UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT
OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-07175
Name of Registrant: | Vanguard Tax-Managed Funds |
Address of Registrant: | P.O. Box 2600 |
Valley Forge, PA 19482 |
Name and address of agent for service: | Anne E. Robinson, Esquire |
P.O. Box 876 | |
Valley Forge, PA 19482 |
Registrant’s telephone number, including area code:(610) 669-1000
Date of fiscal year end: December 31
Date of reporting period: January 1, 2019—December 31, 2019
Item 1:Reports to Shareholders
Annual Report | December 31, 2019
Vanguard Tax-Managed Funds®
|
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 | |
A Note From Our Chairman | 1 |
Your Fund’s Performance at a Glance | 2 |
About Your Fund’s Expenses | 3 |
Tax-Managed Balanced Fund | 5 |
Tax-Managed Capital Appreciation Fund | 94 |
Tax-Managed Small-Cap Fund | 116 |
Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.
A Note From Our Chairman
Tim Buckley
Chairman and Chief Executive Officer
Dear Shareholder,
Recent volatility in financial markets—affecting stocks, bonds, and commodities—has been a good reminder of the wise old adage, “Never keep all your eggs in one basket.” Maintaining balance and diversification in your investment portfolio can help to both limit risk and set you up for long-term success.
It’s understandable why some investors might become complacent after a long market run-up like the one that lifted stock prices, especially U.S. stock prices, in the years following the global financial crisis. But failing to rebalance regularly can leave a portfolio with a much different mix of assets than intended and, often, more risk than intended.
Balance across and diversification within asset classes are powerful tools for managing risk and achieving your investment goals. A portfolio’s allocation will determine a large portion of its long-term return and also the majority of its volatility risk. A well-diversified portfolio is less vulnerable to significant swings in the performance of any one segment of the asset classes in which it invests.
Balance and diversification will never eliminate the risk of loss, nor will they guarantee positive returns in a declining market. But they may reduce the chance that you’ll suffer disproportionate losses in one particular high-flying asset class or sector when it comes back to earth. And exposure to all key market components should give you at least some participation in the sectors that are performing best at any given time.
Vanguard is committed to helping you achieve balance and diversification in your portfolios to help meet your investment goals. We thank you for your continued loyalty.
Sincerely,
Mortimer J. Buckley
Chairman and Chief Executive Officer
January 23, 2020
1
Your Fund’s Performance at a Glance
· For the 12 months ended December 31, 2019, returns for the Vanguard Tax- Managed Funds ranged from 18.01% for Vanguard Tax-Managed Balanced Fund to 31.46% for Vanguard Tax-Managed Capital Appreciation Fund. Vanguard Tax-Managed Small-Cap Fund fell in between, with a return of 23.28%. (Returns cited are for Admiral Shares.) All three funds performed in line with their benchmark indexes.
· Stocks and bonds recorded their best results in years. Stocks benefited from the Federal Reserve’s three cuts to the target for short-term interest rates during 2019. The perceived safety of assets such as bonds also attracted wary investors, as the U.S.-China trade conflict fueled global economic growth concerns.
· Growth stocks outperformed value stocks for the 12 months, while large-capitalization stocks led mid- and small-caps.
· The municipal bond market, as measured by the Bloomberg Barclays 1–15 Year Municipal Bond Index, returned 6.44%. Municipal bonds make up about half the Balanced Fund’s assets.
Market Barometer | ||||||||||||
Average Annual Total Returns | ||||||||||||
Periods Ended December 31, 2019 | ||||||||||||
One Year | Three Years | Five Years | ||||||||||
Stocks | ||||||||||||
Russell 1000 Index (Large-caps) | 31.43 | % | 15.05 | % | 11.48 | % | ||||||
Russell 2000 Index (Small-caps) | 25.53 | 8.59 | 8.23 | |||||||||
Russell 3000 Index (Broad U.S. market) | 31.02 | 14.57 | 11.24 | |||||||||
FTSE All-World ex US Index (International) | 21.81 | 9.96 | 5.83 | |||||||||
Bonds | ||||||||||||
Bloomberg Barclays U.S. Aggregate Bond Index (Broad taxable market) | 8.72 | % | 4.03 | % | 3.05 | % | ||||||
Bloomberg Barclays Municipal Bond Index (Broad tax-exempt market) | 7.54 | 4.72 | 3.53 | |||||||||
FTSE Three-Month U.S. Treasury Bill Index | 2.25 | 1.65 | 1.04 | |||||||||
CPI | ||||||||||||
Consumer Price Index | 2.29 | % | 2.10 | % | 1.82 | % |
2
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 compareongoingcosts 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.
3
Six Months Ended December 31, 2019 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
6/30/2019 | 12/31/2019 | Period | |
Based on Actual Fund Return | |||
Tax-Managed Balanced Fund | $1,000.00 | $1,060.13 | $0.47 |
Tax-Managed Capital Appreciation Fund | |||
Admiral™ Shares | $1,000.00 | $1,104.29 | $0.48 |
Institutional Shares | 1,000.00 | 1,104.51 | 0.32 |
Tax-Managed Small-Cap Fund | |||
Admiral Shares | $1,000.00 | $1,081.89 | $0.47 |
Institutional Shares | 1,000.00 | 1,081.88 | 0.32 |
Based on Hypothetical 5% Yearly Return | |||
Tax-Managed Balanced Fund | $1,000.00 | $1,024.75 | $0.46 |
Tax-Managed Capital Appreciation Fund | |||
Admiral Shares | $1,000.00 | $1,024.75 | $0.46 |
Institutional Shares | 1,000.00 | 1,024.90 | 0.31 |
Tax-Managed Small-Cap Fund | |||
Admiral Shares | $1,000.00 | $1,024.75 | $0.46 |
Institutional Shares | 1,000.00 | 1,024.90 | 0.31 |
The calculations are based on expenses incurred in the most recent six-month period. The funds’ annualized six-month expense ratios for that period are: for the Tax-Managed Balanced Fund, 0.09%; for the Tax-Managed Capital Appreciation Fund, 0.09% for Admiral Shares and 0.06% for Institutional Shares; and for the Tax-Managed Small-Cap Fund, 0.09% for Admiral Shares and 0.06% for Institutional Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (184/365).
4
Tax-Managed Balanced Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: December 31, 2009, Through December 31, 2019
Initial Investment of $10,000
Average Annual Total Returns | |||||
Periods Ended December 31, 2019 | |||||
Final Value | |||||
One | Five | Ten | of a $10,000 | ||
Year | Years | Years | Investment | ||
![]() | Tax-Managed Balanced Fund | 18.01% | 7.28% | 8.59% | $22,807 |
![]() | Tax-Managed Balanced Composite Index | 18.53 | 7.42 | 8.81 | 23,262 |
![]() | Bloomberg Barclays Municipal Bond Index | 7.54 | 3.53 | 4.34 | 15,296 |
![]() | Dow Jones U.S. Total Stock Market Float Adjusted Index | 30.90 | 11.18 | 13.43 | 35,251 |
Tax-Managed Balanced Composite Index: Weighted 50% Russell 1000 Index and 50% Bloomberg Barclays 7 Year Municipal Bond Index through January 31, 2002, and 50% Russell 1000 Index and 50% Bloomberg Barclays 1–15 Year Municipal Bond Index thereafter.
See Financial Highlights for dividend and capital gains information.
5
Tax-Managed Balanced Fund
Sector Diversification
As of December 31, 2019
Equity Exposure | |
Consumer Discretionary | 14.7% |
Consumer Staples | 5.7 |
Energy | 3.8 |
Financial Services | 20.7 |
Health Care | 13.6 |
Materials & Processing | 3.0 |
Producer Durables | 9.8 |
Technology | 23.7 |
Utilities | 5.0 |
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 | 7.2% |
Texas | 5.4 |
California | 4.5 |
Florida | 2.6 |
Illinois | 2.6 |
Pennsylvania | 2.4 |
New Jersey | 1.7 |
Ohio | 1.6 |
Maryland | 1.6 |
Michigan | 1.5 |
Top Ten | 31.1% |
The table excludes any fixed income futures contracts.
6
Tax-Managed Balanced Fund
Financial Statements
Statement of Net Assets
As of December 31, 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 (47.9%)1 | |||||
Consumer Discretionary (7.0%) | |||||
* | Amazon.com Inc. | 39,317 | 72,652 | ||
Walt Disney Co. | 164,903 | 23,850 | |||
Home Depot Inc. | 102,499 | 22,384 | |||
Comcast Corp. Class A | 424,667 | 19,097 | |||
Walmart Inc. | 132,349 | 15,728 | |||
McDonald’s Corp. | 69,274 | 13,689 | |||
Costco Wholesale Corp. | 46,193 | 13,577 | |||
NIKE Inc. Class B | 114,973 | 11,648 | |||
* | Netflix Inc. | 34,965 | 11,314 | ||
Starbucks Corp. | 111,196 | 9,776 | |||
* | Booking Holdings Inc. | 4,356 | 8,946 | ||
* | Charter Communications Inc. Class A | 18,349 | 8,901 | ||
Lowe’s Cos. Inc. | 71,197 | 8,527 | |||
TJX Cos. Inc. | 111,000 | 6,778 | |||
Target Corp. | 47,667 | 6,111 | |||
Estee Lauder Cos. Inc. Class A | 24,890 | 5,141 | |||
* | Tesla Inc. | 10,548 | 4,413 | ||
* | O’Reilly Automotive Inc. | 9,621 | 4,217 | ||
Marriott International Inc. Class A | 27,645 | 4,186 | |||
General Motors Co. | 111,600 | 4,085 | |||
* | AutoZone Inc. | 3,335 | 3,973 | ||
