | 1,073 |
* | Jazz Pharmaceuticals plc | 7,135 | 1,017 |
* | Mylan NV | 53,168 | 1,012 |
* | Bio-Rad Laboratories Inc. Class A | 3,207 | 1,002 |
* | Sarepta Therapeutics Inc. | 6,466 | 983 |
* | ABIOMED Inc. | 3,660 | 953 |
* | WellCare Health Plans Inc. | 3,262 | 930 |
* | Charles River Laboratories International Inc. | 6,510 | 924 |
| Hill-Rom Holdings Inc. | 8,722 | 913 |
* | Catalent Inc. | 16,316 | 885 |
* | Bluebird Bio Inc. | 6,858 | 872 |
| Bio-Techne Corp. | 4,125 | 860 |
* | Ionis Pharmaceuticals Inc. | 13,373 | 860 |
* | Moderna Inc. | 57,749 | 845 |
* | Seattle Genetics Inc. | 12,096 | 837 |
* | Molina Healthcare Inc. | 5,692 | 815 |
* | Neurocrine Biosciences Inc. | 9,423 | 796 |
* | DaVita Inc. | 14,089 | 793 |
* | Alnylam Pharmaceuticals Inc. | 9,775 | 709 |
* | Exelixis Inc. | 31,721 | 678 |
| Perrigo Co. plc | 13,878 | 661 |
* | Premier Inc. Class A | 16,244 | 635 |
| STERIS plc | 4,000 | 596 |
| Chemed Corp. | 1,300 | 469 |
* | United Therapeutics Corp. | 5,483 | 428 |
| West Pharmaceutical Services Inc. | 3,341 | 418 |
* | MEDNAX Inc. | 15,543 | 392 |
* | Insulet Corp. | 3,110 | 371 |
* | Acadia Healthcare Co. Inc. | 10,507 | 367 |
* | PRA Health Sciences Inc. | 3,171 | 314 |
* | Agios Pharmaceuticals Inc. | 5,863 | 292 |
* | Nektar Therapeutics Class A | 8,100 | 288 |
Tax-Managed Balanced Fund
|
|
| Market |
|
|
| Value· |
|
| Shares | ($000) |
* | Varex Imaging Corp. | 8,495 | 260 |
* | ICU Medical Inc. | 977 | 246 |
* | Integra LifeSciences Holdings Corp. | 4,195 | 234 |
* | Tenet Healthcare Corp. | 7,499 | 155 |
| Encompass Health Corp. | 2,416 | 153 |
* | Alkermes plc | 6,313 | 142 |
* | Mallinckrodt plc | 11,378 | 104 |
* | Endo International plc | 22,615 | 93 |
| Patterson Cos. Inc. | 3,600 | 82 |
| Amcor plc | 6,788 | 78 |
| Bruker Corp. | 1,500 | 75 |
|
|
| 334,404 |
Materials & Processing (1.5%) |
|
| |
| Linde plc | 49,487 | 9,937 |
| DuPont de Nemours Inc. | 59,121 | 4,438 |
| Air Products & Chemicals Inc. | 18,500 | 4,188 |
| Ecolab Inc. | 20,400 | 4,028 |
| Dow Inc. | 67,187 | 3,313 |
| Sherwin-Williams Co. | 7,060 | 3,236 |
| Newmont Goldcorp Corp. | 72,089 | 2,773 |
| Ingersoll-Rand plc | 20,400 | 2,584 |
| LyondellBasell Industries NV Class A | 28,438 | 2,449 |
| PPG Industries Inc. | 19,800 | 2,311 |
| Ball Corp. | 30,836 | 2,158 |
| Vulcan Materials Co. | 13,386 | 1,838 |
| Freeport-McMoRan Inc. | 148,924 | 1,729 |
* | Alcoa Corp. | 72,147 | 1,689 |
| Celanese Corp. Class A | 14,628 | 1,577 |
| Martin Marietta Materials Inc. | 6,586 | 1,516 |
* | Univar Inc. | 68,437 | 1,508 |
| International Paper Co. | 31,443 | 1,362 |
| Lennox International Inc. | 4,681 | 1,287 |
* | Crown Holdings Inc. | 20,669 | 1,263 |
* | Berry Global Group Inc. | 23,007 | 1,210 |
| Hexcel Corp. | 14,466 | 1,170 |
| Fastenal Co. | 35,846 | 1,168 |
| International Flavors & Fragrances Inc. | 7,630 | 1,107 |
| Nucor Corp. | 20,043 | 1,104 |
| CF Industries Holdings Inc. | 17,959 | 839 |
| Sealed Air Corp. | 19,269 | 824 |
| Armstrong World Industries Inc. | 8,089 | 786 |
| Owens Corning | 13,342 | 777 |
| Westrock Co. | 20,760 | 757 |
| FMC Corp. | 9,098 | 755 |
| Masco Corp. | 19,089 | 749 |
| Albemarle Corp. | 10,400 | 732 |
| Reliance Steel & Aluminum Co. | 7,600 | 719 |
| Eagle Materials Inc. | 7,542 | 699 |
| Eastman Chemical Co. | 8,219 | 640 |
| Silgan Holdings Inc. | 18,967 | 580 |
| Packaging Corp. of America | 6,052 | 577 |
| Huntsman Corp. | 27,900 | 570 |
| Southern Copper Corp. | 14,656 | 569 |
| Mosaic Co. | 21,230 | 531 |
| Valmont Industries Inc. | 4,136 | 525 |
| Westlake Chemical Corp. | 7,433 | 516 |
| WR Grace & Co. | 6,600 | 502 |
| Scotts Miracle-Gro Co. | 5,042 | 497 |
| Ashland Global Holdings Inc. | 6,198 | 496 |
| Olin Corp. | 22,500 | 493 |
| Owens-Illinois Inc. | 27,105 | 468 |
* | Element Solutions Inc. | 44,184 | 457 |
| NewMarket Corp. | 1,129 | 453 |
* | Axalta Coating Systems Ltd. | 14,220 | 423 |
| Versum Materials Inc. | 8,023 | 414 |
| Royal Gold Inc. | 3,900 | 400 |
| RPM International Inc. | 6,500 | 397 |
* | AdvanSix Inc. | 12,170 | 297 |
| Cabot Corp. | 5,900 | 282 |
| Graphic Packaging Holding Co. | 15,800 | 221 |
| Steel Dynamics Inc. | 7,100 | 214 |
| GrafTech International Ltd. | 17,200 | 198 |
| AptarGroup Inc. | 1,500 | 187 |
* | Livent Corp. | 25,659 | 178 |
| Timken Co. | 3,100 | 159 |
| Acuity Brands Inc. | 1,067 | 147 |
| United States Steel Corp. | 8,000 | 122 |
| Domtar Corp. | 2,136 | 95 |
| Chemours Co. | 3,914 | 94 |
| Sonoco Products Co. | 1,300 | 85 |
| Watsco Inc. | 500 | 82 |
| Ardagh Group SA | 3,458 | 61 |
|
|
| 80,510 |
Other (0.0%) |
|
| |
* | Uber Technologies Inc. | 3,845 | 178 |
* | Lyft Inc. Class A | 2,246 | 148 |
* | Pinterest Inc. Class A | 3,569 | 97 |
* | Zoom Video Communications Inc. Class A | 973 | 86 |
*,§ | Herbalife Ltd. CVR | 3,294 | 32 |
*,§ | Tahoe Resources Inc. CVR Exp. 02/27/2029 | 22,786 | 5 |
|
|
| 546 |
Producer Durables (5.0%) |
|
| |
| Boeing Co. | 47,052 | 17,127 |
| Honeywell International Inc. | 63,834 | 11,145 |
| Union Pacific Corp. | 62,786 | 10,618 |
| Accenture plc Class A | 57,431 | 10,612 |
| United Technologies Corp. | 73,286 | 9,542 |
Tax-Managed Balanced Fund
|
|
| Market |
|
|
| Value· |
|
| Shares | ($000) |
| 3M Co. | 49,987 | 8,665 |
| Lockheed Martin Corp. | 22,492 | 8,177 |
| General Electric Co. | 767,418 | 8,058 |
| Caterpillar Inc. | 49,756 | 6,781 |
| Automatic Data Processing Inc. | 38,034 | 6,288 |
| United Parcel Service Inc. Class B | 60,781 | 6,277 |
| CSX Corp. | 63,354 | 4,902 |
| Deere & Co. | 26,980 | 4,471 |
| Norfolk Southern Corp. | 21,800 | 4,345 |
| Northrop Grumman Corp. | 12,446 | 4,021 |
| Illinois Tool Works Inc. | 26,375 | 3,978 |
| Raytheon Co. | 22,435 | 3,901 |
| Waste Management Inc. | 33,651 | 3,882 |
| FedEx Corp. | 22,369 | 3,673 |
| Emerson Electric Co. | 54,190 | 3,616 |
| Delta Air Lines Inc. | 62,899 | 3,570 |
* | United Airlines Holdings Inc. | 37,419 | 3,276 |
| Roper Technologies Inc. | 8,710 | 3,190 |
| General Dynamics Corp. | 17,491 | 3,180 |
| Eaton Corp. plc | 37,345 | 3,110 |
* | TransDigm Group Inc. | 5,456 | 2,640 |
| Southwest Airlines Co. | 50,666 | 2,573 |
| Cintas Corp. | 10,373 | 2,461 |
* | Mettler-Toledo International Inc. | 2,719 | 2,284 |
* | CoStar Group Inc. | 3,752 | 2,079 |
| AMETEK Inc. | 22,442 | 2,039 |
| Xylem Inc. | 23,614 | 1,975 |
| Verisk Analytics Inc. Class A | 13,447 | 1,969 |
| Paychex Inc. | 23,684 | 1,949 |
* | Copart Inc. | 25,143 | 1,879 |
* | Waters Corp. | 8,370 | 1,802 |
| IDEX Corp. | 10,462 | 1,801 |
| Cummins Inc. | 10,321 | 1,768 |
| PACCAR Inc. | 23,928 | 1,715 |
| Fortive Corp. | 20,386 | 1,662 |
| Textron Inc. | 30,558 | 1,621 |
* | Gardner Denver Holdings Inc. | 46,162 | 1,597 |
| Parker-Hannifin Corp. | 9,302 | 1,581 |
| Stanley Black & Decker Inc. | 10,910 | 1,578 |
* | Resideo Technologies Inc. | 70,732 | 1,550 |
| Rockwell Automation Inc. | 9,203 | 1,508 |
| Expeditors International of Washington Inc. | 19,686 | 1,493 |
* | United Rentals Inc. | 11,176 | 1,482 |
* | Conduent Inc. | 153,489 | 1,472 |
| Huntington Ingalls Industries Inc. | 6,494 | 1,459 |
* | Welbilt Inc. | 86,726 | 1,448 |
* | Keysight Technologies Inc. | 16,038 | 1,440 |
| Republic Services Inc. Class A | 16,510 | 1,430 |
| L3 Technologies Inc. | 5,789 | 1,419 |
| Allegion plc | 12,833 | 1,419 |
* | Sensata Technologies Holding plc | 27,745 | 1,360 |
* | AECOM | 33,909 | 1,283 |
| CH Robinson Worldwide Inc. | 15,011 | 1,266 |
* | Colfax Corp. | 44,463 | 1,246 |
* | HD Supply Holdings Inc. | 30,397 | 1,224 |
* | Gates Industrial Corp. plc | 106,451 | 1,215 |
| Jacobs Engineering Group Inc. | 14,361 | 1,212 |
| Nordson Corp. | 8,492 | 1,200 |
* | Trimble Inc. | 26,321 | 1,187 |
| Wabtec Corp. | 16,047 | 1,152 |
| Spirit AeroSystems Holdings Inc. Class A | 13,411 | 1,091 |
| Carlisle Cos. Inc. | 7,633 | 1,072 |
| AO Smith Corp. | 22,475 | 1,060 |
| ITT Inc. | 16,144 | 1,057 |
| Oshkosh Corp. | 12,558 | 1,049 |
| Johnson Controls International plc | 25,378 | 1,048 |
* | Zebra Technologies Corp. | 4,990 | 1,045 |
| JB Hunt Transport Services Inc. | 11,052 | 1,010 |
| FLIR Systems Inc. | 18,391 | 995 |
* | Kirby Corp. | 12,202 | 964 |
| BWX Technologies Inc. | 17,602 | 917 |
| AGCO Corp. | 11,695 | 907 |
| Toro Co. | 13,011 | 870 |
| Landstar System Inc. | 7,935 | 857 |
| Air Lease Corp. Class A | 20,291 | 839 |
| Arconic Inc. | 32,466 | 838 |
* | Genesee & Wyoming Inc. Class A | 8,376 | 838 |
| Robert Half International Inc. | 14,500 | 827 |
| Lincoln Electric Holdings Inc. | 9,765 | 804 |
| Xerox Corp. | 22,618 | 801 |
| Quanta Services Inc. | 20,704 | 791 |
| Dover Corp. | 7,663 | 768 |
| Flowserve Corp. | 14,313 | 754 |
* | Teledyne Technologies Inc. | 2,710 | 742 |
* | XPO Logistics Inc. | 12,470 | 721 |
| WW Grainger Inc. | 2,682 | 719 |
* | Clean Harbors Inc. | 9,697 | 689 |
| Donaldson Co. Inc. | 13,286 | 676 |
| National Instruments Corp. | 14,511 | 609 |
| Kansas City Southern | 5,000 | 609 |
| Copa Holdings SA Class A | 5,839 | 570 |
Tax-Managed Balanced Fund
|
|
| Market |
|
|
| Value· |
|
| Shares | ($000) |
* | JetBlue Airways Corp. | 29,633 | 548 |
| ManpowerGroup Inc. | 5,650 | 546 |
| Avery Dennison Corp. | 4,600 | 532 |
| Terex Corp. | 16,100 | 506 |
| Knight-Swift Transportation Holdings Inc. | 14,300 | 470 |
* | Middleby Corp. | 3,255 | 442 |
| Ryder System Inc. | 7,500 | 437 |
| Snap-on Inc. | 2,597 | 430 |
* | WESCO International Inc. | 8,404 | 426 |
| Old Dominion Freight Line Inc. | 2,837 | 423 |
* | Stericycle Inc. | 8,849 | 423 |
| Genpact Ltd. | 11,065 | 421 |
| Trinity Industries Inc. | 19,100 | 396 |
| MSC Industrial Direct Co. Inc. Class A | 5,300 | 394 |
| HEICO Corp. Class A | 3,638 | 376 |
| Pentair plc | 10,087 | 375 |
| Booz Allen Hamilton Holding Corp. Class A | 4,900 | 324 |
* | Herc Holdings Inc. | 7,008 | 321 |
| Hubbell Inc. Class B | 2,200 | 287 |
| nVent Electric plc | 10,087 | 250 |
| Graco Inc. | 4,912 | 247 |
| Fluor Corp. | 6,858 | 231 |
| Regal Beloit Corp. | 2,800 | 229 |
| HEICO Corp. | 1,087 | 145 |
| Littelfuse Inc. | 768 | 136 |
| Rollins Inc. | 3,712 | 133 |
| Schneider National Inc. Class B | 6,200 | 113 |
| ADT Inc. | 14,100 | 86 |
| Altra Industrial Motion Corp. | 2,386 | 86 |
| Allison Transmission Holdings Inc. | 1,200 | 56 |
| American Airlines Group Inc. | 1,200 | 39 |
| Curtiss-Wright Corp. | 305 | 39 |
| Crane Co. | 451 | 38 |
|
|
| 258,285 |
Technology (10.7%) |
|
| |
| Microsoft Corp. | 670,300 | 89,793 |
| Apple Inc. | 419,549 | 83,037 |
* | Facebook Inc. Class A | 210,792 | 40,683 |
* | Alphabet Inc. Class C | 27,635 | 29,871 |
* | Alphabet Inc. Class A | 25,754 | 27,886 |
| Cisco Systems Inc. | 409,381 | 22,405 |
| Intel Corp. | 398,000 | 19,052 |
* | Adobe Inc. | 44,894 | 13,228 |
| Oracle Corp. | 215,417 | 12,272 |
| International Business Machines Corp. | 83,403 | 11,501 |
| Broadcom Inc. | 35,849 | 10,320 |
* | salesforce.com Inc. | 65,757 | 9,977 |
| Texas Instruments Inc. | 85,640 | 9,828 |
| NVIDIA Corp. | 51,262 | 8,419 |
| QUALCOMM Inc. | 108,398 | 8,246 |
| Intuit Inc. | 21,024 | 5,494 |
* | Micron Technology Inc. | 138,310 | 5,337 |
* | ServiceNow Inc. | 15,824 | 4,345 |
* | Red Hat Inc. | 22,594 | 4,242 |
| Applied Materials Inc. | 90,715 | 4,074 |
* | Advanced Micro Devices Inc. | 129,923 | 3,946 |
* | Workday Inc. Class A | 19,059 | 3,918 |
| Analog Devices Inc. | 32,108 | 3,624 |
* | Autodesk Inc. | 21,648 | 3,526 |
| HP Inc. | 160,973 | 3,347 |
* | Electronic Arts Inc. | 28,432 | 2,879 |
| Cognizant Technology Solutions Corp. Class A | 45,015 | 2,854 |
| Activision Blizzard Inc. | 59,760 | 2,821 |
| Motorola Solutions Inc. | 15,878 | 2,647 |
| Lam Research Corp. | 14,049 | 2,639 |
| Xilinx Inc. | 21,429 | 2,527 |
| Amphenol Corp. Class A | 26,138 | 2,508 |
* | Atlassian Corp. plc Class A | 18,735 | 2,451 |
* | Okta Inc. | 19,409 | 2,397 |
* | Twilio Inc. Class A | 17,478 | 2,383 |
* | Twitter Inc. | 66,643 | 2,326 |
| Corning Inc. | 68,131 | 2,264 |
* | GoDaddy Inc. Class A | 31,357 | 2,200 |
| Hewlett Packard Enterprise Co. | 146,129 | 2,185 |
| VMware Inc. Class A | 12,837 | 2,146 |
* | Black Knight Inc. | 34,912 | 2,100 |
| NXP Semiconductors NV | 21,499 | 2,099 |
* | Synopsys Inc. | 16,191 | 2,084 |
* | VeriSign Inc. | 9,853 | 2,061 |
* | IHS Markit Ltd. | 31,574 | 2,012 |
| Microchip Technology Inc. | 20,570 | 1,783 |
| Harris Corp. | 8,981 | 1,699 |
* | Palo Alto Networks Inc. | 8,303 | 1,692 |
| KLA-Tencor Corp. | 14,117 | 1,669 |
* | Splunk Inc. | 13,214 | 1,662 |
* | Dell Technologies Inc. | 31,626 | 1,607 |
* | Teradata Corp. | 44,755 | 1,604 |
* | Cadence Design Systems Inc. | 22,559 | 1,597 |
| NetApp Inc. | 25,771 | 1,590 |
* | IAC/InterActiveCorp | 7,081 | 1,540 |
* | DocuSign Inc. Class A | 29,825 | 1,483 |
| Match Group Inc. | 21,895 | 1,473 |
| Maxim Integrated Products Inc. | 24,329 | 1,455 |
* | Arista Networks Inc. | 5,603 | 1,455 |
* | ANSYS Inc. | 7,069 | 1,448 |
Tax-Managed Balanced Fund
|
|
| Market |
|
|
| Value· |
|
| Shares | ($000) |
* | Ceridian HCM Holding Inc. | 28,778 | 1,445 |
* | EchoStar Corp. Class A | 32,155 | 1,425 |
| Western Digital Corp. | 29,474 | 1,401 |
* | Akamai Technologies Inc. | 17,101 | 1,370 |
| DXC Technology Co. | 24,682 | 1,361 |
* | Pure Storage Inc. Class A | 88,978 | 1,359 |
| Skyworks Solutions Inc. | 17,100 | 1,321 |
* | Nutanix Inc. | 50,512 | 1,310 |
* | SolarWinds Corp. | 70,513 | 1,293 |
* | Covetrus Inc. | 52,756 | 1,290 |
* | Gartner Inc. | 7,774 | 1,251 |
* | Pluralsight Inc. Class A | 40,602 | 1,231 |
| Marvell Technology Group Ltd. | 51,555 | 1,231 |
| Symantec Corp. | 56,039 | 1,219 |
* | Elastic NV | 14,895 | 1,112 |
| Citrix Systems Inc. | 11,127 | 1,092 |
| Juniper Networks Inc. | 40,200 | 1,071 |
* | Tableau Software Inc. Class A | 6,373 | 1,058 |
* | F5 Networks Inc. | 6,859 | 999 |
| CDW Corp. | 8,857 | 983 |
| SS&C Technologies Holdings Inc. | 16,600 | 956 |
* | PTC Inc. | 10,469 | 940 |
| Teradyne Inc. | 19,532 | 936 |
| Amdocs Ltd. | 14,500 | 900 |
* | ON Semiconductor Corp. | 42,506 | 859 |
* | Paycom Software Inc. | 3,751 | 850 |
* | Take-Two Interactive Software Inc. | 7,416 | 842 |
* | Tyler Technologies Inc. | 3,832 | 828 |
| Leidos Holdings Inc. | 10,350 | 826 |
* | Fortinet Inc. | 10,756 | 826 |
| Avnet Inc. | 17,300 | 783 |
* | Zendesk Inc. | 8,670 | 772 |
* | Qorvo Inc. | 11,320 | 754 |
| Cypress Semiconductor Corp. | 32,500 | 723 |
* | Guidewire Software Inc. | 7,046 | 714 |
| CDK Global Inc. | 14,435 | 714 |
| Universal Display Corp. | 3,786 | 712 |
* | Proofpoint Inc. | 5,609 | 674 |
* | Arrow Electronics Inc. | 8,763 | 625 |
| Sabre Corp. | 27,200 | 604 |
* | EPAM Systems Inc. | 3,426 | 593 |
* | RingCentral Inc. Class A | 4,984 | 573 |
| Dolby Laboratories Inc. Class A | 8,275 | 535 |
| MKS Instruments Inc. | 6,500 | 506 |
* | GrubHub Inc. | 6,229 | 486 |
* | Nuance Communications Inc. | 29,402 | 470 |
* | Zynga Inc. Class A | 75,196 | 461 |
| Cognex Corp. | 9,600 | 461 |
* | Manhattan Associates Inc. | 6,606 | 458 |
* | NCR Corp. | 14,237 | 443 |
* | IPG Photonics Corp. | 2,131 | 329 |
* | FireEye Inc. | 20,696 | 307 |
| Jabil Inc. | 8,300 | 262 |
* | Inovalon Holdings Inc. Class A | 17,520 | 254 |
| Monolithic Power Systems Inc. | 1,800 | 244 |
* | Yelp Inc. Class A | 6,304 | 215 |
| LogMeIn Inc. | 2,900 | 214 |
* | Coherent Inc. | 1,542 | 210 |
* | Groupon Inc. Class A | 56,664 | 203 |
* | Aspen Technology Inc. | 1,506 | 187 |
* | CommScope Holding Co. Inc. | 10,677 | 168 |
| Switch Inc. | 12,674 | 166 |
* | RealPage Inc. | 2,592 | 153 |
| Pegasystems Inc. | 1,468 | 105 |
| Perspecta Inc. | 4,425 | 104 |
* | Cree Inc. | 1,543 | 87 |
* | Slack Technologies Inc. Class A | 1,575 | 59 |
| Ubiquiti Networks Inc. | 306 | 40 |
|
|
| 558,664 |
Utilities (2.4%) |
|
| |
| Verizon Communications Inc. | 384,874 | 21,988 |
| AT&T Inc. | 505,718 | 16,947 |
| NextEra Energy Inc. | 47,042 | 9,637 |
| Duke Energy Corp. | 76,972 | 6,792 |
| Dominion Energy Inc. | 75,797 | 5,861 |
| Southern Co. | 101,616 | 5,617 |
| Exelon Corp. | 84,900 | 4,070 |
| American Electric Power Co. Inc. | 45,700 | 4,022 |
| Sempra Energy | 26,229 | 3,605 |
* | T-Mobile US Inc. | 44,063 | 3,267 |
| Consolidated Edison Inc. | 33,700 | 2,955 |
| Public Service Enterprise Group Inc. | 49,300 | 2,900 |
| American Water Works Co. Inc. | 22,184 | 2,573 |
| WEC Energy Group Inc. | 27,832 | 2,320 |
| Xcel Energy Inc. | 37,904 | 2,255 |
| PPL Corp. | 61,004 | 1,892 |
| DTE Energy Co. | 14,767 | 1,888 |
| Edison International | 26,717 | 1,801 |
| Eversource Energy | 22,187 | 1,681 |
| FirstEnergy Corp. | 38,600 | 1,653 |
* | PG&E Corp. | 61,036 | 1,399 |
| NiSource Inc. | 42,649 | 1,228 |
| Alliant Energy Corp. | 24,226 | 1,189 |
Tax-Managed Balanced Fund
|
|
| Market |
|
|
| Value· |
|
| Shares | ($000) |
| Evergy Inc. | 19,735 | 1,187 |
| Ameren Corp. | 15,737 | 1,182 |
| Entergy Corp. | 11,483 | 1,182 |
| CMS Energy Corp. | 20,227 | 1,171 |
| CenterPoint Energy Inc. | 39,500 | 1,131 |
| OGE Energy Corp. | 23,786 | 1,012 |
| NRG Energy Inc. | 28,315 | 994 |
* | Zayo Group Holdings Inc. | 29,089 | 957 |
| AES Corp. | 53,469 | 896 |
| Vistra Energy Corp. | 39,091 | 885 |
| Aqua America Inc. | 20,886 | 864 |
| UGI Corp. | 15,661 | 836 |
| Telephone & Data Systems Inc. | 22,046 | 670 |
| Atmos Energy Corp. | 5,445 | 575 |
| Pinnacle West Capital Corp. | 5,958 | 561 |
* | United States Cellular Corp. | 11,461 | 512 |
* | Sprint Corp. | 76,183 | 501 |
| National Fuel Gas Co. | 5,771 | 304 |
| MDU Resources Group Inc. | 9,950 | 257 |
| Avangrid Inc. | 4,545 | 230 |
| Hawaiian Electric Industries Inc. | 1,058 | 46 |
|
|
| 123,493 |
Total Common Stocks |
| 2,505,547 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
Tax-Exempt Municipal Bonds (51.8%) |
|
|
|
|
| |
Alabama (0.5%) |
|
|
|
|
| |
| Alabama 21st Century Authority Tobacco Settlement Revenue | 5.000% | 6/1/20 |
| 500 | 515 |
| Alabama Economic Settlement Authority BP Settlement Revenue | 4.000% | 9/15/33 |
| 500 | 540 |
| Alabama Incentives Financing Authority Special Obligation Revenue | 5.000% | 9/1/32 |
| 380 | 414 |
| Birmingham-Jefferson AL Civic Center Authority Special Tax Revenue | 5.000% | 7/1/31 |
| 1,100 | 1,337 |
| Black Belt Energy Gas District Alabama Gas Prepay Revenue (Project No. 3) PUT | 4.000% | 12/1/23 |
| 1,555 | 1,681 |
2 | Black Belt Energy Gas District Alabama Gas Prepay Revenue (Project No. 3) PUT, 67% of 1M USD LIBOR + 0.900% | 2.535% | 12/1/23 |
| 1,000 | 981 |
| Black Belt Energy Gas District Alabama Gas Supply Revenue PUT | 4.000% | 6/1/21 |
| 3,885 | 4,057 |
| Black Belt Energy Gas District Alabama Gas Supply Revenue PUT | 4.000% | 7/1/22 |
| 430 | 459 |
| Huntsville AL Electric System Revenue | 5.000% | 12/1/30 |
| 510 | 629 |
| Huntsville AL GO | 5.000% | 5/1/35 |
| 1,125 | 1,372 |
| Jefferson County AL Revenue | 5.000% | 9/15/29 |
| 1,020 | 1,234 |
| Jefferson County AL Revenue | 5.000% | 9/15/33 |
| 1,000 | 1,189 |
| Jefferson County AL Sewer Revenue | 5.000% | 10/1/23 |
| 500 | 562 |
| Jefferson County AL Sewer Revenue | 0.000% | 10/1/25 | (4) | 500 | 424 |
| Southeast Alabama Gas Supply District Revenue PUT | 4.000% | 4/1/24 |
| 6,185 | 6,706 |
| Southeast Alabama Gas Supply District Revenue PUT | 4.000% | 6/1/24 |
| 1,105 | 1,203 |
| Tuscaloosa AL City Board of Education School Tax Warrants Revenue | 5.000% | 8/1/27 |
| 530 | 644 |
| Tuscaloosa AL City Board of Education School Tax Warrants Revenue | 5.000% | 8/1/28 |
| 1,090 | 1,319 |
| University of South Alabama University Facilities Revenue | 5.000% | 11/1/23 | (4) | 740 | 841 |
|
|
|
|
|
| 26,107 |
Alaska (0.1%) |
|
|
|
|
| |
| Alaska Housing Finance Corp. Revenue | 5.000% | 6/1/22 | (Prere.) | 425 | 469 |
| Alaska Housing Finance Corp. Revenue | 5.000% | 12/1/29 |
| 75 | 81 |
| Alaska Municipal Bond Bank Authority Revenue | 5.000% | 9/1/21 |
| 1,650 | 1,776 |
| Matanuska-Susitna Borough AK Lease Revenue (Goose Creek Correctional Center) GO | 5.000% | 9/1/31 |
| 1,345 | 1,565 |
|
|
|
|
|
| 3,891 |
Arizona (1.1%) |
|
|
|
|
| |
| Arizona Board of Regents Arizona State University System Revenue | 5.000% | 7/1/30 |
| 675 | 795 |
| Arizona Board of Regents Arizona State University System Revenue | 5.000% | 7/1/31 |
| 545 | 628 |
3 | Arizona COP | 5.000% | 10/1/26 |
| 2,000 | 2,461 |
3 | Arizona Lottery Revenue | 5.000% | 7/1/28 |
| 1,000 | 1,254 |
| Arizona School Facilities Board COP | 5.000% | 9/1/21 |
| 1,355 | 1,461 |
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 |
| 1,165 | 1,379 |
| Arizona Transportation Board Excise Tax Revenue | 5.000% | 7/1/21 |
| 2,240 | 2,405 |
| Arizona Transportation Board Excise Tax Revenue | 5.000% | 7/1/23 |
| 2,100 | 2,402 |
| Arizona Transportation Board Excise Tax Revenue | 5.000% | 7/1/24 |
| 2,110 | 2,482 |
| Arizona Transportation Board Excise Tax Revenue (Maricopa County Regional Area) | 5.000% | 7/1/20 | (Prere.) | 500 | 519 |
| Arizona Transportation Board Highway Revenue | 5.000% | 7/1/22 | (Prere.) | 500 | 555 |
| Arizona Transportation Board Highway Revenue | 5.000% | 7/1/22 |
| 2,210 | 2,450 |
| Arizona Transportation Board Highway Revenue | 5.000% | 7/1/32 |
| 1,025 | 1,233 |
| Arizona Water Infrastructure Finance Authority Revenue | 5.000% | 10/1/27 |
| 1,000 | 1,175 |
| Chandler AZ GO | 5.000% | 7/1/23 |
| 1,125 | 1,286 |
| Gilbert AZ GO | 5.000% | 7/1/20 |
| 2,480 | 2,572 |
| Glendale AZ Industrial Development Authority Revenue (Midwestern University) | 5.000% | 5/15/30 |
| 335 | 345 |
| Maricopa County AZ Industrial Development Authority Hospital Revenue (Honorhealth) | 5.000% | 9/1/33 |
| 830 | 997 |
| Maricopa County AZ School District No. 28 (Kyrene Elementary) GO | 4.000% | 7/1/19 |
| 900 | 900 |
| Maricopa County AZ Unified School District No. 4 (Mesa) GO | 5.000% | 7/1/24 |
| 1,700 | 1,994 |
| Phoenix AZ Civic Improvement Corp. Airport Revenue | 5.000% | 7/1/20 | (Prere.) | 365 | 378 |
| Phoenix AZ Civic Improvement Corp. Excise Tax Revenue | 5.000% | 7/1/22 |
| 1,145 | 1,270 |
| Phoenix AZ Civic Improvement Corp. Wastewater System Revenue | 5.000% | 7/1/22 |
| 2,290 | 2,538 |
| Phoenix AZ Civic Improvement Corp. Wastewater System Revenue | 5.000% | 7/1/27 |
| 1,295 | 1,591 |
| Phoenix AZ Civic Improvement Corp. Wastewater System Revenue | 4.000% | 7/1/28 |
| 2,000 | 2,220 |
| Phoenix AZ Civic Improvement Corp. Water System Revenue | 5.000% | 7/1/21 |
| 525 | 564 |
| Phoenix AZ Civic Improvement Corp. Water System Revenue | 5.000% | 7/1/22 |
| 1,260 | 1,397 |
| Phoenix AZ Civic Improvement Corp. Water System Revenue | 5.000% | 7/1/23 |
| 2,030 | 2,320 |
| Phoenix AZ Civic Improvement Corp. Water System Revenue | 5.000% | 7/1/26 |
| 2,520 | 2,952 |
| Phoenix AZ Civic Improvement Corp. Water System Revenue | 5.000% | 7/1/35 |
| 1,900 | 2,266 |
| Phoenix AZ Industrial Development Authority Lease Revenue (Downtown Phoenix Student Housing LLC) | 5.000% | 7/1/27 |
| 300 | 355 |
| Phoenix AZ Industrial Development Authority Lease Revenue (Downtown Phoenix Student Housing LLC) | 5.000% | 7/1/28 |
| 250 | 300 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| Pima County AZ Sewer Revenue | 5.000% | 7/1/20 |
| 500 | 518 |
| Pima County AZ Sewer Revenue | 5.000% | 7/1/20 |
| 1,150 | 1,192 |
| Pima County AZ Sewer Revenue | 5.000% | 7/1/24 |
| 1,105 | 1,298 |
| Regional Public Transportation Authority Arizona Excise Tax Revenue (Maricopa County Public Transportation) | 5.250% | 7/1/24 |
| 1,125 | 1,336 |
| Salt River Project Arizona Agricultural Improvement & Power District Revenue | 5.000% | 12/1/28 |
| 515 | 558 |
| Salt River Project Arizona Agricultural Improvement & Power District Revenue | 5.000% | 12/1/29 |
| 2,000 | 2,197 |
| Salt River Project Arizona Agricultural Improvement & Power District Revenue | 5.000% | 1/1/36 |
| 1,540 | 1,853 |
| Salt Verde AZ Financial Corp. Gas Revenue | 5.250% | 12/1/24 |
| 910 | 1,056 |
| Salt Verde AZ Financial Corp. Gas Revenue | 5.250% | 12/1/28 |
| 640 | 797 |
| University Medical Center Corp. Arizona Hospital Revenue | 5.000% | 7/1/19 | (ETM) | 500 | 500 |
| Yavapai County AZ Industrial Development Authority Hospital Facility Revenue (Northern Arizona Healthcare System) | 5.250% | 10/1/22 |
| 500 | 541 |
|
|
|
|
|
| 59,290 |
Arkansas (0.2%) |
|
|
|
|
| |
| Arkansas Development Finance Authority Healthcare Revenue (Baptist Health) PUT | 3.750% | 9/1/25 |
| 2,000 | 2,022 |
| Pulaski County AR Hospital Revenue (Arkansas Children’s Hospital) | 5.000% | 3/1/29 |
| 1,055 | 1,265 |
| Rogers AR Sales & Use Tax Revenue | 2.125% | 11/1/21 | (Prere.) | 55 | 56 |
| Springdale AR Sales and Use Revenue | 5.000% | 4/1/37 | (15) | 1,000 | 1,119 |
| Springdale AR School District No. 50 GO | 4.000% | 6/1/27 |
| 1,190 | 1,278 |
| Springdale AR School District No. 50 GO | 4.000% | 6/1/32 |
| 1,155 | 1,224 |
| University of Arkansas Revenue | 5.000% | 11/1/21 |
| 805 | 873 |
| University of Arkansas Revenue | 5.000% | 11/1/24 |
| 775 | 914 |
| University of Arkansas Revenue | 5.000% | 11/1/30 |
| 765 | 929 |
|
|
|
|
|
| 9,680 |
California (5.0%) |
|
|
|
|
| |
| ABAG Finance Authority for Nonprofit Corps. California Revenue (Episcopal Senior Communities) | 5.000% | 7/1/22 |
| 500 | 551 |
| ABAG Finance Authority for Nonprofit Corps. California Revenue (Jackson Laboratory) | 5.000% | 7/1/21 |
| 760 | 815 |
| ABAG Finance Authority for Nonprofit Corps. California Revenue (Windemere Ranch Infrastructure Financing Program) | 5.000% | 9/2/30 | (4) | 1,120 | 1,381 |
| Alameda CA Corridor Transportation Authority Revenue | 0.000% | 10/1/30 | (2) | 740 | 535 |
| Alameda CA Corridor Transportation Authority Revenue | 0.000% | 10/1/32 | (14) | 1,690 | 1,144 |
| Anaheim CA Housing & Public Improvements Authority Revenue (Electric Utility Distribution System) | 5.000% | 10/1/30 |
| 1,000 | 1,134 |
| Anaheim CA Housing & Public Improvements Authority Revenue (Electric Utility Distribution System) | 5.000% | 10/1/33 |
| 1,015 | 1,148 |
| Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) | 5.000% | 10/1/20 | (Prere.) | 500 | 524 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) | 5.000% | 4/1/23 | (Prere.) | 1,000 | 1,144 |
| Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) | 5.000% | 4/1/31 |
| 500 | 549 |
| Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) | 4.000% | 4/1/33 |
| 1,000 | 1,133 |
| Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) | 4.000% | 4/1/37 |
| 820 | 905 |
| Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) PUT | 1.375% | 4/1/20 |
| 1,000 | 1,000 |
| Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) PUT | 1.875% | 4/1/20 |
| 1,500 | 1,502 |
| Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) PUT | 2.100% | 4/1/22 |
| 1,150 | 1,165 |
| Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) PUT | 2.125% | 4/1/25 |
| 2,950 | 3,024 |
| Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) PUT | 2.850% | 4/1/25 |
| 1,000 | 1,063 |
| Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) PUT | 2.625% | 4/1/26 |
| 2,000 | 2,124 |
| Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) PUT | 2.950% | 4/1/26 |
| 1,000 | 1,075 |
2 | Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) PUT, SIFMA Municipal Swap Index Yield + 0.600% | 2.500% | 4/1/20 |
| 1,000 | 1,001 |
2 | Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) PUT, SIFMA Municipal Swap Index Yield + 0.700% | 2.600% | 4/1/21 |
| 1,000 | 1,004 |
2 | Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) PUT, SIFMA Municipal Swap Index Yield + 0.900% | 2.800% | 5/1/23 |
| 1,000 | 1,014 |
| Brea CA Redevelopment Agency Successor Agency Tax Allocation Revenue (Redevelopment Project AB) | 0.000% | 8/1/29 | (2) | 1,000 | 782 |
| California Department of Water Resources Power Supply Revenue | 5.000% | 5/1/20 |
| 1,165 | 1,203 |
| California Economic Recovery GO | 5.000% | 7/1/19 | (Prere.) | 500 | 500 |
| California Economic Recovery GO | 5.000% | 7/1/19 | (ETM) | 500 | 500 |
| California Economic Recovery GO | 5.250% | 7/1/19 | (Prere.) | 315 | 315 |
| California Economic Recovery GO | 5.250% | 7/1/19 | (Prere.) | 185 | 185 |
| California GO | 5.000% | 2/1/20 |
| 500 | 511 |
| California GO | 5.000% | 10/1/20 |
| 2,000 | 2,095 |
| California GO | 5.000% | 8/1/22 |
| 1,000 | 1,115 |
| California GO | 5.000% | 9/1/22 |
| 1,805 | 2,018 |
| California GO | 5.000% | 11/1/23 |
| 1,155 | 1,338 |
| California GO | 5.000% | 4/1/24 |
| 2,000 | 2,343 |
| California GO | 5.000% | 9/1/24 |
| 1,315 | 1,558 |
| California GO | 5.000% | 10/1/24 |
| 2,000 | 2,376 |
| California GO | 5.000% | 10/1/25 |
| 2,500 | 3,044 |
| California GO | 5.000% | 3/1/26 |
| 660 | 791 |
| California GO | 5.000% | 4/1/26 |
| 2,000 | 2,463 |
| California GO | 5.000% | 4/1/27 |
| 2,000 | 2,512 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| California GO | 3.500% | 8/1/27 |
| 1,515 | 1,722 |
| California GO | 5.000% | 2/1/28 |
| 690 | 780 |
| California GO | 5.000% | 9/1/29 |
| 455 | 560 |
| California GO | 5.000% | 11/1/29 |
| 1,700 | 1,960 |
| California GO | 5.250% | 3/1/30 |
| 500 | 513 |
| California GO | 5.000% | 4/1/30 |
| 500 | 658 |
| California GO | 5.000% | 9/1/30 |
| 1,000 | 1,078 |
| California GO | 5.250% | 9/1/30 |
| 500 | 542 |
| California GO | 4.000% | 8/1/31 |
| 1,675 | 1,895 |
| California GO | 5.000% | 2/1/32 |
| 500 | 546 |
| California GO | 5.000% | 4/1/32 |
| 2,500 | 3,196 |
| California GO | 5.000% | 10/1/32 |
| 1,875 | 2,202 |
| California GO | 4.000% | 8/1/33 |
| 1,520 | 1,710 |
| California GO | 5.000% | 8/1/33 |
| 2,865 | 3,453 |
| California GO | 4.000% | 9/1/33 |
| 2,000 | 2,248 |
| California Health Facilities Financing Authority Revenue (Adventist Health System/West) | 5.000% | 3/1/23 |
| 1,145 | 1,294 |
| California Health Facilities Financing Authority Revenue (Children’s Hospital of Los Angeles) | 5.000% | 11/15/23 |
| 1,000 | 1,106 |
| California Health Facilities Financing Authority Revenue (Kaiser Permanente) | 5.000% | 11/1/27 |
| 425 | 546 |
| California Health Facilities Financing Authority Revenue (Kaiser Permanente) | 4.000% | 11/1/38 |
| 2,000 | 2,214 |
| California Health Facilities Financing Authority Revenue (Kaiser Permanente) PUT | 5.000% | 11/1/22 |
| 760 | 850 |
| California Health Facilities Financing Authority Revenue (Lucile Salter Packard Children’s Hospital at Stanford) | 5.000% | 8/15/20 |
| 520 | 542 |
| California Health Facilities Financing Authority Revenue (Providence St. Joseph Health Obligated Group) PUT | 4.000% | 10/1/24 |
| 1,195 | 1,345 |
| California Health Facilities Financing Authority Revenue (Rady Children’s Hospital) | 5.000% | 8/15/31 |
| 965 | 1,034 |
| California Health Facilities Financing Authority Revenue (Sutter Health) | 5.500% | 8/15/20 | (Prere.) | 500 | 524 |
| California Health Facilities Financing Authority Revenue (Sutter Health) | 5.000% | 11/15/33 |
| 1,075 | 1,324 |
| California Health Facilities Financing Authority Revenue (Sutter Health) | 5.000% | 11/15/36 |
| 1,000 | 1,216 |
| California Infrastructure & Economic Development Bank Revenue (Bay Area Toll Bridges Seismic Retrofit) | 5.000% | 1/1/28 | (Prere.) | 500 | 648 |
| California Municipal Finance Authority Revenue (Anaheim Electric Utility Distribution System) | 5.000% | 10/1/30 |
| 965 | 1,158 |
| California Municipal Finance Authority Revenue (University of La Verne) | 6.125% | 6/1/20 | (Prere.) | 500 | 523 |
| 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 | 1,108 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| California Public Works Board Lease Revenue (Department of Corrections) | 5.000% | 6/1/27 |
| 1,050 | 1,159 |
| California Public Works Board Lease Revenue (Judicial Council Projects) | 5.000% | 10/1/26 |
| 1,200 | 1,419 |
| California Public Works Board Lease Revenue (Judicial Council Projects) | 5.000% | 3/1/28 |
| 300 | 338 |
| California Public Works Board Lease Revenue (Judicial Council Projects) | 5.125% | 12/1/29 |
| 260 | 283 |
| California Public Works Board Lease Revenue (Regents of The University of California) | 5.000% | 12/1/21 | (Prere.) | 35 | 38 |
| California Public Works Board Lease Revenue (Various Capital Projects) | 5.375% | 3/1/20 | (Prere.) | 1,000 | 1,028 |
| California Public Works Board Lease Revenue (Various Capital Projects) | 5.000% | 12/1/21 | (Prere.) | 25 | 27 |
| California Public Works Board Lease Revenue (Various Capital Projects) | 4.000% | 11/1/31 |
| 1,840 | 2,079 |
| California Public Works Board Lease Revenue (Various Capital Projects) | 5.000% | 11/1/31 |
| 1,000 | 1,112 |
| California Public Works Board Lease Revenue (Various Capital Projects) | 5.000% | 4/1/32 |
| 350 | 382 |
| California State Educational Facilities Authority Revenue | 6.125% | 10/1/21 | (Prere.) | 245 | 272 |
| California State Educational Facilities Authority Revenue | 6.125% | 10/1/21 | (Prere.) | 255 | 283 |
| California State University Systemwide Revenue | 5.000% | 11/1/30 |
| 1,000 | 1,121 |
| California State University Systemwide Revenue | 5.000% | 11/1/32 |
| 2,815 | 3,473 |
| California State University Systemwide Revenue | 5.000% | 11/1/32 |
| 1,000 | 1,211 |
| California State University Systemwide Revenue | 5.000% | 11/1/34 |
| 2,010 | 2,344 |
| California State University Systemwide Revenue | 5.000% | 11/1/35 |
| 2,000 | 2,435 |
| California State University Systemwide Revenue PUT | 3.000% | 11/1/19 |
| 1,000 | 1,001 |
| California Statewide Communities Development Authority Revenue (Citrus Valley Health Partners) | 6.200% | 7/26/19 | (14) | 1,500 | 1,500 |
| California Statewide Communities Development Authority Revenue (Loma Linda University Medical Center) | 5.000% | 12/1/28 |
| 400 | 460 |
| Centinela Valley CA Union High School District GO | 4.000% | 8/1/29 | (4) | 1,035 | 1,185 |
| Chabot-Las Positas CA Community College District GO | 5.000% | 8/1/31 |
| 1,000 | 1,142 |
| Chaffey CA Community College District GO | 5.000% | 6/1/23 |
| 840 | 964 |
| Chino CA Public Financing Authority Special Tax Revenue | 5.000% | 9/1/30 | (4) | 800 | 953 |
| Chula Vista CA Municipal Financing Authority Special Tax Revenue | 5.500% | 9/1/27 |
| 970 | 1,117 |
4 | Citrus CA Community College District GO, 5.000% coupon rate effective 2/1/2023 | 0.000% | 8/1/34 |
| 1,000 | 946 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| Contra Costa CA Community College District GO | 5.000% | 8/1/31 |
| 1,000 | 1,139 |
| Contra Costa CA Municipal Water District Revenue | 5.000% | 10/1/33 |
| 1,000 | 1,143 |
| Contra Costa CA Transportation Authority Sales Tax Revenue | 5.000% | 3/1/26 |
| 495 | 614 |
| Corona-Norco CA Unified School District Special Tax Revenue (Community Facilities District No. 98-1) | 5.000% | 9/1/22 |
| 970 | 1,083 |
| East Side CA Union High School District Santa Clara County GO | 3.000% | 8/1/32 | (4) | 1,000 | 1,044 |
4 | Foothill/Eastern Transportation Corridor Agency California Toll Road Revenue, 6.200% coupon rate effective 1/15/2024 | 0.000% | 1/15/29 |
| 1,390 | 1,376 |
| Gavilan CA Joint Community College District GO | 5.000% | 8/1/28 |
| 1,000 | 1,215 |
| Golden State Tobacco Securitization Corp. California Revenue | 5.000% | 6/1/25 |
| 500 | 578 |
| Golden State Tobacco Securitization Corp. California Revenue | 0.000% | 6/1/27 | (2) | 2,060 | 1,764 |
| Golden State Tobacco Securitization Corp. California Revenue | 5.000% | 6/1/33 |
| 1,565 | 1,836 |
| Golden State Tobacco Securitization Corp. California Revenue | 3.500% | 6/1/36 |
| 870 | 881 |
| La Quinta CA Redevelopment Agency Tax Allocation Revenue | 5.000% | 9/1/26 |
| 1,500 | 1,710 |
| La Quinta CA Redevelopment Agency Tax Allocation Revenue | 5.000% | 9/1/30 |
| 1,000 | 1,171 |
| La Verne CA (Brethren Hillcrest Homes) COP | 5.000% | 5/15/26 |
| 350 | 379 |
| Long Beach CA Finance Authority Natural Gas Purchase Revenue | 5.250% | 11/15/19 |
| 90 | 91 |
| Long Beach CA Finance Authority Natural Gas Purchase Revenue | 5.250% | 11/15/23 |
| 435 | 496 |
| Long Beach CA Harbor Revenue | 5.000% | 12/15/20 |
| 1,300 | 1,374 |
| Long Beach CA Unified School District GO | 0.000% | 8/1/24 | (12) | 1,290 | 1,188 |
| Los Angeles CA Community College District GO | 4.000% | 8/1/32 |
| 1,000 | 1,108 |
| Los Angeles CA Community College District GO | 4.000% | 8/1/37 |
| 2,000 | 2,154 |
| Los Angeles CA Department of Airports International Airport Revenue | 5.000% | 5/15/27 |
| 500 | 516 |
| Los Angeles CA Department of Water & Power Revenue | 5.000% | 7/1/24 |
| 500 | 500 |
| Los Angeles CA Department of Water & Power Revenue | 5.000% | 7/1/33 |
| 1,375 | 1,697 |
| Los Angeles CA Department of Water & Power Revenue | 5.000% | 7/1/35 |
| 1,330 | 1,664 |
| Los Angeles CA Department of Water & Power Revenue | 5.000% | 7/1/36 |
| 1,695 | 2,122 |
| Los Angeles CA Department of Water & Power Revenue | 5.000% | 7/1/36 |
| 1,000 | 1,190 |
| Los Angeles CA Department of Water & Power Revenue | 5.000% | 7/1/37 |
| 1,145 | 1,422 |
| Los Angeles CA Department of Water & Power Revenue | 5.000% | 7/1/37 |
| 1,000 | 1,204 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| Los Angeles CA Department of Water & Power Revenue | 5.000% | 7/1/38 |
| 2,550 | 3,162 |
| Los Angeles CA Department of Water & Power Revenue | 5.000% | 7/1/38 |
| 500 | 602 |
| Los Angeles CA Metropolitan Transportation Authority Sales Tax Revenue | 5.000% | 7/1/38 |
| 1,400 | 1,743 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/20 |
| 1,700 | 1,765 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/26 |
| 500 | 500 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/29 |
| 500 | 500 |
| Los Angeles CA Unified School District GO | 5.000% | 7/1/29 |
| 500 | 500 |
| Los Angeles CA Wastewater System Revenue | 5.000% | 6/1/36 |
| 1,755 | 2,142 |
| Los Angeles County CA Metropolitan Transportation Authority Sales Tax Revenue | 5.000% | 7/1/19 |
| 560 | 560 |
| Los Angeles County CA Metropolitan Transportation Authority Sales Tax Revenue | 5.000% | 7/1/31 |
| 1,970 | 2,472 |
| Los Angeles County CA Metropolitan Transportation Authority Sales Tax Revenue | 5.000% | 7/1/36 |
| 1,935 | 2,380 |
| Los Angeles County CA Public Works Financing Authority Lease Revenue | 5.000% | 8/1/26 |
| 500 | 558 |
| Los Angeles County CA Redevelopment Authority Tax Allocation Revenue (Hollywood/North Hollywood Redevelopment Project) | 5.000% | 7/1/20 |
| 1,500 | 1,558 |
| Los Angeles County CA School District GO | 5.000% | 7/1/36 | (15) | 1,000 | 1,227 |
| Los Angeles County CA Unified School District GO | 5.000% | 7/1/31 |
| 1,000 | 1,279 |
| Marysville CA Revenue (Fremont-Rideout Health Group) | 5.250% | 1/1/21 | (Prere.) | 600 | 636 |
| Milpitas CA Redevelopment Agency Successor Agency Tax Allocation Revenue | 5.000% | 9/1/31 |
| 1,130 | 1,344 |
4 | Napa Valley CA Community College District GO, 4.000% coupon rate effective 2/1/2021 | 0.000% | 8/1/32 |
| 1,090 | 1,137 |
| Napa Valley CA Unified School District GO | 4.000% | 8/1/28 |
| 1,690 | 1,857 |
| Newport Mesa CA Unified School District GO | 0.000% | 8/1/30 |
| 630 | 495 |
| Oakland CA Redevelopment Agency Tax Allocation Revenue (Central District Project) | 5.000% | 9/1/22 |
| 500 | 556 |
| Oakland CA Unified School District GO | 5.000% | 8/1/25 | (4) | 1,500 | 1,803 |
| Orange County CA Development Agency Tax Allocation Revenue (Santa Ana Heights Project) | 5.000% | 3/1/21 |
| 1,170 | 1,243 |
| Orange County CA Local Transportation Authority Sales Tax Revenue | 5.000% | 2/15/32 |
| 1,550 | 1,995 |
| Orange County CA Local Transportation Authority Sales Tax Revenue | 5.000% | 2/15/33 |
| 1,035 | 1,327 |
| Palomar Pomerado Health California GO | 0.000% | 8/1/22 | (14) | 1,000 | 945 |
| Palomar Pomerado Health California GO | 0.000% | 8/1/26 | (12) | 1,040 | 890 |
| Palomar Pomerado Health California GO | 0.000% | 8/1/32 | (12) | 740 | 511 |
| Perris CA Public Financing Authority Tax Allocation Revenue | 5.000% | 10/1/21 |
| 1,085 | 1,178 |
| Poway CA Unified School District GO | 5.000% | 8/1/24 |
| 1,750 | 2,076 |
| Poway CA Unified School District Public Financing Authority Special Tax Revenue | 5.000% | 9/1/31 | (4) | 1,395 | 1,693 |
| Riverside CA Electric Revenue | 5.000% | 10/1/32 |
| 1,800 | 2,308 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| Riverside County CA Transportation Commission Sales Tax Revenue | 5.250% | 6/1/23 | (Prere.) | 1,000 | 1,159 |
| Riverside County CA Transportation Commission Toll Revenue | 0.000% | 6/1/30 |
| 2,415 | 1,759 |
| Roseville CA Natural Gas Financing Authority Gas Revenue | 5.000% | 2/15/23 |
| 340 | 377 |
| Roseville CA Natural Gas Financing Authority Gas Revenue | 5.000% | 2/15/25 |
| 325 | 377 |
| Sacramento CA City Financing Authority Revenue | 5.000% | 12/1/22 | (15) | 760 | 857 |
| Sacramento CA City Financing Authority Tax Allocation Revenue | 0.000% | 12/1/30 | (14) | 1,815 | 1,325 |
| Sacramento CA Regional Transportation District Farebox Revenue | 5.000% | 9/1/20 | (Prere.) | 185 | 193 |
| Sacramento CA Regional Transportation District Farebox Revenue | 5.000% | 3/1/23 |
| 330 | 344 |
| Sacramento County CA Sanitation Districts Financing Authority Revenue | 5.000% | 8/1/25 |
| 495 | 605 |
| Sacramento County CA Sanitation Districts Financing Authority Revenue | 5.000% | 8/1/27 |
| 575 | 697 |
| San Bernardino CA Community College District GO | 0.000% | 8/1/22 | (4) | 1,000 | 955 |
| San Bernardino County CA Transportation Authority Revenue | 5.000% | 3/1/31 |
| 500 | 548 |
| San Diego CA Community College District GO | 5.000% | 8/1/21 | (Prere.) | 500 | 541 |
| San Diego CA Community College District GO | 5.000% | 8/1/29 |
| 1,000 | 1,149 |
| San Diego CA Public Facilities Financing Authority Water Revenue | 5.250% | 8/1/20 | (Prere.) | 500 | 522 |
| San Diego CA Unified School District GO | 0.000% | 7/1/27 |
| 500 | 427 |
| San Diego CA Unified School District GO | 5.000% | 7/1/27 |
| 1,130 | 1,376 |
| San Diego CA Unified School District GO | 5.500% | 7/1/27 | (4) | 520 | 686 |
| San Diego CA Unified School District GO | 0.000% | 7/1/28 |
| 500 | 415 |
| San Diego CA Unified School District GO | 0.000% | 7/1/29 |
| 500 | 400 |
| San Diego CA Unified School District GO | 0.000% | 7/1/30 |
| 100 | 77 |
| San Diego County CA Regional Airport Authority Revenue | 5.000% | 7/1/30 | (4) | 500 | 518 |
| San Diego County CA Regional Transportation Commission Sales Tax Revenue | 5.000% | 4/1/31 |
| 560 | 616 |
| San Diego County CA Water Authority Revenue | 5.000% | 5/1/28 |
| 1,000 | 1,207 |
| San Francisco CA Bay Area Rapid Transit District GO | 5.000% | 8/1/30 |
| 1,530 | 1,839 |
| San Francisco CA Bay Area Rapid Transit District Sales Tax Revenue | 4.000% | 7/1/21 |
| 350 | 370 |
| San Francisco CA City & County (Earthquake Safety & Emergency Response) GO | 5.000% | 6/15/20 | (Prere.) | 500 | 519 |
| San Francisco CA City & County COP | 5.000% | 4/1/28 |
| 1,635 | 1,996 |
| San Francisco CA City & County COP | 4.000% | 4/1/33 |
| 1,000 | 1,107 |
| San Francisco CA City & County International Airport Revenue | 5.000% | 5/3/21 | (Prere.) | 95 | 102 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| San Francisco CA City & County International Airport Revenue | 5.000% | 5/1/27 |
| 405 | 447 |
| San Francisco CA City & County International Airport Revenue | 5.000% | 5/1/30 |
| 405 | 432 |
| San Francisco CA City & County International Airport Revenue | 5.000% | 5/1/34 |
| 1,000 | 1,261 |
| San Francisco CA City & County Public Utilities Commission Water Revenue | 5.500% | 11/1/20 | (Prere.) | 500 | 529 |
| San Francisco CA City & County Public Utilities Commission Water Revenue | 5.000% | 5/1/22 | (Prere.) | 1,245 | 1,380 |
| San Francisco CA City & County Public Utilities Commission Water Revenue | 5.000% | 11/1/31 |
| 1,700 | 2,099 |
| San Francisco CA City & County Public Utilities Commission Water Revenue | 5.000% | 11/1/32 |
| 1,000 | 1,192 |
| San Francisco CA City & County Public Utilities Commission Water Revenue | 5.000% | 11/1/35 |
| 1,500 | 1,825 |
| San Francisco CA City & County Unified School District GO | 4.000% | 6/15/32 |
| 965 | 1,023 |
| San Francisco CA City & County Unified School District GO | 4.250% | 6/15/33 |
| 1,000 | 1,066 |
| San Ramon CA Public Financing Authority Tax Allocation Revenue | 0.000% | 2/1/33 | (2) | 1,475 | 965 |
| Santa Clara CA Financing Authority Revenue | 3.000% | 5/1/39 |
| 1,155 | 1,156 |
| Santa Clara CA Unified School District GO | 3.000% | 7/1/34 |
| 1,000 | 1,037 |
| Southern California Public Power Authority Revenue (Canyon Power Project) | 5.000% | 7/1/22 |
| 1,105 | 1,190 |
| Southern California Public Power Authority Revenue (Milford Wind Corridor Phase I Project) | 5.000% | 7/1/26 |
| 1,000 | 1,019 |
| State Center California Community College District GO | 5.000% | 8/1/29 |
| 1,000 | 1,201 |
| Tahoe-Truckee CA Unified School District GO | 5.000% | 8/1/34 |
| 1,030 | 1,244 |
| Union CA Elementary School District GO | 0.000% | 9/1/28 | (14) | 1,080 | 899 |
| Union City CA Community Redevelopment Agency Successor Agency Tax Allocation Revenue | 5.000% | 10/1/30 |
| 1,635 | 1,960 |
| University of California Revenue | 5.000% | 5/15/21 | (Prere.) | 160 | 172 |
| University of California Revenue | 5.000% | 5/15/23 |
| 875 | 938 |
| University of California Revenue | 5.000% | 5/15/23 | (Prere.) | 310 | 356 |
| University of California Revenue | 5.000% | 5/15/28 |
| 1,000 | 1,208 |
| University of California Revenue | 5.000% | 5/15/28 |
| 690 | 788 |
| University of California Revenue | 4.000% | 5/15/33 |
| 1,000 | 1,099 |
| University of California Revenue | 4.000% | 5/15/33 |
| 2,500 | 2,827 |
| University of California Revenue | 4.000% | 5/15/34 |
| 1,770 | 1,909 |
| University of California Revenue | 4.000% | 5/15/34 |
| 1,000 | 1,123 |
| University of California Revenue | 4.000% | 5/15/35 |
| 2,000 | 2,231 |
| University of California Revenue | 5.000% | 5/15/35 |
| 1,620 | 2,019 |
| University of California Revenue | 5.000% | 5/15/35 |
| 1,165 | 1,448 |
| University of California Revenue PUT | 5.000% | 5/15/23 |
| 3,635 | 4,160 |
| West Contra Costa CA Unified School District GO | 0.000% | 8/1/32 | (4) | 1,155 | 812 |
| West Contra Costa CA Unified School District GO | 0.000% | 8/1/34 | (14) | 1,225 | 789 |
|
|
|
|
|
| 259,842 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
Colorado (1.1%) |
|
|
|
|
| |
| Adams & Weld County CO School District No. 27J GO | 5.000% | 12/1/34 |
| 1,435 | 1,697 |
| Adams County CO COP | 5.000% | 12/1/31 |
| 650 | 772 |
| Board of Governors of the Colorado State University System Enterprise Revenue | 5.000% | 3/1/23 |
| 300 | 339 |
| Colorado (UCDHSC Fitzsimons Academic Projects) COP | 5.000% | 11/1/21 |
| 500 | 542 |
| Colorado COP | 4.000% | 12/15/33 |
| 1,225 | 1,383 |
| Colorado COP | 4.000% | 12/15/34 |
| 1,305 | 1,462 |
| Colorado Educational & Cultural Facilities Authority Revenue (University of Denver) | 4.000% | 3/1/30 |
| 500 | 566 |
| Colorado Health Facilities Authority Retirement Facilities Revenue (Liberty Heights Project) | 0.000% | 7/15/24 | (ETM) | 1,430 | 1,316 |
| Colorado Health Facilities Authority Revenue (Adventist Health System/Sunbelt Obligated Group) PUT | 5.000% | 11/15/23 |
| 2,980 | 3,412 |
| Colorado Health Facilities Authority Revenue (Catholic Health Initiatives) | 5.250% | 2/1/31 |
| 2,500 | 2,639 |
| Colorado Health Facilities Authority Revenue (Covenant Retirement Community Inc.) | 5.000% | 12/1/27 |
| 500 | 548 |
| Colorado Health Facilities Authority Revenue (NCMC Inc.) | 4.000% | 5/15/30 |
| 1,500 | 1,667 |
| Colorado Springs CO Utility System Revenue | 5.000% | 11/15/22 | (Prere.) | 500 | 561 |
| Denver CO City & County Airport Revenue | 5.000% | 11/15/20 |
| 515 | 541 |
| Denver CO City & County Airport Revenue | 5.000% | 11/15/22 |
| 1,335 | 1,403 |
| Denver CO City & County Airport Revenue | 5.000% | 11/15/24 |
| 1,150 | 1,363 |
| Denver CO City & County Airport Revenue | 5.000% | 11/15/26 |
| 430 | 451 |
| Denver CO City & County Airport Revenue | 5.000% | 12/1/26 |
| 750 | 928 |
| Denver CO City & County Airport Revenue | 4.000% | 12/1/38 |
| 400 | 446 |
| Denver CO City & County Better Denver & Zoo GO | 5.000% | 8/1/22 |
| 1,000 | 1,112 |
| Denver CO City & County COP | 5.000% | 6/1/37 |
| 1,685 | 1,983 |
| Denver CO City & County Dedicated Tax Revenue | 0.000% | 8/1/29 |
| 500 | 387 |
| Denver CO City & County GO | 5.000% | 8/1/23 |
| 1,535 | 1,761 |
| Denver CO City & County School District GO | 4.000% | 12/1/31 |
| 1,000 | 1,107 |
| Denver CO City & County School District GO | 5.000% | 12/1/36 |
| 2,000 | 2,393 |
| E-470 Public Highway Authority Colorado Revenue | 0.000% | 9/1/23 | (14) | 1,010 | 934 |
| E-470 Public Highway Authority Colorado Revenue | 5.375% | 9/1/26 |
| 1,000 | 1,044 |
| El Paso County CO School District No. 20 Academy GO | 5.000% | 12/15/30 |
| 2,400 | 2,933 |
| 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 | 557 |
| 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 | 706 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| Garfield, Pitkin, & Eagle County CO School District GO | 4.000% | 12/15/34 |
| 1,000 | 1,100 |
| Jefferson County CO School District No. R-1 GO | 5.000% | 12/15/36 |
| 3,395 | 4,202 |
| Larimer County CO School District No. R-1 Poudre GO | 5.000% | 12/15/29 |
| 1,000 | 1,272 |
| Regional Transportation District of Colorado COP | 5.000% | 6/1/20 | (Prere.) | 1,010 | 1,044 |
| Regional Transportation District of Colorado COP | 5.000% | 6/1/20 | (Prere.) | 1,000 | 1,033 |
| Regional Transportation District of Colorado Sales Tax Revenue (FasTracks Project) | 5.000% | 11/1/27 |
| 5,400 | 6,033 |
| University of Colorado Enterprise System Revenue | 5.000% | 6/1/29 |
| 515 | 565 |
| University of Colorado Enterprise System Revenue | 4.000% | 6/1/32 |
| 1,590 | 1,793 |
|
|
|
|
|
| 55,523 |
Connecticut (0.7%) |
|
|
|
|
| |
| Connecticut GO | 5.000% | 4/15/21 |
| 500 | 532 |
| Connecticut GO | 5.000% | 11/15/22 |
| 1,935 | 2,156 |
| Connecticut GO | 5.000% | 4/15/24 |
| 800 | 872 |
| Connecticut GO | 5.000% | 5/15/25 |
| 2,345 | 2,770 |
| Connecticut GO | 5.000% | 9/1/26 |
| 1,000 | 1,158 |
| Connecticut GO | 4.000% | 9/15/27 |
| 1,000 | 1,063 |
| Connecticut GO | 5.000% | 4/15/28 |
| 1,000 | 1,239 |
| Connecticut GO | 5.000% | 4/15/28 |
| 500 | 544 |
| Connecticut GO | 5.000% | 3/1/32 |
| 2,950 | 3,320 |
| Connecticut GO | 5.000% | 10/15/32 |
| 705 | 770 |
| Connecticut Health & Educational Facilities Authority Revenue (Connecticut State University System) | 5.000% | 11/1/31 |
| 1,000 | 1,257 |
| Connecticut Health & Educational Facilities Authority Revenue (Covenant Retirement Communities) | 5.000% | 12/1/31 |
| 1,000 | 1,172 |
| Connecticut Health & Educational Facilities Authority Revenue (Hartford Healthcare) | 5.000% | 7/1/26 |
| 550 | 586 |
3 | Connecticut Health & Educational Facilities Authority Revenue (Yale University) PUT | 1.450% | 7/1/22 |
| 875 | 877 |
3 | Connecticut Health & Educational Facilities Authority Revenue (Yale University) PUT | 1.450% | 7/1/22 |
| 900 | 902 |
| Connecticut Health & Educational Facilities Authority Revenue (Yale University) PUT | 5.000% | 2/1/23 |
| 3,290 | 3,703 |
| Connecticut Health & Educational Facilities Authority Revenue (Yale University) PUT | 2.000% | 7/1/26 |
| 500 | 507 |
| Connecticut Health & Educational Facilities Authority Revenue (Yale University) PUT | 5.000% | 2/1/28 |
| 2,025 | 2,581 |
| Connecticut Special Tax Revenue | 5.000% | 10/1/34 |
| 1,000 | 1,210 |
| Connecticut Special Tax Revenue (Transportation Infrastructure) | 5.000% | 9/1/23 |
| 1,185 | 1,349 |
| Connecticut Special Tax Revenue (Transportation Infrastructure) | 5.000% | 1/1/28 |
| 1,805 | 2,228 |
| Hartford County CT Metropolitan District GO | 5.000% | 7/15/28 |
| 1,255 | 1,592 |
| University of Connecticut GO | 5.000% | 2/15/27 |
| 635 | 740 |
| University of Connecticut Revenue | 5.000% | 11/1/27 |
| 1,000 | 1,236 |
|
|
|
|
|
| 34,364 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
Delaware (0.1%) |
|
|
|
|
| |
| Delaware GO | 5.000% | 7/1/20 |
| 662 | 687 |
| Delaware GO | 5.000% | 10/1/20 |
| 700 | 732 |
| Delaware GO | 5.000% | 2/1/25 |
| 1,010 | 1,208 |
| Delaware Health Facilities Authority Revenue (Bayhealth Medical Center Obligated Group) | 5.000% | 6/1/30 |
| 600 | 721 |
| Wilmington DE GO | 5.000% | 11/1/28 |
| 1,000 | 1,048 |
|
|
|
|
|
| 4,396 |
District of Columbia (0.5%) |
|
|
|
|
| |
| District of Columbia GO | 5.000% | 6/1/25 |
| 1,215 | 1,462 |
| District of Columbia GO | 5.000% | 6/1/29 |
| 3,740 | 4,350 |
| District of Columbia GO | 5.000% | 10/15/31 |
| 1,010 | 1,282 |
| District of Columbia GO | 5.000% | 10/15/32 |
| 2,235 | 2,827 |
| District of Columbia GO | 5.000% | 6/1/34 |
| 1,320 | 1,589 |
| District of Columbia Hospital Revenue (Children’s Hospital Obligated Group) | 5.000% | 7/15/35 |
| 1,000 | 1,151 |
| District of Columbia Income Tax Revenue | 5.000% | 12/1/24 |
| 1,350 | 1,515 |
| District of Columbia Income Tax Revenue | 5.000% | 12/1/26 |
| 655 | 711 |
| District of Columbia Income Tax Revenue | 5.250% | 12/1/27 |
| 500 | 508 |
| District of Columbia Income Tax Revenue | 5.000% | 12/1/30 |
| 500 | 516 |
| District of Columbia Water & Sewer Authority Public Utility Revenue | 5.000% | 10/1/33 |
| 2,175 | 2,647 |
| District of Columbia Water & Sewer Authority Public Utility Revenue | 5.000% | 10/1/34 |
| 4,000 | 4,712 |
| Metropolitan Washington DC/VA Airports Authority Airport System Revenue | 5.000% | 10/1/24 |
| 540 | 565 |
3 | Metropolitan Washington DC/VA Airports Authority Dulles Toll Road Revenue (Dulles Metrorail & Capital Improvement Projects) | 5.000% | 10/1/33 |
| 2,200 | 2,710 |
| Metropolitan Washington DC/VA Airports Authority Dulles Toll Road Revenue (Dulles Metrorail & Capital Improvement Projects) | 0.000% | 10/1/37 |
| 1,300 | 666 |
| Washington DC Convention & Sports Authority Revenue | 5.000% | 10/1/26 |
| 1,080 | 1,329 |
|
|
|
|
|
| 28,540 |
Florida (2.8%) |
|
|
|
|
| |
| Brevard County FL School Board COP | 5.000% | 7/1/25 |
| 1,000 | 1,132 |
| Broward County FL Airport System Revenue | 5.000% | 10/1/28 |
| 400 | 444 |
| Broward County FL Airport System Revenue | 5.375% | 10/1/29 |
| 500 | 505 |
| Broward County FL Airport System Revenue | 5.500% | 10/1/31 |
| 1,000 | 1,157 |
| Capital Trust Agency Florida Educational Facilities Revenue (Advantage Academy of Hillsborough Projects) | 5.000% | 12/15/29 |
| 400 | 448 |
| Central Florida Expressway Authority Revenue | 4.000% | 7/1/32 |
| 1,000 | 1,117 |
| Citizens Property Insurance Corp. Florida Revenue (Coastal Account) | 5.000% | 6/1/20 |
| 1,230 | 1,248 |
| Citizens Property Insurance Corp. Florida Revenue (Personal Lines Account/Commercial Lines Account) | 5.000% | 6/1/20 |
| 650 | 671 |
| Florida Board of Education Lottery Revenue | 4.000% | 7/1/27 |
| 1,230 | 1,318 |
| Florida Board of Education Public Education Capital Outlay GO | 5.000% | 6/1/21 |
| 760 | 814 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| Florida Board of Education Public Education Capital Outlay GO | 5.000% | 6/1/21 |
| 1,270 | 1,360 |
| Florida Board of Education Public Education Capital Outlay GO | 5.000% | 6/1/22 |
| 4,285 | 4,743 |
| Florida Board of Education Public Education Capital Outlay GO | 5.000% | 6/1/24 |
| 625 | 712 |
| Florida Board of Education Public Education Capital Outlay GO | 4.000% | 6/1/27 |
| 1,255 | 1,343 |
| Florida Board of Education Public Education Capital Outlay GO | 4.000% | 6/1/29 |
| 1,365 | 1,458 |
| Florida Board of Education Public Education Capital Outlay GO | 4.000% | 6/1/32 |
| 1,675 | 1,867 |
| Florida Department of Transportation GO | 5.000% | 7/1/19 |
| 545 | 545 |
| Florida Department of Transportation GO | 5.000% | 7/1/27 |
| 1,315 | 1,657 |
| Florida Department of Transportation GO | 4.000% | 7/1/29 |
| 2,000 | 2,097 |
| Florida GO | 4.000% | 6/1/27 |
| 1,455 | 1,589 |
| Florida GO | 5.000% | 7/1/27 |
| 1,360 | 1,679 |
| Florida Municipal Power Agency Revenue | 4.000% | 10/1/30 |
| 2,500 | 2,859 |
| Florida Turnpike Authority Revenue | 5.000% | 7/1/19 |
| 500 | 500 |
| Florida Turnpike Authority Revenue | 4.000% | 7/1/34 |
| 1,000 | 1,097 |
| Florida Turnpike Authority Revenue | 4.000% | 7/1/34 |
| 1,385 | 1,536 |
| Highlands County FL Health Facilities Authority Hospital Revenue (Adventist Health System/Sunbelt Obligated Group) | 5.625% | 11/15/19 | (Prere.) | 10 | 10 |
| Highlands County FL Health Facilities Authority Hospital Revenue (Adventist Health System/Sunbelt Obligated Group) | 5.625% | 11/15/37 |
| 3,990 | 4,048 |
| Hillsborough County FL Industrial Development Authority Hospital Revenue (Tampa General Hospital Project) | 5.000% | 10/1/28 |
| 500 | 563 |
| Hillsborough County FL School Board (Master Lease Program) COP | 5.000% | 7/1/27 |
| 1,650 | 1,814 |
| Jacksonville FL Electric Authority Electric System Revenue | 5.000% | 4/1/21 | (Prere.) | 310 | 330 |
| Jacksonville FL Electric Authority Electric System Revenue | 5.000% | 10/1/26 |
| 1,005 | 1,214 |
| Jacksonville FL Electric Authority Electric System Revenue | 5.000% | 10/1/27 |
| 1,160 | 1,308 |
| Jacksonville FL Electric Authority Electric System Revenue | 5.000% | 10/1/31 |
| 190 | 201 |
| Jacksonville FL Electric Authority Electric System Revenue | 4.000% | 10/1/37 |
| 1,955 | 2,151 |
| Jacksonville FL Electric Authority Water & Sewer Revenue | 5.000% | 10/1/19 |
| 565 | 570 |
| Jacksonville FL Electric Authority Water & Sewer Revenue | 5.000% | 10/1/27 |
| 1,905 | 2,363 |
| Jacksonville FL Electric Authority Water & Sewer Revenue | 5.000% | 10/1/27 |
| 1,465 | 1,817 |
| Jacksonville FL Health Care Facilities Revenue (Baptist Health System Obligated Group) | 4.000% | 8/15/37 |
| 1,250 | 1,361 |
| Jacksonville FL Health Care Facilities Revenue (Brooks Rehabilitation) | 5.000% | 11/1/30 |
| 1,085 | 1,288 |
| Jacksonville FL Special Revenue | 5.000% | 10/1/27 |
| 1,500 | 1,856 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| Jacksonville FL Special Revenue | 5.000% | 10/1/32 |
| 500 | 551 |
| Jacksonville FL Water & Sewer Revenue | 4.000% | 10/1/35 |
| 1,655 | 1,832 |
| Lakeland FL Educational Facilities Revenue (Florida Southern College Project) | 5.000% | 9/1/31 |
| 880 | 949 |
| Lakeland FL Hospital Revenue (Lakeland Regional Health Systems) | 5.000% | 11/15/26 |
| 1,465 | 1,770 |
| Lee Memorial Health System Florida Hospital Revenue | 5.000% | 4/1/39 |
| 1,655 | 1,976 |
| Miami Beach FL GO | 5.000% | 5/1/35 |
| 1,165 | 1,459 |
| Miami Beach FL Health Facilities Authority Revenue (Mount Sinai Medical Center) | 5.000% | 11/15/27 |
| 1,000 | 1,155 |
| Miami Beach FL Resort Tax Revenue | 5.000% | 9/1/34 |
| 1,020 | 1,192 |
| Miami Beach FL Stormwater Revenue | 5.000% | 9/1/27 |
| 1,000 | 1,250 |
| Miami Beach FL Water & Sewer Revenue | 5.000% | 10/1/30 |
| 1,500 | 1,779 |
| Miami Beach FL Water & Sewer Revenue | 4.000% | 10/1/34 |
| 1,895 | 2,124 |
| Miami Beach FL Water & Sewer Revenue | 5.000% | 10/1/38 |
| 1,000 | 1,218 |
| Miami FL Special Obligation Street & Sidewalk Improvement Program Revenue | 5.000% | 1/1/30 | (4) | 1,325 | 1,627 |
| Miami FL Special Obligation Street & Sidewalk Improvement Program Revenue | 5.000% | 1/1/35 | (4) | 1,000 | 1,203 |
| Miami-Dade County FL Aviation Revenue (Miami International Airport) | 5.000% | 10/1/20 | (Prere.) | 585 | 611 |
| Miami-Dade County FL Aviation Revenue (Miami International Airport) | 4.875% | 10/1/24 |
| 500 | 522 |
| Miami-Dade County FL Aviation Revenue (Miami International Airport) | 5.000% | 10/1/33 |
| 1,555 | 1,853 |
| Miami-Dade County FL Aviation Revenue (Miami International Airport) | 5.000% | 10/1/34 |
| 1,000 | 1,187 |
| Miami-Dade County FL Building Better Communities GO | 5.000% | 7/1/27 |
| 2,000 | 2,139 |
| Miami-Dade County FL Building Better Communities GO | 5.000% | 7/1/36 |
| 1,160 | 1,376 |
| Miami-Dade County FL Health Facilities Authority Hospital Revenue (Miami Children’s Hospital) | 5.000% | 8/1/25 |
| 1,000 | 1,127 |
| Miami-Dade County FL Public Health Trust GO | 4.000% | 7/1/32 |
| 1,750 | 1,998 |
| Miami-Dade County FL School Board COP | 5.000% | 2/1/26 |
| 2,990 | 3,594 |
| Miami-Dade County FL Seaport Revenue | 5.750% | 10/1/28 |
| 1,510 | 1,747 |
| Miami-Dade County FL Special Obligation Revenue | 5.000% | 10/1/22 |
| 1,540 | 1,715 |
| Miami-Dade County FL Special Obligation Revenue | 5.000% | 10/1/24 |
| 1,000 | 1,110 |
| Miami-Dade County FL Special Obligation Revenue | 5.000% | 10/1/30 |
| 500 | 550 |
| Miami-Dade County FL Special Obligation Revenue | 0.000% | 10/1/39 |
| 1,265 | 640 |
| Miami-Dade County FL Transit Sales Surtax Revenue | 4.000% | 7/1/31 |
| 1,400 | 1,559 |
| Miami-Dade County FL Water & Sewer Revenue | 5.000% | 10/1/22 |
| 2,045 | 2,283 |
| North Brevard County FL Hospital District Revenue | 5.000% | 1/1/34 |
| 1,000 | 1,137 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| Orange County FL Health Facilities Authority Hospital Revenue (Orlando Health Inc.) | 5.000% | 10/1/30 |
| 1,510 | 1,798 |
| Orange County FL School Board COP | 5.000% | 8/1/33 |
| 6,105 | 7,273 |
| Orlando & Orange County FL Expressway Authority Revenue | 5.000% | 7/1/20 | (Prere.) | 500 | 518 |
| Orlando FL Tourist Development Tax Revenue | 5.000% | 11/1/28 | (4) | 1,520 | 1,876 |
| Osceola County FL Expressway System Revenue (Poinciana Parkway Project) | 0.000% | 10/1/19 |
| 815 | 810 |
| Osceola County FL Expressway System Revenue (Poinciana Parkway Project) | 0.000% | 10/1/20 |
| 1,270 | 1,232 |
| Palm Beach County FL Health Facilities Authority Hospital Revenue (BRRH Corp. Obligated Group) | 5.000% | 12/1/25 |
| 560 | 649 |
| Palm Beach County FL Public Improvement Revenue | 5.000% | 5/1/33 |
| 1,245 | 1,488 |
| Palm Beach County FL School Board COP | 5.000% | 8/1/29 |
| 1,520 | 1,799 |
| Palm Beach County FL School Board COP | 5.000% | 8/1/32 |
| 1,500 | 1,757 |
| Reedy Creek FL Improvement District GO | 4.000% | 6/1/34 |
| 1,190 | 1,310 |
| Reedy Creek FL Improvement District GO | 4.000% | 6/1/35 |
| 1,000 | 1,109 |
| Seacoast FL Utility Authority Water & Sewer Revenue | 5.000% | 3/1/21 |
| 1,230 | 1,305 |
| South Broward FL Hospital District Revenue | 4.000% | 5/1/33 |
| 1,020 | 1,111 |
| South Miami FL Health Facilities Authority Revenue (Baptist Health South Florida Obligated Group) | 4.000% | 8/15/33 |
| 1,180 | 1,302 |
| St. Johns County FL Water & Sewer Revenue | 0.000% | 6/1/24 |
| 1,110 | 1,017 |
| Sunshine State Governmental Financing Commission Florida Revenue (Miami Dade County Program) | 5.000% | 9/1/26 |
| 1,000 | 1,135 |
| Tallahassee FL Energy System Revenue | 5.000% | 10/1/35 |
| 1,000 | 1,148 |
| Tallahassee FL Utility System Revenue | 5.000% | 10/1/29 |
| 1,015 | 1,187 |
| Tallahassee FL Utility System Revenue | 5.000% | 10/1/30 |
| 750 | 873 |
| Tallahassee FL Utility System Revenue | 5.000% | 10/1/34 |
| 1,265 | 1,457 |
| Tampa Bay FL Water Utility System Revenue | 5.000% | 10/1/37 |
| 2,030 | 2,423 |
| Tampa FL Cigarette Tax Allocation Revenue (H. Lee Moffitt Cancer Center Project) | 5.000% | 9/1/19 |
| 425 | 427 |
| Tampa FL Cigarette Tax Allocation Revenue (H. Lee Moffitt Cancer Center Project) | 5.000% | 9/1/20 |
| 610 | 634 |
| Tampa FL Cigarette Tax Allocation Revenue (H. Lee Moffitt Cancer Center Project) | 5.000% | 9/1/26 |
| 200 | 220 |
| Tampa FL Health System Revenue (BayCare Health System) | 5.000% | 11/15/33 |
| 1,575 | 1,714 |
| Tampa FL Hospital Revenue | 5.000% | 7/1/23 |
| 750 | 822 |
| Tampa-Hillsborough County FL Expressway Authority Revenue | 5.000% | 7/1/30 |
| 200 | 248 |
| Tampa-Hillsborough County FL Expressway Authority Revenue | 5.000% | 7/1/31 |
| 250 | 308 |
| Tohopekaliga FL Water Authority Utility System Revenue | 4.000% | 10/1/21 |
| 1,245 | 1,319 |
| Tohopekaliga FL Water Authority Utility System Revenue | 5.750% | 10/1/21 | (Prere.) | 500 | 549 |
| Tohopekaliga FL Water Authority Utility System Revenue | 4.000% | 10/1/32 |
| 1,000 | 1,117 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| Volusia County FL Educational Facilities Authority Revenue (Embry-Riddle Aeronautical University Inc.) | 5.000% | 10/15/29 |
| 860 | 1,050 |
| Volusia County FL School Board COP | 5.000% | 8/1/25 |
| 1,000 | 1,164 |
|
|
|
|
|
| 144,172 |
Georgia (1.2%) |
|
|
|
|
| |
| Athens-Clarke County GA Unified Government Water & Sewerage Revenue | 4.000% | 1/1/32 |
| 1,000 | 1,095 |
| Atlanta GA Airport Revenue | 5.000% | 1/1/33 |
| 2,000 | 2,270 |
| Atlanta GA Water & Wastewater Revenue | 5.000% | 11/1/21 |
| 1,500 | 1,628 |
| Atlanta GA Water & Wastewater Revenue | 5.000% | 11/1/25 |
| 1,290 | 1,548 |
| Atlanta GA Water & Wastewater Revenue | 5.750% | 11/1/27 | (4) | 555 | 738 |
| Atlanta GA Water & Wastewater Revenue | 5.000% | 11/1/36 |
| 1,170 | 1,426 |
| Bulloch County GA Development Authority Revenue (Georgia Southern University Housing Foundation) | 5.000% | 7/1/27 |
| 510 | 631 |
| Cobb County GA Kennestone Hospital Authority Revenue | 5.000% | 4/1/24 |
| 400 | 450 |
| Dahlonega GA Downtown Development Authority Revenue (North Georgia MAC LLC Project) | 5.000% | 7/1/31 |
| 800 | 969 |
| DeKalb County GA Water & Sewer Revenue | 5.250% | 10/1/31 |
| 500 | 540 |
| Georgia GO | 5.000% | 2/1/20 |
| 1,375 | 1,405 |
| Georgia GO | 5.000% | 7/1/21 |
| 2,550 | 2,738 |
| Georgia GO | 5.000% | 7/1/22 |
| 500 | 501 |
| Georgia GO | 5.000% | 7/1/24 |
| 1,500 | 1,766 |
3 | Georgia GO | 5.000% | 7/1/24 |
| 1,000 | 1,176 |
3 | Georgia GO | 5.000% | 7/1/25 |
| 1,100 | 1,326 |
| Georgia GO | 5.000% | 7/1/28 |
| 2,980 | 3,831 |
| Georgia GO | 5.000% | 2/1/30 |
| 1,500 | 1,853 |
| Georgia GO | 5.000% | 2/1/31 |
| 1,500 | 1,846 |
| Georgia GO | 5.000% | 7/1/32 |
| 2,565 | 3,231 |
| Griffin-Spalding County GA Hospital Authority Revenue (WellStar Health System Obligated Group) | 5.000% | 4/1/25 |
| 600 | 702 |
| Griffin-Spalding County GA Hospital Authority Revenue (WellStar Health System Obligated Group) | 5.000% | 4/1/31 |
| 350 | 418 |
| Griffin-Spalding County GA Hospital Authority Revenue (WellStar Health System Obligated Group) | 5.000% | 4/1/33 |
| 1,575 | 1,867 |
| Gwinnett County GA School District GO | 5.000% | 2/1/28 |
| 500 | 594 |
| Main Street Natural Gas Inc. Georgia Gas Project Revenue | 5.000% | 3/15/21 |
| 600 | 632 |
| Main Street Natural Gas Inc. Georgia Gas Project Revenue | 5.000% | 3/15/22 |
| 525 | 569 |
| Main Street Natural Gas Inc. Georgia Gas Project Revenue | 5.000% | 5/15/33 |
| 500 | 598 |
| Main Street Natural Gas Inc. Georgia Gas Project Revenue | 5.000% | 5/15/38 |
| 500 | 654 |
| Main Street Natural Gas Inc. Georgia Gas Project Revenue PUT | 4.000% | 9/1/23 |
| 6,010 | 6,545 |
| Main Street Natural Gas Inc. Georgia Gas Project Revenue PUT | 4.000% | 12/1/23 |
| 6,245 | 6,823 |
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% | 12/2/24 |
| 1,130 | 1,253 |
| Metropolitan Atlanta Rapid Transportation Authority Georgia Sales Tax Revenue | 5.000% | 7/1/31 |
| 1,410 | 1,699 |
| Metropolitan Atlanta Rapid Transportation Authority Georgia Sales Tax Revenue | 4.000% | 7/1/33 |
| 1,835 | 2,084 |
| Municipal Electric Authority Georgia Revenue | 5.000% | 1/1/26 |
| 1,500 | 1,784 |
| Municipal Electric Authority Georgia Revenue | 5.000% | 1/1/28 | (15) | 1,495 | 1,788 |
| Municipal Electric Authority Georgia Revenue | 5.000% | 1/1/29 |
| 1,795 | 2,190 |
| Municipal Electric Authority Georgia Revenue | 5.000% | 1/1/35 |
| 1,685 | 1,897 |
| Private Colleges & University Authority of Georgia Revenue (Emory University) | 5.000% | 9/1/28 |
| 500 | 503 |
|
|
|
|
|
| 63,568 |
Guam (0.1%) |
|
|
|
|
| |
| Guam Business Privilege Tax Revenue | 5.000% | 11/15/29 |
| 800 | 898 |
| Guam Government Business Privilege Tax Revenue | 5.000% | 11/15/26 |
| 735 | 836 |
| Guam Government Waterworks Authority Water & Wastewater System Revenue | 5.250% | 7/1/23 |
| 1,000 | 1,118 |
| Guam Government Waterworks Authority Water & Wastewater System Revenue | 5.250% | 7/1/33 |
| 1,305 | 1,422 |
| Guam International Airport Authority Revenue | 5.000% | 10/1/21 |
| 350 | 371 |
|
|
|
|
|
| 4,645 |
Hawaii (1.0%) |
|
|
|
|
| |
| Hawaii Department of Budget & Finance Special Purpose Revenue (Hawaii Pacific Health Obligated Group) | 5.000% | 7/1/19 |
| 250 | 250 |
| Hawaii Department of Budget & Finance Special Purpose Revenue (Hawaii Pacific Health Obligated Group) | 5.000% | 7/1/20 |
| 320 | 332 |
| Hawaii Department of Budget & Finance Special Purpose Revenue (Hawaii Pacific Health Obligated Group) | 5.000% | 7/1/21 |
| 400 | 428 |
| Hawaii GO | 5.000% | 10/1/21 |
| 2,500 | 2,705 |
| Hawaii GO | 5.000% | 12/1/21 |
| 375 | 408 |
| Hawaii GO | 5.000% | 12/1/21 | (Prere.) | 310 | 337 |
| Hawaii GO | 5.000% | 12/1/21 | (Prere.) | 190 | 207 |
| Hawaii GO | 5.000% | 10/1/22 |
| 4,175 | 4,664 |
| Hawaii GO | 5.000% | 8/1/24 |
| 1,765 | 2,078 |
| Hawaii GO | 5.000% | 8/1/25 |
| 1,500 | 1,762 |
| Hawaii GO | 5.000% | 10/1/25 |
| 1,560 | 1,891 |
| Hawaii GO | 5.000% | 1/1/26 |
| 2,295 | 2,796 |
| Hawaii GO | 5.000% | 8/1/29 |
| 3,500 | 3,976 |
| Hawaii GO | 4.000% | 4/1/30 |
| 1,500 | 1,689 |
| Hawaii GO | 5.000% | 1/1/31 |
| 1,275 | 1,619 |
| Hawaii GO | 4.000% | 4/1/31 |
| 1,000 | 1,121 |
| Hawaii GO | 5.000% | 1/1/33 |
| 1,475 | 1,817 |
| Hawaii GO | 5.000% | 1/1/36 |
| 4,060 | 4,952 |
| Hawaii GO | 4.000% | 1/1/37 |
| 2,065 | 2,309 |
| Hawaii Pacific Health Revenue | 5.000% | 7/1/19 | (ETM) | 575 | 575 |
| Honolulu HI City & County GO | 5.000% | 10/1/20 |
| 2,335 | 2,444 |
| Honolulu HI City & County GO | 5.000% | 12/1/20 | (Prere.) | 310 | 326 |
| Honolulu HI City & County GO | 5.250% | 8/1/21 | (Prere.) | 1,245 | 1,346 |
| Honolulu HI City & County GO | 5.250% | 8/1/21 | (Prere.) | 500 | 541 |
| Honolulu HI City & County GO | 5.000% | 8/1/27 |
| 1,000 | 1,072 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| Honolulu HI City & County GO | 5.000% | 10/1/28 |
| 1,000 | 1,200 |
| Honolulu HI City & County GO | 5.000% | 10/1/29 |
| 4,000 | 4,780 |
| Honolulu HI City & County Wastewater System Revenue | 5.000% | 7/1/30 |
| 2,000 | 2,367 |
| Honolulu HI City & County Wastewater System Revenue | 5.000% | 7/1/31 |
| 1,000 | 1,178 |
| University of Hawaii Revenue | 5.000% | 10/1/19 | (Prere.) | 500 | 505 |
|
|
|
|
|
| 51,675 |
Idaho (0.1%) |
|
|
|
|
| |
| Canyon County ID School District No. 139 (Vallivue) GO | 4.000% | 9/15/21 |
| 1,215 | 1,286 |
| Idaho Health Facilities Authority Revenue (St. Luke’s Health System Project) | 5.000% | 3/1/28 |
| 1,595 | 1,977 |
|
|
|
|
|
| 3,263 |
Illinois (2.7%) |
|
|
|
|
| |
| Chicago IL Board of Education GO | 2.125% | 10/1/19 |
| 1,500 | 1,500 |