* | Lululemon Athletica Inc. | 16,281 | 3,772 | ||
Ross Stores Inc. | 32,367 | 3,768 | |||
Dollar General Corp. | 21,992 | 3,430 | |||
eBay Inc. | 79,628 | 2,875 | |||
* | Dollar Tree Inc. | 30,283 | 2,848 | ||
VF Corp. | 27,400 | 2,731 | |||
* | Discovery Communications Inc. | 83,894 | 2,558 | ||
* | Norwegian Cruise Line Holdings Ltd. | 42,662 | 2,492 | ||
Hilton Worldwide Holdings Inc. | 21,934 | 2,433 | |||
Ford Motor Co. | 258,200 | 2,401 | |||
Yum! Brands Inc. | 23,605 | 2,378 | |||
* | Henry Schein Inc. | 34,942 | 2,331 | ||
* | NVR Inc. | 599 | 2,281 | ||
* | Live Nation Entertainment Inc. | 30,049 | 2,148 | ||
Royal Caribbean Cruises Ltd. | 15,032 | 2,007 | |||
* | Bright Horizons Family Solutions Inc. | 13,307 | 2,000 | ||
* | Floor & Decor Holdings Inc. Class A | 39,042 | 1,984 | ||
* | Chipotle Mexican Grill Inc. Class A | 2,332 | 1,952 | ||
* | Hilton Grand Vacations Inc. | 56,441 | 1,941 | ||
* | WABCO Holdings Inc. | 14,324 | 1,941 | ||
ViacomCBS Inc. Class B | 45,953 | 1,929 | |||
Las Vegas Sands Corp. | 27,200 | 1,878 | |||
Best Buy Co. Inc. | 21,100 | 1,853 | |||
DR Horton Inc. | 34,933 | 1,843 | |||
* | frontdoor Inc. | 37,760 | 1,791 | ||
Aptiv plc | 18,493 | 1,756 | |||
MGM Resorts International | 52,646 | 1,752 | |||
* | CarMax Inc. | 18,665 | 1,636 | ||
Yum China Holdings Inc. | 34,065 | 1,635 | |||
Lennar Corp. Class A | 29,269 | 1,633 | |||
* | Liberty Broadband Corp. Class A | 12,998 | 1,619 | ||
Sirius XM Holdings Inc. | 219,780 | 1,571 | |||
* | Liberty Broadband Corp. | 12,201 | 1,534 | ||
* | Liberty Media Corp-Liberty SiriusXM Class C | 30,894 | 1,487 | ||
Domino’s Pizza Inc. | 4,761 | 1,399 | |||
* | Ulta Beauty Inc. | 5,389 | 1,364 | ||
Wynn Resorts Ltd. | 9,491 | 1,318 | |||
* | Liberty Media Corp-Liberty SiriusXM Class A | 26,938 | 1,302 | ||
Expedia Group Inc. | 11,945 | 1,292 | |||
Fox Corp. Class A | 34,744 | 1,288 | |||
Lear Corp. | 9,208 | 1,263 | |||
* | Caesars Entertainment Corp. | 91,945 | 1,250 | ||
Tiffany & Co. | 9,200 | 1,230 | |||
Fortune Brands Home & Security Inc. | 18,483 | 1,208 |
7 |
Tax-Managed Balanced Fund
Market | |||||
Value· | |||||
Shares | ($000 | ) | |||
* | Liberty Media Corp-Liberty Formula One Class A | 27,531 | 1,205 | ||
Carnival Corp. | 23,150 | 1,177 | |||
Omnicom Group Inc. | 14,479 | 1,173 | |||
Tractor Supply Co. | 12,514 | 1,169 | |||
Gentex Corp. | 39,660 | 1,149 | |||
* | DISH Network Corp. Class A | 32,240 | 1,144 | ||
* | Burlington Stores Inc. | 4,897 | 1,117 | ||
Genuine Parts Co. | 10,203 | 1,084 | |||
* | LKQ Corp. | 29,960 | 1,070 | ||
Advance Auto Parts Inc. | 6,656 | 1,066 | |||
Polaris Inc. | 10,200 | 1,037 | |||
* | Liberty Media Corp-Liberty Formula One | 21,777 | 1,001 | ||
Service Corp. International | 21,408 | 985 | |||
PulteGroup Inc. | 25,300 | 982 | |||
Hasbro Inc. | 9,200 | 972 | |||
* | Madison Square Garden Co. Class A | 3,268 | 961 | ||
PVH Corp. | 9,003 | 947 | |||
Darden Restaurants Inc. | 8,680 | 946 | |||
Toll Brothers Inc. | 22,801 | 901 | |||
Dunkin’ Brands Group Inc. | 11,883 | 898 | |||
News Corp. Class A | 62,267 | 880 | |||
Wendy’s Co. | 37,068 | 823 | |||
Garmin Ltd. | 7,500 | 732 | |||
Vail Resorts Inc. | 3,000 | 719 | |||
Thor Industries Inc. | 9,533 | 708 | |||
Wyndham Hotels & Resorts Inc. | 11,225 | 705 | |||
* | Under Armour Inc. Class A | 29,992 | 648 | ||
Brunswick Corp. | 10,728 | 643 | |||
Williams-Sonoma Inc. | 8,700 | 639 | |||
BorgWarner Inc. | 14,652 | 636 | |||
Harley-Davidson Inc. | 16,990 | 632 | |||
Carter’s Inc. | 5,600 | 612 | |||
* | Mohawk Industries Inc. | 4,373 | 596 | ||
Kohl’s Corp. | 11,385 | 580 | |||
Aramark | 13,199 | 573 | |||
* | ServiceMaster Global Holdings Inc. | 14,709 | 569 | ||
Whirlpool Corp. | 3,582 | 528 | |||
* | Skechers U.S.A. Inc. Class A | 11,188 | 483 | ||
Interpublic Group of Cos. Inc. | 19,783 | 457 | |||
Newell Brands Inc. | 22,794 | 438 | |||
Ralph Lauren Corp. Class A | 3,673 | 431 | |||
* | Tempur Sealy International Inc. | 4,885 | 425 | ||
AMERCO | 1,087 | 409 | |||
Hyatt Hotels Corp. Class A | 4,521 | 406 | |||
* | Lions Gate Entertainment Corp. Class B | 38,100 | 378 | ||
H&R Block Inc. | 15,200 | 357 | |||
John Wiley & Sons Inc. Class A | 7,218 | 350 | |||
* | AutoNation Inc. | 7,012 | 341 | ||
Hanesbrands Inc. | 22,000 | 327 | |||
* | Discovery Communications Inc. Class A | 9,819 | 321 | ||
* | Wayfair Inc. | 3,439 | 311 | ||
Tapestry Inc. | 11,520 | 311 | |||
Gap Inc. | 16,771 | 297 | |||
* | Urban Outfitters Inc. | 9,477 | 263 | ||
Dick’s Sporting Goods Inc. | 5,100 | 252 | |||
Pool Corp. | 1,184 | 251 | |||
* | IAA Inc. | 5,272 | 248 | ||
* | Mattel Inc. | 15,775 | 214 | ||
TripAdvisor Inc. | 6,192 | 188 | |||
Nexstar Media Group Inc. Class A | 1,600 | 188 | |||
* | 2U Inc. | 7,800 | 187 | ||
International Game Technology plc | 12,300 | 184 | |||
Penske Automotive Group Inc. | 3,473 | 174 | |||
New York Times Co. Class A | 5,300 | 171 | |||
* | Altice USA Inc. Class A | 5,085 | 139 | ||
* | Under Armour Inc. Class C | 7,061 | 135 | ||
Lennar Corp. Class B | 2,807 | 125 | |||
* | Capri Holdings Ltd. | 2,941 | 112 | ||
Fox Corp. Class B | 2,334 | 85 | |||
KAR Auction Services Inc. | 3,700 | 81 | |||
* | Carvana Co. Class A | 722 | 66 | ||
Nordstrom Inc. | 1,500 | 61 | |||
* | Roku Inc. | 450 | 60 | ||
Cable One Inc. | 40 | 60 | |||
Choice Hotels International Inc. | 444 | 46 | |||
* | Five Below Inc. | 359 | 46 | ||
Leggett & Platt Inc. | 853 | 43 | |||
* | Uber Technologies Inc. | 1,332 | 40 | ||
Graham Holdings Co. Class B | 59 | 38 | |||
* | Grand Canyon Education Inc. | 372 | 36 | ||
Cinemark Holdings Inc. | 958 | 32 | |||
* | AMC Networks Inc. Class A | 567 | 22 | ||
407,891 | |||||
Consumer Staples (2.7%) | |||||
Procter & Gamble Co. | 222,217 | 27,755 | |||
Coca-Cola Co. | 346,544 | 19,181 | |||
PepsiCo Inc. | 126,164 | 17,243 | |||
Philip Morris International Inc. | 113,549 | 9,662 |
8 |
Tax-Managed Balanced Fund
Market | |||||
Value· | |||||
Shares | ($000 | ) | |||
Mondelez International Inc. Class A | 134,037 | 7,383 | |||
Colgate-Palmolive Co. | 78,870 | 5,429 | |||
CVS Health Corp. | 60,292 | 4,479 | |||
Kimberly-Clark Corp. | 30,521 | 4,198 | |||
* | Monster Beverage Corp. | 60,354 | 3,836 | ||
Sysco Corp. | 43,197 | 3,695 | |||
Altria Group Inc. | 72,880 | 3,637 | |||
General Mills Inc. | 59,114 | 3,166 | |||
Church & Dwight Co. Inc. | 40,710 | 2,864 | |||
Tyson Foods Inc. Class A | 30,613 | 2,787 | |||
Lamb Weston Holdings Inc. | 31,500 | 2,710 | |||
Constellation Brands Inc. Class A | 14,236 | 2,701 | |||
Archer-Daniels-Midland Co. | 57,573 | 2,669 | |||
* | US Foods Holding Corp. | 56,410 | 2,363 | ||
Hershey Co. | 14,600 | 2,146 | |||
McCormick & Co. Inc. | 12,380 | 2,101 | |||
* | Post Holdings Inc. | 18,982 | 2,071 | ||
Brown-Forman Corp. Class B | 28,063 | 1,897 | |||
Walgreens Boots Alliance Inc. | 31,518 | 1,858 | |||
* | Herbalife Nutrition Ltd. | 38,933 | 1,856 | ||
* | Hain Celestial Group Inc. | 71,228 | 1,849 | ||
Kroger Co. | 58,600 | 1,699 | |||
* | Pilgrim’s Pride Corp. | 49,869 | 1,631 | ||
Clorox Co. | 10,000 | 1,535 | |||
* | TreeHouse Foods Inc. | 29,030 | 1,408 | ||
JM Smucker Co. | 12,251 | 1,276 | |||
Hormel Foods Corp. | 28,084 | 1,267 | |||
Conagra Brands Inc. | 36,300 | 1,243 | |||
Corteva Inc. | 40,408 | 1,194 | |||
Campbell Soup Co. | 21,400 | 1,058 | |||
* | Grocery Outlet Holding Corp. | 31,000 | 1,006 | ||
Ingredion Inc. | 9,319 | 866 | |||
Kellogg Co. | 11,900 | 823 | |||
Seaboard Corp. | 177 | 752 | |||
Bunge Ltd. | 12,614 | 726 | |||
Molson Coors Brewing Co. Class B | 12,000 | 647 | |||
Keurig Dr Pepper Inc. | 18,165 | 526 | |||
Casey’s General Stores Inc. | 2,214 | 352 | |||
Energizer Holdings Inc. | 6,965 | 350 | |||
* | Sprouts Farmers Market Inc. | 13,705 | 265 | ||
Flowers Foods Inc. | 7,464 | 162 | |||
Kraft Heinz Co. | 3,259 | 105 | |||
Spectrum Brands Holdings Inc. | 1,397 | 90 | |||
158,517 | |||||
Energy (1.8%) | |||||
Exxon Mobil Corp. | 368,887 | 25,741 | |||
Chevron Corp. | 175,560 | 21,157 | |||
ConocoPhillips | 104,012 | 6,764 | |||
Phillips 66 | 40,575 | 4,520 | |||
EOG Resources Inc. | 51,456 | 4,310 | |||
Marathon Petroleum Corp. | 64,371 | 3,878 | |||
Valero Energy Corp. | 41,300 | 3,868 | |||
Kinder Morgan Inc. | 179,900 | 3,808 | |||
ONEOK Inc. | 38,802 | 2,936 | |||
Pioneer Natural Resources Co. | 19,185 | 2,904 | |||
* | Cheniere Energy Inc. | 44,865 | 2,740 | ||
Diamondback Energy Inc. | 19,665 | 1,826 | |||
Hess Corp. | 25,730 | 1,719 | |||
* | WPX Energy Inc. | 120,171 | 1,651 | ||
Devon Energy Corp. | 60,254 | 1,565 | |||
Schlumberger Ltd. | 36,000 | 1,447 | |||
Williams Cos. Inc. | 59,400 | 1,409 | |||
Baker Hughes a GE Co. Class A | 49,550 | 1,270 | |||
Noble Energy Inc. | 50,672 | 1,259 | |||
Occidental Petroleum Corp. | 27,353 | 1,127 | |||
Marathon Oil Corp. | 71,582 | 972 | |||
* | Antero Resources Corp. | 332,700 | 948 | ||