| Chicago IL Board of Education GO | 5.000% | 12/1/19 | (14) | 840 | 850 |
| Chicago IL Board of Education GO | 5.000% | 12/1/21 |
| 1,000 | 1,052 |
| Chicago IL Board of Education GO | 5.250% | 12/1/21 | (14) | 540 | 575 |
| Chicago IL Board of Education GO | 5.000% | 12/1/23 |
| 1,000 | 1,087 |
| Chicago IL Board of Education GO | 5.000% | 12/1/24 |
| 1,500 | 1,657 |
| Chicago IL Board of Education GO | 5.000% | 12/1/24 |
| 700 | 773 |
| Chicago IL Board of Education GO | 0.000% | 12/1/26 | (14) | 105 | 85 |
| Chicago IL Board of Education GO | 7.000% | 12/1/26 |
| 500 | 619 |
| Chicago IL Board of Education GO | 0.000% | 12/1/28 | (14) | 1,000 | 750 |
| Chicago IL Board of Education GO | 5.000% | 12/1/30 | (4) | 1,250 | 1,490 |
| Chicago IL Board of Education GO | 5.250% | 12/1/35 |
| 1,225 | 1,331 |
| Chicago IL Board of Education GO | 5.000% | 4/1/36 |
| 1,270 | 1,419 |
| Chicago IL GO | 5.000% | 1/1/24 |
| 520 | 567 |
| Chicago IL GO | 5.000% | 1/1/26 |
| 335 | 370 |
| Chicago IL GO | 5.000% | 1/1/27 | (4) | 1,945 | 1,984 |
| Chicago IL GO | 5.125% | 1/1/27 |
| 100 | 111 |
| Chicago IL GO | 5.000% | 1/1/28 |
| 1,090 | 1,248 |
| Chicago IL GO | 5.250% | 1/1/28 |
| 200 | 222 |
| Chicago IL Housing Authority Revenue | 5.000% | 1/1/33 |
| 1,000 | 1,191 |
| 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 | 235 |
| Chicago IL Motor Fuel Tax Revenue | 5.000% | 1/1/20 |
| 300 | 304 |
| Chicago IL Motor Fuel Tax Revenue | 5.000% | 1/1/22 |
| 300 | 316 |
| Chicago IL O’Hare International Airport Revenue | 5.250% | 1/1/24 |
| 200 | 226 |
| Chicago IL O’Hare International Airport Revenue | 5.000% | 1/1/25 |
| 1,010 | 1,189 |
| Chicago IL O’Hare International Airport Revenue | 5.500% | 1/1/26 |
| 1,000 | 1,137 |
| Chicago IL O’Hare International Airport Revenue | 5.000% | 1/1/29 |
| 1,000 | 1,161 |
| Chicago IL O’Hare International Airport Revenue | 5.000% | 1/1/31 |
| 1,030 | 1,185 |
| Chicago IL O’Hare International Airport Revenue | 5.000% | 1/1/32 |
| 500 | 540 |
| Chicago IL O’Hare International Airport Revenue | 5.000% | 1/1/33 |
| 1,000 | 1,144 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| Chicago IL O’Hare International Airport Revenue | 5.000% | 1/1/35 |
| 1,855 | 2,148 |
| Chicago IL O’Hare International Airport Revenue | 5.000% | 1/1/38 |
| 1,000 | 1,208 |
| Chicago IL O’Hare International Airport Revenue | 5.000% | 1/1/39 |
| 1,000 | 1,205 |
| Chicago IL Park District GO | 5.000% | 1/1/31 |
| 1,000 | 1,101 |
| Chicago IL Park District GO | 5.000% | 1/1/32 |
| 1,225 | 1,390 |
| Chicago IL Park District GO | 5.000% | 1/1/33 |
| 1,000 | 1,157 |
| Chicago IL Wastewater Transmission Revenue | 5.000% | 1/1/28 |
| 1,000 | 1,182 |
| Chicago IL Wastewater Transmission Revenue | 5.000% | 1/1/29 |
| 1,525 | 1,703 |
| Chicago IL Waterworks Revenue | 5.000% | 11/1/30 |
| 1,000 | 1,128 |
| Cook County IL GO | 5.000% | 11/15/21 |
| 500 | 506 |
| Cook County IL GO | 5.250% | 11/15/25 |
| 1,000 | 1,073 |
| Cook County IL GO | 5.000% | 11/15/26 | (4) | 1,500 | 1,808 |
| Cook County IL GO | 5.000% | 11/15/28 |
| 660 | 687 |
| Cook County IL GO | 5.250% | 11/15/28 |
| 565 | 604 |
| Illinois Finance Authority Revenue (Advocate Health Care Network) | 5.000% | 8/1/26 |
| 1,500 | 1,739 |
| Illinois Finance Authority Revenue (Advocate Health Care Network) | 5.000% | 8/1/33 |
| 2,550 | 2,881 |
| Illinois Finance Authority Revenue (Ascension Health Credit Group) | 5.000% | 11/15/32 |
| 500 | 539 |
| Illinois Finance Authority Revenue (Centegra Health System) | 5.000% | 9/1/29 |
| 1,300 | 1,506 |
| Illinois Finance Authority Revenue (Clean Water Initiative) | 5.000% | 7/1/31 |
| 1,000 | 1,212 |
| Illinois Finance Authority Revenue (DePaul University) | 5.000% | 10/1/33 |
| 1,000 | 1,180 |
| Illinois Finance Authority Revenue (DePaul University) | 5.000% | 10/1/34 |
| 1,000 | 1,176 |
| Illinois Finance Authority Revenue (Edward Elmhurst Obligated Group) | 5.000% | 1/1/36 |
| 1,000 | 1,145 |
| Illinois Finance Authority Revenue (Franciscan Communities Inc.) | 5.000% | 5/15/37 |
| 1,000 | 1,082 |
| Illinois Finance Authority Revenue (Mercy Health System) | 4.000% | 12/1/28 |
| 1,000 | 1,093 |
| Illinois Finance Authority Revenue (Northwest Community Hospital) | 5.750% | 8/15/19 | (Prere.) | 95 | 96 |
| Illinois Finance Authority Revenue (Northwest Community Hospital) | 5.000% | 7/1/35 |
| 1,000 | 1,148 |
| Illinois Finance Authority Revenue (Presence Health Network Obligated Group) | 5.000% | 2/15/28 |
| 1,250 | 1,539 |
| Illinois Finance Authority Revenue (Rehabilitation Institute of Chicago) | 5.500% | 7/1/28 |
| 2,000 | 2,262 |
| Illinois Finance Authority Revenue (Rush University Medical Center) | 5.000% | 11/15/33 |
| 1,050 | 1,195 |
| Illinois Finance Authority Revenue (Trinity Health Corp.) | 5.000% | 12/1/21 | (Prere.) | 500 | 542 |
| Illinois Finance Authority Revenue (University of Chicago) | 5.000% | 10/1/29 |
| 500 | 536 |
| Illinois Finance Authority Revenue (University of Chicago) | 5.000% | 10/1/35 |
| 1,000 | 1,147 |
| Illinois GO | 5.000% | 11/1/19 |
| 1,000 | 1,011 |
| Illinois GO | 5.000% | 1/1/20 | (4) | 200 | 203 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| Illinois GO | 5.000% | 8/1/20 |
| 305 | 316 |
| Illinois GO | 5.000% | 11/1/20 |
| 7,000 | 7,302 |
| Illinois GO | 5.000% | 1/1/21 | (4) | 710 | 722 |
| Illinois GO | 5.000% | 5/1/21 |
| 505 | 533 |
| Illinois GO | 5.000% | 8/1/21 |
| 605 | 643 |
| Illinois GO | 5.000% | 11/1/21 |
| 3,415 | 3,653 |
| Illinois GO | 5.000% | 8/1/22 |
| 500 | 544 |
| Illinois Go | 5.000% | 10/1/22 |
| 1,290 | 1,409 |
| Illinois GO | 5.000% | 11/1/22 |
| 2,300 | 2,517 |
| Illinois GO | 5.000% | 11/1/22 |
| 1,000 | 1,094 |
| Illinois GO | 5.000% | 2/1/23 |
| 540 | 591 |
| Illinois GO | 5.000% | 11/1/23 |
| 1,000 | 1,111 |
| Illinois GO | 5.500% | 7/1/24 |
| 1,100 | 1,227 |
| Illinois GO | 5.000% | 8/1/24 |
| 1,500 | 1,613 |
| Illinois Go | 5.000% | 10/1/24 |
| 1,470 | 1,658 |
| Illinois GO | 5.000% | 11/1/24 |
| 1,785 | 2,016 |
| Illinois GO | 5.000% | 3/1/26 | (4) | 1,125 | 1,205 |
| Illinois GO | 5.000% | 11/1/26 |
| 1,785 | 2,049 |
| Illinois GO | 5.000% | 2/1/28 |
| 1,690 | 1,932 |
| Illinois Go | 5.000% | 10/1/28 |
| 2,000 | 2,331 |
| Illinois GO | 5.000% | 11/1/29 |
| 1,000 | 1,145 |
| Illinois GO | 5.250% | 2/1/30 |
| 1,900 | 2,092 |
| Illinois GO | 5.250% | 7/1/31 |
| 1,000 | 1,086 |
| Illinois Regional Transportation Authority Revenue | 6.250% | 7/1/23 | (4) | 500 | 589 |
| Illinois Sales Tax Revenue | 5.000% | 6/15/28 | (15) | 1,000 | 1,144 |
| Illinois Sales Tax Revenue | 5.000% | 6/15/36 |
| 1,000 | 1,121 |
| Illinois Sales Tax Revenue | 5.000% | 6/15/37 |
| 1,000 | 1,117 |
| Illinois Toll Highway Authority Revenue | 5.000% | 1/1/28 |
| 500 | 508 |
| Illinois Toll Highway Authority Revenue | 5.000% | 1/1/29 |
| 1,600 | 2,008 |
| Illinois Toll Highway Authority Revenue | 5.000% | 1/1/30 |
| 1,490 | 1,858 |
| Illinois Toll Highway Authority Revenue | 5.000% | 1/1/30 |
| 1,000 | 1,103 |
| Illinois Toll Highway Authority Revenue | 5.000% | 1/1/31 |
| 1,600 | 1,981 |
| Illinois Toll Highway Authority Revenue | 5.000% | 1/1/32 |
| 500 | 551 |
| Illinois Toll Highway Authority Revenue | 5.000% | 1/1/37 |
| 1,200 | 1,425 |
| Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue | 0.000% | 6/15/21 | (14) | 1,100 | 1,056 |
| Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue | 0.000% | 6/15/26 | (4) | 910 | 767 |
| Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue | 0.000% | 6/15/27 | (4) | 1,010 | 824 |
| Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue | 0.000% | 12/15/29 | (14) | 2,205 | 1,621 |
| Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue | 0.000% | 6/15/38 | (14) | 1,000 | 500 |
| Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | 5.000% | 12/15/27 |
| 710 | 820 |
| Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | 5.000% | 12/15/28 |
| 1,500 | 1,599 |
| Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | 0.000% | 6/15/31 | (14) | 1,540 | 1,061 |
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% | 12/15/31 | (14) | 340 | 229 |
| Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | 0.000% | 6/15/32 | (14) | 1,215 | 803 |
| Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | 0.000% | 6/15/33 | (14) | 1,130 | 716 |
| Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | 0.000% | 12/15/33 | (14) | 1,790 | 1,114 |
| Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | 0.000% | 6/15/37 | (14) | 1,000 | 525 |
| Northern Illinois Municipal Power Agency Project Revenue | 5.000% | 12/1/26 |
| 1,070 | 1,300 |
| Railsplitter Tobacco Settlement Authority Illinois Tobacco Settlement Revenue | 5.250% | 6/1/20 |
| 1,215 | 1,255 |
| Railsplitter Tobacco Settlement Authority Illinois Tobacco Settlement Revenue | 5.500% | 6/1/21 | (Prere.) | 1,060 | 1,143 |
| Railsplitter Tobacco Settlement Authority Illinois Tobacco Settlement Revenue | 6.000% | 6/1/21 | (Prere.) | 400 | 435 |
| Railsplitter Tobacco Settlement Authority Illinois Tobacco Settlement Revenue | 5.000% | 6/1/26 |
| 1,560 | 1,871 |
| Romeoville IL Revenue (Lewis University Project) | 5.000% | 10/1/28 |
| 1,000 | 1,121 |
| Southwestern Illinois Development Authority Health Facilities Revenue (Hospital Sisters Services Inc.) | 5.000% | 2/15/28 |
| 1,000 | 1,243 |
| Will County IL Community High School District No. 210 (Lincoln-Way) GO | 0.000% | 1/1/29 |
| 1,000 | 716 |
| Will County IL Community High School District No. 210 (Lincoln-Way) GO | 5.000% | 1/1/30 |
| 1,000 | 1,051 |
|
|
|
|
|
| 140,952 |
Indiana (0.7%) |
|
|
|
|
| |
| Ball State University Student Fee Indiana Revenue | 5.000% | 7/1/32 |
| 360 | 437 |
| Ball State University Student Fee Indiana Revenue | 5.000% | 7/1/34 |
| 1,050 | 1,264 |
| Ball State University Student Fee Indiana Revenue | 5.000% | 7/1/35 |
| 1,450 | 1,742 |
| Hammond IN Multi-School Building Corp. Revenue | 5.000% | 1/15/29 |
| 790 | 964 |
| Indiana Finance Authority Hospital Revenue (Indiana University Health Obligated Group) | 5.000% | 12/1/22 |
| 1,100 | 1,233 |
| Indiana Finance Authority Hospital Revenue (Indiana University Health Obligated Group) | 5.000% | 12/1/33 |
| 1,390 | 1,603 |
| Indiana Finance Authority Hospital Revenue (Parkview Health Systems Obligated Group) | 5.000% | 5/1/27 |
| 700 | 863 |
| Indiana Finance Authority Hospital Revenue (Parkview Health Systems Obligated Group) | 5.000% | 5/1/30 |
| 450 | 575 |
3 | Indiana Finance Authority Revenue (Butler University Project) | 5.000% | 2/1/29 |
| 1,000 | 1,253 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| Indiana Finance Authority Revenue (Community Foundation of Northwest Indiana Obligated Group) | 5.000% | 3/1/25 |
| 690 | 750 |
| Indiana Finance Authority Revenue (Franciscan Alliance Inc.) | 5.000% | 11/1/29 |
| 1,175 | 1,440 |
| Indiana Finance Authority Revenue (Franciscan Alliance Inc.) | 5.000% | 11/1/30 |
| 1,520 | 1,850 |
| Indiana Finance Authority Revenue (Franciscan Alliance Inc.) | 5.000% | 11/1/31 |
| 1,120 | 1,352 |
| Indiana Finance Authority Revenue (Franciscan Alliance Inc.) | 4.000% | 11/1/35 |
| 1,685 | 1,837 |
| Indiana Finance Authority Revenue (Marquette Project) | 5.000% | 3/1/24 |
| 1,645 | 1,819 |
| Indiana Finance Authority Revenue (Marquette Project) | 5.000% | 3/1/25 |
| 650 | 729 |
| Indiana Finance Authority Revenue (Stadium Project) | 5.250% | 2/1/30 |
| 1,000 | 1,193 |
| Indiana Finance Authority Revenue (State Revolving Fund) | 5.000% | 2/1/23 | (Prere.) | 500 | 564 |
| Indiana Finance Authority Wastewater Utility Revenue (CWA Authority Project) | 5.000% | 10/1/32 |
| 500 | 551 |
| Indiana Municipal Power Agency Revenue | 5.000% | 1/1/34 |
| 1,415 | 1,679 |
| Indiana Municipal Power Agency Revenue | 5.000% | 1/1/36 |
| 1,000 | 1,207 |
| Indiana Office Building Commission Facilities Revenue (New Castle Correctional Facility) | 5.250% | 7/1/19 | (14) | 500 | 500 |
| Indiana University Student Fee Revenue | 5.000% | 6/1/30 |
| 1,600 | 1,759 |
| Indianapolis IN Department of Public Utilities Water System Revenue | 5.000% | 10/1/35 |
| 1,425 | 1,754 |
| Indianapolis IN Local Public Improvement Bond Bank Revenue (PILOT Infrastructure Project) | 5.000% | 1/1/20 | (Prere.) | 1,500 | 1,527 |
| IPS Multi-School Building Corp. IN Revenue | 5.000% | 7/15/28 |
| 1,375 | 1,606 |
| Ivy IN Tech Community College Revenue | 5.000% | 7/1/32 |
| 835 | 1,032 |
| Ivy IN Tech Community College Revenue | 5.000% | 7/1/33 |
| 860 | 1,058 |
| Purdue University Indiana University Student Facilities System Revenue | 5.000% | 7/1/21 |
| 870 | 934 |
| Richmond IN Hospital Authority Revenue (Reid Hospital & Health Care Services Inc.) | 5.000% | 1/1/24 |
| 720 | 820 |
|
|
|
|
|
| 35,895 |
Iowa (0.1%) |
|
|
|
|
| |
| Iowa Finance Authority Health Facilities Revenue (Mercy Medical Center Project) | 5.000% | 8/15/27 |
| 1,435 | 1,560 |
| Iowa Finance Authority Midwestern Disaster Area Revenue (Iowa Fertilizer Co. Project) | 3.125% | 12/1/22 |
| 250 | 253 |
5 | Iowa Finance Authority Midwestern Disaster Area Revenue (Iowa Fertilizer Co. Project) | 5.875% | 12/1/27 |
| 320 | 336 |
| Iowa Finance Authority Midwestern Disaster Area Revenue (Iowa Fertilizer Co. Project) PUT | 5.250% | 12/1/37 |
| 2,120 | 2,289 |
| Polk County IA GO | 4.000% | 6/1/25 |
| 2,115 | 2,270 |
|
|
|
|
|
| 6,708 |
Kansas (0.3%) |
|
|
|
|
| |
| Johnson County KS Public Building Commission (Courthouse & Medical Examiners Facilities) Revenue | 4.000% | 9/1/27 |
| 1,000 | 1,155 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| Kansas Department of Transportation Highway Revenue | 5.000% | 9/1/20 |
| 1,035 | 1,079 |
| Kansas Department of Transportation Highway Revenue | 5.000% | 9/1/25 |
| 510 | 600 |
| Kansas Department of Transportation Highway Revenue | 5.000% | 9/1/26 |
| 700 | 822 |
| Kansas Development Finance Authority Revenue | 5.000% | 5/1/20 |
| 1,520 | 1,565 |
| Kansas Development Finance Authority Revenue | 5.000% | 5/1/25 |
| 1,345 | 1,512 |
| Kansas Development Finance Authority Revenue | 5.000% | 5/1/27 |
| 1,585 | 1,774 |
| Kansas Development Finance Authority Revenue | 5.000% | 4/1/32 |
| 1,325 | 1,467 |
| Leavenworth County KS Unified School District GO | 4.500% | 9/1/19 | (12) | 500 | 503 |
| Sedgwick County KS Unified School District No. 266 (Maize) GO | 5.000% | 9/1/23 |
| 1,565 | 1,795 |
| Wichita KS Hospital Facilities Revenue (Via Christi Health System Inc.) | 5.000% | 11/15/21 | (Prere.) | 500 | 542 |
| Wyandotte County/Kansas City KS Unified Government Utility System Revenue | 5.000% | 9/1/23 |
| 1,000 | 1,104 |
|
|
|
|
|
| 13,918 |
Kentucky (0.6%) |
|
|
|
|
| |
| Kentucky Bond Development Corp. Transient Room Tax Revenue (Lexington Center Corporation Project) | 5.000% | 9/1/29 |
| 1,980 | 2,451 |
| Kentucky Economic Development Finance Authority Health System Revenue (Norton Healthcare Inc. & Affiliates) | 0.000% | 10/1/25 | (14) | 1,220 | 1,047 |
| Kentucky Economic Development Finance Authority Hospital Revenue (Baptist Healthcare System Obligated Group) | 5.000% | 8/15/31 |
| 1,575 | 1,840 |
| Kentucky Economic Development Finance Authority Medical Center Revenue (King’s Daughters Medical Center Project) | 5.000% | 2/1/30 |
| 645 | 655 |
| Kentucky Municipal Power Agency Power System Revenue | 5.000% | 9/1/29 | (14) | 1,000 | 1,164 |
| Kentucky Property & Building Commission Revenue | 5.000% | 5/1/34 | (15) | 1,000 | 1,204 |
| Kentucky Public Energy Authority Gas Supply Revenue PUT | 4.000% | 4/1/24 |
| 9,105 | 9,897 |
| Kentucky Public Energy Authority Gas Supply Revenue PUT | 4.000% | 1/1/25 |
| 6,000 | 6,621 |
| Kentucky Public Energy Authority Gas Supply Revenue PUT | 4.000% | 6/1/25 |
| 1,200 | 1,322 |
| Kentucky Public Energy Authority Gas Supply Revenue PUT | 4.000% | 6/1/25 |
| 1,000 | 1,103 |
| Kentucky Public Transportation Infrastructure Authority Toll Revenue (Downtown Crossing Project) BAN | 0.000% | 7/1/21 |
| 1,325 | 1,254 |
| Kentucky Public Transportation Infrastructure Authority Toll Revenue (Downtown Crossing Project) BAN | 0.000% | 7/1/22 |
| 810 | 743 |
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 | 305 |
| Kentucky Turnpike Authority Economic Development Road Revenue (Revitalization Project) | 5.000% | 7/1/28 |
| 1,000 | 1,123 |
| Louisville & Jefferson County KY Metropolitan Government Revenue (Catholic Health Initiatives) | 5.000% | 12/1/30 |
| 1,000 | 1,082 |
| Warren County KY Hospital Revenue (Bowling Green-Warren County Community Hospital Corp. Project) | 5.000% | 4/1/28 |
| 1,050 | 1,168 |
|
|
|
|
|
| 32,979 |
Louisiana (0.3%) |
|
|
|
|
| |
| Bossier City LA Utilities Revenue | 5.000% | 10/1/22 |
| 500 | 556 |
| Bossier City LA Utilities Revenue | 5.000% | 10/1/23 |
| 595 | 678 |
| Louisiana Gasoline & Fuel Tax Revenue | 4.000% | 5/1/31 |
| 1,000 | 1,059 |
| Louisiana Gasoline & Fuel Tax Revenue | 5.000% | 5/1/35 |
| 1,065 | 1,289 |
| Louisiana GO | 5.000% | 4/1/24 |
| 2,625 | 3,050 |
| Louisiana Local Government Environmental Facilities & Community Development Authority Revenue | 5.000% | 10/1/29 | (15) | 1,315 | 1,636 |
| Louisiana Public Facilities Authority Hospital Revenue (Louisiana Children’s Medical Center) | 5.000% | 6/1/36 |
| 1,250 | 1,484 |
| Louisiana Stadium & Exposition District Revenue | 5.000% | 7/1/24 |
| 1,000 | 1,132 |
| Louisiana State University Revenue | 5.000% | 7/1/23 |
| 455 | 515 |
| New Orleans LA Aviation Board Revenue | 5.000% | 10/1/27 | (4) | 910 | 1,113 |
| New Orleans LA GO | 5.000% | 12/1/31 |
| 500 | 552 |
| St. Charles Parish LA Gulf Opportunity Zone Revenue (Valero Energy Corp.) PUT | 4.000% | 6/1/22 |
| 1,755 | 1,850 |
|
|
|
|
|
| 14,914 |
Maine (0.0%) |
|
|
|
|
| |
| Maine Health & Higher Educational Facilities Authority Revenue (Mainehealth) | 5.000% | 7/1/29 |
| 445 | 549 |
| Maine Health & Higher Educational Facilities Authority Revenue (Mainehealth) | 5.000% | 7/1/30 |
| 600 | 735 |
| Portland ME Airport Revenue | 5.000% | 1/1/20 | (4) | 500 | 508 |
|
|
|
|
|
| 1,792 |
Maryland (1.7%) |
|
|
|
|
| |
| Anne Arundel County MD GO | 5.000% | 10/1/20 |
| 1,455 | 1,522 |
| Anne Arundel County MD GO | 5.000% | 4/1/23 |
| 1,190 | 1,350 |
| Anne Arundel County MD GO | 5.000% | 10/1/27 |
| 1,455 | 1,756 |
| Anne Arundel County MD GO | 5.000% | 4/1/33 |
| 1,000 | 1,171 |
| Baltimore County MD GO | 5.000% | 2/1/21 |
| 1,500 | 1,588 |
| Baltimore County MD GO | 5.000% | 8/1/21 |
| 1,435 | 1,544 |
| Baltimore County MD GO | 4.000% | 3/1/30 |
| 1,200 | 1,381 |
| Baltimore MD Consolidated Public Improvement GO | 5.000% | 10/15/22 | (Prere.) | 650 | 728 |
| Baltimore MD Consolidated Public Improvement GO | 5.000% | 3/1/32 |
| 1,275 | 1,621 |
| Baltimore MD Project Revenue | 5.000% | 7/1/24 |
| 2,095 | 2,456 |
| Howard County MD GO | 5.000% | 2/15/21 | (Prere.) | 750 | 795 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| Howard County MD GO | 5.000% | 8/15/21 | (Prere.) | 80 | 86 |
| Howard County MD GO | 5.000% | 8/15/24 |
| 120 | 129 |
| Howard County MD GO | 5.000% | 2/15/25 |
| 1,040 | 1,243 |
| Maryland Department of Transportation Revenue | 5.000% | 2/15/20 |
| 1,090 | 1,115 |
| Maryland Department of Transportation Revenue | 5.000% | 5/1/20 |
| 2,240 | 2,309 |
| Maryland Department of Transportation Revenue | 4.000% | 12/1/23 |
| 1,905 | 2,026 |
| Maryland Department of Transportation Revenue | 4.000% | 12/15/29 |
| 1,365 | 1,509 |
| Maryland GO | 5.000% | 8/1/20 | (Prere.) | 870 | 905 |
| Maryland GO | 5.250% | 8/1/20 |
| 1,130 | 1,178 |
| Maryland GO | 5.000% | 6/1/21 |
| 2,425 | 2,596 |
| Maryland GO | 4.000% | 8/1/21 |
| 1,000 | 1,056 |
| Maryland GO | 5.000% | 8/1/21 |
| 1,000 | 1,076 |
| Maryland GO | 5.000% | 3/15/22 |
| 1,000 | 1,098 |
| Maryland GO | 5.000% | 8/1/22 |
| 1,790 | 1,990 |
| Maryland GO | 5.000% | 8/1/22 |
| 4,000 | 4,447 |
| Maryland GO | 5.000% | 8/1/22 |
| 1,500 | 1,668 |
| Maryland GO | 5.000% | 3/15/23 |
| 1,145 | 1,297 |
| Maryland GO | 4.000% | 8/1/23 |
| 2,655 | 2,934 |
| Maryland GO | 5.000% | 8/1/23 |
| 1,900 | 2,176 |
| Maryland GO | 5.000% | 8/1/23 |
| 1,670 | 1,913 |
| Maryland GO | 5.000% | 3/15/24 |
| 1,100 | 1,283 |
| Maryland GO | 5.000% | 8/1/25 |
| 1,000 | 1,208 |
| Maryland GO | 5.000% | 3/15/26 |
| 1,235 | 1,514 |
| Maryland GO | 4.000% | 8/1/26 |
| 1,970 | 2,166 |
| Maryland GO | 4.000% | 3/1/29 |
| 3,000 | 3,188 |
| Maryland GO | 4.000% | 6/1/29 |
| 2,000 | 2,215 |
| Maryland GO | 5.000% | 3/15/31 |
| 1,600 | 2,003 |
| Maryland GO | 5.000% | 8/1/31 |
| 1,000 | 1,259 |
| Maryland Health & Higher Educational Facilities Authority Revenue (Adventist Healthcare Obligated Group) | 5.500% | 1/1/31 |
| 1,950 | 2,354 |
| Maryland Health & Higher Educational Facilities Authority Revenue (Anne Arundel Health System) | 5.000% | 7/1/27 |
| 500 | 550 |
| Maryland Health & Higher Educational Facilities Authority Revenue (Anne Arundel Health System) | 5.000% | 7/1/31 |
| 750 | 897 |
| Maryland Health & Higher Educational Facilities Authority Revenue (Johns Hopkins Health System Obligated Group) | 5.000% | 7/1/24 |
| 500 | 555 |
| Maryland Health & Higher Educational Facilities Authority Revenue (Maryland Institute College of Art) | 5.000% | 6/1/20 |
| 500 | 515 |
| Maryland Health & Higher Educational Facilities Authority Revenue (Meritus Medical Center, Inc.) | 5.000% | 7/1/33 |
| 1,215 | 1,384 |
| Maryland Transportation Authority Facilities Projects Revenue | 5.000% | 7/1/22 |
| 500 | 500 |
| Montgomery County MD GO | 5.000% | 11/1/22 |
| 1,000 | 1,120 |
| Montgomery County MD GO | 5.000% | 11/1/22 |
| 1,275 | 1,428 |
| Montgomery County MD GO | 5.000% | 11/1/23 |
| 2,885 | 3,328 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| Montgomery County MD GO | 4.000% | 11/1/28 |
| 2,390 | 2,823 |
| Montgomery County MD GO | 5.000% | 11/1/29 |
| 1,000 | 1,172 |
| Montgomery County MD GO | 4.000% | 11/1/30 |
| 1,000 | 1,113 |
| Montgomery County MD GO | 4.000% | 12/1/30 |
| 1,555 | 1,733 |
| Montgomery County MD GO | 3.750% | 11/1/37 |
| 1,000 | 1,080 |
| Prince Georges County MD GO | 5.000% | 7/15/22 |
| 1,615 | 1,793 |
| Prince Georges County MD GO | 5.000% | 9/15/23 |
| 580 | 627 |
| Washington MD Suburban Sanitary Commission GO | 4.000% | 6/15/33 |
| 1,000 | 1,133 |
|
|
|
|
|
| 87,604 |
Massachusetts (1.3%) |
|
|
|
|
| |
| Boston MA GO | 5.000% | 4/1/20 |
| 780 | 802 |
| Massachusetts Bay Transportation Authority Assessment Revenue | 5.000% | 7/1/27 |
| 2,850 | 3,505 |
| Massachusetts Bay Transportation Authority Sales Tax Revenue | 5.250% | 7/1/22 |
| 495 | 552 |
| Massachusetts Bay Transportation Authority Sales Tax Revenue | 5.500% | 7/1/26 | (14) | 410 | 518 |
| Massachusetts Bay Transportation Authority Sales Tax Revenue | 5.250% | 7/1/28 |
| 500 | 651 |
| Massachusetts Bay Transportation Authority Sales Tax Revenue | 5.000% | 7/1/31 |
| 925 | 1,221 |
| Massachusetts Department of Transportation Metropolitan Highway System Revenue | 5.000% | 1/1/23 |
| 500 | 509 |
| Massachusetts Department of Transportation Metropolitan Highway System Revenue PUT | 5.000% | 1/1/23 |
| 1,000 | 1,118 |
| Massachusetts Development Finance Agency Revenue (Boston College) | 5.000% | 7/1/37 |
| 1,750 | 2,104 |
| Massachusetts Development Finance Agency Revenue (CareGroup Inc.) | 5.000% | 7/1/29 |
| 1,225 | 1,493 |
| Massachusetts Development Finance Agency Revenue (CareGroup Inc.) | 5.000% | 7/1/38 |
| 1,085 | 1,275 |
| Massachusetts Development Finance Agency Revenue (Emerson College) | 5.500% | 1/1/20 | (Prere.) | 40 | 41 |
| Massachusetts Development Finance Agency Revenue (Emerson College) | 5.500% | 1/1/20 | (Prere.) | 410 | 419 |
| Massachusetts Development Finance Agency Revenue (Harvard University) | 5.000% | 1/1/20 |
| 355 | 362 |
| Massachusetts Development Finance Agency Revenue (Lahey Clinic Obligated Group) | 5.000% | 8/15/25 |
| 750 | 778 |
| Massachusetts Development Finance Agency Revenue (Lahey Clinic Obligated Group) | 5.000% | 8/15/26 |
| 510 | 528 |
| Massachusetts Development Finance Agency Revenue (Lahey Clinic Obligated Group) | 5.000% | 8/15/27 |
| 600 | 622 |
| Massachusetts Development Finance Agency Revenue (UMass Memorial Medical Center) | 5.000% | 7/1/25 |
| 1,275 | 1,494 |
| Massachusetts Development Finance Agency Revenue (UMass Memorial Medical Center) | 5.125% | 7/1/26 |
| 720 | 767 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| Massachusetts Development Finance Agency Revenue (Western New England University) | 5.000% | 9/1/32 |
| 1,105 | 1,326 |
| Massachusetts Educational Financing Authority Education Loan Revenue | 5.500% | 1/1/22 |
| 300 | 306 |
| Massachusetts GO | 5.000% | 7/1/19 | (Prere.) | 500 | 500 |
| Massachusetts GO | 5.000% | 8/1/20 |
| 500 | 520 |
| Massachusetts GO | 5.250% | 8/1/20 |
| 300 | 313 |
| Massachusetts GO | 5.500% | 10/1/20 |
| 525 | 552 |
| Massachusetts GO | 5.500% | 10/1/20 | (14) | 500 | 526 |
| Massachusetts GO | 5.000% | 4/1/21 | (Prere.) | 500 | 532 |
| Massachusetts GO | 5.000% | 8/1/22 |
| 1,000 | 1,112 |
| Massachusetts GO | 5.250% | 8/1/23 |
| 525 | 607 |
| Massachusetts GO | 5.000% | 12/1/23 |
| 1,520 | 1,760 |
| Massachusetts GO | 5.000% | 12/1/24 |
| 2,040 | 2,426 |
| Massachusetts GO | 5.000% | 5/1/29 |
| 2,180 | 2,462 |
| Massachusetts GO | 4.000% | 11/1/30 |
| 1,980 | 2,127 |
| Massachusetts GO | 5.000% | 1/1/31 |
| 1,000 | 1,245 |
| Massachusetts GO | 5.000% | 5/1/31 |
| 1,675 | 1,884 |
| Massachusetts GO | 5.000% | 9/1/31 |
| 1,500 | 1,987 |
| Massachusetts GO | 5.250% | 1/1/34 |
| 2,635 | 3,359 |
| Massachusetts GO | 5.000% | 7/1/35 |
| 1,000 | 1,170 |
| Massachusetts GO | 5.000% | 9/1/37 |
| 1,030 | 1,264 |
2 | Massachusetts GO, 67% of 3M USD LIBOR + 0.550% | 2.278% | 11/1/25 |
| 1,380 | 1,376 |
| Massachusetts Health & Educational Facilities Authority Revenue (Harvard University) | 5.000% | 12/15/19 | (Prere.) | 500 | 508 |
| Massachusetts School Building Authority Dedicated Sales Tax Revenue | 5.000% | 10/15/20 |
| 325 | 341 |
| Massachusetts School Building Authority Dedicated Sales Tax Revenue | 5.000% | 5/15/21 | (ETM) | 900 | 962 |
| Massachusetts School Building Authority Dedicated Sales Tax Revenue | 5.000% | 8/15/23 |
| 645 | 718 |
| Massachusetts School Building Authority Dedicated Sales Tax Revenue | 5.000% | 8/15/29 |
| 3,500 | 3,873 |
| Massachusetts School Building Authority Dedicated Sales Tax Revenue | 5.000% | 8/15/31 |
| 1,500 | 1,777 |
| Massachusetts School Building Authority Dedicated Sales Tax Revenue | 4.000% | 8/15/32 |
| 600 | 668 |
| Massachusetts School Building Authority Dedicated Sales Tax Revenue | 5.000% | 8/15/34 |
| 1,010 | 1,187 |
| Massachusetts School Building Authority Dedicated Sales Tax Revenue | 5.000% | 2/15/36 |
| 1,500 | 1,706 |
| Massachusetts School Building Authority Dedicated Sales Tax Revenue | 5.000% | 8/15/37 |
| 2,215 | 2,585 |
| Massachusetts Special Obligation Dedicated Tax Revenue | 5.500% | 1/1/26 | (14) | 510 | 632 |
| Massachusetts Transportation Fund Revenue | 4.000% | 6/1/35 |
| 1,000 | 1,137 |
| Massachusetts Turnpike Authority Revenue (Metropolitan Highway System) | 0.000% | 1/1/29 | (14) | 420 | 338 |
| Massachusetts Water Pollution Abatement Trust Revenue | 5.000% | 8/1/19 |
| 240 | 241 |
| Massachusetts Water Pollution Abatement Trust Revenue | 5.250% | 8/1/20 |
| 200 | 209 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| Massachusetts Water Pollution Abatement Trust Revenue | 5.250% | 8/1/21 |
| 500 | 541 |
| Massachusetts Water Pollution Abatement Trust Revenue | 5.250% | 8/1/30 |
| 650 | 873 |
| Massachusetts Water Resources Authority Revenue | 5.000% | 8/1/25 |
| 895 | 930 |
|
|
|
|
|
| 65,339 |
Michigan (1.6%) |
|
|
|
|
| |
|
|
|
|
|
|
|
| Battle Creek MI School District GO | 5.000% | 5/1/25 |
| 535 | 634 |
| Birmingham MI City School District GO | 5.000% | 5/1/22 |
| 740 | 817 |
| Chippewa Valley MI Schools GO | 5.000% | 5/1/33 |
| 1,000 | 1,179 |
| Dearborn MI School District GO | 5.000% | 5/1/34 |
| 1,200 | 1,355 |
| Detroit MI City School District GO | 5.250% | 5/1/28 | (4) | 560 | 699 |
| Detroit MI Downtown Development Authority Tax Allocation Revenue | 5.000% | 7/1/35 | (4) | 1,120 | 1,248 |
| Detroit MI Sewage Disposal System Revenue | 7.000% | 7/1/19 | (Prere.) | 1,000 | 1,000 |
| Detroit MI Water & Sewerage Department Sewage Disposal System Revenue | 5.000% | 7/1/22 |
| 455 | 500 |
| Detroit MI Water & Sewerage Department Sewage Disposal System Revenue | 5.000% | 7/1/23 |
| 1,050 | 1,151 |
| Detroit MI Water & Sewerage Department Sewage Disposal System Revenue | 5.000% | 7/1/32 |
| 1,000 | 1,084 |
| Downriver MI Utility Wastewater Authority Revenue | 5.000% | 4/1/34 | (4) | 1,020 | 1,211 |
| Great Lakes MI Water Authority Sewer Disposal System Revenue | 5.000% | 7/1/27 |
| 1,840 | 2,290 |
| Great Lakes MI Water Authority Sewer Disposal System Revenue | 5.000% | 7/1/28 |
| 1,205 | 1,526 |
| Great Lakes MI Water Authority Sewer Disposal System Revenue | 5.000% | 7/1/29 |
| 1,200 | 1,507 |
| Great Lakes MI Water Authority Sewer Disposal System Revenue | 5.000% | 7/1/31 |
| 1,645 | 1,946 |
| Great Lakes MI Water Authority Sewer Disposal System Revenue | 5.000% | 7/1/37 |
| 1,000 | 1,204 |
| Great Lakes MI Water Authority Water Supply System Revenue | 5.000% | 7/1/28 |
| 1,030 | 1,249 |
| Great Lakes MI Water Authority Water Supply System Revenue | 5.000% | 7/1/29 |
| 1,420 | 1,807 |
| Great Lakes MI Water Authority Water Supply System Revenue | 4.000% | 7/1/33 | (4) | 1,000 | 1,083 |
| Hudsonville MI Public Schools GO | 5.000% | 5/1/31 |
| 420 | 508 |
| Karegnondi Water Authority Michigan Water Supply System Revenue (Karegnondi Water Pipeline) | 5.000% | 11/1/29 |
| 625 | 760 |
| Lake Orion MI Community School District GO | 5.000% | 5/1/38 |
| 4,000 | 4,868 |
| Lincoln MI Consolidated School District GO | 5.000% | 5/1/24 | (4) | 1,000 | 1,164 |
| Marysville MI Public Schools District GO | 5.000% | 5/1/28 |
| 1,630 | 1,963 |
| Michigan Building Authority Revenue | 5.000% | 10/15/20 | (4) | 500 | 506 |
| Michigan Building Authority Revenue | 5.000% | 4/15/24 |
| 1,550 | 1,806 |
| Michigan Building Authority Revenue | 5.000% | 10/15/32 |
| 1,320 | 1,580 |
| Michigan Building Authority Revenue | 5.000% | 4/15/33 |
| 1,000 | 1,180 |
| Michigan Building Authority Revenue | 5.000% | 4/15/36 |
| 1,150 | 1,360 |
| Michigan Environmental Program GO | 4.000% | 5/1/28 |
| 1,000 | 1,155 |
| Michigan Finance Authority Hospital Revenue Bonds (Trinity Health Credit Group) | 5.000% | 12/1/35 |
| 920 | 991 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| Michigan Finance Authority Revenue | 5.000% | 10/1/22 |
| 500 | 538 |
| Michigan Finance Authority Revenue | 5.000% | 11/1/28 |
| 1,045 | 1,321 |
| Michigan Finance Authority Revenue | 5.000% | 10/1/34 |
| 2,565 | 3,209 |
| Michigan Finance Authority Revenue (Detroit Water & Sewer) | 5.000% | 7/1/22 | (4) | 1,000 | 1,105 |
| Michigan Finance Authority Revenue (Detroit Water & Sewer) | 5.000% | 7/1/23 | (4) | 1,000 | 1,138 |
| Michigan Finance Authority Revenue (Detroit Water & Sewer) | 5.000% | 7/1/28 |
| 750 | 881 |
| Michigan Finance Authority Revenue (Detroit Water & Sewer) | 5.000% | 7/1/29 |
| 1,500 | 1,727 |
| Michigan Finance Authority Revenue (Detroit Water & Sewer) | 5.000% | 7/1/33 |
| 1,000 | 1,133 |
| Michigan Finance Authority Revenue (Henry Ford Health System Obligated Group) | 5.000% | 11/15/26 |
| 1,210 | 1,476 |
| Michigan Finance Authority Revenue (Kalamazoo College Project) | 5.000% | 12/1/26 |
| 850 | 1,036 |
| Michigan Finance Authority Revenue (Kalamazoo College Project) | 5.000% | 12/1/27 |
| 965 | 1,198 |
| Michigan Finance Authority Revenue (McLaren Health Care Corp.) | 5.000% | 2/15/34 |
| 1,700 | 2,099 |
| Michigan Finance Authority Revenue (Sparrow Obligated Group) | 5.000% | 11/15/27 |
| 500 | 555 |
| Michigan Finance Authority Revenue (State Clean Water Revolving Fund) | 5.000% | 10/1/22 | (Prere.) | 500 | 558 |
| Michigan Finance Authority Revenue (State Clean Water Revolving Fund) | 5.000% | 10/1/22 |
| 2,165 | 2,421 |
| Michigan Finance Authority Revenue (State Clean Water Revolving Fund) | 5.000% | 10/1/22 | (Prere.) | 1,000 | 1,117 |
| Michigan Finance Authority Revenue (State Clean Water Revolving Fund) | 5.000% | 10/1/33 |
| 4,435 | 5,571 |
| Michigan Finance Authority Revenue (State Clean Water Revolving Fund) | 5.000% | 10/1/36 |
| 2,000 | 2,483 |
| Michigan Finance Authority Revenue (Trinity Health Credit Group) | 5.000% | 12/1/32 |
| 1,495 | 1,630 |
| Michigan State University Revenue | 5.000% | 8/15/20 |
| 1,040 | 1,083 |
| Michigan Trunk Line Revenue | 5.000% | 11/1/21 |
| 500 | 506 |
| Oakland University MI Revenue | 5.000% | 3/1/30 |
| 1,250 | 1,478 |
| Portage MI Public Schools GO | 5.000% | 11/1/34 |
| 1,250 | 1,476 |
| Roseville MI School District GO | 5.000% | 5/1/34 |
| 1,665 | 1,917 |
| Royal Oak MI Hospital Finance Authority Hospital Revenue (William Beaumont Hospital) | 5.000% | 9/1/25 |
| 1,450 | 1,661 |
| University of Michigan Revenue | 5.000% | 4/1/32 |
| 2,010 | 2,461 |
| Wayne County MI Airport Authority Revenue | 5.000% | 12/1/25 |
| 845 | 1,023 |
| Wayne County MI Airport Authority Revenue | 5.000% | 12/1/30 |
| 1,300 | 1,548 |
|
|
|
|
|
| 85,680 |
Minnesota (0.6%) |
|
|
|
|
| |
|
|
|
|
|
|
|
| Bloomington MN Independent School District No. 271 GO | 5.000% | 2/1/22 |
| 2,010 | 2,196 |
| Duluth MN Independent School District No. 709 COP | 5.000% | 2/1/27 |
| 365 | 443 |
| Duluth MN Independent School District No. 709 COP | 5.000% | 2/1/28 |
| 350 | 431 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| Farmington MN Independent School District No. 192 GO | 5.000% | 2/1/21 |
| 1,800 | 1,903 |
| Minneapolis & St. Paul MN Metropolitan Airports Commission Revenue | 5.000% | 1/1/25 |
| 320 | 380 |
| Minneapolis & St. Paul MN Metropolitan Airports Commission Revenue | 5.000% | 1/1/26 |
| 375 | 456 |
| Minneapolis & St. Paul MN Metropolitan Council Wastewater GO | 5.000% | 3/1/21 |
| 1,435 | 1,523 |
| Minneapolis MN Special School District No. 1 COP | 5.000% | 2/1/26 |
| 1,855 | 2,088 |
| Minnesota GO | 5.000% | 8/1/19 | (Prere.) | 500 | 501 |
| Minnesota GO | 5.000% | 8/1/19 |
| 500 | 502 |
| Minnesota GO | 5.000% | 11/1/19 | (Prere.) | 270 | 273 |
| Minnesota GO | 5.000% | 11/1/20 |
| 65 | 66 |
| Minnesota GO | 5.000% | 10/1/21 |
| 1,925 | 2,084 |
| Minnesota GO | 5.000% | 8/1/22 |
| 1,350 | 1,502 |
| Minnesota GO | 5.000% | 8/1/24 |
| 1,600 | 1,888 |
| Minnesota GO | 5.000% | 8/1/25 |
| 1,500 | 1,814 |
| Minnesota GO | 5.000% | 8/1/27 |
| 1,005 | 1,209 |
| Minnesota GO | 4.000% | 8/1/35 |
| 1,000 | 1,140 |
| Minnesota Higher Education Facilities Authority Revenue (Hamline University) | 5.000% | 10/1/35 |
| 595 | 664 |
| Osseo MN Independent School District No. 279 GO | 5.000% | 2/1/28 |
| 1,000 | 1,237 |
| Rochester MN Health Care Facilities Revenue (Mayo Clinic) | 5.000% | 11/15/31 |
| 1,000 | 1,323 |
| St. Francis MN Independent School District No. 15 GO | 5.000% | 2/1/26 |
| 385 | 432 |
| St. Francis MN Independent School District No. 15 GO | 5.000% | 2/1/27 |
| 485 | 543 |
| St. Francis MN Independent School District No. 15 GO | 4.000% | 2/1/29 |
| 515 | 554 |
| St. Francis MN Independent School District No. 15 GO | 4.000% | 2/1/30 |
| 550 | 588 |
| St. Francis MN Independent School District No. 15 GO | 4.000% | 2/1/32 |
| 775 | 823 |
| University of Minnesota Revenue | 5.000% | 8/1/19 |
| 500 | 501 |
| University of Minnesota Revenue | 5.250% | 12/1/20 | (Prere.) | 500 | 527 |
| University of Minnesota Revenue | 5.000% | 4/1/23 |
| 1,115 | 1,265 |
| West St. Paul MN Independent School |
|
|
|
|
|
| District No. 197 Revenue (Mendota Heights-Eagan) | 4.000% | 2/1/28 |
| 1,000 | 1,160 |
|
|
|
|
|
| 30,016 |
Mississippi (0.2%) |
|
|
|
|
| |
|
|
|
|
|
|
|
| Mississippi Development Bank Special Obligation Revenue (Marshall County Industrial Development Highway Refunding Project) | 5.000% | 1/1/26 |
| 1,335 | 1,604 |
| Mississippi Development Bank Special Obligation Revenue (Rankin County School District) | 5.000% | 6/1/27 |
| 500 | 619 |
| Mississippi Development Bank Special Obligation Revenue (Rankin County School District) | 5.000% | 6/1/30 |
| 1,745 | 2,131 |
| Mississippi Gaming Tax Revenue | 5.000% | 10/15/36 |
| 1,500 | 1,823 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| Mississippi GO | 5.000% | 11/1/29 |
| 1,000 | 1,200 |
| Mississippi Institutions of Higher Learning Revenue (University of Mississippi Medical Center) | 4.000% | 6/1/34 |
| 1,000 | 1,099 |
| Mississippi State University Educational Building Corp. Revenue | 5.000% | 8/1/23 | (Prere.) | 1,000 | 1,147 |
| Mississippi State University Educational Building Corp. Revenue | 5.000% | 8/1/30 |
| 565 | 696 |
| Mississippi State University Educational Building Corp. Revenue | 5.000% | 8/1/31 |
| 495 | 605 |
|
|
|
|
|
| 10,924 |
Missouri (0.5%) |
|
|
|
|
| |
|
|
|
|
|
|
|
| Jackson County MO School District No. 4 GO (Blue Springs) | 6.000% | 3/1/38 |
| 1,000 | 1,333 |
| Jackson County MO Special Obligation Revenue (Truman Sports Complex Project) | 5.000% | 12/1/26 |
| 1,190 | 1,388 |
| Kansas City MO Sanitary Sewer System Revenue | 5.000% | 1/1/32 |
| 1,000 | 1,236 |
| Metropolitan St. Louis MO Sewer District Wastewater System Revenue | 5.000% | 5/1/34 |
| 500 | 607 |
| Missouri Health & Educational Facilities Authority Educational Facilities Revenue (St. Louis College of Pharmacy Project) | 5.000% | 5/1/30 |
| 500 | 543 |
| Missouri Health & Educational Facilities Authority Educational Facilities Revenue (St. Louis College of Pharmacy Project) | 5.000% | 5/1/34 |
| 880 | 945 |
| Missouri Health & Educational Facilities Authority Health Facilities Revenue (BJC Health System) VRDO | 1.830% | 7/8/19 |
| 6,200 | 6,200 |
| Missouri Health & Educational Facilities Authority Health Facilities Revenue (SSM Health System) | 5.000% | 6/1/25 |
| 1,480 | 1,717 |
| Missouri Health & Educational Facilities Authority Health Facilities Revenue (St. Luke’s Health System) | 5.000% | 12/1/31 |
| 1,000 | 1,245 |
| Missouri Health & Educational Facilities Authority Revenue (Children’s Mercy Hospital) | 5.000% | 5/15/36 |
| 1,100 | 1,271 |
| Missouri Health & Educational Facilities Authority Revenue (Mercy Health) | 5.000% | 11/15/34 |
| 1,500 | 1,715 |
| Missouri Highways & Transportation Commission Road Revenue | 5.000% | 2/1/23 |
| 710 | 802 |
| Missouri Joint Municipal Electric Utility Commission Power Project Revenue (Iatan 2 Project) | 5.000% | 12/1/34 |
| 1,425 | 1,646 |
| Missouri Joint Municipal Electric Utility Commission Power Project Revenue (Prairie Project) | 5.000% | 12/1/34 |
| 1,000 | 1,178 |
| St. Louis MO Parking Revenue | 5.000% | 12/15/23 | (4) | 715 | 812 |
| St. Louis MO Sewer & Wastewater Revenue | 5.000% | 5/1/36 |
| 1,000 | 1,166 |
|
|
|
|
|
| 23,804 |
Montana (0.0%) |
|
|
|
|
| |
|
|
|
|
|
|
|
| Montana Facility Finance Authority Hospital Revenue (Benefis Health System) | 5.000% | 2/15/32 |
| 825 | 966 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
Multiple State (0.0%) |
|
|
|
|
| |
|
|
|
|
|
|
|
6 | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | 3.400% | 1/25/36 |
| 499 | 529 |
Nebraska (0.5%) |
|
|
|
|
| |
|
|
|
|
|
|
|
| Central Plains Energy Project Nebraska Gas Project Revenue (Project No. 3) | 5.000% | 9/1/27 |
| 1,000 | 1,197 |
| Central Plains Energy Project Nebraska Gas Project Revenue (Project No. 4) PUT | 5.000% | 1/1/24 |
| 3,500 | 3,931 |
| Central Plains Energy Project Nebraska Gas Supply Revenue PUT | 5.000% | 12/1/19 |
| 2,635 | 2,672 |
| Lincoln County NE Hospital Authority No. 1 Hospital Revenue (Great Plains Regional Medical Center Project) | 5.000% | 11/1/23 |
| 750 | 804 |
| Lincoln NE Electric System Revenue | 5.000% | 9/1/22 | (Prere.) | 135 | 150 |
| Lincoln NE Electric System Revenue | 5.000% | 9/1/25 |
| 275 | 305 |
| Municipal Energy Agency of Nebraska Power Supply System Revenue | 5.000% | 4/1/31 |
| 345 | 374 |
| Nebraska Public Power District Revenue | 5.000% | 1/1/30 |
| 1,000 | 1,079 |
| Nebraska Public Power District Revenue | 5.000% | 1/1/32 |
| 1,500 | 1,616 |
| Omaha NE Public Power District Electric Revenue | 5.000% | 2/1/29 | �� | 1,240 | 1,496 |
| Omaha NE Public Power District Electric Revenue | 4.000% | 2/1/32 |
| 1,675 | 1,764 |
| Omaha NE Public Power District Electric Revenue | 5.000% | 2/1/36 |
| 3,560 | 4,325 |
| Omaha NE Sewer Revenue | 5.000% | 11/15/29 |
| 2,500 | 2,931 |
| Scotts Bluff County NE Hospital Authority Revenue (Regional West Medical Center) | 5.000% | 2/1/24 |
| 1,685 | 1,848 |
|
|
|
|
|
| 24,492 |
Nevada (0.7%) |
|
|
|
|
| |
|
|
|
|
|
|
|
| Carson City NV Hospital Revenue (Carson Tahoe Regional Medical Center) | 5.000% | 9/1/26 |
| 560 | 662 |
| Carson City NV Hospital Revenue (Carson Tahoe Regional Medical Center) | 5.000% | 9/1/28 |
| 670 | 800 |
| Carson City NV Hospital Revenue (Carson Tahoe Regional Medical Center) | 5.000% | 9/1/33 |
| 1,740 | 1,879 |
| Clark County NV GO | 5.000% | 12/1/29 |
| 500 | 507 |
| Clark County NV GO | 4.000% | 6/1/32 |
| 1,505 | 1,694 |
| Clark County NV GO | 5.000% | 7/1/33 |
| 1,000 | 1,109 |
| Clark County NV Highway Improvement Motor Vehicle Fuel Tax Revenue | 5.000% | 7/1/19 | (Prere.) | 500 | 500 |
| Clark County NV Highway Improvement Motor Vehicle Fuel Tax Revenue | 5.000% | 7/1/31 |
| 1,575 | 1,809 |
| Clark County NV Highway Improvement Motor Vehicle Fuel Tax Revenue | 5.000% | 7/1/36 |
| 1,075 | 1,291 |
| Clark County NV Passenger Facility Charge Revenue (Las Vegas McCarran International Airport) | 4.500% | 7/1/20 |
| 455 | 462 |
| Clark County NV School District GO | 4.000% | 6/15/33 | (4) | 1,820 | 2,018 |
| Clark County NV School District GO | 4.000% | 12/1/37 |
| 1,325 | 1,468 |
| Clark County NV School District GO | 4.000% | 12/1/38 |
| 1,140 | 1,260 |
| Las Vegas Valley Water District Nevada GO | 5.000% | 6/1/21 |
| 2,000 | 2,141 |
| Las Vegas Valley Water District Nevada GO | 5.000% | 6/1/24 |
| 1,170 | 1,370 |
| Las Vegas Valley Water District Nevada GO | 5.000% | 12/1/27 |
| 1,990 | 2,371 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| Las Vegas Valley Water District Nevada GO | 5.000% | 6/1/35 |
| 1,870 | 2,214 |
| Las Vegas Valley Water District Nevada GO | 5.000% | 6/1/38 |
| 1,000 | 1,236 |
| Las Vegas Valley Water District Nevada GO | 5.000% | 6/1/39 |
| 1,500 | 1,848 |
| Nevada GO | 5.000% | 4/1/22 |
| 1,740 | 1,914 |
| Nevada GO | 5.000% | 11/1/23 |
| 1,465 | 1,692 |
| Nevada GO | 5.000% | 11/1/25 |
| 1,015 | 1,213 |
| Nevada Highway Improvement Revenue (Motor Vehicle Fuel Tax) | 4.000% | 12/1/32 |
| 1,660 | 1,868 |
| Reno NV Sales Tax Revenue (Reno Transportation Rail Access) | 5.000% | 6/1/27 |
| 250 | 304 |
| Reno NV Sales Tax Revenue (Reno Transportation Rail Access) | 5.000% | 6/1/28 |
| 250 | 309 |
| Reno NV Sales Tax Revenue (Reno Transportation Rail Access) | 5.000% | 6/1/32 |
| 250 | 306 |
| Reno NV Sales Tax Revenue (Reno Transportation Rail Access) | 5.000% | 6/1/33 |
| 250 | 305 |
| Truckee Meadows NV Water Authority Water Revenue | 5.000% | 7/1/34 |
| 1,500 | 1,785 |
|
|
|
|
|
| 36,335 |
New Jersey (1.4%) |
|
|
|
|
| |
| Bergen County NJ GO | 5.000% | 10/15/21 |
| 1,490 | 1,616 |
| Camden County NJ Improvement Authority Health Care Redevelopment Project Revenue (Cooper Health System Obligated Group) | 5.000% | 2/15/27 |
| 1,400 | 1,580 |
| Garden State Preservation Trust New Jersey Revenue (Open Space & Farmland Preservation) | 0.000% | 11/1/21 | (4) | 500 | 482 |
| Jersey City NJ GO | 5.000% | 3/1/21 |
| 480 | 507 |
| Morris County NJ Improvement Authority School District Revenue (Morris Hills Regional District Project) | 5.000% | 10/1/23 |
| 510 | 570 |
| New Jersey Economic Development Authority Revenue | 5.000% | 6/15/21 |
| 1,000 | 1,062 |
| New Jersey Economic Development Authority Revenue | 5.000% | 6/15/23 |
| 1,000 | 1,114 |
| New Jersey Economic Development Authority Revenue | 5.500% | 6/15/29 |
| 2,000 | 2,386 |
| New Jersey Economic Development Authority Revenue (Cigarette Tax) | 5.000% | 6/15/26 |
| 1,600 | 1,723 |
| New Jersey Economic Development Authority Revenue (Motor Vehicle Surcharge) | 5.250% | 7/1/26 | (ETM) | 95 | 119 |
| New Jersey Economic Development Authority Revenue (Motor Vehicle Surcharge) | 5.250% | 7/1/26 | (14) | 405 | 484 |
| 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 | 2,283 |
| New Jersey GO | 5.000% | 8/15/19 |
| 750 | 753 |
| New Jersey Health Care Facilities Financing Authority Lease Revenue (Greystone Park Psychiatric Hospital Project) | 5.000% | 9/15/24 |
| 500 | 559 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| New Jersey Health Care Facilities Financing Authority Revenue (Barnabas Health) | 5.000% | 7/1/22 |
| 1,000 | 1,107 |
| New Jersey Health Care Facilities Financing Authority Revenue (Barnabas Health) | 5.000% | 7/1/25 |
| 900 | 991 |
| New Jersey Health Care Facilities Financing Authority Revenue (Hackensack Meridian Health) | 5.000% | 7/1/21 |
| 640 | 685 |
| New Jersey Health Care Facilities Financing Authority Revenue (St. Joseph’s Healthcare System) | 5.000% | 7/1/27 |
| 1,000 | 1,170 |
| New Jersey Higher Education Assistance Authority Student Loan Revenue | 5.250% | 12/1/28 |
| 180 | 183 |
| New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue | 5.000% | 6/15/25 |
| 1,300 | 1,525 |
| New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue | 5.000% | 6/15/28 |
| 1,380 | 1,626 |
| New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue | 5.000% | 6/15/28 |
| 620 | 730 |
| New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue | 5.000% | 6/15/29 |
| 1,400 | 1,638 |
| New Jersey Transportation Trust Fund Authority Revenue | 5.000% | 12/15/27 |
| 1,000 | 1,190 |
| New Jersey Transportation Trust Fund Authority Revenue | 5.000% | 12/15/30 |
| 1,285 | 1,523 |
| New Jersey Transportation Trust Fund Authority Revenue | 5.000% | 12/15/33 |
| 1,115 | 1,301 |
| New Jersey Transportation Trust Fund Authority Revenue | 5.000% | 12/15/34 |
| 1,115 | 1,295 |
| New Jersey Transportation Trust Fund Authority Revenue | 5.000% | 12/15/35 |
| 1,015 | 1,172 |
| New Jersey Transportation Trust Fund Authority Transportation Program Revenue | 5.250% | 6/15/33 |
| 1,500 | 1,697 |
| New Jersey Transportation Trust Fund Authority Transportation System Revenue | 5.000% | 12/15/19 |
| 650 | 660 |
| New Jersey Transportation Trust Fund Authority Transportation System Revenue | 5.250% | 12/15/19 |
| 500 | 508 |
| New Jersey Transportation Trust Fund Authority Transportation System Revenue | 5.500% | 12/15/20 | (14) | 2,500 | 2,635 |
| New Jersey Transportation Trust Fund Authority Transportation System Revenue | 5.250% | 12/15/21 | (14) | 345 | 374 |
| New Jersey Transportation Trust Fund Authority Transportation System Revenue | 5.500% | 12/15/21 | (12) | 150 | 164 |
| New Jersey Transportation Trust Fund Authority Transportation System Revenue | 5.500% | 12/15/22 |
| 1,315 | 1,475 |
| New Jersey Transportation Trust Fund Authority Transportation System Revenue | 5.500% | 12/15/23 |
| 605 | 698 |
| New Jersey Transportation Trust Fund Authority Transportation System Revenue | 5.000% | 12/15/24 |
| 1,000 | 1,150 |
| New Jersey Transportation Trust Fund Authority Transportation System Revenue | 0.000% | 12/15/26 | (2) | 2,000 | 1,635 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| New Jersey Transportation Trust Fund Authority Transportation System Revenue | 5.500% | 6/15/31 |
| 500 | 532 |
| New Jersey Transportation Trust Fund Authority Transportation System Revenue | 0.000% | 12/15/31 | (14) | 1,000 | 677 |
| New Jersey Transportation Trust Fund Authority Transportation System Revenue | 5.000% | 6/15/32 |
| 700 | 779 |
| New Jersey Turnpike Authority Revenue | 5.000% | 1/1/22 | (Prere.) | 1,000 | 1,091 |
| New Jersey Turnpike Authority Revenue | 5.000% | 7/1/22 | (Prere.) | 1,040 | 1,154 |
| New Jersey Turnpike Authority Revenue | 5.000% | 1/1/26 |
| 1,185 | 1,327 |
| New Jersey Turnpike Authority Revenue | 5.000% | 1/1/28 |
| 1,190 | 1,331 |
| New Jersey Turnpike Authority Revenue | 5.000% | 1/1/32 |
| 1,000 | 1,231 |
| New Jersey Turnpike Authority Revenue | 4.000% | 1/1/33 |
| 1,070 | 1,202 |
| New Jersey Turnpike Authority Revenue | 4.000% | 1/1/34 |
| 2,500 | 2,797 |
| New Jersey Turnpike Authority Revenue | 5.000% | 1/1/35 |
| 1,000 | 1,195 |
| South Jersey Transportation Authority New Jersey Transportation System Revenue | 5.000% | 11/1/25 |
| 500 | 550 |
| Tobacco Settlement Financing Corp. New Jersey Revenue | 5.000% | 6/1/26 |
| 1,825 | 2,163 |
| Tobacco Settlement Financing Corp. New Jersey Revenue | 3.200% | 6/1/27 |
| 385 | 408 |
| Tobacco Settlement Financing Corp. New Jersey Revenue | 5.000% | 6/1/27 |
| 3,200 | 3,849 |
| Tobacco Settlement Financing Corp. New Jersey Revenue | 5.000% | 6/1/30 |
| 685 | 824 |
| Tobacco Settlement Financing Corp. New Jersey Revenue | 5.000% | 6/1/31 |
| 1,000 | 1,196 |
| Tobacco Settlement Financing Corp. New Jersey Revenue | 5.000% | 6/1/35 |
| 450 | 528 |
| Tobacco Settlement Financing Corp. New Jersey Revenue | 5.000% | 6/1/36 |
| 1,500 | 1,750 |
| Tobacco Settlement Financing Corp. New Jersey Revenue | 5.000% | 6/1/37 |
| 1,000 | 1,161 |
3 | Toms River NJ Board of Education GO | 3.000% | 7/15/30 |
| 3,000 | 3,102 |
|
|
|
|
|
| 71,535 |
New Mexico (0.2%) |
|
|
|
|
| |
| Albuquerque NM GO | 5.000% | 7/1/20 |
| 2,000 | 2,074 |
| Albuquerque NM Municipal School District No. 12 GO | 5.000% | 8/1/22 |
| 290 | 322 |
| Albuquerque NM Municipal School District No. 12 GO | 5.000% | 8/1/23 |
| 265 | 303 |
| Farmington NM Pollution Control Revenue (Arizona Public Service Co. Four Corners Project) | 4.700% | 9/1/24 |
| 1,750 | 1,814 |
| New Mexico Educational Assistance Foundation Revenue | 5.000% | 12/1/19 |
| 500 | 508 |
| New Mexico Finance Authority Revenue | 5.000% | 6/1/23 |
| 1,210 | 1,377 |
| New Mexico Finance Authority Transportation Revenue | 5.000% | 6/15/23 |
| 500 | 517 |
| New Mexico Finance Authority Transportation Revenue | 4.000% | 6/15/26 |
| 2,000 | 2,136 |
| New Mexico Finance Authority Transportation Revenue | 5.000% | 6/15/27 |
| 1,000 | 1,167 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| New Mexico Hospital Equipment Loan Council Hospital System Revenue (Presbyterian Healthcare Services) | 5.000% | 8/1/28 |
| 1,445 | 1,716 |
|
|
|
|
|
| 11,934 |
New York (7.8%) |
|
|
|
|
| |
5 | Battery Park City Authority New York Revenue TOB VRDO | 1.980% | 7/2/19 | LOC | 3,200 | 3,200 |
| Erie County NY Fiscal Stability Authority Revenue | 5.000% | 9/1/30 |
| 500 | 625 |
| Erie County NY Industrial Development Agency School Facility Revenue (Buffalo City School District Project) | 5.250% | 5/1/31 |
| 500 | 534 |
| Hempstead NY GO | 4.000% | 4/1/29 | (4) | 1,420 | 1,617 |
| Hudson Yards Infrastructure Corp. New York Revenue | 5.000% | 2/15/36 |
| 1,500 | 1,801 |
| Hudson Yards Infrastructure Corp. New York Revenue | 5.000% | 2/15/37 |
| 500 | 598 |
| Long Island NY Power Authority Electric System Revenue | 5.000% | 9/1/24 |
| 130 | 145 |
| Long Island NY Power Authority Electric System Revenue | 5.000% | 9/1/35 |
| 1,000 | 1,232 |
| Metropolitan Transportation Authority NY BAN | 5.000% | 5/15/21 |
| 3,000 | 3,195 |
| Metropolitan Transportation Authority NY BAN | 5.000% | 5/15/22 |
| 9,100 | 10,011 |
| Metropolitan Transportation Authority NY Revenue PUT | 5.000% | 11/15/22 |
| 8,095 | 8,975 |
| Monroe County NY Industrial Development Agency School Facility Revenue (Rochester Schools Modernization Project) | 5.000% | 5/1/31 |
| 1,955 | 2,424 |
| Monroe County NY Industrial Development Corp. Mortgage Revenue (Unity Hospital Rochester Project) | 5.500% | 8/15/23 |
| 340 | 341 |
| Monroe County NY Industrial Development Corp. Revenue (University of Rochester Project) | 5.000% | 7/1/26 |
| 1,100 | 1,371 |
| Monroe County NY Industrial Development Corp. Revenue (University of Rochester Project) | 5.000% | 7/1/37 |
| 1,000 | 1,202 |
| Nassau County NY GO | 5.000% | 4/1/23 |
| 1,000 | 1,131 |
| New York City NY GO | 5.000% | 8/1/20 |
| 2,260 | 2,352 |
| New York City NY GO | 5.000% | 8/1/20 |
| 2,935 | 3,054 |
| New York City NY GO | 5.000% | 8/1/21 |
| 515 | 554 |
| New York City NY GO | 5.000% | 8/1/21 |
| 1,745 | 1,878 |
| New York City NY GO | 5.000% | 8/1/21 |
| 2,000 | 2,152 |
| New York City NY GO | 5.000% | 8/1/22 |
| 705 | 784 |
| New York City NY GO | 5.000% | 8/1/22 |
| 1,290 | 1,434 |
| New York City NY GO | 5.000% | 10/1/22 |
| 500 | 541 |
| New York City NY GO | 5.000% | 8/1/23 |
| 400 | 444 |
| New York City NY GO | 5.000% | 8/1/23 |
| 1,505 | 1,724 |
| New York City NY GO | 5.000% | 8/1/24 |
| 1,000 | 1,179 |
| New York City NY GO | 5.000% | 8/1/25 |
| 770 | 841 |
| New York City NY GO | 5.000% | 8/1/25 |
| 1,245 | 1,498 |
| New York City NY GO | 5.000% | 8/1/25 |
| 1,285 | 1,546 |
| New York City NY GO | 5.000% | 8/1/25 |
| 1,000 | 1,203 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| New York City NY GO | 5.000% | 6/1/26 |
| 2,450 | 2,940 |
| New York City NY GO | 5.000% | 8/1/26 |
| 1,000 | 1,126 |
| New York City NY GO | 5.000% | 8/1/26 |
| 500 | 555 |
| New York City NY GO | 5.000% | 8/1/28 |
| 400 | 416 |
| New York City NY GO | 5.000% | 8/1/30 |
| 1,000 | 1,132 |
| New York City NY GO | 5.000% | 3/1/31 |
| 1,340 | 1,500 |
| New York City NY GO | 5.000% | 8/1/31 |
| 365 | 392 |
| New York City NY GO | 5.000% | 12/1/32 |
| 1,755 | 2,116 |
| New York City NY GO | 5.000% | 12/1/33 |
| 1,515 | 1,820 |
| New York City NY GO | 5.000% | 12/1/35 |
| 1,120 | 1,337 |
| New York City NY GO VRDO | 1.950% | 7/1/19 |
| 2,900 | 2,900 |
| New York City NY GO VRDO | 1.970% | 7/1/19 |
| 8,390 | 8,390 |
| New York City NY GO VRDO | 1.970% | 7/1/19 |
| 4,100 | 4,100 |
| New York City NY GO VRDO | 1.840% | 7/5/19 | LOC | 5,000 | 5,000 |
| New York City NY Health & Hospital Corp. Revenue (Health System) | 5.000% | 2/15/24 |
| 1,500 | 1,534 |
| New York City NY Health & Hospital Corp. Revenue (Health System) | 5.000% | 2/15/30 |
| 575 | 587 |
| New York City NY Housing Development Corp. Multi-Family Housing Revenue | 5.250% | 7/1/29 |
| 1,000 | 1,126 |
| New York City NY Housing Development Corp. Multi-Family Housing Revenue | 3.700% | 11/1/38 |
| 2,000 | 2,092 |
| New York City NY Housing Development Corp. Multi-Family Housing Revenue PUT | 2.950% | 2/1/26 |
| 1,000 | 1,047 |
| New York City NY Housing Development Corp. Multi-Family Housing Revenue VRDO | 1.900% | 7/5/19 |
| 6,800 | 6,800 |
| New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | 5.000% | 6/15/27 |
| 500 | 501 |
| New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | 5.000% | 6/15/27 |
| 1,250 | 1,504 |
| New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | 5.000% | 6/15/30 |
| 500 | 517 |
| New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | 5.000% | 6/15/31 |
| 500 | 535 |
| New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | 5.000% | 6/15/32 |
| 2,900 | 3,472 |
| New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | 5.250% | 6/15/33 |
| 1,000 | 1,250 |
| New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | 5.000% | 6/15/36 |
| 2,000 | 2,367 |
| New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | 5.000% | 6/15/38 |
| 2,015 | 2,455 |
| New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | 5.000% | 6/15/38 |
| 1,000 | 1,208 |
| New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | 5.000% | 6/15/39 |
| 2,000 | 2,321 |
| New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | 5.000% | 6/15/39 |
| 2,500 | 3,089 |
| New York City NY Municipal Water Finance Authority Water & Sewer System Revenue VRDO | 1.950% | 7/5/19 |
| 30,380 | 30,380 |
| New York City NY Transitional Finance Authority Building Aid Revenue | 5.000% | 7/15/24 |
| 550 | 612 |
| New York City NY Transitional Finance Authority Building Aid Revenue | 5.000% | 7/15/28 |
| 1,730 | 2,071 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| New York City NY Transitional Finance Authority Building Aid Revenue | 5.000% | 7/15/29 |
| 2,000 | 2,385 |
| New York City NY Transitional Finance Authority Building Aid Revenue | 5.000% | 7/15/30 |
| 1,030 | 1,235 |
| New York City NY Transitional Finance Authority Building Aid Revenue | 5.000% | 7/15/32 |
| 250 | 276 |
| New York City NY Transitional Finance Authority Building Aid Revenue | 5.000% | 7/15/35 |
| 1,635 | 2,010 |
| New York City NY Transitional Finance Authority Building Aid Revenue | 4.000% | 7/15/38 |
| 1,750 | 1,947 |
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.250% | 2/1/21 | (Prere.) | 60 | 64 |
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 11/1/22 |
| 1,140 | 1,280 |
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 11/1/25 |
| 460 | 499 |
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 11/1/28 |
| 1,325 | 1,599 |
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 5/1/29 |
| 850 | 962 |
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 2/1/30 |
| 500 | 560 |
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.250% | 2/1/30 |
| 440 | 467 |
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 2/1/31 |
| 500 | 528 |
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 5/1/31 |
| 300 | 329 |
| 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 | 1,449 |
| 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 | 1,784 |
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 8/1/34 |
| 1,710 | 2,048 |
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 8/1/34 |
| 1,450 | 1,675 |
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 11/1/34 |
| 1,500 | 1,775 |
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 8/1/35 |
| 1,525 | 1,841 |
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 11/1/35 |
| 1,745 | 2,059 |
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 5/1/36 |
| 1,580 | 1,893 |
| New York City NY Transitional Finance Authority Future Tax Revenue | 4.000% | 8/1/36 |
| 1,235 | 1,371 |
| New York City NY Transitional Finance Authority Future Tax Revenue | 4.000% | 11/1/36 |
| 1,000 | 1,129 |
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 8/1/37 |
| 1,680 | 2,013 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| New York City NY Transitional Finance Authority Future Tax Revenue | 4.000% | 11/1/38 |
| 1,000 | 1,119 |
| New York City NY Transitional Finance Authority Future Tax Revenue VRDO | 1.950% | 7/1/19 |
| 6,990 | 6,990 |
| New York City NY Transitional Finance Authority Future Tax Revenue VRDO | 1.870% | 7/5/19 |
| 4,000 | 4,000 |
| New York City NY Transitional Finance Authority Future Tax Secured Revenue | 5.000% | 8/1/35 |
| 2,015 | 2,474 |
| New York City NY Transitional Finance Authority Future Tax Secured Revenue | 5.000% | 8/1/36 |
| 2,000 | 2,447 |
5 | New York City NY Transitional Finance Authority Future Tax Secured Revenue TOB VRDO | 1.920% | 7/5/19 |
| 3,800 | 3,800 |
| New York City NY Transitional Finance Authority Revenue | 5.000% | 8/1/35 |
| 1,500 | 1,841 |
| New York City NY Transitional Finance Authority Revenue | 5.000% | 8/1/36 |
| 5,710 | 6,987 |
| New York City NY Transitional Finance Authority Revenue | 5.000% | 5/1/38 |
| 1,675 | 2,029 |
| New York City NY Trust for Cultural Resources Revenue (Lincoln Center for the Performing Arts Inc.) | 5.000% | 12/1/26 |
| 1,340 | 1,663 |
| New York Liberty Development Corp. Revenue | 5.000% | 11/15/31 |
| 1,090 | 1,178 |
| New York Liberty Development Corp. Revenue (7 World Trade Center Project) | 5.000% | 9/15/31 |
| 1,000 | 1,093 |
| New York Liberty Development Corp. Revenue (Goldman Sachs Headquarters) | 5.250% | 10/1/35 |
| 820 | 1,086 |
| New York Metropolitan Transportation Authority Revenue | 5.000% | 11/15/20 |
| 1,530 | 1,607 |
| New York Metropolitan Transportation Authority Revenue | 5.250% | 11/15/20 | (Prere.) | 500 | 528 |
| New York Metropolitan Transportation Authority Revenue | 5.000% | 11/15/21 |
| 230 | 249 |
| New York Metropolitan Transportation Authority Revenue | 5.000% | 11/15/21 |
| 1,000 | 1,084 |
| New York Metropolitan Transportation Authority Revenue | 5.000% | 11/15/21 | (Prere.) | 500 | 545 |
| New York Metropolitan Transportation Authority Revenue | 5.250% | 11/15/21 | (14) | 325 | 354 |
| New York Metropolitan Transportation Authority Revenue | 5.000% | 11/15/22 | (Prere.) | 820 | 925 |
| New York Metropolitan Transportation Authority Revenue | 5.000% | 5/15/23 | (Prere.) | 570 | 654 |
| New York Metropolitan Transportation Authority Revenue | 5.000% | 11/15/23 |
| 1,045 | 1,200 |
| New York Metropolitan Transportation Authority Revenue | 5.000% | 11/15/24 |
| 2,180 | 2,562 |
| New York Metropolitan Transportation Authority Revenue | 5.000% | 11/15/25 |
| 1,135 | 1,364 |
| New York Metropolitan Transportation Authority Revenue | 5.000% | 11/15/26 |
| 1,645 | 2,019 |
| New York Metropolitan Transportation Authority Revenue | 5.000% | 11/15/28 |
| 1,675 | 2,040 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| New York Metropolitan Transportation Authority Revenue | 4.000% | 11/15/31 |
| 1,445 | 1,646 |
| New York Metropolitan Transportation Authority Revenue | 4.000% | 11/15/32 |
| 1,500 | 1,696 |
| New York Metropolitan Transportation Authority Revenue | 5.000% | 11/15/33 |
| 680 | 747 |
| New York Metropolitan Transportation Authority Revenue (Dedicated |
|
|
|
|
|
| Petroleum Tax) New York Metropolitan Transportation | 5.250% | 11/15/19 | (Prere.) | 600 | 609 |
| Authority Revenue (Dedicated Tax Fund) New York Metropolitan Transportation | 5.000% | 3/1/22 |
| 2,000 | 2,192 |
| Authority Revenue (Dedicated Tax Fund) New York Metropolitan Transportation | 0.000% | 11/15/32 |
| 1,000 | 692 |
| Authority Revenue (Dedicated Tax Fund) New York Metropolitan Transportation | 4.000% | 11/15/33 |
| 1,545 | 1,740 |
| Authority Revenue (Hudson Yards Development) | 5.000% | 11/15/46 |
| 1,075 | 1,088 |
| New York Metropolitan Transportation Authority Revenue (Hudson Yards Development) | 5.000% | 11/15/51 |
| 4,250 | 4,515 |
| New York Metropolitan Transportation Authority Revenue (Transit Revenue) | 5.000% | 11/15/21 | (Prere.) | 1,215 | 1,325 |
| New York State Dormitory Authority Lease Revenue (City of New York Court Facilities) | 5.500% | 5/15/24 | (2) | 500 | 596 |
| New York State Dormitory Authority Lease Revenue (City of New York Court Facilities) | 5.500% | 5/15/27 | (2) | 500 | 641 |
| New York State Dormitory Authority Lease Revenue (Mental Health Services Facilities) | 5.000% | 8/15/21 |
| 500 | 520 |
| New York State Dormitory Authority Revenue | 5.000% | 10/1/20 |
| 75 | 76 |
| New York State Dormitory Authority Revenue | 3.000% | 10/1/32 |
| 1,000 | 1,034 |
| New York State Dormitory Authority Revenue New York State Dormitory Authority | 4.000% | 7/1/34 |
| 1,200 | 1,370 |
| Revenue (City University System) New York State Dormitory Authority Revenue | 5.000% | 7/1/24 |
| 400 | 415 |
| (Icahn School of Medicine at Mount Sinai) New York State Dormitory Authority Revenue | 5.000% | 7/1/28 |
| 1,000 | 1,184 |
| (Icahn School of Medicine at Mount Sinai) New York State Dormitory Authority Revenue | 5.000% | 7/1/32 |
| 1,000 | 1,162 |
| (Mount Sinai Hospital Obligated Group) New York State Dormitory Authority Revenue | 5.000% | 7/1/23 |
| 650 | 673 |
| (New York University) New York State Dormitory Authority Revenue | 6.000% | 7/1/19 | (14) | 500 | 500 |
| (North Shore - Long Island Jewish Obligated Group) | 5.000% | 5/1/21 | (Prere.) | 500 | 535 |
| 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 | 910 |
| New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 3/15/23 |
| 4,000 | 4,535 |
| New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 12/15/23 |
| 1,465 | 1,648 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 2/15/24 |
| 840 | 919 |
| New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 2/15/25 |
| 1,500 | 1,790 |
| New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 3/15/25 |
| 10,000 | 11,956 |
| New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 12/15/26 |
| 520 | 582 |
| New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 2/15/27 |
| 2,435 | 3,043 |
| New York State Dormitory Authority Revenue (Personal Income Tax) | 4.000% | 3/15/27 |
| 1,700 | 1,950 |
| New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 2/15/28 |
| 2,040 | 2,424 |
| New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 3/15/30 |
| 2,000 | 2,310 |
| New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 12/15/30 |
| 7,000 | 7,809 |
| New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 3/15/32 |
| 500 | 545 |
| New York State Dormitory Authority Revenue (Personal Income Tax) | 4.000% | 2/15/33 |
| 1,975 | 2,210 |
| New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 2/15/33 |
| 300 | 326 |
| New York State Dormitory Authority Revenue (Personal Income Tax) | 4.000% | 2/15/34 |
| 1,905 | 2,122 |
| New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 3/15/34 |
| 2,000 | 2,289 |
| New York State Dormitory Authority Revenue (Personal Income Tax) | 4.000% | 2/15/35 |
| 1,000 | 1,109 |
| New York State Dormitory Authority Revenue (School Districts Financing Program) | 5.000% | 10/1/20 |
| 595 | 623 |
| New York State Dormitory Authority Revenue (School Districts Financing Program) | 5.000% | 10/1/21 | (4) | 390 | 423 |
| New York State Dormitory Authority Revenue (Service Contract) | 5.000% | 7/1/22 |
| 500 | 501 |
| New York State Dormitory Authority Revenue (The New School) | 5.250% | 7/1/20 | (Prere.) | 500 | 520 |
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/21 |
| 1,260 | 1,340 |
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/24 |
| 1,090 | 1,274 |
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/25 |
| 1,295 | 1,553 |
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/32 |
| 1,480 | 1,814 |
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/33 |
| 1,795 | 2,172 |
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/35 |
| 1,420 | 1,674 |
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/36 |
| 1,500 | 1,836 |
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/37 |
| 2,160 | 2,632 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| New York State Energy Research & Development Authority Pollution Control Revenue (New York State Electric & Gas Corp.) | 3.500% | 10/1/29 |
| 1,000 | 1,133 |
| New York State Environmental Facilities Corp. Revenue (State Clean Water & Drinking Water Revolving Funds) | 5.000% | 6/15/22 |
| 2,075 | 2,306 |
| New York State Environmental Facilities Corp. Revenue (State Clean Water & Drinking Water Revolving Funds) | 5.000% | 6/15/24 |
| 365 | 378 |
| New York State Environmental Facilities Corp. Revenue (State Clean Water & Drinking Water Revolving Funds) | 5.000% | 6/15/25 |
| 500 | 554 |
| New York State Environmental Facilities Corp. Revenue (State Clean Water & Drinking Water Revolving Funds) | 5.000% | 6/15/34 |
| 1,500 | 1,841 |
| New York State GO | 5.000% | 2/15/30 |
| 315 | 334 |
| New York State Local Government Assistance Corp. Revenue | 5.000% | 4/1/21 |
| 330 | 345 |
| New York State Thruway Authority Revenue | 4.000% | 2/1/20 |
| 8,150 | 8,193 |
| New York State Thruway Authority Revenue | 5.000% | 1/1/30 |
| 500 | 542 |
| New York State Thruway Authority Revenue | 5.000% | 1/1/35 |
| 1,110 | 1,310 |
| New York State Thruway Authority Revenue (Personal Income Tax) | 5.000% | 3/15/20 |
| 500 | 513 |
| New York State Thruway Authority Revenue (Personal Income Tax) | 5.000% | 3/15/25 |
| 500 | 540 |
| New York State Urban Development Corp. Revenue | 5.000% | 3/15/36 |
| 2,000 | 2,402 |
| New York State Urban Development Corp. Revenue | 5.000% | 3/15/37 |
| 2,000 | 2,391 |
| New York State Urban Development Corp. Revenue (Personal Income Tax) | 5.500% | 3/15/22 | (14) | 530 | 589 |
| New York State Urban Development Corp. Revenue (Personal Income Tax) | 5.000% | 3/15/24 |
| 1,325 | 1,544 |
| New York State Urban Development Corp. Revenue (Personal Income Tax) | 5.000% | 3/15/25 |
| 2,810 | 3,360 |
| New York State Urban Development Corp. Revenue (Personal Income Tax) | 5.000% | 3/15/26 |
| 2,000 | 2,322 |
| New York State Urban Development Corp. Revenue (Personal Income Tax) | 5.000% | 3/15/31 |
| 1,420 | 1,690 |
| New York State Urban Development Corp. Revenue (Personal Income Tax) | 5.000% | 3/15/31 |
| 2,000 | 2,247 |
| New York State Urban Development Corp. Revenue (Personal Income Tax) | 5.000% | 3/15/33 |
| 2,010 | 2,397 |
| New York State Urban Development Corp. Revenue (Personal Income Tax) | 5.000% | 3/15/33 |
| 1,485 | 1,662 |
| Port Authority of New York & New Jersey Revenue | 5.000% | 9/1/26 |
| 1,805 | 2,134 |
| Port Authority of New York & New Jersey Revenue | 5.000% | 5/1/28 |
| 1,250 | 1,288 |
| Port Authority of New York & New Jersey Revenue | 5.000% | 9/1/36 |
| 1,120 | 1,390 |
| Suffolk County NY Economic Development Corp. Revenue (Catholic Health Services) | 5.000% | 7/1/21 |
| 1,545 | 1,646 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| Suffolk County NY Economic Development Corp. Revenue (Catholic Health Services) | 5.000% | 7/1/27 |
| 1,370 | 1,565 |
| Tobacco Settlement Financing Corp. New York Revenue | 5.000% | 6/1/29 |
| 1,870 | 2,205 |
| Tobacco Settlement Financing Corp. New York Revenue | 5.000% | 6/1/34 |
| 1,760 | 2,025 |
| Triborough Bridge & Tunnel Authority New York Revenue | 5.000% | 11/15/23 |
| 1,500 | 1,741 |
| Triborough Bridge & Tunnel Authority New York Revenue | 0.000% | 11/15/32 |
| 1,130 | 786 |
| Triborough Bridge & Tunnel Authority New York Revenue | 5.000% | 11/15/34 |
| 2,000 | 2,369 |
| Triborough Bridge & Tunnel Authority New York Revenue | 5.000% | 11/15/34 |
| 1,900 | 2,312 |
| Triborough Bridge & Tunnel Authority New York Revenue | 5.000% | 11/15/36 |
| 1,000 | 1,207 |
| Utility Debt Securitization Authority New York Revenue | 5.000% | 12/15/33 |
| 1,600 | 1,832 |
| Utility Debt Securitization Authority New York Revenue | 5.000% | 12/15/34 |
| 1,000 | 1,196 |
| Utility Debt Securitization Authority New York Revenue | 5.000% | 12/15/35 |
| 1,945 | 2,315 |
7 | Utility Debt Securitization Authority New York Revenue | 5.000% | 12/15/36 |
| 2,450 | 2,904 |
| Westchester County NY GO | 5.000% | 7/1/20 |
| 435 | 452 |
| Westchester County NY GO | 5.000% | 7/1/20 | (ETM) | 10 | 10 |
| Westchester County NY GO | 5.000% | 7/1/20 | (ETM) | 55 | 57 |
| Westchester County NY Health Care Corp. Revenue | 5.000% | 11/1/30 |
| 890 | 944 |
| Westchester County NY Local Development Corp. Revenue (Westchester Medical Center) | 5.000% | 11/1/31 |
| 1,085 | 1,243 |
| Westchester NY Tobacco Asset Securitization Revenue | 5.000% | 6/1/28 |