National Oilwell Varco Inc. | 35,429 | 888 | |||
HollyFrontier Corp. | 16,592 | 841 | |||
Concho Resources Inc. | 9,030 | 791 | |||
Continental Resources Inc. | 17,909 | 614 | |||
Parsley Energy Inc. Class A | 29,102 | 550 | |||
* | Apergy Corp. | 15,762 | 532 | ||
* | First Solar Inc. | 8,805 | 493 | ||
Cabot Oil & Gas Corp. | 26,804 | 467 | |||
Valvoline Inc. | 17,015 | 364 | |||
Helmerich & Payne Inc. | 7,715 | 350 | |||
Halliburton Co. | 9,564 | 234 | |||
Apache Corp. | 9,138 | 234 | |||
Cimarex Energy Co. | 4,376 | 230 | |||
PBF Energy Inc. Class A | 7,200 | 226 | |||
Range Resources Corp. | 43,000 | 209 | |||
Kosmos Energy Ltd. | 34,584 | 197 | |||
Targa Resources Corp. | 4,700 | 192 | |||
EQT Corp. | 16,410 | 179 | |||
Murphy Oil Corp. | 4,700 | 126 | |||
Patterson-UTI Energy Inc. | 8,532 | 90 | |||
105,626 | |||||
Financial Services (9.9%) | |||||
* | Berkshire Hathaway Inc. Class B | 194,172 | 43,980 | ||
JPMorgan Chase & Co. | 298,516 | 41,613 | |||
Visa Inc. Class A | 171,519 | 32,228 | |||
Bank of America Corp. | 816,936 | 28,772 |
9 |
Tax-Managed Balanced Fund
Market | |||||
Value· | |||||
Shares | ($000 | ) | |||
Mastercard Inc. Class A | 89,496 | 26,723 | |||
Wells Fargo & Co. | 367,091 | 19,749 | |||
Citigroup Inc. | 217,336 | 17,363 | |||
* | PayPal Holdings Inc. | 122,993 | 13,304 | ||
American Tower Corp. | 47,319 | 10,875 | |||
* | Fiserv Inc. | 79,439 | 9,186 | ||
American Express Co. | 62,978 | 7,840 | |||
Fidelity National Information Services Inc. | 56,184 | 7,815 | |||
US Bancorp | 130,672 | 7,748 | |||
Goldman Sachs Group Inc. | 31,593 | 7,264 | |||
CME Group Inc. | 32,531 | 6,530 | |||
Chubb Ltd. | 41,767 | 6,501 | |||
Truist Financial Corp. | 112,996 | 6,364 | |||
PNC Financial Services Group Inc. | 39,840 | 6,360 | |||
S&P Global Inc. | 22,350 | 6,103 | |||
Global Payments Inc. | 32,658 | 5,962 | |||
Crown Castle International Corp. | 39,583 | 5,627 | |||
Morgan Stanley | 108,719 | 5,558 | |||
BlackRock Inc. | 10,331 | 5,193 | |||
Marsh & McLennan Cos. Inc. | 45,593 | 5,080 | |||
Prologis Inc. | 56,910 | 5,073 | |||
Charles Schwab Corp. | 104,805 | 4,985 | |||
Aon plc | 22,428 | 4,672 | |||
Intercontinental Exchange Inc. | 50,126 | 4,639 | |||
Equinix Inc. | 7,515 | 4,386 | |||
Capital One Financial Corp. | 39,892 | 4,105 | |||
American International Group Inc. | 79,900 | 4,101 | |||
Bank of New York Mellon Corp. | 79,501 | 4,001 | |||
SBA Communications Corp. Class A | 16,194 | 3,903 | |||
MetLife Inc. | 72,340 | 3,687 | |||
* | FleetCor Technologies Inc. | 12,768 | 3,674 | ||
Progressive Corp. | 49,497 | 3,583 | |||
* | CBRE Group Inc. Class A | 57,957 | 3,552 | ||
Moody’s Corp. | 14,200 | 3,371 | |||
Allstate Corp. | 29,585 | 3,327 | |||
Aflac Inc. | 60,874 | 3,220 | |||
Travelers Cos. Inc. | 23,146 | 3,170 | |||
Public Storage | 14,772 | 3,146 | |||
Simon Property Group Inc. | 19,878 | 2,961 | |||
* | Arch Capital Group Ltd. | 68,675 | 2,945 | ||
Prudential Financial Inc. | 30,532 | 2,862 | |||
Welltower Inc. | 34,803 | 2,846 | |||
* | Square Inc. | 45,108 | 2,822 | ||
* | Markel Corp. | 2,427 | 2,774 | ||
Equity Residential | 33,625 | 2,721 | |||
Loews Corp. | 51,403 | 2,698 | |||
* | Alleghany Corp. | 3,123 | 2,497 | ||
T. Rowe Price Group Inc. | 18,574 | 2,263 | |||
WR Berkley Corp. | 31,749 | 2,194 | |||
Digital Realty Trust Inc. | 18,310 | 2,192 | |||
* | Athene Holding Ltd. Class A | 46,499 | 2,187 | ||
MSCI Inc. Class A | 8,302 | 2,143 | |||
AvalonBay Communities Inc. | 10,200 | 2,139 | |||
State Street Corp. | 26,969 | 2,133 | |||
Synchrony Financial | 57,247 | 2,061 | |||
Hartford Financial Services Group Inc. | 33,742 | 2,050 | |||
Discover Financial Services | 23,903 | 2,027 | |||
Willis Towers Watson plc | 10,000 | 2,019 | |||
American Homes 4 Rent Class A | 76,425 | 2,003 | |||
First Republic Bank | 17,026 | 2,000 | |||
RenaissanceRe Holdings Ltd. | 9,951 | 1,951 | |||
Ventas Inc. | 33,100 | 1,911 | |||
Essex Property Trust Inc. | 5,973 | 1,797 | |||
Realty Income Corp. | 24,100 | 1,774 | |||
Boston Properties Inc. | 12,781 | 1,762 | |||
* | Howard Hughes Corp. | 13,894 | 1,762 | ||
* | Brighthouse Financial Inc. | 44,826 | 1,759 | ||
Equifax Inc. | 12,213 | 1,711 | |||
KeyCorp | 84,218 | 1,705 | |||
TransUnion | 19,883 | 1,702 | |||
Ameriprise Financial Inc. | 10,193 | 1,698 | |||
White Mountains Insurance Group Ltd. | 1,498 | 1,671 | |||
* | Texas Capital Bancshares Inc. | 29,162 | 1,656 | ||
Globe Life Inc. | 15,679 | 1,650 | |||
Fifth Third Bancorp | 53,575 | 1,647 | |||
Western Alliance Bancorp | 28,071 | 1,600 | |||
Zions Bancorp NA | 30,699 | 1,594 | |||
Equity Commonwealth | 48,342 | 1,587 | |||
M&T Bank Corp. | 9,299 | 1,578 | |||
* | SVB Financial Group | 6,256 | 1,571 | ||
Nasdaq Inc. | 14,423 | 1,545 | |||
Northern Trust Corp. | 14,372 | 1,527 | |||
Regions Financial Corp. | 87,002 | 1,493 | |||
Equity LifeStyle Properties Inc. | 21,046 | 1,481 | |||
E*TRADE Financial Corp. | 32,518 | 1,475 | |||
Comerica Inc. | 20,326 | 1,458 | |||
Extra Space Storage Inc. | 13,300 | 1,405 | |||
Healthpeak Properties Inc. | 40,614 | 1,400 | |||
Cboe Global Markets Inc. | 11,525 | 1,383 | |||
Reinsurance Group of America Inc. Class A | 8,395 | 1,369 | |||
Huntington Bancshares Inc. | 89,700 | 1,353 | |||
Alexandria Real Estate Equities Inc. | 8,330 | 1,346 |
10 |
Tax-Managed Balanced Fund
Market | |||||
Value· | |||||
Shares | ($000 | ) | |||
Citizens Financial Group Inc. | 31,943 | 1,297 | |||
SEI Investments Co. | 18,913 | 1,238 | |||
Mid-America Apartment Communities Inc. | 9,294 | 1,226 | |||
Everest Re Group Ltd. | 4,400 | 1,218 | |||
Weyerhaeuser Co. | 39,846 | 1,203 | |||
Lamar Advertising Co. Class A | 13,067 | 1,166 | |||
FactSet Research Systems Inc. | 4,244 | 1,139 | |||
Camden Property Trust | 10,700 | 1,135 | |||
Lincoln National Corp. | 19,230 | 1,135 | |||
Host Hotels & Resorts Inc. | 60,499 | 1,122 | |||
TD Ameritrade Holding Corp. | 21,947 | 1,091 | |||
Douglas Emmett Inc. | 24,033 | 1,055 | |||
Brown & Brown Inc. | 26,238 | 1,036 | |||
Synovus Financial Corp. | 26,425 | 1,036 | |||
Principal Financial Group Inc. | 18,700 | 1,028 | |||
Raymond James Financial Inc. | 11,434 | 1,023 | |||
Kilroy Realty Corp. | 12,189 | 1,023 | |||
Arthur J Gallagher & Co. | 10,570 | 1,007 | |||
East West Bancorp Inc. | 20,444 | 996 | |||
Apartment Investment & Management Co. | 18,481 | 955 | |||
Assurant Inc. | 7,242 | 949 | |||
Hanover Insurance Group Inc. | 6,939 | 948 | |||
Federal Realty Investment Trust | 7,319 | 942 | |||
Fidelity National Financial Inc. | 20,332 | 922 | |||
Broadridge Financial Solutions Inc. | 7,331 | 906 | |||
Cincinnati Financial Corp. | 8,401 | 883 | |||
Jones Lang LaSalle Inc. | 5,012 | 873 | |||
MarketAxess Holdings Inc. | 2,300 | 872 | |||
Vornado Realty Trust | 12,900 | 858 | |||
TCF Financial Corp. | 18,227 | 853 | |||
Navient Corp. | 61,273 | 838 | |||
Voya Financial Inc. | 13,412 | 818 | |||
Franklin Resources Inc. | 30,975 | 805 | |||
Commerce Bancshares Inc. | 11,755 | 799 | |||
Duke Realty Corp. | 23,013 | 798 | |||
Ally Financial Inc. | 26,054 | 796 | |||
* | WEX Inc. | 3,748 | 785 | ||
JBG SMITH Properties | 19,287 | 769 | |||
Associated Banc-Corp | 34,076 | 751 | |||
* | Zillow Group Inc. | 16,319 | 750 | ||
Sterling Bancorp | 32,600 | 687 | |||
Unum Group | 23,193 | 676 | |||
WP Carey Inc. | 8,400 | 672 | |||
Invitation Homes Inc. | 21,896 | 656 | |||
Assured Guaranty Ltd. | 13,302 | 652 | |||
UDR Inc. | 13,895 | 649 | |||
Kimco Realty Corp. | 31,300 | 648 | |||
Popular Inc. | 10,841 | 637 | |||
VEREIT Inc. | 68,000 | 628 | |||
* | Credit Acceptance Corp. | 1,361 | 602 | ||
Jack Henry & Associates Inc. | 4,132 | 602 | |||
Omega Healthcare Investors Inc. | 14,000 | 593 | |||
Gaming and Leisure Properties Inc. | 13,700 | 590 | |||
Wyndham Destinations Inc. | 11,225 | 580 | |||
SL Green Realty Corp. | 6,259 | 575 | |||
* | Euronet Worldwide Inc. | 3,592 | 566 | ||
Sun Communities Inc. | 3,700 | 555 | |||
Santander Consumer USA Holdings Inc. | 23,585 | 551 | |||
* | Fair Isaac Corp. | 1,440 | 540 | ||
First Horizon National Corp. | 32,130 | 532 | |||
CyrusOne Inc. | 7,600 | 497 | |||
American Financial Group Inc. | 4,520 | 496 | |||
Weingarten Realty Investors | 15,484 | 484 | |||
First Hawaiian Inc. | 16,576 | 478 | |||
OneMain Holdings Inc. | 11,211 | 473 | |||
Outfront Media Inc. | 17,000 | 456 | |||
Brixmor Property Group Inc. | 20,800 | 449 | |||
SITE Centers Corp. | 31,400 | 440 | |||
CNA Financial Corp. | 8,693 | 390 | |||
Lazard Ltd. Class A | 9,725 | 389 | |||
Brookfield Property REIT Inc. Class A | 20,850 | 385 | |||
Alliance Data Systems Corp. | . 3,377 | 379 | |||
LPL Financial Holdings Inc. | 4,000 | 369 | |||
Liberty Property Trust | 6,100 | 366 | |||
BankUnited Inc. | 10,000 | 366 | |||
Spirit Realty Capital Inc. | 7,200 | 354 | |||
Jefferies Financial Group Inc. | 16,533 | 353 | |||
BOK Financial Corp. | 4,040 | 353 | |||