| 1,400 | 1,602 |
| Westchester NY Tobacco Asset Securitization Revenue | 5.000% | 6/1/33 |
| 1,500 | 1,663 |
|
|
|
|
|
| 408,542 |
North Carolina (0.3%) |
|
|
|
|
| |
| Cary NC Combined Enterprise System Revenue | 5.000% | 12/1/22 | (Prere.) | 330 | 370 |
| Cary NC Combined Enterprise System Revenue | 5.000% | 12/1/27 |
| 170 | 190 |
| Charlotte NC Water & Sewer System Revenue | 5.000% | 12/1/20 |
| 235 | 247 |
| Durham County NC GO | 5.000% | 4/1/20 |
| 785 | 807 |
| North Carolina Capital Improvement Revenue | 5.000% | 5/1/20 | (Prere.) | 500 | 516 |
| North Carolina GAN | 5.000% | 3/1/25 |
| 1,055 | 1,254 |
| North Carolina GAN | 5.000% | 3/1/27 |
| 1,015 | 1,197 |
| North Carolina GO | 5.000% | 3/1/20 |
| 425 | 436 |
| North Carolina GO | 4.000% | 6/1/20 |
| 500 | 513 |
| North Carolina GO | 5.000% | 5/1/22 |
| 360 | 397 |
| North Carolina Medical Care Commission Health Care Facilities Revenue (Vidant Health) | 5.000% | 6/1/21 |
| 1,000 | 1,067 |
| North Carolina Medical Care Commission Health Care Facilities Revenue (WakeMed) | 5.000% | 10/1/27 |
| 1,000 | 1,103 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| North Carolina Medical Care Commission Hospital Revenue (Southeastern Regional Medical Center) | 5.000% | 6/1/24 |
| 600 | 658 |
| North Carolina Municipal Power Agency No. 1 Revenue (Catawba Electric) | 5.000% | 1/1/30 |
| 145 | 145 |
| North Carolina Turnpike Authority Revenue | 4.000% | 1/1/39 |
| 2,000 | 2,103 |
| 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 |
| Union County NC Enterprise System Revenue | 3.000% | 6/1/33 |
| 1,290 | 1,342 |
| Wake County NC GO | 5.000% | 3/1/23 |
| 2,145 | 2,429 |
| Wake County NC Limited Obligation Revenue | 4.000% | 12/1/19 |
| 680 | 688 |
|
|
|
|
|
| 16,020 |
North Dakota (0.0%) |
|
|
|
|
| |
| Grand Forks ND Health Care System Revenue (Altru Health System Obligated Group) | 5.000% | 12/1/25 |
| 1,210 | 1,423 |
|
|
|
|
|
| |
Ohio (1.6%) |
|
|
|
|
| |
| Allen County OH Hospital Facilities Revenue (Mercy Health) | 5.000% | 8/1/29 |
| 1,270 | 1,564 |
| Allen County OH Hospital Facilities Revenue (Mercy Health) | 4.000% | 8/1/37 |
| 2,200 | 2,379 |
| American Municipal Power Ohio Inc. Revenue (Fremont Energy Center Project) | 5.250% | 2/15/22 | (Prere.) | 570 | 627 |
| American Municipal Power Ohio Inc. Revenue (Hydroelectric Projects) | 5.000% | 2/15/26 |
| 1,010 | 1,221 |
| Bowling Green State University Ohio Revenue | 5.000% | 6/1/26 |
| 400 | 483 |
| Bowling Green State University Ohio Revenue | 5.000% | 6/1/27 |
| 260 | 319 |
| Butler County OH Hospital Facilities Revenue (Kettering Health Network) | 5.250% | 4/1/31 |
| 500 | 528 |
| Butler County OH Hospital Facilities Revenue (UC Health) | 5.250% | 11/1/20 | (Prere.) | 435 | 457 |
| Centerville OH Health Care Revenue (Graceworks Lutheran Services) | 5.000% | 11/1/26 |
| 725 | 808 |
| Centerville OH Health Care Revenue (Graceworks Lutheran Services) | 5.000% | 11/1/27 |
| 380 | 428 |
| Cleveland OH Municipal School District GO | 5.000% | 12/1/28 |
| 1,000 | 1,122 |
| Columbus OH City School District GO | 0.000% | 12/1/29 | (4) | 1,000 | 795 |
| Columbus OH GO | 5.000% | 7/1/25 |
| 535 | 593 |
| Columbus OH GO | 4.000% | 8/15/26 |
| 1,730 | 1,982 |
| Columbus OH Sewer Revenue | 5.000% | 6/1/28 |
| 4,000 | 4,716 |
| Cuyahoga County OH Excise Tax Revenue (Sports Facilities Improvement Project) | 5.000% | 12/1/25 |
| 510 | 584 |
| Cuyahoga County OH Hospital Revenue (MetroHealth System) | 5.000% | 2/15/32 |
| 1,000 | 1,141 |
| Fairfield County OH Hospital Facilities Revenue (Fairfield Medical Center) | 5.125% | 6/15/33 |
| 615 | 656 |
| Franklin County OH Convention Facilities Authority Revenue | 5.000% | 12/1/20 |
| 1,000 | 1,050 |
| Franklin County OH Convention Facilities Authority Revenue | 5.000% | 12/1/28 |
| 1,680 | 1,963 |
| Franklin County OH Sales Tax Revenue | 5.000% | 6/1/27 |
| 895 | 1,124 |
| Franklin County OH Sales Tax Revenue | 5.000% | 6/1/28 |
| 830 | 1,060 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| Hamilton County OH Hospital Facilities Revenue (TriHealth Obligated Group) | 5.000% | 8/15/36 |
| 1,000 | 1,178 |
| Hamilton County OH Hospital Facilities Revenue (UC Health) | 5.000% | 2/1/21 |
| 200 | 211 |
| Lancaster OH Port Authority Gas Supply Revenue PUT | 5.000% | 2/1/25 |
| 600 | 698 |
| Lucas County OH Hospital Revenue (ProMedica Healthcare Obligated Group) | 5.000% | 11/15/21 | (Prere.) | 180 | 195 |
| Lucas County OH Hospital Revenue (ProMedica Healthcare Obligated Group) | 5.250% | 11/15/21 | (Prere.) | 535 | 583 |
| Lucas County OH Hospital Revenue (ProMedica Healthcare Obligated Group) | 5.000% | 11/15/26 |
| 320 | 341 |
| Miami Valley OH Career Technology Center GO | 5.000% | 12/1/25 |
| 880 | 1,067 |
| Montgomery County OH Revenue (Miami Valley Hospital) VRDO | 1.970% | 7/1/19 | LOC | 4,000 | 4,000 |
5 | Montgomery County OH Revenue (Premier Health Partners Obligated Group) TOB VRDO | 1.980% | 7/1/19 | LOC | 5,000 | 5,000 |
| North Royalton OH City School District GO | 5.000% | 12/1/26 |
| 300 | 358 |
| North Royalton OH City School District GO | 5.000% | 12/1/28 |
| 1,400 | 1,664 |
| Ohio Building Authority Revenue (Administration Building Fund) | 5.000% | 10/1/20 |
| 100 | 105 |
| Ohio Capital Facilities Lease-Appropriation Revenue (Adult Correctional Building Fund Projects) | 5.000% | 10/1/33 |
| 1,535 | 1,868 |
| Ohio Capital Facilities Lease-Appropriation Revenue (Mental Health Facilities Improvement Fund Projects) | 5.000% | 2/1/22 |
| 750 | 820 |
| Ohio Capital Facilities Lease-Appropriation Revenue (Transportation Building Fund Projects) | 5.000% | 4/1/30 |
| 1,155 | 1,355 |
| Ohio Common Schools GO | 5.000% | 6/15/34 |
| 1,000 | 1,097 |
| Ohio GO | 5.000% | 5/1/23 |
| 1,270 | 1,446 |
| Ohio GO | 5.000% | 8/1/23 |
| 500 | 556 |
| Ohio GO | 5.000% | 8/1/24 |
| 500 | 589 |
| Ohio GO | 5.000% | 11/1/24 |
| 1,675 | 1,987 |
| Ohio GO | 5.000% | 2/1/25 |
| 2,425 | 2,893 |
| Ohio GO | 5.000% | 2/1/27 |
| 1,000 | 1,219 |
| Ohio GO | 5.000% | 2/1/31 |
| 1,110 | 1,189 |
| Ohio GO | 5.000% | 5/1/33 |
| 1,000 | 1,244 |
| Ohio GO | 5.000% | 3/15/36 |
| 1,005 | 1,141 |
| Ohio Higher Education GO | 5.000% | 8/1/21 |
| 500 | 538 |
| Ohio Higher Education GO | 5.000% | 5/1/30 |
| 2,000 | 2,365 |
| Ohio Higher Educational Facility Commission Revenue (Case Western Reserve University Project) | 5.000% | 12/1/22 |
| 585 | 655 |
| Ohio Higher Educational Facility Commission Revenue (Cleveland Clinic Health System Obligated Group) VRDO | 1.950% | 7/2/19 |
| 700 | 700 |
| Ohio Major New State Infrastructure Project Revenue | 5.000% | 12/15/25 |
| 2,450 | 2,977 |
| Ohio Major New State Infrastructure Project Revenue | 5.000% | 12/15/28 |
| 1,020 | 1,241 |
| Ohio Parks & Recreation Capital Facilities Revenue | 5.000% | 12/1/35 |
| 1,320 | 1,626 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| Ohio Parks & Recreation Capital Facilities Revenue | 5.000% | 12/1/37 |
| 2,240 | 2,734 |
| Ohio Revenue (Transportation Building Fund Projects) | 5.000% | 4/1/26 |
| 915 | 1,116 |
| Ohio Turnpike Commission Turnpike Revenue | 5.000% | 2/15/20 | (Prere.) | 500 | 511 |
| Ohio Turnpike Commission Turnpike Revenue | 5.500% | 2/15/20 | (14) | 1,100 | 1,128 |
| Ohio Turnpike Commission Turnpike Revenue | 5.000% | 2/15/28 |
| 1,015 | 1,137 |
| Ohio Turnpike Commission Turnpike Revenue | 5.000% | 2/15/35 |
| 1,280 | 1,550 |
| Ohio Water Development Authority Water Pollution Control Loan Fund Revenue | 5.000% | 12/1/26 |
| 1,805 | 2,243 |
| Penta Career Center Ohio COP | 5.250% | 4/1/23 |
| 125 | 137 |
| Revere OH Local School District GO | 5.000% | 6/1/22 | (Prere.) | 1,000 | 1,106 |
| Revere OH Local School District GO | 5.000% | 6/1/22 | (Prere.) | 665 | 736 |
| Winton Woods City OH School District GO | 5.000% | 5/1/22 | (Prere.) | 550 | 607 |
| Winton Woods City OH School District GO | 5.000% | 5/1/22 | (Prere.) | 255 | 281 |
| Winton Woods City OH School District GO | 5.000% | 5/1/22 | (Prere.) | 250 | 276 |
| Winton Woods City OH School District GO | 5.000% | 5/1/22 | (Prere.) | 260 | 287 |
| Winton Woods City OH School District GO | 5.000% | 5/1/22 | (Prere.) | 250 | 276 |
|
|
|
|
|
| 82,631 |
Oklahoma (0.2%) |
|
|
|
|
| |
| Edmond OK Public Works Authority Sales Tax & Utility System Revenue | 4.000% | 7/1/25 |
| 1,160 | 1,319 |
| Norman OK Regional Hospital Authority Revenue | 5.000% | 9/1/28 |
| 1,245 | 1,504 |
| Oklahoma Capitol Improvement Authority Facilities Revenue | 5.000% | 7/1/26 |
| 1,145 | 1,333 |
| Oklahoma Capitol Improvement Authority Facilities Revenue | 4.000% | 7/1/38 |
| 1,000 | 1,111 |
| Oklahoma City OK GO | 5.000% | 3/1/24 |
| 525 | 557 |
| Oklahoma Development Finance Authority Health System Revenue (OU Medicine) | 5.000% | 8/15/28 |
| 1,500 | 1,824 |
| Oklahoma Turnpike Authority Revenue | 5.000% | 1/1/21 | (Prere.) | 300 | 317 |
| Oklahoma Turnpike Authority Revenue | 5.000% | 1/1/37 |
| 2,000 | 2,345 |
| Tulsa County OK Industrial Authority Senior Living Community Revenue (Montereau Inc.) | 5.000% | 11/15/23 |
| 280 | 312 |
| University of Oklahoma Revenue | 5.000% | 7/1/31 |
| 475 | 507 |
|
|
|
|
|
| 11,129 |
Oregon (0.2%) |
|
|
|
|
| |
| Clatsop County OR School District No. 10 Seaside GO | 5.000% | 6/15/33 |
| 1,140 | 1,395 |
| Deschutes & Jefferson Counties OR School District No. 2J GO | 0.000% | 6/15/31 |
| 750 | 545 |
| Multnomah County OR School District GO | 5.000% | 6/15/29 |
| 1,000 | 1,192 |
| Oregon Department of Administrative Services Lottery Revenue | 5.250% | 4/1/21 | (Prere.) | 430 | 458 |
| Oregon Department of Administrative Services Lottery Revenue | 5.000% | 4/1/25 |
| 1,380 | 1,607 |
| Oregon Department of Administrative Services Lottery Revenue | 5.250% | 4/1/31 |
| 70 | 75 |
| Oregon Facilities Authority Revenue (Legacy Health Project) | 5.000% | 6/1/33 |
| 1,000 | 1,184 |
| Oregon Facilities Authority Revenue (Reed College Projects) | 4.000% | 7/1/31 |
| 450 | 512 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| Oregon Facilities Authority Revenue (Reed College Projects) | 4.000% | 7/1/32 |
| 450 | 510 |
| Oregon GO | 5.000% | 5/1/23 |
| 500 | 552 |
| Salem OR Hospital Facilities Authority Revenue (Capital Manor Inc.) | 5.000% | 5/15/33 |
| 550 | 639 |
| Salem OR Hospital Facilities Authority Revenue (Capital Manor Inc.) | 5.000% | 5/15/38 |
| 500 | 574 |
| Washington County OR School District No. 48J Beaverton GO | 5.000% | 6/15/36 |
| 1,295 | 1,568 |
|
|
|
|
|
| 10,811 |
Pennsylvania (2.6%) |
|
|
|
|
| |
| Allegheny County PA GO | 4.000% | 11/1/30 |
| 1,000 | 1,123 |
| Allegheny County PA Higher Education Building Authority University Revenue (Duquesne University) | 5.500% | 3/1/21 | (Prere.) | 325 | 347 |
| Allegheny County PA Hospital Development Authority Revenue | 5.000% | 4/1/27 |
| 1,010 | 1,220 |
| Allegheny County PA Hospital Development Authority Revenue | 5.000% | 4/1/32 |
| 1,000 | 1,196 |
| Allegheny County PA Hospital Development Authority Revenue | 5.000% | 4/1/33 |
| 1,000 | 1,191 |
| Allegheny County PA Hospital Development Authority Revenue | 4.000% | 4/1/38 |
| 500 | 542 |
| Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh Medical Center) | 5.000% | 7/15/27 |
| 1,000 | 1,243 |
| Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh Medical Center) | 5.375% | 8/15/29 |
| 475 | 477 |
2 | Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh Medical Center), 67% of 3M USD LIBOR + 0.720% | 2.448% | 2/1/21 |
| 315 | 315 |
| Allegheny County PA Port Authority Revenue | 5.750% | 3/1/29 |
| 500 | 535 |
| Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue | 5.000% | 5/1/24 |
| 1,000 | 1,073 |
| Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue | 5.000% | 5/1/27 |
| 250 | 286 |
| Allentown PA School District GO | 5.000% | 6/1/31 | (15) | 500 | 585 |
| Berks County PA Industrial Development Authority Health System Revenue (Tower Health Project) | 5.000% | 11/1/25 |
| 2,065 | 2,462 |
| Central Bradford PA Progress Authority Revenue (Guthrie Healthcare System) | 5.500% | 12/1/31 |
| 530 | 573 |
| Chester County PA GO | 5.000% | 11/15/22 | (Prere.) | 750 | 842 |
| Coatesville PA School District Building Authority Lease Revenue | 5.000% | 12/1/26 | (15) | 335 | 372 |
| Coatesville PA School District Building Authority Lease Revenue | 5.000% | 12/1/27 | (15) | 365 | 405 |
| Commonwealth Financing Authority Pennsylvania Revenue | 5.000% | 6/1/26 |
| 500 | 597 |
| East Hempfield Township PA Industrial Development Authority Revenue (Millersville University Student Housing Project) | 5.000% | 7/1/29 |
| 1,000 | 1,093 |
| Erie PA Sewer Authority Revenue | 0.000% | 12/1/25 | (15)(ETM) | 1,165 | 1,043 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| Erie PA Sewer Authority Revenue | 0.000% | 12/1/25 | (15) | 85 | 73 |
| Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) | 5.000% | 6/1/20 |
| 650 | 672 |
| Lehigh County PA General Purpose Hospital Authority Revenue (Lehigh Valley Health Network) | 5.000% | 7/1/29 |
| 1,185 | 1,400 |
| Luzerne County PA Industrial Development Authority Lease Revenue | 5.000% | 12/15/25 | (4) | 1,000 | 1,162 |
| Montgomery County PA Higher Education & Health Authority Hospital Revenue (Abington Memorial Hospital) | 5.000% | 6/1/22 | (Prere.) | 500 | 552 |
| Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) | 5.000% | 9/1/32 |
| 1,515 | 1,862 |
| Montgomery County PA Industrial Development Authority Health Services Revenue (Albert Einstein Healthcare Network) | 5.000% | 1/15/23 |
| 1,015 | 1,115 |
| Montgomery County PA Industrial Development Authority Health Services Revenue (Albert Einstein Healthcare Network) | 5.000% | 1/15/25 |
| 1,000 | 1,147 |
| Montgomery County PA Industrial Development Authority Pollution Control Revenue (Exelon Generation Co., LLC) PUT | 2.550% | 6/1/20 |
| 1,000 | 1,004 |
| Montgomery County PA Industrial Development Authority Retirement Community Revenue (ACTS Retirement- Life Communities Obligated Group) | 5.000% | 11/15/25 |
| 1,250 | 1,360 |
| Mount Lebanon PA Hospital Authority Revenue (St. Clair Memorial Hospital Project) | 5.000% | 7/1/38 |
| 1,000 | 1,189 |
| Northampton County PA General Purpose Authority Hospital Revenue (St. Luke’s Hospital Project) | 5.000% | 8/15/25 |
| 1,275 | 1,514 |
| Pennsylvania COP | 5.000% | 7/1/26 |
| 500 | 603 |
| Pennsylvania COP | 5.000% | 7/1/27 |
| 500 | 612 |
| Pennsylvania Economic Development Financing Authority Governmental Lease Revenue (Forum Place Project) | 5.000% | 3/1/34 |
| 1,000 | 1,069 |
| Pennsylvania Economic Development Financing Authority Health System Revenue (Albert Einstein Healthcare Network) | 6.250% | 10/15/19 | (Prere.) | 670 | 679 |
| Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | 5.000% | 3/15/29 |
| 1,060 | 1,287 |
| Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | 5.000% | 11/15/30 |
| 1,510 | 1,857 |
| Pennsylvania Economic Development Financing Authority Unemployment Compensation Revenue | 5.000% | 7/1/20 |
| 315 | 316 |
| Pennsylvania Economic Development Financing Authority Unemployment Compensation Revenue | 5.000% | 1/1/21 |
| 390 | 390 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| Pennsylvania Economic Development Financing Authority Water Facilities Revenue (Aqua Pennsylvania Inc. Project) | 5.000% | 11/15/40 |
| 3,500 | 3,541 |
| Pennsylvania GO | 5.000% | 7/1/20 |
| 545 | 565 |
| Pennsylvania GO | 5.375% | 7/1/21 |
| 500 | 540 |
| Pennsylvania GO | 5.000% | 11/15/21 | (Prere.) | 500 | 543 |
| Pennsylvania GO | 5.000% | 8/15/23 |
| 2,000 | 2,292 |
| Pennsylvania GO | 5.000% | 1/1/24 |
| 1,500 | 1,734 |
| Pennsylvania GO | 5.000% | 7/15/24 |
| 2,945 | 3,455 |
| Pennsylvania GO | 5.000% | 8/15/24 |
| 500 | 588 |
| Pennsylvania GO | 5.000% | 7/15/25 |
| 3,120 | 3,745 |
| Pennsylvania GO | 5.000% | 1/1/26 |
| 3,295 | 3,992 |
| Pennsylvania GO | 5.000% | 9/15/26 |
| 1,500 | 1,846 |
| Pennsylvania GO | 5.000% | 7/15/28 |
| 2,000 | 2,519 |
| Pennsylvania GO | 4.000% | 1/1/29 |
| 3,000 | 3,388 |
| Pennsylvania GO | 4.000% | 8/15/30 | (4) | 1,000 | 1,111 |
| Pennsylvania GO | 5.000% | 10/15/32 |
| 1,000 | 1,127 |
| Pennsylvania GO | 4.000% | 3/1/33 | (4) | 1,110 | 1,247 |
| Pennsylvania GO | 4.000% | 3/1/34 | (4) | 1,670 | 1,869 |
| Pennsylvania GO | 4.000% | 3/1/36 |
| 1,000 | 1,104 |
| Pennsylvania GO | 4.000% | 3/1/37 |
| 1,000 | 1,101 |
| Pennsylvania GO | 4.000% | 3/1/37 | (15) | 1,000 | 1,108 |
| Pennsylvania Higher Educational Facilities Authority Revenue (St. Joseph’s University) | 5.000% | 11/1/24 |
| 200 | 209 |
| Pennsylvania Higher Educational Facilities Authority Revenue (Temple University) | 5.000% | 4/1/32 |
| 500 | 540 |
| Pennsylvania Higher Educational Facilities Authority Revenue (Trustees of the University of Pennsylvania) | 5.000% | 9/1/19 | (Prere.) | 500 | 503 |
| Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) | 4.000% | 8/15/36 |
| 1,295 | 1,426 |
| Pennsylvania State University Revenue | 5.000% | 3/1/25 |
| 500 | 512 |
| Pennsylvania Turnpike Commission Motor License Fund Revenue | 5.000% | 12/1/32 |
| 1,000 | 1,192 |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | 5.000% | 12/1/24 |
| 1,040 | 1,192 |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | 5.000% | 12/1/28 |
| 630 | 761 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/19 | (Prere.) | 175 | 178 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/20 | (Prere.) | 495 | 520 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/20 | (Prere.) | 1,750 | 1,840 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/20 | (Prere.) | 265 | 279 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/20 | (Prere.) | 695 | 731 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/21 |
| 170 | 172 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/24 |
| 1,980 | 2,288 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/25 |
| 1,590 | 1,917 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/26 | (4) | 1,635 | 1,988 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/26 |
| 1,140 | 1,348 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/26 |
| 750 | 908 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/27 |
| 2,255 | 2,684 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/32 |
| 1,500 | 1,769 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/32 |
| 2,000 | 2,317 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/32 |
| 1,000 | 1,217 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| Pennsylvania Turnpike Commission Revenue | 6.250% | 6/1/33 | (4) | 1,365 | 1,731 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/35 |
| 1,500 | 1,726 |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/37 |
| 1,000 | 1,193 |
2 | Pennsylvania Turnpike Commission Revenue, SIFMA Municipal Swap Index Yield + 0.980% | 2.880% | 12/1/21 |
| 1,315 | 1,329 |
| Philadelphia PA Airport Revenue | 5.000% | 6/15/23 |
| 1,120 | 1,159 |
| Philadelphia PA Authority for Industrial Development Revenue (Temple University) | 5.000% | 4/1/24 |
| 1,015 | 1,176 |
| Philadelphia PA Authority for Industrial Development Revenue (Temple University) | 5.000% | 4/1/27 |
| 1,000 | 1,177 |
| Philadelphia PA Gas Works Revenue | 5.000% | 10/1/25 |
| 1,625 | 1,932 |
| Philadelphia PA Gas Works Revenue | 5.000% | 10/1/26 |
| 1,000 | 1,211 |
| Philadelphia PA Gas Works Revenue | 5.000% | 8/1/36 |
| 1,300 | 1,537 |
| Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Temple University Health System Obligated Group) | 5.000% | 7/1/25 |
| 1,000 | 1,141 |
| Philadelphia PA School District GO | 5.000% | 9/1/21 |
| 1,035 | 1,075 |
| Philadelphia PA School District GO | 5.250% | 9/1/22 |
| 545 | 568 |
| Philadelphia PA School District GO | 5.000% | 9/1/31 |
| 940 | 1,087 |
| Philadelphia PA Water & Wastewater Revenue | 5.000% | 8/1/20 | (Prere.) | 560 | 582 |
| Philadelphia PA Water & Wastewater Revenue | 5.000% | 7/1/26 |
| 1,000 | 1,157 |
| Philadelphia PA Water & Wastewater Revenue | 4.000% | 7/1/35 |
| 1,110 | 1,197 |
3 | Pittsburgh PA Water & Sewer Authority Revenue | 5.000% | 9/1/33 | (4) | 1,000 | 1,239 |
| Reading PA School District GO | 5.000% | 3/1/25 | (4) | 955 | 1,113 |
| Saint Mary PA Hospital Authority Health System Revenue (Trinity Health Corp. Obligated Group) | 5.000% | 11/15/25 |
| 815 | 980 |
| Saint Mary PA Hospital Authority Health System Revenue (Trinity Health Corp. Obligated Group) | 5.000% | 11/15/26 |
| 770 | 947 |
| Snyder County PA Higher Education Authority University Revenue (Susquehanna University Project) | 5.000% | 1/1/27 |
| 1,135 | 1,357 |
| Southcentral Pennsylvania General Authority Revenue (WellSpan Health Obligated Group) | 5.000% | 6/1/34 |
| 1,085 | 1,222 |
| St. Mary Hospital Authority Pennsylvania Health System Revenue (Catholic Health Initiatives) | 5.000% | 5/15/20 | (Prere.) | 1,000 | 1,032 |
| State Public School Building Authority Pennsylvania College Revenue (Community College of Allegheny County Project) | 4.000% | 6/15/29 | (15) | 1,075 | 1,199 |
| State Public School Building Authority Pennsylvania Lease Revenue (School District of Philadelphia) | 5.000% | 6/1/24 | (15) | 1,535 | 1,759 |
| State Public School Building Authority Pennsylvania Lease Revenue (School District of Philadelphia) | 5.000% | 6/1/26 | (4) | 1,650 | 1,974 |
| University of Pittsburgh of the Commonwealth System of Higher Education Pennsylvania Revenue (University Capital Project) | 5.250% | 9/15/19 | (Prere.) | 500 | 504 |
| West Shore PA Area Authority Hospital Revenue (Holy Spirit Hospital of the Sisters of Christian Charity Project) | 6.250% | 1/1/21 | (Prere.) | 80 | 86 |
|
|
|
|
|
| 135,679 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
Puerto Rico (0.1%) |
|
|
|
|
| |
| Puerto Rico Electric Power Authority Revenue | 5.000% | 7/1/21 | (14) | 500 | 506 |
| Puerto Rico Highway & Transportation Authority Revenue | 5.250% | 7/1/21 | (13)(3) | 500 | 526 |
| Puerto Rico Public Finance Corp. Revenue | 6.000% | 8/1/26 | (ETM) | 1,000 | 1,280 |
| Puerto Rico Sales Tax Financing Corp. Revenue | 0.000% | 7/1/24 |
| 198 | 168 |
| Puerto Rico Sales Tax Financing Corp. Revenue | 0.000% | 7/1/27 |
| 1,327 | 1,016 |
| Puerto Rico Sales Tax Financing Corp. Revenue | 0.000% | 7/1/29 |
| 2,024 | 1,418 |
| Puerto Rico Sales Tax Financing Corp. Revenue | 0.000% | 7/1/31 |
| 888 | 556 |
|
|
|
|
|
| 5,470 |
Rhode Island (0.1%) |
|
|
|
|
| |
| Narragansett RI Commission Wastewater System Revenue | 5.000% | 2/1/37 |
| 1,950 | 2,244 |
| Rhode Island Commerce Corp. Airport Revenue | 5.000% | 7/1/30 |
| 500 | 586 |
| Rhode Island Health & Educational Building Corp. Higher Education Facilities Revenue (University of Rhode Island) | 5.000% | 9/15/25 |
| 500 | 597 |
| Tobacco Settlement Financing Corp. Rhode Island Revenue | 2.250% | 6/1/41 |
| 1,135 | 1,139 |
|
|
|
|
|
| 4,566 |
South Carolina (0.5%) |
|
|
|
|
| |
| Charleston SC Educational Excellence Financing Corp. Revenue (Charleston County School District, South Carolina Project) | 5.000% | 12/1/23 |
| 590 | 680 |
| Columbia SC Waterworks & Sewer System Revenue | 5.000% | 2/1/27 |
| 250 | 272 |
| Georgetown County SC School District GO | 3.000% | 3/1/31 |
| 1,665 | 1,734 |
| Lancaster County SC School District GO | 4.000% | 3/1/32 |
| 1,000 | 1,129 |
| Lexington County SC Health Services District Inc. Hospital Revenue | 5.000% | 11/1/25 |
| 1,000 | 1,193 |
| Lexington County SC Health Services District Inc. Hospital Revenue | 5.000% | 11/1/34 |
| 1,500 | 1,743 |
| Myrtle Beach SC Hospitality Fee Revenue | 5.000% | 6/1/25 |
| 1,000 | 1,159 |
2 | Patriots Energy Group Finance Authority SC Gas Supply Revenue PUT | 4.000% | 2/1/24 |
| 2,000 | 2,190 |
| Piedmont SC Municipal Power Agency Revenue | 0.000% | 1/1/24 | (14) | 1,600 | 1,458 |
| South Carolina Association of Governmental Organizations Educational Facilities Corp. Revenue (Pickens School District) | 5.000% | 12/1/26 |
| 1,420 | 1,680 |
| South Carolina GO | 5.000% | 4/1/20 |
| 830 | 853 |
| South Carolina Higher Education Revenue (Clemson University) | 5.000% | 5/1/21 |
| 1,000 | 1,068 |
| South Carolina Jobs Economic Development Authority Hospital Revenue (Palmetto Health) | 5.250% | 8/1/23 | (Prere.) | 1,000 | 1,155 |
| South Carolina Jobs Economic Development Authority Hospital Revenue (Prisma Health) | 5.000% | 5/1/37 |
| 1,500 | 1,775 |
| South Carolina Public Service Authority Revenue | 5.000% | 12/1/26 |
| 1,140 | 1,327 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| South Carolina Public Service Authority Revenue | 5.000% | 12/1/28 |
| 1,465 | 1,574 |
| South Carolina Public Service Authority Revenue | 5.000% | 12/1/37 |
| 2,175 | 2,519 |
| South Carolina Public Service Authority Revenue | 5.000% | 12/1/37 |
| 1,095 | 1,280 |
| South Carolina Public Service Authority Revenue | 5.000% | 12/1/38 |
| 1,035 | 1,144 |
| Sumter Two School Facilities Inc. South Carolina Installment Purchase Revenue | 5.000% | 12/1/26 | (15) | 1,000 | 1,177 |
|
|
|
|
|
| 27,110 |
South Dakota (0.1%) |
|
|
|
|
| |
| Educational Enhancement Funding Corp. South Dakota Tobacco Settlement Revenue | 5.000% | 6/1/25 |
| 2,000 | 2,217 |
| South Dakota Health & Educational Facilities Authority Revenue (Regional Health System Obligated Group) | 5.000% | 9/1/32 |
| 1,020 | 1,225 |
| South Dakota Health & Educational Facilities Authority Revenue (Regional Health System Obligated Group) | 4.000% | 9/1/34 |
| 2,125 | 2,299 |
|
|
|
|
|
| 5,741 |
Tennessee (1.1%) |
|
|
|
|
| |
| Chattanooga TN Electric System Revenue | 5.000% | 9/1/31 |
| 1,000 | 1,183 |
| Chattanooga TN Health Educational & Housing Facility Board Revenue (Catholic Health Initiatives) | 5.000% | 1/1/33 |
| 1,500 | 1,623 |
| Chattanooga-Hamilton County TN Hospital Authority Hospital Revenue | 5.000% | 10/1/27 |
| 1,035 | 1,177 |
| Greeneville TN Health & Educational Facilities Board Hospital Revenue (Ballad Health) | 5.000% | 7/1/27 |
| 1,580 | 1,926 |
| Jackson TN Hospital Improvement Revenue (West Tennessee Healthcare Obligated Group) | 5.000% | 4/1/38 |
| 3,810 | 4,420 |
| Knox County TN Health Educational & Housing Facilities Board Hospital Facilities Revenue (Covenant Healthcare) | 5.000% | 1/1/36 |
| 1,000 | 1,166 |
| Knox County TN Health Educational & Housing Facilities Board Hospital Facilities Revenue (University Health System Inc.) | 5.000% | 9/1/27 |
| 925 | 1,082 |
| Memphis TN GO | 5.000% | 5/1/30 |
| 500 | 531 |
| Memphis TN GO | 4.000% | 6/1/31 |
| 1,000 | 1,126 |
| Metropolitan Government of Nashville & Davidson County TN GO | 5.000% | 7/1/21 |
| 625 | 648 |
| Metropolitan Government of Nashville & Davidson County TN Health & Educational Facilities Board Revenue (Blakeford at Green Hills) | 5.000% | 7/1/27 |
| 500 | 531 |
| Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue | 5.000% | 7/1/20 |
| 600 | 622 |
| Montgomery County TN Public Building Authority Pooled Financial Revenue (Tennessee County Loan Pool) VRDO | 2.040% | 7/1/19 | LOC | 3,155 | 3,155 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| Montgomery County TN Public Building Authority Pooled Financing Revenue (Tennessee County Loan Pool) VRDO | 2.040% | 7/1/19 | LOC | 3,555 | 3,555 |
| Shelby County TN GO | 5.000% | 4/1/31 |
| 1,625 | 2,077 |
| Tennergy Corp. TN Gas Revenue PUT | 5.000% | 10/1/24 |
| 4,300 | 4,967 |
| Tennessee Energy Acquisition Corp. Gas Revenue | 5.250% | 9/1/22 |
| 1,835 | 2,016 |
| Tennessee Energy Acquisition Corp. Gas Revenue | 5.000% | 2/1/24 |
| 1,800 | 2,025 |
| Tennessee Energy Acquisition Corp. Gas Revenue | 5.250% | 9/1/24 |
| 1,000 | 1,151 |
| Tennessee Energy Acquisition Corp. Gas Revenue | 5.000% | 2/1/25 |
| 915 | 1,050 |
| Tennessee Energy Acquisition Corp. Gas Revenue | 5.250% | 9/1/26 |
| 1,035 | 1,237 |
| Tennessee Energy Acquisition Corp. Gas Revenue | 5.000% | 2/1/27 |
| 1,000 | 1,186 |
| Tennessee Energy Acquisition Corp. Gas Revenue PUT | 4.000% | 5/1/23 |
| 3,045 | 3,264 |
2 | Tennessee Energy Acquisition Corp. Gas Revenue PUT | 4.000% | 11/1/25 |
| 2,500 | 2,755 |
| Tennessee GO | 5.000% | 8/1/20 |
| 625 | 650 |
| Tennessee GO | 5.000% | 8/1/21 |
| 1,490 | 1,604 |
| Tennessee GO | 5.000% | 8/1/22 |
| 1,475 | 1,641 |
| Tennessee GO | 4.000% | 8/1/28 |
| 4,850 | 5,537 |
| Tennessee GO | 5.000% | 8/1/32 |
| 1,000 | 1,189 |
| Williamson County TN GO | 4.000% | 5/1/27 |
| 1,320 | 1,444 |
|
|
|
|
|
| 56,538 |
Texas (5.2%) |
|
|
|
|
| |
| Alamo TX Regional Mobility Authority Revenue | 5.000% | 6/15/27 |
| 1,280 | 1,510 |
| Alief TX Independent School District GO | 5.000% | 2/15/24 |
| 1,300 | 1,508 |
| Allen TX Independent School District GO | 5.000% | 2/15/26 |
| 1,035 | 1,257 |
| Arlington TX Special Tax Revenue | 5.000% | 2/15/27 | (4) | 420 | 516 |
| Arlington TX Special Tax Revenue | 5.000% | 2/15/28 | (4) | 305 | 382 |
| Arlington TX Special Tax Revenue | 5.000% | 2/15/32 | (15) | 1,160 | 1,403 |
| Austin Convention Enterprises Inc. Texas Convention Center Revenue | 5.000% | 1/1/25 |
| 500 | 572 |
| Austin TX Airport System Revenue | 5.000% | 11/15/26 |
| 1,120 | 1,395 |
| Austin TX Airport System Revenue | 5.000% | 11/15/32 |
| 1,170 | 1,410 |
| Austin TX Community College District Public Facilities Corp. Lease Revenue | 5.000% | 8/1/27 |
| 1,000 | 1,188 |
| Austin TX Water & Wastewater System Revenue | 5.000% | 11/15/19 | (Prere.) | 65 | 66 |
| Austin TX Water & Wastewater System Revenue | 5.000% | 11/15/19 | (Prere.) | 210 | 213 |
| Austin TX Water & Wastewater System Revenue | 5.000% | 11/15/21 | (ETM) | 500 | 543 |
| Austin TX Water & Wastewater System Revenue | 5.000% | 11/15/24 |
| 1,340 | 1,585 |
| Austin TX Water & Wastewater System Revenue | 5.000% | 11/15/37 |
| 1,000 | 1,184 |
| Beaumont TX Independent School District GO | 5.000% | 2/15/21 |
| 3,570 | 3,783 |
| Bexar County TX GO | 5.000% | 6/15/23 | (Prere.) | 3,230 | 3,685 |
| Bexar County TX GO | 5.000% | 6/15/26 |
| 4,450 | 5,353 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| Bexar County TX GO | 5.000% | 6/15/32 |
| 1,145 | 1,322 |
| Bexar County TX GO | 4.000% | 6/15/34 |
| 1,000 | 1,095 |
| Brownsville TX Utility System Revenue | 4.000% | 9/1/30 |
| 1,000 | 1,066 |
| Central Texas Regional Mobility Authority Revenue | 5.750% | 1/1/20 | (Prere.) | 500 | 511 |
| Central Texas Regional Mobility Authority Revenue | 5.000% | 1/1/24 |
| 1,015 | 1,151 |
| Central Texas Regional Mobility Authority Revenue | 0.000% | 1/1/25 |
| 100 | 88 |
| Central Texas Regional Mobility Authority Revenue | 0.000% | 1/1/26 |
| 180 | 155 |
| Central Texas Regional Mobility Authority Revenue | 5.000% | 1/1/26 |
| 1,115 | 1,321 |
| Central Texas Regional Mobility Authority Revenue | 5.000% | 1/1/30 |
| 840 | 975 |
| Central Texas Regional Mobility Authority Revenue | 5.000% | 1/1/33 |
| 540 | 591 |
| Central Texas Regional Mobility Authority Revenue | 5.000% | 1/1/34 |
| 1,400 | 1,613 |
| Clifton TX Higher Education Finance Corp. Revenue (Baylor University) | 5.250% | 3/1/29 |
| 200 | 212 |
| Corpus Christi TX Independent School District GO | 4.000% | 8/15/34 |
| 1,130 | 1,276 |
| Cypress-Fairbanks TX Independent School District GO | 5.000% | 2/15/25 |
| 500 | 529 |
| Dallas TX Area Rapid Transit Sales Tax Revenue | 5.000% | 12/1/27 |
| 500 | 558 |
| Dallas TX Area Rapid Transit Sales Tax Revenue | 5.000% | 12/1/32 |
| 1,670 | 1,978 |
| Dallas TX Area Rapid Transit Sales Tax Revenue | 5.000% | 12/1/32 |
| 2,000 | 2,572 |
| Dallas TX Independent School District GO | 5.000% | 2/15/23 |
| 485 | 513 |
| Dallas TX Waterworks & Sewer System Revenue | 5.000% | 10/1/21 |
| 1,340 | 1,449 |
| Dallas TX Waterworks & Sewer System Revenue | 5.000% | 10/1/21 | (Prere.) | 195 | 211 |
| Dallas TX Waterworks & Sewer System Revenue | 5.000% | 10/1/22 |
| 210 | 227 |
| Dallas TX Waterworks & Sewer System Revenue | 4.000% | 10/1/31 |
| 1,675 | 1,926 |
| Dallas-Fort Worth TX International Airport Revenue | 5.250% | 11/1/29 |
| 1,000 | 1,143 |
| Denton TX Independent School District GO | 5.000% | 8/15/37 |
| 1,360 | 1,636 |
| Fort Worth TX GO | 5.000% | 3/1/25 |
| 1,105 | 1,312 |
| Fort Worth TX GO | 5.000% | 3/1/27 |
| 4,520 | 4,921 |
| Fort Worth TX Water & Sewer Revenue | 5.000% | 2/15/25 |
| 450 | 476 |
| Garland TX Electric Utility System Revenue | 5.000% | 3/1/30 |
| 675 | 855 |
| Garland TX Independent School District GO | 5.000% | 2/15/22 |
| 1,025 | 1,123 |
4 | Grand Parkway Transportation Corp. Texas System Toll Revenue, 5.050% coupon rate effective 10/1/2023 | 0.000% | 10/1/30 |
| 1,550 | 1,629 |
| Grand Parkway Transportation Corp. TX BAN | 5.000% | 2/1/23 |
| 2,500 | 2,793 |
| Harris County TX Cultural Education Facilities Finance Corp. Thermal Utility Revenue (TECO Project) | 5.000% | 11/15/30 |
| 1,000 | 1,220 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| Harris County TX GO | 5.000% | 10/1/21 | (Prere.) | 280 | 302 |
| Harris County TX GO | 5.000% | 8/15/22 |
| 1,960 | 2,175 |
| Harris County TX GO | 5.000% | 10/1/23 |
| 20 | 22 |
| Harris County TX GO | 5.000% | 10/1/23 |
| 500 | 505 |
| Harris County TX GO | 5.000% | 8/15/32 |
| 1,025 | 1,133 |
| Harris County TX GO | 5.000% | 10/1/36 |
| 1,200 | 1,407 |
| Harris County TX Sports Authority Revenue | 5.000% | 11/15/22 |
| 945 | 1,042 |
| Harris County TX Toll Road Revenue | 5.000% | 8/15/19 | (Prere.) | 500 | 502 |
| Harris County TX Toll Road Revenue | 5.000% | 8/15/32 |
| 515 | 565 |
| Houston TX Airport System Revenue | 5.000% | 7/1/26 |
| 1,150 | 1,403 |
| Houston TX Airport System Revenue | 5.000% | 7/1/37 |
| 1,685 | 2,040 |
| Houston TX GO | 5.000% | 3/1/20 |
| 55 | 55 |
| Houston TX GO | 5.000% | 3/1/27 |
| 1,000 | 1,233 |
| Houston TX GO | 4.000% | 3/1/35 |
| 1,500 | 1,648 |
| Houston TX Hotel Occupancy Tax & Special Revenue (Convention & Entertainment Facilities) | 5.000% | 9/1/24 |
| 1,070 | 1,252 |
| Houston TX Independent School District GO | 5.000% | 2/15/20 |
| 1,105 | 1,130 |
| Houston TX Utility System Revenue | 5.000% | 5/15/21 |
| 1,000 | 1,068 |
| Houston TX Utility System Revenue | 5.000% | 5/15/25 |
| 1,160 | 1,351 |
| Houston TX Utility System Revenue | 5.000% | 11/15/26 |
| 1,200 | 1,482 |
| Houston TX Utility System Revenue | 4.000% | 11/15/31 |
| 1,000 | 1,121 |
| Houston TX Utility System Revenue | 5.000% | 11/15/33 |
| 1,000 | 1,047 |
| Houston TX Utility System Revenue | 5.000% | 11/15/34 |
| 1,000 | 1,150 |
2 | Houston TX Utility System Revenue PUT, SIFMA Municipal Swap Index Yield + 0.900% | 2.800% | 5/1/20 |
| 1,000 | 1,002 |
| Irving TX Independent School District GO | 5.000% | 2/15/21 |
| 1,515 | 1,605 |
| Katy TX Independent School District GO | 4.000% | 2/15/27 |
| 275 | 298 |
| Katy TX Independent School District GO | 4.000% | 2/15/28 |
| 375 | 406 |
| Klein TX Independent School District GO | 5.000% | 8/1/34 |
| 1,200 | 1,431 |
| Lake Travis TX Independent School District GO | 5.000% | 2/15/21 | (Prere.) | 500 | 529 |
| Lamar TX Consolidated Independent School District GO | 5.000% | 2/15/26 |
| 1,360 | 1,612 |
| Laredo TX Community College District GO | 5.000% | 8/1/25 |
| 1,000 | 1,160 |
| Laredo TX Independent School District GO | 4.000% | 8/1/28 |
| 1,635 | 1,818 |
| Lone Star College System Texas GO | 5.000% | 8/15/19 | (Prere.) | 250 | 251 |
| Lone Star College System Texas GO | 5.000% | 2/15/28 |
| 1,240 | 1,500 |
| Lower Colorado River Authority Texas Transmission Contract Revenue (LCRA Transmission Services Corp.) | 5.000% | 5/15/28 |
| 1,000 | 1,148 |
| Lower Colorado River Authority Texas Transmission Contract Revenue (LCRA Transmission Services Corp.) | 5.000% | 5/15/28 |
| 1,200 | 1,415 |
| Lower Colorado River Authority Texas Transmission Contract Revenue (LCRA Transmission Services Corp.) | 5.000% | 5/15/34 |
| 1,040 | 1,276 |
| Lubbock TX GO | 5.000% | 2/15/23 |
| 500 | 546 |
| Mansfield TX Independent School District GO | 5.000% | 2/15/26 |
| 1,250 | 1,406 |
| Mansfield TX Independent School District GO | 4.000% | 2/15/29 |
| 1,265 | 1,368 |
| Mesquite TX Health Facilities Development Corp. Retirement Facility Revenue (Christian Care Centers Inc. Project) | 5.000% | 2/15/24 |
| 350 | 372 |
| Montgomery TX GO | 4.000% | 3/1/30 |
| 1,840 | 2,118 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| New Hope TX Cultural Education Facilities Finance Corp. First Mortgage Revenue (Morningside Ministries Project) | 6.250% | 1/1/33 |
| 1,640 | 1,795 |
| New Hope TX Cultural Education Facilities Finance Corp. Retirement Facilities Revenue (Westminster Manor Project) | 5.000% | 11/1/26 |
| 1,060 | 1,198 |
| New Hope TX Cultural Education Facilities Finance Corp. Retirement Facilities Revenue (Westminster Manor Project) | 5.000% | 11/1/27 |
| 1,000 | 1,129 |
| New Hope TX Cultural Education Facilities Finance Corp. Retirement Facilities Revenue (Westminster Manor Project) | 5.000% | 11/1/28 |
| 870 | 979 |
| New Hope TX Cultural Education Facilities Finance Corp. Student Housing Revenue (Tarleton State University Project) | 5.000% | 4/1/23 |
| 200 | 217 |
| New Hope TX Cultural Education Facilities Finance Corp. Student Housing Revenue (Tarleton State University Project) | 5.000% | 4/1/24 |
| 210 | 232 |
| New Hope TX Cultural Education Facilities Finance Corp. Student Housing Revenue (Tarleton State University Project) | 5.000% | 4/1/25 |
| 240 | 269 |
| North East TX Independent School District GO | 5.250% | 2/1/22 |
| 580 | 638 |
| North East TX Regional Mobility Authority Revenue | 5.000% | 1/1/30 |
| 2,390 | 2,762 |
| North Texas Municipal Water District Regional Wastewater System Revenue | 5.000% | 6/1/22 |
| 1,495 | 1,651 |
| North Texas Municipal Water District Regional Wastewater System Revenue | 5.000% | 6/1/23 |
| 1,555 | 1,768 |
| North Texas Municipal Water District Regional Wastewater System Revenue | 4.000% | 6/1/31 |
| 1,500 | 1,696 |
| North Texas Municipal Water District Water System Revenue | 5.000% | 9/1/22 |
| 1,645 | 1,831 |
| North Texas Municipal Water District Water System Revenue | 5.000% | 9/1/23 |
| 1,025 | 1,174 |
| North Texas Tollway Authority System Revenue | 5.500% | 9/1/21 | (Prere.) | 500 | 544 |
| North Texas Tollway Authority System Revenue | 6.250% | 2/1/23 |
| 1,650 | 1,693 |
| North Texas Tollway Authority System Revenue | 5.000% | 1/1/26 |
| 1,060 | 1,185 |
| North Texas Tollway Authority System Revenue | 5.000% | 1/1/27 |
| 2,505 | 2,866 |
| North Texas Tollway Authority System Revenue | 6.000% | 1/1/28 |
| 45 | 45 |
| North Texas Tollway Authority System Revenue | 5.000% | 1/1/29 |
| 1,190 | 1,389 |
| North Texas Tollway Authority System Revenue | 5.000% | 1/1/30 |
| 500 | 568 |
| North Texas Tollway Authority System Revenue | 5.000% | 1/1/32 |
| 1,790 | 2,068 |
| North Texas Tollway Authority System Revenue | 5.000% | 1/1/33 |
| 1,500 | 1,729 |
| North Texas Tollway Authority System Revenue | 5.000% | 1/1/34 |
| 1,575 | 1,812 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| North Texas Tollway Authority System Revenue | 5.000% | 1/1/35 |
| 1,035 | 1,188 |
| North Texas Tollway Authority System Revenue | 4.000% | 1/1/36 |
| 1,015 | 1,109 |
| North Texas Tollway Authority System Revenue | 4.000% | 1/1/37 |
| 1,030 | 1,125 |
| North Texas Tollway Authority System Revenue | 4.000% | 1/1/37 | (4) | 1,520 | 1,658 |
| North Texas Tollway Authority System Revenue | 5.000% | 1/1/38 |
| 1,000 | 1,198 |
| Northwest Independent School District Texas GO | 5.000% | 2/15/26 |
| 1,000 | 1,186 |
| Northwest Independent School District Texas GO | 5.000% | 2/15/32 |
| 1,760 | 2,053 |
| Pasadena TX GO | 4.000% | 2/15/28 |
| 1,000 | 1,118 |
| Pearland TX GO | 4.000% | 3/1/32 |
| 1,095 | 1,231 |
| Pearland TX GO | 4.000% | 3/1/33 |
| 385 | 432 |
| Pearland TX Waterworks & Sewer System Revenue | 4.000% | 9/1/32 |
| 240 | 269 |
| Pearland TX Waterworks & Sewer System Revenue | 4.000% | 9/1/33 |
| 340 | 381 |
| Pflugerville TX Independent School District GO | 5.000% | 2/15/25 |
| 1,600 | 1,901 |
| Prosper TX Independent School District GO | 4.000% | 2/15/31 |
| 1,290 | 1,501 |
| SA Energy Acquisition Public Facility Corp. Texas Gas Supply Revenue | 5.500% | 8/1/19 |
| 518 | 520 |
| Sam Rayburn TX Municipal Power Agency Revenue | 5.000% | 10/1/19 |
| 210 | 212 |
| San Antonio TX Electric & Gas Systems Revenue | 5.000% | 2/1/21 |
| 500 | 529 |
| San Antonio TX Electric & Gas Systems Revenue | 5.000% | 2/1/24 |
| 1,000 | 1,111 |
| San Antonio TX Electric & Gas Systems Revenue | 4.000% | 2/1/34 |
| 1,255 | 1,392 |
| San Antonio TX Electric & Gas Systems Revenue | 5.000% | 2/1/36 |
| 1,000 | 1,195 |
| San Antonio TX GO | 5.000% | 8/1/20 |
| 225 | 234 |
| San Antonio TX GO | 5.000% | 2/1/22 |
| 1,000 | 1,058 |
| San Antonio TX GO | 5.000% | 2/1/24 |
| 500 | 529 |
| San Antonio TX GO | 5.000% | 2/1/26 |
| 1,000 | 1,191 |
| San Antonio TX GO | 4.000% | 2/1/29 |
| 1,000 | 1,070 |
| San Antonio TX Independent School District GO | 5.000% | 8/15/29 |
| 1,295 | 1,539 |
| San Antonio TX Independent School District GO | 5.000% | 8/15/37 |
| 2,495 | 2,921 |
| San Antonio TX Water Revenue | 5.000% | 5/15/34 |
| 1,000 | 1,198 |
| San Antonio TX Water Revenue | 5.000% | 5/15/38 |
| 1,440 | 1,749 |
| Southwest Texas Higher Education Authority Inc. Revenue (Southern Methodist University Project) | 4.000% | 10/1/34 |
| 1,350 | 1,513 |
| Spring Branch TX Independent School District GO | 5.000% | 2/1/20 |
| 1,000 | 1,021 |
| Spring TX Independent School District GO | 5.000% | 8/15/32 |
| 1,000 | 1,181 |
| Spring TX Independent School District GO | 5.000% | 8/15/35 |
| 1,370 | 1,631 |
| Sugar Land TX GO | 5.000% | 2/15/26 |
| 510 | 621 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| Tarrant County TX Cultural Education Facilities Finance Corp. Hospital Revenue (Methodist Hospitals of Dallas) | 5.250% | 10/1/31 |
| 1,000 | 1,136 |
| Texas A&M University System Revenue Board of Regents Revenue | 5.000% | 5/15/21 |
| 1,075 | 1,149 |
| Texas City TX Independent School District GO | 5.000% | 8/15/26 |
| 3,365 | 4,031 |
| Texas GO | 5.000% | 10/1/22 |
| 1,120 | 1,252 |
| Texas GO | 5.000% | 10/1/24 |
| 1,210 | 1,430 |
| Texas GO | 5.000% | 8/1/26 |
| 925 | 994 |
| Texas GO | 5.000% | 8/1/27 |
| 1,000 | 1,074 |
| Texas GO | 5.000% | 10/1/27 |
| 1,400 | 1,622 |
| Texas GO | 5.000% | 10/1/28 |
| 1,330 | 1,538 |
| Texas GO | 5.000% | 8/1/31 |
| 500 | 536 |
| Texas Municipal Gas Acquisition & Supply Corp. Revenue | 5.250% | 12/15/21 |
| 365 | 395 |
| Texas Municipal Gas Acquisition & Supply Corp. Revenue | 5.000% | 12/15/22 |
| 1,005 | 1,109 |
| Texas Municipal Gas Acquisition & Supply Corp. Revenue | 5.000% | 12/15/23 |
| 380 | 420 |
| Texas Municipal Gas Acquisition & Supply Corp. Revenue | 5.250% | 12/15/23 |
| 245 | 280 |
| Texas Municipal Gas Acquisition & Supply Corp. Revenue | 5.250% | 12/15/24 |
| 580 | 678 |
| Texas Municipal Gas Acquisition & Supply Corp. Revenue | 5.000% | 12/15/25 |
| 2,215 | 2,442 |
| Texas Municipal Gas Acquisition & Supply Corp. Revenue | 5.000% | 12/15/28 |
| 1,335 | 1,465 |
| Texas Municipal Power Agency Revenue | 5.000% | 9/1/27 |
| 520 | 541 |
| Texas Public Finance Authority Revenue (Texas Southern University) | 5.000% | 11/1/21 | (15) | 1,020 | 1,093 |
| Texas Revenue | 4.000% | 8/29/19 |
| 13,000 | 13,050 |
| Texas State University System Financing System Revenue | 5.000% | 3/15/32 |
| 1,625 | 1,969 |
| Texas Transportation Commission GO | 5.000% | 10/1/21 |
| 1,520 | 1,645 |
| Texas Transportation Commission GO | 5.000% | 10/1/22 |
| 1,470 | 1,643 |
| Texas Transportation Commission GO | 5.000% | 10/1/29 |
| 1,500 | 1,793 |
| Texas Transportation Commission GO | 5.000% | 4/1/32 |
| 2,000 | 2,396 |
| Texas Transportation Commission Mobility Fund GO | 5.000% | 10/1/34 |
| 1,615 | 1,975 |
| Texas Transportation Commission Revenue | 5.000% | 4/1/21 |
| 2,425 | 2,581 |
| Texas Transportation Commission Revenue | 5.000% | 4/1/23 |
| 1,945 | 2,206 |
| Texas Transportation Commission Turnpike System Revenue | 5.000% | 8/15/33 |
| 525 | 592 |
| Texas Transportation Commission Turnpike System Revenue | 5.000% | 8/15/34 |
| 665 | 748 |
| Texas Transportation Commission Turnpike System Revenue | 5.000% | 8/15/37 |
| 2,330 | 2,628 |
| Texas Turnpike Authority Central Texas Turnpike System Revenue | 0.000% | 8/15/20 | (2) | 525 | 516 |
| Texas Turnpike Authority Central Texas Turnpike System Revenue | 0.000% | 8/15/20 | (ETM) | 285 | 280 |
| Texas Water Development Board Revenue | 5.000% | 4/15/21 |
| 1,050 | 1,119 |
| Texas Water Development Board Revenue | 4.000% | 10/15/32 |
| 1,000 | 1,144 |
| Texas Water Development Board Revenue | 4.000% | 10/15/33 |
| 1,590 | 1,812 |
| Texas Water Development Board Revenue | 4.000% | 10/15/34 |
| 1,465 | 1,663 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| Texas Water Development Board Revenue | 4.000% | 10/15/35 |
| 2,860 | 3,200 |
| Texas Water Development Board Revenue | 4.000% | 10/15/35 |
| 1,685 | 1,906 |
| Texas Water Development Board Revenue | 4.000% | 10/15/35 |
| 1,770 | 1,974 |
| Travis TX GO | 5.000% | 3/1/27 |
| 1,545 | 1,873 |
| Trinity River Authority of Texas Regional Wastewater System Revenue | 5.000% | 8/1/27 |
| 1,000 | 1,224 |
| Trinity River Authority of Texas Regional Wastewater System Revenue | 5.000% | 8/1/37 |
| 1,235 | 1,511 |
| University of Houston Texas Revenue | 4.000% | 2/15/33 |
| 1,840 | 2,036 |
| University of North Texas Revenue | 4.000% | 4/15/34 |
| 1,110 | 1,258 |
| University of North Texas Revenue | 5.000% | 4/15/36 |
| 1,275 | 1,518 |
| University of Texas Permanent University Fund Revenue | 5.000% | 7/1/21 |
| 1,300 | 1,396 |
| University of Texas Revenue | 5.000% | 8/15/29 |
| 4,570 | 5,295 |
| University of Texas System Revenue Financing System Revenue | 5.000% | 8/15/19 |
| 325 | 326 |
| University of Texas System Revenue Financing System Revenue | 5.000% | 8/15/20 |
| 1,090 | 1,136 |
| University of Texas System Revenue Financing System Revenue | 5.000% | 8/15/21 |
| 705 | 760 |
| University of Texas System Revenue Financing System Revenue | 5.000% | 8/15/23 |
| 1,150 | 1,321 |
| West Travis County TX Public Utility Agency Revenue | 5.000% | 8/15/27 | (15) | 1,215 | 1,503 |
| West Travis County TX Public Utility Agency Revenue | 4.000% | 8/15/32 | (15) | 260 | 291 |
| Williamson County TX GO | 5.000% | 2/15/23 |
| 230 | 252 |
|
|
|
|
|
| 272,622 |
Utah (0.6%) |
|
|
|
|
| |
| Alpine UT School District GO | 5.000% | 3/15/30 |
| 1,025 | 1,267 |
| Central Utah Water Conservancy District GO | 5.000% | 4/1/30 |
| 500 | 530 |
| Central Utah Water Conservancy District Revenue | 4.000% | 10/1/32 |
| 1,000 | 1,135 |
| Jordan Valley UT Water Conservancy District Revenue | 4.000% | 10/1/32 |
| 750 | 846 |
| Murray UT Hospital Revenue (IHC Health Services) VRDO | 1.910% | 7/1/19 |
| 10,510 | 10,510 |
| Utah Associated Municipal Power Systems Revenue (Horse Butte Wind Project) | 5.000% | 9/1/22 | (Prere.) | 350 | 389 |
| Utah County UT Hospital Revenue (IHC Health Services) | 5.000% | 5/15/34 |
| 750 | 925 |
| Utah County UT Hospital Revenue (IHC Health Services) | 5.000% | 5/15/35 |
| 850 | 1,045 |
| Utah County UT Hospital Revenue (IHC Health Services) VRDO | 1.900% | 7/5/19 |
| 2,500 | 2,500 |
| Utah County UT Transportation Sales Tax Revenue | 5.000% | 12/1/30 |
| 850 | 1,093 |
| Utah GO | 5.000% | 7/1/19 |
| 615 | 615 |
| Utah GO | 5.000% | 7/1/21 |
| 1,300 | 1,395 |
| Utah GO | 5.000% | 7/1/22 |
| 1,410 | 1,564 |
| Utah GO | 5.000% | 7/1/23 |
| 3,500 | 4,006 |
| Utah GO | 5.000% | 7/1/24 |
| 1,000 | 1,179 |
| Utah Transit Authority Sales Tax Revenue | 5.000% | 6/15/26 |
| 1,000 | 1,200 |
|
|
|
|
|
| 30,199 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
Virginia (1.3%) |
|
|
|
|
| |
| Arlington County VA GO | 5.000% | 8/1/23 |
| 600 | 667 |
| Arlington County VA GO | 5.000% | 8/15/26 |
| 2,000 | 2,480 |
| Chesapeake VA Toll Road Revenue | 5.000% | 7/15/21 |
| 500 | 533 |
| Fairfax County VA GO | 5.000% | 10/1/20 |
| 1,710 | 1,790 |
| Fairfax County VA GO | 5.000% | 10/1/23 |
| 1,255 | 1,447 |
| Fairfax County VA GO | 4.000% | 10/1/32 |
| 1,415 | 1,618 |
| Fairfax County VA Public Improvement GO | 5.000% | 4/1/21 |
| 420 | 447 |
| Fairfax County VA Sewer Revenue | 4.000% | 7/15/21 |
| 1,790 | 1,891 |
| Fairfax County VA Water Authority Revenue | 5.000% | 4/1/25 |
| 500 | 549 |
| Norfolk VA Economic Development Authority Hospital Facilities Revenue (Sentara Healthcare) PUT | 5.000% | 11/1/28 |
| 1,170 | 1,473 |
| Norfolk VA GO | 5.000% | 10/1/20 |
| 775 | 811 |
| Norfolk VA GO | 5.000% | 8/1/21 |
| 2,040 | 2,196 |
| Norfolk VA GO | 5.000% | 9/1/29 |
| 1,395 | 1,636 |
| Norfolk VA GO | 5.000% | 9/1/30 |
| 1,090 | 1,277 |
| Norfolk VA GO | 5.000% | 8/1/31 |
| 1,375 | 1,734 |
| Norfolk VA GO | 5.000% | 9/1/32 |
| 1,345 | 1,571 |
| Norfolk VA GO | 5.000% | 8/1/35 |
| 2,155 | 2,673 |
| Norfolk VA Water Revenue | 5.000% | 5/1/22 | (Prere.) | 495 | 546 |
| Norfolk VA Water Revenue | 5.000% | 11/1/31 |
| 5 | 6 |
| Norfolk VA Water Revenue | 5.000% | 11/1/34 |
| 1,155 | 1,416 |
| Richmond VA GO | 5.000% | 3/1/23 | (Prere.) | 1,000 | 1,133 |
| Richmond VA Public Utility Revenue | 5.000% | 1/15/28 |
| 1,000 | 1,213 |
| Roanoke VA Economic Development Authority Hospital Revenue (Carilion Clinic Obligated Group) | 5.000% | 7/1/30 |
| 500 | 545 |
| Stafford County VA Economic Development Authority Hospital Facilities Revenue (Mary Washington Healthcare Obligated Group) | 5.000% | 6/15/24 |
| 1,120 | 1,299 |
| Virginia Beach VA Development Authority Residential Care Facility Revenue (Westminster-Canterbury on Chesapeake Bay) | 5.000% | 9/1/30 |
| 600 | 707 |
| Virginia Beach VA Development Authority Residential Care Facility Revenue (Westminster-Canterbury on Chesapeake Bay) | 5.000% | 9/1/33 |
| 425 | 495 |
| Virginia College Building Authority Educational Facilities Revenue (21st Century College & Equipment Programs) | 5.000% | 2/1/21 |
| 1,000 | 1,058 |
| Virginia College Building Authority Educational Facilities Revenue (21st Century College & Equipment Programs) | 5.000% | 2/1/27 |
| 1,845 | 2,246 |
| Virginia College Building Authority Educational Facilities Revenue (21st Century College & Equipment Programs) | 4.000% | 2/1/34 |
| 1,900 | 2,123 |
| Virginia College Building Authority Educational Facilities Revenue (Public Higher Education Financing Program) | 5.000% | 9/1/22 |
| 355 | 396 |
| Virginia College Building Authority Educational Facilities Revenue (Public Higher Education Financing Program) | 4.000% | 9/1/36 |
| 2,130 | 2,404 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| Virginia Commonwealth Transportation Board Revenue | 5.000% | 9/15/21 |
| 2,410 | 2,608 |
| Virginia Commonwealth Transportation Board Revenue | 5.000% | 5/15/26 |
| 1,405 | 1,729 |
| Virginia Commonwealth Transportation Board Revenue | 4.000% | 5/15/35 |
| 1,280 | 1,429 |
| Virginia Commonwealth Transportation Board Revenue | 4.000% | 5/15/35 |
| 1,750 | 1,965 |
| Virginia Public Building Authority Public Facilities Revenue | 5.000% | 8/1/24 |
| 1,250 | 1,472 |
| Virginia Public Building Authority Revenue | 5.000% | 11/1/31 |
| 4,305 | 4,799 |
| Virginia Public School Authority Revenue | 5.000% | 8/1/19 |
| 500 | 502 |
| Virginia Public School Authority Revenue | 5.000% | 3/1/20 |
| 3,700 | 3,793 |
| Virginia Public School Authority Revenue | 4.000% | 8/1/20 |
| 1,700 | 1,749 |
| Virginia Public School Authority Revenue | 5.000% | 8/1/22 |
| 1,335 | 1,484 |
| Virginia Public School Authority Revenue | 5.000% | 8/1/26 |
| 1,525 | 1,892 |
| Virginia Public School Authority Revenue | 5.000% | 8/1/29 |
| 1,500 | 1,850 |
| Virginia Public School Authority School Technology & Security Notes Revenue | 5.000% | 4/15/21 |
| 1,055 | 1,124 |
| Virginia Public School Authority School Technology & Security Notes Revenue | 5.000% | 4/15/24 |
| 2,180 | 2,548 |
|
|
|
|
|
| 69,324 |
Washington (1.1%) |
|
|
|
|
| |
| Central Puget Sound WA Regional Transit Authority Sales & Use Tax Revenue | 5.000% | 11/1/26 |
| 795 | 988 |
| Energy Northwest Washington Electric Revenue (Columbia Generating Station) | 5.000% | 7/1/20 |
| 600 | 622 |
| Energy Northwest Washington Electric Revenue (Columbia Generating Station) | 5.000% | 7/1/31 |
| 1,200 | 1,416 |
| Energy Northwest Washington Electric Revenue (Project No. 1) | 5.000% | 7/1/21 |
| 1,355 | 1,455 |
| Energy Northwest Washington Electric Revenue (Project No. 3) | 5.000% | 7/1/26 |
| 1,710 | 2,098 |
| King County WA GO | 5.000% | 7/1/20 |
| 1,250 | 1,296 |
| King County WA GO | 5.000% | 1/1/24 |
| 500 | 545 |
| King County WA GO | 4.000% | 12/1/32 |
| 1,500 | 1,671 |
| Lewis County WA Public Utility District No. 1 Revenue (Cowlitz Falls Hydroelectric Project) | 5.000% | 10/1/21 |
| 1,060 | 1,147 |
| Northwest Energy Washington Electric Revenue (Bonneville Power Administration) | 5.000% | 7/1/28 |
| 2,550 | 2,812 |
| Pierce County WA School District No. 3 Puyallup GO | 5.000% | 12/1/25 |
| 1,000 | 1,119 |
| Port of Seattle WA Revenue | 5.000% | 8/1/29 |
| 250 | 275 |
| Seattle WA GO | 5.000% | 6/1/21 |
| 1,000 | 1,071 |
| Snohomish County WA School District No. 103 (Monroe) GO | 5.000% | 12/1/31 |
| 1,000 | 1,176 |
| University of Washington Revenue | 5.000% | 4/1/31 |
| 335 | 356 |
| Washington (Motor Vehicle Fuel Tax) GO | 5.000% | 7/1/23 |
| 375 | 402 |
| Washington (Motor Vehicle Fuel Tax) GO | 5.000% | 7/1/27 |
| 1,000 | 1,181 |
| Washington (Motor Vehicle Fuel Tax) GO | 4.000% | 7/1/31 |
| 1,500 | 1,652 |
| Washington Economic Development Finance Authority Lease Revenue (Washington Biomedical Research Properties 2) | 5.000% | 6/1/25 |
| 1,090 | 1,288 |
| Washington GO | 5.000% | 8/1/19 | (Prere.) | 500 | 501 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| Washington GO | 0.000% | 6/1/20 | (14) | 500 | 494 |
| Washington GO | 5.000% | 7/1/20 |
| 1,000 | 1,037 |
| Washington GO | 5.000% | 2/1/22 | (Prere.) | 500 | 547 |
| Washington GO | 5.000% | 7/1/22 |
| 1,425 | 1,580 |
| Washington GO | 5.000% | 7/1/23 |
| 1,155 | 1,321 |
| Washington GO | 5.000% | 7/1/25 |
| 560 | 620 |
| Washington GO | 5.000% | 7/1/25 |
| 1,500 | 1,759 |
| Washington GO | 4.000% | 7/1/27 |
| 2,750 | 2,949 |
| Washington GO | 4.000% | 7/1/27 |
| 2,425 | 2,600 |
| Washington GO | 5.000% | 8/1/27 |
| 1,000 | 1,200 |
| Washington GO | 4.000% | 7/1/28 |
| 3,180 | 3,404 |
| Washington GO | 4.000% | 7/1/28 |
| 1,135 | 1,215 |
| Washington GO | 4.000% | 7/1/29 |
| 2,720 | 2,959 |
| Washington GO | 5.000% | 7/1/30 |
| 1,100 | 1,286 |
| Washington GO | 5.000% | 8/1/30 |
| 1,585 | 1,959 |
| Washington GO | 5.000% | 8/1/36 |
| 2,070 | 2,540 |
| Washington GO | 5.000% | 8/1/38 |
| 2,070 | 2,526 |
| Washington Health Care Facilities Authority Revenue (Central Washington Health Services Association) | 5.000% | 7/1/30 |
| 1,760 | 2,014 |
| Washington Health Care Facilities Authority Revenue (MultiCare Health System) | 5.000% | 8/15/32 |
| 1,000 | 1,223 |
| Washington Health Care Facilities Authority Revenue (Providence Health & Services) | 5.000% | 10/1/33 |
| 880 | 965 |
| Washington State University General Revenue | 5.000% | 10/1/31 |
| 500 | 536 |
|
|
|
|
|
| 57,805 |
West Virginia (0.3%) |
|
|
|
|
| |
| West Virginia Commissioner of Highways Revenue (Surface Transportation Improvements) | 5.000% | 9/1/33 |
| 1,110 | 1,341 |
| West Virginia Economic Development Authority Lottery Revenue | 4.000% | 6/15/37 |
| 1,545 | 1,692 |
| West Virginia GO | 5.000% | 12/1/35 |
| 1,000 | 1,230 |
| West Virginia GO | 5.000% | 6/1/36 |
| 1,000 | 1,228 |
| West Virginia Higher Education Policy Commission Revenue | 5.000% | 7/1/37 |
| 1,315 | 1,557 |
| West Virginia Hospital Finance Authority Hospital Revenue (Cabell Huntington Hospital Inc.) | 5.000% | 1/1/29 |
| 750 | 923 |
| West Virginia Hospital Finance Authority Hospital Revenue (Charleston Area Medical Center Inc.) | 5.125% | 9/1/23 |
| 1,065 | 1,071 |
| West Virginia Hospital Finance Authority Hospital Revenue (Charleston Area Medical Center Inc.) | 5.625% | 9/1/32 |
| 3,140 | 3,162 |
| West Virginia Parkways Authority Turnpike Toll Revenue | 5.000% | 6/1/33 |
| 815 | 1,010 |
|
|
|
|
|
| 13,214 |
Wisconsin (0.8%) |
|
|
|
|
| |
| Madison WI Area Technical College GO | 4.000% | 3/1/25 |
| 1,835 | 2,091 |
| Milwaukee WI GO | 4.000% | 3/15/20 |
| 1,000 | 1,019 |
| Milwaukee WI GO | 5.000% | 4/1/26 |
| 1,935 | 2,363 |
| Wisconsin GO | 5.000% | 5/1/20 |
| 1,000 | 1,031 |
| Wisconsin GO | 5.000% | 5/1/21 | (ETM) | 15 | 16 |
Tax-Managed Balanced Fund
|
|
|
|
| Face | Market |
|
|
| Maturity |
| Amount | Value· |
|
| Coupon | Date |
| ($000) | ($000) |
| Wisconsin GO | 5.000% | 5/1/21 |
| 835 | 891 |
| Wisconsin GO | 5.000% | 5/1/22 | (Prere.) | 35 | 39 |
| Wisconsin GO | 5.000% | 11/1/23 |
| 2,585 | 2,982 |
| Wisconsin GO | 5.000% | 5/1/24 |
| 500 | 551 |
| Wisconsin GO | 5.000% | 5/1/26 |
| 2,210 | 2,434 |
| Wisconsin GO | 5.000% | 5/1/29 |
| 1,000 | 1,130 |
| Wisconsin GO | 5.000% | 5/1/34 |
| 1,780 | 2,124 |
| Wisconsin GO | 5.000% | 5/1/36 |
| 2,000 | 2,331 |
| Wisconsin Health & Educational Facilities Authority Revenue (Agnesian HealthCare Inc.) | 5.000% | 7/1/31 |
| 1,065 | 1,262 |
| Wisconsin Health & Educational Facilities Authority Revenue (Ascension Health Alliance Credit Group) | 4.000% | 11/15/33 |
| 2,000 | 2,189 |
| Wisconsin Health & Educational Facilities Authority Revenue (Ascension Health Alliance Credit Group) | 4.000% | 11/15/34 |
| 1,540 | 1,681 |
| Wisconsin Health & Educational Facilities Authority Revenue (Ascension Health Alliance Credit Group) | 5.000% | 11/15/36 |
| 2,045 | 2,387 |
| Wisconsin Health & Educational Facilities Authority Revenue (Aspirus, Inc. Obligated Group) | 5.000% | 8/15/25 |
| 1,670 | 1,893 |
| Wisconsin Health & Educational Facilities Authority Revenue (Aurora Health Care Inc.) | 5.000% | 7/15/21 | (Prere.) | 1,150 | 1,235 |
| Wisconsin Health & Educational Facilities Authority Revenue (Children’s Hospital of Wisconsin Inc.) | 4.000% | 8/15/31 |
| 1,010 | 1,122 |
| Wisconsin Health & Educational Facilities Authority Revenue (Marquette University) | 5.000% | 10/1/30 |
| 500 | 550 |
| Wisconsin Public Finance Authority Exempt Facilities Revenue (Wingate University) | 5.250% | 10/1/32 |
| 715 | 840 |
| Wisconsin Public Finance Authority Hospital Revenue (Renown Regional Medical Center) | 5.000% | 6/1/30 |
| 1,085 | 1,283 |
| Wisconsin Public Power System Power Supply System Revenue | 5.000% | 7/1/32 |
| 500 | 562 |
| Wisconsin Transportation Revenue | 5.000% | 7/1/22 | (Prere.) | 115 | 127 |
| Wisconsin Transportation Revenue | 5.000% | 7/1/23 |
| 385 | 427 |
| Wisconsin Transportation Revenue | 5.000% | 7/1/31 |
| 1,370 | 1,660 |
| Wisconsin Transportation Revenue | 5.000% | 7/1/31 |
| 1,350 | 1,655 |
| Wisconsin Transportation Revenue | 5.000% | 7/1/33 |
| 2,755 | 3,175 |
|
|
|
|
|
| 41,050 |
Wyoming (0.0%) |
|
|
|
|
| |
| Wyoming Municipal Power Agency Power Supply Revenue | 5.000% | 1/1/34 | (15) | 1,000 | 1,171 |
Total Tax-Exempt Municipal Bonds (Cost $2,582,214) |
|
|
| 2,696,317 | ||
Total Investments (99.9%) (Cost $3,992,692) |
|
|
| 5,201,864 |
Tax-Managed Balanced Fund
| Amount |
| ($000) |
Other Assets and Liabilities (0.1%) |
|
Other Assets |
|
Investment in Vanguard | 251 |
Receivables for Investment Securities Sold | 1,833 |
Receivables for Accrued Income | 32,256 |
Receivables for Capital Shares Issued | 3,821 |
Variation Margin Receivable—Futures Contracts | 127 |
Other Assets7 | 758 |
Total Other Assets | 39,046 |
Liabilities |
|
Payables for Investment Securities Purchased | (30,711) |
Payables for Capital Shares Redeemed | (729) |
Payables to Vanguard | (926) |
Variation Margin Payable—Futures Contracts | (139) |
Total Liabilities | (32,505) |
Net Assets (100%) |
|
Applicable to 159,557,297 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 5,208,405 |
Net Asset Value Per Share | $32.64 |
|
|
|
|
At June 30, 2019, net assets consisted of: |
|
| Amount |
| ($000) |
Paid-in Capital | 4,036,628 |
Total Distributable Earnings (Loss) | 1,171,777 |
Net Assets | 5,208,405 |
· |
| See Note A in Notes to Financial Statements. |
* |
| Non-income-producing security. |
§ |
| Security value determined using significant unobservable inputs. |
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 positions represent 48.3% of net assets. |
2 |
| Adjustable-rate security; rate shown is effective rate at period end. Certain adjustable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent based on current market conditions. |
3 |
| Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of June 30, 2019. |
4 |
| Step bond. |
5 |
| 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, 2019, the aggregate value of these securities was $12,336,000, representing 0.2% of net assets. |
6 |
| The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury, as needed to maintain a positive net worth, in exchange for senior preferred stock. |
7 |
| Securities with a value of $733,000 and cash of $447,000 have been segregated as initial margin for open futures contracts. |
|
| CVR—Contingent Value Rights. |
|
| REIT—Real Estate Investment Trust. |
|
| A key to abbreviations and other references follows the Statement of Net Assets. |
See accompanying Notes, which are an integral part of the Financial Statements.
Tax-Managed Balanced Fund
Key to Abbreviations
ARS—Auction Rate Security.
BAN—Bond Anticipation Note.
CMT—Constant Maturing Treasury Rate.
COP—Certificate of Participation.
CP—Commercial Paper.
FR—Floating Rate.
GAN—Grant Anticipation Note.
GO—General Obligation Bond.
LIBOR—London Interbank Offered Rate.
PILOT—Payments in Lieu of Taxes.
PUT—Put Option Obligation.
RAN—Revenue Anticipation Note.
SIFMA—Securities Industry and Financial Markets Association.
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.
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 2019 |
| 930 |
| 200,117 |
| 1,009 |
| |
E-mini S&P 500 Index |
| September 2019 |
| 71 |
| 10,452 |
| 152 |
| |
|
|
|
|
|
|
|
| 1,161 |
| |
|
|
|
|
|
|
|
|
|
| |
Short Futures Contracts |
|
|
|
|
|
|
|
|
| |
5-Year U.S. Treasury Note |
| September 2019 |
| (363 | ) | (42,891 | ) | (209 | ) | |
10-Year U.S. Treasury Note |
| September 2019 |
| (215 | ) | (27,513 | ) | (308 | ) | |
Ultra Long U.S. Treasury Bond |
| September 2019 |
| (13 | ) | (2,308 | ) | (1 | ) | |
|
|
|
|
|
|
|
| (518 | ) | |
|
|
|
|
|
|
|
| 643 |
|
See accompanying Notes, which are an integral part of the Financial Statements.
Tax-Managed Balanced Fund
Statement of Operations
|
| Six Months Ended |
|
|
| June 30, 2019 |
|
|
| ($000 | ) |
Investment Income |
|
|
|
Income |
|
|
|
Dividends |
| 22,010 |
|
Interest |
| 34,473 |
|
Total Income |
| 56,483 |
|
Expenses |
|
|
|
The Vanguard Group—Note B |
|
|
|
Investment Advisory Services |
| 277 |
|
Management and Administrative |
| 1,735 |
|
Marketing and Distribution |
| 126 |
|
Custodian Fees |
| 9 |
|
Shareholders’ Reports |
| 26 |
|
Trustees’ Fees and Expenses |
| 1 |
|
Total Expenses |
| 2,174 |
|
Net Investment Income |
| 54,309 |
|
Realized Net Gain (Loss) |
|
|
|
Investment Securities Sold1 |
| (8,927 | ) |
Futures Contracts |
| 1,873 |
|
Realized Net Gain (Loss) |
| (7,054 | ) |
Change in Unrealized Appreciation (Depreciation) |
|
|
|
Investment Securities |
| 459,861 |
|
Futures Contracts |
| 954 |
|
Change in Unrealized Appreciation (Depreciation) |
| 460,815 |
|
Net Increase (Decrease) in Net Assets Resulting from Operations |
| 508,070 |
|
1 Includes $1,623,000 of net gain (loss) resulting from in-kind redemptions; such gain (loss) is not taxable to the fund.
See accompanying Notes, which are an integral part of the Financial Statements.
Tax-Managed Balanced Fund
Statement of Changes in Net Assets
|
| Six Months Ended |
| Year Ended |
|
|
| June 30, |
| December 31, |
|
|
| 2019 |
| 2018 |
|
|
| ($000) |
| ($000) |
|
Increase (Decrease) in Net Assets |
|
|
|
|
|
Operations |
|
|
|
|
|
Net Investment Income |
| 54,309 |
| 93,888 |
|
Realized Net Gain (Loss) |
| (7,054) |
| 4,519 |
|
Change in Unrealized Appreciation (Depreciation) |
| 460,815 |
| (169,661) |
|
Net Increase (Decrease) in Net Assets Resulting from Operations |
| 508,070 |
| (71,254) |
|
Distributions |
|
|
|
|
|
Net Investment Income |
| (55,802) |
| (91,073) |
|
Realized Capital Gain |
| — |
| — |
|
Total Distributions |
| (55,802) |
| (91,073) |
|
Capital Share Transactions |
|
|
|
|
|
Issued |
| 598,613 |
| 1,045,236 |
|
Issued in Lieu of Cash Distributions |
| 46,400 |
| 75,332 |
|
Redeemed |
| (259,237) |
| (518,200) |
|
Net Increase (Decrease) from Capital Share Transactions |
| 385,776 |
| 602,368 |
|
Total Increase (Decrease) |
| 838,044 |
| 440,041 |
|
Net Assets |
|
|
|
|
|
Beginning of Period |
| 4,370,361 |
| 3,930,320 |
|
End of Period |
| 5,208,405 |
| 4,370,361 |
|
See accompanying Notes, which are an integral part of the Financial Statements.
Tax-Managed Balanced Fund
Financial Highlights
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
|
|
| Ended |
|
|
|
|
|
|
|
|
|
|
|
For a Share Outstanding |
| June 30, |
| Year Ended December 31, |
| ||||||||
Throughout Each Period |
| 2019 |
| 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
|
Net Asset Value, Beginning of Period |
| $29.65 |
| $30.73 |
| $27.85 |
| $26.86 |
| $26.79 |
| $24.90 |
|
Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income |
| .353 | 1 | .688 | 1 | .622 | 1 | .595 |
| .557 |
| .547 |
|
Net Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
on Investments |
| 2.996 |
| (1.110 | ) | 2.871 |
| .989 |
| .067 |
| 1.879 |
|
Total from Investment Operations |
| 3.349 |
| (.422 | ) | 3.493 |
| 1.584 |
| .624 |
| 2.426 |
|
Distributions |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from Net Investment Income2 |
| (.359 | ) | (.658 | ) | (.613 | ) | (.594 | ) | (.554 | ) | (.536 | ) |
Distributions from Realized Capital Gains |
| — |
| — |
| — |
| — |
| — |
| — |
|
Total Distributions |
| (.359 | ) | (.658 | ) | (.613 | ) | (.594 | ) | (.554 | ) | (.536 | ) |
Net Asset Value, End of Period |
| $32.64 |
| $29.65 |
| $30.73 |
| $27.85 |
| $26.86 |
| $26.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Return3 |
| 11.32% |
| -1.43% |
| 12.64% |
| 5.94% |
| 2.35% |
| 9.81% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets, End of Period (Millions) |
| $5,208 |
| $4,370 |
| $3,930 |
| $3,096 |
| $2,478 |
| $1,911 |
|
Ratio of Total Expenses to Average Net Assets |
| 0.09% |
| 0.09% |
| 0.09% |
| 0.09% |
| 0.11% |
| 0.12% |
|
Ratio of Net Investment Income to Average Net Assets |
| 2.26% |
| 2.22% |
| 2.11% |
| 2.20% |
| 2.11% |
| 2.15% |
|
Portfolio Turnover Rate |
| 15%4 |
| 11%4 |
| 9%4 |
| 11%4 |
| 9% |
| 8% |
|
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 61%, 61%, 61%, 57%, 62%, and 64% 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.
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. Any assets pledged as initial margin for open contracts are noted in the Statement of Net Assets.
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, 2019, the fund’s average investments in long and short futures contracts each represented 5% and 2% of net assets, based on the average of the notional amounts at each quarter-end during the period.
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 taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (December 31, 2015–2018), and for the period ended June 30, 2019, 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. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes.
5. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $4.3 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, 2019, 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 are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. 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, 2019, the fund had contributed to Vanguard capital in the amount of $251,000, representing 0.00% of the fund’s net assets and 0.10% 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.
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, 2019, based on the inputs used to value them:
Investments |
| Level 1 | ) | Level 2 | ) | Level 3 | ) |
Common Stocks |
| 2,505,510 |
| — |
| 37 |
|
Tax-Exempt Municipal Bonds |
| — |
| 2,696,317 |
| — |
|
Futures Contracts—Assets1 |
| 127 |
| — |
| — |
|
Futures Contracts—Liabilities1 |
| (139 | ) | — |
| — |
|
Total |
| 2,505,498 |
| 2,696,317 |
| 37 |
|
1 Represents variation margin on the last day of the reporting period.
D. As of June 30, 2019, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
|
| Amount ($000 | ) |
Tax Cost |
| 3,993,030 |
|
Gross Unrealized Appreciation |
| 1,227,576 |
|
Gross Unrealized Depreciation |
| (18,099 | ) |
Net Unrealized Appreciation (Depreciation) |
| 1,209,477 |
|
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, 2018, the fund had available capital losses totaling $29,586,000 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, 2019; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
E. During the six months ended June 30, 2019, the fund purchased $743,910,000 of investment securities and sold $363,926,000 of investment securities, other than U.S. government securities and temporary cash investments. Purchases and sales include $0 and $2,223,000, 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, 2019, such purchases and sales were $298,851,000 and $233,991,000, respectively; these amounts are included in the purchases and sales of investment securities noted above.
Tax-Managed Balanced Fund
F. Capital shares issued and redeemed were:
|
| Six Months Ended |
| Year Ended |
| ||
|
|
| June 30, 2019 |
|
| December 31, 2018 |
|
|
| Shares |
| Shares |
| ||
|
| (000 | ) | (000 | ) | ||
Issued |
| 18,969 |
| 33,875 |
| ||
Issued in Lieu of Cash Distributions |
| 1,444 |
| 2,456 |
| ||
Redeemed |
| (8,229 | ) | (16,871 | ) | ||
Net Increase (Decrease) in Shares Outstanding |
| 12,184 |
| 19,460 |
| ||
G. Management has determined that no events or transactions occurred subsequent to June 30, 2019, that would require recognition or disclosure in these financial statements.
Tax-Managed Capital Appreciation Fund
Sector Diversification
As of June 30, 2019
Consumer Discretionary | 15.0% |
Consumer Staples | 5.7 |
Energy | 4.6 |
Financial Services | 20.7 |
Health Care | 13.0 |
Materials & Processing | 3.2 |
Other | 0.0 |
Producer Durables | 10.9 |
Technology | 21.8 |
Utilities | 5.1 |
The table reflects the fund’s equity exposure, based on its investments in stocks and stock index futures. Any holdings in short-term reserves are excluded. 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.
Tax-Managed Capital Appreciation Fund
Financial Statements (unaudited)
Statement of Net Assets
As of June 30, 2019
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
|
|
| Market |
|
|
| Value· |
|
| Shares | ($000) |
Common Stocks (99.8%)1 |
|
| |
Consumer Discretionary (15.0%) |
|
| |
* | Amazon.com Inc. | 155,778 | 294,986 |
| Walt Disney Co. | 641,980 | 89,646 |
| Home Depot Inc. | 423,386 | 88,052 |
| Comcast Corp. Class A | 1,550,141 | 65,540 |
| McDonald’s Corp. | 296,253 | 61,520 |
| Walmart Inc. | 509,671 | 56,314 |
* | Netflix Inc. | 145,607 | 53,484 |
| Costco Wholesale Corp. | 174,500 | 46,113 |
| Starbucks Corp. | 494,854 | 41,484 |
| NIKE Inc. Class B | 467,801 | 39,272 |
| Lowe’s Cos. Inc. | 358,256 | 36,152 |
* | Booking Holdings Inc. | 17,290 | 32,414 |
| Marriott International Inc. Class A | 195,907 | 27,484 |
| TJX Cos. Inc. | 425,087 | 22,479 |
| Ross Stores Inc. | 220,764 | 21,882 |
| Estee Lauder Cos. Inc. Class A | 118,426 | 21,685 |
* | AutoZone Inc. | 19,437 | 21,370 |
* | Charter Communications Inc. Class A | 52,289 | 20,664 |
* | O’Reilly Automotive Inc. | 53,693 | 19,830 |
| Yum! Brands Inc. | 157,639 | 17,446 |
| eBay Inc. | 419,017 | 16,551 |
| Target Corp. | 178,342 | 15,446 |
* | CarMax Inc. | 175,757 | 15,261 |
* | Dollar Tree Inc. | 140,617 | 15,101 |
* | NVR Inc. | 4,280 | 14,425 |
| Royal Caribbean Cruises Ltd. | 111,498 | 13,515 |
| General Motors Co. | 320,904 | 12,364 |
| Sirius XM Holdings Inc. | 2,145,991 | 11,975 |
| Dollar General Corp. | 82,281 | 11,121 |
| DR Horton Inc. | 245,646 | 10,595 |
* | Tesla Inc. | 47,054 | 10,515 |
| Expedia Group Inc. | 75,667 | 10,066 |
| Darden Restaurants Inc. | 81,164 | 9,880 |
| MGM Resorts International | 340,256 | 9,721 |
| Yum China Holdings Inc. | 205,835 | 9,510 |
| Ford Motor Co. | 902,931 | 9,237 |
* | WABCO Holdings Inc. | 68,139 | 9,035 |
* | Henry Schein Inc. | 128,038 | 8,950 |
| Advance Auto Parts Inc. | 57,115 | 8,804 |
| Hasbro Inc. | 82,555 | 8,724 |
| Gentex Corp. | 333,376 | 8,204 |
| Hilton Worldwide Holdings Inc. | 81,797 | 7,995 |
| CBS Corp. Class B | 156,526 | 7,811 |
| PulteGroup Inc. | 246,838 | 7,805 |
| VF Corp. | 86,542 | 7,559 |
* | Discovery Communications Inc. | 261,822 | 7,449 |
* | Tempur Sealy International Inc. | 97,523 | 7,155 |
| Hyatt Hotels Corp. Class A | 91,607 | 6,974 |
| Interpublic Group of Cos. Inc. | 308,066 | 6,959 |
* | Mohawk Industries Inc. | 45,760 | 6,748 |
| PVH Corp. | 71,126 | 6,731 |
| Fox Corp. Class A | 174,321 | 6,387 |
| BorgWarner Inc. | 148,528 | 6,235 |
| Lennar Corp. Class A | 127,963 | 6,201 |
| Las Vegas Sands Corp. | 96,094 | 5,678 |
* | Lululemon Athletica Inc. | 30,928 | 5,573 |
* | Norwegian Cruise Line Holdings Ltd. | 93,784 | 5,030 |
* | Chipotle Mexican Grill Inc. Class A | 6,555 | 4,804 |
* | Live Nation Entertainment Inc. | 71,970 | 4,768 |
| Omnicom Group Inc. | 55,214 | 4,525 |
| Lear Corp. | 32,029 | 4,461 |
* | Liberty Media Corp-Liberty SiriusXM Class C | 114,626 | 4,353 |
| Toll Brothers Inc. | 116,147 | 4,253 |
| Hanesbrands Inc. | 242,675 | 4,179 |
* | Ulta Beauty Inc. | 11,422 | 3,962 |
* | Bright Horizons Family Solutions Inc. | 25,671 | 3,873 |
* | TripAdvisor Inc. | 83,027 | 3,843 |
| Viacom Inc. Class B | 128,222 | 3,830 |
Tax-Managed Capital Appreciation Fund
|
|
| Market |
|
|
| Value· |
|
| Shares | ($000) |
* | Visteon Corp. | 65,270 | 3,823 |
| Kohl’s Corp. | 80,094 | 3,808 |
| Ralph Lauren Corp. Class A | 32,656 | 3,709 |
| Brinker International Inc. | 92,751 | 3,650 |
* | Madison Square Garden Co. Class A | 12,902 | 3,612 |
| Carnival Corp. | 77,458 | 3,606 |
| Vail Resorts Inc. | 15,825 | 3,532 |
* | Qurate Retail Group Inc. QVC Group Class A | 277,206 | 3,435 |
* | GCI Liberty Inc. Class A | 55,413 | 3,406 |
* | Burlington Stores Inc. | 19,741 | 3,359 |
| Wynn Resorts Ltd. | 26,550 | 3,292 |
| Aptiv plc | 40,225 | 3,251 |
* | Liberty Broadband Corp. | 30,574 | 3,186 |
| Foot Locker Inc. | 73,497 | 3,081 |
* | ServiceMaster Global Holdings Inc. | 58,698 | 3,058 |
* | Liberty Media Corp-Liberty Formula One Class C | 77,864 | 2,913 |
* | Liberty Media Corp-Liberty SiriusXM Class A | 75,980 | 2,873 |
* | IAA Inc. | 73,720 | 2,859 |
| Best Buy Co. Inc. | 40,323 | 2,812 |
* | AutoNation Inc. | 66,066 | 2,771 |
| Macy’s Inc. | 127,309 | 2,732 |
| Gap Inc. | 151,872 | 2,729 |
* | AMC Networks Inc. Class A | 47,459 | 2,586 |
| John Wiley & Sons Inc. Class A | 53,559 | 2,456 |
| Tractor Supply Co. | 21,921 | 2,385 |
| Harley-Davidson Inc. | 60,491 | 2,167 |
* | Wayfair Inc. | 14,216 | 2,075 |
| News Corp. Class A | 149,164 | 2,012 |
* | Murphy USA Inc. | 23,238 | 1,953 |
* | Liberty Expedia Holdings Inc. Class A | 40,701 | 1,945 |
* | Under Armour Inc. Class C | 83,485 | 1,853 |
| KAR Auction Services Inc. | 73,720 | 1,843 |
| H&R Block Inc. | 60,500 | 1,773 |
| Polaris Industries Inc. | 18,169 | 1,658 |
* | frontdoor Inc. | 36,832 | 1,604 |
| AMERCO | 4,228 | 1,600 |
* | Liberty Broadband Corp. Class A | 14,984 | 1,541 |
* | Sally Beauty Holdings Inc. | 110,742 | 1,477 |
* | Hilton Grand Vacations Inc. | 45,232 | 1,439 |
| Genuine Parts Co. | 13,633 | 1,412 |
* | Under Armour Inc. Class A | 55,566 | 1,409 |
* | Liberty Media Corp-Liberty Formula One Class A | 34,387 | 1,233 |
* | Grand Canyon Education Inc. | 9,885 | 1,157 |
* | Floor & Decor Holdings Inc. Class A | 26,727 | 1,120 |
* | Discovery Communications Inc. Class A | 36,435 | 1,119 |
* | Garrett Motion Inc. | 71,210 | 1,093 |
| Domino’s Pizza Inc. | 3,700 | 1,030 |
* | LKQ Corp. | 38,281 | 1,019 |
| Nordstrom Inc. | 31,966 | 1,018 |
* | Caesars Entertainment Corp. | 86,100 | 1,018 |
| Pool Corp. | 5,200 | 993 |
| Graham Holdings Co. Class B | 1,333 | 920 |
* | Urban Outfitters Inc. | 37,553 | 854 |
* | Skechers U.S.A. Inc. Class A | 26,541 | 836 |
| Tapestry Inc. | 25,832 | 820 |
| Lennar Corp. Class B | 19,693 | 758 |
* | DISH Network Corp. Class A | 18,114 | 696 |
* | Michaels Cos. Inc. | 70,437 | 613 |
* | Mattel Inc. | 46,186 | 518 |
| Fortune Brands Home & Security Inc. | 8,681 | 496 |
* | Capri Holdings Ltd. | 14,230 | 493 |
* | Vista Outdoor Inc. | 50,814 | 451 |
* | Kontoor Brands Inc. | 12,363 | 346 |
* | 2U Inc. | 3,738 | 141 |
| Fox Corp. Class B | 1,760 | 64 |
|
|
| 1,597,449 |
|
|
|
|
Consumer Staples (5.7%) |
|
| |
| Procter & Gamble Co. | 939,282 | 102,992 |
| Coca-Cola Co. | 1,242,627 | 63,275 |
| PepsiCo Inc. | 474,419 | 62,211 |
| Philip Morris International Inc. | 430,291 | 33,791 |
| Mondelez International Inc. Class A | 622,552 | 33,556 |
| Colgate-Palmolive Co. | 382,064 | 27,382 |
| Altria Group Inc. | 559,814 | 26,507 |
* | Monster Beverage Corp. | 332,642 | 21,233 |
| CVS Health Corp. | 385,254 | 20,992 |
| Constellation Brands Inc. Class A | 86,878 | 17,110 |
| Walgreens Boots Alliance Inc. | 289,655 | 15,835 |
| Tyson Foods Inc. Class A | 174,713 | 14,106 |
| McCormick & Co. Inc. | 86,333 | 13,382 |
| Church & Dwight Co. Inc. | 175,325 | 12,809 |
| Brown-Forman Corp. Class B | 220,803 | 12,239 |
| Clorox Co. | 75,005 | 11,484 |
| Hershey Co. | 80,963 | 10,851 |
| Archer-Daniels-Midland Co. | 254,573 | 10,387 |
| Kroger Co. | 429,839 | 9,332 |
Tax-Managed Capital Appreciation Fund
|
|
| Market |
|
|
| Value· |
|
| Shares | ($000) |
| Hormel Foods Corp. | 221,764 | 8,990 |
* | Corteva Inc. | 303,953 | 8,988 |
| Kimberly-Clark Corp. | 54,013 | 7,199 |
| JM Smucker Co. | 58,056 | 6,687 |
| General Mills Inc. | 108,267 | 5,686 |
| Ingredion Inc. | 65,214 | 5,379 |
| Molson Coors Brewing Co. Class B | 82,455 | 4,617 |
* | Post Holdings Inc. | 42,626 | 4,432 |
| Campbell Soup Co. | 103,441 | 4,145 |
| Keurig Dr Pepper Inc. | 139,861 | 4,042 |
* | Herbalife Nutrition Ltd. | 78,384 | 3,352 |
| Kraft Heinz Co. | 105,916 | 3,288 |
| Sysco Corp. | 42,796 | 3,027 |
| Energizer Holdings Inc. | 76,802 | 2,968 |
* | US Foods Holding Corp. | 74,979 | 2,681 |
* | TreeHouse Foods Inc. | 49,272 | 2,666 |
| Lamb Weston Holdings Inc. | 25,792 | 1,634 |
* | Sprouts Farmers Market Inc. | 73,902 | 1,396 |
| Kellogg Co. | 25,140 | 1,347 |
| Bunge Ltd. | 24,005 | 1,337 |
* | Edgewell Personal Care Co. | 39,959 | 1,077 |
* | Pilgrim’s Pride Corp. | 41,745 | 1,060 |
* | Hain Celestial Group Inc. | 25,835 | 566 |
|
|
| 606,038 |
Energy (4.6%) |
|
| |
| Exxon Mobil Corp. | 1,683,348 | 128,995 |
| Chevron Corp. | 762,544 | 94,891 |
| ConocoPhillips | 482,131 | 29,410 |
| EOG Resources Inc. | 230,382 | 21,462 |
| Phillips 66 | 216,324 | 20,235 |
| Valero Energy Corp. | 178,997 | 15,324 |
| Anadarko Petroleum Corp. | 216,689 | 15,290 |
| Marathon Petroleum Corp. | 245,919 | 13,742 |
| Occidental Petroleum Corp. | 259,996 | 13,073 |
| Diamondback Energy Inc. | 119,352 | 13,006 |
| Pioneer Natural Resources Co. | 82,896 | 12,754 |
| Kinder Morgan Inc. | 524,756 | 10,957 |
| Halliburton Co. | 467,490 | 10,631 |
| Concho Resources Inc. | 89,752 | 9,261 |
| Schlumberger Ltd. | 226,907 | 9,017 |
| Williams Cos. Inc. | 274,180 | 7,688 |
| Cabot Oil & Gas Corp. | 330,013 | 7,577 |
| Hess Corp. | 106,613 | 6,777 |
* | Cheniere Energy Inc. | 90,149 | 6,171 |
* | Continental Resources Inc. | 142,569 | 6,001 |
| ONEOK Inc. | 79,477 | 5,469 |
* | WPX Energy Inc. | 436,010 | 5,019 |
| Cimarex Energy Co. | 56,335 | 3,342 |
* | First Solar Inc. | 46,796 | 3,074 |
| Marathon Oil Corp. | 159,552 | 2,267 |
| Helmerich & Payne Inc. | 43,172 | 2,185 |
| Devon Energy Corp. | 73,081 | 2,084 |
* | QEP Resources Inc. | 267,557 | 1,934 |
| HollyFrontier Corp. | 36,777 | 1,702 |
| Patterson-UTI Energy Inc. | 139,443 | 1,605 |
| EQT Corp. | 84,111 | 1,330 |
| Equitrans Midstream Corp. | 62,775 | 1,237 |
| Murphy Oil Corp. | 37,787 | 931 |
* | Parsley Energy Inc. Class A | 48,238 | 917 |
* | Transocean Ltd. | 124,803 | 800 |
* | Whiting Petroleum Corp. | 41,985 | 784 |
* | Extraction Oil & Gas Inc. | 157,215 | 681 |
| PBF Energy Inc. Class A | 21,053 | 659 |
* | Centennial Resource Development Inc. Class A | 81,357 | 618 |
* | Antero Resources Corp. | 104,023 | 575 |
| National Oilwell Varco Inc. | 23,357 | 519 |
* | CNX Resources Corp. | 70,857 | 518 |
* | Chesapeake Energy Corp. | 238,466 | 465 |
* | Apergy Corp. | 11,315 | 380 |
| Kosmos Energy Ltd. | 53,618 | 336 |
| SM Energy Co. | 17,895 | 224 |
|
|
| 491,917 |
Financial Services (20.7%) |
|
| |
* | Berkshire Hathaway Inc. |
|
|
| Class B | 706,798 | 150,668 |
| JPMorgan Chase & Co. | 1,233,978 | 137,959 |
| Visa Inc. Class A | 678,810 | 117,807 |
| Bank of America Corp. | 3,470,166 | 100,635 |
| Mastercard Inc. Class A | 361,340 | 95,585 |
| Wells Fargo & Co. | 1,521,004 | 71,974 |
| Citigroup Inc. | 979,532 | 68,597 |
* | PayPal Holdings Inc. | 530,192 | 60,686 |
| American Tower Corp. | 190,453 | 38,938 |
| American Express Co. | 298,005 | 36,786 |
| Goldman Sachs Group Inc. | 151,232 | 30,942 |
| S&P Global Inc. | 131,101 | 29,864 |
* | Fiserv Inc. | 292,488 | 26,663 |
| Aon plc | 133,659 | 25,794 |
* | SBA Communications Corp. Class A | 104,111 | 23,408 |
| Intercontinental Exchange Inc. | 267,698 | 23,006 |
| Morgan Stanley | 523,116 | 22,918 |
| MSCI Inc. Class A | 94,720 | 22,618 |
| Progressive Corp. | 276,677 | 22,115 |
| US Bancorp | 415,446 | 21,769 |
| Crown Castle International Corp. | 158,278 | 20,632 |
| Charles Schwab Corp. | 503,685 | 20,243 |
| Global Payments Inc. | 125,815 | 20,147 |
| Aflac Inc. | 363,961 | 19,949 |
| Simon Property Group Inc. | 121,607 | 19,428 |
Tax-Managed Capital Appreciation Fund
|
|
| Market |
|
|
| Value· |
|
| Shares | ($000) |
| American International Group Inc. | 361,346 | 19,253 |
| CME Group Inc. | 95,562 | 18,550 |
| Total System Services Inc. | 142,858 | 18,324 |
| Equinix Inc. | 35,148 | 17,725 |
| Fidelity National Information Services Inc. | 139,105 | 17,065 |
| Chubb Ltd. | 113,344 | 16,694 |
| Prudential Financial Inc. | 157,413 | 15,899 |
| Travelers Cos. Inc. | 106,100 | 15,864 |
| Discover Financial Services | 199,402 | 15,472 |
| Prologis Inc. | 192,150 | 15,391 |
| Moody’s Corp. | 78,103 | 15,254 |
| Public Storage | 63,384 | 15,096 |
| SunTrust Banks Inc. | 232,493 | 14,612 |
| E*TRADE Financial Corp. | 323,337 | 14,421 |
| AvalonBay Communities Inc. | 69,041 | 14,028 |
* | CBRE Group Inc. Class A | 273,143 | 14,012 |
* | Worldpay Inc. Class A | 107,787 | 13,209 |
| Ameriprise Financial Inc. | 90,241 | 13,099 |
| Equity Residential | 165,488 | 12,564 |
* | Arch Capital Group Ltd. | 330,885 | 12,269 |
| Equity LifeStyle Properties Inc. | 95,897 | 11,636 |
| Essex Property Trust Inc. | 39,573 | 11,553 |
| PNC Financial Services Group Inc. | 83,793 | 11,503 |
| Allstate Corp. | 112,573 | 11,448 |
| Nasdaq Inc. | 118,042 | 11,352 |
| MetLife Inc. | 226,522 | 11,251 |
| Brown & Brown Inc. | 331,915 | 11,119 |
| Capital One Financial Corp. | 122,398 | 11,106 |
| T. Rowe Price Group Inc. | 99,855 | 10,955 |
* | Markel Corp. | 9,988 | 10,883 |
| First Republic Bank | 110,939 | 10,833 |
| WR Berkley Corp. | 163,287 | 10,766 |
| Boston Properties Inc. | 82,783 | 10,679 |
| Equifax Inc. | 77,406 | 10,468 |
| Marsh & McLennan Cos. Inc. | 104,301 | 10,404 |
* | Alleghany Corp. | 15,145 | 10,315 |
| Torchmark Corp. | 114,540 | 10,247 |
| Fifth Third Bancorp | 364,320 | 10,165 |
| Reinsurance Group of America Inc. Class A | 64,111 | 10,003 |
| BlackRock Inc. | 21,245 | 9,970 |
| Lincoln National Corp. | 149,371 | 9,627 |
| State Street Corp. | 168,682 | 9,456 |
| Extra Space Storage Inc. | 89,010 | 9,444 |
| TD Ameritrade Holding Corp. | 185,333 | 9,252 |
| Popular Inc. | 169,272 | 9,181 |
| Zions Bancorp NA | 197,861 | 9,098 |
| Synchrony Financial | 257,073 | 8,913 |
| M&T Bank Corp. | 51,524 | 8,763 |
| Assurant Inc. | 80,896 | 8,606 |
| KeyCorp | 482,013 | 8,556 |
| Welltower Inc. | 103,325 | 8,424 |
| BB&T Corp. | 166,899 | 8,200 |
| Bank of New York Mellon Corp. | 185,392 | 8,185 |
| Loews Corp. | 149,641 | 8,181 |
| Commerce Bancshares Inc. | 136,453 | 8,141 |
| Digital Realty Trust Inc. | 68,708 | 8,093 |
| American Homes 4 Rent Class A | 329,423 | 8,008 |
| Raymond James Financial Inc. | 92,342 | 7,808 |
| Apartment Investment & Management Co. | 154,271 | 7,732 |
| Broadridge Financial Solutions Inc. | 60,381 | 7,709 |
| American Financial Group Inc. | 74,445 | 7,628 |
| Lamar Advertising Co. Class A | 94,236 | 7,606 |
| Mid-America Apartment Communities Inc. | 64,098 | 7,548 |
| SEI Investments Co. | 131,714 | 7,389 |
* | FleetCor Technologies Inc. | 26,071 | 7,322 |
| Douglas Emmett Inc. | 183,654 | 7,317 |
| SLM Corp. | 708,986 | 6,891 |
| Hanover Insurance Group Inc. | 53,554 | 6,871 |
| Franklin Resources Inc. | 196,845 | 6,850 |
| Principal Financial Group Inc. | 117,718 | 6,818 |
* | Howard Hughes Corp. | 54,366 | 6,733 |
| Jones Lang LaSalle Inc. | 47,490 | 6,681 |
| White Mountains Insurance Group Ltd. | 6,525 | 6,665 |
| Jack Henry & Associates Inc. | 49,725 | 6,659 |
| East West Bancorp Inc. | 138,446 | 6,475 |
| Alexandria Real Estate Equities Inc. | 45,800 | 6,462 |
| Federal Realty Investment Trust | 49,202 | 6,335 |
* | Euronet Worldwide Inc. | 37,456 | 6,302 |
| Ventas Inc. | 90,000 | 6,152 |
| Unum Group | 169,134 | 5,674 |
| Host Hotels & Resorts Inc. | 310,512 | 5,658 |
| Signature Bank | 44,546 | 5,383 |
| TFS Financial Corp. | 291,707 | 5,271 |
| Camden Property Trust | 50,145 | 5,235 |
* | CoreLogic Inc. | 124,701 | 5,216 |
| First Horizon National Corp. | 331,147 | 4,944 |
| Equity Commonwealth | 150,089 | 4,881 |
Tax-Managed Capital Appreciation Fund
|
|
| Market |
|
|
| Value· |
|
| Shares | ($000) |
| Cullen/Frost Bankers Inc. | 50,546 | 4,734 |
| Hartford Financial Services Group Inc. | 84,281 | 4,696 |
| Invitation Homes Inc. | 159,763 | 4,270 |
| Eaton Vance Corp. | 97,998 | 4,227 |
| Associated Banc-Corp | 188,712 | 3,989 |
| Weyerhaeuser Co. | 150,490 | 3,964 |
| CNA Financial Corp. | 77,664 | 3,656 |
| Annaly Capital Management Inc. | 396,532 | 3,620 |
| Voya Financial Inc. | 61,728 | 3,414 |
| Interactive Brokers Group Inc. | 61,982 | 3,359 |
* | Square Inc. | 45,590 | 3,307 |
| BOK Financial Corp. | 40,381 | 3,048 |
| Hospitality Properties Trust | 118,958 | 2,974 |
| Jefferies Financial Group Inc. | 150,514 | 2,894 |
| Realty Income Corp. | 40,900 | 2,821 |
| Omega Healthcare Investors Inc. | 76,000 | 2,793 |
| Retail Properties of America Inc. | 229,293 | 2,696 |
| Santander Consumer USA Holdings Inc. | 109,418 | 2,622 |
| SL Green Realty Corp. | 31,358 | 2,520 |
| Northern Trust Corp. | 26,537 | 2,388 |
| Affiliated Managers Group Inc. | 25,462 | 2,346 |
| People’s United Financial Inc. | 134,021 | 2,249 |
* | Zillow Group Inc. | 45,859 | 2,127 |
| Bank of Hawaii Corp. | 24,844 | 2,060 |
| Fidelity National Financial Inc. | 49,029 | 1,976 |
| Navient Corp. | 140,412 | 1,917 |
* | WEX Inc. | 9,203 | 1,915 |
| Ally Financial Inc. | 61,797 | 1,915 |
| OneMain Holdings Inc. | 56,030 | 1,894 |
| Alliance Data Systems Corp. | 12,768 | 1,789 |
* | First Data Corp. Class A | 63,729 | 1,725 |
* | Credit Acceptance Corp. | 3,550 | 1,718 |
| Paramount Group Inc. | 122,100 | 1,711 |
| JBG SMITH Properties | 43,000 | 1,692 |
* | Zillow Group Inc. Class A | 28,915 | 1,323 |
* | Athene Holding Ltd. Class A | 30,012 | 1,292 |
| Duke Realty Corp. | 40,874 | 1,292 |
| TransUnion | 16,149 | 1,187 |
* | Brighthouse Financial Inc. | 28,226 | 1,036 |
| VICI Properties Inc. | 45,019 | 992 |
| Lazard Ltd. Class A | 26,995 | 928 |
| Vornado Realty Trust | 13,624 | 873 |
| Iron Mountain Inc. | 26,870 | 841 |
* | SVB Financial Group | 3,156 | 709 |
| Taubman Centers Inc. | 16,722 | 683 |
* | Texas Capital Bancshares Inc. | 10,944 | 672 |
| AXA Equitable Holdings Inc. | 30,890 | 646 |
| Park Hotels & Resorts Inc. | 21,100 | 582 |
| Outfront Media Inc. | 21,544 | 556 |
| Healthcare Trust of America Inc. Class A | 19,811 | 543 |
| Western Union Co. | 21,993 | 437 |
| AGNC Investment Corp. | 24,830 | 418 |
* | Western Alliance Bancorp | 7,700 | 344 |
* | Fair Isaac Corp. | 500 | 157 |
|
|
| 2,209,468 |
Health Care (12.9%) |
|
| |
| Johnson & Johnson | 1,018,674 | 141,881 |
| Pfizer Inc. | 2,048,246 | 88,730 |
| UnitedHealth Group Inc. | 330,084 | 80,544 |
| Merck & Co. Inc. | 890,487 | 74,667 |
| Thermo Fisher Scientific Inc. | 157,208 | 46,169 |
| Abbott Laboratories | 543,196 | 45,683 |
| Amgen Inc. | 246,305 | 45,389 |
| Medtronic plc | 464,846 | 45,271 |
| AbbVie Inc. | 547,331 | 39,802 |
| Eli Lilly & Co. | 314,834 | 34,881 |
| Danaher Corp. | 239,609 | 34,245 |
* | Boston Scientific Corp. | 789,708 | 33,942 |
| Gilead Sciences Inc. | 484,837 | 32,756 |
| Becton Dickinson and Co. | 126,998 | 32,005 |
| Anthem Inc. | 110,639 | 31,223 |
| Zoetis Inc. | 251,916 | 28,590 |
| Cigna Corp. | 180,768 | 28,480 |
* | Celgene Corp. | 286,248 | 26,461 |
| Stryker Corp. | 114,258 | 23,489 |
* | Vertex Pharmaceuticals Inc. | 124,427 | 22,817 |
* | Biogen Inc. | 89,806 | 21,003 |
| Humana Inc. | 67,376 | 17,875 |
* | Illumina Inc. | 47,538 | 17,501 |
| Bristol-Myers Squibb Co. | 350,237 | 15,883 |
| Allergan plc | 91,418 | 15,306 |
| Agilent Technologies Inc. | 203,841 | 15,221 |
| Cooper Cos. Inc. | 44,327 | 14,933 |
| Teleflex Inc. | 42,813 | 14,178 |
| Baxter International Inc. | 168,307 | 13,784 |
* | Intuitive Surgical Inc. | 24,410 | 12,804 |
* | Laboratory Corp. of America Holdings | 70,891 | 12,257 |
| Zimmer Biomet Holdings Inc. | 99,842 | 11,755 |
| PerkinElmer Inc. | 113,974 | 10,980 |
* | Charles River Laboratories International Inc. | 74,500 | 10,572 |
Tax-Managed Capital Appreciation Fund
|
|
| Market |
|
|
| Value· |
|
| Shares | ($000) |
* | Edwards Lifesciences Corp. | 56,497 | 10,437 |
* | QIAGEN NV | 250,421 | 10,155 |
| McKesson Corp. | 72,969 | 9,806 |
* | IQVIA Holdings Inc. | 59,161 | 9,519 |
* | Incyte Corp. | 107,522 | 9,135 |
| Universal Health Services Inc. Class B | 69,835 | 9,106 |
| AmerisourceBergen Corp. Class A | 106,401 | 9,072 |
| Bio-Techne Corp. | 41,793 | 8,713 |
| Bruker Corp. | 160,463 | 8,015 |
* | Exelixis Inc. | 372,766 | 7,966 |
| Quest Diagnostics Inc. | 78,166 | 7,958 |
* | Centene Corp. | 144,484 | 7,577 |
* | DexCom Inc. | 50,189 | 7,520 |
| Cerner Corp. | 101,877 | 7,468 |
* | Ionis Pharmaceuticals Inc. | 106,349 | 6,835 |
| Cardinal Health Inc. | 142,431 | 6,709 |
* | Varian Medical Systems Inc. | 48,927 | 6,660 |
| Dentsply Sirona Inc. | 110,655 | 6,458 |
* | Veeva Systems Inc. Class A | 37,034 | 6,004 |
* | WellCare Health Plans Inc. | 18,347 | 5,230 |
* | Regeneron Pharmaceuticals Inc. | 16,352 | 5,118 |
* | IDEXX Laboratories Inc. | 17,776 | 4,894 |
* | Alexion Pharmaceuticals Inc. | 32,165 | 4,213 |
* | Hologic Inc. | 87,555 | 4,204 |
* | Seattle Genetics Inc. | 50,502 | 3,495 |
* | Bio-Rad Laboratories Inc. Class A | 10,813 | 3,380 |
| HCA Healthcare Inc. | 23,672 | 3,200 |
| STERIS plc | 20,974 | 3,123 |
* | Align Technology Inc. | 11,063 | 3,028 |
* | BioMarin Pharmaceutical Inc. | 34,328 | 2,940 |
* | Exact Sciences Corp. | 23,781 | 2,807 |
* | Alnylam Pharmaceuticals Inc. | 38,174 | 2,770 |
* | Elanco Animal Health Inc. | 71,812 | 2,427 |
* | Premier Inc. Class A | 57,780 | 2,260 |
* | ABIOMED Inc. | 8,004 | 2,085 |
* | Catalent Inc. | 37,886 | 2,054 |
* | Sarepta Therapeutics Inc. | 13,128 | 1,995 |
* | Sage Therapeutics Inc. | 8,468 | 1,550 |
* | Neurocrine Biosciences Inc. | 17,786 | 1,502 |
* | Mylan NV | 78,535 | 1,495 |
* | DaVita Inc. | 25,364 | 1,427 |
| West Pharmaceutical Services Inc. | 10,021 | 1,254 |
| Hill-Rom Holdings Inc. | 11,794 | 1,234 |
* | Jazz Pharmaceuticals plc | 8,628 | 1,230 |
* | Varex Imaging Corp. | 38,498 | 1,180 |
| Patterson Cos. Inc. | 48,937 | 1,121 |
* | Acadia Healthcare Co. Inc. | 31,551 | 1,103 |
* | Molina Healthcare Inc. | 6,232 | 892 |
* | Agios Pharmaceuticals Inc. | 17,768 | 886 |
* | Bluebird Bio Inc. | 6,886 | 876 |
* | Intercept Pharmaceuticals Inc. | 10,708 | 852 |
* | Nektar Therapeutics Class A | 22,103 | 786 |
* | ICU Medical Inc. | 2,944 | 742 |
* | United Therapeutics Corp. | 9,336 | 729 |
* | Penumbra Inc. | 4,082 | 653 |
* | Brookdale Senior Living Inc. | 90,299 | 651 |
* | Insulet Corp. | 5,418 | 647 |
* | Integra LifeSciences Holdings Corp. | 11,231 | 627 |
* | Masimo Corp. | 3,965 | 590 |
* | MEDNAX Inc. | 21,722 | 548 |
| Takeda Pharmaceutical Co. Ltd. ADR | 26,368 | 467 |
| Cantel Medical Corp. | 4,616 | 372 |
| Chemed Corp. | 908 | 328 |
* | PRA Health Sciences Inc. | 3,300 | 327 |
* | Moderna Inc. | 20,564 | 301 |
* | Alkermes plc | 12,574 | 283 |
* | Mallinckrodt plc | 30,800 | 283 |
|
|
| 1,380,349 |
Materials & Processing (3.3%) |
|
| |
| Linde plc | 184,023 | 36,952 |
| Ecolab Inc. | 124,829 | 24,646 |
| DuPont de Nemours Inc. | 303,954 | 22,818 |
| Sherwin-Williams Co. | 43,298 | 19,843 |
| Ball Corp. | 218,687 | 15,306 |
| Dow Inc. | 307,153 | 15,146 |
| Lennox International Inc. | 46,508 | 12,790 |
| Vulcan Materials Co. | 90,102 | 12,372 |
| Newmont Goldcorp Corp. | 311,148 | 11,970 |
| LyondellBasell Industries NV Class A | 135,541 | 11,674 |
| FMC Corp. | 139,839 | 11,600 |
| Celanese Corp. Class A | 107,478 | 11,586 |
| Martin Marietta Materials Inc. | 49,467 | 11,383 |
| Armstrong World Industries Inc. | 98,525 | 9,577 |
| Fastenal Co. | 264,288 | 8,613 |
| Air Products & Chemicals Inc. | 36,714 | 8,311 |
* | Crown Holdings Inc. | 124,509 | 7,608 |
| Southern Copper Corp. | 179,521 | 6,974 |
| Albemarle Corp. | 95,833 | 6,748 |
| Owens Corning | 107,734 | 6,270 |
| Scotts Miracle-Gro Co. | 57,483 | 5,662 |
| Sealed Air Corp. | 126,208 | 5,399 |
Tax-Managed Capital Appreciation Fund
|
|
| Market |
|
|
| Value· |
|
| Shares | ($000) |
| WR Grace & Co. | 70,376 | 5,356 |
| Freeport-McMoRan Inc. | 427,179 | 4,960 |
| Reliance Steel & Aluminum Co. | 50,794 | 4,806 |
| Nucor Corp. | 73,753 | 4,064 |
| Valmont Industries Inc. | 30,964 | 3,927 |
| PPG Industries Inc. | 32,843 | 3,833 |
| Westlake Chemical Corp. | 54,946 | 3,817 |
| Packaging Corp. of America | 30,068 | 2,866 |
| CF Industries Holdings Inc. | 60,783 | 2,839 |
| Ingersoll-Rand plc | 21,974 | 2,783 |
| Eagle Materials Inc. | 27,109 | 2,513 |
| Owens-Illinois Inc. | 143,886 | 2,485 |
| Mosaic Co. | 81,422 | 2,038 |
* | AdvanSix Inc. | 80,138 | 1,958 |
| International Paper Co. | 41,378 | 1,792 |
| Eastman Chemical Co. | 20,872 | 1,624 |
* | Alcoa Corp. | 68,074 | 1,594 |
* | Berry Global Group Inc. | 29,326 | 1,542 |
| Hexcel Corp. | 18,291 | 1,479 |
* | Axalta Coating Systems Ltd. | 48,211 | 1,435 |
| Versum Materials Inc. | 24,784 | 1,278 |
* | Livent Corp. | 162,409 | 1,124 |
| Royal Gold Inc. | 10,783 | 1,105 |
* | Element Solutions Inc. | 84,256 | 871 |
* | Univar Inc. | 19,164 | 422 |
| United States Steel Corp. | 9,957 | 152 |
|
|
| 345,911 |
Other (0.0%) |
|
| |
* | Uber Technologies Inc. | 16,777 | 778 |
* | Zoom Video Communications Inc. Class A | 2,622 | 233 |
* | Pinterest Inc. Class A | 8,159 | 222 |
* | Lyft Inc. Class A | 635 | 42 |
*,§ | Herbalife Ltd. CVR | 1,809 | 17 |
*,§ | American International Group Inc. Warrants Exp. 01/19/2021 | 6,859 | — |
|
|
| 1,292 |
Producer Durables (10.8%) |
|
| |
| Boeing Co. | 223,105 | 81,212 |
| Union Pacific Corp. | 285,231 | 48,235 |
| United Technologies Corp. | 314,383 | 40,933 |
| Honeywell International Inc. | 230,809 | 40,297 |
| Accenture plc Class A | 204,188 | 37,728 |
| CSX Corp. | 370,652 | 28,677 |
| 3M Co. | 151,792 | 26,312 |
| Norfolk Southern Corp. | 126,078 | 25,131 |
| General Electric Co. | 2,357,832 | 24,757 |
| Northrop Grumman Corp. | 73,450 | 23,732 |
* | Copart Inc. | 312,132 | 23,329 |
* | Mettler-Toledo International Inc. | 26,480 | 22,243 |
| Illinois Tool Works Inc. | 144,066 | 21,727 |
| Caterpillar Inc. | 158,610 | 21,617 |
| Automatic Data Processing Inc. | 129,154 | 21,353 |
| General Dynamics Corp. | 116,508 | 21,184 |
* | TransDigm Group Inc. | 42,409 | 20,517 |
| Verisk Analytics Inc. Class A | 139,675 | 20,457 |
| Delta Air Lines Inc. | 357,629 | 20,295 |
| Roper Technologies Inc. | 54,880 | 20,100 |
| Lockheed Martin Corp. | 53,808 | 19,561 |
| FedEx Corp. | 112,673 | 18,500 |
| Cintas Corp. | 77,072 | 18,288 |
| Waste Management Inc. | 149,550 | 17,254 |
* | United Continental Holdings Inc. | 190,400 | 16,670 |
| Southwest Airlines Co. | 321,944 | 16,348 |
| United Parcel Service Inc. Class B | 152,260 | 15,724 |
* | Waters Corp. | 69,213 | 14,897 |
| Deere & Co. | 87,207 | 14,451 |
| Raytheon Co. | 82,709 | 14,381 |
| AMETEK Inc. | 157,260 | 14,286 |
| L3 Technologies Inc. | 55,607 | 13,633 |
| IDEX Corp. | 78,733 | 13,553 |
| Old Dominion Freight Line Inc. | 83,077 | 12,400 |
| Parker-Hannifin Corp. | 70,977 | 12,067 |
| Jacobs Engineering Group Inc. | 141,129 | 11,910 |
* | Keysight Technologies Inc. | 132,012 | 11,856 |
| Emerson Electric Co. | 170,314 | 11,363 |
| Eaton Corp. plc | 132,269 | 11,015 |
| Huntington Ingalls Industries Inc. | 48,395 | 10,876 |
| Expeditors International of Washington Inc. | 142,407 | 10,803 |
| PACCAR Inc. | 147,855 | 10,595 |
| Fortive Corp. | 129,305 | 10,541 |
* | CoStar Group Inc. | 17,618 | 9,761 |
| Toro Co. | 142,398 | 9,526 |
| FLIR Systems Inc. | 172,564 | 9,336 |
| Textron Inc. | 174,210 | 9,240 |
| Cummins Inc. | 52,527 | 9,000 |
| Carlisle Cos. Inc. | 61,798 | 8,677 |
| AGCO Corp. | 110,710 | 8,588 |
| Landstar System Inc. | 78,365 | 8,463 |
* | HD Supply Holdings Inc. | 204,580 | 8,241 |
| Xylem Inc. | 98,143 | 8,209 |
* | Zebra Technologies Corp. | 37,222 | 7,798 |
| BWX Technologies Inc. | 146,472 | 7,631 |
| Genpact Ltd. | 193,618 | 7,375 |
| JB Hunt Transport Services Inc. | 78,704 | 7,194 |
| Oshkosh Corp. | 83,375 | 6,961 |
Tax-Managed Capital Appreciation Fund
|
|
| Market |
|
|
| Value· |
|
| Shares | ($000) |
| WW Grainger Inc. | 25,446 | 6,825 |
| Wabtec Corp. | 88,421 | 6,345 |
| Donaldson Co. Inc. | 115,583 | 5,879 |
| ManpowerGroup Inc. | 60,005 | 5,797 |
| Robert Half International Inc. | 99,688 | 5,683 |
| Xerox Corp. | 151,726 | 5,373 |
| Graco Inc. | 98,621 | 4,949 |
* | Welbilt Inc. | 295,898 | 4,942 |
| Flowserve Corp. | 92,821 | 4,891 |
| ITT Inc. | 68,646 | 4,495 |
| HEICO Corp. | 33,578 | 4,493 |
| Stanley Black & Decker Inc. | 29,193 | 4,222 |
| CH Robinson Worldwide Inc. | 47,117 | 3,974 |
* | Kirby Corp. | 48,966 | 3,868 |
| Allison Transmission Holdings Inc. | 76,765 | 3,558 |
| Terex Corp. | 113,215 | 3,555 |
| MSC Industrial Direct Co. Inc. Class A | 44,029 | 3,270 |
* | Middleby Corp. | 22,347 | 3,033 |
| Republic Services Inc. Class A | 31,721 | 2,748 |
| nVent Electric plc | 106,635 | 2,643 |
* | Genesee & Wyoming Inc. Class A | 26,261 | 2,626 |
* | Teledyne Technologies Inc. | 9,363 | 2,564 |
| Quanta Services Inc. | 62,470 | 2,386 |
* | Trimble Inc. | 50,703 | 2,287 |
* | Clean Harbors Inc. | 31,830 | 2,263 |
* | Sensata Technologies Holding plc | 43,961 | 2,154 |
| Johnson Controls International plc | 46,195 | 1,908 |
* | Conduent Inc. | 174,351 | 1,672 |
* | AECOM | 42,191 | 1,597 |
* | Stericycle Inc. | 32,970 | 1,574 |
| Allegion plc | 13,639 | 1,508 |
| Spirit AeroSystems Holdings Inc. Class A | 15,484 | 1,260 |
* | Resideo Technologies Inc. | 54,989 | 1,205 |
* | Spirit Airlines Inc. | 18,347 | 876 |
* | Colfax Corp. | 19,534 | 548 |
* | WESCO International Inc. | 10,428 | 528 |
* | United Rentals Inc. | 3,864 | 513 |
| Ryder System Inc. | 7,145 | 417 |
| Fluor Corp. | 3,387 | 114 |
|
|
| 1,155,351 |
Technology (21.7%) |
|
| |
| Microsoft Corp. | 2,922,951 | 391,558 |
| Apple Inc. | 1,842,403 | 364,648 |
* | Facebook Inc. Class A | 885,336 | 170,870 |
* | Alphabet Inc. Class C | 115,495 | 124,840 |
* | Alphabet Inc. Class A | 112,969 | 122,323 |
| Cisco Systems Inc. | 1,581,890 | 86,577 |
| Intel Corp. | 1,697,881 | 81,278 |
* | Adobe Inc. | 214,610 | 63,235 |
| Oracle Corp. | 918,193 | 52,309 |
* | salesforce.com Inc. | 299,110 | 45,384 |
| Texas Instruments Inc. | 391,515 | 44,930 |
| Broadcom Inc. | 146,947 | 42,300 |
| International Business Machines Corp. | 303,182 | 41,809 |
| NVIDIA Corp. | 238,396 | 39,152 |
| QUALCOMM Inc. | 503,369 | 38,291 |
| Intuit Inc. | 131,867 | 34,461 |
| Applied Materials Inc. | 533,823 | 23,974 |
* | Cadence Design Systems Inc. | 327,373 | 23,181 |
* | Autodesk Inc. | 140,554 | 22,896 |
* | Synopsys Inc. | 147,052 | 18,924 |
| Lam Research Corp. | 98,784 | 18,556 |
| Amphenol Corp. Class A | 173,277 | 16,624 |
| Cognizant Technology Solutions Corp. Class A | 249,738 | 15,831 |
* | Micron Technology Inc. | 407,010 | 15,706 |
| Corning Inc. | 469,584 | 15,604 |
| Analog Devices Inc. | 133,394 | 15,056 |
* | ServiceNow Inc. | 53,358 | 14,650 |
| Activision Blizzard Inc. | 301,300 | 14,221 |
| Hewlett Packard Enterprise Co. | 857,462 | 12,819 |
| Teradyne Inc. | 262,921 | 12,597 |
| KLA-Tencor Corp. | 97,261 | 11,496 |
* | Workday Inc. Class A | 55,186 | 11,345 |
| Xilinx Inc. | 91,124 | 10,745 |
| Citrix Systems Inc. | 108,810 | 10,679 |
| HP Inc. | 434,070 | 9,024 |
* | IAC/InterActiveCorp | 41,404 | 9,007 |
* | Advanced Micro Devices Inc. | 294,262 | 8,937 |
* | Teradata Corp. | 248,649 | 8,914 |
* | Arrow Electronics Inc. | 122,089 | 8,701 |
| NetApp Inc. | 140,673 | 8,680 |
* | VeriSign Inc. | 41,036 | 8,583 |
* | Gartner Inc. | 52,885 | 8,511 |
| Dolby Laboratories Inc. Class A | 130,280 | 8,416 |
* | Twitter Inc. | 239,032 | 8,342 |
| Juniper Networks Inc. | 313,167 | 8,340 |
| NXP Semiconductors NV | 84,460 | 8,244 |
| DXC Technology Co. | 147,248 | 8,121 |
| Symantec Corp. | 370,521 | 8,063 |
* | Tableau Software Inc. Class A | 43,990 | 7,303 |
| Motorola Solutions Inc. | 42,782 | 7,133 |
* | Atlassian Corp. plc Class A | 50,022 | 6,545 |
| CDK Global Inc. | 130,205 | 6,437 |
* | Palo Alto Networks Inc. | 31,292 | 6,376 |
Tax-Managed Capital Appreciation Fund
|
|
| Market |
|
|
| Value· |
|
| Shares | ($000) |
| SS&C Technologies Holdings Inc. | 104,234 | 6,005 |
* | Electronic Arts Inc. | 58,433 | 5,917 |
* | Black Knight Inc. | 97,137 | 5,843 |
* | Fortinet Inc. | 75,445 | 5,796 |
* | Red Hat Inc. | 30,835 | 5,790 |
* | ANSYS Inc. | 26,598 | 5,448 |
* | Zynga Inc. Class A | 855,545 | 5,244 |
| Avnet Inc. | 113,116 | 5,121 |
| Western Digital Corp. | 106,868 | 5,082 |
| VMware Inc. Class A | 28,207 | 4,716 |
| Microchip Technology Inc. | 52,172 | 4,523 |
* | Guidewire Software Inc. | 39,167 | 3,971 |
* | GoDaddy Inc. Class A | 54,669 | 3,835 |
* | NCR Corp. | 114,500 | 3,561 |
| Match Group Inc. | 47,397 | 3,188 |
* | PTC Inc. | 34,686 | 3,113 |
* | Dell Technologies Inc. | 60,277 | 3,062 |
| Harris Corp. | 15,675 | 2,965 |
* | Splunk Inc. | 23,411 | 2,944 |
| Universal Display Corp. | 15,011 | 2,823 |
* | IHS Markit Ltd. | 42,432 | 2,704 |
* | Okta Inc. | 21,196 | 2,618 |
* | Twilio Inc. Class A | 18,838 | 2,569 |
* | Arista Networks Inc. | 9,822 | 2,550 |
| Skyworks Solutions Inc. | 29,892 | 2,310 |
* | Manhattan Associates Inc. | 32,184 | 2,231 |
* | ON Semiconductor Corp. | 107,461 | 2,172 |
* | Qorvo Inc. | 31,970 | 2,130 |
| Leidos Holdings Inc. | 24,871 | 1,986 |
* | F5 Networks Inc. | 13,395 | 1,951 |
* | Zendesk Inc. | 21,011 | 1,871 |
* | Groupon Inc. Class A | 474,070 | 1,697 |
| Perspecta Inc. | 71,796 | 1,681 |
* | Covetrus Inc. | 65,017 | 1,590 |
* | Tyler Technologies Inc. | 7,329 | 1,583 |
* | Akamai Technologies Inc. | 19,515 | 1,564 |
* | Nutanix Inc. | 54,824 | 1,422 |
* | FireEye Inc. | 92,392 | 1,368 |
* | IPG Photonics Corp. | 8,807 | 1,358 |
* | Nuance Communications Inc. | 74,737 | 1,194 |
| Cognex Corp. | 17,560 | 843 |
| Amdocs Ltd. | 11,987 | 744 |
* | GrubHub Inc. | 7,700 | 601 |
* | EchoStar Corp. Class A | 13,188 | 584 |
* | Aspen Technology Inc. | 4,300 | 534 |
* | Take-Two Interactive Software Inc. | 4,700 | 534 |
* | Coherent Inc. | 3,888 | 530 |
* | CommScope Holding Co. Inc. | 26,989 | 425 |
* | SolarWinds Corp. | 20,844 | 382 |
* | RingCentral Inc. Class A | 3,286 | 378 |
* | Paycom Software Inc. | 1,400 | 317 |
* | Slack Technologies Inc. Class A | 6,887 | 258 |
* | Proofpoint Inc. | 2,118 | 255 |
* | RealPage Inc. | 4,164 | 245 |
* | Pure Storage Inc. Class A | 14,869 | 227 |
* | DocuSign Inc. Class A | 4,500 | 224 |
* | EPAM Systems Inc. | 1,200 | 208 |
* | Pluralsight Inc. Class A | 3,800 | 115 |
* | Ceridian HCM Holding Inc. | 2,144 | 108 |
* | Elastic NV | 397 | 30 |
|
|
| 2,317,584 |
Utilities (5.1%) |
|
| |
| AT&T Inc. | 2,659,857 | 89,132 |
| Verizon Communications Inc. | 1,476,084 | 84,329 |
| NextEra Energy Inc. | 187,198 | 38,349 |
| Duke Energy Corp. | 313,753 | 27,686 |
| Dominion Energy Inc. | 326,929 | 25,278 |
�� | Exelon Corp. | 400,155 | 19,183 |
| Southern Co. | 334,385 | 18,485 |
| Sempra Energy | 126,749 | 17,420 |
| WEC Energy Group Inc. | 200,940 | 16,752 |
* | T-Mobile US Inc. | 210,227 | 15,586 |
| American Water Works Co. Inc. | 121,210 | 14,060 |
| Consolidated Edison Inc. | 159,998 | 14,029 |
| Eversource Energy | 181,883 | 13,780 |
| CMS Energy Corp. | 211,659 | 12,257 |
| Edison International | 164,853 | 11,113 |
| FirstEnergy Corp. | 231,746 | 9,921 |
| Atmos Energy Corp. | 89,294 | 9,426 |
| Public Service Enterprise Group Inc. | 151,263 | 8,897 |
| DTE Energy Co. | 69,463 | 8,883 |
| NiSource Inc. | 301,013 | 8,669 |
| UGI Corp. | 159,338 | 8,510 |
| Aqua America Inc. | 193,616 | 8,010 |
| American Electric Power Co. Inc. | 88,125 | 7,756 |
* | Sprint Corp. | 1,133,950 | 7,450 |
| CenterPoint Energy Inc. | 258,608 | 7,404 |
| AES Corp. | 410,188 | 6,875 |
| Telephone & Data Systems Inc. | 167,926 | 5,105 |
| Entergy Corp. | 43,027 | 4,429 |
| Alliant Energy Corp. | 89,426 | 4,389 |
| Evergy Inc. | 61,616 | 3,706 |
| NRG Energy Inc. | 104,417 | 3,667 |
| PPL Corp. | 116,105 | 3,600 |
* | United States Cellular Corp. | 73,282 | 3,274 |
Tax-Managed Capital Appreciation Fund
|
|
| Market |
|
|
| Value· |
|
| Shares | ($000) |
| Vistra Energy Corp. | 127,669 | 2,890 |
* | Zayo Group Holdings Inc. | 61,186 | 2,014 |
* | PG&E Corp. | 28,893 | 662 |
|
|
| 542,976 |
Total Common Stocks |
|
| |
(Cost $4,391,096) |
| 10,648,335 | |
Temporary Cash Investments (0.2%)1 |
|
| |
Money Market Fund (0.2%) |
|
| |
2 | Vanguard Market Liquidity Fund, 2.499% | 246,366 | 24,642 |
|
|
|
|
|
| Face |
|
|
| Amount |
|
|
| ($000) |
|
U.S. Government and Agency Obligations (0.0%) |
|
| |
3 | United States Treasury Bill, 2.135%, 11/14/19 | 1,100 | 1,091 |
Total Temporary Cash Investments |
|
| |
(Cost $25,732) |
| 25,733 | |
Total Investments (100.0%) |
|
| |
(Cost $4,416,828) |
| 10,674,068 |
|
|
| Amount |
|
|
| ($000) |
Other Assets and Liabilities (0.0%) |
|
| |
Other Assets |
|
| |
Investment in Vanguard |
| 501 | |
Receivables for Accrued Income |
| 7,221 | |
Receivables for Capital Shares Issued |
| 2,348 | |
Variation Margin Receivable—Futures Contracts |
| 136 | |
Other Assets3 |
| 216 | |
Total Other Assets |
| 10,422 | |
Liabilities |
|
| |
Payables for Investment Securities Purchased |
| (37) | |
Payables for Capital Shares Redeemed |
| (7,139) | |
Payables to Vanguard |
| (2,658) | |
Total Liabilities |
| (9,834) | |
Net Assets (100%) |
| 10,674,656 |
At June 30, 2019, net assets consisted of: |
|
|
|
| Amount |
|
| ($000) |
Paid-in Capital |
| 4,533,242 |
Total Distributable Earnings (Loss) |
| 6,141,414 |
Net Assets |
| 10,674,656 |
|
|
|
Admiral Shares—Net Assets |
|
|
Applicable to 62,994,769 outstanding $.001 par value shares of beneficial interest (unlimited authorization) |
| 9,544,080 |
Net Asset Value Per Share—Admiral Shares |
| $151.51 |
|
|
|
Institutional Shares—Net Assets |
|
|
Applicable to 15,017,275 outstanding $.001 par value shares of beneficial interest (unlimited authorization) |
| 1,130,576 |
Net Asset Value Per Share—Institutional Shares |
| $75.29 |
· See Note A in Notes to Financial Statements.
* Non-income-producing security.
§ Security value determined using significant unobservable inputs.
1 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures investments, the fund’s effective common stock and temporary cash investment positions represent 100.0% and 0.0%, respectively, of net assets.
2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
3 Securities with a value of $1,091,000 and cash of $211,000 have been segregated as initial margin for open futures contracts.
ADR—American Depositary Receipt.
CVR—Contingent Value Rights.
Tax-Managed Capital Appreciation Fund
Derivative Financial Instruments Outstanding as of Period End | ||||
| ||||
Futures Contracts
| ||||
|
|
|
| ($000) |
| Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) |
Long Futures Contracts |
|
|
|
|
E-mini S&P 500 Index | September 2019 | 205 | 30,178 | 505 |
See accompanying Notes, which are an integral part of the Financial Statements.
Tax-Managed Capital Appreciation Fund
Statement of Operations
|
| Six Months Ended |
|
|
| June 30, 2019 |
|
|
| ($000 | ) |
Investment Income |
|
|
|
Income |
|
|
|
Dividends |
| 89,500 |
|
Interest1 |
| 123 |
|
Total Income |
| 89,623 |
|
Expenses |
|
|
|
The Vanguard Group—Note B |
|
|
|
Investment Advisory Services |
| 1,163 |
|
Management and Administrative—Admiral Shares |
| 2,772 |
|
Management and Administrative—Institutional Shares |
| 183 |
|
Marketing and Distribution—Admiral Shares |
| 144 |
|
Marketing and Distribution—Institutional Shares |
| 8 |
|
Custodian Fees |
| 37 |
|
Shareholders’ Reports—Admiral Shares |
| 23 |
|
Shareholders’ Reports—Institutional Shares |
| — |
|
Trustees’ Fees and Expenses |
| 2 |
|
Total Expenses |
| 4,332 |
|
Net Investment Income |
| 85,291 |
|
Realized Net Gain (Loss) |
|
|
|
Investment Securities Sold1,2 |
| (14,633 | ) |
Futures Contracts |
| 1,872 |
|
Realized Net Gain (Loss) |
| (12,761 | ) |
Change in Unrealized Appreciation (Depreciation) |
|
|
|
Investment Securities1 |
| 1,624,709 |
|
Futures Contracts |
| 505 |
|
Change in Unrealized Appreciation (Depreciation) |
| 1,625,214 |
|
Net Increase (Decrease) in Net Assets Resulting from Operations |
| 1,697,744 |
|
1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $105,000, $2,000, and $1,000, respectively. Purchases and sales are for temporary cash investment purposes.
2 Includes $15,603,000 of net gain (loss) resulting from in-kind redemptions; such gain (loss) is not taxable to the fund.
See accompanying Notes, which are an integral part of the Financial Statements.
Tax-Managed Capital Appreciation Fund
Statement of Changes in Net Assets
|
| Six Months Ended |
| Year Ended |
|
|
| June 30, |
| December 31, |
|
|
| 2019 |
| 2018 |
|
|
| ($000) |
| ($000 | ) |
Increase (Decrease) in Net Assets |
|
|
|
|
|
Operations |
|
|
|
|
|
Net Investment Income |
| 85,291 |
| 161,437 |
|
Realized Net Gain (Loss) |
| (12,761) |
| 96,029 |
|
Change in Unrealized Appreciation (Depreciation) |
| 1,625,214 |
| (718,899 | ) |
Net Increase (Decrease) in Net Assets Resulting from Operations |
| 1,697,744 |
| (461,433 | ) |
Distributions |
|
|
|
|
|
Net Investment Income |
|
|
|
|
|
Admiral Shares |
| (74,082) |
| (141,731 | ) |
Institutional Shares |
| (8,946) |
| (17,650 | ) |
Realized Capital Gain |
|
|
|
|
|
Admiral Shares |
| — |
| — |
|
Institutional Shares |
| — |
| — |
|
Total Distributions |
| (83,028) |
| (159,381 | ) |
Capital Share Transactions |
|
|
|
|
|
Admiral Shares |
| 149,860 |
| 362,698 |
|
Institutional Shares |
| 6,777 |
| 11,875 |
|
Net Increase (Decrease) from Capital Share Transactions |
| 156,637 |
| 374,573 |
|
Total Increase (Decrease) |
| 1,771,353 |
| (246,241 | ) |
Net Assets |
|
|
|
|
|
Beginning of Period |
| 8,903,303 |
| 9,149,544 |
|
End of Period |
| 10,674,656 |
| 8,903,303 |
|
See accompanying Notes, which are an integral part of the Financial Statements.
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 |
| 2019 |
| 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
|
Net Asset Value, Beginning of Period |
| $128.29 |
| $137.30 |
| $114.08 |
| $103.75 |
| $103.82 |
| $93.70 |
|
Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income |
| 1.220 | 1 | 2.385 | 1 | 2.166 | 1 | 2.004 |
| 1.764 |
| 1.633 |
|
Net Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
on Investments |
| 23.186 |
| (9.045 | ) | 23.211 |
| 10.332 |
| (.082 | ) | 10.103 |
|
Total from Investment Operations |
| 24.406 |
| (6.660 | ) | 25.377 |
| 12.336 |
| 1.682 |
| 11.736 |
|
Distributions |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from Net Investment Income |
| (1.186 | ) | (2.350 | ) | (2.157 | ) | (2.006 | ) | (1.752 | ) | (1.616 | ) |
Distributions from Realized Capital Gains |
| — |
| — |
| — |
| — |
| — |
| — |
|
Total Distributions |
| (1.186 | ) | (2.350 | ) | (2.157 | ) | (2.006 | ) | (1.752 | ) | (1.616 | ) |
Net Asset Value, End of Period |
| $151.51 |
| $128.29 |
| $137.30 |
| $114.08 |
| $103.75 |
| $103.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Return2 |
| 19.05% |
| -4.97% |
| 22.40% |
| 12.01% |
| 1.68% |
| 12.52% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets, End of Period (Millions) |
| $9,544 |
| $7,951 |
| $8,143 |
| $6,793 |
| $5,982 |
| $5,760 |
|
Ratio of Total Expenses to Average Net Assets |
| 0.09% |
| 0.09% |
| 0.09% |
| 0.09% |
| 0.11% |
| 0.12% |
|
Ratio of Net Investment Income to Average Net Assets |
| 1.72% |
| 1.69% |
| 1.73% |
| 1.89% |
| 1.69% |
| 1.66% |
|
Portfolio Turnover Rate |
| 5%3 |
| 6%3 |
| 7%3 |
| 8%3 |
| 10%3 |
| 6% |
|
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.
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 |
| 2019 |
| 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
|
Net Asset Value, Beginning of Period |
| $63.75 |
| $68.23 |
| $56.69 |
| $51.55 |
| $51.59 |
| $46.56 |
|
Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income |
| .617 | 1 | 1.207 | 1 | 1.099 | 1 | 1.011 |
| .897 |
| .830 |
|
Net Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
on Investments |
| 11.523 |
| (4.499 | ) | 11.531 |
| 5.141 |
| (.046 | ) | 5.022 |
|
Total from Investment Operations |
| 12.140 |
| (3.292 | ) | 12.630 |
| 6.152 |
| .851 |
| 5.852 |
|
Distributions |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from Net Investment Income |
| (.600 | ) | (1.188 | ) | (1.090 | ) | (1.012 | ) | (.891 | ) | (.822 | ) |
Distributions from Realized Capital Gains |
| — |
| — |
| — |
| — |
| — |
| — |
|
Total Distributions |
| (.600 | ) | (1.188 | ) | (1.090 | ) | (1.012 | ) | (.891 | ) | (.822 | ) |
Net Asset Value, End of Period |
| $75.29 |
| $63.75 |
| $68.23 |
| $56.69 |
| $51.55 |
| $51.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Return |
| 19.07% |
| -4.95% |
| 22.43% |
| 12.06% |
| 1.71% |
| 12.56% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets, End of Period (Millions) |
| $1,131 |
| $952 |
| $1,006 |
| $613 |
| $564 |
| $530 |
|
Ratio of Total Expenses to Average Net Assets |
| 0.06% |
| 0.06% |
| 0.06% |
| 0.06% |
| 0.07% |
| 0.08% |
|
Ratio of Net Investment Income to |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Net Assets |
| 1.75% |
| 1.72% |
| 1.76% |
| 1.92% |
| 1.73% |
| 1.70% |
|
Portfolio Turnover Rate |
| 5%2 |
| 6%2 |
| 7%2 |
| 8%2 |
| 10%2 |
| 6% |
|
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.
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. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been materially affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value. Temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.
2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any assets pledged as initial margin for open contracts are noted in the Statement of Net Assets.
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, 2019, 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, 2015–2018), and for the period ended June 30, 2019, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
Tax-Managed Capital Appreciation Fund
4. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes.
5. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $4.3 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, 2019, 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 are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets. 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, 2019, the fund had contributed to Vanguard capital in the amount of $501,000, representing 0.00% 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.
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, 2019, based on the inputs used to value them:
|
| Level 1 |
| Level 2 |
| Level 3 |
|
Investments |
| ($000 | ) | ($000 | ) | ($000 | ) |
Common Stocks |
| 10,648,318 |
| — |
| 17 |
|
Temporary Cash Investments |
| 24,642 |
| 1,091 |
| — |
|
Futures Contracts—Assets1 |
| 136 |
| — |
| — |
|
Total |
| 10,673,096 |
| 1,091 |
| 17 |
|
1 Represents variation margin on the last day of the reporting period.
D. As of June 30, 2019, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
|
| Amount |
|
|
| ($000 | ) |
Tax Cost |
| 4,416,828 |
|
Gross Unrealized Appreciation |
| 6,287,879 |
|
Gross Unrealized Depreciation |
| (30,134 | ) |
Net Unrealized Appreciation (Depreciation) |
| 6,257,745 |
|
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, 2018, the fund had available capital losses totaling $89,236,000 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, 2019; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
E. During the six months ended June 30, 2019, the fund purchased $411,311,000 of investment securities and sold $273,611,000 of investment securities, other than temporary cash investments. Purchases and sales include $0 and $20,140,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
Tax-Managed Capital Appreciation Fund
F. Capital share transactions for each class of shares were:
|
| Six Months Ended |
| Year Ended |
| ||||
|
| June 30, 2019 |
| December 31, 2018 |
| ||||
|
| Amount |
| Shares |
| Amount |
| Shares |
|
|
| ($000 | ) | (000 | ) | ($000 | ) | (000 | ) |
Admiral Shares |
|
|
|
|
|
|
|
|
|
Issued |
| 373,323 |
| 2,593 |
| 940,792 |
| 6,818 |
|
Issued in Lieu of Cash Distributions |
| 52,494 |
| 355 |
| 101,524 |
| 729 |
|
Redeemed |
| (275,957 | ) | (1,932 | ) | (679,618 | ) | (4,878 | ) |
Net Increase (Decrease)—Admiral Shares |
| 149,860 |
| 1,016 |
| 362,698 |
| 2,669 |
|
Institutional Shares |
|
|
|
|
|
|
|
|
|
Issued |
| 15,123 |
| 207 |
| 38,283 |
| 549 |
|
Issued in Lieu of Cash Distributions |
| 4,203 |
| 57 |
| 9,957 |
| 143 |
|
Redeemed |
| (12,549 | ) | (177 | ) | (36,365 | ) | (509 | ) |
Net Increase (Decrease)—Institutional Shares |
| 6,777 |
| 87 |
| 11,875 |
| 183 |
|
G. Management has determined that no events or transactions occurred subsequent to June 30, 2019, that would require recognition or disclosure in these financial statements.
Tax-Managed Small-Cap Fund
Sector Diversification
As of June 30, 2019
Communication Services |
| 1.8 | % |
Consumer Discretionary |
| 14.3 |
|
Consumer Staples |
| 3.4 |
|
Energy |
| 3.5 |
|
Financials |
| 17.3 |
|
Health Care |
| 11.7 |
|
Industrials |
| 19.3 |
|
Information Technology |
| 14.5 |
|
Materials |
| 4.2 |
|
Other |
| 0.0 |
|
Real Estate |
| 7.8 |
|
Utilities |
| 2.2 |
|
The table reflects the fund’s equity exposure, based on its investments in stocks and stock index futures. Any holdings in short-term reserves are excluded. 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.
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.
Tax-Managed Small-Cap Fund
Financial Statements (unaudited)
Statement of Net Assets
As of June 30, 2019
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
|
|
| Market |
|
|
| Value· |
|
| Shares | ($000) |
Common Stocks (100.1%) |
|
| |
Communication Services (1.8%) |
|
| |
* | Vonage Holdings Corp. | 1,953,718 | 22,136 |
| Cogent Communications Holdings Inc. | 371,258 | 22,038 |
* | Iridium Communications Inc. | 896,677 | 20,857 |
| Gannett Co. Inc. | 1,151,125 | 9,393 |
| EW Scripps Co. Class A | 531,580 | 8,128 |
| Scholastic Corp. | 242,106 | 8,048 |
| Marcus Corp. | 191,105 | 6,299 |
| ATN International Inc. | 105,581 | 6,095 |
* | QuinStreet Inc. | 370,479 | 5,872 |
| Spok Holdings Inc. | 320,163 | 4,815 |
* | TechTarget Inc. | 224,981 | 4,781 |
* | Care.com Inc. | 143,007 | 1,570 |
* | Cincinnati Bell Inc. | 80,244 | 397 |
* | Frontier Communications Corp. | 90 | — |
|
|
| 120,429 |
Consumer Discretionary (14.3%) |
|
| |
| Strategic Education Inc. | 190,565 | 33,921 |
* | Fox Factory Holding Corp. | 345,952 | 28,545 |
* | TopBuild Corp. | 306,540 | 25,369 |
| Wingstop Inc. | 259,357 | 24,574 |
| Monro Inc. | 285,696 | 24,370 |
* | RH | 210,190 | 24,298 |
| Lithia Motors Inc. Class A | 195,803 | 23,257 |
| Steven Madden Ltd. | 680,151 | 23,091 |
* | iRobot Corp. | 246,442 | 22,584 |
* | Dorman Products Inc. | 255,985 | 22,307 |
| Wolverine World Wide Inc. | 801,373 | 22,070 |
| LCI Industries | 231,355 | 20,822 |
* | Meritage Homes Corp. | 352,118 | 18,078 |
* | Shake Shack Inc. Class A | 234,343 | 16,920 |
| Core-Mark Holding Co. Inc. | 399,972 | 15,887 |
| MDC Holdings Inc. | 480,732 | 15,758 |
* | Shutterfly Inc. | 310,914 | 15,717 |
| Bloomin’ Brands Inc. | 815,246 | 15,416 |
| Dine Brands Global Inc. | 155,358 | 14,832 |
| Callaway Golf Co. | 858,774 | 14,737 |
* | American Axle & Manufacturing Holdings Inc. | 1,128,586 | 14,401 |
| Children’s Place Inc. | 150,068 | 14,313 |
* | Sleep Number Corp. | 350,382 | 14,152 |
| Cooper Tire & Rubber Co. | 447,686 | 14,125 |
* | Asbury Automotive Group Inc. | 166,953 | 14,081 |
| Dave & Buster’s Entertainment Inc. | 337,189 | 13,646 |
| Group 1 Automotive Inc. | 164,542 | 13,474 |
* | Gentherm Inc. | 313,638 | 13,119 |
| La-Z-Boy Inc. | 427,059 | 13,094 |
* | Rent-A-Center Inc. | 481,203 | 12,814 |
* | LGI Homes Inc. | 177,830 | 12,702 |
* | G-III Apparel Group Ltd. | 415,645 | 12,228 |
| Designer Brands Inc. Class A | 613,509 | 11,761 |
* | Crocs Inc. | 594,705 | 11,745 |
* | Career Education Corp. | 608,947 | 11,613 |
| Oxford Industries Inc. | 151,644 | 11,495 |
* | Cavco Industries Inc. | 69,924 | 11,016 |
| Office Depot Inc. | 5,330,131 | 10,980 |
* | Installed Building Products Inc. | 182,995 | 10,837 |
| Big Lots Inc. | 372,575 | 10,659 |
| Abercrombie & Fitch Co. | 659,410 | 10,577 |
| Winnebago Industries Inc. | 271,122 | 10,479 |
* | M/I Homes Inc. | 336,134 | 9,593 |
* | Garrett Motion Inc. | 612,537 | 9,402 |
* | Boot Barn Holdings Inc. | 257,214 | 9,167 |
| Sturm Ruger & Co. Inc. | 167,465 | 9,123 |
| Standard Motor Products Inc. | 186,629 | 8,462 |
| BJ’s Restaurants Inc. | 191,089 | 8,396 |
| Guess? Inc. | 519,833 | 8,395 |
| Caleres Inc. | 419,734 | 8,361 |
* | Genesco Inc. | 174,684 | 7,387 |
* | Kontoor Brands Inc. | 251,800 | 7,055 |
Tax-Managed Small-Cap Fund
|
|
| Market |
|
|
| Value· |
|
| Shares | ($000) |
| Shutterstock Inc. | 178,473 | 6,994 |
| Ethan Allen Interiors Inc. | 295,395 | 6,221 |
* | Universal Electronics Inc. | 147,946 | 6,069 |
* | Century Communities Inc. | 228,054 | 6,062 |
* | Cooper-Standard Holdings Inc. | 132,101 | 6,053 |
| Ruth’s Hospitality Group Inc. | 253,439 | 5,756 |
* | Zumiez Inc. | 211,817 | 5,528 |
| Sonic Automotive Inc. Class A | 236,560 | 5,524 |
* | William Lyon Homes Class A | 302,603 | 5,516 |
* | Fossil Group Inc. | 477,153 | 5,487 |
* | Regis Corp. | 327,534 | 5,437 |
| Buckle Inc. | 301,673 | 5,222 |
* | JC Penney Co. Inc. | 4,572,100 | 5,212 |
* | Stamps.com Inc. | 111,793 | 5,061 |
* | Motorcar Parts of America Inc. | 225,906 | 4,837 |
* | Conn’s Inc. | 270,573 | 4,822 |
* | Monarch Casino & Resort Inc. | 112,203 | 4,796 |
* | Red Robin Gourmet Burgers Inc. | 151,515 | 4,632 |
* | American Public Education Inc. | 153,132 | 4,530 |
| Movado Group Inc. | 167,678 | 4,527 |
| Barnes & Noble Inc. | 648,021 | 4,335 |
* | MarineMax Inc. | 249,911 | 4,109 |
| PetMed Express Inc. | 257,248 | 4,031 |
* | Lumber Liquidators Holdings Inc. | 338,638 | 3,911 |
| Haverty Furniture Cos. Inc. | 221,187 | 3,767 |
* | Chuy’s Holdings Inc. | 163,574 | 3,749 |
* | Hibbett Sports Inc. | 180,963 | 3,294 |
| Cato Corp. Class A | 259,119 | 3,192 |
| Shoe Carnival Inc. | 114,641 | 3,164 |
* | Fiesta Restaurant Group Inc. | 240,163 | 3,156 |
| Chico’s FAS Inc. | 896,874 | 3,022 |
* | Vera Bradley Inc. | 249,382 | 2,993 |
* | El Pollo Loco Holdings Inc. | 219,568 | 2,341 |
* | Vista Outdoor Inc. | 253,733 | 2,253 |
* | Liquidity Services Inc. | 297,696 | 1,813 |
* | Express Inc. | 554,000 | 1,512 |
* | Vitamin Shoppe Inc. | 364,564 | 1,436 |
| Superior Industries International Inc. | 315,227 | 1,091 |
* | Ascena Retail Group Inc. | 1,034,600 | 631 |
* | Nautilus Inc. | 243,850 | 539 |
* | Kirkland’s Inc. | 168,220 | 380 |
* | Unifi Inc. | 6,700 | 122 |
* | Barnes & Noble Education Inc. | 32,488 | 109 |
| Tile Shop Holdings Inc. | 11,147 | 45 |
| Tailored Brands Inc. | 12 | — |
|
|
| 944,486 |
Consumer Staples (3.4%) |
|
| |
* | Darling Ingredients Inc. | 1,417,416 | 28,193 |
| J&J Snack Foods Corp. | 124,181 | 19,987 |
| WD-40 Co. | 117,394 | 18,670 |
* | Avon Products Inc. | 3,986,183 | 15,466 |
| Calavo Growers Inc. | 143,083 | 13,842 |
| Medifast Inc. | 104,163 | 13,364 |
| B&G Foods Inc. | 616,256 | 12,818 |
| Universal Corp. | 206,885 | 12,572 |
| Coca-Cola Consolidated Inc. | 39,777 | 11,903 |
| Cal-Maine Foods Inc. | 249,734 | 10,419 |
| Inter Parfums Inc. | 141,307 | 9,396 |
* | Chefs’ Warehouse Inc. | 229,574 | 8,051 |
| MGP Ingredients Inc. | 112,486 | 7,459 |
* | United Natural Foods Inc. | 800,569 | 7,181 |
| John B Sanfilippo & Son Inc. | 86,359 | 6,882 |
| Andersons Inc. | 249,484 | 6,796 |
* | Central Garden & Pet Co. Class A | 270,425 | 6,663 |
* | Central Garden & Pet Co. | 122,530 | 3,302 |
| SpartanNash Co. | 281,570 | 3,286 |
* | Seneca Foods Corp. Class A | 101,799 | 2,833 |
* | USANA Health Sciences Inc. | 33,700 | 2,677 |
| Dean Foods Co. | 1,124,281 | 1,045 |
|
|
| 222,805 |
Energy (3.6%) |
|
| |
* | Dril-Quip Inc. | 388,452 | 18,646 |
* | PDC Energy Inc. | 445,720 | 16,073 |
| Nabors Industries Ltd. | 5,295,290 | 15,356 |
* | ProPetro Holding Corp. | 729,788 | 15,107 |
| Archrock Inc. | 1,380,571 | 14,634 |
* | Helix Energy Solutions Group Inc. | 1,514,808 | 13,073 |
| US Silica Holdings Inc. | 1,002,728 | 12,825 |
* | Diamond Offshore Drilling Inc. | 1,343,427 | 11,916 |
* | Whiting Petroleum Corp. | 571,173 | 10,669 |
* | Oil States International Inc. | 457,310 | 8,369 |
* | Laredo Petroleum Inc. | 2,791,642 | 8,096 |
| DMC Global Inc. | 125,919 | 7,977 |
* | SEACOR Holdings Inc. | 151,254 | 7,186 |
* | Newpark Resources Inc. | 954,260 | 7,081 |
* | SRC Energy Inc. | 1,254,226 | 6,221 |
Tax-Managed Small-Cap Fund
|
|
| Market |
|
|
| Value· |
|
| Shares | ($000) |
* | Par Pacific Holdings Inc. | 281,026 | 5,767 |
* | Matrix Service Co. | 269,903 | 5,468 |
* | CONSOL Energy Inc. | 200,743 | 5,342 |
* | REX American Resources Corp. | 64,261 | 4,685 |
* | Renewable Energy Group Inc. | 252,780 | 4,009 |
* | Bonanza Creek Energy Inc. | 169,249 | 3,534 |
* | Carrizo Oil & Gas Inc. | 342,143 | 3,428 |
* | Exterran Corp. | 234,105 | 3,329 |
* | Unit Corp. | 362,243 | 3,220 |
* | Superior Energy Services Inc. | 2,392,328 | 3,110 |
* | KLX Energy Services Holdings Inc. | 148,058 | 3,025 |
* | Geospace Technologies Corp. | 169,587 | 2,562 |
* | Era Group Inc. | 298,149 | 2,486 |
* | Gulfport Energy Corp. | 421,712 | 2,070 |
* | C&J Energy Services Inc. | 175,418 | 2,066 |
* | TETRA Technologies Inc. | 1,169,842 | 1,907 |
* | Penn Virginia Corp. | 50,195 | 1,540 |
* | Gulf Island Fabrication Inc. | . 185,242 | 1,315 |
* | HighPoint Resources Corp. | 584,214 | 1,063 |
* | Ring Energy Inc. | 278,984 | 907 |
* | Noble Corp. plc | 357,019 | 668 |
* | CARBO Ceramics Inc. | 19,400 | 26 |
| Green Plains Inc. | 67 | 1 |
* | Denbury Resources Inc. | 72 | — |
|
|
| 234,757 |
Financials (17.3%) |
|
| |
| FirstCash Inc. | 382,719 | 38,280 |
| Selective Insurance Group Inc. | 468,292 | 35,070 |
| Glacier Bancorp Inc. | 690,011 | 27,980 |
| Community Bank System Inc. | 407,526 | 26,831 |
| RLI Corp. | 299,651 | 25,683 |
| Columbia Banking System Inc. | 604,848 | 21,883 |
| American Equity Investment Life Holding Co. | 781,241 | 21,218 |
| Old National Bancorp | 1,277,856 | 21,200 |
| First BanCorp | 1,890,202 | 20,868 |
| First Financial Bancorp | 852,710 | 20,653 |
| United Community Banks Inc. | 680,759 | 19,442 |
| First Midwest Bancorp Inc. | 935,923 | 19,158 |
| Simmons First National Corp. Class A | 808,876 | 18,814 |
| Independent Bank Corp. | 243,936 | 18,576 |
| Great Western Bancorp Inc. | 519,310 | 18,550 |
| ProAssurance Corp. | 481,705 | 17,394 |
* | NMI Holdings Inc. Class A | 592,937 | 16,833 |
| LegacyTexas Financial Group Inc. | 406,548 | 16,551 |
| CVB Financial Corp. | 786,728 | 16,545 |
| Hope Bancorp Inc. | 1,149,592 | 15,841 |
| NBT Bancorp Inc. | 415,372 | 15,581 |
| Apollo Commercial Real Estate Finance Inc. | 831,655 | 15,294 |
| Westamerica Bancorporation | 242,724 | 14,954 |
| Northwest Bancshares Inc. | 838,034 | 14,758 |
| Ameris Bancorp | 374,793 | 14,688 |
| Banner Corp. | 268,410 | 14,534 |
| ServisFirst Bancshares Inc. | 423,017 | 14,493 |
| Eagle Bancorp Inc. | 267,665 | 14,489 |
* | eHealth Inc. | 165,560 | 14,255 |
| Horace Mann Educators Corp. | 338,448 | 13,636 |
| Veritex Holdings Inc. | 522,407 | 13,556 |
| Walker & Dunlop Inc. | 252,494 | 13,435 |
* | Axos Financial Inc. | 480,951 | 13,106 |
| Provident Financial Services Inc. | 536,511 | 13,010 |
| First Commonwealth Financial Corp. | 959,645 | 12,926 |
| Invesco Mortgage Capital Inc. | 784,562 | 12,647 |
| S&T Bancorp Inc. | 337,207 | 12,639 |
* | Blucora Inc. | 412,997 | 12,543 |
| Safety Insurance Group Inc. | 131,827 | 12,541 |
* | Seacoast Banking Corp. of Florida | 484,129 | 12,316 |
| Berkshire Hills Bancorp Inc. | 390,305 | 12,252 |
| City Holding Co. | 159,832 | 12,189 |
| James River Group Holdings Ltd. | 256,452 | 12,028 |
| Brookline Bancorp Inc. | 770,108 | 11,844 |
| Pacific Premier Bancorp Inc. | 381,473 | 11,780 |
| OFG Bancorp | 489,877 | 11,644 |
| Waddell & Reed Financial Inc. Class A | 690,445 | 11,510 |
| AMERISAFE Inc. | 179,451 | 11,444 |
* | PRA Group Inc. | 404,384 | 11,379 |
| Employers Holdings Inc. | 268,842 | 11,364 |
Tax-Managed Small-Cap Fund
|
|
| Market |
|
|
| Value· |
|
| Shares | ($000) |
| Central Pacific Financial Corp. | 375,347 | 11,245 |
| Southside Bancshares Inc. | 330,230 | 10,693 |
| Oritani Financial Corp. | 581,767 | 10,321 |
| National Bank Holdings Corp. Class A | 281,487 | 10,218 |
| Boston Private Financial Holdings Inc. | 844,675 | 10,195 |
| Northfield Bancorp Inc. | 637,445 | 9,951 |
| Tompkins Financial Corp. | 120,787 | 9,856 |
* | World Acceptance Corp. | 59,658 | 9,790 |
| Heritage Financial Corp. | 318,465 | 9,407 |
| Hanmi Financial Corp. | 414,041 | 9,221 |
| United Fire Group Inc. | 187,385 | 9,081 |
| Piper Jaffray Cos. | 119,102 | 8,846 |
| Fidelity Southern Corp. | 280,210 | 8,678 |
| TrustCo Bank Corp. NY | 1,060,191 | 8,397 |
| Preferred Bank | 174,610 | 8,250 |
| Stewart Information Services Corp. | 202,089 | 8,183 |
* | Encore Capital Group Inc. | 241,309 | 8,173 |
* | HomeStreet Inc. | 275,193 | 8,157 |
| Universal Insurance Holdings Inc. | 278,372 | 7,767 |
| Meta Financial Group Inc. | 275,932 | 7,740 |
* | Triumph Bancorp Inc. | 259,564 | 7,540 |
| Flagstar Bancorp Inc. | 224,500 | 7,440 |
| Banc of California Inc. | 528,431 | 7,382 |
| PennyMac Mortgage Investment Trust | 334,674 | 7,306 |
| Redwood Trust Inc. | 430,100 | 7,110 |
| Virtus Investment Partners Inc. | 66,090 | 7,098 |
* | Enova International Inc. | 299,961 | 6,914 |
| Dime Community Bancshares Inc. | 362,897 | 6,891 |
* | Customers Bancorp Inc. | 316,232 | 6,641 |
| Opus Bank | 297,921 | 6,289 |
* | Third Point Reinsurance Ltd. | 607,000 | 6,264 |
| WisdomTree Investments Inc. | 1,007,445 | 6,216 |
| Capstead Mortgage Corp. | 724,885 | 6,053 |
| New York Mortgage Trust Inc. | 826,200 | 5,122 |
* | INTL. FCStone Inc. | 125,603 | 4,973 |
| ARMOUR Residential REIT Inc. | 261,362 | 4,872 |
* | EZCORP Inc. Class A | 510,395 | 4,833 |
| Franklin Financial Network Inc. | 167,525 | 4,667 |
| Granite Point Mortgage Trust Inc. | 227,700 | 4,370 |
| HCI Group Inc. | 81,206 | 3,286 |
| Greenhill & Co. Inc. | 225,231 | 3,061 |
| United Insurance Holdings Corp. | 206,562 | 2,946 |
* | Donnelley Financial Solutions Inc. | 192,095 | 2,563 |
* | Ambac Financial Group Inc. | 76,142 | 1,283 |
|
|
| 1,145,494 |
Health Care (11.8%) |
|
| |
* | Omnicell Inc. | 366,970 | 31,570 |
* | Repligen Corp. | 361,964 | 31,111 |
* | LHC Group Inc. | 257,697 | 30,815 |
* | Merit Medical Systems Inc. | 474,918 | 28,286 |
* | Neogen Corp. | 452,682 | 28,116 |
| Ensign Group Inc. | 442,960 | 25,213 |
* | HMS Holdings Corp. | 773,774 | 25,063 |
* | Medicines Co. | 644,793 | 23,516 |
* | AMN Healthcare Services Inc. | 425,770 | 23,098 |
* | Arrowhead Pharmaceuticals Inc. | 850,698 | 22,544 |
* | Integer Holdings Corp. | 258,009 | 21,652 |
* | Emergent BioSolutions Inc. | 403,488 | 19,493 |
| CONMED Corp. | 214,841 | 18,384 |
* | NeoGenomics Inc. | 816,212 | 17,908 |
* | Magellan Health Inc. | 222,704 | 16,531 |
* | Supernus Pharmaceuticals Inc. | 489,241 | 16,189 |
* | REGENXBIO Inc. | 313,042 | 16,081 |
* | Select Medical Holdings Corp. | 988,032 | 15,680 |
* | BioTelemetry Inc. | 324,677 | 15,633 |
* | Medpace Holdings Inc. | 230,335 | 15,069 |
| US Physical Therapy Inc. | 117,200 | 14,365 |
* | Myriad Genetics Inc. | 510,814 | 14,190 |
* | Cambrex Corp. | 289,151 | 13,535 |
* | Cardiovascular Systems Inc. | 308,516 | 13,245 |
* | Enanta Pharmaceuticals Inc. | 146,090 | 12,327 |
* | Momenta Pharmaceuticals Inc. | 946,766 | 11,787 |
* | Corcept Therapeutics Inc. | 993,233 | 11,075 |
* | Lantheus Holdings Inc. | 367,563 | 10,402 |
* | Varex Imaging Corp. | 334,159 | 10,242 |
* | CryoLife Inc. | 302,217 | 9,045 |
* | Orthofix Medical Inc. | 169,412 | 8,959 |
* | Innoviva Inc. | 614,093 | 8,941 |
* | Tactile Systems Technology Inc. | 155,819 | 8,869 |
Tax-Managed Small-Cap Fund
|
|
| Market |
|
|
| Value· |
|
| Shares | ($000) |
* | Spectrum Pharmaceuticals Inc. | 1,015,899 | 8,747 |
* | NextGen Healthcare Inc. | 434,006 | 8,637 |
* | CorVel Corp. | 94,960 | 8,262 |
* | Tivity Health Inc. | 472,207 | 7,763 |
* | Natus Medical Inc. | 295,120 | 7,582 |
* | Amphastar Pharmaceuticals Inc. | 355,905 | 7,513 |
* | Addus HomeCare Corp. | 99,435 | 7,453 |
| Luminex Corp. | 353,486 | 7,296 |
* | ANI Pharmaceuticals Inc. | 88,074 | 7,240 |
* | HealthStream Inc. | 270,009 | 6,982 |
* | AngioDynamics Inc. | 340,384 | 6,702 |
* | Eagle Pharmaceuticals Inc. | 115,383 | 6,425 |
* | Cytokinetics Inc. | 569,015 | 6,401 |
* | Providence Service Corp. | 109,851 | 6,299 |
* | Anika Therapeutics Inc. | 145,115 | 5,895 |
| Phibro Animal Health Corp. Class A | 175,517 | 5,576 |
* | Surmodics Inc. | 128,277 | 5,538 |
* | Heska Corp. | 64,354 | 5,481 |
* | Progenics Pharmaceuticals Inc. | 879,653 | 5,427 |
* | Akorn Inc. | 1,044,043 | 5,377 |
* | Tabula Rasa HealthCare Inc. | 98,882 | 4,937 |
| Meridian Bioscience Inc. | 406,089 | 4,824 |
| LeMaitre Vascular Inc. | 154,182 | 4,314 |
| Computer Programs & Systems Inc. | 151,859 | 4,220 |
| Mesa Laboratories Inc. | 16,265 | 3,974 |
* | Lannett Co. Inc. | 563,084 | 3,412 |
* | Diplomat Pharmacy Inc. | 557,188 | 3,393 |
* | Cross Country Healthcare Inc. | 358,675 | 3,364 |
* | Vanda Pharmaceuticals Inc. | 232,626 | 3,278 |
* | Community Health Systems Inc. | 1,225,197 | 3,271 |
* | Cutera Inc. | 149,325 | 3,103 |
* | Assertio Therapeutics Inc. | 699,650 | 2,414 |
* | Endo International plc | 552,082 | 2,275 |
| Owens & Minor Inc. | 646,294 | 2,068 |
* | AMAG Pharmaceuticals Inc. | 168,111 | 1,679 |
| Invacare Corp. | 200,115 | 1,039 |
|
|
| 777,095 |
Industrials (19.3%) |
|
| |
| Tetra Tech Inc. | 492,991 | 38,724 |
| John Bean Technologies Corp. | 273,696 | 33,153 |
* | Mercury Systems Inc. | 435,688 | 30,651 |
* | Aerojet Rocketdyne Holdings Inc. | 638,445 | 28,583 |
| SkyWest Inc. | 467,783 | 28,380 |
* | Proto Labs Inc. | 243,234 | 28,220 |
* | FTI Consulting Inc. | 324,366 | 27,195 |
| Moog Inc. Class A | 286,685 | 26,837 |
| UniFirst Corp. | 135,874 | 25,622 |
| Exponent Inc. | 429,494 | 25,143 |
| ABM Industries Inc. | 598,845 | 23,954 |
| Simpson Manufacturing Co. Inc. | 349,578 | 23,233 |
* | Chart Industries Inc. | 294,010 | 22,603 |
| Barnes Group Inc. | 395,984 | 22,310 |
| Watts Water Technologies Inc. Class A | 229,878 | 21,420 |
| Brady Corp. Class A | 428,849 | 21,151 |
| Universal Forest Products Inc. | 554,461 | 21,103 |
| Applied Industrial Technologies Inc. | 338,332 | 20,818 |
| Albany International Corp. Class A | 248,771 | 20,626 |
| Hillenbrand Inc. | 517,306 | 20,470 |
* | Harsco Corp. | 732,557 | 20,101 |
| Korn Ferry | 501,000 | 20,075 |
| ESCO Technologies Inc. | 221,969 | 18,339 |
| AAON Inc. | 354,963 | 17,812 |
* | WageWorks Inc. | 331,463 | 16,835 |
| Cubic Corp. | 257,325 | 16,592 |
* | SPX FLOW Inc. | 395,516 | 16,556 |
| Allegiant Travel Co. Class A | 115,320 | 16,548 |
| Comfort Systems USA Inc. | 316,247 | 16,125 |
| Arcosa Inc. | 425,842 | 16,024 |
| Franklin Electric Co. Inc. | 330,847 | 15,715 |
| Kaman Corp. | 237,716 | 15,140 |
| Mueller Industries Inc. | 515,684 | 15,094 |
* | Saia Inc. | 233,137 | 15,077 |
| Forward Air Corp. | 249,598 | 14,764 |
* | Axon Enterprise Inc. | 223,016 | 14,320 |
| Matson Inc. | 364,475 | 14,160 |
| Federal Signal Corp. | 520,014 | 13,910 |
| Actuant Corp. Class A | 548,083 | 13,598 |
| Mobile Mini Inc. | 423,068 | 12,874 |
* | American Woodmark Corp. | 149,737 | 12,671 |
* | Hub Group Inc. Class A | 301,715 | 12,666 |
| EnPro Industries Inc. | 198,029 | 12,642 |
| Viad Corp. | 190,379 | 12,611 |
* | SPX Corp. | 362,851 | 11,981 |
| US Ecology Inc. | 200,946 | 11,964 |
* | Atlas Air Worldwide Holdings Inc. | 267,579 | 11,945 |
* | Gibraltar Industries Inc. | 295,079 | 11,909 |
| Hawaiian Holdings Inc. | 434,027 | 11,905 |
Tax-Managed Small-Cap Fund
|
|
| Market |
|
|
| Value· |
|
| Shares | ($000) |
| Apogee Enterprises Inc. | 272,695 | 11,846 |
| Raven Industries Inc. | 325,660 | 11,685 |
* | Patrick Industries Inc. | 231,252 | 11,375 |
* | Aerovironment Inc. | 199,084 | 11,302 |
| AAR Corp. | 306,914 | 11,291 |
| Triumph Group Inc. | 481,599 | 11,029 |
* | CIRCOR International Inc. | 235,412 | 10,829 |
| Encore Wire Corp. | 181,296 | 10,620 |
| Matthews International Corp. Class A | 303,369 | 10,572 |
| AZZ Inc. | 226,845 | 10,439 |
| Tennant Co. | 165,264 | 10,114 |
| Greenbrier Cos. Inc. | 315,166 | 9,581 |
| Interface Inc. Class A | 599,940 | 9,197 |
| Wabash National Corp. | 558,537 | 9,087 |
| Navigant Consulting Inc. | 386,626 | 8,966 |
| Standex International Corp. | 119,391 | 8,732 |
* | PGT Innovations Inc. | 519,069 | 8,679 |
| Alamo Group Inc. | 86,027 | 8,597 |
* | TrueBlue Inc. | 372,717 | 8,222 |
| Lindsay Corp. | 96,896 | 7,966 |
| Astec Industries Inc. | 242,003 | 7,880 |
| Heartland Express Inc. | 420,330 | 7,595 |
| Quanex Building Products Corp. | 392,546 | 7,415 |
| Kelly Services Inc. Class A | 279,173 | 7,312 |
| ArcBest Corp. | 248,982 | 6,999 |
| Multi-Color Corp. | 138,812 | 6,936 |
| Marten Transport Ltd. | 364,837 | 6,622 |
* | MYR Group Inc. | 177,019 | 6,612 |
* | Aegion Corp. Class A | 332,228 | 6,113 |
* | GMS Inc. | 274,805 | 6,046 |
* | DXP Enterprises Inc. | 157,463 | 5,966 |
| Resources Connection Inc. | 350,247 | 5,607 |
| Griffon Corp. | 331,333 | 5,606 |
* | Echo Global Logistics Inc. | 263,225 | 5,494 |
| Heidrick & Struggles International Inc. | 177,775 | 5,328 |
| Forrester Research Inc. | 112,916 | 5,310 |
| National Presto Industries Inc. | 52,093 | 4,860 |
* | Team Inc. | 306,697 | 4,699 |
* | Vicor Corp. | 145,333 | 4,513 |
| Insteel Industries Inc. | 200,312 | 4,171 |
| Powell Industries Inc. | 102,608 | 3,899 |
| Titan International Inc. | 583,727 | 2,854 |
| Briggs & Stratton Corp. | 271,657 | 2,782 |
| Pitney Bowes Inc. | 621,384 | 2,660 |
* | Lydall Inc. | 130,524 | 2,637 |
| RR Donnelley & Sons Co. | 734,442 | 1,447 |
* | Veritiv Corp. | 24,616 | 478 |
|
|
| 1,278,119 |
Information Technology (14.5%) |
|
| |
* | Rogers Corp. | 165,650 | 28,588 |
| Cabot Microelectronics Corp. | 245,669 | 27,043 |
* | Viavi Solutions Inc. | 1,937,997 | 25,756 |
* | Qualys Inc. | 293,896 | 25,592 |
| Brooks Automation Inc. | 647,231 | 25,080 |
* | SolarEdge Technologies Inc. | 393,738 | 24,593 |
* | Finisar Corp. | 1,022,300 | 23,380 |
| Power Integrations Inc. | 264,607 | 21,216 |
* | 8x8 Inc. | 844,858 | 20,361 |
* | II-VI Inc. | 551,795 | 20,174 |
* | ExlService Holdings Inc. | 276,984 | 18,317 |
* | Itron Inc. | 291,874 | 18,263 |
* | Insight Enterprises Inc. | 305,345 | 17,771 |
* | Sanmina Corp. | 584,495 | 17,699 |
* | OSI Systems Inc. | 153,442 | 17,282 |
* | Advanced Energy Industries Inc. | 305,403 | 17,185 |
| Progress Software Corp. | 387,185 | 16,889 |
| EVERTEC Inc. | 504,367 | 16,493 |
* | Alarm.com Holdings Inc. | 307,213 | 16,436 |
* | Fabrinet | 327,799 | 16,282 |
* | SPS Commerce Inc. | 157,443 | 16,092 |
* | Plexus Corp. | 262,163 | 15,302 |
| Badger Meter Inc. | 253,052 | 15,105 |
* | Knowles Corp. | 808,041 | 14,795 |
* | LivePerson Inc. | 526,131 | 14,753 |
* | Anixter International Inc. | 246,474 | 14,717 |
* | Bottomline Technologies DE Inc. | 326,699 | 14,453 |
| ManTech International Corp. Class A | 218,132 | 14,364 |
| Kulicke & Soffa Industries Inc. | 636,951 | 14,363 |
| CSG Systems International Inc. | 281,528 | 13,747 |
* | MaxLinear Inc. | 577,896 | 13,546 |
* | Diodes Inc. | 359,507 | 13,075 |
* | Rambus Inc. | 1,056,297 | 12,718 |
* | Cray Inc. | 359,201 | 12,507 |
* | Electronics For Imaging Inc. | 315,697 | 11,652 |
* | FormFactor Inc. | 709,516 | 11,118 |
* | MicroStrategy Inc. Class A | 75,739 | 10,854 |
| KEMET Corp. | 576,556 | 10,845 |
* | Cardtronics plc Class A | 392,998 | 10,737 |
* | Virtusa Corp. | 233,825 | 10,389 |
* | Perficient Inc. | 292,323 | 10,033 |
| Methode Electronics Inc. | 346,996 | 9,914 |
| Ebix Inc. | 197,187 | 9,903 |
Tax-Managed Small-Cap Fund
|
|
| Market |
|
|
| Value· |
|
| Shares | ($000) |
| Benchmark Electronics Inc. | 393,123 | 9,875 |
| MTS Systems Corp. | 165,591 | 9,692 |
| NIC Inc. | 591,578 | 9,489 |
* | Rudolph Technologies Inc. | 334,012 | 9,229 |
* | Sykes Enterprises Inc. | 334,954 | 9,198 |
* | TTM Technologies Inc. | 900,181 | 9,182 |
| Xperi Corp. | 423,904 | 8,728 |
| CTS Corp. | 303,272 | 8,364 |
* | FARO Technologies Inc. | 157,515 | 8,282 |
* | Nanometrics Inc. | 232,537 | 8,071 |
* | ePlus Inc. | 115,386 | 7,955 |
* | ScanSource Inc. | 234,336 | 7,630 |
* | Diebold Nixdorf Inc. | 828,583 | 7,590 |
* | NETGEAR Inc. | 290,669 | 7,351 |
* | Extreme Networks Inc. | 1,131,820 | 7,323 |
| ADTRAN Inc. | 466,562 | 7,115 |
| Comtech Telecommunications Corp. | 241,930 | 6,801 |
| Monotype Imaging Holdings Inc. | 385,291 | 6,488 |
* | Ultra Clean Holdings Inc. | 462,226 | 6,434 |
* | Photronics Inc. | 779,609 | 6,393 |
| Cohu Inc. | 414,023 | 6,388 |
* | Ichor Holdings Ltd. | 260,656 | 6,162 |
* | CEVA Inc. | 237,317 | 5,779 |
| TTEC Holdings Inc. | 120,012 | 5,591 |
* | Axcelis Technologies Inc. | 360,032 | 5,418 |
* | Control4 Corp. | 216,961 | 5,153 |
* | Digi International Inc. | 384,990 | 4,882 |
* | Unisys Corp. | 459,858 | 4,470 |
* | Harmonic Inc. | 803,284 | 4,458 |
| Park Electrochemical Corp. | 265,915 | 4,438 |
* | Agilysys Inc. | 203,650 | 4,372 |
* | PDF Solutions Inc. | 324,500 | 4,257 |
* | DSP Group Inc. | 296,065 | 4,251 |
* | Veeco Instruments Inc. | 344,000 | 4,204 |
* | OneSpan Inc. | 296,186 | 4,197 |
* | 3D Systems Corp. | 449,847 | 4,094 |
| Daktronics Inc. | 500,799 | 3,090 |
* | SMART Global Holdings Inc. | 127,847 | 2,939 |
| Bel Fuse Inc. Class B | 143,477 | 2,464 |
* | CalAmp Corp. | 185,237 | 2,164 |
* | Arlo Technologies Inc. | 351,551 | 1,410 |
* | Kopin Corp. | 238,424 | 260 |
* | Applied Optoelectronics Inc. | 25 | — |
|
|
| 961,013 |
Materials (4.2%) |
|
| |
| Balchem Corp. | 264,040 | 26,396 |
| Quaker Chemical Corp. | 110,600 | 22,439 |
| HB Fuller Co. | 432,308 | 20,059 |
| Innospec Inc. | 208,490 | 19,023 |
| Stepan Co. | 168,861 | 15,520 |
| Kaiser Aluminum Corp. | 143,350 | 13,992 |
| Materion Corp. | 178,538 | 12,107 |
* | Ferro Corp. | 752,500 | 11,890 |
| Boise Cascade Co. | 396,782 | 11,154 |
| Neenah Inc. | 161,080 | 10,881 |
* | AK Steel Holding Corp. | 4,301,890 | 10,195 |
* | Kraton Corp. | 315,853 | 9,814 |
| Schweitzer-Mauduit International Inc. | 268,329 | 8,903 |
* | US Concrete Inc. | 162,005 | 8,050 |
* | AdvanSix Inc. | 281,237 | 6,871 |
| Mercer International Inc. | 443,198 | 6,856 |
* | Koppers Holdings Inc. | 212,413 | 6,236 |
* | SunCoke Energy Inc. | 666,185 | 5,916 |
| Hawkins Inc. | 127,612 | 5,540 |
* | Century Aluminum Co. | 781,877 | 5,403 |
| Myers Industries Inc. | 276,140 | 5,321 |
| Innophos Holdings Inc. | 174,927 | 5,092 |
| Tredegar Corp. | 270,145 | 4,490 |
| Haynes International Inc. | 136,694 | 4,348 |
| American Vanguard Corp. | 266,729 | 4,110 |
| FutureFuel Corp. | 333,304 | 3,896 |
| PH Glatfelter Co. | 224,768 | 3,794 |
* | TimkenSteel Corp. | 279,550 | 2,273 |
| Olympic Steel Inc. | 158,450 | 2,163 |
* | Clearwater Paper Corp. | 90,658 | 1,676 |
| Rayonier Advanced Materials Inc. | 217,463 | 1,411 |
* | LSB Industries Inc. | 203,062 | 792 |
*,§ | A Schulman Inc. CVR | 252,331 | 109 |
* | Livent Corp. | 68 | — |
|
|
| 276,720 |
Other (4.1%) |
|
| |
1 | Vanguard Real Estate ETF | 3,100,000 | 270,940 |
|
|
|
|
Real Estate (3.7%) |
|
| |
| HFF Inc. Class A | 355,141 | 16,152 |
| Xenia Hotels & Resorts Inc. | 569,940 | 11,883 |
| DiamondRock Hospitality Co. | 1,116,993 | 11,550 |
| Agree Realty Corp. | 167,290 | 10,715 |
| Acadia Realty Trust | 363,140 | 9,939 |
| Kite Realty Group Trust | 655,365 | 9,916 |
Tax-Managed Small-Cap Fund
|
|
| Market |
|
|
| Value· |
|
| Shares | ($000) |
| Washington REIT | 355,978 | 9,515 |
| CareTrust REIT Inc. | 395,482 | 9,405 |
| Lexington Realty Trust | 931,296 | 8,763 |
| Retail Opportunity Investments Corp. | 507,501 | 8,693 |
| Four Corners Property Trust Inc. | 304,248 | 8,315 |
| LTC Properties Inc. | 176,752 | 8,070 |
| American Assets Trust Inc. | 168,563 | 7,943 |
| Chesapeake Lodging Trust | 270,583 | 7,690 |
| Global Net Lease Inc. | 373,200 | 7,322 |
| National Storage Affiliates Trust | 252,452 | 7,306 |
| Realogy Holdings Corp. | 887,414 | 6,425 |
| Office Properties Income Trust | 214,000 | 5,622 |
| Innovative Industrial Properties Inc. | 43,500 | 5,375 |
| Summit Hotel Properties Inc. | 466,568 | 5,351 |
| Easterly Government Properties Inc. | 271,100 | 4,910 |
| Universal Health Realty Income Trust | 56,347 | 4,786 |
| RE/MAX Holdings Inc. Class A | 153,178 | 4,712 |
| Getty Realty Corp. | 151,057 | 4,646 |
| Independence Realty Trust Inc. | 397,352 | 4,597 |
| RPT Realty | 356,835 | 4,321 |
* | Marcus & Millichap Inc. | 135,690 | 4,186 |
| Chatham Lodging Trust | 207,291 | 3,912 |
| iStar Inc. | 303,400 | 3,768 |
| Armada Hoffler Properties Inc. | 220,535 | 3,650 |
| NorthStar Realty Europe Corp. | 221,700 | 3,642 |
| Franklin Street Properties Corp. | 477,200 | 3,522 |
| Washington Prime Group Inc. | 828,000 | 3,163 |
| Community Healthcare Trust Inc. | 79,200 | 3,121 |
| Saul Centers Inc. | 51,534 | 2,893 |
| Urstadt Biddle Properties Inc. Class A | 133,120 | 2,795 |
| Hersha Hospitality Trust Class A | 160,499 | 2,655 |
| Whitestone REIT | 177,056 | 2,247 |
| Pennsylvania REIT | 287,944 | 1,872 |
| Cedar Realty Trust Inc. | 383,466 | 1,016 |
| CBL & Associates Properties Inc. | 771,900 | 803 |
|
|
| 247,167 |
Utilities (2.1%) |
|
| |
| South Jersey Industries Inc. | 829,902 | 27,993 |
| Avista Corp. | 587,977 | 26,224 |
| El Paso Electric Co. | 380,060 | 24,856 |
| American States Water Co. | 313,012 | 23,551 |
| California Water Service Group | 416,975 | 21,111 |
| Northwest Natural Holding Co. | 257,814 | 17,918 |
|
|
| 141,653 |
Total Common Stocks |
| 6,620,678 | |
Temporary Cash Investments (0.1%) |
|
| |
Money Market Fund (0.1%) |
|
| |
2 | Vanguard Market Liquidity Fund, 2.499% | 70,875 | 7,089 |
|
| Face |
| |
|
| Amount |
| |
|
|
| ($000) |
|
U.S. Government and Agency Obligations (0.0%) |
|
| ||
3 | United States Treasury Bill, 2.135%, 11/14/19 | 700 | 695 | |
Total Temporary Cash Investments |
| 7,784 | ||
Total Investments (100.2%) |
| 6,628,462 | ||
Other Assets and Liabilities (-0.2%) |
|
| ||
Other Assets |
| 313,334 | ||
Liabilities |
| (323,328) | ||
|
| (9,994) | ||
Net Assets (100%) |
| 6,618,468 | ||
Tax-Managed Small-Cap Fund
|
|
| Amount |
|
|
| ($000) |
Statement of Assets and Liabilities |
|
| |
Assets |
|
| |
Investments in Securities, at Value |
|
| |
Unaffiliated Issuers |
| 6,350,433 | |
Affiliated Issuers |
| 278,029 | |
Total Investments in Securities |
| 6,628,462 | |
Investment in Vanguard |
| 311 | |
Receivables for Investment Securities Sold |
| 304,139 | |
Receivable for Accrued Income |
| 6,425 | |
Receivables for Capital Shares Issued |
| 2,033 | |
Variation Margin Receivable—Futures Contracts |
| 426 | |
Total Assets |
| 6,941,796 | |
Liabilities |
|
| |
Payables for Investment Securities Purchased |
| 319,797 | |
Payables for Capital Shares Redeemed |
| 1,898 | |
Payables to Vanguard |
| 1,493 | |
Other Liabilities |
| 140 | |
Total Liabilities |
| 323,328 | |
Net Assets |
| 6,618,468 |
At June 30, 2019, net assets consisted of:
|
|
| Amount |
|
|
| ($000) |
Paid-in Capital |
| 5,158,529 | |
Total Distributable Earnings (Loss) |
| 1,459,939 | |
Net Assets |
| 6,618,468 | |
|
|
| |
Admiral Shares—Net Assets |
|
| |
Applicable to 96,291,721 outstanding $.001 par value shares of beneficial interest (unlimited authorization) |
| 6,081,905 | |
Net Asset Value Per Share—Admiral Shares |
| $63.16 | |
|
|
| |
Institutional Shares—Net Assets |
|
| |
Applicable to 8,475,732 outstanding $.001 par value shares of beneficial interest (unlimited authorization) |
| 536,563 | |
Net Asset Value Per Share—Institutional Shares |
| $63.31 |
· See Note A in Notes to Financial Statements.
* Non-income-producing security.
§ Security value determined using significant unobservable inputs.
1 Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group.
2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
3 Securities with a value of $695,000 have been segregated as initial margin for recently closed futures contracts.
CVR—Contingent Value Rights.
REIT—Real Estate Investment Trust.
See accompanying Notes, which are an integral part of the Financial Statements.
Tax-Managed Small-Cap Fund
Statement of Operations
|
| Six Months Ended |
|
|
| June 30, 2019 |
|
|
| ($000 | ) |
Investment Income |
|
|
|
Income |
|
|
|
Dividends—Unaffiliated Issuers |
| 40,491 |
|
Dividends—Affiliated Issuers |
| — |
|
Interest—Unaffiliated Issuers |
| 17 |
|
Interest—Affiliated Issuers |
| 216 |
|
Total Income |
| 40,724 |
|
Expenses |
|
|
|
The Vanguard Group—Note B |
|
|
|
Investment Advisory Services |
| 798 |
|
Management and Administrative—Admiral Shares |
| 1,736 |
|
Management and Administrative—Institutional Shares |
| 82 |
|
Marketing and Distribution—Admiral Shares |
| 131 |
|
Marketing and Distribution—Institutional Shares |
| 6 |
|
Custodian Fees |
| 11 |
|
Shareholders’ Reports—Admiral Shares |
| 55 |
|
Shareholders’ Reports—Institutional Shares |
| 3 |
|
Trustees’ Fees and Expenses |
| 2 |
|
Total Expenses |
| 2,824 |
|
Net Investment Income |
| 37,900 |
|
Realized Net Gain (Loss) |
|
|
|
Investment Securities Sold—Unaffiliated Issuers1 |
| (69,356 | ) |
Investment Securities Sold—Affiliated Issuers |
| 26,552 |
|
Futures Contracts |
| 2,120 |
|
Realized Net Gain (Loss) |
| (40,684 | ) |
Change in Unrealized Appreciation (Depreciation) |
|
|
|
Investment Securities—Unaffiliated Issuers |
| 793,612 |
|
Investment Securities—Affiliated Issuers |
| 16,757 |
|
Futures Contracts |
| (15 | ) |
Change in Unrealized Appreciation (Depreciation) |
| 810,354 |
|
Net Increase (Decrease) in Net Assets Resulting from Operations |
| 807,570 |
|
1 Includes $145,222,000 of net gain (loss) resulting from in-kind redemptions; such gain (loss) is not taxable to the fund.
See accompanying Notes, which are an integral part of the Financial Statements.
Tax-Managed Small-Cap Fund
Statement of Changes in Net Assets
|
| Six Months Ended |
| Year Ended |
|
|
| June 30, |
| December 31, |
|
|
| 2019 |
| 2018 |
|
|
| ($000) |
| ($000 | ) |
Increase (Decrease) in Net Assets |
|
|
|
|
|
Operations |
|
|
|
|
|
Net Investment Income |
| 37,900 |
| 73,612 |
|
Realized Net Gain (Loss) |
| (40,684) |
| 428,399 |
|
Change in Unrealized Appreciation (Depreciation) |
| 810,354 |
| (1,081,295 | ) |
Net Increase (Decrease) in Net Assets Resulting from Operations |
| 807,570 |
| (579,284 | ) |
Distributions |
|
|
|
|
|
Net Investment Income |
|
|
|
|
|
Admiral Shares |
| (28,891) |
| (65,529 | ) |
Institutional Shares |
| (2,626) |
| (6,002 | ) |
Realized Capital Gain |
|
|
|
|
|
Admiral Shares |
| — |
| — |
|
Institutional Shares |
| — |
| — |
|
Total Distributions |
| (31,517) |
| (71,531 | ) |
Capital Share Transactions |
|
|
|
|
|
Admiral Shares |
| 65,831 |
| 475,282 |
|
Institutional Shares |
| 40 |
| 32,704 |
|
Net Increase (Decrease) from Capital Share Transactions |
| 65,871 |
| 507,986 |
|
Total Increase (Decrease) |
| 841,924 |
| (142,829 | ) |
Net Assets |
|
|
|
|
|
Beginning of Period |
| 5,776,544 |
| 5,919,373 |
|
End of Period |
| 6,618,468 |
| 5,776,544 |
|
See accompanying Notes, which are an integral part of the Financial Statements.
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 |
| 2019 |
| 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
|
Net Asset Value, Beginning of Period |
| $55.70 |
| $61.63 |
| $55.16 |
| $44.37 |
| $45.78 |
| $43.53 |
|
Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income |
| .3611 |
| .7371 |
| .6661 |
| .558 |
| .556 |
| .463 |
|
Net Realized and Unrealized Gain (Loss) on Investments |
| 7.399 |
| (5.965 | ) | 6.486 |
| 10.788 |
| (1.406 | ) | 2.242 |
|
Total from Investment Operations |
| 7.760 |
| (5.228 | ) | 7.152 |
| 11.346 |
| (.850 | ) | 2.705 |
|
Distributions |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from Net Investment Income |
| (.300 | ) | (.702 | ) | (.664 | ) | (.556 | ) | (.560 | ) | (.455 | ) |
Distributions from Realized Capital Gains |
| — |
| — |
| — |
| — |
| — |
| — |
|
Return of Capital |
| — |
| — |
| (.018 | ) | — |
| — |
| — |
|
Total Distributions |
| (.300 | ) | (.702 | ) | (.682 | ) | (.556 | ) | (.560 | ) | (.455 | ) |
Net Asset Value, End of Period |
| $63.16 |
| $55.70 |
| $61.63 |
| $55.16 |
| $44.37 |
| $45.78 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Return2 |
| 13.95% |
| -8.62% |
| 13.05% |
| 25.73% |
| -1.85% |
| 6.23% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets, End of Period (Millions) |
| $6,082 |
| $5,304 |
| $5,428 |
| $4,671 |
| $3,419 |
| $3,382 |
|
Ratio of Total Expenses to |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Net Assets |
| 0.09% |
| 0.09% |
| 0.09% |
| 0.09% |
| 0.11% |
| 0.12% |
|
Ratio of Net Investment Income to |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Net Assets |
| 1.20% |
| 1.13% |
| 1.17% |
| 1.19% |
| 1.21% |
| 1.06% |
|
Portfolio Turnover Rate3 |
| 53% |
| 29% |
| 37% |
| 45% |
| 33% |
| 40% |
|
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.