CoreSite Realty Corp. | 3,037 | 341 | |||
First Citizens BancShares Inc. Class A | 629 | 335 | |||
Regency Centers Corp. | 5,233 | 330 | |||
First American Financial Corp. | 5,600 | 327 | |||
Brandywine Realty Trust | 20,600 | 324 | |||
VICI Properties Inc. | 12,500 | 319 | |||
National Retail Properties Inc. | 5,800 | 311 | |||
Signature Bank | 2,248 | 307 | |||
Old Republic International Corp. | 13,642 | 305 |
11 |
Tax-Managed Balanced Fund
Market | |||||
Value· | |||||
Shares | ($000 | ) | |||
* | CoreLogic Inc. | 6,976 | 305 | ||
Apple Hospitality REIT Inc. | 16,400 | 266 | |||
Corporate Office Properties Trust | 9,060 | 266 | |||
Retail Properties of America Inc. | 19,700 | 264 | |||
Hudson Pacific Properties Inc. | 6,800 | 256 | |||
* | Zillow Group Inc. Class A | 5,347 | 245 | ||
AXA Equitable Holdings Inc. | 9,264 | 230 | |||
Medical Properties Trust Inc. | 10,779 | 228 | |||
Umpqua Holdings Corp. | 12,000 | 212 | |||
Cousins Properties Inc. | 5,100 | 210 | |||
Interactive Brokers Group Inc. | 4,420 | 206 | |||
American Campus Communities Inc. | 4,260 | 200 | |||
Healthcare Trust of America Inc. Class A | 6,500 | 197 | |||
Bank OZK | 6,200 | 189 | |||
STORE Capital Corp. | 4,944 | 184 | |||
Primerica Inc. | 1,400 | 183 | |||
Eaton Vance Corp. | 3,800 | 177 | |||
Kemper Corp. | 2,200 | 170 | |||
Iron Mountain Inc. | 5,300 | 169 | |||
Service Properties Trust | 6,900 | 168 | |||
Rayonier Inc. | 5,100 | 167 | |||
Americold Realty Trust | 4,700 | 165 | |||
American National Insurance Co. | 1,400 | 165 | |||
Colony Capital Inc. | 34,500 | 164 | |||
CIT Group Inc. | 3,500 | 160 | |||
CubeSmart | 5,009 | 158 | |||
Macerich Co. | 5,800 | 156 | |||
Axis Capital Holdings Ltd. | 2,600 | 155 | |||
Morningstar Inc. | 964 | 146 | |||
FNB Corp. | 8,934 | 113 | |||
Pinnacle Financial Partners Inc. | 1,700 | 109 | |||
EPR Properties | 1,518 | 107 | |||
MGIC Investment Corp. | 5,756 | 82 | |||
Highwoods Properties Inc. | 1,638 | 80 | |||
SLM Corp. | 6,800 | 61 | |||
Park Hotels & Resorts Inc. | 2,324 | 60 | |||
Cullen/Frost Bankers Inc. | 500 | 49 | |||
Evercore Inc. Class A | 600 | 45 | |||
Bank of Hawaii Corp. | 443 | 42 | |||
Life Storage Inc. | 342 | 37 | |||
People’s United Financial Inc. | 2,142 | 36 | |||
Wintrust Financial Corp. | 497 | 35 | |||
Prosperity Bancshares Inc. | 487 | 35 | |||
Mercury General Corp. | 711 | 35 | |||
Columbia Property Trust Inc. | 1,558 | 33 | |||
Paramount Group Inc. | 2,332 | 32 | |||
Empire State Realty Trust Inc. | 2,287 | 32 | |||
Affiliated Managers Group Inc. | 184 | 16 | |||
576,602 | |||||
Health Care (6.5%) | |||||
Johnson & Johnson | 236,987 | 34,569 | |||
UnitedHealth Group Inc. | 89,149 | 26,208 | |||
Merck & Co. Inc. | 239,480 | 21,781 | |||
Pfizer Inc. | 458,850 | 17,978 | |||
Medtronic plc | 125,783 | 14,270 | |||
Bristol-Myers Squibb Co. | 221,562 | 14,222 | |||
Amgen Inc. | 58,906 | 14,200 | |||
Abbott Laboratories | 161,267 | 14,008 | |||
Thermo Fisher Scientific Inc. | 40,613 | 13,194 | |||
Eli Lilly & Co. | 78,951 | 10,377 | |||
Danaher Corp. | 62,416 | 9,580 | |||
Cigna Corp. | 44,329 | 9,065 | |||
Zoetis Inc. | 56,468 | 7,474 | |||
AbbVie Inc. | 83,654 | 7,407 | |||
Anthem Inc. | 24,296 | 7,338 | |||
* | Vertex Pharmaceuticals Inc. | 32,258 | 7,063 | ||
* | Biogen Inc. | 23,496 | 6,972 | ||
* | Boston Scientific Corp. | 153,034 | 6,920 | ||
Becton Dickinson and Co. | 24,484 | 6,659 | |||
Stryker Corp. | 31,475 | 6,608 | |||
* | Intuitive Surgical Inc. | 10,412 | 6,155 | ||
Gilead Sciences Inc. | 88,002 | 5,718 | |||
Allergan plc | 29,685 | 5,675 | |||
Humana Inc. | 13,448 | 4,929 | |||
* | Illumina Inc. | 14,810 | 4,913 | ||
* | Edwards Lifesciences Corp. | 19,556 | 4,562 | ||
HCA Healthcare Inc. | 27,087 | 4,004 | |||
Baxter International Inc. | 45,000 | 3,763 | |||
* | IDEXX Laboratories Inc. | 12,399 | 3,238 | ||
* | WellCare Health Plans Inc. | 9,785 | 3,231 | ||
* | Laboratory Corp. of America Holdings | 17,109 | 2,894 | ||
Zimmer Biomet Holdings Inc. | 18,070 | 2,705 | |||
Agilent Technologies Inc. | 29,707 | 2,534 | |||
Cooper Cos. Inc. | 7,836 | 2,518 | |||
McKesson Corp. | 16,936 | 2,343 | |||
* | IQVIA Holdings Inc. | 15,129 | 2,338 | ||
* | Jazz Pharmaceuticals plc | 15,597 | 2,328 | ||
* | Regeneron Pharmaceuticals Inc. | 5,817 | 2,184 | ||
* | Masimo Corp. | 13,214 | 2,089 | ||
* | Penumbra Inc. | 12,362 | 2,031 |
12 |
Tax-Managed Balanced Fund
Market | |||||
Value· | |||||
Shares | ($000 | ) | |||
* | Varian Medical Systems Inc. | 13,982 | 1,986 | ||
* | Alexion Pharmaceuticals Inc. | 17,822 | 1,927 | ||
* | Premier Inc. Class A | 50,767 | 1,923 | ||
Cerner Corp. | 25,793 | 1,893 | |||
* | Catalent Inc. | 32,691 | 1,841 | ||
Quest Diagnostics Inc. | 16,919 | 1,807 | |||
* | DexCom Inc. | 8,079 | 1,767 | ||
ResMed Inc. | 11,300 | 1,751 | |||
* | Centene Corp. | 26,850 | 1,688 | ||
* | Align Technology Inc. | 5,984 | 1,670 | ||
* | Veeva Systems Inc. Class A | 11,833 | 1,664 | ||
Cardinal Health Inc. | 32,745 | 1,656 | |||
* | Incyte Corp. | 17,801 | 1,554 | ||
* | Hologic Inc. | 29,253 | 1,527 | ||
* | Seattle Genetics Inc. | 13,072 | 1,494 | ||
Teleflex Inc. | 3,932 | 1,480 | |||
Universal Health Services Inc. Class B | 10,172 | 1,459 | |||
AmerisourceBergen Corp. Class A | 15,706 | 1,335 | |||
* | DaVita Inc. | 17,119 | 1,284 | ||
PerkinElmer Inc. | 13,223 | 1,284 | |||
* | Bio-Rad Laboratories Inc. Class A | 3,420 | 1,266 | ||
* | Alnylam Pharmaceuticals Inc. | 10,641 | 1,226 | ||
* | Acadia Healthcare Co. Inc. | 35,408 | 1,176 | ||
* | Neurocrine Biosciences Inc. | 10,564 | 1,136 | ||
Dentsply Sirona Inc. | 18,983 | 1,074 | |||
* | Charles River Laboratories International Inc. | 6,994 | 1,068 | ||
* | Exact Sciences Corp. | 11,319 | 1,047 | ||
Hill-Rom Holdings Inc. | 8,722 | 990 | |||
Bio-Techne Corp. | 4,125 | 905 | |||
* | Ionis Pharmaceuticals Inc. | 12,147 | 734 | ||
* | Molina Healthcare Inc. | 5,337 | 724 | ||
Perrigo Co. plc | 13,878 | 717 | |||
* | QIAGEN NV | 20,957 | 708 | ||
* | BioMarin Pharmaceutical Inc. | 7,634 | 645 | ||
* | Insulet Corp. | 3,622 | 620 | ||
STERIS plc | 4,000 | 610 | |||
Chemed Corp. | 1,300 | 571 | |||
* | Elanco Animal Health Inc. | 17,916 | 528 | ||
West Pharmaceutical Services Inc. | 3,341 | 502 | |||
* | ABIOMED Inc. | 2,898 | 494 | ||
* | Envista Holdings Corp. | 15,814 | 469 | ||
* | PRA Health Sciences Inc. | 3,849 | 428 | ||
* | Integra LifeSciences Holdings Corp. | 5,352 | 312 | ||
Encompass Health Corp. | 2,416 | 167 | |||
* | Horizon Therapeutics plc | 2,702 | 98 | ||
* | Sarepta Therapeutics Inc. | 678 | 87 | ||
Bruker Corp. | 1,500 | 76 | |||
* | MEDNAX Inc. | 2,455 | 68 | ||
* | Exelixis Inc. | 3,165 | 56 | ||
* | United Therapeutics Corp. | 218 | 19 | ||
*,§ | Tahoe Resources Inc. CVR Exp. 02/27/2029 | 22,786 | 5 | ||
377,561 | |||||
Materials & Processing (1.5%) | |||||
Linde plc | 50,405 | 10,731 | |||
Ecolab Inc. | 22,658 | 4,373 | |||
Air Products & Chemicals Inc. | 18,500 | 4,347 | |||
Sherwin-Williams Co. | 7,060 | 4,120 | |||
Newmont Goldcorp Corp. | 72,089 | 3,132 | |||
Dow Inc. | 54,947 | 3,007 | |||
DuPont de Nemours Inc. | 46,451 | 2,982 | |||
Ingersoll-Rand plc | 20,400 | 2,712 | |||
LyondellBasell Industries NV Class A | 28,438 | 2,687 | |||
PPG Industries Inc. | 19,800 | 2,643 | |||
Ball Corp. | 30,836 | 1,994 | |||
Vulcan Materials Co. | 13,386 | 1,927 | |||
Martin Marietta Materials Inc. | 6,586 | 1,842 | |||
Celanese Corp. Class A | 14,628 | 1,801 | |||
* | Axalta Coating Systems Ltd. | 58,660 | 1,783 | ||
Freeport-McMoRan Inc. | 135,724 | 1,781 | |||
Royal Gold Inc. | 14,400 | 1,760 | |||
* | Univar Solutions Inc. | 71,543 | 1,734 | ||
* | Crown Holdings Inc. | 21,733 | 1,577 | ||
* | Element Solutions Inc. | 128,571 | 1,502 | ||
International Paper Co. | 31,443 | 1,448 | |||
Fastenal Co. | 35,846 | 1,325 | |||
Lennox International Inc. | 4,681 | 1,142 | |||
Hexcel Corp. | 14,466 | 1,061 | |||
Nucor Corp. | 17,843 | 1,004 | |||
Masco Corp. | 19,089 | 916 | |||
Reliance Steel & Aluminum Co. | 7,600 | 910 | |||
FMC Corp. | 9,098 | 908 | |||
Westrock Co. | 20,760 | 891 | |||
Owens Corning | 13,342 | 869 | |||
CF Industries Holdings Inc. | 17,959 | 857 | |||
International Flavors & Fragrances Inc. | 6,430 | 830 | |||
Sealed Air Corp. | 19,269 | 767 | |||
Armstrong World Industries Inc. | 8,089 | 760 | |||
Albemarle Corp. | 10,400 | 760 | |||
Eagle Materials Inc. | 7,542 | 684 | |||
Packaging Corp. of America | 6,052 | 678 | |||
Huntsman Corp. | 27,900 | 674 | |||
Eastman Chemical Co. | 8,219 | 651 | |||
Southern Copper Corp. | 14,656 | 623 |
13 |
Tax-Managed Balanced Fund
Market | |||||
Value· | |||||
Shares | ($000 | ) | |||
Valmont Industries Inc. | 4,136 | 620 | |||
Silgan Holdings Inc. | 18,967 | 590 | |||
NewMarket Corp. | 1,129 | 549 | |||
Scotts Miracle-Gro Co. | 5,042 | 535 | |||
Westlake Chemical Corp. | 7,433 | 521 | |||