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 |
| 2019 |
| 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
|
Net Asset Value, Beginning of Period |
| $55.83 |
| $61.77 |
| $55.29 |
| $44.47 |
| $45.88 |
| $43.63 |
|
Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income |
| .3711 |
| .7551 |
| .6931 |
| .572 |
| .576 |
| .481 |
|
Net Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
on Investments |
| 7.418 |
| (5.972 | ) | 6.488 |
| 10.818 |
| (1.406 | ) | 2.242 |
|
Total from Investment Operations |
| 7.789 |
| (5.217 | ) | 7.181 |
| 11.390 |
| (.830 | ) | 2.723 |
|
Distributions |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from Net Investment Income |
| (.309 | ) | (.723 | ) | (.683 | ) | (.570 | ) | (.580 | ) | (.473 | ) |
Distributions from Realized Capital Gains |
| — |
| — |
| — |
| — |
| — |
| — |
|
Return of Capital |
| — |
| — |
| (.018 | ) | — |
| — |
| — |
|
Total Distributions |
| (.309 | ) | (.723 | ) | (.701 | ) | (.570 | ) | (.580 | ) | (.473 | ) |
Net Asset Value, End of Period |
| $63.31 |
| $55.83 |
| $61.77 |
| $55.29 |
| $44.47 |
| $45.88 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Return |
| 13.97% |
| -8.59% |
| 13.08% |
| 25.78% |
| -1.80% |
| 6.26% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets, End of Period (Millions) |
| $537 |
| $473 |
| $492 |
| $379 |
| $276 |
| $236 |
|
Ratio of Total Expenses to |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Net Assets |
| 0.06% |
| 0.06% |
| 0.06% |
| 0.06% |
| 0.07% |
| 0.08% |
|
Ratio of Net Investment Income to |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Net Assets |
| 1.23% |
| 1.16% |
| 1.20% |
| 1.22% |
| 1.25% |
| 1.10% |
|
Portfolio Turnover Rate2 |
| 53% |
| 29% |
| 37% |
| 45% |
| 33% |
| 40% |
|
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.
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. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been materially affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value. Temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.
2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any assets pledged as initial margin for open contracts are noted in the Statement of Net Assets.
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 Assets and Liabilities 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, 2019, 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, 2019.
Tax-Managed Small-Cap 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, 2015–2018), and for the period ended June 30, 2019, 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. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes.
5. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $4.3 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, 2019, 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 are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Assets and Liabilities. All other costs of operations payable to Vanguard are generally settled twice a month.
Tax-Managed Small-Cap Fund
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At June 30, 2019, the fund had contributed to Vanguard capital in the amount of $311,000, representing 0.00% of the fund’s net assets and 0.12% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments valued with significant unobservable inputs are noted on the Statement of Net Assets.
The following table summarizes the market value of the fund’s investments as of June 30, 2019, based on the inputs used to value them:
| Level 1 | Level 2 | Level 3 |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 6,620,569 | — | 109 |
Temporary Cash Investments | 7,089 | 695 | — |
Futures Contracts—Assets1 | 426 | — | — |
Total | 6,628,084 | 695 | 109 |
1 Represents variation margin on the last day of the reporting period for recently closed futures contracts.
D. As of June 30, 2019, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:
| Amount |
| ($000) |
Tax Cost | 4,713,046 |
Gross Unrealized Appreciation | 2,156,706 |
Gross Unrealized Depreciation | (241,290) |
Net Unrealized Appreciation (Depreciation) | 1,915,416 |
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, 2018, the fund had available capital losses totaling $275,749,000 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, 2019; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
Tax-Managed Small-Cap Fund
E. During the six months ended June 30, 2019, the fund purchased $2,042,132,000 of investment securities and sold $1,956,201,000 of investment securities, other than temporary cash investments. Purchases and sales include $0 and $259,439,000, 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, 2019 |
| December 31, 2018 | ||
| Amount | Shares |
| Amount | Shares |
| ($000) | (000) |
| ($000) | (000) |
Admiral Shares |
|
|
|
|
|
Issued | 653,854 | 10,492 |
| 2,059,002 | 31,843 |
Issued in Lieu of Cash Distributions | 21,630 | 353 |
| 49,218 | 775 |
Redeemed | (609,653) | (9,770) |
| (1,632,938) | (25,466) |
Net Increase (Decrease)—Admiral Shares | 65,831 | 1,075 |
| 475,282 | 7,152 |
Institutional Shares |
|
|
|
|
|
Issued | 19,179 | 312 |
| 56,034 | 873 |
Issued in Lieu of Cash Distributions | 1,617 | 26 |
| 3,754 | 59 |
Redeemed | (20,756) | (330) |
| (27,084) | (424) |
Net Increase (Decrease)—Institutional Shares | 40 | 8 |
| 32,704 | 508 |
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, |
| 2018 |
| from | Net | Change in |
| Capital Gain | 2019 |
| 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 | 4,008 | NA1 | NA1 | 3 | — | 216 | — | 7,089 |
Vanguard Real Estate ETF | 253,538 | 635,084 | 660,988 | 26,549 | 16,757 | — | — | 270,940 |
Total | 257,546 |
|
| 26,552 | 16,757 | 216 | — | 278,029 |
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, 2019, that would require recognition or disclosure in these financial statements.
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.
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.
The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.
The benefit of economies of scale
The board concluded that each fund’s 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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| |
|
|
| P.O. Box 2600 |
| Valley Forge, PA 19482-2600 |
Connect with Vanguard® > vanguard.com
Fund Information > 800-662-7447
Direct Investor Account Services > 800-662-2739
Institutional Investor Services > 800-523-1036
Text Telephone for People
Who Are Deaf or Hard of Hearing > 800-749-7273
This material may be used in conjunction with the offering of shares of any Vanguard fund only if preceded or accompanied by the fund’s current prospectus.
You can obtain a free copy of Vanguard’s proxy voting guidelines by visiting vanguard.com/proxyreporting or by calling Vanguard at 800-662-2739. The guidelines are also available from the SEC’s website, sec.gov. In addition, you may obtain a free report on how your fund voted the proxies for securities it owned during the 12 months ended June 30. To get the report, visit either vanguard.com/proxyreporting or sec.gov.
You can review information about your fund on the SEC’s website, and you can receive copies of this information, for a fee, by sending a request via email addressed to publicinfo@sec.gov.
| © 2019 The Vanguard Group, Inc. |
| All rights reserved. |
| Vanguard Marketing Corporation, Distributor. |
|
|
| Q1032 082019 |
Semiannual Report | June 30, 2019
Vanguard Developed Markets Index Fund
|
See the inside front cover for important information about access to your fund’s annual and semiannual shareholder reports.
|
Important information about access to shareholder reports
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your fund’s annual and semiannual shareholder reports will no longer be sent to you by mail, unless you specifically request them. Instead, you will be notified by mail each time a report is posted on the website and will be provided with a link to access the report.
If you have already elected to receive shareholder reports electronically, you will not be affected by this change and do not need to take any action. You may elect to receive shareholder reports and other communications from the fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you invest directly with the fund, by calling Vanguard at one of the phone numbers on the back cover of this report or by logging on to vanguard.com.
You may elect to receive paper copies of all future shareholder reports free of charge. If you invest through a financial intermediary, you can contact the intermediary to request that you continue to receive paper copies. If you invest directly with the fund, you can call Vanguard at one of the phone numbers on the back cover of this report or log on to vanguard.com. Your election to receive paper copies will apply to all the funds you hold through an intermediary or directly with Vanguard.
Contents |
|
About Your Fund’s Expenses | 1 |
Financial Statements | 4 |
Trustees Approve Advisory Arrangement | 25 |
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.
Six Months Ended June 30, 2019 |
|
|
|
Developed Markets Index Fund | Beginning | Ending | Expenses |
Based on Actual Fund Return |
|
|
|
Investor Shares | $1,000.00 | $1,137.64 | $0.85 |
FTSE Developed Markets ETF Shares | 1,000.00 | 1,138.07 | 0.27 |
Admiral™ Shares | 1,000.00 | 1,137.61 | 0.37 |
Institutional Shares | 1,000.00 | 1,138.48 | 0.27 |
Institutional Plus Shares | 1,000.00 | 1,138.11 | 0.21 |
Based on Hypothetical 5% Yearly Return |
|
|
|
Investor Shares | $1,000.00 | $1,024.00 | $0.80 |
FTSE Developed Markets ETF Shares | 1,000.00 | 1,024.55 | 0.25 |
Admiral Shares | 1,000.00 | 1,024.45 | 0.35 |
Institutional Shares | 1,000.00 | 1,024.55 | 0.25 |
Institutional Plus Shares | 1,000.00 | 1,024.60 | 0.20 |
The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for that period are 0.16% for Investor Shares, 0.05% for FTSE Developed Markets ETF Shares, 0.07% for Admiral Shares, 0.05% for Institutional Shares, and 0.04% for Institutional Plus Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (181/365).
Developed Markets Index Fund
Sector Diversification
As of June 30, 2019
Basic Materials |
| 7.0 | % |
Consumer Goods |
| 16.2 |
|
Consumer Services |
| 8.1 |
|
Financials |
| 23.4 |
|
Health Care |
| 9.9 |
|
Industrials |
| 16.2 |
|
Oil & Gas |
| 6.3 |
|
Technology |
| 6.3 |
|
Telecommunications |
| 3.3 |
|
Utilities |
| 3.3 |
|
The table reflects the fund’s equity exposure, based on its investments in stocks and stock index futures. Any holdings in short-term reserves are excluded. 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.
Developed Markets Index Fund
Financial Statements (unaudited)
Statement of Net Assets—Investments Summary
As of June 30, 2019
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 files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
|
|
|
|
| Market |
| Percentage |
|
|
|
|
| Value· |
| of Net |
|
|
| Shares |
| ($000 | ) | Assets |
Common Stocks |
|
|
|
|
|
| |
Australia |
|
|
|
|
|
| |
| Commonwealth Bank of Australia |
| 10,838,219 |
| 630,665 |
| 0.5% |
| BHP Group Ltd. |
| 18,033,787 |
| 524,220 |
| 0.5% |
| Westpac Banking Corp. |
| 21,102,999 |
| 420,591 |
| 0.4% |
| CSL Ltd. |
| 2,769,858 |
| 419,426 |
| 0.4% |
| Australia & New Zealand Banking Group Ltd. |
| 17,346,302 |
| 344,315 |
| 0.3% |
§,1 | Australia—Other † |
|
|
| 4,970,914 |
| 4.3% |
|
|
|
|
| 7,310,131 |
| 6.4% |
|
|
|
|
|
|
|
|
§,1Austria † |
|
|
| 310,585 |
| 0.3% | |
|
|
|
|
|
|
|
|
Belgium |
|
|
|
|
|
| |
| Anheuser-Busch InBev SA/NV |
| 4,711,742 |
| 416,944 |
| 0.4% |
| Belgium—Other † |
|
|
| 682,141 |
| 0.6% |
|
|
|
|
| 1,099,085 |
| 1.0% |
Canada |
|
|
|
|
|
| |
| Royal Bank of Canada |
| 8,834,947 |
| 702,114 |
| 0.6% |
| Toronto-Dominion Bank |
| 11,285,539 |
| 659,440 |
| 0.6% |
| Enbridge Inc. |
| 12,113,066 |
| 437,515 |
| 0.4% |
| Canadian National Railway Co. (Toronto Shares) |
| 4,438,483 |
| 410,785 |
| 0.4% |
| Bank of Nova Scotia |
| 7,542,888 |
| 405,152 |
| 0.3% |
§,1 | Canada—Other † |
|
|
| 7,446,086 |
| 6.5% |
|
|
|
|
| 10,061,092 |
| 8.8% |
Denmark |
|
|
|
|
|
| |
| Novo Nordisk A/S Class B |
| 10,114,983 |
| 516,645 |
| 0.4% |
1 | Denmark—Other † |
|
|
| 1,148,332 |
| 1.0% |
|
|
|
|
| 1,664,977 |
| 1.4% |
|
|
|
|
|
|
| |
Finland † |
|
|
| 1,212,484 |
| 1.1% |
Developed Markets Index Fund
|
|
|
|
| Market |
| Percentage |
|
|
|
|
| Value· |
| of Net |
|
|
| Shares |
| ($000 | ) | Assets |
France |
|
|
|
|
|
| |
| TOTAL SA |
| 14,762,877 |
| 828,106 |
| 0.7% |
| LVMH Moet Hennessy Louis Vuitton SE |
| 1,523,143 |
| 647,527 |
| 0.6% |
| Sanofi |
| 6,631,607 |
| 573,119 |
| 0.5% |
| Airbus SE |
| 3,367,630 |
| 476,592 |
| 0.4% |
1 | France—Other † |
|
|
| 7,288,635 |
| 6.3% |
|
|
|
|
| 9,813,979 |
| 8.5% |
Germany |
|
|
|
|
|
| |
| SAP SE |
| 5,926,319 |
| 812,450 |
| 0.7% |
| Allianz SE |
| 2,581,709 |
| 622,647 |
| 0.5% |
| Siemens AG |
| 4,632,975 |
| 551,580 |
| 0.5% |
| BASF SE |
| 5,602,567 |
| 407,582 |
| 0.4% |
| Bayer AG |
| 5,712,788 |
| 396,241 |
| 0.3% |
| adidas AG |
| 1,196,352 |
| 370,116 |
| 0.3% |
| Deutsche Telekom AG |
| 19,724,636 |
| 341,722 |
| 0.3% |
1 | Germany—Other † |
|
|
| 4,800,596 |
| 4.2% |
|
|
|
|
| 8,302,934 |
| 7.2% |
Hong Kong |
|
|
|
|
|
| |
| AIA Group Ltd. |
| 74,020,720 |
| 799,343 |
| 0.7% |
| Hang Seng Bank Ltd. |
| 4,427,650 |
| 110,206 |
| 0.1% |
| Canvest Environmental Protection Group Co. Ltd. |
| 4,505,821 |
| 2,109 |
| 0.0% |
§,1 | Hong Kong—Other † |
|
|
| 3,001,946 |
| 2.6% |
|
|
|
|
| 3,913,604 |
| 3.4% |
|
|
|
|
|
|
| |
§Ireland † |
|
|
| 298,136 |
| 0.3% | |
|
|
|
|
|
|
|
|
Israel † |
|
|
| 501,825 |
| 0.4% | |
|
|
|
|
|
|
|
|
Italy |
|
|
|
|
|
| |
| Enel SPA |
| 47,517,232 |
| 331,468 |
| 0.3% |
1 | Italy—Other † |
|
|
| 2,163,460 |
| 1.9% |
|
|
|
|
| 2,494,928 |
| 2.2% |
Japan |
|
|
|
|
|
| |
| Toyota Motor Corp. |
| 15,255,538 |
| 946,817 |
| 0.8% |
| SoftBank Group Corp. |
| 10,425,716 |
| 502,158 |
| 0.4% |
| Sony Corp. |
| 7,651,227 |
| 402,072 |
| 0.3% |
| Mitsubishi UFJ Financial Group Inc. |
| 76,309,679 |
| 363,461 |
| 0.3% |
| Keyence Corp. |
| 551,111 |
| 339,883 |
| 0.3% |
| Chugai Pharmaceutical Co. Ltd. |
| 1,323,588 |
| 86,685 |
| 0.1% |
| Japan—Other † |
|
|
| 21,635,338 |
| 18.9% |
|
|
|
|
| 24,276,414 |
| 21.1% |
|
|
|
|
|
|
| |
Mexico † |
|
|
| 6,329 |
| 0.0% | |
|
|
|
|
|
|
|
|
Netherlands |
|
|
|
|
|
| |
| Unilever NV |
| 8,876,373 |
| 539,312 |
| 0.5% |
| ASML Holding NV |
| 2,415,634 |
| 502,669 |
| 0.4% |
1 | Netherlands—Other † |
|
|
| 2,243,096 |
| 2.0% |
|
|
|
|
| 3,285,077 |
| 2.9% |
Developed Markets Index Fund
|
|
|
|
| Market |
| Percentage |
|
|
|
|
| Value· |
| of Net |
|
|
| Shares |
| ($000 | ) | Assets |
New Zealand † |
|
|
| 390,228 |
| 0.3% | |
|
|
|
|
|
|
|
|
1Norway † |
|
|
| 859,006 |
| 0.7% | |
|
|
|
|
|
|
|
|
1Poland † |
|
|
| 408,765 |
| 0.4% | |
|
|
|
|
|
|
|
|
Portugal † |
|
|
| 186,919 |
| 0.2% | |
|
|
|
|
|
|
|
|
§Singapore † |
|
|
| 1,390,729 |
| 1.2% | |
|
|
|
|
|
|
|
|
South Korea |
|
|
|
|
|
| |
| Samsung Electronics Co. Ltd. |
| 26,748,231 |
| 1,089,197 |
| 0.9% |
| Samsung Electronics Co. Ltd. Preference Shares |
| 4,259,138 |
| 141,252 |
| 0.1% |
| Samsung Electronics Co. Ltd. GDR |
| 107,990 |
| 109,856 |
| 0.1% |
| Hankook Shell Oil Co. Ltd. |
| 3,941 |
| 1,138 |
| 0.0% |
§,1 | South Korea—Other † |
|
|
| 3,399,868 |
| 3.0% |
|
|
|
|
| 4,741,311 |
| 4.1% |
Spain |
|
|
|
|
|
| |
| Banco Santander SA |
| 98,178,555 |
| 455,024 |
| 0.4% |
* | Iberdrola SA |
| 37,237,289 |
| 370,741 |
| 0.3% |
1 | Spain—Other † |
|
|
| 2,009,253 |
| 1.8% |
|
|
|
|
| 2,835,018 |
| 2.5% |
|
|
|
|
|
|
|
|
1Sweden † |
|
|
| 2,883,171 |
| 2.5% | |
|
|
|
|
|
|
|
|
Switzerland |
|
|
|
|
|
| |
| Nestle SA |
| 18,210,061 |
| 1,885,146 |
| 1.7% |
| Novartis AG |
| 13,348,541 |
| 1,218,612 |
| 1.1% |
| Roche Holding AG |
| 4,242,108 |
| 1,192,829 |
| 1.0% |
| Roche Holding AG (Bearer) |
| 172,549 |
| 48,391 |
| 0.0% |
1 | Switzerland—Other † |
|
|
| 4,167,072 |
| 3.6% |
|
|
|
|
| 8,512,050 |
| 7.4% |
United Kingdom |
|
|
|
|
|
| |
| HSBC Holdings plc |
| 123,863,492 |
| 1,033,801 |
| 0.9% |
| Royal Dutch Shell plc Class A |
| 26,794,963 |
| 874,526 |
| 0.8% |
| BP plc |
| 121,881,199 |
| 849,121 |
| 0.7% |
| Royal Dutch Shell plc Class B |
| 22,910,936 |
| 750,718 |
| 0.6% |
| AstraZeneca plc |
| 8,031,325 |
| 656,577 |
| 0.6% |
| Diageo plc |
| 14,283,597 |
| 614,772 |
| 0.5% |
| GlaxoSmithKline plc |
| 29,988,440 |
| 601,116 |
| 0.5% |
| British American Tobacco plc |
| 13,607,952 |
| 475,136 |
| 0.4% |
| Rio Tinto plc |
| 6,728,929 |
| 416,476 |
| 0.4% |
| Unilever plc |
| 6,663,265 |
| 413,625 |
| 0.4% |
| Prudential plc |
| 15,904,312 |
| 347,208 |
| 0.3% |
| BHP Group plc |
| 12,722,120 |
| 325,361 |
| 0.3% |
§,1 | United Kingdom—Other † |
|
|
| 9,249,955 |
| 8.1% |
|
|
|
|
| 16,608,392 |
| 14.5% |
Total Common Stocks (Cost $102,821,192) |
|
|
| 113,367,169 |
| 98.8%2 |
Developed Markets Index Fund
|
|
|
| Market | Percentage |
|
|
|
| Value· | of Net |
|
| Coupon | Shares | ($000) | Assets |
§Preferred Stocks (Cost $—) † |
|
| 257 | 0.0% | |
Temporary Cash Investments |
|
|
|
| |
Money Market Fund |
|
|
|
| |
3,4 | Vanguard Market Liquidity Fund | 2.499% | 31,981,939 | 3,198,834 | 2.8% |
|
|
|
|
| |
5U.S. Government and Agency Obligations † |
|
| 97,462 | 0.1% | |
Total Temporary Cash Investments (Cost $3,295,626) |
| 3,296,296 | 2.9%2 | ||
6Total Investments (Cost $106,116,818) |
|
| 116,663,722 | 101.7% | |
|
|
|
|
| |
|
|
| Amount |
| |
|
|
| ($000) |
| |
Other Assets and Liabilities |
|
|
|
| |
Other Assets |
|
|
|
| |
Investment in Vanguard |
|
| 5,462 |
| |
Receivables for Investment Securities Sold |
|
| 3,897 |
| |
Receivables for Accrued Income |
|
| 359,240 |
| |
Receivables for Capital Shares Issued |
|
| 65,945 |
| |
Variation Margin Receivable—Futures Contracts |
|
| 6,865 |
| |
Unrealized Appreciation—Forwards Currency Contracts |
|
| 15,035 |
| |
Other Assets7 |
|
| 45,246 |
| |
Total Other Assets |
|
| 501,690 | 0.4% | |
Liabilities |
|
|
|
| |
Payables for Investment Securities Purchased |
|
| (123,232) |
| |
Collateral for Securities on Loan |
|
| (2,156,974) |
| |
Payables for Capital Shares Redeemed |
|
| (92,556) |
| |
Payables to Vanguard |
|
| (14,758) |
| |
Variation Margin Payable—Futures Contracts |
|
| (980) |
| |
Unrealized Depreciation—Forwards Currency Contracts |
|
| (11,196) |
| |
Other Liabilities |
|
| (6,419) |
| |
Total Liabilities |
|
| (2,406,115) | (2.1%) | |
Net Assets |
|
| 114,759,297 | 100.0% |
Developed Markets Index Fund
At June 30, 2019, net assets consisted of:
|
| Amount |
|
|
| ($000 | ) |
Paid-in Capital |
| 106,364,590 |
|
Total Distributable Earnings (Loss) |
| 8,394,707 |
|
Net Assets |
| 114,759,297 |
|
|
|
|
|
Investor Shares—Net Assets |
|
|
|
Applicable to 62,689,940 outstanding $.001 par value shares of beneficial interest (unlimited authorization) |
| 650,522 |
|
Net Asset Value Per Share—Investor Shares |
| $10.38 |
|
|
|
|
|
ETF Shares—Net Assets |
|
|
|
Applicable to 1,740,021,237 outstanding $.001 par value shares of beneficial interest (unlimited authorization) |
| 72,536,128 |
|
Net Asset Value Per Share—ETF Shares |
| $41.69 |
|
|
|
|
|
Admiral Shares—Net Assets |
|
|
|
Applicable to 1,337,857,336 outstanding $.001 par value shares of beneficial interest (unlimited authorization) |
| 17,929,864 |
|
Net Asset Value Per Share—Admiral Shares |
| $13.40 |
|
|
|
|
|
Institutional Shares—Net Assets |
|
|
|
Applicable to 900,916,685 outstanding $.001 par value shares of beneficial interest (unlimited authorization) |
| 12,090,484 |
|
Net Asset Value Per Share—Institutional Shares |
| $13.42 |
|
|
|
|
|
Institutional Plus Shares—Net Assets |
|
|
|
Applicable to 550,727,874 outstanding $.001 par value shares of beneficial interest (unlimited authorization) |
| 11,552,299 |
|
Net Asset Value Per Share—Institutional Plus Shares |
| $20.98 |
|
· See Note A in Notes to Financial Statements.
* Non-income-producing security.
§ Certain of the fund’s securities are valued using significant unobservable inputs.
† 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, 2019, the aggregate value of these securities was $1,498,257,000, representing 1.3% of net assets.
2 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures investments, the fund’s effective common stock and temporary cash investment positions represent 100.0% and 1.7%, respectively, of net assets.
3 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
4 Includes $2,156,974,000 of collateral received for securities on loan.
5 Securities with a value of $67,703,000 have been segregated as initial margin for open futures contracts.
6 The total value of securities on loan is $2,043,031,000.
7 Cash of $6,837,000 has been segregated as collateral for open forward currency contracts.
GDR—Global Depositary Receipt.
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 2019 |
| 11,489 |
| 453,484 |
| 5,248 |
|
Topix Index | September 2019 |
| 2,449 |
| 352,552 |
| (85) |
|
FTSE 100 Index | September 2019 |
| 2,998 |
| 281,169 |
| 832 |
|
S&P/TSX 60 Index | September 2019 |
| 1,087 |
| 162,657 |
| 635 |
|
S&P ASX 200 Index | September 2019 |
| 1,273 |
| 146,484 |
| 1,263 |
|
|
|
|
|
|
|
| 7,893 |
|
Forward Currency Contracts |
|
|
|
|
|
|
|
|
|
| Contract |
|
|
|
|
|
|
| Unrealized |
| Unrealized |
|
| Settlement |
| Contract Amount (000) |
| Appreciation |
| (Depreciation | ) | |||||
Counterparty |
| Date |
| Receive |
| Deliver |
| ($000 | ) | ($000 | ) | ||
Morgan Stanley Capital Services LLC |
| 9/25/19 |
| EUR | 485,674 |
| USD | 549,741 |
| 6,356 |
| — |
|
Citibank, N.A. |
| 9/18/19 |
| JPY | 39,912,439 |
| USD | 370,472 |
| 1,939 |
| — |
|
Toronto-Dominion Bank |
| 9/24/19 |
| GBP | 246,444 |
| USD | 314,120 |
| 66 |
| — |
|
RBC Capital Markets, LLC |
| 7/2/19 |
| JPY | 25,751,400 |
| USD | 240,360 |
| — |
| (1,514 | ) |
Toronto-Dominion Bank |
| 9/25/19 |
| CAD | 212,468 |
| USD | 161,333 |
| 1,168 |
| — |
|
Morgan Stanley Capital Services LLC |
| 9/25/19 |
| AUD | 228,292 |
| USD | 157,255 |
| 3,436 |
| — |
|
JPMorgan Chase Bank, N.A. |
| 7/1/19 |
| JPY | 10,151,034 |
| USD | 93,883 |
| 269 |
| — |
|
Citibank, N.A. |
| 7/1/19 |
| JPY | 8,739,599 |
| USD | 81,199 |
| — |
| (138 | ) |
State Street Bank and Trust Company |
| 9/3/19 |
| CHF | 50,000 |
| USD | 51,715 |
| — |
| (183 | ) |
Toronto-Dominion Bank |
| 7/1/19 |
| EUR | 27,813 |
| USD | 31,644 |
| — |
| (17 | ) |
Citibank, N.A. |
| 7/1/19 |
| GBP | 19,179 |
| USD | 24,358 |
| — |
| (2 | ) |
Bank of America, N.A. |
| 7/1/19 |
| AUD | 35,335 |
| USD | 24,281 |
| 526 |
| — |
|
JPMorgan Chase Bank, N.A. |
| 9/24/19 |
| GBP | 15,172 |
| USD | 19,336 |
| 6 |
| — |
|
State Street Bank and Trust Company |
| 7/1/19 |
| CHF | 17,858 |
| USD | 18,201 |
| 92 |
| — |
|
Toronto-Dominion Bank |
| 7/1/19 |
| GBP | 12,582 |
| USD | 15,982 |
| — |
| (3 | ) |
State Street Bank and Trust Company |
| 7/2/19 |
| JPY | 1,284,000 |
| USD | 11,990 |
| — |
| (81 | ) |
Toronto-Dominion Bank |
| 7/1/19 |
| JPY | 709,000 |
| USD | 6,557 |
| 19 |
| — |
|
Citibank, N.A. |
| 7/1/19 |
| EUR | 3,818 |
| USD | 4,325 |
| 17 |
| — |
|
Bank of America, N.A. |
| 7/2/19 |
| CHF | 1,532 |
| USD | 1,562 |
| 7 |
| — |
|
RBC Capital Markets, LLC |
| 7/1/19 |
| JPY | 41,000 |
| USD | 383 |
| — |
| (2 | ) |
RBC Capital Markets, LLC |
| 7/1/19 |
| USD | 182,924 |
| JPY | 19,599,633 |
| 1,134 |
| — |
|
Developed Markets Index Fund
Forward Currency Contracts (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract |
|
|
|
|
|
|
| Unrealized |
| Unrealized |
|
| Settlement |
| Contract Amount (000) |
| Appreciation |
| (Depreciation | ) | |||||
Counterparty |
| Date |
| Receive |
| Deliver |
| ($000 | ) | ($000 | ) | ||
Toronto-Dominion Bank |
| 9/24/19 |
| USD | 124,943 |
| GBP | 98,025 |
| — |
| (26 | ) |
Morgan Stanley Capital Services LLC |
| 9/25/19 |
| USD | 108,292 |
| EUR | 95,671 |
| — |
| (1,252 | ) |
State Street Bank and Trust Company |
| 9/4/19 |
| USD | 91,640 |
| CHF | 89,358 |
| — |
| (463 | ) |
JPMorgan Chase Bank, N.A. |
| 7/2/19 |
| USD | 61,628 |
| JPY | 6,758,850 |
| — |
| (1,061 | ) |
BNP Paribas |
| 7/2/19 |
| USD | 61,610 |
| JPY | 6,758,850 |
| — |
| (1,079 | ) |
Barclays Bank plc |
| 7/2/19 |
| USD | 61,594 |
| JPY | 6,758,850 |
| — |
| (1,096 | ) |
Toronto-Dominion Bank |
| 7/2/19 |
| USD | 61,559 |
| JPY | 6,758,850 |
| — |
| (1,130 | ) |
Bank of America, N.A. |
| 9/25/19 |
| USD | 52,410 |
| AUD | 76,081 |
| — |
| (1,141 | ) |
Goldman Sachs International |
| 9/4/19 |
| USD | 47,651 |
| CHF | 46,315 |
| — |
| (87 | ) |
UBS AG |
| 7/1/19 |
| USD | 40,202 |
| GBP | 31,760 |
| — |
| (132 | ) |
JPMorgan Chase Bank, N.A. |
| 7/1/19 |
| USD | 35,414 |
| EUR | 31,631 |
| — |
| (554 | ) |
JPMorgan Chase Bank, N.A. |
| 9/18/19 |
| USD | 34,723 |
| JPY | 3,743,437 |
| — |
| (206 | ) |
Morgan Stanley Capital Services LLC |
| 7/1/19 |
| USD | 24,526 |
| AUD | 35,335 |
| — |
| (281 | ) |
Goldman Sachs International |
| 9/25/19 |
| USD | 22,272 |
| EUR | 19,680 |
| — |
| (262 | ) |
JPMorgan Chase Bank, N.A. |
| 7/1/19 |
| USD | 17,881 |
| CHF | 17,858 |
| — |
| (412 | ) |
Toronto-Dominion Bank |
| 9/25/19 |
| USD | 4,452 |
| CAD | 5,863 |
| — |
| (32 | ) |
Bank of America, N.A. |
| 9/4/19 |
| USD | 1,571 |
| CHF | 1,532 |
| — |
| (8 | ) |
RBC Capital Markets, LLC |
| 7/2/19 |
| USD | 1,535 |
| CHF | 1,532 |
| — |
| (34 | ) |
|
|
|
|
|
|
|
|
|
| 15,035 |
| (11,196 | ) |
AUD—Australian dollar.
CAD—Canadian dollar.
CHF—Swiss franc.
EUR—Euro.
GBP—British pound.
JPY—Japanese yen.
USD—U.S. dollar.
At June 30, 2019, the counterparty had deposited in segregated accounts cash of $7,670,000 in connection with open forward currency contracts.
See accompanying Notes, which are an integral part of the Financial Statements.
Developed Markets Index Fund
Statement of Operations
|
| Six Months Ended |
|
|
| June 30, 2019 |
|
|
| ($000) |
|
Investment Income |
|
|
|
Income |
|
|
|
Dividends1 |
| 2,261,503 |
|
Interest2 |
| 12,288 |
|
Securities Lending—Net |
| 41,919 |
|
Total Income |
| 2,315,710 |
|
Expenses |
|
|
|
The Vanguard Group—Note B |
|
|
|
Investment Advisory Services |
| 2,172 |
|
Management and Administrative—Investor Shares |
| 503 |
|
Management and Administrative—ETF Shares |
| 12,609 |
|
Management and Administrative—Admiral Shares |
| 4,780 |
|
Management and Administrative—Institutional Shares |
| 2,264 |
|
Management and Administrative—Institutional Plus Shares |
| 1,677 |
|
Marketing and Distribution—Investor Shares |
| 41 |
|
Marketing and Distribution—ETF Shares |
| 1,373 |
|
Marketing and Distribution—Admiral Shares |
| 463 |
|
Marketing and Distribution—Institutional Shares |
| 189 |
|
Marketing and Distribution—Institutional Plus Shares |
| 62 |
|
Custodian Fees |
| 1,645 |
|
Shareholders’ Reports—Investor Shares |
| 5 |
|
Shareholders’ Reports—ETF Shares |
| 940 |
|
Shareholders’ Reports—Admiral Shares |
| 76 |
|
Shareholders’ Reports—Institutional Shares |
| 23 |
|
Shareholders’ Reports—Institutional Plus Shares |
| 8 |
|
Trustees’ Fees and Expenses |
| 24 |
|
Total Expenses |
| 28,854 |
|
Net Investment Income |
| 2,286,856 |
|
Realized Net Gain (Loss) |
|
|
|
Investment Securities Sold2,3 |
| 352,112 |
|
Futures Contracts |
| 122,701 |
|
Forward Currency Contracts |
| (10,302) |
|
Foreign Currencies |
| (3,847) |
|
Realized Net Gain (Loss) |
| 460,664 |
|
Developed Markets Index Fund
Statement of Operations (continued) |
|
|
|
|
| Six Months Ended |
|
|
| June 30, 2019 |
|
|
| ($000) |
|
Change in Unrealized Appreciation (Depreciation) |
|
|
|
Investment Securities2 |
| 11,093,155 |
|
Futures Contracts |
| 33,152 |
|
Forward Currency Contracts |
| (5,934) |
|
Foreign Currencies |
| 1,602 |
|
Change in Unrealized Appreciation (Depreciation) |
| 11,121,975 |
|
Net Increase (Decrease) in Net Assets Resulting from Operations |
| 13,869,495 |
|
1 Dividends are net of foreign withholding taxes of $232,744,000.
2 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $11,337,000, $251,000, and $499,000, respectively. Purchases and sales are for temporary cash investment purposes.
3 Includes $535,828,000 of net gain (loss) resulting from in-kind redemptions; such gain (loss) is not taxable to the fund.
See accompanying Notes, which are an integral part of the Financial Statements.
Developed Markets Index Fund
Statement of Changes in Net Assets
|
| Six Months Ended |
| Year Ended |
|
|
| June 30, |
| December 31, |
|
|
| 2019 |
| 2018 |
|
|
| ($000) |
| ($000) |
|
Increase (Decrease) in Net Assets |
|
|
|
|
|
Operations |
|
|
|
|
|
Net Investment Income |
| 2,286,856 |
| 3,244,717 |
|
Realized Net Gain (Loss) |
| 460,664 |
| 112,304 |
|
Change in Unrealized Appreciation (Depreciation) |
| 11,121,975 |
| (19,993,039) |
|
Net Increase (Decrease) in Net Assets Resulting from Operations |
| 13,869,495 |
| (16,636,018) |
|
Distributions |
|
|
|
|
|
Net Investment Income |
|
|
|
|
|
Investor Shares |
| (9,871) |
| (23,364) |
|
ETF Shares |
| (1,084,602) |
| (2,069,674) |
|
Admiral Shares |
| (262,929) |
| (470,888) |
|
Institutional Shares |
| (178,849) |
| (333,818) |
|
Institutional Plus Shares |
| (169,267) |
| (294,490) |
|
Realized Capital Gain |
|
|
|
|
|
Investor Shares |
| — |
| — |
|
ETF Shares |
| — |
| — |
|
Admiral Shares |
| — |
| — |
|
Institutional Shares |
| — |
| — |
|
Institutional Plus Shares |
| — |
| — |
|
Total Distributions |
| (1,705,518) |
| (3,192,234) |
|
Capital Share Transactions |
|
|
|
|
|
Investor Shares |
| (165,371) |
| (74,824) |
|
ETF Shares |
| (395,638) |
| 9,552,132 |
|
Admiral Shares |
| 851,469 |
| 2,990,179 |
|
Institutional Shares |
| 455,168 |
| 414,926 |
|
Institutional Plus Shares |
| 1,144,676 |
| 1,014,326 |
|
Net Increase (Decrease) from Capital Share Transactions |
| 1,890,304 |
| 13,896,739 |
|
Total Increase (Decrease) |
| 14,054,281 |
| (5,931,513) |
|
Net Assets |
|
|
|
|
|
Beginning of Period |
| 100,705,016 |
| 106,636,529 |
|
End of Period |
| 114,759,297 |
| 100,705,016 |
|
See accompanying Notes, which are an integral part of the Financial Statements.
Developed Markets Index Fund
Financial Highlights
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Six Months |
|
|
| ||||||||
|
| Ended |
|
|
| ||||||||
For a Share Outstanding |
| June 30, |
| Year Ended December 31, |
| ||||||||
Throughout Each Period |
| 2019 |
| 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
|
Net Asset Value, Beginning of Period |
| $9.26 |
| $11.16 |
| $9.09 |
| $9.15 |
| $9.42 |
| $10.34 |
|
Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income |
| .202 | 1 | .312 | 1 | .284 | 1 | .262 |
| .261 |
| .337 |
|
Net Realized and Unrealized Gain (Loss) on Investments |
| 1.068 |
| (1.914 | ) | 2.086 |
| (.054 | ) | (.276 | ) | (.919 | ) |
Total from Investment Operations |
| 1.270 |
| (1.602 | ) | 2.370 |
| .208 |
| (.015 | ) | (.582 | ) |
Distributions |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from Net Investment Income |
| (.150 | ) | (.298 | ) | (.300 | ) | (.268 | ) | (.255 | ) | (.338 | ) |
Distributions from Realized Capital Gains |
| — |
| — |
| — |
| — |
| — |
| — |
|
Total Distributions |
| (.150 | ) | (.298 | ) | (.300 | ) | (.268 | ) | (.255 | ) | (.338 | ) |
Net Asset Value, End of Period |
| $10.38 |
| $9.26 |
| $11.16 |
| $9.09 |
| $9.15 |
| $9.42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Return2 |
| 13.76% |
| -14.56% |
| 26.31% |
| 2.36% |
| -0.29% |
| -5.82% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets, End of Period (Millions) |
| $651 |
| $731 |
| $950 |
| $875 |
| $1,040 |
| $1,331 |
|
Ratio of Total Expenses to Average Net Assets |
| 0.16% |
| 0.16% |
| 0.17% |
| 0.17% |
| 0.20% |
| 0.20% |
|
Ratio of Net Investment Income to Average Net Assets |
| 3.79% |
| 2.89% |
| 2.71% |
| 3.00% |
| 2.73% |
| 3.22% |
|
Portfolio Turnover Rate3 |
| 2% |
| 3% |
| 3% |
| 11% |
| 3% |
| 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, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
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 |
| 2019 |
| 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
|
Net Asset Value, Beginning of Period |
| $37.20 |
| $44.83 |
| $36.51 |
| $36.75 |
| $37.85 |
| $41.53 |
|
Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income |
| .841 | 1 | 1.291 | 1 | 1.166 | 1 | 1.090 |
| 1.096 |
| 1.395 |
|
Net Realized and Unrealized Gain (Loss) on Investments |
| 4.274 |
| (7.677 | ) | 8.397 |
| (.216 | ) | (1.125 | ) | (3.681 | ) |
Total from Investment Operations |
| 5.115 |
| (6.386 | ) | 9.563 |
| .874 |
| (.029 | ) | (2.286 | ) |
Distributions |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from Net Investment Income |
| (.625 | ) | (1.244 | ) | (1.243 | ) | (1.114 | ) | (1.071 | ) | (1.394 | ) |
Distributions from Realized Capital Gains |
| — |
| — |
| — |
| — |
| — |
| — |
|
Total Distributions |
| (.625 | ) | (1.244 | ) | (1.243 | ) | (1.114 | ) | (1.071 | ) | (1.394 | ) |
Net Asset Value, End of Period |
| $41.69 |
| $37.20 |
| $44.83 |
| $36.51 |
| $36.75 |
| $37.85 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Return |
| 13.81% |
| -14.47% |
| 26.44% |
| 2.51% |
| -0.21% |
| -5.71% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets, End of Period (Millions) |
| $72,536 |
| $65,139 |
| $68,406 |
| $40,243 |
| $29,288 |
| $24,155 |
|
Ratio of Total Expenses to Average Net Assets |
| 0.05% |
| 0.05% |
| 0.07% |
| 0.07% |
| 0.09% |
| 0.09% |
|
Ratio of Net Investment Income to Average Net Assets |
| 3.90% |
| 3.00% |
| 2.81% |
| 3.10% |
| 2.84% |
| 3.33% |
|
Portfolio Turnover Rate2 |
| 2% |
| 3% |
| 3% |
| 11% |
| 3% |
| 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, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
Developed Markets Index Fund
Financial Highlights
Admiral Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
|
|
| Ended |
|
|
|
|
|
|
|
|
|
|
|
For a Share Outstanding |
| June 30, |
| Year Ended December 31, |
| ||||||||
Throughout Each Period |
| 2019 |
| 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
|
Net Asset Value, Beginning of Period |
| $11.96 |
| $14.41 |
| $11.74 |
| $11.82 |
| $12.17 |
| $13.35 |
|
Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income |
| .270 | 1 | .412 | 1 | .375 | 1 | .350 |
| .352 |
| .450 |
|
Net Realized and Unrealized Gain (Loss) on Investments |
| 1.370 |
| (2.464 | ) | 2.695 |
| (.071 | ) | (.358 | ) | (1.180 | ) |
Total from Investment Operations |
| 1.640 |
| (2.052 | ) | 3.070 |
| .279 |
| (.006 | ) | (.730 | ) |
Distributions |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from Net Investment Income |
| (.200 | ) | (.398 | ) | (.400 | ) | (.359 | ) | (.344 | ) | (.450 | ) |
Distributions from Realized Capital Gains |
| — |
| — |
| — |
| — |
| — |
| — |
|
Total Distributions |
| (.200 | ) | (.398 | ) | (.400 | ) | (.359 | ) | (.344 | ) | (.450 | ) |
Net Asset Value, End of Period |
| $13.40 |
| $11.96 |
| $14.41 |
| $11.74 |
| $11.82 |
| $12.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Return2 |
| 13.76% |
| -14.46% |
| 26.40% |
| 2.45% |
| -0.18% |
| -5.66% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets, End of Period (Millions) |
| $17,930 |
| $15,209 |
| $15,180 |
| $9,702 |
| $7,921 |
| $6,068 |
|
Ratio of Total Expenses to Average Net Assets |
| 0.07% |
| 0.07% |
| 0.07% |
| 0.07% |
| 0.09% |
| 0.09% |
|
Ratio of Net Investment Income to Average Net Assets |
| 3.88% |
| 2.98% |
| 2.81% |
| 3.10% |
| 2.84% |
| 3.33% |
|
Portfolio Turnover Rate3 |
| 2% |
| 3% |
| 3% |
| 11% |
| 3% |
| 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, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
Developed Markets Index Fund
Financial Highlights
Institutional Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Six Months |
|
|
|
|
|
|
|
|
|
|
|
|
| Ended |
|
|
|
|
|
|
|
|
|
|
|
For a Share Outstanding |
| June 30, |
| Year Ended December 31, |
| ||||||||
Throughout Each Period |
| 2019 |
| 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
|
Net Asset Value, Beginning of Period |
| $11.97 |
| $14.43 |
| $11.75 |
| $11.83 |
| $12.18 |
| $13.37 |
|
Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income |
| .272 | 1 | .416 | 1 | .379 | 1 | .352 |
| .354 |
| .452 |
|
Net Realized and Unrealized Gain (Loss) on Investments |
| 1.379 |
| (2.475 | ) | 2.701 |
| (.072 | ) | (.358 | ) | (1.190 | ) |
Total from Investment Operations |
| 1.651 |
| (2.059 | ) | 3.080 |
| .280 |
| (.004 | ) | (.738 | ) |
Distributions |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from Net Investment Income |
| (.201 | ) | (.401 | ) | (.400 | ) | (.360 | ) | (.346 | ) | (.452 | ) |
Distributions from Realized Capital Gains |
| — |
| — |
| — |
| — |
| — |
| — |
|
Total Distributions |
| (.201 | ) | (.401 | ) | (.400 | ) | (.360 | ) | (.346 | ) | (.452 | ) |
Net Asset Value, End of Period |
| $13.42 |
| $11.97 |
| $14.43 |
| $11.75 |
| $11.83 |
| $12.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Return |
| 13.85% |
| -14.49% |
| 26.46% |
| 2.46% |
| -0.17% |
| -5.72% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets, End of Period (Millions) |
| $12,090 |
| $10,361 |
| $11,998 |
| $9,092 |
| $8,093 |
| $7,743 |
|
Ratio of Total Expenses to Average Net Assets |
| 0.05% |
| 0.05% |
| 0.06% |
| 0.06% |
| 0.07% |
| 0.07% |
|
Ratio of Net Investment Income to Average Net Assets |
| 3.90% |
| 3.00% |
| 2.82% |
| 3.11% |
| 2.86% |
| 3.35% |
|
Portfolio Turnover Rate2 |
| 2% |
| 3% |
| 3% |
| 11% |
| 3% |
| 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, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
Developed Markets Index Fund
Financial Highlights
Institutional Plus Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Six Months |
|
|
|
|
|
|
|
|
| April 1, |
|
|
| Ended |
|
|
|
|
|
|
|
|
| 20141 to |
|
For a Share Outstanding |
| June 30, |
| Year Ended December 31, |
| Dec. 31, |
| ||||||
Throughout Each Period |
| 2019 |
| 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
|
Net Asset Value, Beginning of Period |
| $18.72 |
| $22.56 |
| $18.37 |
| $18.49 |
| $19.05 |
| $20.90 |
|
Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income |
| .428 | 2 | .643 | 2 | .597 | 2 | .552 |
| .558 |
| .438 |
|
Net Realized and Unrealized Gain (Loss) on Investments |
| 2.147 |
| (3.855 | ) | 4.233 |
| (.107 | ) | (.573 | ) | (1.798 | ) |
Total from Investment Operations |
| 2.575 |
| (3.212 | ) | 4.820 |
| .445 |
| (.015 | ) | (1.360 | ) |
Distributions |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from Net Investment Income |
| (.315 | ) | (.628 | ) | (.630 | ) | (.565 | ) | (.545 | ) | (.490 | ) |
Distributions from Realized Capital Gains |
| — |
| — |
| — |
| — |
| — |
| — |
|
Total Distributions |
| (.315 | ) | (.628 | ) | (.630 | ) | (.565 | ) | (.545 | ) | (.490 | ) |
Net Asset Value, End of Period |
| $20.98 |
| $18.72 |
| $22.56 |
| $18.37 |
| $18.49 |
| $19.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Return |
| 13.81% |
| -14.45% |
| 26.49% |
| 2.50% |
| -0.21% |
| -6.67% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets, End of Period (Millions) |
| $11,552 |
| $9,265 |
| $10,102 |
| $7,444 |
| $7,253 |
| $5,918 |
|
Ratio of Total Expenses to Average Net Assets |
| 0.04% |
| 0.04% |
| 0.05% |
| 0.05% |
| 0.06% |
| 0.06%3 |
|
Ratio of Net Investment Income to Average Net Assets |
| 3.91% |
| 3.01% |
| 2.83% |
| 3.12% |
| 2.87% |
| 2.92%3 |
|
Portfolio Turnover Rate4 |
| 2% |
| 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.
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. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors. ETF Shares, known as Vanguard FTSE Developed Markets ETF Shares, are listed for trading on NYSEArca; they can be purchased and sold through a broker.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued at their fair values calculated according to procedures adopted by the board of trustees. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund’s pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value. Temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.
2. Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund’s pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).
3. Futures and Forward Currency Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of 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
Developed Markets Index Fund
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. Any assets pledged as initial margin for open contracts are noted in the Statement of Net Assets.
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, 2019, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period. The fund’s average investment in forward currency contracts represented 2% of net assets, based on the average of the 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, 2015–2018), and for the period ended June 30, 2019, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
5. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes.
Developed Markets Index Fund
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 $4.3 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, 2019, 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 are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the fund’s understanding of the applicable countries’ tax rules and rates. The fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Such tax reclaims received during the year, if any, are included in dividend income. No other 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.
Developed Markets Index Fund
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets. 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, 2019, the fund had contributed to Vanguard capital in the amount of $5,462,000, representing 0.00% of the fund’s net assets and 2.18% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments valued with significant unobservable inputs are noted on the Statement of Net Assets.
The following table summarizes the market value of the fund’s investments as of June 30, 2019, based on the inputs used to value them:
| Level 1 | Level 2 | Level 3 |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 10,099,833 | 103,259,177 | 8,159 |
Preferred Stocks | — | — | 257 |
Temporary Cash Investments | 3,198,834 | 97,462 | — |
Futures Contracts—Assets1 | 6,865 | — | — |
Futures Contracts—Liabilities1 | (980) | — | — |
Forward Currency Contracts—Assets | — | 15,035 | — |
Forward Currency Contracts—Liabilities | — | (11,196) | — |
Total | 13,304,552 | 103,360,478 | 8,416 |
1 Represents variation margin on the last day of the reporting period.
Developed Markets Index Fund
D. At June 30, 2019, 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 | 6,865 | — | 6,865 |
Unrealized Appreciation—Forward Currency Contracts | — | 15,035 | 15,035 |
Total Assets | 6,865 | 15,035 | 21,900 |
|
|
|
|
Variation Margin Payable—Futures Contracts | (980) | — | (980) |
Unrealized Depreciation—Forward Currency Contracts | — | (11,196) | (11,196) |
Total Liabilities | (980) | (11,196) | (12,176) |
Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the six months ended June 30, 2019, were:
|
| Foreign |
|
| Equity | Exchange |
|
| Contracts | Contracts | Total |
Realized Net Gain (Loss) on Derivatives | ($000) | ($000) | ($000) |
Futures Contracts | 122,701 | — | 122,701 |
Forward Currency Contracts | — | (10,302) | (10,302) |
Realized Net Gain (Loss) on Derivatives | 122,701 | (10,302) | 112,399 |
|
|
|
|
Change in Unrealized Appreciation (Depreciation) on Derivatives |
|
|
|
Futures Contracts | 33,152 | — | 33,152 |
Forward Currency Contracts | — | (5,934) | (5,934) |
Change in Unrealized Appreciation (Depreciation) on Derivatives | 33,152 | (5,934) | 27,218 |
E. As of June 30, 2019, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
| Amount |
| ($000) |
Tax Cost | 106,343,971 |
Gross Unrealized Appreciation | 22,783,813 |
Gross Unrealized Depreciation | (12,452,330) |
Net Unrealized Appreciation (Depreciation) | 10,331,483 |
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, 2018, the fund had available capital losses totaling $2,385,913,000 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, 2019; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
Developed Markets Index Fund
F. During the six months ended June 30, 2019, the fund purchased $5,054,034,000 of investment securities and sold $2,764,208,000 of investment securities, other than temporary cash investments. Purchases and sales include $762,849,000 and $1,362,192,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
G. Capital share transactions for each class of shares were:
|
| Six Months Ended |
| Year Ended |
| ||||
|
| June 30, 2019 |
| December 31, 2018 |
| ||||
|
| Amount |
| Shares |
| Amount |
| Shares |
|
|
| ($000 | ) | (000) |
| ($000 | ) | (000 | ) |
Investor Shares |
|
|
|
|
|
|
|
|
|
Issued |
| 33,088 |
| 3,275 |
| 203,791 |
| 19,421 |
|
Issued in Lieu of Cash Distributions |
| 8,920 |
| 884 |
| 20,774 |
| 2,051 |
|
Redeemed1 |
| (207,379 | ) | (20,430) |
| (299,389 | ) | (27,672 | ) |
Net Increase (Decrease)—Investor Shares |
| (165,371 | ) | (16,271) |
| (74,824 | ) | (6,200 | ) |
ETF Shares |
|
|
|
|
|
|
|
|
|
Issued |
| 1,035,715 |
| 25,311 |
| 9,638,355 |
| 227,208 |
|
Issued in Lieu of Cash Distributions |
| — |
| — |
| — |
| — |
|
Redeemed |
| (1,431,353 | ) | (36,500) |
| (86,223 | ) | (2,000 | ) |
Net Increase (Decrease)—ETF Shares |
| (395,638 | ) | (11,189) |
| 9,552,132 |
| 225,208 |
|
Admiral Shares |
|
|
|
|
|
|
|
|
|
Issued1 |
| 2,675,977 |
| 206,333 |
| 6,539,544 |
| 483,375 |
|
Issued in Lieu of Cash Distributions |
| 214,609 |
| 16,474 |
| 391,732 |
| 29,979 |
|
Redeemed |
| (2,039,117 | ) | (156,837) |
| (3,941,097 | ) | (294,797 | ) |
Net Increase (Decrease)—Admiral Shares |
| 851,469 |
| 65,970 |
| 2,990,179 |
| 218,557 |
|
Institutional Shares |
|
|
|
|
|
|
|
|
|
Issued |
| 1,669,542 |
| 127,941 |
| 3,159,827 |
| 228,361 |
|
Issued in Lieu of Cash Distributions |
| 164,323 |
| 12,594 |
| 307,770 |
| 23,476 |
|
Redeemed |
| (1,378,697 | ) | (104,835) |
| (3,052,671 | ) | (217,991 | ) |
Net Increase (Decrease)—Institutional Shares |
| 455,168 |
| 35,700 |
| 414,926 |
| 33,846 |
|
Institutional Plus Shares |
|
|
|
|
|
|
|
|
|
Issued |
| 1,690,240 |
| 82,309 |
| 3,509,822 |
| 161,008 |
|
Issued in Lieu of Cash Distributions |
| 160,500 |
| 7,870 |
| 278,574 |
| 13,609 |
|
Redeemed |
| (706,064 | ) | (34,447) |
| (2,774,070 | ) | (127,458 | ) |
Net Increase (Decrease)—Institutional Plus Shares |
| 1,144,676 |
| 55,732 |
| 1,014,326 |
| 47,159 |
|
1 In November 2018, the fund announced changes to the availability and minimum investment criteria of the Investor and Admiral share classes. As a result, all of the outstanding Investor Shares automatically converted to Admiral Shares beginning in April 2019, with the exception of those held by Vanguard funds and certain other institutional investors. Investor Shares—Redeemed and Admiral Shares— Issued include $81,231,000 from the conversion during the six months ended June 30, 2019.
H. Management has determined that no events or transactions occurred subsequent to June 30, 2019, that would require recognition or disclosure in these financial statements.
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.
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.
The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.
The benefit of economies of scale
The board concluded that the fund’s 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.
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| P.O. Box 2600 |
| Valley Forge, PA 19482-2600 |
Connect with Vanguard® > vanguard.com
Fund Information > 800-662-7447
Direct Investor Account Services > 800-662-2739
Institutional Investor Services > 800-523-1036
Text Telephone for People
Who Are Deaf or Hard of Hearing > 800-749-7273
This material may be used in conjunction with the offering of shares of any Vanguard fund only if preceded or accompanied by the fund’s current prospectus.
You can obtain a free copy of Vanguard’s proxy voting guidelines by visiting vanguard.com/proxyreporting or by calling Vanguard at 800-662-2739. The guidelines are also available from the SEC’s website, sec.gov. In addition, you may obtain a free report on how your fund voted the proxies for securities it owned during the 12 months ended June 30. To get the report, visit either vanguard.com/proxyreporting or sec.gov.
You can review information about your fund on the SEC’s website, and you can receive copies of this information, for a fee, by sending a request via email addressed to publicinfo@sec.gov.
| © 2019 The Vanguard Group, Inc. |
| All rights reserved. |
| U.S. Patent Nos. 6,879,964; 7,337,138; |
| Vanguard Marketing Corporation, Distributor. |
|
|
| Q1272 082019 |
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, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
Common Stocks (98.8%)1 |
|
|
|
|
| |
Australia (6.4%) |
|
|
|
|
| |
| Commonwealth Bank of Australia |
| 10,838,219 |
| 630,665 |
|
| BHP Group Ltd. |
| 18,033,787 |
| 524,220 |
|
| Westpac Banking Corp. |
| 21,102,999 |
| 420,591 |
|
| CSL Ltd. |
| 2,769,858 |
| 419,426 |
|
| Australia & New Zealand Banking Group Ltd. |
| 17,346,302 |
| 344,315 |
|
| National Australia Bank Ltd. |
| 17,200,788 |
| 323,103 |
|
| Woolworths Group Ltd. |
| 7,707,254 |
| 179,975 |
|
| Wesfarmers Ltd. |
| 6,930,987 |
| 176,188 |
|
| Transurban Group |
| 16,364,217 |
| 169,443 |
|
| Rio Tinto Ltd. |
| 2,271,451 |
| 166,329 |
|
| Macquarie Group Ltd. |
| 1,883,257 |
| 166,116 |
|
| Woodside Petroleum Ltd. |
| 5,714,150 |
| 146,561 |
|
| Goodman Group |
| 10,894,329 |
| 115,151 |
|
| Amcor plc |
| 9,917,521 |
| 112,847 |
|
| Newcrest Mining Ltd. |
| 4,700,034 |
| 105,593 |
|
| Brambles Ltd. |
| 9,750,908 |
| 88,311 |
|
| Aristocrat Leisure Ltd. |
| 3,903,169 |
| 84,372 |
|
| Scentre Group |
| 31,174,964 |
| 84,135 |
|
| Insurance Australia Group Ltd. |
| 14,132,703 |
| 82,055 |
|
| Suncorp Group Ltd. |
| 7,938,893 |
| 75,179 |
|
| South32 Ltd. |
| 30,854,493 |
| 69,165 |
|
| Telstra Corp. Ltd. |
| 25,434,246 |
| 68,777 |
|
| ASX Ltd. |
| 1,183,703 |
| 68,581 |
|
| QBE Insurance Group Ltd. |
| 8,118,502 |
| 67,540 |
|
* | Coles Group Ltd. |
| 6,946,492 |
| 65,222 |
|
| Fortescue Metals Group Ltd. |
| 9,714,056 |
| 61,778 |
|
| Dexus |
| 6,659,651 |
| 60,754 |
|
| AGL Energy Ltd. |
| 4,003,663 |
| 56,306 |
|
| Sonic Healthcare Ltd. |
| 2,904,031 |
| 55,334 |
|
| Origin Energy Ltd. |
| 10,751,327 |
| 55,285 |
|
| APA Group |
| 7,223,702 |
| 54,780 |
|
| Santos Ltd. |
| 10,839,257 |
| 54,116 |
|
| Mirvac Group |
| 23,882,342 |
| 52,573 |
|
| GPT Group |
| 11,838,243 |
| 51,152 |
|
| Cochlear Ltd. |
| 344,391 |
| 50,142 |
|
| Treasury Wine Estates Ltd. |
| 4,398,759 |
| 46,198 |
|
| Aurizon Holdings Ltd. |
| 11,711,559 |
| 44,459 |
|
| Stockland |
| 14,600,940 |
| 42,811 |
|
| Medibank Pvt Ltd. |
| 16,912,746 |
| 41,499 |
|
| Oil Search Ltd. |
| 8,188,176 |
| 40,833 |
|
| Ramsay Health Care Ltd. |
| 782,679 |
| 39,736 |
|
| Sydney Airport |
| 6,763,676 |
| 38,212 |
|
| Tabcorp Holdings Ltd. |
| 11,558,195 |
| 36,113 |
|
| James Hardie Industries plc |
| 2,708,155 |
| 35,651 |
|
| Computershare Ltd. |
| 2,951,655 |
| 33,663 |
|
| Orica Ltd. |
| 2,317,728 |
| 33,023 |
|
| Vicinity Centres |
| 19,108,439 |
| 32,900 |
|
| Lendlease Group |
| 3,468,136 |
| 31,692 |
|
| SEEK Ltd. |
| 2,118,072 |
| 31,526 |
|
| Northern Star Resources Ltd. |
| 3,776,960 |
| 30,986 |
|
| Magellan Financial Group Ltd. |
| 812,467 |
| 29,168 |
|
| BlueScope Steel Ltd. |
| 3,213,018 |
| 27,320 |
|
| AMP Ltd. |
| 18,056,450 |
| 26,935 |
|
| Caltex Australia Ltd. |
| 1,524,838 |
| 26,543 |
|
| Boral Ltd. |
| 7,159,584 |
| 25,821 |
|
| Alumina Ltd. |
| 15,270,037 |
| 25,065 |
|
| Bendigo & Adelaide Bank Ltd. |
| 2,994,562 |
| 24,374 |
|
* | Xero Ltd. |
| 563,773 |
| 23,801 |
|
| Incitec Pivot Ltd. |
| 9,843,125 |
| 23,591 |
|
| Atlas Arteria Ltd. |
| 4,195,779 |
| 23,135 |
|
| Coca-Cola Amatil Ltd. |
| 3,111,586 |
| 22,338 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
| Charter Hall Group |
| 2,838,621 |
| 21,616 |
|
| REA Group Ltd. |
| 308,702 |
| 20,854 |
|
| WorleyParsons Ltd. |
| 1,956,020 |
| 20,334 |
|
| Evolution Mining Ltd. |
| 6,425,154 |
| 19,692 |
|
| Iluka Resources Ltd. |
| 2,568,949 |
| 19,505 |
|
* | Afterpay Touch Group Ltd. |
| 1,066,106 |
| 18,891 |
|
| CIMIC Group Ltd. |
| 596,357 |
| 18,753 |
|
| Crown Resorts Ltd. |
| 2,131,332 |
| 18,629 |
|
| Downer EDI Ltd. |
| 3,651,896 |
| 17,765 |
|
| Orora Ltd. |
| 7,395,188 |
| 16,845 |
|
| Bank of Queensland Ltd. |
| 2,475,861 |
| 16,579 |
|
| Challenger Ltd. |
| 3,482,530 |
| 16,255 |
|
| Qube Holdings Ltd. |
| 7,544,129 |
| 16,121 |
|
| Altium Ltd. |
| 663,748 |
| 16,023 |
|
| DuluxGroup Ltd. |
| 2,389,448 |
| 15,639 |
|
| Ansell Ltd. |
| 811,726 |
| 15,327 |
|
| ALS Ltd. |
| 2,962,907 |
| 15,307 |
|
| Beach Energy Ltd. |
| 10,820,593 |
| 15,218 |
|
| nib holdings Ltd. |
| 2,798,229 |
| 15,089 |
|
| Star Entertainment Grp Ltd. |
| 5,061,025 |
| 14,655 |
|
| AusNet Services |
| 11,068,002 |
| 14,586 |
|
| Qantas Airways Ltd. |
| 3,802,961 |
| 14,432 |
|
| OZ Minerals Ltd. |
| 1,965,386 |
| 13,912 |
|
| Cleanaway Waste Management Ltd. |
| 8,274,172 |
| 13,561 |
|
| Appen Ltd. |
| 659,739 |
| 13,033 |
|
| carsales.com Ltd. |
| 1,325,351 |
| 12,615 |
|
^ | JB Hi-Fi Ltd. |
| 691,038 |
| 12,552 |
|
* | Saracen Mineral Holdings Ltd. |
| 4,698,566 |
| 12,164 |
|
| Reliance Worldwide Corp. Ltd. |
| 4,823,567 |
| 11,936 |
|
| Nine Entertainment Co. Holdings Ltd. |
| 8,915,776 |
| 11,778 |
|
| Steadfast Group Ltd. |
| 4,741,726 |
| 11,697 |
|
| Link Administration Holdings Ltd. |
| 3,123,214 |
| 10,989 |
|
| Whitehaven Coal Ltd. |
| 4,180,140 |
| 10,772 |
|
| Regis Resources Ltd. |
| 2,875,791 |
| 10,679 |
|
| Seven Group Holdings Ltd. |
| 802,440 |
| 10,457 |
|
| IRESS Ltd. |
| 1,040,824 |
| 10,197 |
|
^ | Metcash Ltd. |
| 5,603,069 |
| 10,134 |
|
| TPG Telecom Ltd. |
| 2,217,999 |
| 10,038 |
|
| Flight Centre Travel Group Ltd. |
| 343,649 |
| 10,025 |
|
| Independence Group NL |
| 2,987,167 |
| 9,939 |
|
| WiseTech Global Ltd. |
| 500,848 |
| 9,801 |
|
^ | Harvey Norman Holdings Ltd. |
| 3,417,359 |
| 9,779 |
|
| IDP Education Ltd. |
| 783,413 |
| 9,741 |
|
| Domino’s Pizza Enterprises Ltd. |
| 367,713 |
| 9,718 |
|
2 | Viva Energy Group Ltd. |
| 6,475,469 |
| 9,608 |
|
* | NEXTDC Ltd. |
| 2,094,150 |
| 9,559 |
|
| Shopping Centres Australasia Property Group |
| 5,624,389 |
| 9,448 |
|
| Breville Group Ltd. |
| 791,138 |
| 9,098 |
|
| Mineral Resources Ltd. |
| 842,823 |
| 8,900 |
|
| St. Barbara Ltd. |
| 4,269,415 |
| 8,818 |
|
| CSR Ltd. |
| 3,118,434 |
| 8,578 |
|
| Washington H Soul Pattinson & Co. Ltd. |
| 553,622 |
| 8,561 |
|
| Cromwell Property Group (London Shares) |
| 10,505,672 |
| 8,523 |
|
| Pendal Group Ltd. |
| 1,673,779 |
| 8,418 |
|
* | Vocus Group Ltd. |
| 3,613,626 |
| 8,304 |
|
| Adelaide Brighton Ltd. |
| 2,815,139 |
| 7,999 |
|
^ | InvoCare Ltd. |
| 710,846 |
| 7,982 |
|
| Corporate Travel Management Ltd. |
| 503,992 |
| 7,976 |
|
| Perpetual Ltd. |
| 262,835 |
| 7,809 |
|
| GrainCorp Ltd. Class A |
| 1,385,220 |
| 7,766 |
|
| BWP Trust |
| 2,975,121 |
| 7,697 |
|
| IOOF Holdings Ltd. |
| 2,115,660 |
| 7,695 |
|
| Sims Metal Management Ltd. |
| 1,004,926 |
| 7,686 |
|
| Webjet Ltd. |
| 803,922 |
| 7,680 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
* | Lynas Corp. Ltd. |
| 4,108,514 |
| 7,430 |
|
| Healius Ltd. |
| 3,469,525 |
| 7,361 |
|
| Monadelphous Group Ltd. |
| 535,588 |
| 7,074 |
|
| Charter Hall Retail REIT |
| 2,237,508 |
| 6,872 |
|
| Bapcor Ltd. |
| 1,748,148 |
| 6,863 |
|
^ | Platinum Asset Management Ltd. |
| 1,840,946 |
| 6,281 |
|
| Charter Hall Long Wale REIT |
| 1,725,121 |
| 6,070 |
|
| G8 Education Ltd. |
| 2,832,551 |
| 6,039 |
|
* | nearmap Ltd. |
| 2,225,290 |
| 5,936 |
|
| Abacus Property Group |
| 2,047,379 |
| 5,902 |
|
*,^ | Clinuvel Pharmaceuticals Ltd. |
| 234,851 |
| 5,576 |
|
* | Nanosonics Ltd. |
| 1,392,057 |
| 5,511 |
|
| Ausdrill Ltd. |
| 4,173,530 |
| 5,362 |
|
| ARB Corp. Ltd. |
| 416,710 |
| 5,336 |
|
| Costa Group Holdings Ltd. |
| 1,862,371 |
| 5,292 |
|
* | Nufarm Ltd. |
| 1,833,614 |
| 5,289 |
|
| Credit Corp. Group Ltd. |
| 280,611 |
| 5,233 |
|
| Premier Investments Ltd. |
| 488,526 |
| 5,209 |
|
| Viva Energy REIT |
| 2,837,574 |
| 5,185 |
|
| Technology One Ltd. |
| 913,919 |
| 5,068 |
|
^ | Blackmores Ltd. |
| 79,416 |
| 5,023 |
|
| Super Retail Group Ltd. |
| 867,094 |
| 5,019 |
|
| National Storage REIT |
| 3,976,284 |
| 4,889 |
|
| Growthpoint Properties Australia Ltd. |
| 1,638,641 |
| 4,742 |
|
| Bingo Industries Ltd. |
| 2,942,166 |
| 4,676 |
|
| IPH Ltd. |
| 888,784 |
| 4,663 |
|
| Sandfire Resources NL |
| 960,454 |
| 4,529 |
|
| Pro Medicus Ltd. |
| 248,030 |
| 4,419 |
|
^ | Bega Cheese Ltd. |
| 1,296,383 |
| 4,353 |
|
| Southern Cross Media Group Ltd. |
| 4,680,091 |
| 4,115 |
|
| Brickworks Ltd. |
| 357,316 |
| 4,090 |
|
| NRW Holdings Ltd. |
| 2,284,905 |
| 4,021 |
|
*,^ | Pilbara Minerals Ltd. |
| 10,305,749 |
| 3,957 |
|
*,2 | Coronado Global Resources Inc. |
| 1,545,537 |
| 3,951 |
|
| Aventus Group |
| 2,438,838 |
| 3,923 |
|
| Collins Foods Ltd. |
| 672,184 |
| 3,921 |
|
| Service Stream Ltd. |
| 1,965,471 |
| 3,882 |
|
| GWA Group Ltd. |
| 1,559,847 |
| 3,747 |
|
| oOh!media Ltd. |
| 1,351,218 |
| 3,706 |
|
| GUD Holdings Ltd. |
| 521,039 |
| 3,669 |
|
| Tassal Group Ltd. |
| 1,065,114 |
| 3,668 |
|
| Charter Hall Education Trust |
| 1,403,637 |
| 3,589 |
|
*,^ | Gold Road Resources Ltd. |
| 5,058,169 |
| 3,523 |
|
| Ingenia Communities Group |
| 1,482,528 |
| 3,376 |
|
| SpeedCast International Ltd. |
| 1,363,916 |
| 3,339 |
|
| Arena REIT |
| 1,733,942 |
| 3,335 |
|
* | Mayne Pharma Group Ltd. |
| 9,233,603 |
| 3,315 |
|
| Aveo Group |
| 2,494,823 |
| 3,295 |
|
| Elders Ltd. |
| 746,414 |
| 3,262 |
|
^ | Inghams Group Ltd. |
| 1,148,499 |
| 3,242 |
|
| Resolute Mining Ltd. |
| 3,439,319 |
| 3,237 |
|
| Domain Holdings Australia Ltd. |
| 1,440,742 |
| 3,221 |
|
| Rural Funds Group |
| 1,959,575 |
| 3,167 |
|
*,^ | Kidman Resources Ltd. |
| 2,384,745 |
| 3,155 |
|
* | Cooper Energy Ltd. |
| 8,217,504 |
| 3,125 |
|
| Automotive Holdings Group Ltd. |
| 1,559,814 |
| 3,074 |
|
| Select Harvests Ltd. |
| 591,570 |
| 3,015 |
|
| SmartGroup Corp. Ltd. |
| 505,635 |
| 2,966 |
|
| McMillan Shakespeare Ltd. |
| 341,857 |
| 2,935 |
|
* | Emeco Holdings Ltd. |
| 2,006,264 |
| 2,924 |
|
* | Perseus Mining Ltd. |
| 7,097,203 |
| 2,923 |
|
| Mount Gibson Iron Ltd. |
| 4,002,518 |
| 2,875 |
|
| Centuria Industrial REIT |
| 1,325,810 |
| 2,851 |
|
| Netwealth Group Ltd. |
| 497,413 |
| 2,800 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
* | Westgold Resources Ltd. |
| 2,037,359 |
| 2,680 |
|
*,^ | Orocobre Ltd. |
| 1,342,096 |
| 2,671 |
|
*,^ | Mesoblast Ltd. |
| 2,572,072 |
| 2,669 |
|
| GDI Property Group |
| 2,695,569 |
| 2,623 |
|
| Estia Health Ltd. |
| 1,400,886 |
| 2,600 |
|
| Lovisa Holdings Ltd. |
| 325,030 |
| 2,599 |
|
| New Hope Corp. Ltd. |
| 1,347,058 |
| 2,568 |
|
*,^ | Bellamy’s Australia Ltd. |
| 433,534 |
| 2,538 |
|
| Genworth Mortgage Insurance Australia Ltd. |
| 1,282,103 |
| 2,533 |
|
| Sigma Healthcare Ltd. |
| 6,438,203 |
| 2,514 |
|
| Pact Group Holdings Ltd. |
| 1,260,266 |
| 2,471 |
|
* | IMF Bentham Ltd. |
| 1,133,428 |
| 2,329 |
|
| HUB24 Ltd. |
| 265,055 |
| 2,216 |
|
| Western Areas Ltd. |
| 1,544,605 |
| 2,138 |
|
| Australian Pharmaceutical Industries Ltd. |
| 2,294,930 |
| 2,132 |
|
* | Starpharma Holdings Ltd. |
| 2,223,603 |
| 2,124 |
|
| Ardent Leisure Group Ltd. |
| 2,866,332 |
| 2,110 |
|
^ | Freedom Foods Group Ltd. |
| 586,009 |
| 2,091 |
|
| Hotel Property Investments |
| 852,083 |
| 2,058 |
|
* | Senex Energy Ltd. |
| 8,188,589 |
| 2,056 |
|
*,^ | Galaxy Resources Ltd. |
| 2,357,079 |
| 2,032 |
|
*,^ | Myer Holdings Ltd. |
| 5,193,599 |
| 1,993 |
|
| FlexiGroup Ltd. |
| 1,728,408 |
| 1,981 |
|
| Navigator Global Investments Ltd. |
| 698,118 |
| 1,934 |
|
* | Australian Agricultural Co. Ltd. |
| 2,748,344 |
| 1,920 |
|
| Accent Group Ltd. |
| 1,964,093 |
| 1,912 |
|
* | Seven West Media Ltd. |
| 5,682,193 |
| 1,856 |
|
| HT&E Ltd. |
| 1,481,534 |
| 1,828 |
|
^ | Eclipx Group Ltd. |
| 1,829,384 |
| 1,686 |
|
* | Aurelia Metals Ltd. |
| 4,677,465 |
| 1,628 |
|
*,^ | Syrah Resources Ltd. |
| 2,492,233 |
| 1,543 |
|
| SG Fleet Group Ltd. |
| 734,299 |
| 1,523 |
|
| Regis Healthcare Ltd. |
| 808,472 |
| 1,494 |
|
| SeaLink Travel Group Ltd. |
| 533,827 |
| 1,428 |
|
| Cedar Woods Properties Ltd. |
| 341,113 |
| 1,367 |
|
* | Village Roadshow Ltd. |
| 665,456 |
| 1,320 |
|
* | Asaleo Care Ltd. |
| 2,019,510 |
| 1,285 |
|
* | Cromwell Property Group |
| 1,531,654 |
| 1,242 |
|
| Infigen Energy |
| 3,694,606 |
| 1,236 |
|
| OFX Group Ltd. |
| 1,251,394 |
| 1,222 |
|
*,^ | Superloop Ltd. |
| 1,064,505 |
| 1,153 |
|
| Japara Healthcare Ltd. |
| 1,447,017 |
| 1,143 |
|
* | Cardno Ltd. |
| 1,626,106 |
| 1,079 |
|
| Virtus Health Ltd. |
| 337,681 |
| 1,068 |
|
| ERM Power Ltd. |
| 780,820 |
| 1,027 |
|
* | Karoon Energy Ltd. |
| 1,368,931 |
| 919 |
|
* | New Century Resources Ltd. |
| 2,648,261 |
| 906 |
|
| A2B Australia Ltd. |
| 716,468 |
| 889 |
|
| MACA Ltd. |
| 1,402,153 |
| 886 |
|
^ | BWX Ltd. |
| 622,872 |
| 799 |
|
*,^ | Clean TeQ Holdings Ltd. |
| 2,916,231 |
| 780 |
|
| Decmil Group Ltd. |
| 1,144,603 |
| 727 |
|
| WPP AUNZ Ltd. |
| 2,028,371 |
| 686 |
|
| Vita Group Ltd. |
| 726,449 |
| 666 |
|
*,^ | Liquefied Natural Gas Ltd. |
| 3,307,629 |
| 547 |
|
*,^ | Dacian Gold Ltd. |
| 1,264,247 |
| 471 |
|
| Ainsworth Game Technology Ltd. |
| 812,390 |
| 382 |
|
* | Cash Converters International Ltd. |
| 2,163,915 |
| 247 |
|
*,§ | BGP Holdings plc |
| 7,179,555 |
| — |
|
*,§ | Quintis Ltd. |
| 1,474,169 |
| — |
|
|
|
|
|
| 7,310,131 |
|
Austria (0.3%) |
|
|
|
|
| |
| Erste Group Bank AG |
| 1,754,877 |
| 65,078 |
|
| OMV AG |
| 867,824 |
| 42,302 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
| voestalpine AG |
| 699,986 |
| 21,640 |
|
| Verbund AG |
| 403,205 |
| 21,122 |
|
| Raiffeisen Bank International AG |
| 790,660 |
| 18,565 |
|
| Wienerberger AG |
| 694,502 |
| 17,138 |
|
| ANDRITZ AG |
| 434,244 |
| 16,349 |
|
| IMMOFINANZ AG |
| 595,730 |
| 15,540 |
|
| CA Immobilien Anlagen AG |
| 420,145 |
| 15,409 |
|
2 | BAWAG Group AG |
| 271,002 |
| 11,351 |
|
| Lenzing AG |
| 81,162 |
| 9,048 |
|
| Oesterreichische Post AG |
| 206,233 |
| 6,942 |
|
| Telekom Austria AG Class A |
| 829,574 |
| 6,275 |
|
| UNIQA Insurance Group AG |
| 667,300 |
| 6,217 |
|
| S IMMO AG |
| 283,878 |
| 6,145 |
|
| Vienna Insurance Group AG Wiener Versicherung Gruppe |
| 234,417 |
| 6,012 |
|
| Schoeller-Bleckmann Oilfield Equipment AG |
| 69,099 |
| 5,868 |
|
| DO & CO AG |
| 39,778 |
| 3,844 |
|
* | Strabag SE |
| 96,252 |
| 3,340 |
|
| EVN AG |
| 180,437 |
| 2,725 |
|
| Flughafen Wien AG |
| 59,277 |
| 2,657 |
|
| Palfinger AG |
| 59,662 |
| 1,835 |
|
| Agrana Beteiligungs AG |
| 64,466 |
| 1,400 |
|
* | Zumtobel Group AG |
| 163,313 |
| 1,280 |
|
^ | Porr AG |
| 55,117 |
| 1,216 |
|
| Kapsch TrafficCom AG |
| 31,814 |
| 1,157 |
|
*,§ | Strabag SE Rights Exp. 06/28/2021 |
| 87,956 |
| 130 |
|
|
|
|
|
| 310,585 |
|
Belgium (1.0%) |
|
|
|
|
| |
| Anheuser-Busch InBev SA |
| 4,711,742 |
| 416,944 |
|
| KBC Group NV |
| 1,680,748 |
| 110,300 |
|
| UCB SA |
| 737,592 |
| 61,213 |
|
| Ageas |
| 1,129,736 |
| 58,792 |
|
| Solvay SA Class A |
| 424,115 |
| 44,045 |
|
| Groupe Bruxelles Lambert SA |
| 447,876 |
| 44,004 |
|
| Umicore SA |
| 1,257,498 |
| 40,355 |
|
* | Argenx SE |
| 230,780 |
| 32,613 |
|
| Proximus SADP |
| 856,525 |
| 25,314 |
|
| Ackermans & van Haaren NV |
| 135,807 |
| 20,393 |
|
| Warehouses De Pauw CVA |
| 108,024 |
| 18,180 |
|
| Cofinimmo SA |
| 138,062 |
| 17,927 |
|
| Sofina SA |
| 93,368 |
| 17,817 |
|
| Colruyt SA |
| 292,761 |
| 16,996 |
|
| Elia System Operator SA |
| 215,245 |
| 15,873 |
|
| Telenet Group Holding NV |
| 279,536 |
| 15,577 |
|
| Aedifica SA |
| 151,118 |
| 14,427 |
|
| Barco NV |
| 59,507 |
| 12,542 |
|
| KBC Ancora |
| 216,863 |
| 9,706 |
|
| Euronav NV |
| 978,041 |
| 9,165 |
|
| Ontex Group NV |
| 494,161 |
| 7,976 |
|
^ | Melexis NV |
| 114,089 |
| 7,714 |
|
| Befimmo SA |
| 130,270 |
| 7,492 |
|
| Gimv NV |
| 115,353 |
| 7,281 |
|
| D’ieteren SA |
| 141,703 |
| 6,513 |
|
| Montea C.V.A |
| 72,602 |
| 6,223 |
|
^ | Bekaert SA |
| 214,063 |
| 5,756 |
|
^ | bpost SA |
| 603,052 |
| 5,723 |
|
* | Tessenderlo Chemie NV (Voting Shares) |
| 164,624 |
| 5,500 |
|
| Retail Estates NV |
| 51,526 |
| 4,762 |
|
| Fagron |
| 230,064 |
| 4,678 |
|
| Kinepolis Group NV |
| 78,172 |
| 4,268 |
|
| Cie d’Entreprises CFE |
| 41,742 |
| 3,964 |
|
* | AGFA-Gevaert NV |
| 1,005,484 |
| 3,906 |
|
| Orange Belgium SA |
| 169,458 |
| 3,362 |
|
^ | Econocom Group SA |
| 802,827 |
| 2,874 |
|
*,^ | Mithra Pharmaceuticals SA |
| 85,025 |
| 2,503 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
| EVS Broadcast Equipment SA |
| 82,983 |
| 1,931 |
|
*,^ | Ion Beam Applications |
| 120,426 |
| 1,830 |
|
| Wereldhave Belgium Comm VA |
| 13,500 |
| 1,238 |
|
| Van de Velde NV |
| 35,294 |
| 1,103 |
|
^ | Greenyard NV |
| 77,723 |
| 305 |
|
|
|
|
|
| 1,099,085 |
|
Canada (8.8%) |
|
|
|
|
| |
| Royal Bank of Canada |
| 8,834,947 |
| 702,114 |
|
| Toronto-Dominion Bank |
| 11,285,539 |
| 659,440 |
|
| Enbridge Inc. |
| 12,113,066 |
| 437,515 |
|
| Canadian National Railway Co. (Toronto Shares) |
| 4,438,483 |
| 410,785 |
|
| Bank of Nova Scotia |
| 7,542,888 |
| 405,152 |
|
| Suncor Energy Inc. |
| 9,626,460 |
| 300,287 |
|
| Bank of Montreal |
| 3,907,341 |
| 295,150 |
|
| TC Energy Corp. |
| 5,620,715 |
| 278,643 |
|
| Brookfield Asset Management Inc. Class A |
| 5,178,251 |
| 247,732 |
|
| Manulife Financial Corp. |
| 12,059,188 |
| 219,166 |
|
^ | Canadian Imperial Bank of Commerce |
| 2,719,537 |
| 213,858 |
|
| Canadian Pacific Railway Ltd. |
| 860,905 |
| 202,763 |
|
| Canadian Natural Resources Ltd. |
| 7,199,179 |
| 194,115 |
|
| Nutrien Ltd. |
| 3,573,234 |
| 191,138 |
|
* | Shopify Inc. Class A |
| 606,171 |
| 182,182 |
|
| Alimentation Couche-Tard Inc. Class B |
| 2,607,935 |
| 164,117 |
|
| Sun Life Financial Inc. |
| 3,631,422 |
| 150,381 |
|
| Rogers Communications Inc. Class B |
| 2,195,326 |
| 117,515 |
|
| Constellation Software Inc. |
| 121,792 |
| 114,789 |
|
| Pembina Pipeline Corp. |
| 3,068,565 |
| 114,232 |
|
* | CGI Inc. |
| 1,482,661 |
| 113,989 |
|
| Barrick Gold Corp. |
| 7,196,442 |
| 113,589 |
|
| Restaurant Brands International Inc. |
| 1,451,886 |
| 100,968 |
|
| Fortis Inc. |
| 2,521,324 |
| 99,559 |
|
| Waste Connections Inc. (Canadian Shares) |
| 1,020,875 |
| 97,523 |
|
| National Bank of Canada |
| 2,048,109 |
| 97,295 |
|
| Franco-Nevada Corp. |
| 1,118,833 |
| 94,963 |
|
| Magna International Inc. |
| 1,882,471 |
| 93,667 |
|
| BCE Inc. |
| 1,829,709 |
| 83,245 |
|
| Fairfax Financial Holdings Ltd. |
| 165,843 |
| 81,400 |
|
| Intact Financial Corp. |
| 847,051 |
| 78,279 |
|
| Thomson Reuters Corp. |
| 1,204,521 |
| 77,704 |
|
| Agnico Eagle Mines Ltd. |
| 1,424,835 |
| 73,051 |
|
| Teck Resources Ltd. Class B |
| 3,090,287 |
| 71,313 |
|
| Dollarama Inc. |
| 1,903,749 |
| 66,974 |
|
| Wheaton Precious Metals Corp. |
| 2,719,670 |
| 65,772 |
|
| Open Text Corp. |
| 1,584,855 |
| 65,401 |
|
| Loblaw Cos. Ltd. |
| 1,141,875 |
| 58,465 |
|
| Emera Inc. |
| 1,429,044 |
| 58,393 |
|
| Waste Connections Inc. |
| 587,659 |
| 56,169 |
|
| Shaw Communications Inc. Class B |
| 2,737,932 |
| 55,865 |
|
| Cenovus Energy Inc. |
| 6,243,881 |
| 55,070 |
|
| Metro Inc. |
| 1,464,782 |
| 54,965 |
|
* | Bausch Health Cos. Inc. |
| 2,109,568 |
| 53,224 |
|
^ | Kirkland Lake Gold Ltd. |
| 1,135,321 |
| 48,914 |
|
| Gildan Activewear Inc. |
| 1,251,785 |
| 48,444 |
|
| Barrick Gold Corp. (London Shares) |
| 3,434,210 |
| 48,361 |
|
| Encana Corp. |
| 9,096,255 |
| 46,678 |
|
| Power Corp. of Canada |
| 2,130,863 |
| 45,903 |
|
| TELUS Corp. |
| 1,214,358 |
| 44,891 |
|
| CAE Inc. |
| 1,640,756 |
| 44,115 |
|
*,^ | Canopy Growth Corp. |
| 1,089,519 |
| 43,987 |
|
| CCL Industries Inc. Class B |
| 888,475 |
| 43,571 |
|
| Imperial Oil Ltd. |
| 1,453,569 |
| 40,248 |
|
| Saputo Inc. |
| 1,337,836 |
| 40,047 |
|
| First Quantum Minerals Ltd. |
| 4,149,842 |
| 39,421 |
|
| Inter Pipeline Ltd. |
| 2,479,967 |
| 38,576 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
^ | Canadian Tire Corp. Ltd. Class A |
| 351,900 |
| 38,341 |
|
*,^ | Aurora Cannabis Inc. |
| 4,849,546 |
| 37,995 |
|
| RioCan REIT |
| 1,870,974 |
| 37,132 |
|
| Great-West Lifeco Inc. |
| 1,589,187 |
| 36,588 |
|
^ | Algonquin Power & Utilities Corp. |
| 2,963,134 |
| 35,909 |
|
^ | WSP Global Inc. |
| 631,482 |
| 34,763 |
|
2 | Hydro One Ltd. |
| 1,916,529 |
| 33,426 |
|
| George Weston Ltd. |
| 436,066 |
| 33,089 |
|
| Keyera Corp. |
| 1,278,932 |
| 32,912 |
|
*,^ | Cronos Group Inc. |
| 2,042,389 |
| 32,767 |
|
| Canadian Apartment Properties REIT |
| 886,946 |
| 32,754 |
|
| Power Financial Corp. |
| 1,392,432 |
| 32,026 |
|
| Onex Corp. |
| 505,910 |
| 30,516 |
|
| H&R REIT |
| 1,748,850 |
| 30,502 |
|
* | Kinross Gold Corp. |
| 7,545,422 |
| 29,155 |
|
^ | Parkland Fuel Corp. |
| 887,466 |
| 28,158 |
|
| iA Financial Corp. Inc. |
| 660,796 |
| 26,915 |
|
| Empire Co. Ltd. |
| 1,045,532 |
| 26,331 |
|
| Cameco Corp. |
| 2,415,760 |
| 25,900 |
|
^ | AltaGas Ltd. |
| 1,660,060 |
| 25,112 |
|
* | Air Canada Class B |
| 825,969 |
| 25,034 |
|
| Allied Properties REIT |
| 666,791 |
| 24,120 |
|
| TMX Group Ltd. |
| 334,819 |
| 23,292 |
|
| CI Financial Corp. |
| 1,401,007 |
| 22,830 |
|
| Toromont Industries Ltd. |
| 476,816 |
| 22,600 |
|
* | BlackBerry Ltd. |
| 3,012,670 |
| 22,453 |
|
^ | Ritchie Bros Auctioneers Inc. |
| 664,370 |
| 22,094 |
|
* | Bombardier Inc. Class B |
| 12,886,161 |
| 21,648 |
|
| SNC-Lavalin Group Inc. |
| 1,069,941 |
| 21,635 |
|
| Lundin Mining Corp. |
| 3,889,070 |
| 21,412 |
|
| Methanex Corp. |
| 468,258 |
| 21,258 |
|
| Canadian Utilities Ltd. Class A |
| 726,027 |
| 20,491 |
|
^ | PrairieSky Royalty Ltd. |
| 1,414,029 |
| 19,868 |
|
| Tourmaline Oil Corp. |
| 1,535,552 |
| 19,559 |
|
| SmartCentres REIT |
| 768,681 |
| 19,494 |
|
| Element Fleet Management Corp. |
| 2,613,553 |
| 19,079 |
|
| Finning International Inc. |
| 1,010,945 |
| 18,427 |
|
* | B2Gold Corp. |
| 5,999,414 |
| 18,233 |
|
^ | Vermilion Energy Inc. |
| 836,269 |
| 18,168 |
|
| FirstService Corp. |
| 187,006 |
| 17,993 |
|
| Husky Energy Inc. |
| 1,862,359 |
| 17,649 |
|
* | Descartes Systems Group Inc. |
| 470,174 |
| 17,395 |
|
| Quebecor Inc. Class B |
| 710,956 |
| 16,933 |
|
| West Fraser Timber Co. Ltd. |
| 369,917 |
| 16,864 |
|
^ | Stantec Inc. |
| 695,857 |
| 16,701 |
|
| Pan American Silver Corp. |
| 1,254,132 |
| 16,214 |
|
| First Capital Realty Inc. |
| 945,421 |
| 15,782 |
|
^ | Gibson Energy Inc. |
| 883,317 |
| 15,750 |
|
| Colliers International Group Inc. |
| 218,709 |
| 15,637 |
|
* | Stars Group Inc. |
| 911,645 |
| 15,559 |
|
| Atco Ltd. |
| 458,335 |
| 15,449 |
|
| Boyd Group Income Fund |
| 120,654 |
| 15,245 |
|
| Chartwell Retirement Residences |
| 1,302,844 |
| 15,142 |
|
| TFI International Inc. |
| 500,305 |
| 15,140 |
|
^ | IGM Financial Inc. |
| 515,261 |
| 14,712 |
|
* | Parex Resources Inc. |
| 911,672 |
| 14,627 |
|
| Choice Properties REIT |
| 1,396,643 |
| 14,590 |
|
| Yamana Gold Inc. |
| 5,742,264 |
| 14,558 |
|
| Alamos Gold Inc. Class A |
| 2,364,178 |
| 14,262 |
|
^ | Capital Power Corp. |
| 619,456 |
| 14,262 |
|
| Granite REIT |
| 301,330 |
| 13,873 |
|
| Northland Power Inc. |
| 709,387 |
| 13,813 |
|
* | Detour Gold Corp. |
| 1,087,417 |
| 13,718 |
|
*,^ | Canada Goose Holdings Inc. |
| 345,138 |
| 13,360 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
| Stella-Jones Inc. |
| 343,061 |
| 12,381 |
|
^ | Premium Brands Holdings Corp. |
| 178,020 |
| 12,168 |
|
* | Ivanhoe Mines Ltd. |
| 3,812,876 |
| 12,112 |
|
^ | Canadian Western Bank |
| 525,531 |
| 11,987 |
|
* | Great Canadian Gaming Corp. |
| 342,879 |
| 11,625 |
|
| TransAlta Corp. |
| 1,769,664 |
| 11,514 |
|
| Dream Global REIT |
| 1,097,201 |
| 11,437 |
|
| Crescent Point Energy Corp. |
| 3,350,175 |
| 11,077 |
|
| Cott Corp. |
| 828,563 |
| 11,060 |
|
^ | Enerplus Corp. |
| 1,450,981 |
| 10,914 |
|
* | Pretium Resources Inc. |
| 1,053,131 |
| 10,527 |
|
^ | Cominar REIT |
| 1,098,083 |
| 10,490 |
|
| Linamar Corp. |
| 280,099 |
| 10,455 |
|
^ | ARC Resources Ltd. |
| 2,127,620 |
| 10,414 |
|
| OceanaGold Corp. |
| 3,799,772 |
| 10,388 |
|
| Maple Leaf Foods Inc. |
| 471,890 |
| 10,335 |
|
* | SSR Mining Inc. |
| 744,962 |
| 10,194 |
|
| Osisko Gold Royalties Ltd. |
| 931,027 |
| 9,704 |
|
* | IAMGOLD Corp. |
| 2,853,406 |
| 9,653 |
|
* | Kinaxis Inc. |
| 153,865 |
| 9,596 |
|
^ | NFI Group Inc. |
| 331,288 |
| 9,335 |
|
* | Centerra Gold Inc. |
| 1,296,828 |
| 9,130 |
|
| Superior Plus Corp. |
| 876,594 |
| 8,943 |
|
^ | BRP Inc. |
| 249,048 |
| 8,900 |
|
^ | Laurentian Bank of Canada |
| 257,825 |
| 8,856 |
|
*,^ | Aphria Inc. |
| 1,235,395 |
| 8,688 |
|
* | NovaGold Resources Inc. |
| 1,429,030 |
| 8,413 |
|
* | Seven Generations Energy Ltd. Class A |
| 1,700,996 |
| 8,339 |
|
^ | Whitecap Resources Inc. |
| 2,538,176 |
| 8,237 |
|
| WestJet Airlines Ltd. |
| 344,330 |
| 8,083 |
|
^ | Innergex Renewable Energy Inc. |
| 752,783 |
| 8,013 |
|
* | SEMAFO Inc. |
| 2,002,535 |
| 7,891 |
|
| Hudbay Minerals Inc. |
| 1,429,441 |
| 7,739 |
|
*,^ | First Majestic Silver Corp. |
| 975,346 |
| 7,701 |
|
* | ATS Automation Tooling Systems Inc. |
| 466,929 |
| 7,595 |
|
* | Turquoise Hill Resources Ltd. |
| 5,995,913 |
| 7,463 |
|
^ | Norbord Inc. |
| 299,446 |
| 7,422 |
|
* | Endeavour Mining Corp. |
| 454,549 |
| 7,411 |
|
^ | Genworth MI Canada Inc. |
| 225,333 |
| 7,131 |
|
^ | Boardwalk REIT |
| 232,912 |
| 7,086 |
|
| Enerflex Ltd. |
| 543,946 |
| 7,082 |
|
| Artis REIT |
| 772,409 |
| 6,860 |
|
| North West Co. Inc. |
| 295,196 |
| 6,738 |
|
^ | Cineplex Inc. |
| 378,522 |
| 6,645 |
|
| Pason Systems Inc. |
| 448,411 |
| 6,499 |
|
| Enghouse Systems Ltd. |
| 237,174 |
| 6,272 |
|
| Russel Metals Inc. |
| 370,422 |
| 6,251 |
|
* | Alacer Gold Corp. |
| 1,791,449 |
| 6,224 |
|
| Winpak Ltd. |
| 187,644 |
| 6,190 |
|
| TransAlta Renewables Inc. |
| 584,715 |
| 6,184 |
|
| ShawCor Ltd. |
| 423,841 |
| 5,929 |
|
| Northview Apartment REIT |
| 286,209 |
| 5,879 |
|
* | MEG Energy Corp. |
| 1,504,005 |
| 5,765 |
|
^ | Eldorado Gold Corp. |
| 964,738 |
| 5,606 |
|
| Corus Entertainment Inc. Class B |
| 1,194,875 |
| 5,602 |
|
*,^ | Home Capital Group Inc. Class B |
| 371,046 |
| 5,494 |
|
| Dream Office REIT |
| 298,253 |
| 5,384 |
|
| Aecon Group Inc. |
| 358,717 |
| 5,251 |
|
* | Torex Gold Resources Inc. |
| 508,796 |
| 5,230 |
|
| Secure Energy Services Inc. |
| 937,590 |
| 5,112 |
|
*,^ | Baytex Energy Corp. |
| 3,290,398 |
| 5,101 |
|
^ | Transcontinental Inc. Class A |
| 456,218 |
| 5,083 |
|
| Cogeco Communications Inc. |
| 69,244 |
| 4,980 |
|
* | Celestica Inc. |
| 723,460 |
| 4,939 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
^ | Westshore Terminals Investment Corp. |
| 283,308 |
| 4,755 |
|
| Hudson’s Bay Co. |
| 622,793 |
| 4,566 |
|
^ | Mullen Group Ltd. |
| 614,455 |
| 4,457 |
|
| ECN Capital Corp. |
| 1,365,045 |
| 4,399 |
|
| Martinrea International Inc. |
| 520,908 |
| 4,320 |
|
* | Gran Tierra Energy Inc. |
| 2,418,776 |
| 3,786 |
|
* | Precision Drilling Corp. |
| 1,814,603 |
| 3,409 |
|
| Cascades Inc. |
| 403,690 |
| 3,249 |
|
^ | Birchcliff Energy Ltd. |
| 1,618,860 |
| 3,214 |
|
* | Canfor Corp. |
| 376,895 |
| 3,059 |
|
| Fortis Inc. (New York Shares) |
| 73,120 |
| 2,886 |
|
^ | Peyto Exploration & Development Corp. |
| 950,520 |
| 2,845 |
|
| CES Energy Solutions Corp. |
| 1,512,347 |
| 2,795 |
|
* | Kelt Exploration Ltd. |
| 917,388 |
| 2,732 |
|
^ | TORC Oil & Gas Ltd. |
| 844,019 |
| 2,636 |
|
| Just Energy Group Inc. |
| 603,573 |
| 2,595 |
|
^ | Ensign Energy Services Inc. |
| 785,080 |
| 2,572 |
|
* | Sierra Wireless Inc. |
| 202,405 |
| 2,450 |
|
*,^ | NuVista Energy Ltd. |
| 1,126,373 |
| 2,245 |
|
| First National Financial Corp. |
| 91,636 |
| 2,187 |
|
*,^ | Paramount Resources Ltd. Class A |
| 420,246 |
| 2,096 |
|
* | China Gold International Resources Corp. Ltd. |
| 1,495,282 |
| 1,873 |
|
| Morguard REIT |
| 147,286 |
| 1,367 |
|
*,§ | Tahoe Resources Inc. CVR Exp. 02/26/2028 |
| 1,805,222 |
| 702 |
|
| Dorel Industries Inc. Class B |
| 77,557 |
| 628 |
|
| Enbridge Inc. (New York Shares) |
| 7,620 |
| 275 |
|
|
|
|
|
| 10,061,092 |
|
Denmark (1.4%) |
|
|
|
|
| |
| Novo Nordisk A/S Class B |
| 10,114,983 |
| 516,645 |
|
| DSV A/S |
| 1,075,620 |
| 105,916 |
|
| Vestas Wind Systems A/S |
| 1,216,951 |
| 105,429 |
|
| Coloplast A/S Class B |
| 811,207 |
| 91,698 |
|
| Carlsberg A/S Class B |
| 643,745 |
| 85,423 |
|
2 | Orsted A/S |
| 912,442 |
| 78,934 |
|
| Danske Bank A/S |
| 4,066,037 |
| 64,420 |
|
* | Genmab A/S |
| 340,352 |
| 62,639 |
|
| Novozymes A/S |
| 1,280,989 |
| 59,728 |
|
| Chr Hansen Holding A/S |
| 627,632 |
| 59,063 |
|
| AP Moller - Maersk A/S Class B |
| 36,805 |
| 45,797 |
|
| GN Store Nord A/S |
| 784,040 |
| 36,652 |
|
| AP Moller - Maersk A/S Class A |
| 29,912 |
| 34,786 |
|
| ISS A/S |
| 1,130,617 |
| 34,182 |
|
| Tryg A/S |
| 737,745 |
| 24,007 |
|
| SimCorp A/S |
| 243,012 |
| 23,524 |
|
| Royal Unibrew A/S |
| 309,980 |
| 22,661 |
|
*,^ | Demant A/S |
| 640,685 |
| 19,941 |
|
| Pandora A/S |
| 546,413 |
| 19,441 |
|
^ | Ambu A/S Class B |
| 1,014,425 |
| 16,491 |
|
| Topdanmark A/S |
| 256,455 |
| 14,474 |
|
| H Lundbeck A/S |
| 362,008 |
| 14,339 |
|
| Jyske Bank A/S |
| 407,235 |
| 14,126 |
|
| FLSmidth & Co. A/S |
| 305,693 |
| 13,852 |
|
| Ringkjoebing Landbobank A/S |
| 173,567 |
| 11,269 |
|
* | Drilling Co. of 1972 A/S |
| 135,135 |
| 10,499 |
|
| Rockwool International A/S Class B |
| 39,107 |
| 10,005 |
|
* | ALK-Abello A/S |
| 39,540 |
| 9,232 |
|
*,2 | Netcompany Group A/S |
| 199,879 |
| 8,046 |
|
| Dfds A/S |
| 184,819 |
| 7,849 |
|
| Sydbank A/S |
| 337,339 |
| 6,435 |
|
| Schouw & Co. A/S |
| 76,570 |
| 5,836 |
|
*,^ | Bavarian Nordic A/S |
| 198,972 |
| 4,923 |
|
* | Nilfisk Holding A/S |
| 163,591 |
| 4,571 |
|
2 | Scandinavian Tobacco Group A/S |
| 390,770 |
| 4,557 |
|
| Spar Nord Bank A/S |
| 492,906 |
| 4,341 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
| Alm Brand A/S |
| 375,895 |
| 3,324 |
|
* | NKT A/S |
| 167,533 |
| 2,580 |
|
| D/S Norden A/S |
| 168,219 |
| 2,424 |
|
| Matas A/S |
| 201,080 |
| 2,183 |
|
* | Bang & Olufsen A/S |
| 202,869 |
| 1,418 |
|
| Solar A/S Class B |
| 27,374 |
| 1,317 |
|
|
|
|
|
| 1,664,977 |
|
Finland (1.1%) |
|
|
|
|
| |
| Nokia Oyj |
| 34,339,445 |
| 171,038 |
|
| Sampo Oyj Class A |
| 2,999,564 |
| 141,593 |
|
| Kone Oyj Class B |
| 2,389,879 |
| 141,130 |
|
| Nordea Bank Abp (Stockholm Shares) |
| 19,008,564 |
| 138,092 |
|
| UPM-Kymmene Oyj |
| 3,268,442 |
| 86,964 |
|
| Neste Oyj |
| 2,547,179 |
| 86,598 |
|
| Fortum Oyj |
| 2,634,578 |
| 58,228 |
|
| Elisa Oyj |
| 875,140 |
| 42,718 |
|
| Stora Enso Oyj |
| 3,504,307 |
| 41,238 |
|
| Wartsila Oyj Abp |
| 2,781,669 |
| 40,389 |
|
| Nokian Renkaat Oyj |
| 823,666 |
| 25,723 |
|
| Metso Oyj |
| 651,790 |
| 25,652 |
|
| Huhtamaki Oyj |
| 568,278 |
| 23,372 |
|
| Kesko Oyj Class B |
| 414,617 |
| 23,048 |
|
| Orion Oyj Class B |
| 623,091 |
| 22,849 |
|
| Valmet Oyj |
| 808,892 |
| 20,180 |
|
| Konecranes Oyj Class A |
| 441,083 |
| 16,852 |
|
^ | Tieto Oyj |
| 449,395 |
| 13,321 |
|
| Cargotec Oyj Class B |
| 297,508 |
| 11,305 |
|
| DNA Oyj |
| 370,609 |
| 8,850 |
|
| Kemira Oyj |
| 536,538 |
| 7,899 |
|
^ | Outokumpu Oyj |
| 1,828,554 |
| 6,252 |
|
| Cramo Oyj |
| 257,767 |
| 6,133 |
|
| YIT Oyj |
| 986,554 |
| 6,072 |
|
| Metsa Board Oyj |
| 1,037,063 |
| 5,574 |
|
| Caverion Oyj |
| 638,342 |
| 5,010 |
|
^ | Citycon Oyj |
| 467,318 |
| 4,869 |
|
* | Outotec Oyj |
| 884,962 |
| 4,683 |
|
| Sanoma Oyj |
| 443,056 |
| 4,273 |
|
| Ramirent Oyj |
| 400,724 |
| 4,073 |
|
^ | Ahlstrom-Munksjo Oyj |
| 226,180 |
| 3,724 |
|
| Uponor Oyj |
| 327,166 |
| 3,555 |
|
| Nordea Bank Abp |
| 398,531 |
| 2,894 |
|
| Finnair Oyj |
| 327,294 |
| 2,610 |
|
| Raisio Oyj |
| 705,858 |
| 2,332 |
|
* | F-Secure Oyj |
| 616,061 |
| 1,739 |
|
| Oriola Oyj |
| 723,442 |
| 1,652 |
|
|
|
|
|
| 1,212,484 |
|
France (8.5%) |
|
|
|
|
| |
| TOTAL SA |
| 14,762,877 |
| 828,106 |
|
| LVMH Moet Hennessy Louis Vuitton SE |
| 1,523,143 |
| 647,527 |
|
| Sanofi |
| 6,631,607 |
| 573,119 |
|
| Airbus SE |
| 3,367,630 |
| 476,592 |
|
| BNP Paribas SA |
| 6,621,453 |
| 313,892 |
|
| L’Oreal SA |
| 1,102,722 |
| 313,535 |
|
| Danone SA |
| 3,657,958 |
| 309,727 |
|
| AXA SA |
| 11,745,118 |
| 308,447 |
|
| Safran SA |
| 2,016,425 |
| 294,987 |
|
| Schneider Electric SE |
| 3,208,808 |
| 290,342 |
|
| Vinci SA |
| 2,840,844 |
| 290,123 |
|
| Kering SA |
| 453,531 |
| 267,684 |
|
^ | Pernod Ricard SA |
| 1,293,381 |
| 238,210 |
|
| EssilorLuxottica SA |
| 1,796,368 |
| 234,106 |
|
| Orange SA |
| 11,685,030 |
| 184,309 |
|
| Vivendi SA |
| 5,919,393 |
| 162,444 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
| Cie Generale des Etablissements Michelin SCA |
| 1,078,382 |
| 136,352 |
|
| Hermes International |
| 188,511 |
| 135,897 |
|
| Dassault Systemes SE |
| 806,959 |
| 128,714 |
|
| Air Liquide SA (Prime de fidelite) |
| 890,429 |
| 124,543 |
|
| Legrand SA |
| 1,634,786 |
| 119,517 |
|
| Air Liquide SA |
| 845,425 |
| 118,248 |
|
| Capgemini SE |
| 949,949 |
| 118,110 |
|
| Cie de Saint-Gobain |
| 2,981,939 |
| 116,444 |
|
| Societe Generale SA |
| 4,423,975 |
| 111,658 |
|
| L’Oreal SA Loyalty Line |
| 368,925 |
| 104,896 |
|
| Credit Agricole SA |
| 7,003,006 |
| 83,565 |
|
* | Air Liquide SA Loyalty Line 2021 |
| 593,265 |
| 82,979 |
|
| Peugeot SA |
| 3,321,248 |
| 81,744 |
|
| Thales SA |
| 612,280 |
| 75,630 |
|
| Veolia Environnement SA |
| 3,061,311 |
| 74,544 |
|
| Edenred |
| 1,457,613 |
| 74,287 |
|
| TechnipFMC plc |
| 2,808,991 |
| 72,469 |
|
| Teleperformance |
| 354,316 |
| 70,957 |
|
^ | Renault SA |
| 1,118,291 |
| 70,304 |
|
| STMicroelectronics NV |
| 3,854,412 |
| 68,362 |
|
^ | Publicis Groupe SA |
| 1,283,068 |
| 67,721 |
|
^ | Carrefour SA |
| 3,419,144 |
| 65,992 |
|
| Accor SA |
| 1,206,393 |
| 51,781 |
|
| Engie SA |
| 3,389,138 |
| 51,392 |
|
| Gecina SA |
| 319,711 |
| 47,855 |
|
| Atos SE |
| 567,556 |
| 47,418 |
|
^ | Valeo SA |
| 1,455,193 |
| 47,375 |
|
| Bouygues SA |
| 1,273,238 |
| 47,152 |
|
| Eiffage SA |
| 454,487 |
| 44,917 |
|
| Engie |
| 2,954,338 |
| 44,798 |
|
| Getlink SE |
| 2,762,599 |
| 44,253 |
|
| Alstom SA |
| 946,694 |
| 43,880 |
|
^ | Bureau Veritas SA |
| 1,678,080 |
| 41,420 |
|
* | Ubisoft Entertainment SA |
| 522,445 |
| 40,860 |
|
| Arkema SA |
| 438,648 |
| 40,779 |
|
| SCOR SE |
| 913,183 |
| 40,033 |
|
| Klepierre SA |
| 1,163,602 |
| 38,984 |
|
*,2 | Worldline SA |
| 509,576 |
| 37,023 |
|
* | Engie Loyalty Line 2021 |
| 2,400,527 |
| 36,400 |
|
| Electricite de France SA |
| 2,817,097 |
| 35,518 |
|
* | Air Liquide SA Loyalty Line 2020 |
| 246,444 |
| 34,470 |
|
| Ingenico Group SA |
| 379,764 |
| 33,610 |
|
| SES SA Class A |
| 2,144,349 |
| 33,487 |
|
| Orpea |
| 274,710 |
| 33,136 |
|
| Sodexo SA |
| 281,724 |
| 32,935 |
|
2 | Euronext NV |
| 427,858 |
| 32,371 |
|
^ | Suez |
| 2,235,787 |
| 32,261 |
|
| Aeroports de Paris |
| 173,247 |
| 30,567 |
|
^ | Rubis SCA |
| 540,492 |
| 30,432 |
|
*,^ | Eurofins Scientific SE |
| 68,515 |
| 30,233 |
|
| Ipsen SA |
| 210,900 |
| 28,766 |
|
| Covivio |
| 270,031 |
| 28,254 |
|
^ | Bollore SA |
| 5,994,679 |
| 26,451 |
|
2 | Amundi SA |
| 346,555 |
| 24,196 |
|
^ | Rexel SA |
| 1,868,549 |
| 23,716 |
|
| Wendel SA |
| 173,677 |
| 23,677 |
|
| Sartorius Stedim Biotech |
| 147,335 |
| 23,232 |
|
^ | Altran Technologies SA |
| 1,411,128 |
| 22,394 |
|
| CNP Assurances |
| 980,563 |
| 22,257 |
|
^ | Remy Cointreau SA |
| 150,278 |
| 21,662 |
|
| Eutelsat Communications SA |
| 1,131,081 |
| 21,124 |
|
| BioMerieux |
| 254,489 |
| 21,087 |
|
| Engie Loyalty Line 2020 |
| 1,375,938 |
| 20,864 |
|
| Faurecia SA |
| 448,375 |
| 20,796 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
^ | Alten SA |
| 173,002 |
| 20,742 |
|
| Natixis SA |
| 5,117,390 |
| 20,606 |
|
| Eurazeo SE |
| 294,268 |
| 20,505 |
|
| Dassault Aviation SA |
| 14,168 |
| 20,370 |
|
| Sodexo Prime Fidelite |
| 169,171 |
| 19,778 |
|
| Lagardere SCA |
| 708,273 |
| 18,453 |
|
^ | ICADE |
| 196,900 |
| 18,038 |
|
^ | Iliad SA |
| 147,119 |
| 16,521 |
|
| Elis SA (London Shares) |
| 809,664 |
| 14,679 |
|
| SPIE SA |
| 739,523 |
| 13,721 |
|
| JCDecaux SA |
| 447,227 |
| 13,543 |
|
| Gaztransport Et Technigaz SA |
| 133,538 |
| 13,395 |
|
| Imerys SA |
| 223,606 |
| 11,850 |
|
^ | Societe BIC SA |
| 153,791 |
| 11,715 |
|
^ | Casino Guichard Perrachon SA |
| 340,758 |
| 11,604 |
|
| Nexity SA |
| 263,176 |
| 11,373 |
|
* | Air France-KLM |
| 1,176,380 |
| 11,303 |
|
* | SOITEC |
| 102,273 |
| 11,189 |
|
^ | Korian SA |
| 284,060 |
| 10,805 |
|
| Sopra Steria Group |
| 86,780 |
| 10,112 |
|
| SEB SA Loyalty Line |
| 54,573 |
| 9,818 |
|
| SEB SA (XPAR) |
| 54,206 |
| 9,752 |
|
2 | Elior Group SA |
| 647,615 |
| 8,907 |
|
| Cie Plastic Omnium SA |
| 339,888 |
| 8,839 |
|
* | CGG SA |
| 4,299,837 |
| 8,100 |
|
* | Fnac Darty SA |
| 106,220 |
| 7,890 |
|
2 | ALD SA |
| 494,923 |
| 7,741 |
|
| Metropole Television SA |
| 397,931 |
| 7,527 |
|
* | SEB SA |
| 41,119 |
| 7,397 |
|
| Television Francaise 1 |
| 646,384 |
| 6,802 |
|
*,2 | Maisons du Monde SA |
| 268,214 |
| 6,399 |
|
| IPSOS |
| 228,166 |
| 6,016 |
|
| Nexans SA |
| 178,151 |
| 5,984 |
|
| Rothschild & Co. |
| 176,461 |
| 5,726 |
|
* | Altarea SCA |
| 27,150 |
| 5,652 |
|
| Coface SA |
| 554,658 |
| 5,594 |
|
*,^ | Vallourec SA |
| 1,855,381 |
| 5,330 |
|
| Sodexo Prime Fidelity Loyalty Line 2020 |
| 45,442 |
| 5,313 |
|
| Mercialys SA |
| 386,124 |
| 5,095 |
|
* | Virbac SA |
| 26,258 |
| 5,024 |
|
| Akka Technologies |
| 65,536 |
| 4,720 |
|
| Vicat SA |
| 93,428 |
| 4,649 |
|
^ | Tarkett SA |
| 194,658 |
| 4,557 |
|
2 | Europcar Mobility Group |
| 632,241 |
| 4,500 |
|
| Neopost SA |
| 208,063 |
| 4,451 |
|
*,^ | Genfit |
| 220,996 |
| 4,423 |
|
| Trigano SA |
| 47,744 |
| 4,356 |
|
| Interparfums SA |
| 80,028 |
| 3,834 |
|
| Eramet |
| 55,071 |
| 3,665 |
|
| Mersen SA |
| 91,001 |
| 3,491 |
|
| Carmila SA |
| 193,022 |
| 3,455 |
|
| FFP |
| 31,025 |
| 3,337 |
|
| Sodexo SA - PRIME FIDELITE 2023 |
| 28,542 |
| 3,337 |
|
| LISI |
| 101,732 |
| 3,291 |
|
*,2 | Neoen SA |
| 130,185 |
| 3,176 |
|
*,^ | DBV Technologies SA |
| 175,330 |
| 2,940 |
|
| Electricite de France SA (Prime de fidelite) |
| 229,038 |
| 2,888 |
|
* | SEB Prime Fidelite |
| 15,997 |
| 2,878 |
|
| Bonduelle SCA |
| 84,233 |
| 2,759 |
|
*,2 | SMCP SA |
| 147,150 |
| 2,480 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
| Beneteau SA |
| 223,150 |
| 2,456 |
|
| Manitou BF SA |
| 75,283 |
| 2,325 |
|
| Derichebourg SA |
| 572,747 |
| 2,201 |
|
* | GL Events |
| 81,920 |
| 2,143 |
|
* | Technicolor SA |
| 2,242,226 |
| 2,077 |
|
| Vilmorin & Cie SA |
| 35,698 |
| 2,043 |
|
| Guerbet |
| 33,254 |
| 1,803 |
|
*,2 | X-Fab Silicon Foundries SE |
| 319,844 |
| 1,798 |
|
| Jacquet Metal Service SA |
| 84,366 |
| 1,724 |
|
| Synergie SA |
| 41,129 |
| 1,484 |
|
| Albioma SA |
| 52,983 |
| 1,405 |
|
* | Pharmagest Inter@ctive |
| 20,431 |
| 1,354 |
|
* | Albioma |
| 39,928 |
| 1,058 |
|
| Groupe Crit |
| 15,148 |
| 1,022 |
|
| Etablissements Maurel et Prom |
| 301,678 |
| 999 |
|
| AKWEL |
| 50,714 |
| 928 |
|
| Albioma Prime Fidelite |
| 34,044 |
| 902 |
|
| Albioma ACT Prime Fidelite |
| 32,290 |
| 856 |
|
| Sodexo Prime Fidelity |
| 6,158 |
| 720 |
|
| Boiron SA |
| 15,337 |
| 651 |
|
| Haulotte Group SA |
| 74,843 |
| 604 |
|
*,^ | Bourbon Corp. |
| 168,814 |
| 403 |
|
| Union Financiere de France BQE SA |
| 17,333 |
| 369 |
|
| Esso SA Francaise |
| 12,846 |
| 360 |
|
|
|
|
|
| 9,813,979 |
|
Germany (7.2%) |
|
|
|
|
| |
| SAP SE |
| 5,926,319 |
| 812,450 |
|
| Allianz SE |
| 2,581,709 |
| 622,647 |
|
| Siemens AG |
| 4,632,975 |
| 551,580 |
|
| BASF SE |
| 5,602,567 |
| 407,582 |
|
| Bayer AG |
| 5,712,788 |
| 396,241 |
|
| adidas AG |
| 1,196,352 |
| 370,116 |
|
| Deutsche Telekom AG |
| 19,724,636 |
| 341,722 |
|
| Daimler AG |
| 5,262,368 |
| 293,492 |
|
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen |
| 852,249 |
| 213,623 |
|
| Deutsche Post AG |
| 5,961,074 |
| 196,100 |
|
| Volkswagen AG Preference Shares |
| 1,118,394 |
| 188,380 |
|
| Deutsche Boerse AG |
| 1,122,688 |
| 158,490 |
|
| Vonovia SE |
| 3,173,760 |
| 151,610 |
|
| Bayerische Motoren Werke AG |
| 1,960,189 |
| 144,892 |
|
| E.ON SE |
| 13,268,818 |
| 143,968 |
|
| Infineon Technologies AG |
| 7,630,573 |
| 135,593 |
|
| Fresenius SE & Co. KGaA |
| 2,487,007 |
| 135,044 |
|
| Wirecard AG |
| 698,548 |
| 117,926 |
|
| Henkel AG & Co. KGaA Preference Shares |
| 1,064,171 |
| 104,097 |
|
| Fresenius Medical Care AG & Co. KGaA |
| 1,303,867 |
| 102,397 |
|
| Continental AG |
| 662,750 |
| 96,509 |
|
| Deutsche Bank AG |
| 12,511,042 |
| 96,473 |
|
| Merck KGaA |
| 792,565 |
| 82,784 |
|
| Deutsche Wohnen SE |
| 2,188,348 |
| 80,188 |
|
| RWE AG |
| 3,230,021 |
| 79,703 |
|
| MTU Aero Engines AG |
| 316,472 |
| 75,482 |
|
| Symrise AG Class A |
| 771,079 |
| 74,247 |
|
| HeidelbergCement AG |
| 908,098 |
| 73,488 |
|
| Beiersdorf AG |
| 610,685 |
| 73,225 |
|
| Porsche Automobil Holding SE Preference Shares |
| 936,625 |
| 60,679 |
|
| Hannover Rueck SE |
| 367,695 |
| 59,454 |
|
| Henkel AG & Co. KGaA |
| 624,773 |
| 57,421 |
|
* | QIAGEN NV |
| 1,338,399 |
| 54,462 |
|
2 | Covestro AG |
| 1,040,863 |
| 52,990 |
|
| Brenntag AG |
| 949,251 |
| 46,577 |
|
| Commerzbank AG |
| 6,367,853 |
| 45,730 |
|
| LEG Immobilien AG |
| 386,482 |
| 43,589 |
|
| Sartorius AG Preference Shares |
| 208,872 |
| 42,836 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
^ | thyssenkrupp AG |
| 2,854,311 |
| 41,675 |
|
*,2 | Zalando SE |
| 828,737 |
| 36,694 |
|
| Uniper SE |
| 1,195,095 |
| 36,214 |
|
*,2 | Scout24 AG |
| 659,685 |
| 35,065 |
|
| Volkswagen AG |
| 198,886 |
| 34,114 |
|
^ | Aroundtown SA |
| 4,124,881 |
| 34,031 |
|
2 | Siemens Healthineers AG |
| 796,582 |
| 33,566 |
|
| Puma SE |
| 499,970 |
| 33,368 |
|
| LANXESS AG |
| 560,167 |
| 33,268 |
|
| Knorr-Bremse AG |
| 294,714 |
| 32,875 |
|
| Rheinmetall AG |
| 263,198 |
| 32,258 |
|
*,2 | Delivery Hero SE |
| 670,822 |
| 30,450 |
|
| Evonik Industries AG |
| 1,022,550 |
| 29,795 |
|
| GEA Group AG |
| 1,018,448 |
| 28,904 |
|
| KION Group AG |
| 432,763 |
| 27,368 |
|
| HUGO BOSS AG |
| 391,235 |
| 26,074 |
|
| Deutsche Lufthansa AG |
| 1,460,847 |
| 25,047 |
|
| United Internet AG |
| 703,531 |
| 23,179 |
|
* | Evotec SE |
| 822,577 |
| 23,030 |
|
| Carl Zeiss Meditec AG |
| 224,227 |
| 22,116 |
|
| ProSiebenSat.1 Media SE |
| 1,394,582 |
| 21,847 |
|
| K&S AG |
| 1,171,482 |
| 21,796 |
|
| Bayerische Motoren Werke AG Preference Shares |
| 348,529 |
| 21,595 |
|
| Nemetschek SE |
| 333,279 |
| 20,078 |
|
2 | Innogy SE Ordinary Shares |
| 422,266 |
| 20,024 |
|
^ | Axel Springer SE |
| 272,670 |
| 19,178 |
|
| Bechtle AG |
| 166,173 |
| 19,124 |
|
* | Dialog Semiconductor plc |
| 468,205 |
| 18,840 |
|
^ | METRO AG |
| 1,030,947 |
| 18,838 |
|
| Fraport AG Frankfurt Airport Services Worldwide |
| 216,886 |
| 18,669 |
|
* | MorphoSys AG |
| 192,168 |
| 18,510 |
|
| TAG Immobilien AG |
| 775,691 |
| 17,917 |
|
^ | OSRAM Licht AG |
| 541,143 |
| 17,876 |
|
| Fuchs Petrolub SE Preference Shares |
| 445,309 |
| 17,483 |
|
^ | GRENKE AG |
| 161,615 |
| 17,376 |
|
| alstria office REIT-AG |
| 968,601 |
| 15,679 |
|
| Freenet AG |
| 783,176 |
| 15,668 |
|
| CTS Eventim AG & Co. KGaA |
| 335,398 |
| 15,595 |
|
^ | Grand City Properties SA |
| 674,859 |
| 15,435 |
|
| Innogy SE |
| 358,996 |
| 15,378 |
|
| TLG Immobilien AG |
| 518,869 |
| 15,190 |
|
| HOCHTIEF AG |
| 122,618 |
| 14,932 |
|
| Gerresheimer AG |
| 193,361 |
| 14,252 |
|
| Rational AG |
| 20,203 |
| 13,924 |
|
| Hella GmbH & Co. KGaA |
| 271,222 |
| 13,364 |
|
| RTL Group SA |
| 231,079 |
| 11,827 |
|
| Telefonica Deutschland Holding AG |
| 4,098,371 |
| 11,462 |
|
*,2 | Rocket Internet SE |
| 394,367 |
| 11,362 |
|
| Stroeer SE & Co. KGaA |
| 150,721 |
| 11,323 |
|
| CompuGroup Medical SE |
| 139,459 |
| 11,263 |
|
| Aurubis AG |
| 223,953 |
| 10,938 |
|
| CANCOM SE |
| 202,284 |
| 10,737 |
|
| Fielmann AG |
| 147,970 |
| 10,716 |
|
| Software AG |
| 299,528 |
| 10,294 |
|
| Duerr AG |
| 300,826 |
| 10,278 |
|
| Talanx AG |
| 235,345 |
| 10,199 |
|
| Jenoptik AG |
| 309,426 |
| 10,006 |
|
| Aareal Bank AG |
| 362,699 |
| 9,555 |
|
| 1&1 Drillisch AG |
| 280,369 |
| 9,355 |
|
| Siltronic AG |
| 128,150 |
| 9,312 |
|
2 | Deutsche Pfandbriefbank AG |
| 760,680 |
| 9,159 |
|
| Jungheinrich AG Preference Shares |
| 291,653 |
| 9,003 |
|
^ | Deutsche EuroShop AG |
| 311,263 |
| 8,602 |
|
| Sixt SE |
| 76,157 |
| 8,149 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
| Norma Group SE |
| 195,972 |
| 8,122 |
|
| Suedzucker AG |
| 470,023 |
| 7,965 |
|
| Sixt SE Preference Shares |
| 107,076 |
| 7,803 |
|
2 | DWS Group GmbH & Co. KGaA |
| 214,214 |
| 7,478 |
|
2 | ADO Properties SA |
| 178,171 |
| 7,368 |
|
| Deutz AG |
| 751,352 |
| 7,310 |
|
| Krones AG |
| 90,246 |
| 7,271 |
|
| XING SE |
| 16,933 |
| 7,240 |
|
| Wacker Chemie AG |
| 91,554 |
| 7,235 |
|
2 | Hapag-Lloyd AG |
| 164,664 |
| 7,209 |
|
| S&T AG |
| 298,765 |
| 6,981 |
|
| Stabilus SA |
| 148,231 |
| 6,868 |
|
* | Hypoport AG |
| 24,850 |
| 6,784 |
|
2 | Befesa SA |
| 169,370 |
| 6,745 |
|
| RWE AG Preference Shares |
| 272,186 |
| 6,736 |
|
| FUCHS PETROLUB SE |
| 187,421 |
| 6,672 |
|
* | CECONOMY AG |
| 1,090,586 |
| 6,667 |
|
| Salzgitter AG |
| 232,361 |
| 6,659 |
|
*,^ | AIXTRON SE |
| 638,454 |
| 6,099 |
|
| TUI AG |
| 619,858 |
| 6,064 |
|
| DMG Mori AG |
| 119,991 |
| 5,948 |
|
| Pfeiffer Vacuum Technology AG |
| 39,609 |
| 5,820 |
|
| Bilfinger SE |
| 176,168 |
| 5,701 |
|
| PATRIZIA AG |
| 264,420 |
| 5,478 |
|
* | Nordex SE |
| 379,547 |
| 5,240 |
|
| RIB Software SE |
| 252,820 |
| 5,193 |
|
| Indus Holding AG |
| 115,348 |
| 5,181 |
|
*,^ | zooplus AG |
| 36,976 |
| 5,049 |
|
* | Varta AG |
| 80,047 |
| 4,970 |
|
| KWS Saat SE |
| 62,265 |
| 4,539 |
|
| Washtec AG |
| 64,372 |
| 4,376 |
|
| Isra Vision AG |
| 93,392 |
| 4,161 |
|
| Wacker Neuson SE |
| 157,322 |
| 3,955 |
|
| Hamburger Hafen und Logistik AG |
| 148,344 |
| 3,925 |
|
| RHOEN-KLINIKUM AG |
| 123,636 |
| 3,779 |
|
| Koenig & Bauer AG |
| 82,846 |
| 3,419 |
|
| Schaeffler AG Preference Shares |
| 448,223 |
| 3,329 |
|
*,^ | Leoni AG |
| 199,397 |
| 3,298 |
|
| DIC Asset AG |
| 279,119 |
| 3,223 |
|
| Hornbach Holding AG & Co. KGaA |
| 53,184 |
| 3,022 |
|
| Takkt AG |
| 204,076 |
| 2,971 |
|
| Draegerwerk AG & Co. KGaA Preference Shares |
| 45,810 |
| 2,886 |
|
| Kloeckner & Co. SE |
| 445,002 |
| 2,661 |
|
| Deutsche Beteiligungs AG |
| 66,860 |
| 2,579 |
|
*,^ | Heidelberger Druckmaschinen AG |
| 1,603,698 |
| 2,575 |
|
| Dermapharm Holding SE |
| 70,215 |
| 2,422 |
|
| BayWa AG |
| 83,175 |
| 2,406 |
|
| Wuestenrot & Wuerttembergische AG |
| 111,381 |
| 2,396 |
|
* | SGL Carbon SE |
| 292,491 |
| 2,375 |
|
^ | Corestate Capital Holding SA |
| 64,565 |
| 2,208 |
|
| Bertrandt AG |
| 29,728 |
| 2,112 |
|
| comdirect bank AG |
| 175,675 |
| 1,979 |
|
| Vossloh AG |
| 53,124 |
| 1,954 |
|
* | SMA Solar Technology AG |
| 56,422 |
| 1,639 |
|
*,2 | Tele Columbus AG |
| 554,921 |
| 1,115 |
|
*,^ | ElringKlinger AG |
| 170,712 |
| 1,030 |
|
| Draegerwerk AG & Co. KGaA |
| 20,836 |
| 997 |
|
| CropEnergies AG |
| 107,543 |
| 756 |
|
| Hornbach Baumarkt AG |
| 242 |
| 5 |
|
|
|
|
|
| 8,302,934 |
|
Hong Kong (3.4%) |
|
|
|
|
| |
| AIA Group Ltd. |
| 74,020,720 |
| 799,343 |
|
| Hong Kong Exchanges & Clearing Ltd. |
| 7,708,300 |
| 272,412 |
|
| CK Hutchison Holdings Ltd. |
| 16,388,452 |
| 161,652 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
| Link REIT |
| 12,890,309 |
| 158,621 |
|
| Sun Hung Kai Properties Ltd. |
| 8,697,921 |
| 147,561 |
|
| Hong Kong & China Gas Co. Ltd. |
| 60,368,624 |
| 133,832 |
|
| CK Asset Holdings Ltd. |
| 16,455,502 |
| 128,914 |
|
| CLP Holdings Ltd. |
| 10,050,424 |
| 110,754 |
|
| Hang Seng Bank Ltd. |
| 4,427,650 |
| 110,206 |
|
| Galaxy Entertainment Group Ltd. |
| 13,112,682 |
| 88,209 |
|
| BOC Hong Kong Holdings Ltd. |
| 21,943,211 |
| 86,394 |
|
| Jardine Matheson Holdings Ltd. |
| 1,305,336 |
| 82,331 |
|
| Sands China Ltd. |
| 14,716,018 |
| 70,299 |
|
| China Mengniu Dairy Co. Ltd. |
| 16,336,845 |
| 63,340 |
|
| Power Assets Holdings Ltd. |
| 8,388,023 |
| 60,344 |
|
| MTR Corp. Ltd. |
| 8,754,310 |
| 58,968 |
|
| Techtronic Industries Co. Ltd. |
| 7,617,801 |
| 58,359 |
|
| New World Development Co. Ltd. |
| 35,038,688 |
| 54,806 |
|
| Wharf Real Estate Investment Co. Ltd. |
| 7,431,106 |
| 52,370 |
|
2 | WH Group Ltd. |
| 51,399,271 |
| 52,139 |
|
| Hongkong Land Holdings Ltd. |
| 7,105,024 |
| 45,797 |
|
| Henderson Land Development Co. Ltd. |
| 7,948,576 |
| 43,823 |
|
| Jardine Strategic Holdings Ltd. |
| 1,112,338 |
| 42,444 |
|
| Swire Pacific Ltd. Class A |
| 3,092,331 |
| 37,996 |
|
| Wheelock & Co. Ltd. |
| 4,995,892 |
| 35,874 |
|
| Lenovo Group Ltd. |
| 45,474,000 |
| 35,210 |
|
| Sino Land Co. Ltd. |
| 19,519,775 |
| 32,736 |
|
| CK Infrastructure Holdings Ltd. |
| 3,812,805 |
| 31,075 |
|
| Hang Lung Properties Ltd. |
| 12,363,662 |
| 29,413 |
|
| Want Want China Holdings Ltd. |
| 33,532,109 |
| 27,269 |
|
| Swire Properties Ltd. |
| 6,431,096 |
| 25,999 |
|
| AAC Technologies Holdings Inc. |
| 4,201,713 |
| 23,771 |
|
| Vitasoy International Holdings Ltd. |
| 4,853,061 |
| 23,338 |
|
| Bank of East Asia Ltd. |
| 7,697,454 |
| 21,525 |
|
*,^ | Semiconductor Manufacturing International Corp. |
| 18,566,172 |
| 20,695 |
|
| Wynn Macau Ltd. |
| 8,911,313 |
| 19,949 |
|
| Wharf Holdings Ltd. |
| 7,425,899 |
| 19,681 |
|
| Hysan Development Co. Ltd. |
| 3,750,378 |
| 19,379 |
|
| Tingyi Cayman Islands Holding Corp. |
| 11,475,045 |
| 19,170 |
|
| ASM Pacific Technology Ltd. |
| 1,863,020 |
| 19,100 |
|
2 | Samsonite International SA |
| 7,886,387 |
| 18,147 |
|
| NWS Holdings Ltd. |
| 8,628,764 |
| 17,747 |
|
| Kerry Properties Ltd. |
| 3,652,766 |
| 15,343 |
|
| Hang Lung Group Ltd. |
| 5,347,772 |
| 14,844 |
|
| PCCW Ltd. |
| 25,153,638 |
| 14,516 |
|
| Dairy Farm International Holdings Ltd. |
| 1,842,743 |
| 13,172 |
|
| SJM Holdings Ltd. |
| 11,362,465 |
| 12,921 |
|
| Xinyi Glass Holdings Ltd. |
| 12,256,622 |
| 12,875 |
|
| Sun Art Retail Group Ltd. |
| 13,496,965 |
| 12,791 |
|
| Yue Yuen Industrial Holdings Ltd. |
| 4,296,115 |
| 11,783 |
|
| Minth Group Ltd. |
| 4,205,124 |
| 11,341 |
|
| Fortune REIT |
| 8,194,044 |
| 11,265 |
|
| NagaCorp Ltd. |
| 9,144,432 |
| 11,247 |
|
2 | BOC Aviation Ltd. |
| 1,286,107 |
| 10,778 |
|
| Swire Pacific Ltd. Class B |
| 5,681,318 |
| 10,777 |
|
| Melco International Development Ltd. |
| 4,785,639 |
| 10,590 |
|
| HKBN Ltd. |
| 5,783,752 |
| 10,429 |
|
| Xinyi Solar Holdings Ltd. |
| 20,668,196 |
| 10,213 |
|
| Champion REIT |
| 12,123,568 |
| 10,102 |
|
| PRADA SPA |
| 3,161,855 |
| 9,777 |
|
* | United Energy Group Ltd. |
| 45,489,171 |
| 8,917 |
|
| VTech Holdings Ltd. |
| 975,325 |
| 8,742 |
|
| Shangri-La Asia Ltd. |
| 6,834,920 |
| 8,608 |
|
| Uni-President China Holdings Ltd. |
| 7,000,968 |
| 7,798 |
|
| MGM China Holdings Ltd. |
| 4,536,983 |
| 7,707 |
|
| SITC International Holdings Co. Ltd. |
| 7,237,863 |
| 7,391 |
|
| Great Eagle Holdings Ltd. |
| 1,696,688 |
| 7,260 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
| Chow Tai Fook Jewellery Group Ltd. |
| 6,597,173 |
| 7,177 |
|
| Luk Fook Holdings International Ltd. |
| 2,062,780 |
| 6,461 |
|
| Li & Fung Ltd. |
| 35,737,386 |
| 6,235 |
|
| Nexteer Automotive Group Ltd. |
| 4,884,943 |
| 6,083 |
|
| IGG Inc. |
| 5,412,937 |
| 6,054 |
|
| Kerry Logistics Network Ltd. |
| 3,355,862 |
| 6,047 |
|
| Hongkong & Shanghai Hotels Ltd. |
| 4,627,514 |
| 6,025 |
|
| Cafe de Coral Holdings Ltd. |
| 1,994,109 |
| 5,933 |
|
| First Pacific Co. Ltd. |
| 14,319,867 |
| 5,811 |
|
| Cathay Pacific Airways Ltd. |
| 3,745,272 |
| 5,597 |
|
| L’Occitane International SA |
| 2,774,914 |
| 5,481 |
|
| Shui On Land Ltd. |
| 22,368,014 |
| 5,190 |
|
| Sunlight REIT |
| 6,577,365 |
| 5,042 |
|
* | MMG Ltd. |
| 14,165,883 |
| 4,957 |
|
*,^,2 | Razer Inc. |
| 22,420,723 |
| 4,824 |
|
^ | Haitong International Securities Group Ltd. |
| 14,727,461 |
| 4,814 |
|
| Shougang Fushan Resources Group Ltd. |
| 21,933,315 |
| 4,776 |
|
| Pacific Basin Shipping Ltd. |
| 25,664,148 |
| 4,702 |
|
| Shun Tak Holdings Ltd. |
| 11,253,451 |
| 4,504 |
|
| Towngas China Co. Ltd. |
| 6,212,958 |
| 4,476 |
|
| Johnson Electric Holdings Ltd. |
| 2,087,975 |
| 4,464 |
|
| K Wah International Holdings Ltd. |
| 7,612,451 |
| 4,444 |
|
| Asia Cement China Holdings Corp. |
| 2,654,000 |
| 4,255 |
|
| Dah Sing Financial Holdings Ltd. |
| 895,124 |
| 4,183 |
|
| Lifestyle International Holdings Ltd. |
| 2,775,883 |
| 4,061 |
|
| Man Wah Holdings Ltd. |
| 9,093,515 |
| 4,013 |
|
| Dah Sing Banking Group Ltd. |
| 2,219,092 |
| 4,006 |
|
| Gemdale Properties & Investment Corp. Ltd. |
| 33,423,776 |
| 3,981 |
|
| Value Partners Group Ltd. |
| 5,535,807 |
| 3,697 |
|
* | COFCO Meat Holdings Ltd. |
| 10,544,876 |
| 3,516 |
|
^ | Guotai Junan International Holdings Ltd. |
| 19,483,667 |
| 3,369 |
|
| CITIC Telecom International Holdings Ltd. |
| 8,465,595 |
| 3,357 |
|
| Mandarin Oriental International Ltd. |
| 1,822,909 |
| 3,246 |
|
*,^ | Suncity Group Holdings Ltd. |
| 13,220,000 |
| 3,232 |
|
| SUNeVision Holdings Ltd. |
| 3,654,000 |
| 3,184 |
|
| Road King Infrastructure Ltd. |
| 1,542,105 |
| 3,183 |
|
| Prosperity REIT |
| 7,251,063 |
| 3,166 |
|
| China Travel International Investment Hong Kong Ltd. |
| 15,202,841 |
| 3,153 |
|
| Television Broadcasts Ltd. |
| 1,828,399 |
| 3,058 |
|
| Giordano International Ltd. |
| 6,959,213 |
| 3,050 |
|
| Pou Sheng International Holdings Ltd. |
| 12,564,071 |
| 2,909 |
|
| Far East Consortium International Ltd. |
| 5,918,763 |
| 2,725 |
|
| Beijing Tong Ren Tang Chinese Medicine Co. Ltd. |
| 1,425,000 |
| 2,556 |
|
| Chinese Estates Holdings Ltd. |
| 2,804,553 |
| 2,534 |
|
2 | FIT Hon Teng Ltd. |
| 6,211,814 |
| 2,513 |
|
| Pacific Textiles Holdings Ltd. |
| 3,165,430 |
| 2,506 |
|
^,2 | Xiabuxiabu Catering Management China Holdings Co. Ltd. |
| 1,714,009 |
| 2,488 |
|
| Dynam Japan Holdings Co. Ltd. |
| 1,780,681 |
| 2,359 |
|
| SmarTone Telecommunications Holdings Ltd. |
| 2,368,848 |
| 2,258 |
|
| Huabao International Holdings Ltd. |
| 5,311,030 |
| 2,245 |
|
*,^ | Agritrade Resources Ltd. |
| 14,695,000 |
| 2,128 |
|
| Chow Sang Sang Holdings International Ltd. |
| 1,433,542 |
| 2,114 |
|
| Canvest Environmental Protection Group Co. Ltd. |
| 4,505,821 |
| 2,109 |
|
*,^ | Camsing International Holding Ltd. |
| 2,274,000 |
| 2,090 |
|
| VSTECS Holdings Ltd. |
| 3,754,000 |
| 2,085 |
|
*,^ | Esprit Holdings Ltd. |
| 10,814,690 |
| 2,064 |
|
*,^ | FIH Mobile Ltd. |
| 18,188,100 |
| 2,028 |
|
^ | SA Sa International Holdings Ltd. |
| 6,762,431 |
| 1,942 |
|
^ | Microport Scientific Corp. |
| 2,558,904 |
| 1,902 |
|
^ | NOVA Group Holdings Ltd. |
| 7,035,000 |
| 1,856 |
|
*,^,§ | Town Health International Medical Group Ltd. |
| 20,414,000 |
| 1,803 |
|
| Hutchison Telecommunications Hong Kong Holdings Ltd. |
| 7,408,533 |
| 1,747 |
|
| Inspur International Ltd. |
| 3,552,253 |
| 1,736 |
|
| Anton Oilfield Services Group |
| 12,952,652 |
| 1,715 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
2 | Regina Miracle International Holdings Ltd. |
| 2,030,993 |
| 1,619 |
|
| TPV Technology Ltd. |
| 5,231,610 |
| 1,582 |
|
| Sun Hung Kai & Co. Ltd. |
| 3,373,891 |
| 1,576 |
|
^ | United Laboratories International Holdings Ltd. |
| 2,867,654 |
| 1,537 |
|
2 | IMAX China Holding Inc. |
| 626,010 |
| 1,530 |
|
2 | Crystal International Group Ltd. |
| 3,346,288 |
| 1,488 |
|
^ | Nan Hai Corp. Ltd. |
| 73,194,853 |
| 1,461 |
|
*,^ | Digital Domain Holdings Ltd. |
| 100,192,403 |
| 1,461 |
|
* | GCL New Energy Holdings Ltd. |
| 37,854,541 |
| 1,454 |
|
*,^ | Beijing Sports and Entertainment Industry Group Ltd. |
| 5,185,000 |
| 1,428 |
|
*,^ | HC Group Inc. |
| 3,476,594 |
| 1,419 |
|
*,^ | Hong Kong Television Network Ltd. |
| 2,463,385 |
| 1,413 |
|
^ | China Harmony New Energy Auto Holding Ltd. |
| 4,084,318 |
| 1,382 |
|
*,§ | Convoy Global Holdings Ltd. |
| 62,200,399 |
| 1,330 |
|
*,^ | Truly International Holdings Ltd. |
| 9,135,276 |
| 1,311 |
|
*,^ | Macau Legend Development Ltd. |
| 9,228,847 |
| 1,298 |
|
| Singamas Container Holdings Ltd. |
| 8,626,229 |
| 1,291 |
|
*,^ | NewOcean Energy Holdings Ltd. |
| 5,288,518 |
| 1,200 |
|
* | Goodbaby International Holdings Ltd. |
| 5,136,542 |
| 1,166 |
|
* | Honghua Group Ltd. |
| 12,907,067 |
| 1,142 |
|
| Texwinca Holdings Ltd. |
| 3,719,015 |
| 1,139 |
|
| Glory Sun Financial Group Ltd. |
| 22,343,219 |
| 1,130 |
|
| Ju Teng International Holdings Ltd. |
| 4,567,147 |
| 1,100 |
|
*,^ | We Solutions Ltd. |
| 19,441,041 |
| 1,059 |
|
* | G-Resources Group Ltd. |
| 128,983,837 |
| 1,041 |
|
| Lee’s Pharmaceutical Holdings Ltd. |
| 1,502,214 |
| 1,009 |
|
* | Beijing Enterprises Medical & Health Group Ltd. |
| 28,203,608 |
| 874 |
|
* | Lifestyle China Group Ltd. |
| 2,624,750 |
| 860 |
|
2 | CGN New Energy Holdings Co. Ltd. |
| 6,478,299 |
| 853 |
|
| Emperor Capital Group Ltd. |
| 22,734,249 |
| 845 |
|
* | China Strategic Holdings Ltd. |
| 85,394,224 |
| 744 |
|
* | China LNG Group Ltd. |
| 9,303,799 |
| 715 |
|
*,^ | KuangChi Science Ltd. |
| 10,027,510 |
| 617 |
|
* | New World Department Store China Ltd. |
| 3,151,539 |
| 605 |
|
| EVA Precision Industrial Holdings Ltd. |
| 6,277,277 |
| 562 |
|
^ | BOE Varitronix Ltd. |
| 1,848,084 |
| 543 |
|
| Henderson Investment Ltd. |
| 6,014,837 |
| 531 |
|
*,^ | Future World Financial Holdings Ltd. |
| 49,962,251 |
| 505 |
|
| Emperor Watch & Jewellery Ltd. |
| 17,347,004 |
| 455 |
|
| Shenwan Hongyuan HK Ltd. |
| 2,523,758 |
| 449 |
|
^ | Parkson Retail Group Ltd. |
| 4,475,123 |
| 390 |
|
* | China Silver Group Ltd. |
| 5,674,857 |
| 386 |
|
*,^ | Global Brands Group Holding Ltd. |
| 3,620,867 |
| 324 |
|
| Chong Hing Bank Ltd. |
| 160,430 |
| 274 |
|
*,§ | Brightoil Petroleum Holdings Ltd. |
| 10,098,301 |
| 259 |
|
* | Sunshine Oilsands Ltd. |
| 25,118,287 |
| 257 |
|
*,^ | Panda Green Energy Group Ltd. |
| 5,896,314 |
| 171 |
|
^ | China LotSynergy Holdings Ltd. |
| 4,018,264 |
| 159 |
|
| China Baoli Technologies Holdings Ltd. |
| 10,554,643 |
| 134 |
|
* | Mei Ah Entertainment Group Ltd. |
| 3,759,482 |
| 91 |
|
* | Good Resources Holdings Ltd. |
| 1,644,532 |
| 27 |
|
* | Sino Oil And Gas Holdings Ltd. |
| 705,000 |
| 10 |
|
|
|
|
|
| 3,913,604 |
|
Ireland (0.3%) |
|
|
|
|
| |
| Kerry Group plc Class A |
| 891,883 |
| 106,491 |
|
| Kingspan Group plc |
| 917,473 |
| 49,845 |
|
| CRH plc (Dublin Shares) |
| 952,351 |
| 31,130 |
|
| Bank of Ireland Group plc |
| 5,619,848 |
| 29,401 |
|
| AIB Group plc |
| 4,805,678 |
| 19,664 |
|
| Glanbia plc (Irish Shares) |
| 1,205,564 |
| 19,602 |
|
| Green REIT plc |
| 4,150,274 |
| 8,542 |
|
| C&C Group plc |
| 1,900,382 |
| 8,443 |
|
| Hibernia REIT plc |
| 4,253,818 |
| 7,016 |
|
| Dalata Hotel Group plc |
| 1,118,763 |
| 5,992 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
* | Cairn Homes plc |
| 3,991,008 |
| 5,394 |
|
| Irish Continental Group plc |
| 965,314 |
| 4,790 |
|
* | Permanent TSB Group Holdings plc |
| 690,650 |
| 958 |
|
* | Cairn Homes plc Dublin Shares |
| 635,556 |
| 868 |
|
*,§ | Irish Bank Resolution Corp. Ltd. |
| 257,065 |
| — |
|
|
|
|
|
| 298,136 |
|
Israel (0.4%) |
|
|
|
|
| |
| Bank Leumi Le-Israel BM |
| 9,087,324 |
| 65,684 |
|
* | Teva Pharmaceutical Industries Ltd. |
| 5,919,310 |
| 54,260 |
|
* | Nice Ltd. |
| 380,329 |
| 52,065 |
|
* | Bank Hapoalim BM |
| 6,637,098 |
| 49,289 |
|
| Israel Discount Bank Ltd. Class A |
| 7,093,784 |
| 28,924 |
|
| Israel Chemicals Ltd. |
| 4,208,849 |
| 22,143 |
|
| Elbit Systems Ltd. |
| 143,591 |
| 21,424 |
|
* | Mizrahi Tefahot Bank Ltd. |
| 800,291 |
| 18,487 |
|
| Azrieli Group Ltd. |
| 224,165 |
| 15,042 |
|
* | Tower Semiconductor Ltd. |
| 641,292 |
| 9,846 |
|
| Bezeq The Israeli Telecommunication Corp. Ltd. |
| 12,447,077 |
| 9,428 |
|
| Paz Oil Co. Ltd. |
| 61,954 |
| 8,726 |
|
| Alony Hetz Properties & Investments Ltd. |
| 635,846 |
| 8,263 |
|
* | Airport City Ltd. |
| 440,410 |
| 8,099 |
|
| First International Bank Of Israel Ltd. |
| 316,103 |
| 7,986 |
|
| Strauss Group Ltd. |
| 252,618 |
| 7,273 |
|
| Reit 1 Ltd. |
| 1,085,938 |
| 5,575 |
|
* | Israel Corp. Ltd. |
| 22,743 |
| 5,540 |
|
| Harel Insurance Investments & Financial Services Ltd. |
| 725,239 |
| 5,445 |
|
| Delek Group Ltd. |
| 30,377 |
| 5,225 |
|
| Amot Investments Ltd. |
| 784,671 |
| 5,218 |
|
| Melisron Ltd. |
| 96,689 |
| 5,213 |
|
* | Oil Refineries Ltd. |
| 9,323,609 |
| 4,789 |
|
| Shufersal Ltd. |
| 683,454 |
| 4,560 |
|
| Phoenix Holdings Ltd. |
| 743,444 |
| 4,509 |
|
| Gazit-Globe Ltd. |
| 538,985 |
| 4,459 |
|
* | Nova Measuring Instruments Ltd. |
| 168,669 |
| 4,202 |
|
* | Clal Insurance Enterprises Holdings Ltd. |
| 240,013 |
| 4,002 |
|
* | Jerusalem Economy Ltd. |
| 1,016,886 |
| 3,901 |
|
| Shikun & Binui Ltd. |
| 1,173,578 |
| 3,425 |
|
| Electra Ltd. |
| 10,239 |
| 2,862 |
|
| Matrix IT Ltd. |
| 189,738 |
| 2,733 |
|
| Hilan Ltd. |
| 82,340 |
| 2,679 |
|
| Shapir Engineering and Industry Ltd. |
| 685,858 |
| 2,518 |
|
| Sella Capital Real Estate Ltd. |
| 1,142,042 |
| 2,510 |
|
| Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. |
| 45,797 |
| 2,388 |
|
* | Africa Israel Properties Ltd. |
| 73,419 |
| 2,369 |
|
| Formula Systems 1985 Ltd. |
| 45,544 |
| 2,349 |
|
* | Partner Communications Co. Ltd. |
| 547,031 |
| 2,341 |
|
| Bayside Land Corp. |
| 4,338 |
| 2,294 |
|
| Kenon Holdings Ltd. |
| 102,508 |
| 2,175 |
|
| Menora Mivtachim Holdings Ltd. |
| 135,267 |
| 2,054 |
|
| Migdal Insurance & Financial Holding Ltd. |
| 1,919,311 |
| 2,013 |
|
* | Big Shopping Centers Ltd. |
| 26,422 |
| 1,910 |
|
| AudioCodes Ltd. |
| 123,869 |
| 1,877 |
|
| IDI Insurance Co. Ltd. |
| 44,712 |
| 1,740 |
|
| Delta Galil Industries Ltd. |
| 56,125 |
| 1,653 |
|
| Gilat Satellite Networks Ltd. |
| 174,451 |
| 1,499 |
|
| Naphtha Israel Petroleum Corp. Ltd. |
| 209,361 |
| 1,371 |
|
* | Brack Capital Properties NV |
| 14,032 |
| 1,326 |
|
* | Allot Ltd. |
| 165,766 |
| 1,184 |
|
* | Cellcom Israel Ltd. (Registered) |
| 377,206 |
| 1,081 |
|
| Delek Automotive Systems Ltd. |
| 208,748 |
| 958 |
|
* | Teva Pharmaceutical Industries Ltd. ADR |
| 95,578 |
| 882 |
|
* | Kamada Ltd. |
| 148,777 |
| 805 |
|
| Norstar Holdings Inc. |
| 48,272 |
| 677 |
|
| Property & Building Corp. Ltd. |
| 5,883 |
| 575 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
| Ormat Technologies Inc. |
| 1 |
| — |
|
|
|
|
|
| 501,825 |
|
Italy (2.2%) |
|
|
|
|
| |
| Enel SPA |
| 47,517,232 |
| 331,468 |
|
| Eni SPA |
| 15,298,370 |
| 254,371 |
|
| Intesa Sanpaolo SPA (Registered) |
| 91,526,207 |
| 195,940 |
|
| UniCredit SPA |
| 13,683,201 |
| 168,424 |
|
| Assicurazioni Generali SPA |
| 7,855,015 |
| 147,891 |
|
| Ferrari NV |
| 760,645 |
| 123,331 |
|
| Fiat Chrysler Automobiles NV |
| 6,733,495 |
| 93,450 |
|
| Atlantia SPA |
| 3,254,000 |
| 84,852 |
|
^ | Snam SPA |
| 13,936,573 |
| 69,332 |
|
| CNH Industrial NV |
| 6,031,525 |
| 61,963 |
|
| Terna Rete Elettrica Nazionale SPA |
| 8,631,686 |
| 54,998 |
|
| Moncler SPA |
| 1,121,172 |
| 48,055 |
|
| Mediobanca Banca di Credito Finanziario SPA |
| 4,447,603 |
| 45,863 |
|
| EXOR NV |
| 636,387 |
| 44,584 |
|
| Tenaris SA |
| 2,856,025 |
| 37,459 |
|
* | Telecom Italia SPA (Registered) |
| 66,160,504 |
| 36,121 |
|
| FinecoBank Banca Fineco SPA |
| 3,039,129 |
| 33,903 |
|
^ | Prysmian SPA |
| 1,606,142 |
| 33,186 |
|
| Davide Campari-Milano SPA |
| 3,384,131 |
| 33,153 |
|
| Leonardo SPA |
| 2,359,112 |
| 29,929 |
|
2 | Poste Italiane SPA |
| 2,786,116 |
| 29,359 |
|
| Recordati SPA |
| 580,632 |
| 24,201 |
|
| Italgas SPA |
| 2,985,997 |
| 20,069 |
|
| Hera SPA |
| 4,972,882 |
| 19,021 |
|
*,^ | Banco BPM SPA |
| 9,244,455 |
| 18,828 |
|
^ | Telecom Italia SPA (Bearer) |
| 35,650,211 |
| 18,485 |
|
* | Saipem SPA |
| 3,463,563 |
| 17,284 |
|
| Amplifon SPA |
| 729,143 |
| 17,085 |
|
| A2A SPA |
| 9,467,586 |
| 16,435 |
|
| DiaSorin SPA |
| 138,625 |
| 16,104 |
|
^ | Unione di Banche Italiane SPA |
| 5,843,368 |
| 15,954 |
|
2 | Pirelli & C SPA |
| 2,636,920 |
| 15,565 |
|
| Interpump Group SPA |
| 488,797 |
| 15,041 |
|
2 | Infrastrutture Wireless Italiane SPA |
| 1,477,042 |
| 14,482 |
|
| Unipol Gruppo SPA |
| 2,919,184 |
| 14,224 |
|
^ | Azimut Holding SPA |
| 732,488 |
| 14,115 |
|
| Banca Mediolanum SPA |
| 1,744,248 |
| 12,848 |
|
| Freni Brembo SPA |
| 914,926 |
| 10,529 |
|
| Iren SPA |
| 4,013,723 |
| 10,435 |
|
| Cerved Group SPA |
| 1,171,956 |
| 10,401 |
|
| Banca Generali SPA |
| 346,404 |
| 9,975 |
|
| Salvatore Ferragamo SPA |
| 405,521 |
| 9,683 |
|
^ | BPER Banca |
| 2,306,168 |
| 9,400 |
|
^ | UnipolSai Assicurazioni SPA |
| 3,547,101 |
| 9,114 |
|
2 | Enav SPA |
| 1,548,110 |
| 8,787 |
|
| IMA Industria Macchine Automatiche SPA |
| 102,839 |
| 8,528 |
|
| Societa Cattolica di Assicurazioni SC |
| 952,954 |
| 8,523 |
|
| Reply SPA |
| 124,020 |
| 8,463 |
|
| Buzzi Unicem SPA |
| 399,450 |
| 8,110 |
|
| Autogrill SPA |
| 771,751 |
| 8,095 |
|
| Societa Iniziative Autostradali e Servizi SPA |
| 428,962 |
| 7,970 |
|
| De’ Longhi SPA |
| 392,480 |
| 7,943 |
|
2 | Technogym SPA |
| 678,330 |
| 7,558 |
|
| Brunello Cucinelli SPA |
| 200,826 |
| 6,781 |
|
| ERG SPA |
| 330,305 |
| 6,764 |
|
| ASTM SPA |
| 205,478 |
| 6,645 |
|
*,^ | Mediaset SPA |
| 1,882,409 |
| 6,153 |
|
| Banca Popolare di Sondrio SCPA |
| 2,722,921 |
| 6,041 |
|
2 | Anima Holding SPA |
| 1,727,954 |
| 5,875 |
|
| Saras SPA |
| 3,412,474 |
| 5,151 |
|
| ACEA SPA |
| 266,557 |
| 5,076 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
| MARR SPA |
| 199,438 |
| 4,553 |
|
| Tamburi Investment Partners SPA |
| 615,674 |
| 3,932 |
|
2 | Banca Farmafactoring SPA |
| 670,533 |
| 3,737 |
|
^ | Tod’s SPA |
| 79,571 |
| 3,713 |
|
*,^ | Juventus Football Club SPA |
| 2,191,816 |
| 3,691 |
|
2 | RAI Way SPA |
| 564,630 |
| 3,379 |
|
| Buzzi Unicem SPA RSP |
| 237,595 |
| 3,324 |
|
2 | doValue SPA |
| 249,808 |
| 3,323 |
|
| Fincantieri SPA |
| 2,789,373 |
| 3,128 |
|
2 | Carel Industries SPA |
| 255,700 |
| 3,113 |
|
| Danieli & C Officine Meccaniche SPA RSP |
| 235,975 |
| 2,966 |
|
| Piaggio & C SPA |
| 972,048 |
| 2,852 |
|
| Maire Tecnimont SPA |
| 870,306 |
| 2,822 |
|
| Datalogic SPA |
| 117,635 |
| 2,333 |
|
| Zignago Vetro SPA |
| 188,496 |
| 2,282 |
|
| Credito Emiliano SPA |
| 459,099 |
| 2,212 |
|
| Immobiliare Grande Distribuzione SIIQ SPA |
| 311,480 |
| 2,054 |
|
*,^ | Banca Monte dei Paschi di Siena SPA |
| 1,657,724 |
| 2,031 |
|
2 | Gima TT SPA |
| 218,844 |
| 2,027 |
|
| Cementir Holding SPA |
| 279,567 |
| 2,027 |
|
*,^ | Salini Impregilo SPA |
| 939,117 |
| 1,897 |
|
*,^,2 | OVS SPA |
| 1,096,657 |
| 1,884 |
|
| CIR-Compagnie Industriali Riunite SPA |
| 1,725,458 |
| 1,846 |
|
| Banca IFIS SPA |
| 130,556 |
| 1,762 |
|
| Italmobiliare SPA |
| 67,138 |
| 1,620 |
|
| Danieli & C Officine Meccaniche SPA |
| 78,234 |
| 1,434 |
|
* | Arnoldo Mondadori Editore SPA |
| 679,942 |
| 1,225 |
|
| Cairo Communication SPA |
| 379,091 |
| 1,139 |
|
| Biesse SPA |
| 78,443 |
| 1,007 |
|
| Rizzoli Corriere Della Sera Mediagroup SPA |
| 743,731 |
| 788 |
|
| DeA Capital SPA |
| 540,849 |
| 785 |
|
| Geox SPA |
| 460,767 |
| 669 |
|
|
|
|
|
| 2,494,928 |
|
Japan (21.1%) |
|
|
|
|
| |
| Toyota Motor Corp. |
| 15,255,538 |
| 946,817 |
|
| SoftBank Group Corp. |
| 10,425,716 |
| 502,158 |
|
| Sony Corp. |
| 7,651,227 |
| 402,072 |
|
| Mitsubishi UFJ Financial Group Inc. |
| 76,309,679 |
| 363,461 |
|
| Keyence Corp. |
| 551,111 |
| 339,883 |
|
| Takeda Pharmaceutical Co. Ltd. |
| 8,348,434 |
| 296,977 |
|
| Sumitomo Mitsui Financial Group Inc. |
| 8,082,292 |
| 286,482 |
|
| Honda Motor Co. Ltd. |
| 10,654,484 |
| 275,512 |
|
| KDDI Corp. |
| 10,615,789 |
| 270,137 |
|
| Recruit Holdings Co. Ltd. |
| 7,315,086 |
| 244,923 |
|
| Nintendo Co. Ltd. |
| 652,343 |
| 239,344 |
|
| Shin-Etsu Chemical Co. Ltd. |
| 2,436,034 |
| 227,920 |
|
| Mizuho Financial Group Inc. |
| 155,238,581 |
| 225,737 |
|
| Kao Corp. |
| 2,909,584 |
| 222,014 |
|
| Central Japan Railway Co. |
| 1,104,483 |
| 221,458 |
|
| FANUC Corp. |
| 1,187,144 |
| 220,586 |
|
| Daikin Industries Ltd. |
| 1,621,263 |
| 212,286 |
|
| East Japan Railway Co. |
| 2,229,981 |
| 208,824 |
|
| Hitachi Ltd. |
| 5,656,432 |
| 208,115 |
|
| Mitsubishi Corp. |
| 7,872,232 |
| 208,027 |
|
| Daiichi Sankyo Co. Ltd. |
| 3,887,369 |
| 203,875 |
|
| Tokio Marine Holdings Inc. |
| 4,025,299 |
| 201,971 |
|
| Nidec Corp. |
| 1,424,345 |
| 195,612 |
|
| Fast Retailing Co. Ltd. |
| 313,976 |
| 190,049 |
|
^ | Canon Inc. |
| 6,281,207 |
| 183,933 |
|
| Nippon Telegraph & Telephone Corp. |
| 3,911,487 |
| 182,235 |
|
| Shiseido Co. Ltd. |
| 2,374,827 |
| 179,624 |
|
| Hoya Corp. |
| 2,247,258 |
| 172,711 |
|
| Mitsui & Co. Ltd. |
| 10,348,025 |
| 168,910 |
|
| NTT DOCOMO Inc. |
| 7,140,749 |
| 166,607 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
| Astellas Pharma Inc. |
| 11,559,423 |
| 164,731 |
|
| ITOCHU Corp. |
| 8,416,724 |
| 161,239 |
|
| Mitsubishi Electric Corp. |
| 12,086,546 |
| 159,785 |
|
| Seven & i Holdings Co. Ltd. |
| 4,713,350 |
| 159,695 |
|
^ | Japan Tobacco Inc. |
| 7,236,697 |
| 159,523 |
|
| Murata Manufacturing Co. Ltd. |
| 3,487,201 |
| 156,996 |
|
| Bridgestone Corp. |
| 3,656,044 |
| 144,227 |
|
| Oriental Land Co. Ltd. |
| 1,150,652 |
| 142,748 |
|
| Mitsui Fudosan Co. Ltd. |
| 5,746,490 |
| 139,664 |
|
| Komatsu Ltd. |
| 5,589,360 |
| 135,697 |
|
| Mitsubishi Estate Co. Ltd. |
| 7,226,880 |
| 134,691 |
|
| Tokyo Electron Ltd. |
| 952,749 |
| 133,914 |
|
| SMC Corp. |
| 354,386 |
| 132,850 |
|
| Softbank Corp. |
| 9,812,399 |
| 127,471 |
|
| Suzuki Motor Corp. |
| 2,629,286 |
| 123,698 |
|
| Kyocera Corp. |
| 1,874,789 |
| 122,843 |
|
| Terumo Corp. |
| 3,963,144 |
| 118,393 |
|
| Denso Corp. |
| 2,783,003 |
| 117,348 |
|
| ORIX Corp. |
| 7,849,695 |
| 117,313 |
|
| Daiwa House Industry Co. Ltd. |
| 3,967,596 |
| 115,936 |
|
| Kubota Corp. |
| 6,797,038 |
| 113,555 |
|
| FUJIFILM Holdings Corp. |
| 2,211,090 |
| 112,257 |
|
| Panasonic Corp. |
| 13,029,512 |
| 108,838 |
|
| Kirin Holdings Co. Ltd. |
| 4,928,435 |
| 106,417 |
|
| Asahi Group Holdings Ltd. |
| 2,327,599 |
| 104,785 |
|
| Sumitomo Corp. |
| 6,858,077 |
| 104,161 |
|
| Secom Co. Ltd. |
| 1,184,787 |
| 102,093 |
|
| Dai-ichi Life Holdings Inc. |
| 6,709,048 |
| 101,506 |
|
| Shionogi & Co. Ltd. |
| 1,718,524 |
| 99,301 |
|
| Toshiba Corp. |
| 3,158,335 |
| 98,460 |
|
| MS&AD Insurance Group Holdings Inc. |
| 3,008,624 |
| 95,633 |
|
| JXTG Holdings Inc. |
| 18,928,994 |
| 94,340 |
|
| Japan Post Holdings Co. Ltd. |
| 8,114,052 |
| 91,892 |
|
| Eisai Co. Ltd. |
| 1,613,914 |
| 91,471 |
|
| Subaru Corp. |
| 3,745,165 |
| 91,184 |
|
| West Japan Railway Co. |
| 1,114,434 |
| 90,197 |
|
| Chugai Pharmaceutical Co. Ltd. |
| 1,323,588 |
| 86,685 |
|
| Sumitomo Realty & Development Co. Ltd. |
| 2,415,210 |
| 86,404 |
|
| Nippon Steel Corp. |
| 4,993,537 |
| 85,939 |
|
| Nissan Motor Co. Ltd. |
| 11,799,071 |
| 84,510 |
|
| Otsuka Holdings Co. Ltd. |
| 2,556,687 |
| 83,544 |
|
| Fujitsu Ltd. |
| 1,172,804 |
| 81,963 |
|
| Sumitomo Mitsui Trust Holdings Inc. |
| 2,255,271 |
| 81,938 |
|
| Sompo Holdings Inc. |
| 2,111,807 |
| 81,688 |
|
| Asahi Kasei Corp. |
| 7,599,966 |
| 81,248 |
|
| Olympus Corp. |
| 6,863,208 |
| 76,380 |
|
| Mitsubishi Heavy Industries Ltd. |
| 1,745,457 |
| 76,123 |
|
| Sysmex Corp. |
| 1,158,548 |
| 75,792 |
|
| Aeon Co. Ltd. |
| 4,280,603 |
| 73,667 |
|
| Unicharm Corp. |
| 2,368,106 |
| 71,395 |
|
| Nomura Holdings Inc. |
| 20,142,256 |
| 71,307 |
|
| Shimano Inc. |
| 478,279 |
| 71,269 |
|
| Toray Industries Inc. |
| 9,275,686 |
| 70,472 |
|
| Marubeni Corp. |
| 9,547,635 |
| 63,375 |
|
| Tokyo Gas Co. Ltd. |
| 2,646,782 |
| 62,390 |
|
| Omron Corp. |
| 1,161,234 |
| 60,902 |
|
| Sumitomo Electric Industries Ltd. |
| 4,595,126 |
| 60,484 |
|
| Nitori Holdings Co. Ltd. |
| 454,494 |
| 60,312 |
|
| NEC Corp. |
| 1,526,616 |
| 60,242 |
|
| Chubu Electric Power Co. Inc. |
| 4,265,734 |
| 59,922 |
|
| MEIJI Holdings Co. Ltd. |
| 818,159 |
| 58,499 |
|
| Sekisui House Ltd. |
| 3,547,084 |
| 58,444 |
|
| Bandai Namco Holdings Inc. |
| 1,191,028 |
| 57,794 |
|
| Rakuten Inc. |
| 4,829,063 |
| 57,732 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
| TDK Corp. |
| 732,660 |
| 57,070 |
|
| Resona Holdings Inc. |
| 13,388,568 |
| 55,852 |
|
| Mitsubishi Chemical Holdings Corp. |
| 7,771,450 |
| 54,410 |
|
| Yaskawa Electric Corp. |
| 1,588,582 |
| 54,325 |
|
| Toyota Industries Corp. |
| 976,393 |
| 53,851 |
|
| Tokyu Corp. |
| 3,016,230 |
| 53,552 |
|
| Daito Trust Construction Co. Ltd. |
| 414,933 |
| 52,917 |
|
| Kintetsu Group Holdings Co. Ltd. |
| 1,095,549 |
| 52,523 |
|
| Japan Exchange Group Inc. |
| 3,273,107 |
| 52,130 |
|
| Ajinomoto Co. Inc. |
| 2,990,170 |
| 51,876 |
|
| NTT Data Corp. |
| 3,851,274 |
| 51,422 |
|
| Kansai Electric Power Co. Inc. |
| 4,438,679 |
| 50,882 |
|
| Makita Corp. |
| 1,488,278 |
| 50,814 |
|
| Inpex Corp. |
| 5,574,317 |
| 50,522 |
|
* | Tokyo Electric Power Co. Holdings Inc. |
| 9,533,230 |
| 49,793 |
|
| Pan Pacific International Holdings Corp. |
| 778,297 |
| 49,484 |
|
| Kikkoman Corp. |
| 1,116,201 |
| 48,673 |
|
| Ono Pharmaceutical Co. Ltd. |
| 2,691,499 |
| 48,393 |
|
| Hankyu Hanshin Holdings Inc. |
| 1,346,346 |
| 48,310 |
|
| M3 Inc. |
| 2,570,646 |
| 47,174 |
|
| Dentsu Inc. |
| 1,346,685 |
| 47,098 |
|
| Nitto Denko Corp. |
| 947,716 |
| 46,909 |
|
| Obic Co. Ltd. |
| 408,195 |
| 46,389 |
|
| JFE Holdings Inc. |
| 3,148,777 |
| 46,365 |
|
| Keio Corp. |
| 701,714 |
| 46,245 |
|
| Taisei Corp. |
| 1,262,688 |
| 45,995 |
|
| Yamaha Corp. |
| 965,793 |
| 45,969 |
|
| Odakyu Electric Railway Co. Ltd. |
| 1,862,237 |
| 45,635 |
|
| Yakult Honsha Co. Ltd. |
| 748,093 |
| 44,152 |
|
| Yamato Holdings Co. Ltd. |
| 2,165,927 |
| 44,149 |
|
| Idemitsu Kosan Co. Ltd. |
| 1,450,580 |
| 43,873 |
|
| MINEBEA MITSUMI Inc. |
| 2,551,166 |
| 43,466 |
|
| Sumitomo Metal Mining Co. Ltd. |
| 1,448,900 |
| 43,433 |
|
| Sumitomo Chemical Co. Ltd. |
| 9,249,051 |
| 43,067 |
|
| MISUMI Group Inc. |
| 1,704,656 |
| 42,969 |
|
| Yahoo Japan Corp. |
| 14,351,888 |
| 42,217 |
|
| Osaka Gas Co. Ltd. |
| 2,409,358 |
| 42,048 |
|
| Daiwa Securities Group Inc. |
| 9,444,670 |
| 41,466 |
|
| Ricoh Co. Ltd. |
| 4,135,618 |
| 41,374 |
|
| Toyota Tsusho Corp. |
| 1,360,534 |
| 41,329 |
|
| Obayashi Corp. |
| 4,110,933 |
| 40,611 |
|
| Shimadzu Corp. |
| 1,641,199 |
| 40,403 |
|
| AGC Inc. |
| 1,132,016 |
| 39,215 |
|
| Kajima Corp. |
| 2,805,168 |
| 38,584 |
|
| Dai Nippon Printing Co. Ltd. |
| 1,798,438 |
| 38,410 |
|
| Nissan Chemical Corp. |
| 836,152 |
| 37,776 |
|
| Koito Manufacturing Co. Ltd. |
| 701,501 |
| 37,542 |
|
| T&D Holdings Inc. |
| 3,424,276 |
| 37,268 |
|
* | Nexon Co. Ltd. |
| 2,525,041 |
| 36,890 |
|
| SG Holdings Co. Ltd. |
| 1,294,025 |
| 36,795 |
|
| Nippon Paint Holdings Co. Ltd. |
| 940,931 |
| 36,631 |
|
| Aisin Seiki Co. Ltd. |
| 1,059,262 |
| 36,539 |
|
| Tobu Railway Co. Ltd. |
| 1,251,749 |
| 36,532 |
|
| Mazda Motor Corp. |
| 3,488,054 |
| 36,106 |
|
| Santen Pharmaceutical Co. Ltd. |
| 2,170,319 |
| 36,082 |
|
| Rohm Co. Ltd. |
| 534,698 |
| 36,026 |
|
| Nisshin Seifun Group Inc. |
| 1,572,489 |
| 35,914 |
|
| Isuzu Motors Ltd. |
| 3,110,085 |
| 35,521 |
|
| Takeda Pharmaceutical Co. Ltd. ADR |
| 1,999,907 |
| 35,398 |
|
| TOTO Ltd. |
| 884,034 |
| 35,010 |
|
| SBI Holdings Inc. |
| 1,372,759 |
| 34,097 |
|
| FamilyMart UNY Holdings Co. Ltd. |
| 1,411,376 |
| 33,696 |
|
| Advantest Corp. |
| 1,209,668 |
| 33,303 |
|
| Suntory Beverage & Food Ltd. |
| 764,683 |
| 33,250 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
| Daifuku Co. Ltd. |
| 588,193 |
| 33,223 |
|
| Nagoya Railroad Co. Ltd. |
| 1,185,110 |
| 32,820 |
|
| Sekisui Chemical Co. Ltd. |
| 2,168,300 |
| 32,649 |
|
| Trend Micro Inc. |
| 709,557 |
| 31,706 |
|
| Oji Holdings Corp. |
| 5,378,188 |
| 31,154 |
|
| Keisei Electric Railway Co. Ltd. |
| 850,235 |
| 31,012 |
|
| Hamamatsu Photonics KK |
| 779,263 |
| 30,443 |
|
| Yamaha Motor Co. Ltd. |
| 1,707,084 |
| 30,427 |
|
| Nikon Corp. |
| 2,134,033 |
| 30,345 |
|
| Hikari Tsushin Inc. |
| 136,561 |
| 29,834 |
|
| Nomura Research Institute Ltd. |
| 1,852,755 |
| 29,795 |
|
| Toho Co. Ltd. |
| 695,765 |
| 29,642 |
|
| Kose Corp. |
| 175,444 |
| 29,612 |
|
| Tohoku Electric Power Co. Inc. |
| 2,888,176 |
| 29,225 |
|
| Yokogawa Electric Corp. |
| 1,480,921 |
| 29,148 |
|
| Shimizu Corp. |
| 3,472,078 |
| 28,909 |
|
| Lion Corp. |
| 1,543,979 |
| 28,803 |
|
| Kyushu Railway Co. |
| 980,177 |
| 28,594 |
|
| Asahi Intecc Co. Ltd. |
| 1,141,942 |
| 28,228 |
|
| Disco Corp. |
| 169,274 |
| 27,933 |
|
| Kyushu Electric Power Co. Inc. |
| 2,830,645 |
| 27,809 |
|
| Kyowa Hakko Kirin Co. Ltd. |
| 1,515,648 |
| 27,348 |
|
| Suzuken Co. Ltd. |
| 463,531 |
| 27,239 |
|
| Nissin Foods Holdings Co. Ltd. |
| 421,715 |
| 27,201 |
|
| Konami Holdings Corp. |
| 577,143 |
| 27,148 |
|
| Brother Industries Ltd. |
| 1,432,472 |
| 27,133 |
|
| Kobayashi Pharmaceutical Co. Ltd. |
| 376,774 |
| 27,031 |
|
| Konica Minolta Inc. |
| 2,761,421 |
| 26,906 |
|
* | PeptiDream Inc. |
| 523,024 |
| 26,864 |
|
| Seiko Epson Corp. |
| 1,683,237 |
| 26,670 |
|
| Pigeon Corp. |
| 657,942 |
| 26,532 |
|
| Fuji Electric Co. Ltd. |
| 761,939 |
| 26,406 |
|
| Mitsui Chemicals Inc. |
| 1,062,051 |
| 26,386 |
|
| Alfresa Holdings Corp. |
| 1,061,086 |
| 26,242 |
|
| Keikyu Corp. |
| 1,514,971 |
| 26,122 |
|
| Concordia Financial Group Ltd. |
| 6,992,968 |
| 26,099 |
|
^ | Showa Denko KK |
| 881,086 |
| 26,074 |
|
| Marui Group Co. Ltd. |
| 1,277,993 |
| 26,062 |
|
| Keihan Holdings Co. Ltd. |
| 596,621 |
| 26,030 |
|
| Ryohin Keikaku Co. Ltd. |
| 143,130 |
| 25,933 |
|
| USS Co. Ltd. |
| 1,310,866 |
| 25,896 |
|
| NH Foods Ltd. |
| 603,709 |
| 25,884 |
|
| Kuraray Co. Ltd. |
| 2,141,292 |
| 25,651 |
|
| LIXIL Group Corp. |
| 1,606,279 |
| 25,480 |
|
| Japan Post Bank Co. Ltd. |
| 2,492,273 |
| 25,326 |
|
| Otsuka Corp. |
| 624,484 |
| 25,184 |
|
| TIS Inc. |
| 491,108 |
| 25,097 |
|
| Kansai Paint Co. Ltd. |
| 1,175,482 |
| 24,704 |
|
| Tosoh Corp. |
| 1,745,780 |
| 24,624 |
|
| Hakuhodo DY Holdings Inc. |
| 1,454,666 |
| 24,570 |
|
| Sojitz Corp. |
| 7,618,165 |
| 24,517 |
|
| Toppan Printing Co. Ltd. |
| 1,599,665 |
| 24,325 |
|
| Persol Holdings Co. Ltd. |
| 1,025,496 |
| 24,177 |
|
| NSK Ltd. |
| 2,688,989 |
| 24,035 |
|
| Sumitomo Heavy Industries Ltd. |
| 693,610 |
| 23,963 |
|
| Hoshizaki Corp. |
| 320,506 |
| 23,901 |
|
| Nippon Express Co. Ltd. |
| 440,182 |
| 23,462 |
|
| NGK Insulators Ltd. |
| 1,604,281 |
| 23,461 |
|
| NGK Spark Plug Co. Ltd. |
| 1,226,663 |
| 23,078 |
|
| Shizuoka Bank Ltd. |
| 3,121,008 |
| 23,048 |
|
| Hirose Electric Co. Ltd. |
| 205,034 |
| 22,943 |
|
| Electric Power Development Co. Ltd. |
| 1,004,553 |
| 22,860 |
|
| Japan Airlines Co. Ltd. |
| 712,756 |
| 22,748 |
|
| Toyo Suisan Kaisha Ltd. |
| 548,931 |