RPM International Inc. | 6,500 | 499 | |||
Ashland Global Holdings Inc. | 6,198 | 474 | |||
WR Grace & Co. | 6,600 | 461 | |||
MDU Resources Group Inc. | 9,950 | 296 | |||
* | Berry Global Group Inc. | 6,019 | 286 | ||
Cabot Corp. | 5,900 | 280 | |||
* | Alcoa Corp. | 12,618 | 271 | ||
Graphic Packaging Holding Co. | 15,800 | 263 | |||
Chemours Co. | 11,200 | 203 | |||
GrafTech International Ltd. | 17,200 | 200 | |||
Timken Co. | 3,100 | 175 | |||
AptarGroup Inc. | 1,500 | 173 | |||
Acuity Brands Inc. | 1,067 | 147 | |||
Steel Dynamics Inc. | 4,100 | 140 | |||
Watsco Inc. | 500 | 90 | |||
Sonoco Products Co. | 1,300 | 80 | |||
United States Steel Corp. | 6,000 | 68 | |||
O-I Glass Inc. | 5,005 | 60 | |||
83,174 | |||||
Producer Durables (4.7%) | |||||
Boeing Co. | 47,052 | 15,328 | |||
Accenture plc Class A | 59,476 | 12,524 | |||
Union Pacific Corp. | 62,786 | 11,351 | |||
Honeywell International Inc. | 63,834 | 11,299 | |||
United Technologies Corp. | 73,286 | 10,975 | |||
General Electric Co. | 795,070 | 8,873 | |||
Lockheed Martin Corp. | 22,492 | 8,758 | |||
Caterpillar Inc. | 49,756 | 7,348 | |||
United Parcel Service Inc. Class B | 60,781 | 7,115 | |||
3M Co. | 39,887 | 7,037 | |||
Automatic Data Processing Inc. | 39,845 | 6,794 | |||
Raytheon Co. | 25,295 | 5,558 | |||
Deere & Co. | 28,718 | 4,976 | |||
CSX Corp. | 68,562 | 4,961 | |||
Northrop Grumman Corp. | 14,368 | 4,942 | |||
Illinois Tool Works Inc. | 26,375 | 4,738 | |||
Norfolk Southern Corp. | 21,800 | 4,232 | |||
Emerson Electric Co. | 54,190 | 4,132 | |||
Waste Management Inc. | 33,651 | 3,835 | |||
TransDigm Group Inc. | 6,585 | 3,688 | |||
Delta Air Lines Inc. | 62,899 | 3,678 | |||
Eaton Corp. plc | 37,345 | 3,537 | |||
* | United Airlines Holdings Inc. | 38,134 | 3,359 | ||
FedEx Corp. | 21,969 | 3,322 | |||
* | Copart Inc. | 35,593 | 3,237 | ||
Roper Technologies Inc. | 8,710 | 3,085 | |||
General Dynamics Corp. | 17,491 | 3,085 | |||
Johnson Controls International plc | 72,978 | 2,971 | |||
* | Waters Corp. | 12,476 | 2,915 | ||
Cintas Corp. | 10,373 | 2,791 | |||
Southwest Airlines Co. | 50,666 | 2,735 | |||
* | Teledyne Technologies Inc. | 6,944 | 2,406 | ||
* | CoStar Group Inc. | 3,869 | 2,315 | ||
AMETEK Inc. | 22,442 | 2,238 | |||
* | Mettler-Toledo International Inc. | 2,697 | 2,139 | ||
Verisk Analytics Inc.Class A | 13,447 | 2,008 | |||
* | United Rentals Inc. | 11,674 | 1,947 | ||
Parker-Hannifin Corp. | 9,302 | 1,915 | |||
PACCAR Inc. | 23,928 | 1,893 | |||
Rockwell Automation Inc. | 9,203 | 1,865 | |||
Xylem Inc. | 23,614 | 1,861 | |||
Cummins Inc. | 10,321 | 1,847 | |||
Stanley Black & Decker Inc. | 10,910 | 1,808 | |||
IDEX Corp. | 10,462 | 1,799 | |||
* | Gardner Denver Holdings Inc. | 48,079 | 1,764 | ||
* | Colfax Corp. | 46,790 | 1,702 | ||
* | Keysight Technologies Inc. | 16,038 | 1,646 | ||
Huntington Ingalls Industries Inc. | 6,494 | 1,629 | |||
Allegion plc | 12,833 | 1,598 | |||
* | Sensata Technologies Holding plc | 29,137 | 1,570 | ||
Fortive Corp. | 20,386 | 1,557 | |||
* | AECOM | 35,745 | 1,542 | ||
Expeditors International of Washington Inc. | 19,686 | 1,536 | |||
Republic Services Inc. Class A | 16,510 | 1,480 | |||
Nordson Corp. | 8,492 | 1,383 | |||
Textron Inc. | 29,358 | 1,309 | |||
JB Hunt Transport Services Inc. | 11,052 | 1,291 | |||
Jacobs Engineering Group Inc. | 14,361 | 1,290 | |||
* | Zebra Technologies Corp. | 4,990 | 1,275 | ||
Wabtec Corp. | 16,047 | 1,248 | |||
Carlisle Cos. Inc. | 7,633 | 1,235 | |||
* | Kirby Corp. | 13,568 | 1,215 | ||
ITT Inc. | 16,144 | 1,193 | |||
Oshkosh Corp. | 12,558 | 1,189 | |||
* | HD Supply Holdings Inc. | 29,328 | 1,180 | ||
CH Robinson Worldwide Inc. | 15,011 | 1,174 | |||
Paychex Inc. | 13,584 | 1,155 | |||
* | Trimble Inc. | 26,321 | 1,097 | ||
* | XPO Logistics Inc. | 13,742 | 1,095 | ||
BWX Technologies Inc. | 17,602 | 1,093 | |||
AO Smith Corp. | 22,475 | 1,071 |
14 |
Tax-Managed Balanced Fund
Market | |||||
Value· | |||||
Shares | ($000 | ) | |||
Toro Co. | 13,011 | 1,037 | |||
Arconic Inc. | 32,466 | 999 | |||
Spirit AeroSystems Holdings Inc. Class A | 13,411 | 977 | |||
Air Lease Corp. Class A | 20,291 | 964 | |||
FLIR Systems Inc. | 18,391 | 958 | |||
Lincoln Electric Holdings Inc. | 9,765 | 945 | |||
Robert Half International Inc. | 14,500 | 916 | |||
* | Clean Harbors Inc. | 10,647 | 913 | ||
WW Grainger Inc. | 2,682 | 908 | |||
Landstar System Inc. | 7,935 | 904 | |||
AGCO Corp. | 11,695 | 903 | |||
Dover Corp. | 7,663 | 883 | |||
American Airlines Group Inc. | 29,772 | 854 | |||
Quanta Services Inc. | 20,704 | 843 | |||
Xerox Holdings Corp. | 22,618 | 834 | |||
Kansas City Southern | 5,000 | 766 | |||
Donaldson Co. Inc. | 13,286 | 766 | |||
HEICO Corp. | 6,487 | 740 | |||
Flowserve Corp. | 14,313 | 712 | |||
* | Stericycle Inc. | 10,277 | 656 | ||
Copa Holdings SA Class A | 5,839 | 631 | |||
* | JetBlue Airways Corp. | 33,052 | 619 | ||
National Instruments Corp. | 14,511 | 614 | |||
Avery Dennison Corp. | 4,600 | 602 | |||
* | WESCO International Inc. | 9,740 | 578 | ||
Genpact Ltd. | 13,285 | 560 | |||
ManpowerGroup Inc. | 5,650 | 549 | |||
Old Dominion Freight Line Inc. | 2,837 | 538 | |||
Knight-Swift Transportation Holdings Inc. | 14,300 | 512 | |||
Pentair plc | 10,087 | 463 | |||
Snap-on Inc. | 2,597 | 440 | |||
Trinity Industries Inc. | 19,100 | 423 | |||
MSC Industrial Direct Co.Inc. Class A | 5,300 | 416 | |||
Ryder System Inc. | 7,500 | 407 | |||
Booz Allen Hamilton Holding Corp. Class A | 4,900 | 349 | |||
HEICO Corp. Class A | 3,638 | 326 | |||
Hubbell Inc. Class B | 2,200 | 325 | |||
nVent Electric plc | 10,087 | 258 | |||
Graco Inc. | 4,912 | 255 | |||
Regal Beloit Corp. | 2,800 | 240 | |||
Alaska Air Group Inc. | 2,900 | 196 | |||
Woodward Inc. | 1,400 | 166 | |||
* | Paylocity Holding Corp. | 1,300 | 157 | ||
Littelfuse Inc. | 768 | 147 | |||
* | Gates Industrial Corp. plc | 9,933 | 137 | ||
Schneider National Inc. Class B | 6,200 | 135 | |||
* | Middleby Corp. | 1,014 | 111 | ||
Fluor Corp. | 5,558 | 105 | |||
ADT Inc. | 8,500 | 67 | |||
Allison Transmission Holdings Inc. | 1,200 | 58 | |||
Rollins Inc. | 1,312 | 43 | |||
Curtiss-Wright Corp. | 305 | 43 | |||
Crane Co. | 451 | 39 | |||
* | Resideo Technologies Inc. | 2,362 | 28 | ||
273,752 | |||||
Technology (11.4%) | |||||
Apple Inc. | 425,657 | 124,994 | |||
Microsoft Corp. | 721,763 | 113,822 | |||
* | Facebook Inc. Class A | 230,326 | 47,274 | ||
* | Alphabet Inc. Class A | 30,313 | 40,601 | ||
* | Alphabet Inc. Class C | 28,849 | 38,572 | ||
Intel Corp. | 398,000 | 23,820 | |||
Cisco Systems Inc. | 409,381 | 19,634 | |||
* | Adobe Inc. | 47,094 | 15,532 | ||
NVIDIA Corp. | 54,212 | 12,756 | |||
* | salesforce.com Inc. | 76,492 | 12,441 | ||
Oracle Corp. | 215,417 | 11,413 | |||
Broadcom Inc. | 35,849 | 11,329 | |||
Texas Instruments Inc. | 85,640 | 10,987 | |||
QUALCOMM Inc. | 108,398 | 9,564 | |||
International Business Machines Corp. | 63,103 | 8,458 | |||
* | Micron Technology Inc. | 138,310 | 7,438 | ||
* | Advanced Micro Devices Inc. | 129,923 | 5,958 | ||
Intuit Inc. | 22,737 | 5,956 | |||
Applied Materials Inc. | 90,715 | 5,537 | |||
* | ServiceNow Inc. | 16,685 | 4,711 | ||
* | IHS Markit Ltd. | 57,328 | 4,320 | ||
Lam Research Corp. | 14,049 | 4,108 | |||
* | Autodesk Inc. | 21,248 | 3,898 | ||
Analog Devices Inc. | 32,108 | 3,816 | |||
Activision Blizzard Inc. | 59,760 | 3,551 | |||
L3Harris Technologies Inc. | 16,506 | 3,266 | |||
* | Electronic Arts Inc. | 29,113 | 3,130 | ||
* | VeriSign Inc. | 16,053 | 3,093 | ||
Amphenol Corp. Class A | 26,138 | 2,829 | |||
* | Gartner Inc. | 18,074 | 2,785 | ||
Cognizant Technology Solutions Corp. Class A | 44,315 | 2,748 | |||
HP Inc. | 128,673 | 2,644 | |||
Motorola Solutions Inc. | 15,878 | 2,559 | |||
KLA Corp. | 13,882 | 2,473 | |||
Hewlett Packard Enterprise Co. | 142,229 | 2,256 | |||
* | Atlassian Corp. plc Class A | 18,735 | 2,255 | ||
* | Synopsys Inc. | 16,191 | 2,254 | ||
* | Black Knight Inc. | 34,912 | 2,251 | ||
* | Okta Inc. | 19,409 | 2,239 | ||
* | DocuSign Inc. Class A | 29,825 | 2,210 |
15 |
Tax-Managed Balanced Fund
Market | |||||
Value· | |||||
Shares | ($000 | ) | |||
Microchip Technology Inc. | 20,270 | 2,123 | |||
Xilinx Inc. | 21,429 | 2,095 | |||
Skyworks Solutions Inc. | 17,100 | 2,067 | |||
* | Twitter Inc. | 64,447 | 2,066 | ||
Corning Inc. | 68,131 | 1,983 | |||
* | Splunk Inc. | 13,214 | 1,979 | ||
* | Ceridian HCM Holding Inc. | 28,778 | 1,953 | ||
* | Palo Alto Networks Inc. | 8,303 | 1,920 | ||
* | Cadence Design Systems Inc. | 27,659 | 1,918 | ||
* | Match Group Inc. | 22,828 | 1,874 | ||
Western Digital Corp. | 29,474 | 1,871 | |||
* | IAC/InterActiveCorp | 7,373 | 1,837 | ||
* | Workday Inc. Class A | 11,159 | 1,835 | ||
* | ANSYS Inc. | 7,069 | 1,820 | ||
Maxim Integrated Products Inc. | 24,329 | 1,496 | |||
* | Akamai Technologies Inc. | 17,101 | 1,477 | ||