| 22,626 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
| ANA Holdings Inc. |
| 679,573 |
| 22,525 |
|
| Taiheiyo Cement Corp. |
| 736,764 |
| 22,369 |
|
| Sony Financial Holdings Inc. |
| 929,333 |
| 22,365 |
|
| Chugoku Electric Power Co. Inc. |
| 1,766,231 |
| 22,274 |
|
| Stanley Electric Co. Ltd. |
| 902,512 |
| 22,253 |
|
| Nippon Shinyaku Co. Ltd. |
| 314,113 |
| 22,236 |
|
| Amada Holdings Co. Ltd. |
| 1,967,202 |
| 22,236 |
|
| Japan Post Insurance Co. Ltd. |
| 1,195,016 |
| 22,170 |
|
| Mitsubishi Materials Corp. |
| 768,989 |
| 21,908 |
|
| Coca-Cola Bottlers Japan Holdings Inc. |
| 860,129 |
| 21,816 |
|
| Seibu Holdings Inc. |
| 1,301,642 |
| 21,729 |
|
| CyberAgent Inc. |
| 584,605 |
| 21,304 |
|
* | Renesas Electronics Corp. |
| 4,274,807 |
| 21,266 |
|
| Kawasaki Heavy Industries Ltd. |
| 883,092 |
| 20,827 |
|
| Alps Alpine Co. Ltd. |
| 1,228,282 |
| 20,802 |
|
| MediPal Holdings Corp. |
| 935,494 |
| 20,692 |
|
| Tsuruha Holdings Inc. |
| 222,906 |
| 20,673 |
|
| Tokyu Fudosan Holdings Corp. |
| 3,697,658 |
| 20,464 |
|
^ | Skylark Holdings Co. Ltd. |
| 1,166,100 |
| 20,379 |
|
| Toho Gas Co. Ltd. |
| 548,415 |
| 20,221 |
|
| Hitachi High-Technologies Corp. |
| 392,993 |
| 20,203 |
|
| Azbil Corp. |
| 821,504 |
| 20,116 |
|
| Taisho Pharmaceutical Holdings Co. Ltd. |
| 260,533 |
| 20,068 |
|
| ZOZO Inc. |
| 1,062,853 |
| 19,947 |
|
| Nabtesco Corp. |
| 710,917 |
| 19,861 |
|
^ | Yamada Denki Co. Ltd. |
| 4,421,053 |
| 19,566 |
|
| IHI Corp. |
| 796,840 |
| 19,264 |
|
| Teijin Ltd. |
| 1,126,431 |
| 19,245 |
|
| Sumitomo Dainippon Pharma Co. Ltd. |
| 1,010,450 |
| 19,237 |
|
| Chiba Bank Ltd. |
| 3,883,745 |
| 19,019 |
|
| Sohgo Security Services Co. Ltd. |
| 408,506 |
| 18,882 |
|
| Nihon M&A Center Inc. |
| 780,688 |
| 18,805 |
|
| Taiyo Nippon Sanso Corp. |
| 877,301 |
| 18,679 |
|
| Toyo Seikan Group Holdings Ltd. |
| 935,611 |
| 18,603 |
|
| Miura Co. Ltd. |
| 596,282 |
| 18,482 |
|
| Mitsubishi Motors Corp. |
| 3,809,677 |
| 18,298 |
|
| Fukuoka Financial Group Inc. |
| 990,572 |
| 18,141 |
|
| JSR Corp. |
| 1,144,194 |
| 18,124 |
|
| JGC Corp. |
| 1,319,740 |
| 18,055 |
|
| COMSYS Holdings Corp. |
| 703,259 |
| 17,871 |
|
| Hulic Co. Ltd. |
| 2,192,249 |
| 17,649 |
|
| Isetan Mitsukoshi Holdings Ltd. |
| 2,165,062 |
| 17,575 |
|
| Hisamitsu Pharmaceutical Co. Inc. |
| 442,485 |
| 17,536 |
|
| MonotaRO Co. Ltd. |
| 713,192 |
| 17,471 |
|
| J Front Retailing Co. Ltd. |
| 1,497,633 |
| 17,205 |
|
| Bank of Kyoto Ltd. |
| 443,716 |
| 17,203 |
|
| Aozora Bank Ltd. |
| 715,405 |
| 17,202 |
|
| Haseko Corp. |
| 1,684,229 |
| 17,088 |
|
| SUMCO Corp. |
| 1,431,759 |
| 17,067 |
|
| Hitachi Construction Machinery Co. Ltd. |
| 646,782 |
| 16,921 |
|
| GMO Payment Gateway Inc. |
| 243,661 |
| 16,839 |
|
| JTEKT Corp. |
| 1,381,029 |
| 16,792 |
|
| THK Co. Ltd. |
| 695,173 |
| 16,721 |
|
| House Foods Group Inc. |
| 443,528 |
| 16,672 |
|
| Kurita Water Industries Ltd. |
| 665,800 |
| 16,588 |
|
| Mebuki Financial Group Inc. |
| 6,304,334 |
| 16,474 |
|
| Hitachi Chemical Co. Ltd. |
| 603,815 |
| 16,457 |
|
| Casio Computer Co. Ltd. |
| 1,314,764 |
| 16,392 |
|
| Nankai Electric Railway Co. Ltd. |
| 666,027 |
| 16,220 |
|
| Ito En Ltd. |
| 345,949 |
| 16,145 |
|
| Ebara Corp. |
| 591,916 |
| 16,135 |
|
| Air Water Inc. |
| 938,294 |
| 16,109 |
|
| Mitsui OSK Lines Ltd. |
| 670,306 |
| 16,096 |
|
| Denka Co. Ltd. |
| 539,475 |
| 16,055 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
| Rohto Pharmaceutical Co. Ltd. |
| 587,983 |
| 16,009 |
|
| Relo Group Inc. |
| 632,213 |
| 15,966 |
|
| Sankyu Inc. |
| 301,894 |
| 15,895 |
|
| Nippon Yusen KK |
| 980,051 |
| 15,773 |
|
| Kyowa Exeo Corp. |
| 630,351 |
| 15,730 |
|
| NOF Corp. |
| 420,556 |
| 15,715 |
|
| Kakaku.com Inc. |
| 806,922 |
| 15,606 |
|
| Park24 Co. Ltd. |
| 667,514 |
| 15,585 |
|
| Daicel Corp. |
| 1,744,719 |
| 15,549 |
|
| Nichirei Corp. |
| 650,787 |
| 15,450 |
|
| Mitsubishi Gas Chemical Co. Inc. |
| 1,139,054 |
| 15,235 |
|
| Square Enix Holdings Co. Ltd. |
| 472,989 |
| 15,198 |
|
| Nomura Real Estate Holdings Inc. |
| 704,741 |
| 15,179 |
|
| Itochu Techno-Solutions Corp. |
| 584,123 |
| 15,017 |
|
| Mitsubishi Tanabe Pharma Corp. |
| 1,348,417 |
| 15,006 |
|
| Sega Sammy Holdings Inc. |
| 1,221,255 |
| 14,868 |
|
| Kamigumi Co. Ltd. |
| 623,721 |
| 14,791 |
|
| Kewpie Corp. |
| 663,935 |
| 14,676 |
|
| Shinsei Bank Ltd. |
| 942,865 |
| 14,673 |
|
| Oracle Corp. Japan |
| 199,094 |
| 14,577 |
|
^ | Anritsu Corp. |
| 833,307 |
| 14,531 |
|
| Taiyo Yuden Co. Ltd. |
| 773,500 |
| 14,519 |
|
| Ezaki Glico Co. Ltd. |
| 319,243 |
| 14,232 |
|
| Rinnai Corp. |
| 222,330 |
| 14,163 |
|
| Mitsubishi UFJ Lease & Finance Co. Ltd. |
| 2,649,019 |
| 14,077 |
|
| Lawson Inc. |
| 292,287 |
| 14,042 |
|
| NET One Systems Co. Ltd. |
| 506,958 |
| 14,019 |
|
| Iida Group Holdings Co. Ltd. |
| 864,206 |
| 13,991 |
|
| Hino Motors Ltd. |
| 1,636,403 |
| 13,812 |
|
| Matsumotokiyoshi Holdings Co. Ltd. |
| 467,476 |
| 13,731 |
|
^ | Goldwin Inc. |
| 108,687 |
| 13,663 |
|
| Hitachi Metals Ltd. |
| 1,202,710 |
| 13,638 |
|
| Tokyo Tatemono Co. Ltd. |
| 1,209,685 |
| 13,467 |
|
| Nihon Unisys Ltd. |
| 394,500 |
| 13,271 |
|
| Kaneka Corp. |
| 347,293 |
| 13,094 |
|
| Sanwa Holdings Corp. |
| 1,214,697 |
| 13,093 |
|
| DeNA Co. Ltd. |
| 680,388 |
| 13,045 |
|
| DIC Corp. |
| 491,875 |
| 13,024 |
|
| Nifco Inc. |
| 523,303 |
| 12,993 |
|
| Sotetsu Holdings Inc. |
| 470,784 |
| 12,991 |
|
| Ube Industries Ltd. |
| 618,444 |
| 12,867 |
|
| Nippon Shokubai Co. Ltd. |
| 193,896 |
| 12,853 |
|
| Sawai Pharmaceutical Co. Ltd. |
| 236,307 |
| 12,790 |
|
| Pola Orbis Holdings Inc. |
| 452,711 |
| 12,686 |
|
| Sumitomo Rubber Industries Ltd. |
| 1,093,192 |
| 12,662 |
|
| Seino Holdings Co. Ltd. |
| 947,353 |
| 12,653 |
|
| SCSK Corp. |
| 253,267 |
| 12,485 |
|
^ | Tokai Carbon Co. Ltd. |
| 1,184,939 |
| 12,439 |
|
| Welcia Holdings Co. Ltd. |
| 304,830 |
| 12,437 |
|
| Nihon Kohden Corp. |
| 454,796 |
| 12,358 |
|
| Horiba Ltd. |
| 237,162 |
| 12,304 |
|
| Nippon Electric Glass Co. Ltd. |
| 484,070 |
| 12,303 |
|
| Nippon Kayaku Co. Ltd. |
| 1,019,779 |
| 12,294 |
|
| Calbee Inc. |
| 454,583 |
| 12,277 |
|
| Kinden Corp. |
| 798,132 |
| 12,250 |
|
| Tokyo Century Corp. |
| 288,482 |
| 12,208 |
|
^ | Japan Airport Terminal Co. Ltd. |
| 284,231 |
| 12,156 |
|
| TechnoPro Holdings Inc. |
| 222,481 |
| 11,876 |
|
| Zenkoku Hosho Co. Ltd. |
| 308,510 |
| 11,864 |
|
| Kobe Steel Ltd. |
| 1,797,004 |
| 11,795 |
|
| Asics Corp. |
| 1,082,604 |
| 11,757 |
|
| Morinaga & Co. Ltd. |
| 239,941 |
| 11,702 |
|
| Daiichikosho Co. Ltd. |
| 249,936 |
| 11,659 |
|
| Yamazaki Baking Co. Ltd. |
| 768,788 |
| 11,640 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
| Yokohama Rubber Co. Ltd. |
| 631,913 |
| 11,635 |
|
| Ibiden Co. Ltd. |
| 656,943 |
| 11,543 |
|
| Mitsubishi Logistics Corp. |
| 416,328 |
| 11,466 |
|
| Credit Saison Co. Ltd. |
| 975,470 |
| 11,448 |
|
| Amano Corp. |
| 412,695 |
| 11,421 |
|
| Sankyo Co. Ltd. |
| 312,299 |
| 11,323 |
|
| AEON Financial Service Co. Ltd. |
| 700,811 |
| 11,311 |
|
| Tsumura & Co. |
| 403,550 |
| 11,278 |
|
| Hachijuni Bank Ltd. |
| 2,751,967 |
| 11,238 |
|
| Capcom Co. Ltd. |
| 555,888 |
| 11,190 |
|
| Tokuyama Corp. |
| 412,083 |
| 11,178 |
|
| Kagome Co. Ltd. |
| 479,770 |
| 11,168 |
|
| Zensho Holdings Co. Ltd. |
| 546,981 |
| 11,137 |
|
| Takara Holdings Inc. |
| 1,058,898 |
| 11,092 |
|
| Furukawa Electric Co. Ltd. |
| 372,357 |
| 10,956 |
|
| Aeon Mall Co. Ltd. |
| 720,572 |
| 10,858 |
|
| Sundrug Co. Ltd. |
| 397,984 |
| 10,794 |
|
| Mabuchi Motor Co. Ltd. |
| 313,414 |
| 10,753 |
|
| Aica Kogyo Co. Ltd. |
| 318,970 |
| 10,692 |
|
| PALTAC Corp. |
| 192,807 |
| 10,623 |
|
| Seven Bank Ltd. |
| 4,039,331 |
| 10,586 |
|
| Maruichi Steel Tube Ltd. |
| 378,213 |
| 10,525 |
|
| ABC-Mart Inc. |
| 160,010 |
| 10,435 |
|
| K’s Holdings Corp. |
| 1,102,382 |
| 10,409 |
|
| Sugi Holdings Co. Ltd. |
| 219,399 |
| 10,391 |
|
| Ship Healthcare Holdings Inc. |
| 238,736 |
| 10,328 |
|
| Sharp Corp. |
| 935,916 |
| 10,324 |
|
^ | NOK Corp. |
| 684,419 |
| 10,282 |
|
| Rengo Co. Ltd. |
| 1,272,901 |
| 10,248 |
|
| Nippon Paper Industries Co. Ltd. |
| 577,288 |
| 10,237 |
|
| Takashimaya Co. Ltd. |
| 923,274 |
| 10,132 |
|
| Fancl Corp. |
| 409,528 |
| 10,130 |
|
| Shimamura Co. Ltd. |
| 134,929 |
| 10,102 |
|
| Nagase & Co. Ltd. |
| 667,398 |
| 10,033 |
|
^ | SHO-BOND Holdings Co. Ltd. |
| 283,104 |
| 9,996 |
|
| Benesse Holdings Inc. |
| 426,186 |
| 9,946 |
|
| SCREEN Holdings Co. Ltd. |
| 238,625 |
| 9,936 |
|
| Infomart Corp. |
| 629,998 |
| 9,874 |
|
^ | DMG Mori Co. Ltd. |
| 612,803 |
| 9,872 |
|
| Nippon Suisan Kaisha Ltd. |
| 1,588,633 |
| 9,860 |
|
| Kaken Pharmaceutical Co. Ltd. |
| 210,204 |
| 9,859 |
|
| Sumitomo Forestry Co. Ltd. |
| 819,247 |
| 9,848 |
|
| Zeon Corp. |
| 882,080 |
| 9,841 |
|
| Izumi Co. Ltd. |
| 242,953 |
| 9,838 |
|
| Ain Holdings Inc. |
| 168,519 |
| 9,811 |
|
| Nishi-Nippon Railroad Co. Ltd. |
| 458,746 |
| 9,800 |
|
| Yamaguchi Financial Group Inc. |
| 1,419,401 |
| 9,714 |
|
| Morinaga Milk Industry Co. Ltd. |
| 244,844 |
| 9,695 |
|
| Kyushu Financial Group Inc. |
| 2,385,999 |
| 9,457 |
|
| OKUMA Corp. |
| 182,521 |
| 9,412 |
|
| Chugoku Bank Ltd. |
| 1,055,475 |
| 9,321 |
|
| Ulvac Inc. |
| 291,402 |
| 9,285 |
|
| OSG Corp. |
| 468,818 |
| 9,272 |
|
^ | Sushiro Global Holdings Ltd. |
| 154,824 |
| 9,251 |
|
| Ushio Inc. |
| 712,878 |
| 9,211 |
|
| Cosmos Pharmaceutical Corp. |
| 53,753 |
| 9,139 |
|
| Lasertec Corp. |
| 229,849 |
| 9,116 |
|
| GS Yuasa Corp. |
| 470,466 |
| 9,096 |
|
| Wacoal Holdings Corp. |
| 348,510 |
| 9,056 |
|
| Cosmo Energy Holdings Co. Ltd. |
| 394,399 |
| 8,938 |
|
| Gunma Bank Ltd. |
| 2,543,440 |
| 8,922 |
|
*,^ | LINE Corp. |
| 317,173 |
| 8,921 |
|
| ADEKA Corp. |
| 601,247 |
| 8,907 |
|
| Toyoda Gosei Co. Ltd. |
| 450,532 |
| 8,805 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
| Dowa Holdings Co. Ltd. |
| 273,171 |
| 8,781 |
|
| Bic Camera Inc. |
| 893,115 |
| 8,779 |
|
| Shikoku Electric Power Co. Inc. |
| 947,476 |
| 8,773 |
|
| Hiroshima Bank Ltd. |
| 1,811,235 |
| 8,744 |
|
| Sumitomo Osaka Cement Co. Ltd. |
| 217,994 |
| 8,679 |
|
| Iwatani Corp. |
| 248,860 |
| 8,647 |
|
| Hitachi Transport System Ltd. |
| 265,264 |
| 8,629 |
|
| Citizen Watch Co. Ltd. |
| 1,668,061 |
| 8,583 |
|
| TS Tech Co. Ltd. |
| 313,849 |
| 8,573 |
|
| FP Corp. |
| 139,522 |
| 8,540 |
|
| Glory Ltd. |
| 321,342 |
| 8,504 |
|
| Iyo Bank Ltd. |
| 1,659,144 |
| 8,394 |
|
| Penta-Ocean Construction Co. Ltd. |
| 1,705,911 |
| 8,383 |
|
| Pilot Corp. |
| 214,744 |
| 8,334 |
|
| Acom Co. Ltd. |
| 2,305,636 |
| 8,320 |
|
| Fuji Oil Holdings Inc. |
| 275,032 |
| 8,297 |
|
| Hokuhoku Financial Group Inc. |
| 790,816 |
| 8,240 |
|
| Toyo Tire Corp. |
| 619,785 |
| 8,172 |
|
| Sapporo Holdings Ltd. |
| 384,424 |
| 8,103 |
|
| Daido Steel Co. Ltd. |
| 212,971 |
| 8,101 |
|
| Topcon Corp. |
| 643,580 |
| 8,085 |
|
| Toagosei Co. Ltd. |
| 762,521 |
| 8,033 |
|
| Mitsui Mining & Smelting Co. Ltd. |
| 334,058 |
| 8,030 |
|
| Mani Inc. |
| 124,463 |
| 8,009 |
|
| Hazama Ando Corp. |
| 1,189,396 |
| 7,962 |
|
^ | Sanrio Co. Ltd. |
| 357,356 |
| 7,947 |
|
| Fuji Seal International Inc. |
| 257,130 |
| 7,882 |
|
| Kureha Corp. |
| 115,100 |
| 7,873 |
|
| Nipro Corp. |
| 702,566 |
| 7,807 |
|
| Meitec Corp. |
| 151,534 |
| 7,798 |
|
| NTN Corp. |
| 2,606,487 |
| 7,769 |
|
| Nippon Light Metal Holdings Co. Ltd. |
| 3,550,894 |
| 7,698 |
|
| Toda Corp. |
| 1,383,236 |
| 7,669 |
|
| NHK Spring Co. Ltd. |
| 987,440 |
| 7,633 |
|
* | Hokuriku Electric Power Co. |
| 1,047,864 |
| 7,608 |
|
| en-japan Inc. |
| 193,000 |
| 7,554 |
|
| Maeda Road Construction Co. Ltd. |
| 353,626 |
| 7,456 |
|
| Open House Co. Ltd. |
| 181,007 |
| 7,441 |
|
| Outsourcing Inc. |
| 607,973 |
| 7,417 |
|
| Tadano Ltd. |
| 707,363 |
| 7,409 |
|
| Miraca Holdings Inc. |
| 323,465 |
| 7,370 |
|
| Nikkon Holdings Co. Ltd. |
| 316,929 |
| 7,287 |
|
| Kyudenko Corp. |
| 240,559 |
| 7,244 |
|
| Kokuyo Co. Ltd. |
| 512,477 |
| 7,189 |
|
| SMS Co. Ltd. |
| 305,703 |
| 7,185 |
|
| Fukuyama Transporting Co. Ltd. |
| 197,669 |
| 7,166 |
|
| Sumitomo Bakelite Co. Ltd. |
| 199,907 |
| 7,156 |
|
^ | Tokyo Ohka Kogyo Co. Ltd. |
| 226,903 |
| 7,112 |
|
| Shiga Bank Ltd. |
| 301,754 |
| 7,021 |
|
| Duskin Co. Ltd. |
| 265,704 |
| 7,001 |
|
| Kansai Mirai Financial Group Inc. |
| 1,086,353 |
| 6,978 |
|
| Toho Holdings Co. Ltd. |
| 310,603 |
| 6,969 |
|
| Ariake Japan Co. Ltd. |
| 109,995 |
| 6,960 |
|
| Systena Corp. |
| 423,840 |
| 6,959 |
|
| Jafco Co. Ltd. |
| 189,192 |
| 6,951 |
|
| Kusuri no Aoki Holdings Co. Ltd. |
| 97,704 |
| 6,879 |
|
| Daishi Hokuetsu Financial Group Inc. |
| 267,812 |
| 6,871 |
|
| Kyoritsu Maintenance Co. Ltd. |
| 146,151 |
| 6,843 |
|
^ | Yoshinoya Holdings Co. Ltd. |
| 395,526 |
| 6,832 |
|
| Shochiku Co. Ltd. |
| 60,291 |
| 6,823 |
|
| Mochida Pharmaceutical Co. Ltd. |
| 159,522 |
| 6,802 |
|
| Maeda Corp. |
| 846,200 |
| 6,796 |
|
| Okumura Corp. |
| 221,680 |
| 6,794 |
|
| Tsubakimoto Chain Co. |
| 207,098 |
| 6,777 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
| Nishi-Nippon Financial Holdings Inc. |
| 939,147 |
| 6,772 |
|
| Justsystems Corp. |
| 207,462 |
| 6,751 |
|
| Sangetsu Corp. |
| 365,020 |
| 6,725 |
|
| Colowide Co. Ltd. |
| 347,535 |
| 6,664 |
|
| GMO internet Inc. |
| 365,997 |
| 6,654 |
|
| Japan Steel Works Ltd. |
| 395,624 |
| 6,635 |
|
| Fuyo General Lease Co. Ltd. |
| 115,891 |
| 6,612 |
|
| Kenedix Inc. |
| 1,323,640 |
| 6,611 |
|
| Nisshinbo Holdings Inc. |
| 861,526 |
| 6,605 |
|
| Inaba Denki Sangyo Co. Ltd. |
| 156,608 |
| 6,583 |
|
| Koei Tecmo Holdings Co. Ltd. |
| 352,503 |
| 6,574 |
|
| Fujikura Ltd. |
| 1,734,336 |
| 6,547 |
|
| NSD Co. Ltd. |
| 225,954 |
| 6,542 |
|
| Japan Lifeline Co. Ltd. |
| 401,677 |
| 6,525 |
|
| Mirait Holdings Corp. |
| 438,514 |
| 6,508 |
|
| Tomy Co. Ltd. |
| 557,397 |
| 6,499 |
|
| Heiwa Corp. |
| 315,779 |
| 6,496 |
|
| 77 Bank Ltd. |
| 437,766 |
| 6,454 |
|
| Takasago Thermal Engineering Co. Ltd. |
| 388,131 |
| 6,413 |
|
| IBJ Leasing Co. Ltd. |
| 255,354 |
| 6,406 |
|
| Maruha Nichiro Corp. |
| 217,484 |
| 6,391 |
|
| Benefit One Inc. |
| 368,504 |
| 6,377 |
|
| Nihon Parkerizing Co. Ltd. |
| 571,607 |
| 6,354 |
|
| Toyobo Co. Ltd. |
| 530,308 |
| 6,351 |
|
| NS Solutions Corp. |
| 198,002 |
| 6,300 |
|
| GungHo Online Entertainment Inc. |
| 225,961 |
| 6,275 |
|
| Oki Electric Industry Co. Ltd. |
| 502,153 |
| 6,272 |
|
| Iriso Electronics Co. Ltd. |
| 123,977 |
| 6,262 |
|
| Kumagai Gumi Co. Ltd. |
| 211,098 |
| 6,258 |
|
| Fuji Corp. |
| 488,007 |
| 6,225 |
|
*,^ | Kawasaki Kisen Kaisha Ltd. |
| 506,859 |
| 6,211 |
|
| As One Corp. |
| 74,515 |
| 6,200 |
|
| Yamato Kogyo Co. Ltd. |
| 211,815 |
| 6,197 |
|
| Lintec Corp. |
| 296,340 |
| 6,187 |
|
| Nichias Corp. |
| 341,951 |
| 6,163 |
|
| Autobacs Seven Co. Ltd. |
| 371,157 |
| 6,132 |
|
| TOKAI Holdings Corp. |
| 723,140 |
| 6,131 |
|
| Digital Garage Inc. |
| 192,495 |
| 6,116 |
|
| Tokyo Seimitsu Co. Ltd. |
| 237,252 |
| 6,107 |
|
| Fujitec Co. Ltd. |
| 464,520 |
| 6,087 |
|
| Nippon Gas Co. Ltd. |
| 238,749 |
| 6,086 |
|
| Resorttrust Inc. |
| 394,931 |
| 6,058 |
|
| Nishimatsu Construction Co. Ltd. |
| 313,361 |
| 6,055 |
|
| Nippo Corp. |
| 305,934 |
| 6,038 |
|
| Hokkaido Electric Power Co. Inc. |
| 1,071,120 |
| 6,007 |
|
| Canon Marketing Japan Inc. |
| 274,552 |
| 6,006 |
|
| Matsui Securities Co. Ltd. |
| 634,450 |
| 5,993 |
|
| H2O Retailing Corp. |
| 516,851 |
| 5,972 |
|
| Hanwa Co. Ltd. |
| 221,264 |
| 5,937 |
|
| Yaoko Co. Ltd. |
| 130,365 |
| 5,909 |
|
| cocokara fine Inc. |
| 113,283 |
| 5,905 |
|
| San-In Godo Bank Ltd. |
| 919,403 |
| 5,901 |
|
| Daiseki Co. Ltd. |
| 235,058 |
| 5,894 |
|
| Sakata Seed Corp. |
| 201,094 |
| 5,886 |
|
| Hitachi Capital Corp. |
| 262,626 |
| 5,852 |
|
| Nomura Co. Ltd. |
| 465,580 |
| 5,827 |
|
| Toei Co. Ltd. |
| 41,357 |
| 5,762 |
|
| Takuma Co. Ltd. |
| 461,548 |
| 5,745 |
|
| Shimachu Co. Ltd. |
| 246,244 |
| 5,737 |
|
| Megmilk Snow Brand Co. Ltd. |
| 254,516 |
| 5,589 |
|
| Kanematsu Corp. |
| 500,089 |
| 5,554 |
|
| Itoham Yonekyu Holdings Inc. |
| 805,988 |
| 5,499 |
|
| DCM Holdings Co. Ltd. |
| 558,448 |
| 5,494 |
|
| Milbon Co. Ltd. |
| 112,725 |
| 5,471 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
| Fuji Soft Inc. |
| 124,278 |
| 5,464 |
|
^ | Katitas Co. Ltd. |
| 144,739 |
| 5,392 |
|
| Mandom Corp. |
| 222,201 |
| 5,388 |
|
| Shima Seiki Manufacturing Ltd. |
| 181,717 |
| 5,351 |
|
| Fujitsu General Ltd. |
| 335,833 |
| 5,348 |
|
| Kotobuki Spirits Co. Ltd. |
| 113,564 |
| 5,345 |
|
| Aoyama Trading Co. Ltd. |
| 272,023 |
| 5,340 |
|
| Taikisha Ltd. |
| 175,718 |
| 5,322 |
|
| Awa Bank Ltd. |
| 221,755 |
| 5,322 |
|
| Daiwabo Holdings Co. Ltd. |
| 111,256 |
| 5,317 |
|
| Central Glass Co. Ltd. |
| 236,861 |
| 5,276 |
|
| Takara Bio Inc. |
| 275,212 |
| 5,263 |
|
| Kandenko Co. Ltd. |
| 624,668 |
| 5,230 |
|
| Tokyo Dome Corp. |
| 552,586 |
| 5,229 |
|
| Trusco Nakayama Corp. |
| 242,147 |
| 5,197 |
|
| Jeol Ltd. |
| 231,848 |
| 5,196 |
|
| Daio Paper Corp. |
| 440,654 |
| 5,192 |
|
| KH Neochem Co. Ltd. |
| 211,077 |
| 5,190 |
|
| Senko Group Holdings Co. Ltd. |
| 647,369 |
| 5,122 |
|
^ | Ogaki Kyoritsu Bank Ltd. |
| 231,269 |
| 5,086 |
|
| EDION Corp. |
| 545,623 |
| 5,081 |
|
| Digital Arts Inc. |
| 57,424 |
| 5,080 |
|
| DTS Corp. |
| 243,134 |
| 5,079 |
|
| Makino Milling Machine Co. Ltd. |
| 124,840 |
| 5,063 |
|
| Noevir Holdings Co. Ltd. |
| 92,117 |
| 5,056 |
|
| JINS Inc. |
| 90,609 |
| 5,045 |
|
| Sumitomo Mitsui Construction Co. Ltd. |
| 902,568 |
| 5,011 |
|
| Tokai Rika Co. Ltd. |
| 300,787 |
| 4,972 |
|
| Fuji Kyuko Co. Ltd. |
| 137,687 |
| 4,971 |
|
| Japan Material Co. Ltd. |
| 344,890 |
| 4,941 |
|
| ZERIA Pharmaceutical Co. Ltd. |
| 246,071 |
| 4,932 |
|
| Round One Corp. |
| 387,858 |
| 4,932 |
|
| Okamura Corp. |
| 490,909 |
| 4,916 |
|
| Japan Elevator Service Holdings Co. Ltd. |
| 193,500 |
| 4,915 |
|
| JCR Pharmaceuticals Co. Ltd. |
| 83,916 |
| 4,904 |
|
| United Arrows Ltd. |
| 156,733 |
| 4,900 |
|
| Valor Holdings Co. Ltd. |
| 235,209 |
| 4,895 |
|
| Toyo Ink SC Holdings Co. Ltd. |
| 224,433 |
| 4,860 |
|
| Nikkiso Co. Ltd. |
| 362,946 |
| 4,850 |
|
| Kiyo Bank Ltd. |
| 379,916 |
| 4,847 |
|
| Toyota Boshoku Corp. |
| 368,298 |
| 4,843 |
|
| HIS Co. Ltd. |
| 193,764 |
| 4,830 |
|
| Paramount Bed Holdings Co. Ltd. |
| 125,514 |
| 4,788 |
|
| Menicon Co. Ltd. |
| 144,613 |
| 4,775 |
|
| Nichiha Corp. |
| 170,314 |
| 4,760 |
|
| Nippon Flour Mills Co. Ltd. |
| 296,704 |
| 4,751 |
|
| Nippon Seiki Co. Ltd. |
| 274,901 |
| 4,725 |
|
| Nachi-Fujikoshi Corp. |
| 112,985 |
| 4,684 |
|
| Asahi Holdings Inc. |
| 228,424 |
| 4,641 |
|
| Kissei Pharmaceutical Co. Ltd. |
| 184,570 |
| 4,620 |
|
| Ichibanya Co. Ltd. |
| 103,172 |
| 4,593 |
|
| Hokuetsu Corp. |
| 847,343 |
| 4,581 |
|
| Kanamoto Co. Ltd. |
| 175,131 |
| 4,541 |
|
| San-A Co. Ltd. |
| 113,083 |
| 4,525 |
|
| Atom Corp. |
| 508,825 |
| 4,510 |
|
| Funai Soken Holdings Inc. |
| 185,832 |
| 4,509 |
|
| Takara Standard Co. Ltd. |
| 284,021 |
| 4,506 |
|
| Totetsu Kogyo Co. Ltd. |
| 165,337 |
| 4,503 |
|
| Tokai Tokyo Financial Holdings Inc. |
| 1,448,616 |
| 4,435 |
|
| Japan Petroleum Exploration Co. Ltd. |
| 190,005 |
| 4,419 |
|
| Starts Corp. Inc. |
| 186,840 |
| 4,411 |
|
| FCC Co. Ltd. |
| 210,160 |
| 4,410 |
|
| Elecom Co. Ltd. |
| 129,439 |
| 4,396 |
|
| Heiwa Real Estate Co. Ltd. |
| 212,296 |
| 4,345 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
| Hokkoku Bank Ltd. |
| 153,352 |
| 4,322 |
|
| Juroku Bank Ltd. |
| 211,668 |
| 4,319 |
|
| Showa Sangyo Co. Ltd. |
| 153,184 |
| 4,295 |
|
| Gunze Ltd. |
| 99,503 |
| 4,290 |
|
| Kumiai Chemical Industry Co. Ltd. |
| 591,399 |
| 4,287 |
|
| Mitsubishi Pencil Co. Ltd. |
| 265,296 |
| 4,261 |
|
| Shinmaywa Industries Ltd. |
| 333,539 |
| 4,250 |
|
| Anicom Holdings Inc. |
| 118,424 |
| 4,245 |
|
| Nanto Bank Ltd. |
| 195,159 |
| 4,242 |
|
| Tokyo Steel Manufacturing Co. Ltd. |
| 560,054 |
| 4,241 |
|
| Topre Corp. |
| 254,346 |
| 4,238 |
|
| North Pacific Bank Ltd. |
| 1,773,166 |
| 4,223 |
|
| Arcs Co. Ltd. |
| 211,419 |
| 4,223 |
|
| Nippon Densetsu Kogyo Co. Ltd. |
| 209,807 |
| 4,216 |
|
| Morita Holdings Corp. |
| 239,622 |
| 4,201 |
|
| Keiyo Bank Ltd. |
| 712,137 |
| 4,172 |
|
| Nippon Signal Company Ltd. |
| 356,941 |
| 4,154 |
|
| Sumitomo Warehouse Co. Ltd. |
| 324,612 |
| 4,151 |
|
* | Mitsui E&S Holdings Co. Ltd. |
| 447,605 |
| 4,141 |
|
| Joyful Honda Co. Ltd. |
| 359,985 |
| 4,129 |
|
| OBIC Business Consultants Co. Ltd. |
| 90,532 |
| 4,115 |
|
| Bank of Okinawa Ltd. |
| 134,751 |
| 4,110 |
|
| Nippon Soda Co. Ltd. |
| 161,722 |
| 4,108 |
|
| Eizo Corp. |
| 115,367 |
| 4,107 |
|
| Japan Aviation Electronics Industry Ltd. |
| 278,613 |
| 4,106 |
|
| Toshiba Plant Systems & Services Corp. |
| 216,067 |
| 4,068 |
|
| Toshiba TEC Corp. |
| 145,101 |
| 4,049 |
|
| Descente Ltd. |
| 228,537 |
| 4,028 |
|
| Tsubaki Nakashima Co. Ltd. |
| 242,570 |
| 3,985 |
|
| KYORIN Holdings Inc. |
| 224,539 |
| 3,981 |
|
| Nisshin Oillio Group Ltd. |
| 141,739 |
| 3,975 |
|
*,^ | Suruga Bank Ltd. |
| 1,062,219 |
| 3,961 |
|
| Kato Sangyo Co. Ltd. |
| 129,734 |
| 3,947 |
|
| Exedy Corp. |
| 187,151 |
| 3,930 |
|
| Okinawa Electric Power Co. Inc. |
| 255,364 |
| 3,930 |
|
| Showa Corp. |
| 290,897 |
| 3,930 |
|
| Fuji Media Holdings Inc. |
| 281,087 |
| 3,926 |
|
| Okamoto Industries Inc. |
| 87,089 |
| 3,919 |
|
| Seiren Co. Ltd. |
| 279,976 |
| 3,906 |
|
| Pacific Industrial Co. Ltd. |
| 270,038 |
| 3,891 |
|
| Ichigo Inc. |
| 1,316,609 |
| 3,876 |
|
| Towa Pharmaceutical Co. Ltd. |
| 151,785 |
| 3,864 |
|
| Hyakugo Bank Ltd. |
| 1,246,852 |
| 3,862 |
|
| TKC Corp. |
| 86,924 |
| 3,856 |
|
^ | Royal Holdings Co. Ltd. |
| 155,834 |
| 3,854 |
|
| Ohsho Food Service Corp. |
| 65,628 |
| 3,848 |
|
^ | Monex Group Inc. |
| 1,084,086 |
| 3,834 |
|
| Hogy Medical Co. Ltd. |
| 128,975 |
| 3,816 |
|
| Nippon Sheet Glass Co. Ltd. |
| 554,905 |
| 3,788 |
|
| Yamazen Corp. |
| 392,223 |
| 3,784 |
|
| Koshidaka Holdings Co. Ltd. |
| 268,389 |
| 3,783 |
|
| Unipres Corp. |
| 229,139 |
| 3,774 |
|
| Adastria Co. Ltd. |
| 175,249 |
| 3,757 |
|
| Prestige International Inc. |
| 252,264 |
| 3,756 |
|
| Hosiden Corp. |
| 337,191 |
| 3,754 |
|
| Macnica Fuji Electronics Holdings Inc. |
| 282,398 |
| 3,753 |
|
| S Foods Inc. |
| 110,076 |
| 3,742 |
|
| Meidensha Corp. |
| 238,129 |
| 3,733 |
|
*,^ | Leopalace21 Corp. |
| 1,435,441 |
| 3,725 |
|
| Takeuchi Manufacturing Co. Ltd. |
| 206,897 |
| 3,719 |
|
| Tokyo Broadcasting System Holdings Inc. |
| 217,179 |
| 3,716 |
|
| Orient Corp. |
| 3,473,544 |
| 3,715 |
|
| Maxell Holdings Ltd. |
| 270,074 |
| 3,704 |
|
| Keihin Corp. |
| 256,228 |
| 3,677 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
| Musashino Bank Ltd. |
| 193,940 |
| 3,670 |
|
| Kitz Corp. |
| 517,844 |
| 3,634 |
|
| Transcosmos Inc. |
| 162,291 |
| 3,633 |
|
^ | Miroku Jyoho Service Co. Ltd. |
| 115,234 |
| 3,633 |
|
| Onward Holdings Co. Ltd. |
| 657,135 |
| 3,630 |
|
| Nitto Boseki Co. Ltd. |
| 171,253 |
| 3,629 |
|
| Nippon Steel Trading Corp. |
| 87,908 |
| 3,628 |
|
| Hitachi Zosen Corp. |
| 984,038 |
| 3,616 |
|
* | euglena Co. Ltd. |
| 409,635 |
| 3,600 |
|
| BML Inc. |
| 126,281 |
| 3,593 |
|
| Musashi Seimitsu Industry Co. Ltd. |
| 277,812 |
| 3,579 |
|
| Nissan Shatai Co. Ltd. |
| 366,999 |
| 3,576 |
|
| Kameda Seika Co. Ltd. |
| 79,696 |
| 3,568 |
|
| Earth Corp. |
| 78,691 |
| 3,523 |
|
* | Aiful Corp. |
| 1,719,644 |
| 3,520 |
|
| Sato Holdings Corp. |
| 138,152 |
| 3,515 |
|
| KOMEDA Holdings Co. Ltd. |
| 185,716 |
| 3,505 |
|
| Okasan Securities Group Inc. |
| 955,462 |
| 3,503 |
|
| Daihen Corp. |
| 121,671 |
| 3,503 |
|
| Modec Inc. |
| 123,070 |
| 3,486 |
|
| Sanyo Chemical Industries Ltd. |
| 65,725 |
| 3,472 |
|
| Ai Holdings Corp. |
| 213,485 |
| 3,462 |
|
| Raito Kogyo Co. Ltd. |
| 270,544 |
| 3,461 |
|
| Kadokawa Dwango Corp. |
| 255,118 |
| 3,461 |
|
| Nagaileben Co. Ltd. |
| 157,256 |
| 3,455 |
|
| Prima Meat Packers Ltd. |
| 180,140 |
| 3,442 |
|
| Shibuya Corp. |
| 125,551 |
| 3,429 |
|
| Max Co. Ltd. |
| 236,101 |
| 3,427 |
|
| Komeri Co. Ltd. |
| 166,313 |
| 3,407 |
|
| Computer Engineering & Consulting Ltd. |
| 154,129 |
| 3,403 |
|
| CKD Corp. |
| 333,589 |
| 3,402 |
|
| Create Restaurants Holdings Inc. |
| 272,724 |
| 3,398 |
|
| NEC Networks & System Integration Corp. |
| 132,793 |
| 3,390 |
|
| Saizeriya Co. Ltd. |
| 155,050 |
| 3,372 |
|
| NichiiGakkan Co. Ltd. |
| 230,730 |
| 3,370 |
|
| Zenrin Co. Ltd. |
| 189,330 |
| 3,351 |
|
| Shinko Electric Industries Co. Ltd. |
| 396,097 |
| 3,351 |
|
| MOS Food Services Inc. |
| 151,940 |
| 3,333 |
|
* | KYB Corp. |
| 117,899 |
| 3,332 |
|
| Ryosan Co. Ltd. |
| 142,427 |
| 3,329 |
|
| Noritake Co. Ltd. |
| 78,893 |
| 3,316 |
|
| Seiko Holdings Corp. |
| 162,146 |
| 3,311 |
|
| Nissin Kogyo Co. Ltd. |
| 239,458 |
| 3,300 |
|
| Inabata & Co. Ltd. |
| 255,733 |
| 3,281 |
|
| Nitta Corp. |
| 115,880 |
| 3,277 |
|
| Hamakyorex Co. Ltd. |
| 92,144 |
| 3,255 |
|
| Fujimori Kogyo Co. Ltd. |
| 121,030 |
| 3,255 |
|
| Toshiba Machine Co. Ltd. |
| 141,164 |
| 3,253 |
|
| Kohnan Shoji Co. Ltd. |
| 155,994 |
| 3,249 |
|
| Sekisui Jushi Corp. |
| 165,420 |
| 3,245 |
|
| Idec Corp. |
| 172,227 |
| 3,245 |
|
| Yodogawa Steel Works Ltd. |
| 166,563 |
| 3,244 |
|
^ | Kisoji Co. Ltd. |
| 137,134 |
| 3,211 |
|
| Jaccs Co. Ltd. |
| 160,921 |
| 3,210 |
|
| Internet Initiative Japan Inc. |
| 170,528 |
| 3,206 |
|
| Chudenko Corp. |
| 153,616 |
| 3,198 |
|
| Aeon Delight Co. Ltd. |
| 107,920 |
| 3,196 |
|
| Nojima Corp. |
| 194,414 |
| 3,180 |
|
| Heiwado Co. Ltd. |
| 178,699 |
| 3,174 |
|
| Hiday Hidaka Corp. |
| 165,209 |
| 3,170 |
|
| Bank of Nagoya Ltd. |
| 100,180 |
| 3,163 |
|
| Sakai Moving Service Co. Ltd. |
| 53,508 |
| 3,157 |
|
| San-Ai Oil Co. Ltd. |
| 324,319 |
| 3,154 |
|
| Taiyo Holdings Co. Ltd. |
| 104,299 |
| 3,153 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
| Kobe Bussan Co. Ltd. |
| 64,848 |
| 3,152 |
|
| Nippon Ceramic Co. Ltd. |
| 116,331 |
| 3,130 |
|
| Aomori Bank Ltd. |
| 127,414 |
| 3,127 |
|
| EPS Holdings Inc. |
| 200,443 |
| 3,119 |
|
| Senshu Ikeda Holdings Inc. |
| 1,678,019 |
| 3,104 |
|
| Japan Wool Textile Co. Ltd. |
| 392,337 |
| 3,068 |
|
| United Super Markets Holdings Inc. |
| 349,389 |
| 3,065 |
|
| Nichicon Corp. |
| 374,375 |
| 3,057 |
|
| Nitto Kogyo Corp. |
| 159,377 |
| 3,054 |
|
| Nichi-iko Pharmaceutical Co. Ltd. |
| 278,779 |
| 3,054 |
|
| Unizo Holdings Co. Ltd. |
| 177,361 |
| 3,040 |
|
| Create SD Holdings Co. Ltd. |
| 129,137 |
| 3,039 |
|
| Financial Products Group Co. Ltd. |
| 366,638 |
| 3,034 |
|
| Hyakujushi Bank Ltd. |
| 150,360 |
| 3,013 |
|
| Konoike Transport Co. Ltd. |
| 191,015 |
| 3,013 |
|
| Yokogawa Bridge Holdings Corp. |
| 186,421 |
| 3,010 |
|
| Shoei Co. Ltd. |
| 75,468 |
| 3,009 |
|
| Eiken Chemical Co. Ltd. |
| 189,491 |
| 3,007 |
|
| TOMONY Holdings Inc. |
| 892,027 |
| 3,002 |
|
| Nissin Electric Co. Ltd. |
| 273,343 |
| 2,991 |
|
| Yamagata Bank Ltd. |
| 199,542 |
| 2,989 |
|
| Komori Corp. |
| 273,895 |
| 2,981 |
|
| Axial Retailing Inc. |
| 86,337 |
| 2,975 |
|
| Ryobi Ltd. |
| 156,832 |
| 2,969 |
|
| Yondoshi Holdings Inc. |
| 128,906 |
| 2,965 |
|
| UACJ Corp. |
| 173,583 |
| 2,963 |
|
| TSI Holdings Co. Ltd. |
| 492,605 |
| 2,957 |
|
| Relia Inc. |
| 250,030 |
| 2,938 |
|
| Osaka Soda Co. Ltd. |
| 116,986 |
| 2,928 |
|
| Maruzen Showa Unyu Co. Ltd. |
| 91,927 |
| 2,923 |
|
^ | Hirata Corp. |
| 50,102 |
| 2,922 |
|
| TPR Co. Ltd. |
| 170,723 |
| 2,909 |
|
| Saibu Gas Co. Ltd. |
| 148,432 |
| 2,904 |
|
| Wacom Co. Ltd. |
| 869,830 |
| 2,889 |
|
| Doutor Nichires Holdings Co. Ltd. |
| 151,991 |
| 2,881 |
|
| SKY Perfect JSAT Holdings Inc. |
| 734,903 |
| 2,869 |
|
| Nishio Rent All Co. Ltd. |
| 100,743 |
| 2,853 |
|
| Sanken Electric Co. Ltd. |
| 135,861 |
| 2,840 |
|
| Aida Engineering Ltd. |
| 365,900 |
| 2,835 |
|
| MCJ Co. Ltd. |
| 385,048 |
| 2,828 |
|
| Nohmi Bosai Ltd. |
| 132,077 |
| 2,826 |
|
| Kintetsu World Express Inc. |
| 215,772 |
| 2,823 |
|
| Tokyu Construction Co. Ltd. |
| 411,942 |
| 2,789 |
|
| Gree Inc. |
| 596,743 |
| 2,784 |
|
| Futaba Corp. |
| 212,446 |
| 2,776 |
|
| Sanki Engineering Co. Ltd. |
| 239,106 |
| 2,775 |
|
^ | Zojirushi Corp. |
| 258,877 |
| 2,769 |
|
^ | Tokyotokeiba Co. Ltd. |
| 89,143 |
| 2,741 |
|
| Daibiru Corp. |
| 293,813 |
| 2,738 |
|
| Ringer Hut Co. Ltd. |
| 131,989 |
| 2,732 |
|
| Bell System24 Holdings Inc. |
| 196,335 |
| 2,720 |
|
| Shinko Plantech Co. Ltd. |
| 231,138 |
| 2,716 |
|
| Yuasa Trading Co. Ltd. |
| 96,934 |
| 2,714 |
|
| Pressance Corp. |
| 195,506 |
| 2,690 |
|
| Maruwa Unyu Kikan Co. Ltd. |
| 60,816 |
| 2,688 |
|
| Belc Co. Ltd. |
| 54,892 |
| 2,677 |
|
| Maruwa Co. Ltd. |
| 48,444 |
| 2,661 |
|
| Arata Corp. |
| 77,778 |
| 2,654 |
|
| Chugoku Marine Paints Ltd. |
| 308,266 |
| 2,651 |
|
| Seikagaku Corp. |
| 230,146 |
| 2,646 |
|
| Bank of Iwate Ltd. |
| 101,632 |
| 2,645 |
|
| Giken Ltd. |
| 84,232 |
| 2,644 |
|
| Kura Sushi Inc. |
| 61,725 |
| 2,638 |
|
| Toho Bank Ltd. |
| 1,107,625 |
| 2,637 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
| Japan Securities Finance Co. Ltd. |
| 514,995 |
| 2,631 |
|
| Star Micronics Co. Ltd. |
| 202,966 |
| 2,627 |
|
*,^ | Japan Display Inc. |
| 3,956,237 |
| 2,624 |
|
| Ricoh Leasing Co. Ltd. |
| 85,611 |
| 2,613 |
|
| Shizuoka Gas Co. Ltd. |
| 342,006 |
| 2,613 |
|
| Oiles Corp. |
| 177,902 |
| 2,610 |
|
| Daikyonishikawa Corp. |
| 326,041 |
| 2,597 |
|
| Bank of the Ryukyus Ltd. |
| 242,810 |
| 2,597 |
|
| Oita Bank Ltd. |
| 92,524 |
| 2,596 |
|
| Noritz Corp. |
| 216,455 |
| 2,593 |
|
| ASKUL Corp. |
| 120,659 |
| 2,586 |
|
^ | SAMTY Co. Ltd. |
| 169,300 |
| 2,580 |
|
| FULLCAST Holdings Co. Ltd. |
| 120,648 |
| 2,574 |
|
| Furukawa Co. Ltd. |
| 197,975 |
| 2,574 |
|
| JCU Corp. |
| 139,281 |
| 2,564 |
|
| Sintokogio Ltd. |
| 290,015 |
| 2,544 |
|
*,^ | Chiyoda Corp. |
| 945,634 |
| 2,543 |
|
| Macromill Inc. |
| 210,571 |
| 2,536 |
|
^ | Nissha Co. Ltd. |
| 245,193 |
| 2,526 |
|
| ESPEC Corp. |
| 115,489 |
| 2,519 |
|
| Bunka Shutter Co. Ltd. |
| 330,548 |
| 2,510 |
|
| Tamura Corp. |
| 472,966 |
| 2,500 |
|
| Piolax Inc. |
| 142,616 |
| 2,497 |
|
| Optex Group Co. Ltd. |
| 197,901 |
| 2,495 |
|
| Topy Industries Ltd. |
| 105,891 |
| 2,490 |
|
^ | Toridoll Holdings Corp. |
| 129,651 |
| 2,482 |
|
^ | Siix Corp. |
| 209,361 |
| 2,481 |
|
| Token Corp. |
| 43,700 |
| 2,472 |
|
| Mizuno Corp. |
| 109,021 |
| 2,472 |
|
| Teikoku Sen-I Co. Ltd. |
| 125,733 |
| 2,465 |
|
| Bando Chemical Industries Ltd. |
| 259,606 |
| 2,458 |
|
| Tokyo Kiraboshi Financial Group Inc. |
| 156,080 |
| 2,457 |
|
| Life Corp. |
| 121,901 |
| 2,455 |
|
^ | Tsugami Corp. |
| 284,784 |
| 2,454 |
|
| Wakita & Co. Ltd. |
| 251,994 |
| 2,444 |
|
| Chofu Seisakusho Co. Ltd. |
| 123,063 |
| 2,443 |
|
| Kyokuto Kaihatsu Kogyo Co. Ltd. |
| 195,786 |
| 2,442 |
|
| ZIGExN Co. Ltd. |
| 331,800 |
| 2,439 |
|
| Fujimi Inc. |
| 118,142 |
| 2,436 |
|
| V Technology Co. Ltd. |
| 52,972 |
| 2,435 |
|
| Takasago International Corp. |
| 88,228 |
| 2,411 |
|
| Yokohama Reito Co. Ltd. |
| 259,729 |
| 2,409 |
|
^ | Nippon Carbon Co. Ltd. |
| 62,236 |
| 2,399 |
|
| Tsukishima Kikai Co. Ltd. |
| 209,062 |
| 2,392 |
|
| Avex Inc. |
| 187,801 |
| 2,386 |
|
| Obara Group Inc. |
| 70,117 |
| 2,381 |
|
| Koa Corp. |
| 182,558 |
| 2,376 |
|
| Press Kogyo Co. Ltd. |
| 521,117 |
| 2,368 |
|
| Daiho Corp. |
| 94,188 |
| 2,364 |
|
| Noritsu Koki Co. Ltd. |
| 120,563 |
| 2,358 |
|
| Fujicco Co. Ltd. |
| 124,482 |
| 2,356 |
|
| Tocalo Co. Ltd. |
| 321,216 |
| 2,354 |
|
| Tayca Corp. |
| 102,572 |
| 2,353 |
|
| Maeda Kosen Co. Ltd. |
| 127,928 |
| 2,351 |
|
| Marudai Food Co. Ltd. |
| 124,906 |
| 2,350 |
|
| Yellow Hat Ltd. |
| 175,064 |
| 2,343 |
|
| Ishihara Sangyo Kaisha Ltd. |
| 199,568 |
| 2,343 |
|
| Sakata INX Corp. |
| 249,195 |
| 2,341 |
|
| AOKI Holdings Inc. |
| 235,356 |
| 2,334 |
|
| Kyoei Steel Ltd. |
| 131,658 |
| 2,332 |
|
* | Vision Inc. |
| 51,575 |
| 2,331 |
|
| Fuso Chemical Co. Ltd. |
| 116,937 |
| 2,330 |
|
| Fixstars Corp. |
| 125,600 |
| 2,325 |
|
| Solasto Corp. |
| 266,071 | �� | 2,323 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
| Nippon Television Holdings Inc. |
| 156,165 |
| 2,317 |
|
^ | Shoei Foods Corp. |
| 74,478 |
| 2,312 |
|
| T-Gaia Corp. |
| 121,861 |
| 2,308 |
|
| Konishi Co. Ltd. |
| 154,075 |
| 2,294 |
|
| Tekken Corp. |
| 82,587 |
| 2,293 |
|
| Retail Partners Co. Ltd. |
| 207,325 |
| 2,288 |
|
| Broadleaf Co. Ltd. |
| 461,347 |
| 2,285 |
|
| Information Services International-Dentsu Ltd. |
| 71,365 |
| 2,283 |
|
| Kurabo Industries Ltd. |
| 127,647 |
| 2,282 |
|
| Fukushima Industries Corp. |
| 69,160 |
| 2,280 |
|
| Tanseisha Co. Ltd. |
| 195,506 |
| 2,273 |
|
| Sodick Co. Ltd. |
| 261,882 |
| 2,272 |
|
| DyDo Group Holdings Inc. |
| 52,798 |
| 2,271 |
|
| Tokai Corp. |
| 107,010 |
| 2,270 |
|
| Itochu Enex Co. Ltd. |
| 280,453 |
| 2,252 |
|
| Mitsuboshi Belting Ltd. |
| 126,981 |
| 2,248 |
|
| Tachi-S Co. Ltd. |
| 174,346 |
| 2,245 |
|
| Doshisha Co. Ltd. |
| 141,585 |
| 2,238 |
|
| Ichikoh Industries Ltd. |
| 337,849 |
| 2,238 |
|
| Tsurumi Manufacturing Co. Ltd. |
| 123,060 |
| 2,235 |
|
| T Hasegawa Co. Ltd. |
| 124,415 |
| 2,224 |
|
| Riso Kagaku Corp. |
| 139,262 |
| 2,221 |
|
| Mitsubishi Shokuhin Co. Ltd. |
| 84,395 |
| 2,217 |
|
| Joshin Denki Co. Ltd. |
| 111,787 |
| 2,212 |
|
| Plenus Co. Ltd. |
| 135,558 |
| 2,211 |
|
| Key Coffee Inc. |
| 112,860 |
| 2,210 |
|
| Trancom Co. Ltd. |
| 38,235 |
| 2,209 |
|
^ | J Trust Co. Ltd. |
| 491,937 |
| 2,209 |
|
| Dainichiseika Color & Chemicals Manufacturing Co. Ltd. |
| 78,387 |
| 2,206 |
|
^ | Monogatari Corp. |
| 27,587 |
| 2,204 |
|
| Restar Holdings Corp. |
| 152,332 |
| 2,204 |
|
| ValueCommerce Co. Ltd. |
| 95,200 |
| 2,190 |
|
| Tosho Co. Ltd. |
| 86,127 |
| 2,187 |
|
| Tonami Holdings Co. Ltd. |
| 41,839 |
| 2,186 |
|
| Okabe Co. Ltd. |
| 248,914 |
| 2,171 |
|
| Ehime Bank Ltd. |
| 224,168 |
| 2,171 |
|
| JVC Kenwood Corp. |
| 930,401 |
| 2,167 |
|
^ | Pack Corp. |
| 70,453 |
| 2,163 |
|
| Riso Kyoiku Co. Ltd. |
| 515,700 |
| 2,161 |
|
| Hokuto Corp. |
| 127,454 |
| 2,151 |
|
| Sanyo Denki Co. Ltd. |
| 53,402 |
| 2,148 |
|
| Nextage Co. Ltd. |
| 211,298 |
| 2,137 |
|
| Onoken Co. Ltd. |
| 167,815 |
| 2,136 |
|
*,^ | Istyle Inc. |
| 305,276 |
| 2,124 |
|
^ | Aruhi Corp. |
| 107,713 |
| 2,118 |
|
* | M&A Capital Partners Co. Ltd. |
| 38,839 |
| 2,106 |
|
| Keihanshin Building Co. Ltd. |
| 227,749 |
| 2,102 |
|
| Denki Kogyo Co. Ltd. |
| 70,966 |
| 2,097 |
|
| METAWATER Co. Ltd. |
| 67,648 |
| 2,096 |
|
| Nishimatsuya Chain Co. Ltd. |
| 270,756 |
| 2,095 |
|
| Geo Holdings Corp. |
| 161,953 |
| 2,077 |
|
| Future Corp. |
| 104,670 |
| 2,069 |
|
| VT Holdings Co. Ltd. |
| 529,643 |
| 2,068 |
|
| Rheon Automatic Machinery Co. Ltd. |
| 120,861 |
| 2,067 |
|
| TV Asahi Holdings Corp. |
| 127,814 |
| 2,066 |
|
| Yamanashi Chuo Bank Ltd. |
| 191,338 |
| 2,064 |
|
| eGuarantee Inc. |
| 171,500 |
| 2,064 |
|
| Sakai Chemical Industry Co. Ltd. |
| 86,940 |
| 2,060 |
|
| Sanyo Special Steel Co. Ltd. |
| 147,898 |
| 2,050 |
|
| Aichi Steel Corp. |
| 69,947 |
| 2,048 |
|
^ | Dip Corp. |
| 121,747 |
| 2,044 |
|
^ | JAC Recruitment Co. Ltd. |
| 86,248 |
| 2,040 |
|
| Qol Holdings Co. Ltd. |
| 132,299 |
| 2,037 |
|
| Japan Pulp & Paper Co. Ltd. |
| 61,015 |
| 2,033 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
| J-Oil Mills Inc. |
| 56,166 |
| 2,027 |
|
| eRex Co. Ltd. |
| 188,092 |
| 2,022 |
|
| Kanematsu Electronics Ltd. |
| 72,659 |
| 2,014 |
|
| Fuji Co. Ltd. |
| 118,803 |
| 2,009 |
|
| Mitsui Sugar Co. Ltd. |
| 96,861 |
| 2,004 |
|
| San ju San Financial Group Inc. |
| 145,653 |
| 2,004 |
|
| Shikoku Chemicals Corp. |
| 191,158 |
| 2,003 |
|
| Arcland Sakamoto Co. Ltd. |
| 162,985 |
| 1,997 |
|
^ | W-Scope Corp. |
| 147,181 |
| 1,993 |
|
| Chiyoda Co. Ltd. |
| 136,064 |
| 1,993 |
|
| Mitsubishi Logisnext Co. Ltd. |
| 186,491 |
| 1,983 |
|
| Toho Titanium Co. Ltd. |
| 194,496 |
| 1,983 |
|
| PAL GROUP Holdings Co. Ltd. |
| 65,439 |
| 1,981 |
|
* | Open Door Inc. |
| 76,284 |
| 1,980 |
|
| Kanto Denka Kogyo Co. Ltd. |
| 282,331 |
| 1,979 |
|
| Futaba Industrial Co. Ltd. |
| 360,651 |
| 1,978 |
|
| Micronics Japan Co. Ltd. |
| 223,089 |
| 1,974 |
|
| Belluna Co. Ltd. |
| 287,877 |
| 1,968 |
|
| Central Security Patrols Co. Ltd. |
| 42,388 |
| 1,965 |
|
| Riken Corp. |
| 51,079 |
| 1,954 |
|
| World Co. Ltd. |
| 101,500 |
| 1,943 |
|
| Marusan Securities Co. Ltd. |
| 373,627 |
| 1,942 |
|
| Vital KSK Holdings Inc. |
| 204,325 |
| 1,938 |
|
| Argo Graphics Inc. |
| 87,200 |
| 1,928 |
|
| GLOBERIDE Inc. |
| 61,800 |
| 1,927 |
|
| Miyazaki Bank Ltd. |
| 85,814 |
| 1,923 |
|
| Valqua Ltd. |
| 91,328 |
| 1,923 |
|
| Asahi Diamond Industrial Co. Ltd. |
| 314,535 |
| 1,922 |
|
| Tamron Co. Ltd. |
| 93,454 |
| 1,917 |
|
^ | OSAKA Titanium Technologies Co. Ltd. |
| 117,703 |
| 1,913 |
|
| Sanyo Electric Railway Co. Ltd. |
| 98,314 |
| 1,912 |
|
| Hibiya Engineering Ltd. |
| 109,300 |
| 1,905 |
|
| Mitsui-Soko Holdings Co. Ltd. |
| 131,931 |
| 1,903 |
|
| TOC Co. Ltd. |
| 316,198 |
| 1,902 |
|
| Shinko Shoji Co. Ltd. |
| 107,491 |
| 1,901 |
|
| Dai-Dan Co. Ltd. |
| 88,476 |
| 1,895 |
|
| Nippon Koei Co. Ltd. |
| 85,789 |
| 1,889 |
|
| Taihei Dengyo Kaisha Ltd. |
| 93,527 |
| 1,887 |
|
| Mitsuuroko Group Holdings Co. Ltd. |
| 258,759 |
| 1,879 |
|
| Daiken Corp. |
| 91,809 |
| 1,876 |
|
^ | Kitanotatsujin Corp. |
| 358,868 |
| 1,874 |
|
| Ryoyo Electro Corp. |
| 114,036 |
| 1,873 |
|
| Daito Pharmaceutical Co. Ltd. |
| 60,822 |
| 1,868 |
|
| KAWADA TECHNOLOGIES Inc. |
| 24,899 | �� | 1,865 |
|
| Matsuya Co. Ltd. |
| 234,386 |
| 1,862 |
|
^ | Starzen Co. Ltd. |
| 47,866 |
| 1,858 |
|
| Nippon Thompson Co. Ltd. |
| 410,338 |
| 1,857 |
|
| Nippon Road Co. Ltd. |
| 33,004 |
| 1,856 |
|
| Sinfonia Technology Co. Ltd. |
| 161,258 |
| 1,854 |
|
| Enplas Corp. |
| 62,043 |
| 1,848 |
|
| LIFULL Co. Ltd. |
| 396,216 |
| 1,842 |
|
^ | Sourcenext Corp. |
| 500,000 |
| 1,842 |
|
* | RENOVA Inc. |
| 253,300 |
| 1,842 |
|
| Mie Kotsu Group Holdings Inc. |
| 343,943 |
| 1,837 |
|
| Meisei Industrial Co. Ltd. |
| 274,961 |
| 1,835 |
|
| Toho Zinc Co. Ltd. |
| 78,898 |
| 1,834 |
|
| Tokushu Tokai Paper Co. Ltd. |
| 52,171 |
| 1,828 |
|
^ | Sankyo Tateyama Inc. |
| 166,294 |
| 1,823 |
|
| St. Marc Holdings Co. Ltd. |
| 85,332 |
| 1,819 |
|
| Pacific Metals Co. Ltd. |
| 87,521 |
| 1,817 |
|
| Takara Leben Co. Ltd. |
| 509,965 |
| 1,816 |
|
| Chubu Shiryo Co. Ltd. |
| 158,766 |
| 1,802 |
|
| Foster Electric Co. Ltd. |
| 124,208 |
| 1,796 |
|
| G-Tekt Corp. |
| 126,680 |
| 1,796 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
| Riken Keiki Co. Ltd. |
| 98,061 |
| 1,793 |
|
| Intage Holdings Inc. |
| 204,553 |
| 1,789 |
|
| Kappa Create Co. Ltd. |
| 140,923 |
| 1,784 |
|
| Hioki EE Corp. |
| 54,691 |
| 1,780 |
|
| Uchida Yoko Co. Ltd. |
| 53,982 |
| 1,777 |
|
| Akita Bank Ltd. |
| 93,833 |
| 1,777 |
|
| Toppan Forms Co. Ltd. |
| 225,477 |
| 1,777 |
|
| Torii Pharmaceutical Co. Ltd. |
| 73,652 |
| 1,776 |
|
| Sanshin Electronics Co. Ltd. |
| 105,241 |
| 1,773 |
|
| COLOPL Inc. |
| 291,566 |
| 1,767 |
|
| Inageya Co. Ltd. |
| 142,032 |
| 1,766 |
|
| KFC Holdings Japan Ltd. |
| 95,333 |
| 1,765 |
|
| Dexerials Corp. |
| 272,458 |
| 1,761 |
|
| Tachibana Eletech Co. Ltd. |
| 112,500 |
| 1,755 |
|
^ | Nippon Yakin Kogyo Co. Ltd. |
| 832,076 |
| 1,746 |
|
| Shikoku Bank Ltd. |
| 207,990 |
| 1,745 |
|
^ | Akatsuki Inc. |
| 32,221 |
| 1,744 |
|
| Sogo Medical Holdings Co. Ltd. |
| 111,486 |
| 1,740 |
|
| Hosokawa Micron Corp. |
| 40,942 |
| 1,731 |
|
| Aichi Bank Ltd. |
| 50,404 |
| 1,729 |
|
| Takamatsu Construction Group Co. Ltd. |
| 85,821 |
| 1,727 |
|
| Goldcrest Co. Ltd. |
| 97,767 |
| 1,725 |
|
| Strike Co. Ltd. |
| 91,732 |
| 1,724 |
|
| Cybozu Inc. |
| 151,766 |
| 1,722 |
|
| Canon Electronics Inc. |
| 101,799 |
| 1,713 |
|
| Kenko Mayonnaise Co. Ltd. |
| 82,099 |
| 1,713 |
|
| Sinko Industries Ltd. |
| 117,539 |
| 1,710 |
|
| Alconix Corp. |
| 128,406 |
| 1,700 |
|
| Toa Corp. |
| 112,010 |
| 1,694 |
|
| Toyo Tanso Co. Ltd. |
| 84,216 |
| 1,689 |
|
| YAMABIKO Corp. |
| 193,444 |
| 1,687 |
|
| Fukui Bank Ltd. |
| 129,319 |
| 1,684 |
|
| Nippon Kanzai Co. Ltd. |
| 98,661 |
| 1,672 |
|
| Mitsui High-Tec Inc. |
| 151,143 |
| 1,661 |
|
| Anest Iwata Corp. |
| 185,043 |
| 1,651 |
|
| Sumitomo Seika Chemicals Co. Ltd. |
| 53,795 |
| 1,645 |
|
| Roland DG Corp. |
| 73,229 |
| 1,643 |
|
| Daiwa Industries Ltd. |
| 156,434 |
| 1,632 |
|
| Juki Corp. |
| 176,129 |
| 1,631 |
|
| Tosei Corp. |
| 179,900 |
| 1,626 |
|
| Sumitomo Riko Co. Ltd. |
| 207,479 |
| 1,624 |
|
| Daido Metal Co. Ltd. |
| 261,997 |
| 1,613 |
|
| Sun Frontier Fudousan Co. Ltd. |
| 169,691 |
| 1,607 |
|
| Kintetsu Department Store Co. Ltd. |
| 53,866 |
| 1,597 |
|
| Iino Kaiun Kaisha Ltd. |
| 475,824 |
| 1,589 |
|
| Yurtec Corp. |
| 231,338 |
| 1,586 |
|
| LEC Inc. |
| 147,956 |
| 1,584 |
|
| Neturen Co. Ltd. |
| 197,165 |
| 1,583 |
|
^ | OPT Holding Inc. |
| 100,978 |
| 1,582 |
|
| Amuse Inc. |
| 68,521 |
| 1,581 |
|
| Pasona Group Inc. |
| 112,800 |
| 1,579 |
|
| CMK Corp. |
| 270,446 |
| 1,579 |
|
| Toyo Construction Co. Ltd. |
| 402,842 |
| 1,578 |
|
| Eagle Industry Co. Ltd. |
| 161,375 |
| 1,578 |
|
| Toa Corp. |
| 132,225 |
| 1,576 |
|
| Osaki Electric Co. Ltd. |
| 241,982 |
| 1,576 |
|
^ | Alpen Co. Ltd. |
| 109,950 |
| 1,559 |
|
| Nittetsu Mining Co. Ltd. |
| 35,932 |
| 1,558 |
|
| Nichiban Co. Ltd. |
| 77,374 |
| 1,546 |
|
| Daiichi Jitsugyo Co. Ltd. |
| 53,891 |
| 1,543 |
|
| Kaga Electronics Co. Ltd. |
| 106,180 |
| 1,537 |
|
| Arcland Service Holdings Co. Ltd. |
| 89,399 |
| 1,536 |
|
| Rock Field Co. Ltd. |
| 117,181 |
| 1,536 |
|
| LIXIL VIVA Corp. |
| 132,058 |
| 1,534 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
| OSJB Holdings Corp. |
| 619,161 |
| 1,531 |
|
| Union Tool Co. |
| 54,315 |
| 1,531 |
|
| Tenma Corp. |
| 90,018 |
| 1,527 |
|
^ | PIA Corp. |
| 35,338 |
| 1,521 |
|
| CI Takiron Corp. |
| 242,605 |
| 1,518 |
|
| Shindengen Electric Manufacturing Co. Ltd. |
| 44,378 |
| 1,516 |
|
| Okuwa Co. Ltd. |
| 151,515 |
| 1,496 |
|
| Achilles Corp. |
| 80,825 |
| 1,480 |
|
| Melco Holdings Inc. |
| 53,743 |
| 1,477 |
|
| Ryoden Corp. |
| 99,374 |
| 1,477 |
|
| Gakken Holdings Co. Ltd. |
| 31,201 |
| 1,472 |
|
| WATAMI Co. Ltd. |
| 110,567 |
| 1,470 |
|
| Komtasu Matere Co. Ltd. |
| 196,162 |
| 1,470 |
|
| Advan Co. Ltd. |
| 149,072 |
| 1,467 |
|
| Shin-Etsu Polymer Co. Ltd. |
| 201,715 |
| 1,466 |
|
| Trust Tech Inc. |
| 102,650 |
| 1,464 |
|
| Nichiden Corp. |
| 84,175 |
| 1,462 |
|
| Kyokuyo Co. Ltd. |
| 54,708 |
| 1,458 |
|
| Marvelous Inc. |
| 190,997 |
| 1,454 |
|
| Cosel Co. Ltd. |
| 135,886 |
| 1,453 |
|
| Dai Nippon Toryo Co. Ltd. |
| 150,009 |
| 1,451 |
|
| ASKA Pharmaceutical Co. Ltd. |
| 124,152 |
| 1,451 |
|
^ | Kamakura Shinsho Ltd. |
| 110,700 |
| 1,450 |
|
| Ines Corp. |
| 135,521 |
| 1,445 |
|
| Kourakuen Holdings Corp. |
| 56,133 |
| 1,444 |
|
| Stella Chemifa Corp. |
| 51,611 |
| 1,442 |
|
| Fujibo Holdings Inc. |
| 66,643 |
| 1,439 |
|
| SBS Holdings Inc. |
| 101,700 |
| 1,438 |
|
| Katakura Industries Co. Ltd. |
| 120,038 |
| 1,437 |
|
^ | Link And Motivation Inc. |
| 252,897 |
| 1,427 |
|
| Feed One Co. Ltd. |
| 822,491 |
| 1,424 |
|
| Ichiyoshi Securities Co. Ltd. |
| 209,794 |
| 1,421 |
|
| Kamei Corp. |
| 136,404 |
| 1,421 |
|
| Riken Vitamin Co. Ltd. |
| 45,330 |
| 1,420 |
|
*,^ | KLab Inc. |
| 166,318 |
| 1,420 |
|
| Tsukui Corp. |
| 295,377 |
| 1,412 |
|
| ARTERIA Networks Corp. |
| 121,300 |
| 1,409 |
|
| Nippon Parking Development Co. Ltd. |
| 890,781 |
| 1,408 |
|
^ | YA-MAN Ltd. |
| 170,677 |
| 1,407 |
|
| Zuken Inc. |
| 83,604 |
| 1,401 |
|
| Hoosiers Holdings |
| 249,200 |
| 1,395 |
|
| Xebio Holdings Co. Ltd. |
| 122,194 |
| 1,393 |
|
| Itochu-Shokuhin Co. Ltd. |
| 32,290 |
| 1,393 |
|
| Matsuyafoods Holdings Co. Ltd. |
| 45,675 |
| 1,387 |
|
^ | Megachips Corp. |
| 109,320 |
| 1,384 |
|
| Towa Bank Ltd. |
| 216,016 |
| 1,376 |
|
| Chukyo Bank Ltd. |
| 66,715 |
| 1,375 |
|
^ | Sumida Corp. |
| 127,576 |
| 1,374 |
|
| Sagami Holdings Corp. |
| 113,561 |
| 1,366 |
|
| Yakuodo Co. Ltd. |
| 61,620 |
| 1,363 |
|
| Krosaki Harima Corp. |
| 23,787 |
| 1,360 |
|
| Mitsuba Corp. |
| 221,871 |
| 1,359 |
|
| Kyodo Printing Co. Ltd. |
| 53,876 |
| 1,357 |
|
| Kyokuto Securities Co. Ltd. |
| 166,442 |
| 1,355 |
|
| Kanagawa Chuo Kotsu Co. Ltd. |
| 39,216 |
| 1,352 |
|
| Michinoku Bank Ltd. |
| 88,213 |
| 1,348 |
|
| Fukuda Corp. |
| 31,600 |
| 1,344 |
|
*,^ | Gunosy Inc. |
| 79,800 |
| 1,343 |
|
*,^ | Change Inc. |
| 58,400 |
| 1,339 |
|
| Yorozu Corp. |
| 106,428 |
| 1,337 |
|
* | Vector Inc. |
| 139,008 |
| 1,332 |
|
| Fujita Kanko Inc. |
| 53,051 |
| 1,332 |
|
| Riken Technos Corp. |
| 275,100 |
| 1,331 |
|
| Cawachi Ltd. |
| 71,475 |
| 1,328 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
| Sumitomo Densetsu Co. Ltd. |
| 83,377 |
| 1,326 |
|
| Nitto Kohki Co. Ltd. |
| 67,614 |
| 1,326 |
|
| Nippon Beet Sugar Manufacturing Co. Ltd. |
| 70,822 |
| 1,323 |
|
| Nippon Chemi-Con Corp. |
| 89,863 |
| 1,320 |
|
| Nihon Trim Co. Ltd. |
| 27,300 |
| 1,318 |
|
| Nagatanien Holdings Co. Ltd. |
| 67,548 |
| 1,311 |
|
| JSP Corp. |
| 68,636 |
| 1,310 |
|
*,^ | Remixpoint Inc. |
| 322,249 |
| 1,299 |
|
| Shinwa Co. Ltd. |
| 64,629 |
| 1,299 |
|
| Nihon Chouzai Co. Ltd. |
| 41,948 |
| 1,299 |
|
| Aisan Industry Co. Ltd. |
| 202,476 |
| 1,285 |
|
| Mimasu Semiconductor Industry Co. Ltd. |
| 85,918 |
| 1,284 |
|
| Kanaden Corp. |
| 106,133 |
| 1,281 |
|
| Toenec Corp. |
| 44,324 |
| 1,278 |
|
| Shin Nippon Air Technologies Co. Ltd. |
| 80,300 |
| 1,275 |
|
| Nisso Corp. |
| 92,000 |
| 1,272 |
|
| Furuno Electric Co. Ltd. |
| 135,035 |
| 1,271 |
|
| Organo Corp. |
| 38,129 |
| 1,271 |
|
| Nippon Denko Co. Ltd. |
| 657,617 |
| 1,267 |
|
| Rokko Butter Co. Ltd. |
| 74,125 |
| 1,260 |
|
| F@N Communications Inc. |
| 241,371 |
| 1,259 |
|
| Arakawa Chemical Industries Ltd. |
| 96,278 |
| 1,258 |
|
| Rorze Corp. |
| 59,010 |
| 1,255 |
|
| Nihon Tokushu Toryo Co. Ltd. |
| 96,072 |
| 1,249 |
|
^ | Yonex Co. Ltd. |
| 216,078 |
| 1,246 |
|
| Japan Transcity Corp. |
| 282,857 |
| 1,245 |
|
| Itoki Corp. |
| 303,560 |
| 1,242 |
|
| Icom Inc. |
| 54,805 |
| 1,237 |
|
| Iseki & Co. Ltd. |
| 86,257 |
| 1,224 |
|
| MTI Ltd. |
| 172,309 |
| 1,223 |
|
| Torishima Pump Manufacturing Co. Ltd. |
| 124,128 |
| 1,220 |
|
| Warabeya Nichiyo Holdings Co. Ltd. |
| 78,996 |
| 1,219 |
|
| Koatsu Gas Kogyo Co. Ltd. |
| 154,729 |
| 1,215 |
|
| Fuji Pharma Co. Ltd. |
| 93,814 |
| 1,215 |
|
| Toyo Corp. |
| 136,311 |
| 1,205 |
|
| WDB Holdings Co. Ltd. |
| 48,104 |
| 1,199 |
|
^ | Pepper Food Service Co. Ltd. |
| 73,502 |
| 1,197 |
|
| Shinnihon Corp. |
| 143,190 |
| 1,187 |
|
| Chiyoda Integre Co. Ltd. |
| 64,427 |
| 1,185 |
|
^ | Optorun Co. Ltd. |
| 54,506 |
| 1,185 |
|
| Oyo Corp. |
| 117,204 |
| 1,185 |
|
| K&O Energy Group Inc. |
| 85,018 |
| 1,184 |
|
^ | Yamashin-Filter Corp. |
| 201,426 |
| 1,178 |
|
| Tosho Printing Co. Ltd. |
| 96,289 |
| 1,164 |
|
| Jamco Corp. |
| 59,211 |
| 1,161 |
|
| Kansai Super Market Ltd. |
| 115,032 |
| 1,161 |
|
| FIDEA Holdings Co. Ltd. |
| 1,083,754 |
| 1,158 |
|
^ | Genky DrugStores Co. Ltd. |
| 47,951 |
| 1,154 |
|
| CONEXIO Corp. |
| 90,739 |
| 1,153 |
|
| Misawa Homes Co. Ltd. |
| 122,538 |
| 1,149 |
|
| Kato Works Co. Ltd. |
| 61,446 |
| 1,148 |
|
* | Unitika Ltd. |
| 318,800 |
| 1,147 |
|
| Keiyo Co. Ltd. |
| 264,524 |
| 1,138 |
|
| Godo Steel Ltd. |
| 62,179 |
| 1,138 |
|
| Teikoku Electric Manufacturing Co. Ltd. |
| 96,154 |
| 1,134 |
|
| NS United Kaiun Kaisha Ltd. |
| 54,415 |
| 1,122 |
|
| Yushin Precision Equipment Co. Ltd. |
| 118,633 |
| 1,115 |
|
| France Bed Holdings Co. Ltd. |
| 123,300 |
| 1,108 |
|
| Osaka Steel Co. Ltd. |
| 67,527 |
| 1,100 |
|
^ | Nissei ASB Machine Co. Ltd. |
| 45,786 |
| 1,097 |
|
| Denyo Co. Ltd. |
| 81,101 |
| 1,094 |
|
| Hisaka Works Ltd. |
| 134,936 |
| 1,091 |
|
| Nissin Corp. |
| 66,345 |
| 1,091 |
|
| Happinet Corp. |
| 88,793 |
| 1,091 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
*,^ | Medical Data Vision Co. Ltd. |
| 88,908 |
| 1,086 |
|
| Mitsubishi Research Institute Inc. |
| 34,738 |
| 1,086 |
|
| Nissin Sugar Co. Ltd. |
| 63,500 |
| 1,084 |
|
^ | Fujiya Co. Ltd. |
| 59,519 |
| 1,077 |
|
| Ministop Co. Ltd. |
| 74,666 |
| 1,075 |
|
| Sac’s Bar Holdings Inc. |
| 116,961 |
| 1,065 |
|
^ | Taki Chemical Co. Ltd. |
| 27,700 |
| 1,054 |
|
* | ES-Con Japan Ltd. |
| 168,800 |
| 1,050 |
|
| Tokyo Individualized Educational Institute Inc. |
| 121,387 |
| 1,047 |
|
| Aiphone Co. Ltd. |
| 69,885 |
| 1,046 |
|
| CAC Holdings Corp. |
| 74,880 |
| 1,045 |
|
| Yushiro Chemical Industry Co. Ltd. |
| 86,412 |
| 1,044 |
|
| Hochiki Corp. |
| 84,124 |
| 1,043 |
|
| Asunaro Aoki Construction Co. Ltd. |
| 138,540 |
| 1,042 |
|
| Shimizu Bank Ltd. |
| 61,677 |
| 1,038 |
|
| Kasai Kogyo Co. Ltd. |
| 140,417 |
| 1,035 |
|
| Yomiuri Land Co. Ltd. |
| 22,388 |
| 1,032 |
|
| Alpha Systems Inc. |
| 39,423 |
| 1,026 |
|
| Central Sports Co. Ltd. |
| 35,454 |
| 1,024 |
|
| Mitsui Matsushima Holdings Co. Ltd. |
| 80,871 |
| 1,010 |
|
| Wellnet Corp. |
| 119,543 |
| 1,009 |
|
^ | RS Technologies Co. Ltd. |
| 37,654 |
| 1,006 |
|
| CMIC Holdings Co. Ltd. |
| 52,810 |
| 1,004 |
|
| Sankyo Seiko Co. Ltd. |
| 208,137 |
| 1,003 |
|
^ | Hito Communications Holdings Inc. |
| 60,129 |
| 1,000 |
|
| Studio Alice Co. Ltd. |
| 52,824 |
| 998 |
|
| Japan Cash Machine Co. Ltd. |
| 97,177 |
| 997 |
|
| ST Corp. |
| 63,324 |
| 990 |
|
^ | BRONCO BILLY Co. Ltd. |
| 48,787 |
| 988 |
|
| Chori Co. Ltd. |
| 61,953 |
| 988 |
|
| Aichi Corp. |
| 152,505 |
| 987 |
|
| JP-Holdings Inc. |
| 360,632 |
| 987 |
|
| Bank of Saga Ltd. |
| 68,753 |
| 986 |
|
| Yahagi Construction Co. Ltd. |
| 150,623 |
| 983 |
|
| Sanyo Shokai Ltd. |
| 68,421 |
| 975 |
|
| SWCC Showa Holdings Co. Ltd. |
| 126,696 |
| 969 |
|
| Weathernews Inc. |
| 31,298 |
| 967 |
|
| Sekisui Plastics Co. Ltd. |
| 138,160 |
| 963 |
|
| Daikokutenbussan Co. Ltd. |
| 29,904 |
| 954 |
|
| CHIMNEY Co. Ltd. |
| 43,432 |
| 953 |
|
| Toyo Kanetsu KK |
| 49,790 |
| 952 |
|
| Mars Group Holdings Corp. |
| 51,685 |
| 950 |
|
| Halows Co. Ltd. |
| 46,151 |
| 949 |
|
| Towa Corp. |
| 130,147 |
| 949 |
|
| CTS Co. Ltd. |
| 148,973 |
| 948 |
|
| Kurimoto Ltd. |
| 70,113 |
| 946 |
|
* | Nippon Sharyo Ltd. |
| 38,211 |
| 943 |
|
| Hokkan Holdings Ltd. |
| 59,403 |
| 940 |
|
| Matsuda Sangyo Co. Ltd. |
| 68,507 |
| 939 |
|
| Hokkaido Gas Co. Ltd. |
| 70,006 |
| 938 |
|
| Kyosan Electric Manufacturing Co. Ltd. |
| 268,928 |
| 936 |
|
| Sanei Architecture Planning Co. Ltd. |
| 65,601 |
| 933 |
|
| Tomoku Co. Ltd. |
| 57,494 |
| 932 |
|
| Tokyo Energy & Systems Inc. |
| 110,005 |
| 930 |
|
| Honeys Holdings Co. Ltd. |
| 84,006 |
| 925 |
|
| SRA Holdings |
| 37,753 |
| 921 |
|
| Maezawa Kyuso Industries Co. Ltd. |
| 51,364 |
| 917 |
|
| Pronexus Inc. |
| 87,917 |
| 911 |
|
| Toho Co. Ltd. |
| 49,173 |
| 909 |
|
| Tochigi Bank Ltd. |
| 552,057 |
| 888 |
|
| Parco Co. Ltd. |
| 87,711 |
| 884 |
|
| Hodogaya Chemical Co. Ltd. |
| 32,715 |
| 884 |
|
| IDOM Inc. |
| 327,281 |
| 881 |
|
| Space Value Holdings Co. Ltd. |
| 185,821 |
| 873 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
| NEC Capital Solutions Ltd. |
| 52,437 |
| 871 |
|
* | KNT-CT Holdings Co. Ltd. |
| 69,863 |
| 871 |
|
| Tatsuta Electric Wire and Cable Co. Ltd. |
| 194,859 |
| 864 |
|
| Sinanen Holdings Co. Ltd. |
| 50,668 |
| 861 |
|
| Nihon Nohyaku Co. Ltd. |
| 221,855 |
| 859 |
|
| Fudo Tetra Corp. |
| 70,353 |
| 855 |
|
| Jimoto Holdings Inc. |
| 957,856 |
| 855 |
|
| Gurunavi Inc. |
| 137,864 |
| 855 |
|
| Fukui Computer Holdings Inc. |
| 36,820 |
| 854 |
|
| Meiko Network Japan Co. Ltd. |
| 96,194 |
| 853 |
|
| Tv Tokyo Holdings Corp. |
| 38,913 |
| 847 |
|
| ASAHI YUKIZAI Corp. |
| 65,451 |
| 843 |
|
| Taisei Lamick Co. Ltd. |
| 32,617 |
| 836 |
|
| Namura Shipbuilding Co. Ltd. |
| 297,620 |
| 835 |
|
| Mitsubishi Paper Mills Ltd. |
| 160,325 |
| 829 |
|
| Shibusawa Warehouse Co. Ltd. |
| 53,391 |
| 824 |
|
| Tsutsumi Jewelry Co. Ltd. |
| 46,523 |
| 818 |
|
| Kitagawa Corp. |
| 41,770 |
| 816 |
|
| Tokyo Rakutenchi Co. Ltd. |
| 17,452 |
| 814 |
|
| Zuiko Corp. |
| 24,480 |
| 811 |
|
| Shin Nippon Biomedical Laboratories Ltd. |
| 124,229 |
| 807 |
|
| Mitsubishi Steel Manufacturing Co. Ltd. |
| 67,838 |
| 798 |
|
| Elematec Corp. |
| 83,720 |
| 797 |
|
| Takamiya Co. Ltd. |
| 109,775 |
| 786 |
|
*,^ | COOKPAD Inc. |
| 274,525 |
| 785 |
|
| GCA Corp. |
| 121,958 |
| 779 |
|
| SMK Corp. |
| 31,019 |
| 776 |
|
| Daisyo Corp. |
| 53,616 |
| 775 |
|
| Asahi Co. Ltd. |
| 67,524 |
| 763 |
|
| Wowow Inc. |
| 30,633 |
| 755 |
|
| Chuo Spring Co. Ltd. |
| 27,263 |
| 740 |
|
| Aeon Fantasy Co. Ltd. |
| 35,544 |
| 739 |
|
| Artnature Inc. |
| 126,227 |
| 739 |
|
| Maezawa Kasei Industries Co. Ltd. |
| 75,258 |
| 735 |
|
| World Holdings Co. Ltd. |
| 46,591 |
| 729 |
|
* | Tokyo Base Co. Ltd. |
| 93,810 |
| 717 |
|
| Kita-Nippon Bank Ltd. |
| 44,446 |
| 699 |
|
| Takaoka Toko Co. Ltd. |
| 62,022 |
| 696 |
|
| Hakuto Co. Ltd. |
| 61,962 |
| 696 |
|
*,^ | FDK Corp. |
| 84,263 |
| 694 |
|
| Tsukuba Bank Ltd. |
| 437,582 |
| 688 |
|
| Chuetsu Pulp & Paper Co. Ltd. |
| 50,703 |
| 686 |
|
| Tokyo Rope Manufacturing Co. Ltd. |
| 73,863 |
| 686 |
|
^ | Inaba Seisakusho Co. Ltd. |
| 51,448 |
| 676 |
|
| Chiba Kogyo Bank Ltd. |
| 272,400 |
| 674 |
|
| Fuso Pharmaceutical Industries Ltd. |
| 39,035 |
| 673 |
|
*,^ | Toyo Engineering Corp. |
| 141,595 |
| 669 |
|
* | Kojima Co. Ltd. |
| 151,201 |
| 669 |
|
| Nippon Coke & Engineering Co. Ltd. |
| 787,278 |
| 666 |
|
| Nihon Yamamura Glass Co. Ltd. |
| 51,470 |
| 657 |
|
| Toa Oil Co. Ltd. |
| 38,449 |
| 657 |
|
| Fujikura Kasei Co. Ltd. |
| 123,278 |
| 645 |
|
* | Sanden Holdings Corp. |
| 128,818 |
| 644 |
|
| Shimojima Co. Ltd. |
| 63,984 |
| 641 |
|
| PC Depot Corp. |
| 159,940 |
| 636 |
|
| Seika Corp. |
| 52,217 |
| 633 |
|
| Ohara Inc. |
| 47,987 |
| 632 |
|
| Atsugi Co. Ltd. |
| 76,668 |
| 630 |
|
| Mito Securities Co. Ltd. |
| 345,814 |
| 628 |
|
| Okura Industrial Co. Ltd. |
| 40,559 |
| 623 |
|
| Gun-Ei Chemical Industry Co. Ltd. |
| 27,199 |
| 613 |
|
| T RAD Co. Ltd. |
| 34,134 |
| 603 |
|
*,^ | Funai Electric Co. Ltd. |
| 82,615 |
| 603 |
|
| Corona Corp. Class A |
| 65,691 |
| 602 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
| Taiho Kogyo Co. Ltd. |
| 77,263 |
| 594 |
|
| Toli Corp. |
| 263,868 |
| 586 |
|
| Fuji Oil Co. Ltd. |
| 237,736 |
| 583 |
|
| AOI Electronics Co. Ltd. |
| 28,511 |
| 576 |
|
| Chugai Ro Co. Ltd. |
| 38,129 |
| 573 |
|
| Sanoh Industrial Co. Ltd. |
| 131,782 |
| 563 |
|
| Kitano Construction Corp. |
| 23,091 |
| 553 |
|
| Gecoss Corp. |
| 61,164 |
| 540 |
|
| Takihyo Co. Ltd. |
| 32,385 |
| 540 |
|
| Ateam Inc. |
| 50,815 |
| 538 |
|
| Fujitsu Frontech Ltd. |
| 56,915 |
| 532 |
|
| Rhythm Watch Co. Ltd. |
| 41,251 |
| 532 |
|
| Linical Co. Ltd. |
| 56,843 |
| 528 |
|
| Daikoku Denki Co. Ltd. |
| 43,834 |
| 527 |
|
| Tokyo Electron Device Ltd. |
| 28,224 |
| 498 |
|
| Airport Facilities Co. Ltd. |
| 101,608 |
| 477 |
|
| Nakayama Steel Works Ltd. |
| 107,585 |
| 466 |
|
| Sumitomo Precision Products Co. Ltd. |
| 18,050 |
| 466 |
|
| Toyo Securities Co. Ltd. |
| 408,286 |
| 448 |
|
* | Akebono Brake Industry Co. Ltd. |
| 447,976 |
| 438 |
|
| Showa Aircraft Industry Co. Ltd. |
| 35,208 |
| 431 |
|
^ | Right On Co. Ltd. |
| 63,885 |
| 428 |
|
^ | Dai-ichi Seiko Co. Ltd. |
| 36,735 |
| 427 |
|
*,^ | Laox Co. Ltd. |
| 137,705 |
| 410 |
|
| Cleanup Corp. |
| 77,914 |
| 399 |
|
| Fields Corp. |
| 82,878 |
| 388 |
|
* | Aplus Financial Co. Ltd. |
| 596,261 |
| 383 |
|
| Paris Miki Holdings Inc. |
| 120,822 |
| 375 |
|
* | Kinki Sharyo Co. Ltd. |
| 22,152 |
| 362 |
|
*,^ | Tateru Inc. |
| 186,055 |
| 290 |
|
| Nippon Chemiphar Co. Ltd. |
| 4,042 |
| 108 |
|
|
|
|
|
| 24,276,414 |
|
Mexico (0.0%) |
|
|
|
|
| |
| Elis SA |
| 348,824 |
| 6,329 |
|
|
|
|
|
|
|
|
Netherlands (2.9%) |
|
|
|
|
| |
| Unilever NV |
| 8,876,373 |
| 539,312 |
|
| ASML Holding NV |
| 2,415,634 |
| 502,669 |
|
| ING Groep NV |
| 23,866,887 |
| 276,468 |
|
| Koninklijke Philips NV |
| 5,601,862 |
| 243,546 |
|
| Heineken NV |
| 1,442,788 |
| 160,802 |
|
| Koninklijke Ahold Delhaize NV |
| 6,841,792 |
| 153,596 |
|
| Koninklijke DSM NV |
| 1,075,990 |
| 132,760 |
|
| Akzo Nobel NV |
| 1,394,857 |
| 131,075 |
|
^ | Unibail-Rodamco-Westfield |
| 824,865 |
| 123,571 |
|
| Wolters Kluwer NV |
| 1,661,890 |
| 120,905 |
|
| NN Group NV |
| 2,032,803 |
| 81,717 |
|
| Heineken Holding NV |
| 645,855 |
| 67,650 |
|
| ArcelorMittal |
| 3,665,774 |
| 65,573 |
|
| Koninklijke KPN NV |
| 20,215,729 |
| 62,078 |
|
2 | ABN AMRO Bank NV |
| 2,532,870 |
| 54,197 |
|
| Aegon NV |
| 10,330,544 |
| 51,316 |
|
*,2 | Adyen NV |
| 61,803 |
| 47,674 |
|
*,^ | Galapagos NV |
| 287,423 |
| 37,122 |
|
| Randstad NV |
| 675,246 |
| 37,059 |
|
| ASR Nederland NV |
| 847,791 |
| 34,447 |
|
| IMCD NV |
| 322,390 |
| 29,573 |
|
| Aalberts NV |
| 594,262 |
| 23,326 |
|
| SBM Offshore NV |
| 1,082,763 |
| 20,902 |
|
*,2 | Takeaway.com NV |
| 221,776 |
| 20,749 |
|
| Koninklijke Vopak NV |
| 409,377 |
| 18,852 |
|
2 | Signify NV |
| 629,741 |
| 18,581 |
|
* | OCI NV |
| 584,471 |
| 16,048 |
|
| TKH Group NV |
| 257,308 |
| 15,923 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
| ASM International NV |
| 237,812 |
| 15,435 |
|
| Corbion NV |
| 362,962 |
| 11,815 |
|
^ | Boskalis Westminster |
| 501,005 |
| 11,558 |
|
* | Altice Europe NV |
| 3,154,860 |
| 11,300 |
|
| BE Semiconductor Industries NV |
| 439,627 |
| 11,281 |
|
2 | Intertrust NV |
| 530,137 |
| 10,935 |
|
| VEON Ltd. |
| 3,694,503 |
| 10,516 |
|
| APERAM SA |
| 301,613 |
| 8,485 |
|
| Arcadis NV |
| 427,055 |
| 8,100 |
|
| Sligro Food Group NV |
| 210,075 |
| 7,829 |
|
| Eurocommercial Properties NV |
| 292,356 |
| 7,803 |
|
*,2 | Basic-Fit NV |
| 210,672 |
| 7,415 |
|
2 | GrandVision NV |
| 299,754 |
| 6,964 |
|
| Koninklijke BAM Groep NV |
| 1,511,168 |
| 6,695 |
|
^ | Wereldhave NV |
| 245,161 |
| 6,425 |
|
^ | AMG Advanced Metallurgical Group NV |
| 184,182 |
| 5,715 |
|
^ | PostNL NV |
| 2,816,849 |
| 4,882 |
|
2 | Flow Traders |
| 165,338 |
| 4,826 |
|
| TomTom NV |
| 412,641 |
| 4,741 |
|
| NSI NV |
| 108,904 |
| 4,607 |
|
*,^ | Fugro NV |
| 498,010 |
| 4,284 |
|
| Wessanen |
| 325,702 |
| 4,212 |
|
| Accell Group NV |
| 127,887 |
| 3,524 |
|
| Vastned Retail NV |
| 108,537 |
| 3,505 |
|
| Koninklijke Volkerwessels NV |
| 153,583 |
| 3,088 |
|
2 | B&S Group Sarl |
| 151,752 |
| 2,449 |
|
2 | NIBC Holding NV |
| 241,574 |
| 2,166 |
|
| Aegon NV (New York Shares) |
| 398,879 |
| 1,974 |
|
| ForFarmers NV |
| 228,864 |
| 1,938 |
|
| Brunel International NV |
| 125,543 |
| 1,835 |
|
* | Altice Europe NV Class B |
| 359,367 |
| 1,284 |
|
|
|
|
|
| 3,285,077 |
|
New Zealand (0.3%) |
|
|
|
|
| |
* | a2 Milk Co. Ltd. |
| 4,447,320 |
| 43,962 |
|
| Auckland International Airport Ltd. |
| 5,749,583 |
| 38,064 |
|
| Fisher & Paykel Healthcare Corp. Ltd. |
| 3,468,177 |
| 36,078 |
|
| Spark New Zealand Ltd. |
| 11,180,989 |
| 30,081 |
|
| Meridian Energy Ltd. |
| 7,557,998 |
| 24,150 |
|
| Contact Energy Ltd. |
| 4,383,126 |
| 23,582 |
|
| Ryman Healthcare Ltd. |
| 2,511,341 |
| 19,834 |
|
| Fletcher Building Ltd. |
| 5,233,872 |
| 17,055 |
|
| Mainfreight Ltd. |
| 489,051 |
| 13,384 |
|
| Mercury NZ Ltd. |
| 4,102,356 |
| 12,826 |
|
| SKYCITY Entertainment Group Ltd. |
| 4,112,805 |
| 10,478 |
|
| Chorus Ltd. |
| 2,708,956 |
| 10,381 |
|
| Infratil Ltd. |
| 3,156,198 |
| 9,864 |
|
| Kiwi Property Group Ltd. |
| 8,789,380 |
| 9,451 |
|
| Z Energy Ltd. |
| 2,183,522 |
| 9,276 |
|
| EBOS Group Ltd. |
| 565,599 |
| 8,799 |
|
| Goodman Property Trust |
| 6,593,314 |
| 8,573 |
|
| Genesis Energy Ltd. |
| 3,068,975 |
| 7,159 |
|
| Precinct Properties New Zealand Ltd. |
| 5,703,726 |
| 6,784 |
|
| Air New Zealand Ltd. |
| 3,101,867 |
| 5,530 |
|
| Summerset Group Holdings Ltd. |
| 1,383,181 |
| 5,177 |
|
| Freightways Ltd. |
| 899,300 |
| 5,102 |
|
| Argosy Property Ltd. |
| 4,977,396 |
| 4,615 |
|
| Vector Ltd. |
| 1,497,037 |
| 3,803 |
|
| Vital Healthcare Property Trust |
| 2,293,821 |
| 3,792 |
|
* | Synlait Milk Ltd. |
| 587,782 |
| 3,637 |
|
| Metlifecare Ltd. |
| 1,081,724 |
| 3,193 |
|
* | Pushpay Holdings Ltd. |
| 1,082,992 |
| 2,798 |
|
| Heartland Group Holdings Ltd. |
| 2,466,860 |
| 2,738 |
|
| Scales Corp. Ltd. |
| 648,922 |
| 2,049 |
|
| SKY Network Television Ltd. |
| 2,509,932 |
| 1,990 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
^ | Tourism Holdings Ltd. |
| 735,140 |
| 1,868 |
|
| Kathmandu Holdings Ltd. |
| 1,167,179 |
| 1,727 |
|
| New Zealand Refining Co. Ltd. |
| 1,207,954 |
| 1,697 |
|
* | Restaurant Brands New Zealand Ltd. |
| 116,369 |
| 731 |
|
|
|
|
|
| 390,228 |
|
Norway (0.7%) |
|
|
|
|
| |
| DNB ASA |
| 6,490,906 |
| 120,949 |
|
| Equinor ASA |
| 6,021,691 |
| 119,455 |
|
| Telenor ASA |
| 4,031,888 |
| 85,662 |
|
| Mowi ASA |
| 2,597,703 |
| 60,783 |
|
| Yara International ASA |
| 1,063,926 |
| 51,686 |
|
| Orkla ASA |
| 4,665,019 |
| 41,402 |
|
| Norsk Hydro ASA |
| 8,201,183 |
| 29,374 |
|
| Tomra Systems ASA |
| 666,718 |
| 21,945 |
|
| Storebrand ASA |
| 2,840,435 |
| 20,906 |
|
| Gjensidige Forsikring ASA |
| 1,011,374 |
| 20,384 |
|
| Aker BP ASA |
| 663,268 |
| 19,129 |
|
| TGS NOPEC Geophysical Co. ASA |
| 624,921 |
| 17,585 |
|
| Subsea 7 SA |
| 1,431,753 |
| 17,312 |
|
| Schibsted ASA Class A |
| 545,287 |
| 15,062 |
|
| Schibsted ASA Class B |
| 541,049 |
| 14,118 |
|
| Salmar ASA |
| 317,609 |
| 13,826 |
|
| Bakkafrost P/F |
| 243,309 |
| 13,588 |
|
2 | Entra ASA |
| 865,981 |
| 13,310 |
|
| SpareBank 1 SR-Bank ASA |
| 1,073,738 |
| 13,090 |
|
| Leroy Seafood Group ASA |
| 1,567,421 |
| 10,384 |
|
| SpareBank 1 SMN |
| 807,058 |
| 9,250 |
|
* | Adevinta ASA Class B |
| 821,390 |
| 9,051 |
|
| Aker ASA |
| 147,737 |
| 8,516 |
|
| Borregaard ASA |
| 634,928 |
| 7,359 |
|
* | Norwegian Finans Holding ASA |
| 952,827 |
| 6,932 |
|
| DNO ASA |
| 3,783,868 |
| 6,888 |
|
| Atea ASA |
| 495,522 |
| 6,740 |
|
| Kongsberg Gruppen ASA |
| 456,051 |
| 6,375 |
|
| Veidekke ASA |
| 650,177 |
| 6,317 |
|
* | Adevinta ASA Class A |
| 545,287 |
| 6,060 |
|
| Austevoll Seafood ASA |
| 535,670 |
| 5,630 |
|
2 | Scatec Solar ASA |
| 512,075 |
| 5,131 |
|
| Grieg Seafood ASA |
| 339,021 |
| 4,707 |
|
* | Borr Drilling Ltd. |
| 467,125 |
| 4,546 |
|
2 | Evry AS |
| 1,048,912 |
| 4,290 |
|
2 | Sbanken ASA |
| 495,253 |
| 4,228 |
|
2 | Elkem ASA |
| 1,493,733 |
| 4,217 |
|
*,2 | Aker Solutions ASA |
| 941,879 |
| 3,867 |
|
*,^ | Nordic Semiconductor ASA |
| 901,065 |
| 3,788 |
|
* | Frontline Ltd. |
| 459,237 |
| 3,730 |
|
* | PGS ASA |
| 2,015,476 |
| 3,160 |
|
*,^,2 | BW LPG Ltd. |
| 458,282 |
| 2,239 |
|
| Norway Royal Salmon ASA |
| 92,186 |
| 1,959 |
|
| Ocean Yield ASA |
| 280,471 |
| 1,882 |
|
*,^,2 | XXL ASA |
| 561,411 |
| 1,876 |
|
^ | Wallenius Wilhelmsen ASA |
| 617,851 |
| 1,835 |
|
| Sparebank 1 Oestlandet |
| 183,169 |
| 1,826 |
|
| Stolt-Nielsen Ltd. |
| 144,973 |
| 1,764 |
|
*,^ | Seadrill Ltd. |
| 403,585 |
| 1,665 |
|
*,^ | Norwegian Air Shuttle ASA |
| 270,834 |
| 1,132 |
|
* | Akastor ASA |
| 816,808 |
| 1,116 |
|
^ | Hoegh LNG Holdings Ltd. |
| 237,778 |
| 980 |
|
|
|
|
|
| 859,006 |
|
Poland (0.4%) |
|
|
|
|
| |
| Powszechna Kasa Oszczednosci Bank Polski SA |
| 5,212,382 |
| 59,828 |
|
| Polski Koncern Naftowy ORLEN SA |
| 1,895,734 |
| 45,720 |
|
| Powszechny Zaklad Ubezpieczen SA |
| 3,430,927 |
| 40,151 |
|
| Bank Polska Kasa Opieki SA |
| 955,835 |
| 28,643 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
* | KGHM Polska Miedz SA |
| 836,495 |
| 23,224 |
|
| CD Projekt SA |
| 383,013 |
| 22,169 |
|
| Santander Bank Polska SA |