�� | NortonLifeLock Inc. | 56,039 | 1,430 | ||
* | EchoStar Corp. Class A | 32,155 | 1,393 | ||
Marvell Technology Group Ltd. | 51,555 | 1,369 | |||
Terad yne Inc. | 19,532 | 1,332 | |||
* | Qorvo Inc. | 11,320 | 1,316 | ||
* | Tyler Technologies Inc. | 4,332 | 1,300 | ||
CDW Corp. | 8,857 | 1,265 | |||
* | SolarWinds Corp. | 67,913 | 1,260 | ||
Citrix Systems Inc. | 11,127 | 1,234 | |||
* | GoDaddy Inc. Class A | 17,857 | 1,213 | ||
* | Fortinet Inc. | 10,756 | 1,148 | ||
NetApp Inc. | 17,371 | 1,081 | |||
Amdocs Ltd. | 14,500 | 1,047 | |||
* | VMware Inc. Class A | 6,737 | 1,023 | ||
Leidos Holdings Inc. | 10,350 | 1,013 | |||
* | Paycom Software Inc. | 3,751 | 993 | ||
Juniper Networks Inc. | 40,200 | 990 | |||
* | Take-Two Interactive Software Inc. | 7,963 | 975 | ||
SS&C Technologies Holdings Inc. | 14,800 | 909 | |||
* | ON Semiconductor Corp. | 35,080 | 855 | ||
* | RingCentral Inc. Class A | 4,984 | 841 | ||
CDK Global Inc. | 14,435 | 789 | |||
Universal Display Corp. | 3,786 | 780 | |||
* | F5 Networks Inc. | 5,559 | 776 | ||
* | Guidewire Software Inc. | 7,046 | 773 | ||
Avnet Inc. | 17,300 | 734 | |||
* | EPAM Systems Inc. | 3,426 | 727 | ||
MKS Instruments Inc. | 6,500 | 715 | |||
DXC Technology Co. | 18,932 | 712 | |||
* | Dell Technologies Inc. | 12,926 | 664 | ||
* | Proofpoint Inc. | 5,609 | 644 | ||
* | Arrow Electronics Inc. | 7,307 | 619 | ||
Sabre Corp. | 27,200 | 610 | |||
Dolby Laboratories Inc. Class A | 8,275 | 569 | |||
* | Arista Networks Inc. | 2,703 | 550 | ||
* | PTC Inc. | 7,269 | 544 | ||
* | Manhattan Associates Inc. | 6,606 | 527 | ||
* | Nuance Communications Inc. | 29,402 | 524 | ||
* | Zynga Inc. Class A | 85,400 | 523 | ||
* | NCR Corp. | 14,237 | 501 | ||
* | Twilio Inc. Class A | 4,678 | 460 | ||
* | Zendesk Inc. | 5,670 | 435 | ||
Jabil Inc. | 8,300 | 343 | |||
* | Teradata Corp. | 12,274 | 329 | ||
Monolithic Power Systems Inc. | 1,800 | 320 | |||
* | Coherent Inc. | 1,542 | 257 | ||
* | Pure Storage Inc. Class A | 14,100 | 241 | ||
SYNNEX Corp. | 1,700 | 219 | |||
* | FireEye Inc. | 12,696 | 210 | ||
* | CACI International Inc. Class A | 800 | 200 | ||
* | CommScope Holding Co. Inc. | 13,800 | 196 | ||
* | Aspen Technology Inc. | 1,506 | 182 | ||
LogMeIn Inc. | 2,100 | 180 | |||
* | New Relic Inc. | 2,500 | 164 | ||
Entegris Inc. | 3,200 | 160 | |||
* | Nutanix Inc. | 5,012 | 157 | ||
* | IPG Photonics Corp. | 1,031 | 149 | ||
* | Smartsheet Inc. Class A | 3,300 | 148 | ||
* | Anaplan Inc. | 2,700 | 142 | ||
Pegasystems Inc. | 1,468 | 117 | |||
* | RealPage Inc. | 1,692 | 91 | ||
Ubiquiti Inc. | 306 | 58 | |||
Cognex Corp. | 800 | 45 | |||
* | Groupon Inc. Class A | 18,709 | 45 | ||
* | Cerence Inc. | 875 | 20 | ||
* | Dropbox Inc. Class A | 446 | 8 | ||
* | Cree Inc. | 43 | 2 | ||
660,942 | |||||
Utilities (2.4%) | |||||
Verizon Communications Inc. | 384,874 | 23,631 | |||
AT&T Inc. | 550,518 | 21,514 | |||
NextEra Energy Inc. | 47,042 | 11,392 | |||
Duke Energy Corp. | 76,972 | 7,021 | |||
Southern Co. | 101,616 | 6,473 | |||
Dominion Energy Inc. | 75,797 | 6,277 | |||
American Electric Power Co. Inc. | 45,700 | 4,319 | |||
Sempra Energy | 26,229 | 3,973 | |||
Exelon Corp. | 84,900 | 3,871 | |||
* | T-Mobile US Inc. | 46,748 | 3,666 | ||
American Water Works Co. Inc. | 27,784 | 3,413 |
16 |
Tax-Managed Balanced Fund
Market | |||||
Value· | |||||
Shares | ($000 | ) | |||
Consolidated Edison Inc. | 33,700 | 3,049 | |||
Public Service Enterprise Group Inc. | 49,300 | 2,911 | |||
WEC Energy Group Inc. | 27,832 | 2,567 | |||
NRG Energy Inc. | 62,415 | 2,481 | |||
Xcel Energy Inc. | 37,904 | 2,406 | |||
PPL Corp. | 61,004 | 2,189 | |||
* | GCI Liberty Inc. Class A | 30,555 | 2,165 | ||
Edison International | 28,046 | 2,115 | |||
* | Zayo Group Holdings Inc. | 59,534 | 2,063 | ||
DTE Energy Co. | 14,767 | 1,918 | |||
Eversource Energy | 22,187 | 1,887 | |||
FirstEnergy Corp. | 38,600 | 1,876 | |||
Entergy Corp. | 11,483 | 1,376 | |||
Alliant Energy Corp. | 24,226 | 1,326 | |||
Evergy Inc. | 19,735 | 1,284 | |||
CMS Energy Corp. | 20,227 | 1,271 | |||
Ameren Corp. | 15,737 | 1,209 | |||
NiSource Inc. | 42,649 | 1,187 | |||
Atmos Energy Corp. | 9,845 | 1,101 | |||
AES Corp. | 53,469 | 1,064 | |||
OGE Energy Corp. | 23,786 | 1,058 | |||
Aqua America Inc. | 20,886 | 980 | |||
Vistra Energy Corp. | 39,091 | 899 | |||
CenterPoint Energy Inc. | 31,100 | 848 | |||
UGI Corp. | 15,661 | 707 | |||
Telephone & Data Systems Inc. | 22,046 | 561 | |||
Pinnacle West Capital Corp. | 5,958 | 536 | |||
National Fuel Gas Co. | 5,771 | 269 | |||
* | Sprint Corp. | 50,326 | 262 | ||
Avangrid Inc. | 4,545 | 232 | |||
* | United States Cellular Corp. | 5,358 | 194 | ||
IDACORP Inc. | 1,500 | 160 | |||
Hawaiian Electric Industries Inc. | 1,058 | 50 | |||
139,751 | |||||
Total Common Stocks (Cost $1,434,584) | 2,783,816 |
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 | 507 | ||||
Alabama Economic Settlement Authority BP Settlement Revenue | 4.000% | 9/15/33 | 500 | 546 | ||||
Alabama Incentives Financing Authority Special Obligation Revenue | 5.000% | 9/1/22 | (Prere.) | 380 | 419 | |||
Birmingham-Jefferson AL Civic Center Authority Special Tax Revenue | 5.000% | 7/1/31 | 1,100 | 1,351 | ||||
Black Belt Energy Gas District Alabama Gas Prepay Revenue (Project No. 3) PUT | 4.000% | 12/1/23 | 1,555 | 1,679 | ||||
2 | Black Belt Energy Gas District Alabama Gas PrepayRevenue (Project No. 3) PUT, 67% of 1M USD LIBOR + 0.900% | 2.045% | 12/1/23 | 1,000 | 1,000 | |||
Black Belt Energy Gas District Alabama Gas Supply Revenue PUT | 4.000% | 6/1/21 | 3,885 | 4,023 | ||||
Black Belt Energy Gas District Alabama Gas Supply Revenue PUT | 4.000% | 7/1/22 | 430 | 456 | ||||
Huntsville AL Electric System Revenue | 5.000% | 12/1/30 | 510 | 629 | ||||
Huntsville AL GO | 5.000% | 5/1/35 | 1,125 | 1,386 | ||||
Huntsville AL GO | 5.000% | 5/1/38 | 1,860 | 2,336 | ||||
Jefferson County AL Revenue | 5.000% | 9/15/29 | 1,020 | 1,237 | ||||
Jefferson County AL Revenue | 5.000% | 9/15/33 | 1,000 | 1,197 | ||||
Jefferson County AL Sewer Revenue | 5.000% | 10/1/23 | 500 | 561 | ||||
Jefferson County AL Sewer Revenue | 0.000% | 10/1/25 | (4) | 500 | 436 |
17 |
Tax-Managed Balanced Fund
Face | Market | |||||||
Maturity | Amount | Value· | ||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||
Southeast Alabama Gas Supply District Revenue PUT | 4.000% | 4/1/24 | 6,185 | 6,709 | ||||
Southeast Alabama Gas Supply District Revenue PUT | 4.000% | 6/1/24 | 1,105 | 1,205 | ||||
Tuscaloosa AL City Board of Education School Tax Warrants Revenue | 5.000% | 8/1/27 | 530 | 645 | ||||
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 | 837 | |||
28,478 | ||||||||
Alaska (0.1%) | ||||||||
Alaska Housing Finance Corp. Revenue | 5.000% | 6/1/22 | (Prere.) | 425 | 464 | |||
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 | 1,753 | ||||
Matanuska-Susitna Borough AK Lease Revenue (Goose Creek Correctional Center) GO | 5.000% | 9/1/31 | 1,345 | 1,568 | ||||
3,866 | ||||||||
Arizona (1.0%) | ||||||||
Arizona Board of Regents Arizona State University System Revenue | 5.000% | 7/1/30 | 675 | 800 | ||||
Arizona Board of Regents Arizona State University System Revenue | 5.000% | 7/1/31 | 545 | 626 | ||||
Arizona COP | 5.000% | 10/1/26 | 2,000 | 2,465 | ||||
Arizona Lottery Revenue | 5.000% | 7/1/28 | 1,000 | 1,281 | ||||
Arizona School Facilities Board COP | 5.000% | 9/1/21 | 1,355 | 1,442 | ||||
Arizona State University Revenue (McAllister Academic Village LLC) | 5.000% | 7/1/36 | 1,165 | 1,394 | ||||
Arizona Transportation Board Excise Tax Revenue | 5.000% | 7/1/21 | 2,240 | 2,370 | ||||
Arizona Transportation Board Excise Tax Revenue | 5.000% | 7/1/23 | 2,155 | 2,443 | ||||
Arizona Transportation Board Excise Tax Revenue | 5.000% | 7/1/24 | 2,110 | 2,468 | ||||
Arizona Transportation Board Excise Tax Revenue (Maricopa County Regional Area) | 5.000% | 7/1/20 | (Prere.) | 500 | 510 | |||
Arizona Transportation Board Highway Revenue | 5.000% | 7/1/22 | 2,210 | 2,421 | ||||
Arizona Transportation Board Highway Revenue | 5.000% | 7/1/22 | (Prere.) | 500 | 548 | |||
Arizona Transportation Board Highway Revenue | 5.000% | 7/1/32 | 1,025 | 1,236 | ||||
Arizona Water Infrastructure Finance Authority Revenue | 5.000% | 10/1/27 | 1,000 | 1,171 | ||||
Chandler AZ GO | 5.000% | 7/1/23 | 1,165 | 1,322 | ||||
Gilbert AZ GO | 5.000% | 7/1/20 | 2,480 | 2,528 | ||||
Glendale AZ Industrial Development Authority Revenue (Midwestern University) | 5.000% | 5/15/30 | 335 | 339 | ||||
Maricopa County AZ Elementary School District No. 14 (Creighton) GO | 3.000% | 7/1/32 | 1,000 | 1,059 | ||||
Maricopa County AZ Industrial Development Authoirty Hospital Revenue (Honorhealth) | 5.000% | 9/1/33 | 830 | 1,015 |
18 |
Tax-Managed Balanced Fund
Face | Market | |||||||
Maturity | Amount | Value· | ||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||
Maricopa County AZ Unified School District No. 4 (Mesa) GO | 5.000% | 7/1/24 | 1,700 | 1,985 | ||||
Phoenix AZ Civic Improvement Corp. Airport Revenue | 5.000% | 7/1/20 | (Prere.) | 365 | 372 | |||
Phoenix AZ Civic Improvement Corp. Excise Tax Revenue | 5.000% | 7/1/22 | 1,145 | 1,255 | ||||
Phoenix AZ Civic Improvement Corp. Wastewater System Revenue | 5.000% | 7/1/22 | 2,290 | 2,510 | ||||
Phoenix AZ Civic Improvement Corp. Wastewater System Revenue | 5.000% | 7/1/27 | 1,295 | 1,586 | ||||
Phoenix AZ Civic Improvement Corp. Wastewater System Revenue | 4.000% | 7/1/28 | 2,000 | 2,226 | ||||
Phoenix AZ Civic Improvement Corp. Water System Revenue | 5.000% | 7/1/21 | 525 | 556 | ||||
Phoenix AZ Civic Improvement Corp. Water System Revenue | 5.000% | 7/1/22 | 1,260 | 1,381 | ||||
Phoenix AZ Civic Improvement Corp. Water System Revenue | 5.000% | 7/1/23 | 2,040 | 2,314 | ||||
Phoenix AZ Civic Improvement Corp. Water System Revenue | 5.000% | 7/1/26 | 2,520 | 2,937 | ||||
Phoenix AZ Civic Improvement Corp. Water System Revenue | 5.000% | 7/1/35 | 1,900 | 2,278 | ||||
Phoenix AZ Industrial Development Authority Lease Revenue (Downtown Phoenix Student Housing LLC) | 5.000% | 7/1/27 | 300 | 363 | ||||
Phoenix AZ Industrial Development Authority Lease Revenue (Downtown Phoenix Student Housing LLC) | 5.000% | 7/1/28 | 250 | 307 | ||||
Pima County AZ Sewer Revenue | 5.000% | 7/1/20 | 500 | 510 | ||||
Pima County AZ Sewer Revenue | 5.000% | 7/1/20 | 1,150 | 1,172 | ||||
Pima County AZ Sewer Revenue | 5.000% | 7/1/24 | 1,105 | 1,291 | ||||
Regional Public Transportation Authority Arizona Excise Tax Revenue (Maricopa County Public Transportation) | 5.250% | 7/1/24 | 1,125 | 1,329 | ||||
Salt River Project Arizona Agricultural Improvement & Power District Revenue | 5.000% | 12/1/28 | 515 | 552 | ||||
Salt River Project Arizona Agricultural Improvement & Power District Revenue | 5.000% | 12/1/29 | 2,000 | 2,180 | ||||
Salt River Project Arizona Agricultural Improvement & Power District Revenue | 5.000% | 1/1/36 | 1,540 | 1,866 | ||||
Salt Verde AZ Financial Corp. Gas Revenue | 5.250% | 12/1/24 | 910 | 1,057 | ||||
Salt Verde AZ Financial Corp. Gas Revenue | 5.250% | 12/1/28 | 640 | 802 | ||||
Yavapai County AZ Industrial Development Authority Hospital Facility Revenue (Northern Arizona Healthcare System) | 5.250% | 10/1/22 | 500 | 534 | ||||
58,801 | ||||||||
Arkansas (0.2%) | ||||||||
Arkansas Development Finance Authority Healthcare Revenue (Baptist Health) PUT | 3.750% | 9/1/25 | 2,000 | 2,015 | ||||
Pulaski County AR Hospital Revenue (Arkansas Children’s Hospital) | 5.000% | 3/1/29 | 1,075 | 1,291 | ||||
Springdale AR Sales and Use Revenue | 5.000% | 4/1/37 | (15) | 1,000 | 1,120 | |||
Springdale AR School District No. 50 GO | 4.000% | 6/1/27 | 1,190 | 1,270 |
19 |
Tax-Managed Balanced Fund
Face | Market | |||||||
Maturity | Amount | Value· | ||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||
Springdale AR School District No. 50 GO | 4.000% | 6/1/32 | 1,155 | 1,219 | ||||
University of Arkansas Revenue | 5.000% | 11/1/21 | 805 | 862 | ||||
University of Arkansas Revenue | 5.000% | 11/1/24 | 800 | 938 | ||||
University of Arkansas Revenue | 5.000% | 11/1/30 | 765 | 931 | ||||
9,646 | ||||||||
California (4.5%) | ||||||||
ABAG Finance Authority for Nonprofit Corps. California Revenue (Episcopal Senior Communities) | 5.000% | 7/1/22 | 500 | 546 | ||||
ABAG Finance Authority for Nonprofit Corps. California Revenue (Jackson Laboratory) | 5.000% | 7/1/21 | 760 | 806 | ||||
ABAG Finance Authority for Nonprofit Corps. California Revenue (Windemere Ranch Infrastructure Financing Program) | 5.000% | 9/2/30 | (4) | 1,120 | 1,393 | |||
Alameda CA Corridor Transportation Authority Revenue | 0.000% | 10/1/30 | (2) | 740 | 555 | |||
Alameda CA Corridor Transportation Authority Revenue | 0.000% | 10/1/32 | (14) | 1,690 | 1,217 | |||
Anaheim CA Housing & Public Improvements Authority Revenue (Electric Utility Distribution System) | 5.000% | 10/1/30 | 1,000 | 1,122 | ||||
Anaheim CA Housing & Public Improvements Authority Revenue (Electric Utility Distribution System) | 5.000% | 10/1/33 | 1,015 | 1,134 | ||||
Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) | 5.000% | 10/1/20 | (Prere.) | 500 | 515 | |||
Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) | 5.000% | 4/1/22 | (Prere.) | 500 | 546 | |||
Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) | 5.000% | 4/1/23 | (Prere.) | 1,000 | 1,131 | |||
Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) | 4.000% | 4/1/33 | 1,000 | 1,155 | ||||
Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) | 4.000% | 4/1/37 | 820 | 931 | ||||
Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) PUT | 2.100% | 4/1/22 | 1,150 | 1,172 | ||||
Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) PUT | 2.125% | 4/1/25 | 2,950 | 3,070 | ||||
Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) PUT | 2.850% | 4/1/25 | 1,000 | 1,075 | ||||
Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) PUT | 2.625% | 4/1/26 | 2,000 | 2,141 | ||||
Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) PUT | 2.950% | 4/1/26 | 1,000 | 1,086 | ||||
2 | Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) PUT, SIFMA Municipal Swap Index Yield + 0.700% | 2.310% | 4/1/21 | 1,000 | 1,005 | |||
2 | Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) PUT, SIFMA Municipal Swap Index Yield + 0.900% | 2.510% | 5/1/23 | 1,000 | 1,017 | |||
Brea CA Redevelopment Agency Successor Agency Tax Allocation Revenue (Redevelopment Project AB) | 0.000% | 8/1/29 | (2) | 1,000 | 815 | |||
California Department of Water Resources Power Supply Revenue | 5.000% | 5/1/20 | 1,165 | 1,180 |
20 |
Tax-Managed Balanced Fund
Face | Market | |||||||
Maturity | Amount | Value· | ||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||
California GO | 5.000% | 2/1/20 | 500 | 502 | ||||
California GO | 5.000% | 10/1/20 | 2,000 | 2,060 | ||||
California GO | 5.000% | 8/1/22 | 1,000 | 1,103 | ||||
California GO | 5.000% | 9/1/22 | 1,805 | 1,996 | ||||
California GO | 5.000% | 11/1/23 | 1,155 | 1,328 | ||||
California GO | 5.000% | 4/1/24 | 2,000 | 2,327 | ||||
California GO | 5.000% | 9/1/24 | 1,315 | 1,550 | ||||
California GO | 5.000% | 10/1/24 | 2,000 | 2,364 | ||||
California GO | 5.000% | 10/1/25 | 2,500 | 3,037 | ||||
California GO | 5.000% | 3/1/26 | 660 | 789 | ||||
California GO | 5.000% | 4/1/26 | 2,000 | 2,457 | ||||
California GO | 5.000% | 4/1/27 | 2,000 | 2,516 | ||||
California GO | 3.500% | 8/1/27 | 1,515 | 1,757 | ||||
California GO | 5.000% | 2/1/28 | 690 | 771 | ||||
California GO | 5.000% | 9/1/29 | 455 | 560 | ||||
California GO | 5.000% | 11/1/29 | 1,700 | 1,945 | ||||
California GO | 5.250% | 3/1/30 | 500 | 503 | ||||
California GO | 5.000% | 4/1/30 | 500 | 662 | ||||
California GO | 5.000% | 9/1/30 | 1,000 | 1,065 | ||||
California GO | 5.250% | 9/1/30 | 500 | 534 | ||||
California GO | 5.000% | 4/1/31 | 1,005 | 1,348 | ||||
California GO | 4.000% | 8/1/31 | 1,675 | 1,931 | ||||
California GO | 5.000% | 2/1/32 | 500 | 540 | ||||
California GO | 5.000% | 4/1/32 | 2,500 | 3,209 | ||||
California GO | 5.250% | 8/1/32 | (4) | 1,000 | 1,366 | |||
California GO | 5.000% | 10/1/32 | 1,875 | 2,197 | ||||
California GO | 4.000% | 8/1/33 | 1,520 | 1,734 | ||||
California GO | 5.000% | 8/1/33 | 2,865 | 3,475 | ||||
California GO | 4.000% | 9/1/33 | 2,000 | 2,284 | ||||
California GO | 3.000% | 10/1/34 | 1,225 | 1,300 | ||||
California GO | 3.000% | 10/1/35 | 1,815 | 1,919 | ||||
California GO | 3.000% | 10/1/36 | 1,500 | 1,578 | ||||
California Health Facilities Financing Authority Revenue (Adventist Health System/West) | 5.000% | 3/1/23 | 1,145 | 1,285 | ||||
California Health Facilities Financing Authority Revenue (Children’s Hospital of Los Angeles) | 5.000% | 11/15/23 | 1,000 | 1,099 | ||||
California Health Facilities Financing Authority Revenue (Kaiser Permanente) | 4.000% | 11/1/38 | 2,000 | 2,253 | ||||
California Health Facilities Financing Authority Revenue (Kaiser Permanente) PUT | 5.000% | 11/1/22 | 795 | 882 | ||||
California Health Facilities Financing Authority Revenue (Kaiser Permanente) PUT | 5.000% | 11/1/29 | 2,750 | 3,591 | ||||
California Health Facilities Financing Authority Revenue (Lucile Salter Packard Children’s Hospital at Stanford) | 5.000% | 8/15/20 | 520 | 533 | ||||
California Health Facilities Financing Authority Revenue (Providence St. Joseph Health Obligated Group) PUT | 4.000% | 10/1/24 | 1,195 | 1,348 | ||||
California Health Facilities Financing Authority Revenue (Providence St. Joseph Health Obligated Group) PUT | 5.000% | 10/1/25 | 1,690 | 2,037 | ||||
California Health Facilities Financing Authority Revenue (Rady Children’s Hospital) | 5.000% | 8/15/31 | 965 | 1,022 | ||||
California Health Facilities Financing Authority Revenue (Sutter Health) | 5.500% | 8/15/20 | (Prere.) | 500 | 514 |