| 180,041 |
| 17,901 |
|
| Polskie Gornictwo Naftowe i Gazownictwo SA |
| 10,631,623 |
| 15,131 |
|
| Grupa Lotos SA |
| 597,473 |
| 13,559 |
|
| Cyfrowy Polsat SA |
| 1,636,699 |
| 13,053 |
|
* | PGE Polska Grupa Energetyczna SA |
| 4,425,768 |
| 11,382 |
|
| LPP SA |
| 5,093 |
| 10,430 |
|
*,2 | Dino Polska SA |
| 292,156 |
| 10,237 |
|
* | Bank Millennium SA |
| 3,717,492 |
| 9,327 |
|
* | mBank SA |
| 79,038 |
| 9,107 |
|
| CCC SA |
| 173,727 |
| 7,844 |
|
* | Alior Bank SA |
| 565,238 |
| 7,550 |
|
* | Orange Polska SA |
| 4,092,618 |
| 7,338 |
|
| Asseco Poland SA |
| 459,439 |
| 6,563 |
|
2 | PLAY Communications SA |
| 660,127 |
| 5,724 |
|
* | KRUK SA |
| 99,571 |
| 4,882 |
|
* | AmRest Holdings SE |
| 440,609 |
| 4,287 |
|
| Kernel Holding SA |
| 312,259 |
| 4,042 |
|
* | Jastrzebska Spolka Weglowa SA |
| 310,348 |
| 3,930 |
|
* | Enea SA |
| 1,302,624 |
| 3,258 |
|
| Grupa Azoty SA |
| 285,212 |
| 3,204 |
|
| Bank Handlowy w Warszawie SA |
| 205,215 |
| 2,954 |
|
| Budimex SA |
| 73,465 |
| 2,677 |
|
^ | Eurocash SA |
| 484,084 |
| 2,669 |
|
* | Tauron Polska Energia SA |
| 5,748,257 |
| 2,641 |
|
* | Energa SA |
| 1,212,911 |
| 2,537 |
|
* | PKP Cargo SA |
| 183,352 |
| 2,136 |
|
| Warsaw Stock Exchange |
| 160,889 |
| 1,852 |
|
* | Ciech SA |
| 158,367 |
| 1,772 |
|
* | Lubelski Wegiel Bogdanka SA |
| 65,281 |
| 623 |
|
*,^ | Boryszew SA |
| 391,867 |
| 420 |
|
|
|
|
|
| 408,765 |
|
Portugal (0.2%) |
|
|
|
|
| |
| EDP - Energias de Portugal SA |
| 13,831,454 |
| 52,566 |
|
| Galp Energia SGPS SA |
| 3,142,431 |
| 48,328 |
|
| Jeronimo Martins SGPS SA |
| 1,483,238 |
| 23,909 |
|
| Banco Comercial Portugues SA |
| 47,772,038 |
| 14,771 |
|
| EDP Renovaveis SA |
| 931,566 |
| 9,556 |
|
| NOS SGPS SA |
| 1,364,536 |
| 8,971 |
|
| REN - Redes Energeticas Nacionais SGPS SA |
| 2,354,383 |
| 6,453 |
|
| Navigator Co. SA |
| 1,524,669 |
| 5,823 |
|
| Sonae SGPS SA |
| 5,927,141 |
| 5,724 |
|
| Altri SGPS SA |
| 431,360 |
| 2,994 |
|
| Corticeira Amorim SGPS SA |
| 200,263 |
| 2,318 |
|
^ | CTT-Correios de Portugal SA |
| 953,283 |
| 2,294 |
|
| Semapa-Sociedade de Investimento e Gestao |
| 145,280 |
| 2,043 |
|
^ | Mota-Engil SGPS SA |
| 524,900 |
| 1,137 |
|
* | Banco Espirito Santo SA |
| 10,412,510 |
| 32 |
|
|
|
|
|
| 186,919 |
|
Singapore (1.2%) |
|
|
|
|
| |
| DBS Group Holdings Ltd. |
| 11,004,133 |
| 211,390 |
|
| Oversea-Chinese Banking Corp. Ltd. |
| 20,338,715 |
| 171,561 |
|
| United Overseas Bank Ltd. |
| 7,862,906 |
| 152,007 |
|
| Singapore Telecommunications Ltd. |
| 45,452,333 |
| 117,645 |
|
| Keppel Corp. Ltd. |
| 8,746,006 |
| 43,095 |
|
| CapitaLand Ltd. |
| 15,300,020 |
| 39,952 |
|
| Ascendas REIT |
| 15,434,841 |
| 35,615 |
|
| Wilmar International Ltd. |
| 11,898,314 |
| 32,571 |
|
| Singapore Exchange Ltd. |
| 5,033,084 |
| 29,486 |
|
| Singapore Technologies Engineering Ltd. |
| 9,325,596 |
| 28,562 |
|
| CapitaLand Mall Trust |
| 14,614,272 |
| 28,421 |
|
| ComfortDelGro Corp. Ltd. |
| 12,580,763 |
| 24,741 |
|
| Genting Singapore Ltd. |
| 35,532,173 |
| 24,175 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
| CapitaLand Commercial Trust |
| 14,911,828 |
| 23,929 |
|
| Singapore Airlines Ltd. |
| 3,118,881 |
| 21,372 |
|
| City Developments Ltd. |
| 2,887,183 |
| 20,225 |
|
| Venture Corp. Ltd. |
| 1,588,302 |
| 19,177 |
|
| Mapletree Commercial Trust |
| 11,707,556 |
| 18,091 |
|
| Singapore Press Holdings Ltd. |
| 9,735,474 |
| 17,560 |
|
| Mapletree Logistics Trust |
| 14,779,743 |
| 17,380 |
|
| Suntec REIT |
| 12,056,852 |
| 17,297 |
|
| UOL Group Ltd. |
| 3,017,204 |
| 16,854 |
|
| Jardine Cycle & Carriage Ltd. |
| 607,687 |
| 16,284 |
|
| SATS Ltd. |
| 3,854,762 |
| 14,873 |
|
| Mapletree Industrial Trust |
| 8,597,756 |
| 14,239 |
|
| Mapletree North Asia Commercial Trust |
| 12,929,683 |
| 13,951 |
|
| NetLink NBN Trust |
| 18,006,828 |
| 11,845 |
|
| Keppel REIT |
| 12,030,932 |
| 11,206 |
|
| Sembcorp Industries Ltd. |
| 5,559,905 |
| 9,910 |
|
| Golden Agri-Resources Ltd. |
| 38,794,423 |
| 8,329 |
|
| Frasers Logistics & Industrial Trust |
| 9,145,810 |
| 8,183 |
|
| Keppel Infrastructure Trust |
| 21,707,294 |
| 8,105 |
|
| Hutchison Port Holdings Trust |
| 30,873,916 |
| 7,098 |
|
| Frasers Centrepoint Trust |
| 3,629,878 |
| 6,975 |
|
| Ascott Residence Trust |
| 6,699,711 |
| 6,439 |
|
| Singapore Post Ltd. |
| 9,024,059 |
| 6,339 |
|
| Keppel DC REIT |
| 4,970,394 |
| 6,136 |
|
| Manulife US REIT |
| 6,987,597 |
| 6,046 |
|
| CDL Hospitality Trusts |
| 4,835,114 |
| 5,827 |
|
| Olam International Ltd. |
| 3,844,300 |
| 5,602 |
|
* | Sembcorp Marine Ltd. |
| 4,954,077 |
| 5,546 |
|
| Parkway Life REIT |
| 2,384,930 |
| 5,341 |
|
| Frasers Commercial Trust |
| 4,125,951 |
| 5,093 |
|
| ESR-REIT |
| 13,076,805 |
| 5,077 |
|
| Ascendas India Trust |
| 5,008,500 |
| 5,035 |
|
| Bukit Sembawang Estates Ltd. |
| 1,171,800 |
| 4,999 |
|
| Starhill Global REIT |
| 8,525,292 |
| 4,884 |
|
| Raffles Medical Group Ltd. |
| 5,723,412 |
| 4,401 |
|
| CapitaLand Retail China Trust |
| 3,721,484 |
| 4,292 |
|
| StarHub Ltd. |
| 3,475,616 |
| 3,961 |
|
| Cache Logistics Trust |
| 6,353,319 |
| 3,710 |
|
| First Resources Ltd. |
| 3,106,127 |
| 3,652 |
|
| AIMS APAC REIT |
| 3,405,400 |
| 3,651 |
|
| Ascendas Hospitality Trust |
| 5,002,713 |
| 3,624 |
|
| Wing Tai Holdings Ltd. |
| 2,254,653 |
| 3,452 |
|
| OUE Hospitality Trust |
| 6,202,946 |
| 3,279 |
|
| Frasers Property Ltd. |
| 2,118,658 |
| 2,928 |
|
| Far East Hospitality Trust |
| 5,751,910 |
| 2,828 |
|
| SPH REIT |
| 3,482,709 |
| 2,753 |
|
| SIA Engineering Co. Ltd. |
| 1,396,728 |
| 2,593 |
|
| GuocoLand Ltd. |
| 1,722,815 |
| 2,548 |
|
| Frasers Hospitality Trust |
| 4,810,692 |
| 2,507 |
|
| First REIT |
| 3,118,382 |
| 2,375 |
|
| Lippo Malls Indonesia Retail Trust |
| 12,911,976 |
| 2,291 |
|
| Soilbuild Business Space REIT |
| 4,971,234 |
| 2,260 |
|
| Sheng Siong Group Ltd. |
| 2,719,065 |
| 2,210 |
|
| Yoma Strategic Holdings Ltd. |
| 7,479,468 |
| 2,130 |
|
| Sabana Shari’ah Compliant Industrial REIT |
| 6,155,301 |
| 2,094 |
|
| Silverlake Axis Ltd. |
| 5,073,661 |
| 2,007 |
|
| Accordia Golf Trust |
| 4,731,755 |
| 1,854 |
|
| Thomson Medical Group Ltd. |
| 37,593,900 |
| 1,779 |
|
| OUE Ltd. |
| 1,589,204 |
| 1,762 |
|
§ | Best World International Ltd. |
| 1,646,200 |
| 1,655 |
|
| Boustead Singapore Ltd. |
| 1,793,076 |
| 1,034 |
|
| Asian Pay Television Trust |
| 7,666,749 |
| 969 |
|
| Bumitama Agri Ltd. |
| 1,820,023 |
| 848 |
|
*,^,§ | Hyflux Ltd. |
| 2,817,700 |
| 437 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
*,§ | Noble Group Ltd. |
| 4,883,318 |
| 292 |
|
*,^,§ | Ezra Holdings Ltd. |
| 10,329,900 |
| 84 |
|
*,§ | Ezion Holdings Ltd. Warrants Exp. 04/15/2020 |
| 720,757 |
| 1 |
|
*,^ | Ezion Holdings Ltd. Warrants Exp. 04/16/2023 |
| 5,153,611 |
| — |
|
|
|
|
|
| 1,390,729 |
|
South Korea (4.1%) |
|
|
|
|
| |
| Samsung Electronics Co. Ltd. |
| 26,748,231 |
| 1,089,197 |
|
| SK Hynix Inc. |
| 3,155,977 |
| 189,830 |
|
| Samsung Electronics Co. Ltd. Preference Shares |
| 4,259,138 |
| 141,252 |
|
| Samsung Electronics Co. Ltd. GDR |
| 107,990 |
| 109,856 |
|
*,^ | Celltrion Inc. |
| 601,121 |
| 107,138 |
|
| Hyundai Motor Co. |
| 864,350 |
| 104,902 |
|
| Shinhan Financial Group Co. Ltd. |
| 2,621,655 |
| 101,967 |
|
| KB Financial Group Inc. |
| 2,331,086 |
| 92,402 |
|
| POSCO |
| 414,578 |
| 88,009 |
|
| LG Chem Ltd. |
| 272,917 |
| 83,877 |
|
| Hyundai Mobis Co. Ltd. |
| 398,511 |
| 81,306 |
|
| NAVER Corp. |
| 816,519 |
| 80,697 |
|
| Samsung SDI Co. Ltd. |
| 320,702 |
| 65,797 |
|
| Kia Motors Corp. |
| 1,569,271 |
| 59,866 |
|
| LG Household & Health Care Ltd. |
| 52,420 |
| 59,705 |
|
| Hana Financial Group Inc. |
| 1,808,885 |
| 58,630 |
|
| KT&G Corp. |
| 674,469 |
| 57,556 |
|
| SK Innovation Co. Ltd. |
| 347,744 |
| 47,933 |
|
| Samsung Fire & Marine Insurance Co. Ltd. |
| 187,316 |
| 43,493 |
|
| Samsung C&T Corp. |
| 509,306 |
| 42,253 |
|
| NCSoft Corp. |
| 101,938 |
| 42,169 |
|
| LG Electronics Inc. |
| 605,154 |
| 41,638 |
|
| Woori Financial Group Inc. |
| 3,405,317 |
| 41,442 |
|
| SK Holdings Co. Ltd. |
| 201,729 |
| 40,594 |
|
| LG Corp. |
| 547,819 |
| 36,471 |
|
| Samsung SDS Co. Ltd. |
| 194,618 |
| 36,279 |
|
| Kakao Corp. |
| 305,045 |
| 34,771 |
|
* | Korea Electric Power Corp. |
| 1,356,275 |
| 30,023 |
|
^ | Samsung Electro-Mechanics Co. Ltd. |
| 338,724 |
| 28,820 |
|
| Samsung Life Insurance Co. Ltd. |
| 388,825 |
| 28,174 |
|
* | Korea Shipbuilding & Offshore Engineering Co. Ltd. |
| 261,918 |
| 26,907 |
|
| Amorepacific Corp. |
| 186,057 |
| 26,578 |
|
| Korea Zinc Co. Ltd. |
| 60,055 |
| 24,770 |
|
| Woongjin Coway Co. Ltd. |
| 340,436 |
| 22,773 |
|
*,^,2 | Samsung Biologics Co. Ltd. |
| 80,975 |
| 22,474 |
|
* | LG Display Co. Ltd. |
| 1,368,167 |
| 21,207 |
|
| Fila Korea Ltd. |
| 318,164 |
| 21,130 |
|
| Hyundai Engineering & Construction Co. Ltd. |
| 445,722 |
| 20,725 |
|
| Industrial Bank of Korea |
| 1,648,835 |
| 20,075 |
|
| Lotte Chemical Corp. |
| 89,262 |
| 19,552 |
|
* | Samsung Heavy Industries Co. Ltd. |
| 2,677,565 |
| 18,951 |
|
| S-Oil Corp. |
| 249,580 |
| 18,127 |
|
| Hyundai Heavy Industries Holdings Co. Ltd. |
| 63,986 |
| 17,978 |
|
| SK Telecom Co. Ltd. |
| 79,287 |
| 17,787 |
|
*,^ | Celltrion Healthcare Co. Ltd. |
| 355,073 |
| 17,381 |
|
| Kangwon Land Inc. |
| 649,020 |
| 17,003 |
|
| Mirae Asset Daewoo Co. Ltd. |
| 2,328,880 |
| 16,538 |
|
| Daelim Industrial Co. Ltd. |
| 165,743 |
| 16,529 |
|
| Hyundai Steel Co. |
| 455,476 |
| 16,514 |
|
| Korea Investment Holdings Co. Ltd. |
| 232,833 |
| 16,296 |
|
| Hotel Shilla Co. Ltd. |
| 187,290 |
| 15,763 |
|
| Hyundai Glovis Co. Ltd. |
| 112,069 |
| 15,645 |
|
| Hyundai Motor Co. 2nd Preference Shares |
| 208,633 |
| 15,608 |
|
| Hanmi Pharm Co. Ltd. |
| 42,764 |
| 14,982 |
|
| LG Uplus Corp. |
| 1,182,821 |
| 14,852 |
|
| E-MART Inc. |
| 121,739 |
| 14,757 |
|
| DB Insurance Co. Ltd. |
| 284,483 |
| 14,600 |
|
| SK Telecom Co. Ltd. ADR |
| 589,509 |
| 14,590 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
* | Samsung Engineering Co. Ltd. |
| 954,104 |
| 14,198 |
|
| Hankook Tire & Technology Co. Ltd. |
| 460,671 |
| 14,010 |
|
| GS Holdings Corp. |
| 312,734 |
| 13,883 |
|
*,^ | SillaJen Inc. |
| 323,655 |
| 13,878 |
|
| Samsung Securities Co. Ltd. |
| 378,310 |
| 12,832 |
|
| GS Engineering & Construction Corp. |
| 357,359 |
| 12,507 |
|
| Korea Aerospace Industries Ltd. |
| 397,588 |
| 12,405 |
|
*,^ | Helixmith Co. Ltd. |
| 82,936 |
| 12,142 |
|
| CJ CheilJedang Corp. |
| 47,138 |
| 12,129 |
|
| BNK Financial Group Inc. |
| 1,804,848 |
| 11,714 |
|
| Yuhan Corp. |
| 53,615 |
| 11,359 |
|
| Shinsegae Inc. |
| 42,561 |
| 11,110 |
|
| Cheil Worldwide Inc. |
| 423,854 |
| 10,789 |
|
*,^,2 | Netmarble Corp. |
| 108,885 |
| 10,663 |
|
| Orion Corp. |
| 131,644 |
| 10,554 |
|
| LG Household & Health Care Ltd. Preference Shares |
| 14,912 |
| 10,415 |
|
| Hyundai Motor Co. Preference Shares |
| 150,075 |
| 10,289 |
|
| S-1 Corp. |
| 117,327 |
| 9,913 |
|
| Hanon Systems |
| 976,103 |
| 9,862 |
|
| Medy-Tox Inc. |
| 25,159 |
| 9,819 |
|
| Hanwha Chemical Corp. |
| 491,665 |
| 9,689 |
|
| NH Investment & Securities Co. Ltd. |
| 769,402 |
| 9,685 |
|
| Lotte Shopping Co. Ltd. |
| 69,282 |
| 9,642 |
|
| LG Chem Ltd. Preference Shares |
| 56,542 |
| 9,588 |
|
| AMOREPACIFIC Group |
| 175,039 |
| 9,464 |
|
| CJ ENM Co. Ltd. |
| 59,691 |
| 9,156 |
|
| Hyundai Marine & Fire Insurance Co. Ltd. |
| 370,157 |
| 9,124 |
|
| Kumho Petrochemical Co. Ltd. |
| 107,435 |
| 9,073 |
|
| OCI Co. Ltd. |
| 108,779 |
| 8,808 |
|
* | Daewoo Shipbuilding & Marine Engineering Co. Ltd. |
| 293,991 |
| 8,335 |
|
| LG Innotek Co. Ltd. |
| 84,761 |
| 8,031 |
|
| Meritz Securities Co. Ltd. |
| 1,722,977 |
| 8,003 |
|
| KCC Corp. |
| 33,422 |
| 7,980 |
|
| Hyundai Elevator Co. Ltd. |
| 98,423 |
| 7,747 |
|
| Korean Air Lines Co. Ltd. |
| 291,953 |
| 7,333 |
|
| LG Electronics Inc. Preference Shares |
| 243,709 |
| 7,014 |
|
| BGF retail Co. Ltd. |
| 38,151 |
| 6,972 |
|
| HDC Hyundai Development Co-Engineering & Construction |
| 184,158 |
| 6,949 |
|
*,^ | Pearl Abyss Corp. |
| 37,565 |
| 6,918 |
|
| Hyundai Department Store Co. Ltd. |
| 94,885 |
| 6,805 |
|
*,^ | HLB Inc. |
| 214,184 |
| 6,576 |
|
| DGB Financial Group Inc. |
| 928,113 |
| 6,555 |
|
| CJ Corp. |
| 74,557 |
| 6,531 |
|
| Samsung Card Co. Ltd. |
| 186,399 |
| 6,167 |
|
| Meritz Fire & Marine Insurance Co. Ltd. |
| 342,208 |
| 6,135 |
|
* | Hanwha Aerospace Co. Ltd. |
| 212,836 |
| 6,135 |
|
| Lotte Corp. |
| 158,973 |
| 6,066 |
|
^ | POSCO Chemical Co. Ltd. |
| 130,426 |
| 6,065 |
|
| Youngone Corp. |
| 184,446 |
| 5,956 |
|
| Shinhan Financial Group Co. Ltd. ADR |
| 152,314 |
| 5,922 |
|
| Samsung Fire & Marine Insurance Co. Ltd. Preference Shares |
| 35,423 |
| 5,873 |
|
^ | Douzone Bizon Co. Ltd. |
| 108,016 |
| 5,835 |
|
| Korea Gas Corp. |
| 158,446 |
| 5,798 |
|
| Hanwha Corp. |
| 249,799 |
| 5,786 |
|
| Amorepacific Corp. Preference Shares |
| 76,438 |
| 5,717 |
|
2 | Orange Life Insurance Ltd. |
| 201,468 |
| 5,524 |
|
| GS Retail Co. Ltd. |
| 156,941 |
| 5,348 |
|
*,^ | Hyundai Rotem Co. Ltd. |
| 289,386 |
| 5,289 |
|
^ | Koh Young Technology Inc. |
| 72,873 |
| 5,254 |
|
| Com2uSCorp |
| 59,381 |
| 5,231 |
|
*,^ | CJ Logistics Corp. |
| 44,820 |
| 5,228 |
|
| Hyundai Mipo Dockyard Co. Ltd. |
| 121,078 |
| 5,188 |
|
| Mando Corp. |
| 202,298 |
| 5,172 |
|
*,^ | Hyundai Merchant Marine Co. Ltd. |
| 1,609,318 |
| 5,168 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
| Hanwha Life Insurance Co. Ltd. |
| 1,758,661 |
| 4,994 |
|
^ | KIWOOM Securities Co. Ltd. |
| 69,346 |
| 4,914 |
|
| Hanmi Science Co. ltd |
| 81,608 |
| 4,827 |
|
| LOTTE Fine Chemical Co. Ltd. |
| 104,833 |
| 4,801 |
|
| Ottogi Corp. |
| 8,070 |
| 4,786 |
|
* | Hanall Biopharma Co. Ltd. |
| 221,152 |
| 4,780 |
|
* | Hugel Inc. |
| 13,056 |
| 4,746 |
|
| Kolmar Korea Co. Ltd. |
| 90,217 |
| 4,724 |
|
| Posco International Corp. |
| 294,255 |
| 4,686 |
|
* | Korea Electric Power Corp. ADR |
| 422,187 |
| 4,686 |
|
^ | Hanjin Kal Corp. |
| 178,209 |
| 4,639 |
|
* | Daewoo Engineering & Construction Co. Ltd. |
| 1,068,027 |
| 4,578 |
|
* | Pan Ocean Co. Ltd. |
| 1,136,769 |
| 4,576 |
|
| Doosan Bobcat Inc. |
| 144,346 |
| 4,552 |
|
| JB Financial Group Co. Ltd. |
| 879,046 |
| 4,503 |
|
| WONIK IPS Co. Ltd. |
| 210,416 |
| 4,363 |
|
*,^ | Celltrion Pharm Inc. |
| 104,300 |
| 4,349 |
|
*,^ | Doosan Infracore Co. Ltd. |
| 801,706 |
| 4,327 |
|
| LS Corp. |
| 104,845 |
| 4,321 |
|
| Innocean Worldwide Inc. |
| 69,704 |
| 4,302 |
|
| NongShim Co. Ltd. |
| 19,202 |
| 4,224 |
|
| Kolon Industries Inc. |
| 113,484 |
| 4,203 |
|
| Korean Reinsurance Co. |
| 555,140 |
| 4,197 |
|
* | NHN Corp. |
| 61,113 |
| 4,091 |
|
| LS Industrial Systems Co. Ltd. |
| 93,036 |
| 4,079 |
|
| SKC Co. Ltd. |
| 118,347 |
| 4,069 |
|
| SK Networks Co. Ltd. |
| 915,261 |
| 4,015 |
|
^ | Hyundai Wia Corp. |
| 94,299 |
| 3,977 |
|
* | Osstem Implant Co. Ltd. |
| 60,516 |
| 3,933 |
|
* | Doosan Heavy Industries & Construction Co. Ltd. |
| 725,077 |
| 3,902 |
|
| Taekwang Industrial Co. Ltd. |
| 3,370 |
| 3,853 |
|
^ | Paradise Co. Ltd. |
| 271,991 |
| 3,849 |
|
*,^ | Komipharm International Co. Ltd. |
| 202,209 |
| 3,838 |
|
^ | Cosmax Inc. |
| 40,371 |
| 3,820 |
|
*,^ | SM Entertainment Co. Ltd. |
| 105,333 |
| 3,801 |
|
^ | Hanssem Co. Ltd. |
| 59,638 |
| 3,790 |
|
*,^ | Sangsangin Co. Ltd. |
| 194,023 |
| 3,773 |
|
| SFA Engineering Corp. |
| 107,141 |
| 3,751 |
|
| Partron Co. Ltd. |
| 239,406 |
| 3,685 |
|
| SK Materials Co. Ltd. |
| 28,604 |
| 3,672 |
|
* | Genexine Co. Ltd. |
| 74,529 |
| 3,666 |
|
| Green Cross Corp. |
| 34,737 |
| 3,662 |
|
| Hyundai Greenfood Co. Ltd. |
| 307,467 |
| 3,490 |
|
| Ssangyong Cement Industrial Co. Ltd. |
| 636,056 |
| 3,479 |
|
| Daewoong Pharmaceutical Co. Ltd. |
| 26,644 |
| 3,465 |
|
| Hyosung Corp. |
| 54,931 |
| 3,459 |
|
| KEPCO Plant Service & Engineering Co. Ltd. |
| 127,420 |
| 3,451 |
|
^ | Seoul Semiconductor Co. Ltd. |
| 218,612 |
| 3,421 |
|
| Hansol Chemical Co. Ltd. |
| 49,412 |
| 3,403 |
|
^ | JYP Entertainment Corp. |
| 162,353 |
| 3,368 |
|
^ | DoubleUGames Co. Ltd. |
| 61,737 |
| 3,318 |
|
*,^ | Iljin Materials Co. Ltd. |
| 101,923 |
| 3,308 |
|
| Daeduck Electronics Co. |
| 319,061 |
| 3,265 |
|
*,^ | Ananti Inc. |
| 247,143 |
| 3,256 |
|
| Hite Jinro Co. Ltd. |
| 182,389 |
| 3,220 |
|
| Green Cross Holdings Corp. |
| 171,017 |
| 3,217 |
|
| Hyundai Home Shopping Network Corp. |
| 34,993 |
| 3,214 |
|
| Chong Kun Dang Pharmaceutical Corp. |
| 39,872 |
| 3,190 |
|
^ | Bukwang Pharmaceutical Co. Ltd. |
| 209,575 |
| 3,180 |
|
| Dongsuh Cos. Inc. |
| 187,393 |
| 3,125 |
|
| Lotte Chilsung Beverage Co. Ltd. |
| 21,010 |
| 3,121 |
|
*,^ | G-treeBNT Co. Ltd. |
| 126,396 |
| 3,094 |
|
^ | F&F Co. Ltd. |
| 39,250 |
| 3,048 |
|
| Taeyoung Engineering & Construction Co. Ltd. |
| 235,775 |
| 3,047 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
| KB Financial Group Inc. ADR |
| 76,887 |
| 3,036 |
|
*,^ | ABLBio Inc. |
| 143,448 |
| 3,005 |
|
| NICE Information Service Co. Ltd. |
| 201,633 |
| 2,964 |
|
| Doosan Corp. |
| 33,955 |
| 2,960 |
|
| Mirae Asset Daewoo Co. Ltd. Preference Shares |
| 821,850 |
| 2,952 |
|
* | Asiana Airlines Inc. |
| 616,504 |
| 2,934 |
|
| LEENO Industrial Inc. |
| 55,503 |
| 2,887 |
|
| HDC Holdings Co. Ltd. |
| 218,875 |
| 2,877 |
|
^ | NEPES Corp. |
| 102,684 |
| 2,861 |
|
*,^ | Kumho Tire Co. Inc. |
| 824,004 |
| 2,835 |
|
| Daou Technology Inc. |
| 149,889 |
| 2,821 |
|
| DB HiTek Co. Ltd. |
| 219,338 |
| 2,798 |
|
^ | Eo Technics Co. Ltd. |
| 50,617 |
| 2,789 |
|
*,^ | CrystalGenomics Inc. |
| 211,299 |
| 2,717 |
|
^ | Hyundai Construction Equipment Co. Ltd. |
| 75,533 |
| 2,660 |
|
| SK Chemicals Co. Ltd. |
| 52,980 |
| 2,640 |
|
| IS Dongseo Co. Ltd. |
| 78,256 |
| 2,622 |
|
| Poongsan Corp. |
| 116,048 |
| 2,607 |
|
| LOTTE Himart Co. Ltd. |
| 68,724 |
| 2,606 |
|
^ | Shinsegae International Inc. |
| 13,987 |
| 2,584 |
|
| GS Home Shopping Inc. |
| 17,232 |
| 2,572 |
|
| Handsome Co. Ltd. |
| 80,135 |
| 2,567 |
|
^ | CJ CGV Co. Ltd. |
| 78,648 |
| 2,563 |
|
| Sam Chun Dang Pharm Co. Ltd. |
| 77,733 |
| 2,557 |
|
*,^ | Esmo Corp. |
| 529,030 |
| 2,539 |
|
| Korea Electric Terminal Co. Ltd. |
| 43,419 |
| 2,528 |
|
| Huchems Fine Chemical Corp. |
| 132,200 |
| 2,519 |
|
| NICE Holdings Co. Ltd. |
| 126,639 |
| 2,490 |
|
| Daesang Corp. |
| 117,998 |
| 2,480 |
|
*,^ | Oscotec Inc. |
| 135,121 |
| 2,475 |
|
| Dong-A ST Co. Ltd. |
| 28,071 |
| 2,468 |
|
* | Medipost Co. Ltd. |
| 87,244 |
| 2,452 |
|
*,^ | Ecopro Co. Ltd. |
| 104,357 |
| 2,443 |
|
^ | Dentium Co. Ltd. |
| 37,915 |
| 2,418 |
|
* | DIO Corp. |
| 68,417 |
| 2,414 |
|
| HS Industries Co. Ltd. |
| 286,809 |
| 2,322 |
|
| Daishin Securities Co. Ltd. |
| 192,051 |
| 2,308 |
|
^ | Hana Tour Service Inc. |
| 52,769 |
| 2,299 |
|
*,^ | Amicogen Inc. |
| 108,603 |
| 2,292 |
|
*,^ | Yungjin Pharmaceutical Co. Ltd. |
| 516,317 |
| 2,271 |
|
*,^ | GemVax & Kael Co. Ltd. |
| 185,900 |
| 2,269 |
|
^ | Hanjin Transportation Co. Ltd. |
| 71,454 |
| 2,260 |
|
| LG International Corp. |
| 146,292 |
| 2,259 |
|
| Samyang Holdings Corp. |
| 35,223 |
| 2,250 |
|
| Meritz Financial Group Inc. |
| 176,704 |
| 2,243 |
|
* | BH Co. Ltd. |
| 137,788 |
| 2,230 |
|
| Hankook Technology Group Co. Ltd. |
| 146,546 |
| 2,177 |
|
| LF Corp. |
| 108,101 |
| 2,155 |
|
*,^ | Pharmicell Co. Ltd. |
| 318,418 |
| 2,151 |
|
| Hyosung TNC Co. Ltd. |
| 17,419 |
| 2,143 |
|
* | Dongkuk Steel Mill Co. Ltd. |
| 365,345 |
| 2,127 |
|
*,^ | Studio Dragon Corp. |
| 35,678 |
| 2,107 |
|
* | Ilyang Pharmaceutical Co. Ltd. |
| 93,742 |
| 2,086 |
|
^ | Samwha Capacitor Co. Ltd. |
| 45,867 |
| 2,059 |
|
| SL Corp. |
| 98,389 |
| 2,021 |
|
*,^ | Telcon RF Pharmaceutical Inc. |
| 406,213 |
| 2,019 |
|
| Kumho Industrial Co. Ltd. |
| 163,764 |
| 2,005 |
|
| Songwon Industrial Co. Ltd. |
| 103,406 |
| 1,998 |
|
^ | L&F Co. Ltd. |
| 84,064 |
| 1,996 |
|
| Grand Korea Leisure Co. Ltd. |
| 112,307 |
| 1,995 |
|
| Soulbrain Co. Ltd. |
| 48,504 |
| 1,986 |
|
| Korea Real Estate Investment & Trust Co. Ltd. |
| 972,620 |
| 1,985 |
|
| Korea Petrochemical Ind Co. Ltd. |
| 17,394 |
| 1,962 |
|
* | Seegene Inc. |
| 85,211 |
| 1,953 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
^ | JW Pharmaceutical Corp. |
| 71,580 |
| 1,950 |
|
| Daewoong Co. Ltd. |
| 131,735 |
| 1,950 |
|
| Ahnlab Inc. |
| 34,731 |
| 1,928 |
|
| SKCKOLONPI Inc. |
| 76,697 |
| 1,922 |
|
| Daea TI Co. Ltd. |
| 352,743 |
| 1,922 |
|
| Sebang Global Battery Co. Ltd. |
| 51,267 |
| 1,897 |
|
| Chongkundang Holdings Corp. |
| 19,363 |
| 1,897 |
|
* | Hyosung Advanced Materials Corp. |
| 18,227 |
| 1,890 |
|
| Jeil Pharma Holdings Inc. |
| 99,006 |
| 1,888 |
|
| Binggrae Co. Ltd. |
| 31,884 |
| 1,886 |
|
| Silicon Works Co. Ltd. |
| 50,528 |
| 1,884 |
|
* | Enzychem Lifesciences Corp. |
| 36,426 |
| 1,881 |
|
| Young Poong Corp. |
| 3,002 |
| 1,870 |
|
^ | LIG Nex1 Co. Ltd. |
| 67,713 |
| 1,827 |
|
*,^ | Cafe24 Corp. |
| 34,153 |
| 1,821 |
|
| LG Hausys Ltd. |
| 33,969 |
| 1,810 |
|
| Dongwon Industries Co. Ltd. |
| 8,351 |
| 1,809 |
|
| Nexen Tire Corp. |
| 212,874 |
| 1,798 |
|
| Orion Holdings Corp. |
| 120,679 |
| 1,794 |
|
| S&T Motiv Co. Ltd. |
| 46,362 |
| 1,792 |
|
^ | Hansae Co. Ltd. |
| 97,588 |
| 1,775 |
|
| Hyosung Chemical Corp. |
| 13,518 |
| 1,753 |
|
| Youngone Holdings Co. Ltd. |
| 33,272 |
| 1,753 |
|
| Tongyang Inc. |
| 1,123,121 |
| 1,752 |
|
* | Innox Advanced Materials Co. Ltd. |
| 37,450 |
| 1,739 |
|
* | LegoChem Biosciences Inc. |
| 43,147 |
| 1,737 |
|
*,^ | Naturecell Co. Ltd. |
| 233,989 |
| 1,731 |
|
*,^ | Foosung Co. Ltd. |
| 293,060 |
| 1,727 |
|
* | iNtRON Biotechnology Inc. |
| 140,806 |
| 1,723 |
|
| Hanwha Corp. Preference Shares |
| 141,085 |
| 1,718 |
|
| Hanwha General Insurance Co. Ltd. |
| 477,831 |
| 1,713 |
|
* | STCUBE |
| 129,849 |
| 1,686 |
|
| Posco ICT Co. Ltd. |
| 336,400 |
| 1,669 |
|
^ | Harim Holdings Co. Ltd. |
| 170,253 |
| 1,669 |
|
* | Eutilex Co. Ltd. |
| 27,473 |
| 1,648 |
|
^ | YG Entertainment Inc. |
| 65,258 |
| 1,640 |
|
| Halla Holdings Corp. |
| 42,686 |
| 1,633 |
|
*,^ | Mezzion Pharma Co. Ltd. |
| 29,783 |
| 1,629 |
|
| Mirae Asset Life Insurance Co. Ltd. |
| 427,192 |
| 1,628 |
|
| Dong-A Socio Holdings Co. Ltd. |
| 19,253 |
| 1,624 |
|
| Dongjin Semichem Co. Ltd. |
| 185,654 |
| 1,619 |
|
| Dongwon F&B Co. Ltd. |
| 6,635 |
| 1,616 |
|
| Huons Co. Ltd. |
| 32,364 |
| 1,609 |
|
*,^ | Korea Line Corp. |
| 68,582 |
| 1,604 |
|
^ | Advanced Process Systems Corp. |
| 69,357 |
| 1,573 |
|
| Modetour Network Inc. |
| 91,079 |
| 1,557 |
|
* | Webzen Inc. |
| 104,573 |
| 1,551 |
|
^ | SK Gas Ltd. |
| 22,459 |
| 1,525 |
|
^ | Dawonsys Co. Ltd. |
| 124,076 |
| 1,519 |
|
| Daishin Securities Co. Ltd. Preference Shares |
| 182,611 |
| 1,502 |
|
* | Yuanta Securities Korea Co. Ltd. |
| 531,497 |
| 1,496 |
|
| DongKook Pharmaceutical Co. Ltd. |
| 29,502 |
| 1,493 |
|
| iMarketKorea Inc. |
| 146,117 |
| 1,489 |
|
*,^ | CMG Pharmaceutical Co. Ltd. |
| 529,148 |
| 1,483 |
|
| Wemade Co. Ltd. |
| 51,776 |
| 1,482 |
|
§ | Caregen Co. Ltd. |
| 22,308 |
| 1,466 |
|
| Hanil Cement Co. Ltd. |
| 13,163 |
| 1,456 |
|
^ | Jeil Pharmaceutical Co. Ltd. |
| 44,281 |
| 1,437 |
|
*,^ | Feelux Co. Ltd. |
| 289,317 |
| 1,423 |
|
| Jusung Engineering Co. Ltd. |
| 244,854 |
| 1,417 |
|
| SK Securities Co. Ltd. |
| 2,229,754 |
| 1,399 |
|
| SK Discovery Co. Ltd. |
| 58,816 |
| 1,395 |
|
* | ATGen Co. Ltd. |
| 119,638 |
| 1,372 |
|
^ | Cuckoo Homesys Co. Ltd. |
| 30,980 |
| 1,363 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
* | KONA I Co. Ltd. |
| 69,825 |
| 1,362 |
|
| KEPCO Engineering & Construction Co. Inc. |
| 76,726 |
| 1,346 |
|
*,^ | SFA Semicon Co. Ltd. |
| 474,580 |
| 1,344 |
|
| Maeil Dairies Co. Ltd. |
| 17,825 |
| 1,306 |
|
*,^ | Inscobee Inc. |
| 515,693 |
| 1,263 |
|
^ | Kwang Dong Pharmaceutical Co. Ltd. |
| 193,657 |
| 1,258 |
|
| Lock&Lock Co. Ltd. |
| 92,900 |
| 1,255 |
|
| InBody Co. Ltd. |
| 59,060 |
| 1,243 |
|
| Namyang Dairy Products Co. Ltd. |
| 2,539 |
| 1,237 |
|
*,^ | Jenax Inc. |
| 99,869 |
| 1,222 |
|
| KISWIRE Ltd. |
| 53,719 |
| 1,220 |
|
*,^ | Seobu T&D |
| 153,335 |
| 1,220 |
|
^ | Hansol Paper Co. Ltd. |
| 95,821 |
| 1,218 |
|
* | Binex Co. Ltd. |
| 140,057 |
| 1,216 |
|
*,^ | Able C&C Co. Ltd. |
| 120,276 |
| 1,207 |
|
| Lotte Confectionery Co. Ltd. |
| 8,024 |
| 1,200 |
|
| SPC Samlip Co. Ltd. |
| 13,957 |
| 1,188 |
|
| AK Holdings Inc. |
| 30,661 |
| 1,182 |
|
*,^ | Hyundai Electric & Energy System Co. Ltd. |
| 75,450 |
| 1,180 |
|
*,^ | HLB Life Science CO Ltd. |
| 237,669 |
| 1,177 |
|
| Korea Asset In Trust Co. Ltd. |
| 325,286 |
| 1,171 |
|
*,^ | Insun ENT Co. Ltd. |
| 161,857 |
| 1,160 |
|
| Vieworks Co. Ltd. |
| 41,511 |
| 1,160 |
|
| Green Cross Cell Corp. |
| 33,065 |
| 1,147 |
|
*,^ | Hyosung Heavy Industries Corp. |
| 39,263 |
| 1,144 |
|
*,^ | Vidente Co. Ltd. |
| 148,221 |
| 1,142 |
|
| Hankook Shell Oil Co. Ltd. |
| 3,941 |
| 1,138 |
|
^ | Aekyung Industrial Co. Ltd. |
| 35,249 |
| 1,131 |
|
*,^ | Anterogen Co. Ltd. |
| 28,881 |
| 1,111 |
|
| JW Holdings Corp. |
| 208,854 |
| 1,104 |
|
*,^ | Peptron Inc. |
| 78,086 |
| 1,095 |
|
* | Hanwha Investment & Securities Co. Ltd. |
| 498,370 |
| 1,092 |
|
^ | TES Co. Ltd. |
| 76,230 |
| 1,088 |
|
| GOLFZON Co. Ltd. |
| 17,230 |
| 1,088 |
|
*,^ | Duk San Neolux Co. Ltd. |
| 74,443 |
| 1,080 |
|
| Dae Han Flour Mills Co. Ltd. |
| 6,231 |
| 1,066 |
|
^ | Namhae Chemical Corp. |
| 113,780 |
| 1,066 |
|
| Kolmar Korea Holdings Co. Ltd. |
| 42,246 |
| 1,043 |
|
| i-SENS Inc. |
| 49,409 |
| 1,041 |
|
| Lotte Food Co. Ltd. |
| 2,032 |
| 1,035 |
|
| Huons Global Co. Ltd. |
| 30,624 |
| 1,031 |
|
| Samchully Co. Ltd. |
| 12,589 |
| 1,020 |
|
| INTOPS Co. Ltd. |
| 69,896 |
| 1,019 |
|
| Sung Kwang Bend Co. Ltd. |
| 107,988 |
| 1,002 |
|
| Seah Besteel Corp. |
| 62,744 |
| 1,001 |
|
^ | Kyobo Securities Co. Ltd. |
| 104,501 |
| 997 |
|
* | Gamevil Inc. |
| 28,917 |
| 996 |
|
| CJ CheilJedang Corp. Preference Shares |
| 8,902 |
| 991 |
|
^ | BGF Co. Ltd. |
| 151,707 |
| 973 |
|
| SeAH Steel Holdings Corp. |
| 19,451 |
| 964 |
|
| NS Shopping Co. Ltd. |
| 91,209 |
| 949 |
|
| CJ Hello Co. Ltd. |
| 155,972 |
| 934 |
|
^ | Samyang Corp. |
| 19,705 |
| 933 |
|
| Hancom Inc. |
| 84,391 |
| 923 |
|
| Sungwoo Hitech Co. Ltd. |
| 256,964 |
| 920 |
|
* | Hansol Holdings Co. Ltd. |
| 209,522 |
| 907 |
|
| Dae Hwa Pharmaceutical Co. Ltd. |
| 65,917 |
| 907 |
|
| Cuckoo Holdings Co. Ltd. |
| 7,425 |
| 887 |
|
| Daekyo Co. Ltd. |
| 161,636 |
| 879 |
|
* | Neowiz |
| 69,435 |
| 878 |
|
| Toptec Co. Ltd. |
| 108,069 |
| 872 |
|
| Youlchon Chemical Co. Ltd. |
| 72,331 |
| 863 |
|
^ | Hyundai Corp. |
| 42,262 |
| 860 |
|
* | Taihan Electric Wire Co. Ltd. |
| 1,377,777 |
| 847 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
^ | Muhak Co. Ltd. |
| 87,541 |
| 843 |
|
* | Ssangyong Motor Co. |
| 238,196 |
| 835 |
|
| Sindoh Co. Ltd. |
| 20,162 |
| 825 |
|
* | Eusu Holdings Co. Ltd. |
| 120,539 |
| 817 |
|
| Hyundai Livart Furniture Co. Ltd. |
| 53,890 |
| 810 |
|
* | Lutronic Corp. |
| 110,737 |
| 808 |
|
* | Woongjin Thinkbig Co. Ltd. |
| 320,566 |
| 806 |
|
| Eugene Investment & Securities Co. Ltd. |
| 337,863 |
| 803 |
|
*,^ | Kolon Life Science Inc. |
| 43,689 |
| 784 |
|
*,^ | Homecast Co. Ltd. |
| 189,088 |
| 784 |
|
| E1 Corp. |
| 14,871 |
| 750 |
|
*,^ | Hansol Technics Co. Ltd. |
| 131,099 |
| 750 |
|
| CJ Freshway Corp. |
| 28,241 |
| 742 |
|
| TK Corp. |
| 82,760 |
| 740 |
|
^ | KC Tech Co. Ltd. |
| 52,883 |
| 729 |
|
^ | ST Pharm Co. Ltd. |
| 48,592 |
| 729 |
|
* | Samsung Pharmaceutical Co. Ltd. |
| 329,251 |
| 727 |
|
| DB Financial Investment Co. Ltd. |
| 158,760 |
| 720 |
|
* | KTB Investment & Securities Co. Ltd. |
| 263,903 |
| 715 |
|
| Humedix Co. Ltd. |
| 32,250 |
| 712 |
|
| KT Skylife Co. Ltd. |
| 77,678 |
| 710 |
|
| Tongyang Life Insurance Co. Ltd. |
| 186,940 |
| 708 |
|
* | Wonik Holdings Co. Ltd. |
| 202,877 |
| 707 |
|
*,^ | KH Vatec Co. Ltd. |
| 76,572 |
| 705 |
|
| Sam Young Electronics Co. Ltd. |
| 70,475 |
| 703 |
|
| Kolon Corp. |
| 43,765 |
| 686 |
|
| KISCO Corp. |
| 126,920 |
| 678 |
|
*,^ | Cellumed Co. Ltd. |
| 109,221 |
| 658 |
|
^ | Hanil Holdings Co. Ltd. |
| 14,061 |
| 642 |
|
* | COSON Co. Ltd. |
| 85,102 |
| 588 |
|
^ | Cell Biotech Co. Ltd. |
| 31,477 |
| 572 |
|
*,^ | Interflex Co. Ltd. |
| 57,472 |
| 553 |
|
^ | ICD Co. Ltd. |
| 59,955 |
| 543 |
|
* | Leaders Cosmetics Co. Ltd. |
| 66,350 |
| 535 |
|
* | SBS Media Holdings Co. Ltd. |
| 270,712 |
| 531 |
|
^ | Byucksan Corp. |
| 263,447 |
| 531 |
|
*,^ | Coreana Cosmetics Co. Ltd. |
| 148,739 |
| 523 |
|
*,^ | CUROCOM Co. Ltd. |
| 479,509 |
| 506 |
|
| S&T Dynamics Co. Ltd. |
| 82,160 |
| 506 |
|
*,^ | Taewoong Co. Ltd. |
| 56,050 |
| 501 |
|
^ | COSMAX NBT Inc. |
| 54,959 |
| 489 |
|
* | Agabang&Company |
| 166,714 |
| 485 |
|
* | Aprogen pharmaceuticals Inc. |
| 437,995 |
| 473 |
|
| Interpark Holdings Corp. |
| 226,106 |
| 473 |
|
* | Humax Co. Ltd. |
| 74,623 |
| 461 |
|
| KC Co. Ltd. |
| 38,571 |
| 456 |
|
*,^ | GNCO Co. Ltd. |
| 366,174 |
| 420 |
|
| It’s Hanbul Co. Ltd. |
| 20,953 |
| 419 |
|
^ | Cosmax BTI Inc |
| 24,252 |
| 406 |
|
| SeAH Steel Corp. |
| 6,368 |
| 394 |
|
* | Lumens Co. Ltd. |
| 193,646 |
| 371 |
|
* | APS Holdings Corp. |
| 49,008 |
| 248 |
|
* | G-SMATT GLOBAL Co. Ltd. |
| 330,764 |
| 187 |
|
* | Helixmith Co. Ltd. Rights Exp. 08/06/2019 |
| 5,545 |
| 157 |
|
* | Aprogen pharmaceuticals Inc. Rights Exp. 07/25/2019 |
| 425,788 |
| 89 |
|
| Maeil Holdings Co. Ltd. |
| 5,636 |
| 67 |
|
* | CMG Pharmaceutical Co. Ltd. Rights Exp. 07/23/2019 |
| 121,871 |
| 37 |
|
|
|
|
|
| 4,741,311 |
|
Spain (2.5%) |
|
|
|
|
| |
| Banco Santander SA |
| 98,178,555 |
| 455,024 |
|
* | Iberdrola SA |
| 37,237,289 |
| 370,741 |
|
| Telefonica SA |
| 27,717,347 |
| 227,928 |
|
| Banco Bilbao Vizcaya Argentaria SA |
| 40,542,692 |
| 226,134 |
|
| Amadeus IT Group SA |
| 2,491,602 |
| 197,448 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
| Industria de Diseno Textil SA |
| 6,426,178 |
| 193,346 |
|
* | Repsol SA |
| 8,224,724 |
| 129,069 |
|
2 | Aena SME SA |
| 430,833 |
| 85,392 |
|
* | Ferrovial SA |
| 2,914,039 |
| 74,595 |
|
| CaixaBank SA |
| 21,936,329 |
| 62,913 |
|
| Grifols SA |
| 2,075,048 |
| 61,408 |
|
* | ACS Actividades de Construccion y Servicios SA |
| 1,483,484 |
| 59,353 |
|
| Red Electrica Corp. SA |
| 2,639,975 |
| 54,986 |
|
| Naturgy Energy Group SA |
| 1,886,935 |
| 52,002 |
|
^ | Endesa SA |
| 1,934,572 |
| 49,758 |
|
^,2 | Cellnex Telecom SA |
| 1,281,250 |
| 47,398 |
|
| Enagas SA |
| 1,386,593 |
| 37,003 |
|
| Banco de Sabadell SA |
| 34,378,551 |
| 35,634 |
|
| Grifols SA Preference Shares |
| 1,513,768 |
| 31,663 |
|
| Bankinter SA |
| 4,195,075 |
| 28,917 |
|
| Merlin Properties Socimi SA |
| 2,044,484 |
| 28,340 |
|
| Siemens Gamesa Renewable Energy SA |
| 1,371,206 |
| 22,791 |
|
| Inmobiliaria Colonial Socimi SA |
| 1,983,897 |
| 22,106 |
|
| Mapfre SA |
| 6,046,754 |
| 17,683 |
|
| Bankia SA |
| 7,438,926 |
| 17,571 |
|
| Acciona SA |
| 127,101 |
| 13,641 |
|
| Viscofan SA |
| 238,441 |
| 12,499 |
|
| Applus Services SA |
| 881,197 |
| 11,982 |
|
| Bolsas y Mercados Espanoles SHMSF SA |
| 463,346 |
| 11,344 |
|
* | Masmovil Ibercom SA |
| 474,152 |
| 10,577 |
|
| Acerinox SA |
| 1,038,047 |
| 10,437 |
|
| Ebro Foods SA |
| 470,650 |
| 10,071 |
|
| CIE Automotive SA |
| 328,914 |
| 9,519 |
|
| Cia de Distribucion Integral Logista Holdings SA |
| 386,754 |
| 8,758 |
|
| Zardoya Otis SA |
| 1,095,327 |
| 8,323 |
|
| Faes Farma SA |
| 1,659,011 |
| 7,817 |
|
| Mediaset Espana Comunicacion SA |
| 1,063,099 |
| 7,738 |
|
| Prosegur Cia de Seguridad SA |
| 1,641,567 |
| 7,705 |
|
* | Indra Sistemas SA |
| 758,339 |
| 7,672 |
|
* | Almirall SA |
| 366,858 |
| 6,781 |
|
| Corp Financiera Alba SA |
| 124,776 |
| 6,537 |
|
| Melia Hotels International SA |
| 681,660 |
| 6,516 |
|
* | Fomento de Construcciones y Contratas SA |
| 455,629 |
| 6,067 |
|
*,2 | Neinor Homes SA |
| 470,354 |
| 5,728 |
|
2 | Gestamp Automocion SA |
| 944,280 |
| 5,587 |
|
2 | Euskaltel SA |
| 600,359 |
| 5,569 |
|
* | Construcciones y Auxiliar de Ferrocarriles SA |
| 113,441 |
| 5,204 |
|
* | Fluidra SA |
| 384,721 |
| 5,085 |
|
*,^ | Sacyr SA |
| 2,054,888 |
| 4,984 |
|
^ | Tecnicas Reunidas SA |
| 192,590 |
| 4,944 |
|
2 | Prosegur Cash SA |
| 2,332,977 |
| 4,618 |
|
* | Repsol SA Rights Exp. 07/04/2019 |
| 8,270,833 |
| 4,588 |
|
2 | Unicaja Banco SA |
| 4,739,595 |
| 4,232 |
|
*,^ | Promotora de Informaciones SA |
| 2,510,739 |
| 4,110 |
|
*,2 | Global Dominion Access SA |
| 696,301 |
| 3,574 |
|
| Liberbank SA |
| 8,052,114 |
| 3,473 |
|
| Ence Energia y Celulosa SA |
| 761,340 |
| 3,442 |
|
| Lar Espana Real Estate Socimi SA |
| 398,686 |
| 3,091 |
|
*,2 | Aedas Homes SAU |
| 127,692 |
| 3,034 |
|
2 | Metrovacesa SA |
| 267,765 |
| 2,884 |
|
* | ACS Actividades de Construccion y Servicios SA Rights Exp. 07/08/2019 |
| 1,483,484 |
| 2,328 |
|
| Atresmedia Corp. de Medios de Comunicacion SA |
| 466,172 |
| 2,291 |
|
*,^ | Pharma Mar SA |
| 1,035,318 |
| 2,126 |
|
^ | NH Hotel Group SA |
| 157,953 |
| 816 |
|
*,^ | Sacyr SA Rights Exp. 07/02/2019 |
| 2,054,888 |
| 123 |
|
|
|
|
|
| 2,835,018 |
|
Sweden (2.5%) |
|
|
|
|
| |
| Telefonaktiebolaget LM Ericsson Class B |
| 18,199,266 |
| 172,742 |
|
| Volvo AB Class B |
| 9,164,934 |
| 145,628 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
| Investor AB Class B |
| 2,940,841 |
| 141,422 |
|
| Assa Abloy AB Class B |
| 5,606,769 |
| 126,504 |
|
| Sandvik AB |
| 6,584,851 |
| 121,004 |
|
| Atlas Copco AB Class A |
| 3,756,475 |
| 120,379 |
|
| Essity AB Class B |
| 3,715,667 |
| 114,307 |
|
| Hennes & Mauritz AB Class B |
| 5,360,018 |
| 95,227 |
|
| Swedbank AB Class A |
| 6,131,814 |
| 92,310 |
|
| Svenska Handelsbanken AB Class A |
| 8,784,863 |
| 86,695 |
|
| Hexagon AB Class B |
| 1,541,719 |
| 85,725 |
|
| Skandinaviska Enskilda Banken AB Class A |
| 8,673,641 |
| 80,309 |
|
| Telia Co. AB |
| 16,138,463 |
| 71,547 |
|
| Atlas Copco AB Class B |
| 2,405,398 |
| 69,156 |
|
| Tele2 AB |
| 3,249,899 |
| 47,465 |
|
| Swedish Match AB |
| 1,034,629 |
| 43,742 |
|
| Boliden AB |
| 1,681,847 |
| 43,096 |
|
| Alfa Laval AB |
| 1,921,194 |
| 41,983 |
|
| SKF AB |
| 2,249,792 |
| 41,417 |
|
| Epiroc AB Class A |
| 3,841,331 |
| 40,024 |
|
| Skanska AB Class B |
| 2,180,330 |
| 39,396 |
|
| Kinnevik AB |
| 1,464,214 |
| 38,113 |
|
| Electrolux AB Class B |
| 1,457,024 |
| 37,349 |
|
| Securitas AB Class B |
| 1,890,243 |
| 33,179 |
|
| Lundin Petroleum AB |
| 1,058,349 |
| 32,975 |
|
| Elekta AB Class B |
| 2,187,466 |
| 31,799 |
|
| Castellum AB |
| 1,651,121 |
| 31,594 |
|
| Svenska Cellulosa AB SCA Class B |
| 3,619,746 |
| 31,489 |
|
| Investor AB Class A |
| 639,112 |
| 30,720 |
|
| Industrivarden AB Class A |
| 1,217,531 |
| 27,797 |
|
^ | Nibe Industrier AB Class B |
| 1,830,046 |
| 26,804 |
|
| Fabege AB |
| 1,607,278 |
| 24,201 |
|
| Industrivarden AB |
| 1,081,387 |
| 23,995 |
|
| Husqvarna AB |
| 2,497,231 |
| 23,385 |
|
| Epiroc AB Class B |
| 2,254,607 |
| 22,364 |
|
| Getinge AB |
| 1,369,916 |
| 21,603 |
|
| Trelleborg AB Class B |
| 1,490,997 |
| 21,196 |
|
* | Swedish Orphan Biovitrum AB |
| 1,073,092 |
| 20,709 |
|
^ | ICA Gruppen AB |
| 472,666 |
| 20,325 |
|
* | Fastighets AB Balder Class B |
| 593,233 |
| 19,883 |
|
| AAK AB |
| 1,039,704 |
| 19,717 |
|
^ | Saab AB Class B |
| 569,096 |
| 18,535 |
|
| Indutrade AB |
| 567,725 |
| 18,153 |
|
2 | Dometic Group AB |
| 1,800,897 |
| 18,058 |
|
| L E Lundbergforetagen AB Class B |
| 456,635 |
| 17,113 |
|
2 | Thule Group AB |
| 639,223 |
| 15,806 |
|
| Loomis AB Class B |
| 459,635 |
| 15,801 |
|
| Lifco AB Class B |
| 276,806 |
| 15,364 |
|
2 | Evolution Gaming Group AB |
| 756,681 |
| 14,985 |
|
^ | BillerudKorsnas AB |
| 1,071,924 |
| 14,282 |
|
| AF POYRY AB |
| 590,579 |
| 13,375 |
|
| Holmen AB |
| 619,299 |
| 13,230 |
|
| Axfood AB |
| 641,123 |
| 12,694 |
|
| Hexpol AB |
| 1,519,252 |
| 12,393 |
|
| Wihlborgs Fastigheter AB |
| 802,311 |
| 11,640 |
|
^ | Intrum AB |
| 452,348 |
| 11,628 |
|
| Hufvudstaden AB Class A |
| 665,055 |
| 11,319 |
|
| SSAB AB Class B |
| 3,699,450 |
| 11,286 |
|
^ | Sweco AB Class B |
| 404,849 |
| 11,123 |
|
2 | Bravida Holding AB |
| 1,236,301 |
| 10,970 |
|
^ | Investment AB Latour Class B |
| 726,972 |
| 10,723 |
|
^ | Wallenstam AB |
| 993,498 |
| 10,506 |
|
| Peab AB |
| 1,223,807 |
| 10,465 |
|
^ | NCC AB Class B |
| 577,743 |
| 10,018 |
|
^ | JM AB |
| 428,503 |
| 9,856 |
|
| Kungsleden AB |
| 1,159,020 |
| 9,570 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
| Nordic Entertainment Group AB Class B |
| 404,607 |
| 9,498 |
|
| Beijer Ref AB |
| 385,677 |
| 9,318 |
|
| Pandox AB Class B |
| 460,730 |
| 8,491 |
|
| Hemfosa Fastigheter AB |
| 889,612 |
| 8,413 |
|
| Vitrolife AB |
| 389,236 |
| 7,594 |
|
| Bonava AB |
| 515,089 |
| 6,473 |
|
| Nolato AB Class B |
| 103,244 |
| 6,310 |
|
* | Nyfosa AB |
| 981,137 |
| 6,159 |
|
| Arjo AB |
| 1,349,870 |
| 6,113 |
|
^ | Avanza Bank Holding AB |
| 733,310 |
| 5,598 |
|
| Bure Equity AB |
| 311,339 |
| 5,316 |
|
| Atrium Ljungberg AB |
| 281,674 |
| 5,091 |
|
| Mycronic AB |
| 416,540 |
| 5,068 |
|
| Lindab International AB |
| 420,510 |
| 4,838 |
|
| SSAB AB Class A |
| 1,383,771 |
| 4,832 |
|
2 | Resurs Holding AB |
| 747,457 |
| 4,452 |
|
* | Betsson AB |
| 725,925 |
| 4,446 |
|
* | Modern Times Group MTG AB Class B |
| 395,392 |
| 4,433 |
|
| Klovern AB |
| 2,709,367 |
| 4,266 |
|
* | Hembla AB Class B |
| 218,731 |
| 4,261 |
|
| Cloetta AB Class B |
| 1,304,187 |
| 4,247 |
|
| Bilia AB |
| 468,533 |
| 4,238 |
|
| Nobia AB |
| 704,040 |
| 4,105 |
|
| Klovern AB Preference Shares |
| 111,251 |
| 4,062 |
|
| Catena AB |
| 122,499 |
| 3,851 |
|
2 | Scandic Hotels Group AB |
| 431,621 |
| 3,809 |
|
* | Hansa Biopharma AB |
| 201,842 |
| 3,755 |
|
* | NetEnt AB |
| 1,123,751 |
| 3,604 |
|
| Svenska Handelsbanken AB Class B |
| 346,375 |
| 3,543 |
|
| Concentric AB |
| 233,578 |
| 3,506 |
|
| Ratos AB |
| 1,188,922 |
| 3,303 |
|
| SkiStar AB |
| 258,668 |
| 3,180 |
|
2 | Attendo AB |
| 627,619 |
| 2,726 |
|
| Telefonaktiebolaget LM Ericsson Class A |
| 278,623 |
| 2,638 |
|
| Investment AB Oresund |
| 185,469 |
| 2,455 |
|
| Clas Ohlson AB |
| 238,270 |
| 2,368 |
|
| Skandinaviska Enskilda Banken AB |
| 238,483 |
| 2,234 |
|
| Sagax AB |
| 570,457 |
| 2,212 |
|
| Hemfosa Fastigheter AB Preference Shares |
| 102,953 |
| 2,084 |
|
*,^ | Mekonomen AB |
| 244,054 |
| 2,033 |
|
| SKF AB Class A |
| 93,864 |
| 1,726 |
|
*,2 | Munters Group AB |
| 326,272 |
| 1,530 |
|
* | SAS AB |
| 1,145,967 |
| 1,529 |
|
| Svenska Cellulosa AB SCA Class A |
| 144,992 |
| 1,472 |
|
* | Collector AB |
| 238,608 |
| 1,365 |
|
| Haldex AB |
| 178,288 |
| 1,095 |
|
| Sagax AB Preference Shares |
| 132,815 |
| 527 |
|
| NCC AB Class A |
| 27,790 |
| 481 |
|
| Oriflame Holding AG |
| 14,495 |
| 355 |
|
|
|
|
|
| 2,883,171 |
|
Switzerland (7.4%) |
|
|
|
|
| |
| Nestle SA |
| 18,210,061 |
| 1,885,146 |
|
| Novartis AG |
| 13,348,541 |
| 1,218,612 |
|
| Roche Holding AG |
| 4,242,108 |
| 1,192,829 |
|
| Zurich Insurance Group AG |
| 900,787 |
| 313,428 |
|
| Cie Financiere Richemont SA |
| 3,120,118 |
| 265,137 |
|
| UBS Group AG |
| 21,267,757 |
| 252,773 |
|
| ABB Ltd. |
| 10,915,358 |
| 218,833 |
|
| Swiss Re AG |
| 1,834,161 |
| 186,383 |
|
| Credit Suisse Group AG |
| 15,371,065 |
| 183,979 |
|
* | Alcon Inc. |
| 2,810,628 |
| 173,555 |
|
| Givaudan SA |
| 56,479 |
| 159,527 |
|
| Lonza Group AG |
| 453,140 |
| 152,977 |
|
| Sika AG |
| 847,694 |
| 144,822 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
| LafargeHolcim Ltd. |
| 2,258,070 |
| 110,412 |
|
| Swiss Life Holding AG |
| 206,849 |
| 102,553 |
|
| Geberit AG |
| 217,879 |
| 101,842 |
|
| SGS SA |
| 31,497 |
| 80,281 |
|
| Partners Group Holding AG |
| 101,010 |
| 79,436 |
|
| Swisscom AG |
| 155,307 |
| 78,009 |
|
| Sonova Holding AG |
| 335,849 |
| 76,439 |
|
| Temenos AG |
| 362,883 |
| 64,976 |
|
| Julius Baer Group Ltd. |
| 1,324,801 |
| 59,025 |
|
| Adecco Group AG |
| 950,540 |
| 57,125 |
|
| Straumann Holding AG |
| 61,661 |
| 54,489 |
|
| Schindler Holding AG |
| 238,075 |
| 53,066 |
|
| Chocoladefabriken Lindt & Spruengli AG Registered Shares |
| 621 |
| 50,517 |
|
| Baloise Holding AG |
| 284,577 |
| 50,401 |
|
| Swatch Group AG (Bearer) |
| 171,442 |
| 49,146 |
|
| Roche Holding AG (Bearer) |
| 172,549 |
| 48,391 |
|
| Chocoladefabriken Lindt & Spruengli AG |
| 6,459 |
| 47,020 |
|
| Kuehne & Nagel International AG |
| 307,324 |
| 45,649 |
|
| Swiss Prime Site AG |
| 459,303 |
| 40,114 |
|
| Vifor Pharma AG |
| 271,075 |
| 39,181 |
|
| Logitech International SA |
| 890,840 |
| 35,608 |
|
| LafargeHolcim Ltd. (Paris Shares) |
| 635,227 |
| 31,009 |
|
| Barry Callebaut AG |
| 14,192 |
| 28,484 |
|
| EMS-Chemie Holding AG |
| 43,515 |
| 28,248 |
|
| PSP Swiss Property AG |
| 239,587 |
| 28,001 |
|
| Schindler Holding AG (Registered) |
| 126,563 |
| 27,668 |
|
| Clariant AG |
| 1,229,669 |
| 25,018 |
|
| Helvetia Holding AG |
| 199,190 |
| 25,004 |
|
| Georg Fischer AG |
| 25,012 |
| 23,927 |
|
| BB Biotech AG |
| 342,416 |
| 23,209 |
|
| Flughafen Zurich AG |
| 115,119 |
| 21,681 |
|
2 | VAT Group AG |
| 156,542 |
| 19,309 |
|
| Tecan Group AG |
| 71,850 |
| 18,660 |
|
* | ams AG |
| 475,002 |
| 18,597 |
|
* | Panalpina Welttransport Holding AG |
| 78,775 |
| 18,138 |
|
| Pargesa Holding SA |
| 228,074 |
| 17,590 |
|
| Belimo Holding AG |
| 2,841 |
| 17,470 |
|
| Cembra Money Bank AG |
| 171,456 |
| 16,546 |
|
| Swatch Group AG (Registered) |
| 294,187 |
| 15,943 |
|
^,2 | Sunrise Communications Group AG |
| 206,934 |
| 15,456 |
|
| Dufry AG |
| 179,403 |
| 15,203 |
|
2 | Galenica AG |
| 295,973 |
| 14,872 |
|
| Allreal Holding AG |
| 86,096 |
| 14,819 |
|
| OC Oerlikon Corp. AG |
| 1,178,397 |
| 14,400 |
|
| Bucher Industries AG |
| 40,249 |
| 13,867 |
|
| dormakaba Holding AG |
| 18,558 |
| 13,460 |
|
| Banque Cantonale Vaudoise |
| 17,039 |
| 13,268 |
|
| DKSH Holding AG |
| 218,075 |
| 12,778 |
|
* | Idorsia Ltd. |
| 538,175 |
| 12,315 |
|
| Landis&Gyr Group AG |
| 151,616 |
| 12,094 |
|
| Sulzer AG |
| 106,207 |
| 11,626 |
|
| Forbo Holding AG |
| 6,366 |
| 11,242 |
|
| Emmi AG |
| 11,803 |
| 11,043 |
|
| Mobimo Holding AG |
| 39,451 |
| 10,488 |
|
| Valiant Holding AG |
| 95,878 |
| 10,412 |
|
| SIG Combibloc Group AG |
| 836,702 |
| 9,636 |
|
| Vontobel Holding AG |
| 166,962 |
| 9,290 |
|
| Huber & Suhner AG |
| 104,330 |
| 8,794 |
|
| Siegfried Holding AG |
| 25,067 |
| 8,734 |
|
| SFS Group AG |
| 102,212 |
| 8,703 |
|
| Interroll Holding AG |
| 3,438 |
| 8,648 |
|
| BKW AG |
| 109,608 |
| 7,324 |
|
| Inficon Holding AG |
| 11,889 |
| 7,256 |
|
| St. Galler Kantonalbank AG |
| 16,048 |
| 7,233 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
| Daetwyler Holding AG |
| 44,847 |
| 6,833 |
|
| HBM Healthcare Investments AG |
| 36,124 |
| 6,803 |
|
| Conzzeta AG |
| 7,968 |
| 6,759 |
|
* | Aryzta AG |
| 5,621,721 |
| 6,457 |
|
| Berner Kantonalbank AG |
| 26,973 |
| 6,425 |
|
| Kardex AG |
| 36,191 |
| 6,323 |
|
| Schweiter Technologies AG |
| 5,570 |
| 5,252 |
|
| Burckhardt Compression Holding AG |
| 19,202 |
| 5,104 |
|
| Valora Holding AG |
| 19,833 |
| 5,045 |
|
^ | Komax Holding AG |
| 21,604 |
| 4,810 |
|
| Bachem Holding AG |
| 34,461 |
| 4,561 |
|
| VZ Holding AG |
| 16,608 |
| 4,552 |
|
* | GAM Holding AG |
| 968,066 |
| 4,480 |
|
| Comet Holding AG |
| 44,911 |
| 4,355 |
|
| Liechtensteinische Landesbank AG |
| 65,528 |
| 4,169 |
|
| LEM Holding SA |
| 2,907 |
| 4,086 |
|
*,^ | COSMO Pharmaceuticals NV |
| 43,092 |
| 4,078 |
|
| Intershop Holding AG |
| 7,177 |
| 3,656 |
|
| Bobst Group SA |
| 47,854 |
| 3,542 |
|
| Arbonia AG |
| 259,502 |
| 3,438 |
|
| Bell Food Group AG |
| 12,163 |
| 3,373 |
|
| u-blox Holding AG |
| 39,439 |
| 3,349 |
|
^ | EFG International AG |
| 461,346 |
| 3,195 |
|
| Ascom Holding AG |
| 211,311 |
| 2,769 |
|
| Rieter Holding AG |
| 17,996 |
| 2,738 |
|
^ | Implenia AG |
| 90,308 |
| 2,676 |
|
| Ypsomed Holding AG |
| 19,381 |
| 2,666 |
|
| Vetropack Holding AG |
| 1,196 |
| 2,544 |
|
*,^ | Basilea Pharmaceutica AG |
| 67,885 |
| 2,510 |
|
| VP Bank AG |
| 15,160 |
| 2,451 |
|
| ALSO Holding AG |
| 16,998 |
| 2,431 |
|
^ | Autoneum Holding AG |
| 16,539 |
| 2,384 |
|
*,^ | Meyer Burger Technology AG |
| 4,324,876 |
| 2,323 |
|
| Bossard Holding AG |
| 14,808 |
| 2,305 |
|
* | Leonteq AG |
| 64,606 |
| 2,298 |
|
| Swissquote Group Holding SA |
| 53,840 |
| 2,297 |
|
| Hiag Immobilien Holding AG |
| 17,972 |
| 2,155 |
|
| Zehnder Group AG |
| 55,449 |
| 2,019 |
|
| APG SGA SA |
| 6,002 |
| 1,698 |
|
* | Alpiq Holding AG |
| 20,220 |
| 1,456 |
|
^ | Kudelski SA |
| 203,833 |
| 1,348 |
|
* | Schmolz & Bickenbach AG |
| 2,483,513 |
| 1,193 |
|
|
|
|
|
| 8,512,050 |
|
United Kingdom (14.5%) |
|
|
|
|
| |
| HSBC Holdings plc |
| 123,863,492 |
| 1,033,801 |
|
| Royal Dutch Shell plc Class A |
| 26,794,963 |
| 874,526 |
|
| BP plc |
| 121,881,199 |
| 849,121 |
|
| Royal Dutch Shell plc Class B |
| 22,910,936 |
| 750,718 |
|
| AstraZeneca plc |
| 8,031,325 |
| 656,577 |
|
| Diageo plc |
| 14,283,597 |
| 614,772 |
|
| GlaxoSmithKline plc |
| 29,988,440 |
| 601,116 |
|
| British American Tobacco plc |
| 13,607,952 |
| 475,136 |
|
| Rio Tinto plc |
| 6,728,929 |
| 416,476 |
|
| Unilever plc |
| 6,663,265 |
| 413,625 |
|
| Prudential plc |
| 15,904,312 |
| 347,208 |
|
| BHP Group plc |
| 12,722,120 |
| 325,361 |
|
| Lloyds Banking Group plc |
| 432,243,488 |
| 310,447 |
|
| Reckitt Benckiser Group plc |
| 3,848,175 |
| 303,833 |
|
| RELX plc |
| 11,501,194 |
| 278,956 |
|
| Vodafone Group plc |
| 164,245,964 |
| 269,210 |
|
| Glencore plc |
| 68,293,873 |
| 236,361 |
|
| Compass Group plc |
| 9,691,370 |
| 232,320 |
|
| National Grid plc |
| 20,844,494 |
| 221,679 |
|
| Barclays plc |
| 105,213,801 |
| 200,123 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
| Anglo American plc |
| 6,043,722 |
| 172,660 |
|
| Tesco plc |
| 59,223,190 |
| 170,722 |
|
| Experian plc |
| 5,555,793 |
| 168,283 |
|
| Standard Chartered plc |
| 16,536,938 |
| 150,021 |
|
| Imperial Brands plc |
| 5,833,793 |
| 136,891 |
|
| London Stock Exchange Group plc |
| 1,916,461 |
| 133,548 |
|
| CRH plc |
| 3,975,104 |
| 129,910 |
|
| BT Group plc |
| 50,987,397 |
| 127,486 |
|
| Aviva plc |
| 23,911,887 |
| 126,651 |
|
| Legal & General Group plc |
| 36,205,456 |
| 124,041 |
|
| BAE Systems plc |
| 19,583,924 |
| 123,083 |
|
| Smith & Nephew plc |
| 5,349,811 |
| 116,170 |
|
| Rolls-Royce Holdings plc |
| 10,403,657 |
| 111,142 |
|
| Ferguson plc |
| 1,418,754 |
| 101,001 |
|
| WPP plc |
| 7,475,943 |
| 94,171 |
|
| SSE plc |
| 6,335,750 |
| 90,306 |
|
| 3i Group plc |
| 5,830,007 |
| 82,483 |
|
| Ashtead Group plc |
| 2,856,092 |
| 81,831 |
|
| Informa plc |
| 7,611,283 |
| 80,717 |
|
| Royal Bank of Scotland Group plc |
| 27,738,012 |
| 77,365 |
|
| InterContinental Hotels Group plc |
| 1,110,913 |
| 73,065 |
|
| Intertek Group plc |
| 986,774 |
| 68,986 |
|
| Sage Group plc |
| 6,657,808 |
| 67,901 |
|
| Melrose Industries plc |
| 29,423,066 |
| 67,637 |
|
| Associated British Foods plc |
| 2,128,607 |
| 66,637 |
|
| Whitbread plc |
| 1,060,868 |
| 62,419 |
|
| Segro plc |
| 6,655,850 |
| 61,797 |
|
| Halma plc |
| 2,311,727 |
| 59,371 |
|
| Burberry Group plc |
| 2,495,587 |
| 59,151 |
|
| Rentokil Initial plc |
| 11,305,019 |
| 57,076 |
|
| Next plc |
| 798,091 |
| 55,888 |
|
| Standard Life Aberdeen plc |
| 14,737,747 |
| 55,142 |
|
| Bunzl plc |
| 2,057,341 |
| 54,285 |
|
| DCC plc |
| 602,270 |
| 53,730 |
|
| Spirax-Sarco Engineering plc |
| 448,500 |
| 52,358 |
|
| Mondi plc |
| 2,250,826 |
| 51,229 |
|
| Pearson plc |
| 4,783,096 |
| 49,764 |
|
| Croda International plc |
| 761,605 |
| 49,540 |
|
| Persimmon plc |
| 1,935,342 |
| 49,167 |
|
| Johnson Matthey plc |
| 1,159,533 |
| 49,022 |
|
| Smiths Group plc |
| 2,428,039 |
| 48,309 |
|
| RSA Insurance Group plc |
| 6,310,268 |
| 46,245 |
|
| Land Securities Group plc |
| 4,349,271 |
| 46,071 |
|
| Micro Focus International plc |
| 1,741,820 |
| 45,810 |
|
* | Coca-Cola HBC AG |
| 1,186,802 |
| 44,832 |
|
| Barratt Developments plc |
| 6,150,899 |
| 44,760 |
|
| St. James’s Place plc |
| 3,196,596 |
| 44,632 |
|
| Smurfit Kappa Group plc |
| 1,434,860 |
| 43,423 |
|
| Carnival plc |
| 979,759 |
| 43,118 |
|
| United Utilities Group plc |
| 4,171,704 |
| 41,525 |
|
* | Ocado Group plc |
| 2,763,713 |
| 40,969 |
|
| Hargreaves Lansdown plc |
| 1,648,518 |
| 40,279 |
|
| British Land Co. plc |
| 5,831,983 |
| 39,914 |
|
| Taylor Wimpey plc |
| 19,843,752 |
| 39,820 |
|
| Centrica plc |
| 35,030,657 |
| 39,051 |
|
2 | Auto Trader Group plc |
| 5,585,803 |
| 38,904 |
|
| Severn Trent plc |
| 1,449,409 |
| 37,706 |
|
| Rightmove plc |
| 5,435,382 |
| 36,977 |
|
| Hiscox Ltd. |
| 1,698,937 |
| 36,502 |
|
| DS Smith plc |
| 7,786,346 |
| 35,921 |
|
| Flutter Entertainment plc |
| 472,271 |
| 35,583 |
|
| Direct Line Insurance Group plc |
| 8,382,021 |
| 35,333 |
|
| Admiral Group plc |
| 1,257,064 |
| 35,250 |
|
| Kingfisher plc |
| 12,886,379 |
| 35,124 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
| Berkeley Group Holdings plc |
| 733,726 |
| 34,774 |
|
| Wm Morrison Supermarkets plc |
| 13,480,869 |
| 34,507 |
|
| Marks & Spencer Group plc |
| 11,941,071 |
| 31,927 |
|
| Meggitt plc |
| 4,739,776 |
| 31,578 |
|
| Weir Group plc |
| 1,586,209 |
| 31,211 |
|
| ITV plc |
| 22,733,944 |
| 31,179 |
|
| Intermediate Capital Group plc |
| 1,694,221 |
| 29,718 |
|
| GVC Holdings plc |
| 3,535,617 |
| 29,308 |
|
| Phoenix Group Holdings plc |
| 3,216,462 |
| 29,007 |
|
| Evraz plc |
| 3,338,611 |
| 28,269 |
|
* | Just Eat plc |
| 3,522,028 |
| 27,932 |
|
| International Consolidated Airlines Group SA (London Shares) |
| 4,545,661 |
| 27,559 |
|
| Tate & Lyle plc |
| 2,846,473 |
| 26,684 |
|
| Bellway plc |
| 752,827 |
| 26,627 |
|
| Schroders plc |
| 679,642 |
| 26,366 |
|
| Investec plc |
| 3,985,448 |
| 25,908 |
|
| Spectris plc |
| 705,834 |
| 25,782 |
|
| HomeServe plc |
| 1,668,104 |
| 25,137 |
|
| Antofagasta plc |
| 2,126,323 |
| 25,116 |
|
| G4S plc |
| 9,472,953 |
| 25,062 |
|
* | BTG plc |
| 2,359,209 |
| 25,036 |
|
| Travis Perkins plc |
| 1,538,551 |
| 24,884 |
|
2 | Merlin Entertainments plc |
| 4,332,997 |
| 24,768 |
|
| RPC Group plc |
| 2,457,878 |
| 24,736 |
|
| J Sainsbury plc |
| 9,945,369 |
| 24,714 |
|
| Derwent London plc |
| 610,675 |
| 24,183 |
|
| Pennon Group plc |
| 2,558,108 |
| 24,128 |
|
| SSP Group plc |
| 2,694,772 |
| 23,487 |
|
| John Wood Group plc |
| 4,032,604 |
| 23,220 |
|
| Tullow Oil plc |
| 8,583,420 |
| 22,962 |
|
| Howden Joinery Group plc |
| 3,545,729 |
| 22,819 |
|
| BBA Aviation plc |
| 6,273,710 |
| 22,493 |
|
| Beazley plc |
| 3,201,494 |
| 22,441 |
|
| Polymetal International plc |
| 1,758,598 |
| 22,299 |
|
| B&M European Value Retail SA |
| 5,205,705 |
| 22,049 |
|
| Electrocomponents plc |
| 2,713,939 |
| 21,803 |
|
| IMI plc |
| 1,633,850 |
| 21,556 |
|
| Rotork plc |
| 5,332,902 |
| 21,439 |
|
| Dechra Pharmaceuticals plc |
| 608,195 |
| 21,228 |
|
2 | Quilter plc |
| 11,474,555 |
| 20,440 |
|
| Tritax Big Box REIT plc |
| 10,420,962 |
| 20,436 |
|
| TUI AG (London Shares) |
| 2,040,301 |
| 20,033 |
|
| Cineworld Group plc |
| 6,199,862 |
| 19,947 |
|
| AVEVA Group plc |
| 387,025 |
| 19,861 |
|
* | Cobham plc |
| 14,625,863 |
| 19,796 |
|
| UNITE Group plc |
| 1,599,590 |
| 19,793 |
|
| Inchcape plc |
| 2,518,402 |
| 19,736 |
|
| Inmarsat plc |
| 2,832,987 |
| 19,623 |
|
| Hikma Pharmaceuticals plc |
| 861,237 |
| 18,848 |
|
| CYBG plc |
| 7,512,835 |
| 18,346 |
|
| Man Group PLC |
| 9,236,438 |
| 18,262 |
|
| Britvic plc |
| 1,618,449 |
| 18,260 |
|
| Greggs plc |
| 610,070 |
| 17,781 |
|
| IWG plc |
| 4,091,180 |
| 17,679 |
|
| Hammerson plc |
| 4,748,053 |
| 16,718 |
|
2 | ConvaTec Group plc |
| 8,992,789 |
| 16,663 |
|
| Close Brothers Group plc |
| 926,929 |
| 16,636 |
|
| Moneysupermarket.com Group plc |
| 3,142,552 |
| 16,462 |
|
| JD Sports Fashion plc |
| 2,205,768 |
| 16,433 |
|
| Hays plc |
| 8,220,711 |
| 16,424 |
|
| IG Group Holdings plc |
| 2,205,696 |
| 16,352 |
|
^ | NMC Health plc |
| 527,841 |
| 16,150 |
|
| WH Smith plc |
| 639,637 |
| 16,022 |
|
| UDG Healthcare plc |
| 1,528,407 |
| 15,505 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
| Royal Mail plc |
| 5,652,223 |
| 15,229 |
|
| Ashmore Group plc |
| 2,351,474 |
| 15,213 |
|
2 | John Laing Group plc |
| 3,009,010 |
| 15,040 |
|
| Greene King plc |
| 1,870,163 |
| 14,669 |
|
| Aggreko plc |
| 1,456,223 |
| 14,620 |
|
| Great Portland Estates plc |
| 1,679,417 |
| 14,596 |
|
| easyJet plc |
| 1,189,402 |
| 14,401 |
|
| BCA Marketplace plc |
| 4,596,658 |
| 14,170 |
|
| Shaftesbury plc |
| 1,358,796 |
| 13,867 |
|
| Victrex plc |
| 500,327 |
| 13,749 |
|
* | Capita plc |
| 10,104,345 |
| 13,549 |
|
| Grafton Group plc |
| 1,321,446 |
| 13,513 |
|
| Jupiter Fund Management plc |
| 2,517,531 |
| 13,512 |
|
| Genus plc |
| 398,769 |
| 13,430 |
|
| National Express Group plc |
| 2,587,443 |
| 13,193 |
|
| TP ICAP plc |
| 3,420,723 |
| 13,030 |
|
| Diploma plc |
| 669,174 |
| 13,013 |
|
| Rhi Magnesita NV |
| 208,613 |
| 12,805 |
|
| Balfour Beatty plc |
| 4,151,528 |
| 12,768 |
|
| Fresnillo plc |
| 1,130,389 |
| 12,511 |
|
| British American Tobacco plc ADR |
| 358,284 |
| 12,493 |
|
| Games Workshop Group plc |
| 198,043 |
| 12,479 |
|
| Pagegroup plc |
| 1,911,745 |
| 12,444 |
|
* | Serco Group plc |
| 6,716,867 |
| 12,275 |
|
| Capital & Counties Properties plc |
| 4,448,893 |
| 12,241 |
|
| Bodycote plc |
| 1,152,875 |
| 12,116 |
|
| QinetiQ Group plc |
| 3,385,998 |
| 12,032 |
|
| Big Yellow Group plc |
| 939,573 |
| 11,817 |
|
| Entertainment One Ltd. |
| 2,328,958 |
| 11,763 |
|
| Assura plc |
| 14,348,842 |
| 11,621 |
|
| Primary Health Properties plc |
| 6,792,048 |
| 11,507 |
|
| Grainger plc |
| 3,644,947 |
| 11,373 |
|
| Renishaw plc |
| 208,410 |
| 11,288 |
|
2 | Ascential plc |
| 2,432,303 |
| 11,003 |
|
| Bovis Homes Group plc |
| 831,391 |
| 10,930 |
|
| Lancashire Holdings Ltd. |
| 1,220,525 |
| 10,686 |
|
| LondonMetric Property plc |
| 3,931,693 |
| 10,533 |
|
| William Hill plc |
| 5,362,298 |
| 10,529 |
|
| KAZ Minerals plc |
| 1,359,856 |
| 10,446 |
|
| Marshalls plc |
| 1,202,890 |
| 10,412 |
|
2 | Sophos Group plc |
| 2,044,694 |
| 10,264 |
|
| Cranswick plc |
| 311,788 |
| 10,232 |
|
2 | Countryside Properties plc |
| 2,684,037 |
| 10,180 |
|
| Playtech plc |
| 1,873,926 |
| 10,163 |
|
| Domino’s Pizza Group plc |
| 2,812,167 |
| 9,948 |
|
| Safestore Holdings plc |
| 1,253,664 |
| 9,768 |
|
| Redrow plc |
| 1,406,933 |
| 9,743 |
|
| Centamin plc |
| 6,653,436 |
| 9,679 |
|
| Savills plc |
| 816,868 |
| 9,290 |
|
| Rathbone Brothers plc |
| 329,506 |
| 9,277 |
|
| Mediclinic International plc |
| 2,378,367 |
| 9,208 |
|
2 | Avast plc |
| 2,411,581 |
| 9,201 |
|
| Softcat plc |
| 744,412 |
| 9,193 |
|
| Vesuvius plc |
| 1,317,549 |
| 9,164 |
|
* | Firstgroup plc |
| 7,373,790 |
| 9,158 |
|
| Coats Group plc |
| 8,690,627 |
| 9,049 |
|
| Workspace Group plc |
| 808,356 |
| 8,962 |
|
| Ultra Electronics Holdings plc |
| 426,755 |
| 8,944 |
|
| Babcock International Group plc |
| 1,529,211 |
| 8,902 |
|
| Micro Focus International plc ADR |
| 336,895 |
| 8,823 |
|
| Paragon Banking Group plc |
| 1,559,690 |
| 8,707 |
|
| Dixons Carphone plc |
| 6,210,047 |
| 8,632 |
|
| Petrofac Ltd. |
| 1,572,893 |
| 8,604 |
|
| Essentra plc |
| 1,575,536 |
| 8,562 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
| Daily Mail & General Trust plc |
| 859,806 |
| 8,536 |
|
| KCOM Group plc |
| 5,944,434 |
| 8,474 |
|
| Provident Financial plc |
| 1,560,995 |
| 8,174 |
|
| Drax Group plc |
| 2,453,866 |
| 8,105 |
|
* | Cairn Energy plc |
| 3,527,349 |
| 7,780 |
|
| Synthomer plc |
| 1,617,904 |
| 7,674 |
|
| J D Wetherspoon plc |
| 423,219 |
| 7,672 |
|
| Greencore Group plc |
| 2,735,985 |
| 7,605 |
|
*,2 | Wizz Air Holdings plc |
| 173,548 |
| 7,516 |
|
| Hill & Smith Holdings plc |
| 496,115 |
| 7,382 |
|
| Sanne Group plc |
| 818,410 |
| 7,305 |
|
| Computacenter plc |
| 431,076 |
| 7,279 |
|
2 | Ibstock plc |
| 2,333,764 |
| 7,203 |
|
| Senior plc |
| 2,589,610 |
| 7,097 |
|
| Dunelm Group plc |
| 588,749 |
| 6,883 |
|
| Crest Nicholson Holdings plc |
| 1,511,950 |
| 6,869 |
|
* | EI Group plc |
| 2,729,655 |
| 6,832 |
|
| OneSavings Bank plc |
| 1,473,940 |
| 6,792 |
|
| Pets at Home Group plc |
| 2,869,597 |
| 6,789 |
|
| Go-Ahead Group plc |
| 261,566 |
| 6,563 |
|
*,^ | Metro Bank plc |
| 974,408 |
| 6,495 |
|
| Brewin Dolphin Holdings plc |
| 1,638,015 |
| 6,371 |
|
| Polypipe Group plc |
| 1,126,213 |
| 6,326 |
|
| Telecom Plus plc |
| 349,431 |
| 6,275 |
|
| Ferrexpo plc |
| 1,759,429 |
| 6,219 |
|
| Elementis plc |
| 3,447,318 |
| 6,201 |
|
| AG Barr plc |
| 519,797 |
| 6,118 |
|
| Morgan Advanced Materials plc |
| 1,729,628 |
| 6,109 |
|
| SIG plc |
| 3,649,908 |
| 6,008 |
|
| St. Modwen Properties plc |
| 1,071,684 |
| 5,961 |
|
^ | TalkTalk Telecom Group plc |
| 4,020,587 |
| 5,721 |
|
| Marston’s plc |
| 3,846,373 |
| 5,705 |
|
| IntegraFin Holdings plc |
| 1,174,569 |
| 5,682 |
|
2 | McCarthy & Stone plc |
| 3,235,565 |
| 5,620 |
|
| Hunting plc |
| 857,145 |
| 5,574 |
|
2 | Equiniti Group plc |
| 1,981,010 |
| 5,537 |
|
*,^ | Sirius Minerals plc |
| 29,305,993 |
| 5,483 |
|
^ | Intu Properties plc |
| 5,393,890 |
| 5,217 |
|
| Galliford Try plc |
| 649,063 |
| 5,200 |
|
*,2 | Aston Martin Lagonda Global Holdings plc |
| 397,501 |
| 5,084 |
|
| AJ Bell plc |
| 987,236 |
| 5,009 |
|
* | Premier Oil plc |
| 4,946,007 |
| 4,852 |
|
| Restaurant Group plc |
| 2,873,236 |
| 4,803 |
|
* | Mitchells & Butlers plc |
| 1,315,246 |
| 4,787 |
|
2 | Hastings Group Holdings plc |
| 1,872,827 |
| 4,652 |
|
| F&C Commercial Property Trust Ltd. |
| 3,217,055 |
| 4,565 |
|
| UK Commercial Property REIT Ltd. |
| 4,041,959 |
| 4,532 |
|
* | Just Group plc |
| 6,275,949 |
| 4,494 |
|
* | Vectura Group plc |
| 4,037,340 |
| 4,436 |
|
| Bank of Georgia Group plc |
| 232,219 |
| 4,428 |
|
| Plus500 Ltd. |
| 664,053 |
| 4,394 |
|
| TBC Bank Group plc |
| 217,697 |
| 4,380 |
|
| Card Factory plc |
| 1,947,204 |
| 4,359 |
|
| Mitie Group plc |
| 2,248,814 |
| 4,185 |
|
* | Sports Direct International plc |
| 1,183,919 |
| 4,159 |
|
| Picton Property Income Ltd. |
| 3,320,237 |
| 4,135 |
|
| NewRiver REIT plc |
| 1,817,569 |
| 4,124 |
|
| Stagecoach Group plc |
| 2,545,127 |
| 4,103 |
|
| ITE Group plc |
| 4,439,753 |
| 4,036 |
|
| Chemring Group plc |
| 1,712,254 |
| 4,009 |
|
| Chesnara plc |
| 894,445 |
| 3,759 |
|
2 | Charter Court Financial Services Group plc |
| 998,903 |
| 3,752 |
|
| Hochschild Mining plc |
| 1,520,676 |
| 3,696 |
|
* | Bank of Cyprus Holdings plc |
| 2,038,246 |
| 3,690 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
|
|
| Market |
|
|
|
|
|
| Value |
|
|
|
| Shares |
| ($000 | ) |
| Northgate plc |
| 804,816 |
| 3,540 |
|
| Halfords Group plc |
| 1,210,642 |
| 3,471 |
|
| Keller Group plc |
| 441,501 |
| 3,440 |
|
| 888 Holdings plc |
| 1,631,056 |
| 3,384 |
|
| Saga plc |
| 6,711,622 |
| 3,382 |
|
| NCC Group plc |
| 1,624,561 |
| 3,376 |
|
| Hansteen Holdings plc |
| 2,555,820 |
| 3,139 |
|
| PZ Cussons plc |
| 1,140,314 |
| 3,100 |
|
* | Georgia Capital plc |
| 215,604 |
| 2,991 |
|
| Stobart Group Ltd. |
| 1,938,692 |
| 2,735 |
|
| Helical plc |
| 579,719 |
| 2,711 |
|
| Devro plc |
| 977,265 |
| 2,572 |
|
2 | Spire Healthcare Group plc |
| 1,670,789 |
| 2,543 |
|
| Dignity plc |
| 309,209 |
| 2,535 |
|
| Superdry plc |
| 419,069 |
| 2,452 |
|
| De La Rue plc |
| 619,630 |
| 2,408 |
|
* | Indivior plc |
| 4,309,996 |
| 2,338 |
|
| Schroder REIT Ltd. |
| 3,280,646 |
| 2,293 |
|
| AA plc |
| 3,718,347 |
| 2,275 |
|
| GoCo Group plc |
| 1,865,710 |
| 2,229 |
|
^,2 | Amigo Holdings plc |
| 877,073 |
| 2,214 |
|
| Rank Group plc |
| 1,071,418 |
| 2,165 |
|
| Daejan Holdings plc |
| 30,165 |
| 2,127 |
|
| Redefine International plc |
| 1,544,958 |
| 2,066 |
|
| International Personal Finance plc |
| 1,339,405 |
| 2,043 |
|
*,2 | Funding Circle Holdings plc |
| 866,548 |
| 1,984 |
|
* | Acacia Mining plc |
| 863,552 |
| 1,952 |
|
| Smurfit Kappa Group plc (Dublin Shares) |
| 63,008 |
| 1,909 |
|
| RPS Group plc |
| 1,341,299 |
| 1,827 |
|
| Ted Baker plc |
| 174,644 |
| 1,800 |
|
*,^ | AO World plc |
| 1,895,003 |
| 1,756 |
|
* | Premier Foods plc |
| 4,066,539 |
| 1,738 |
|
| Soco International plc |
| 1,882,504 |
| 1,670 |
|
| N Brown Group plc |
| 892,721 |
| 1,483 |
|
*,^ | Thomas Cook Group plc |
| 8,426,319 |
| 1,407 |
|
| Renewi plc |
| 3,559,609 |
| 1,307 |
|
2 | Bakkavor Group plc |
| 848,372 |
| 1,290 |
|
^ | Kier Group plc |
| 942,854 |
| 1,273 |
|
*,^ | Petra Diamonds Ltd. |
| 5,004,728 |
| 1,249 |
|
| Lookers plc |
| 1,890,031 |
| 1,221 |
|
2 | CMC Markets plc |
| 686,218 |
| 785 |
|
*,2 | Alfa Financial Software Holdings plc |
| 547,694 |
| 732 |
|
| Glanbia plc (London Shares) |
| 771 |
| 13 |
|
*,§ | Sole Realisation Co. plc |
| 135 |
| — |
|
*,§ | Carillion plc |
| 2,500,529 |
| — |
|
|
|
|
|
| 16,608,392 |
|
Total Common Stocks (Cost $102,821,192) |
|
|
| 113,367,169 |
| |
Preferred Stocks (0.0%) |
|
|
|
|
| |
*,§,3 | CJ Corp - Convert Preference Shares (Cost $ —) |
| 11,000 |
| 257 |
|
|
|
| Coupon |
|
|
|
|
|
|
|
Temporary Cash Investments (2.9%)1 |
|
|
|
|
|
|
|
|
| |
Money Market Fund (2.8%) |
|
|
|
|
|
|
|
|
| |
4,5 | Vanguard Market Liquidity Fund |
| 2.499% |
|
|
| 31,981,939 |
| 3,198,834 |
|
|
|
|
|
| Maturity |
| Face | ) |
|
|
U.S. Government and Agency Obligations (0.1%) |
|
|
|
|
|
|
| |||
6 | United States Treasury Bill |
| 2.385% |
| 8/1/19 |
| 7,000 |
| 6,988 |
|
6 | United States Treasury Bill |
| 2.349% |
| 8/15/19 |
| 36,000 |
| 35,907 |
|
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2019
|
|
| Coupon |
| Maturity |
| Face | ) | Market | ) |
6 | United States Treasury Bill |
| 2.135% |
| 11/14/19 |
| 47,000 |
| 46,636 |
|
6 | United States Treasury Bill |
| 2.275% |
| 11/29/19 |
| 8,000 |
| 7,931 |
|
|
|
|
|
|
|
|
|
| 97,462 |
|
Total Temporary Cash Investments (Cost $3,295,626) |
|
|
|
|
| 3,296,296 |
| |||
Total Investments (101.7%) (Cost $106,116,818) |
|
|
|
|
| 116,663,722 |
| |||
Other Assets and Liabilities—Net (-1.7%)5,7 |
|
|
|
|
| (1,904,425 | ) | |||
Net Assets (100%) |
|
|
|
|
| 114,759,297 |
|
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $2,043,031,000.
§ Security value determined using significant unobservable inputs.
1 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures investments, the fund’s effective common stock and temporary cash investment positions represent 100.0% and 1.7%, 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, 2019, the aggregate value of these securities was $1,498,257,000, representing 1.3% of net assets.
3 Perpetual security with no stated maturity.
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 $2,156,974,000 of collateral received for securities on loan.
6 Securities with a value of $67,703,000 have been segregated as initial margin for open futures contracts.
7 Cash of $6,837,000 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.
This page intentionally left blank.
| © 2019 The Vanguard Group, Inc. |
| All rights reserved. |
| Vanguard Marketing Corporation, Distributor. |
|
|
| SNA1272 082019 |
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 16, 2019
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 16, 2019
| VANGUARD TAX-MANAGED FUNDS |
| |
|
|
|
|
BY: | /s/ THOMAS J. HIGGINS* |
|
|
|
|
|
|
| THOMAS J. HIGGINS |
|
|
| CHIEF FINANCIAL OFFICER |
|
|
Date: August 16, 2019
* 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.