21 |
Tax-Managed Balanced Fund
Face | Market | |||||||
Maturity | Amount | Value· | ||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||
California Health Facilities Financing Authority Revenue (Sutter Health) | 5.000% | 11/15/36 | 1,000 | 1,234 | ||||
California Infrastructure & Economic Development Bank Revenue (Bay Area Toll Bridges Seismic Retrofit) | 5.000% | 1/1/28 | (Prere.) | 500 | 645 | |||
California Municipal Finance Authority Revenue (Anaheim Electric Utility Distribution System) | 5.000% | 10/1/30 | 965 | 1,157 | ||||
California Municipal Finance Authority Revenue (University of La Verne) | 6.125% | 6/1/20 | (Prere.) | 500 | 511 | |||
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 | 1,095 | ||||
California Public Works Board Lease Revenue (Department of Corrections) | 5.000% | 6/1/27 | 1,050 | 1,145 | ||||
California Public Works Board Lease Revenue (Judicial Council Projects) | 5.000% | 10/1/26 | 1,200 | 1,411 | ||||
California Public Works Board Lease Revenue (Judicial Council Projects) | 5.000% | 3/1/28 | 300 | 335 | ||||
California Public Works Board Lease Revenue (Judicial Council Projects) | 5.125% | 12/1/29 | 260 | 279 | ||||
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 | 1,007 | |||
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 | 2,095 | ||||
California Public Works Board Lease Revenue (Various Capital Projects) | 5.000% | 11/1/31 | 1,000 | 1,104 | ||||
California Public Works Board Lease Revenue (Various Capital Projects) | 5.000% | 4/1/32 | 350 | 379 | ||||
California State Educational Facilities Authority Revenue | 6.125% | 10/1/21 | (Prere.) | 245 | 267 | |||
California State Educational Facilities Authority Revenue | 6.125% | 10/1/21 | (Prere.) | 255 | 278 | |||
California State University Systemwide Revenue | 5.000% | 11/1/30 | 1,000 | 1,109 | ||||
California State University Systemwide Revenue | 5.000% | 11/1/32 | 1,000 | 1,214 | ||||
California State University Systemwide Revenue | 5.000% | 11/1/32 | 2,815 | 3,504 | ||||
California State University Systemwide Revenue | 5.000% | 11/1/34 | 2,010 | 2,348 | ||||
California State University Systemwide Revenue | 5.000% | 11/1/35 | 2,000 | 2,464 | ||||
California Statewide Communities Development Authority Revenue (Citrus Valley Health Partners) | 4.250% | 1/17/20 | (14) | 1,500 | 1,500 | |||
California Statewide Communities Development Authority Revenue (Kaiser Foundation Hospitals) PUT | 5.000% | 11/1/29 | 3,390 | 4,427 |
22 |
Tax-Managed Balanced Fund
Face | Market | |||||||
Maturity | Amount | Value· | ||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||
California Statewide Communities Development Authority Revenue (Kaiser Permanente) PUT | 5.000% | 11/1/29 | 665 | 868 | ||||
California Statewide Communities Development Authority Revenue (Loma Linda University Medical Center) | 5.000% | 12/1/28 | 400 | 462 | ||||
Centinela Valley CA Union High School District GO | 4.000% | 8/1/29 | (4) | 1,035 | 1,189 | |||
Chabot-Las Positas CA Community College District GO | 5.000% | 8/1/31 | 1,000 | 1,132 | ||||
Chaffey CA Community College District GO | 5.000% | 6/1/23 | 850 | 968 | ||||
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 | 1,108 | ||||
3 | Citrus CA Community College District GO, 5.000% coupon rate effective 2/1/2023 | 0.000% | 8/1/34 | 1,000 | 968 | |||
Contra Costa CA Community College District GO | 5.000% | 8/1/23 | (Prere.) | 1,000 | 1,144 | |||
Contra Costa CA Municipal Water District Revenue | 5.000% | 10/1/33 | 1,000 | 1,136 | ||||
Corona-Norco CA Unified School District Special Tax Revenue (Community Facilities District No. 98-1) | 5.000% | 9/1/22 | 970 | 1,072 | ||||
East Side CA Union High School District Santa Clara County GO | 3.000% | 8/1/32 | (4) | 1,000 | 1,054 | |||
3 | Foothill/Eastern Transportation Corridor Agency California Toll Road Revenue, 6.200% coupon rate effective 1/15/2024 | 0.000% | 1/15/29 | 1,390 | 1,420 | |||
Gavilan CA Joint Community College District GO | 5.000% | 8/1/28 | 1,000 | 1,213 | ||||
Golden State Tobacco Securitization Corp. California Revenue | 5.000% | 6/1/25 | 500 | 580 | ||||
Golden State Tobacco Securitization Corp. California Revenue | 0.000% | 6/1/27 | (2) | 2,060 | 1,812 | |||
Golden State Tobacco Securitization Corp. California Revenue | 5.000% | 6/1/33 | 1,565 | 1,835 | ||||
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 | 1,162 | ||||
La Verne CA (Brethren Hillcrest Homes) COP | 5.000% | 5/15/26 | 350 | 377 | ||||
Long Beach CA Finance Authority Natural Gas Purchase Revenue | 5.250% | 11/15/23 | 435 | 495 | ||||
Long Beach CA Harbor Revenue | 5.000% | 12/15/20 | 1,300 | 1,350 | ||||
Long Beach CA Unified School District GO | 0.000% | 8/1/24 | (12) | 1,290 | 1,211 | |||
Los Angeles CA Community College District GO | 4.000% | 8/1/32 | 1,000 | 1,107 | ||||
Los Angeles CA Community College District GO | 4.000% | 8/1/37 | 2,000 | 2,156 | ||||
Los Angeles CA Department of Airports International Airport Revenue | 5.000% | 5/15/27 | 500 | 507 | ||||
Los Angeles CA Department of Water & Power Revenue | 5.000% | 7/1/33 | 1,375 | 1,696 |
23 |
Tax-Managed Balanced Fund
Face | Market | |||||||
Maturity | Amount | Value· | ||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||
Los Angeles CA Department of Water & Power Revenue | 5.000% | 7/1/35 | 1,330 | 1,681 | ||||
Los Angeles CA Department of Water & Power Revenue | 5.000% | 7/1/36 | 1,695 | 2,135 | ||||
Los Angeles CA Department of Water & Power Revenue | 5.000% | 7/1/36 | 1,000 | 1,202 | ||||
Los Angeles CA Department of Water & Power Revenue | 5.000% | 7/1/37 | 1,145 | 1,435 | ||||
Los Angeles CA Department of Water & Power Revenue | 5.000% | 7/1/37 | 1,000 | 1,214 | ||||
Los Angeles CA Department of Water & Power Revenue | 5.000% | 7/1/38 | 500 | 605 | ||||
Los Angeles CA Department of Water & Power Revenue | 5.000% | 7/1/38 | 2,550 | 3,186 | ||||
Los Angeles CA Metropolitan Transportation Authority Sales Tax Revenue | 5.000% | 7/1/38 | 1,400 | 1,749 | ||||
Los Angeles CA Unified School District GO | 5.000% | 7/1/20 | 1,700 | 1,733 | ||||
Los Angeles CA Wastewater System Revenue | 5.000% | 6/1/36 | 1,755 | 2,159 | ||||
Los Angeles County CA Metropolitan Transportation Authority Sales Tax Revenue | 5.000% | 7/1/36 | 1,935 | 2,402 | ||||
Los Angeles County CA Public Works Financing Authority Lease Revenue | 5.000% | 8/1/26 | 500 | 552 | ||||
Los Angeles County CA Redevelopment Authority Tax Allocation Revenue (Hollywood/ North Hollywood Redevelopment Project) | 5.000% | 7/1/20 | 1,500 | 1,530 | ||||
Los Angeles County CA School District GO | 5.000% | 7/1/36 | (15) | 1,000 | 1,239 | |||
Los Angeles County CA Unified School District GO | 5.000% | 7/1/31 | 1,000 | 1,288 | ||||
Marysville CA Revenue (Fremont-Rideout Health Group) | 5.250% | 1/1/21 | (Prere.) | 600 | 626 | |||
Milpitas CA Redevelopment Agency Successor Agency Tax Allocation Revenue | 5.000% | 9/1/31 | 1,130 | 1,344 | ||||
3 | Napa Valley CA Community College District GO, 4.000% coupon rate effective 2/1/2021 | 0.000% | 8/1/32 | 1,090 | 1,160 | |||
Napa Valley CA Unified School District GO | 4.000% | 8/1/28 | 1,690 | 1,849 | ||||
Newport Mesa CA Unified School District GO | 0.000% | 8/1/30 | 630 | 512 | ||||
Oakland CA Redevelopment Agency Tax Allocation Revenue (Central District Project) | 5.000% | 9/1/22 | 500 | 550 | ||||
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 | 1,224 | ||||
Orange County CA Local Transportation Authority Sales Tax Revenue | 5.000% | 2/15/33 | 1,035 | 1,344 | ||||
Palomar Pomerado Health California GO | 0.000% | 8/1/22 | (14) | 1,000 | 961 | |||
Palomar Pomerado Health California GO | 0.000% | 8/1/26 | (12) | 1,040 | 913 | |||
Palomar Pomerado Health California GO | 0.000% | 8/1/32 | (12) | 740 | 535 | |||
Perris CA Public Financing Authority Tax Allocation Revenue | 5.000% | 10/1/21 | 1,085 | 1,162 | ||||
Poway CA Unified School District GO | 5.000% | 8/1/24 | 1,750 | 2,066 | ||||
Poway CA Unified School District Public Financing Authority Special Tax Revenue | 5.000% | 9/1/31 | (4) | 1,395 | 1,700 | |||
Riverside CA Electric Revenue | 5.000% | 10/1/32 | 1,800 | 2,333 |
24 |
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 | 1,146 | |||
Riverside County CA Transportation Commission Toll Revenue | 0.000% | 6/1/30 | 2,415 | 1,881 | ||||
Roseville CA Natural Gas Financing Authority Gas Revenue | 5.000% | 2/15/23 | 340 | 376 | ||||
Roseville CA Natural Gas Financing Authority Gas Revenue | 5.000% | 2/15/25 | 325 | 378 | ||||
Sacramento CA City Financing Authority Revenue | 5.000% | 12/1/22 | (15) | 760 | 849 | |||
Sacramento CA City Financing Authority Tax Allocation Revenue | 0.000% | 12/1/30 | (14) | 1,815 | 1,375 | |||
Sacramento CA Regional Transportation District Farebox Revenue | 5.000% | 9/1/20 | (Prere.) | 185 | 190 | |||
Sacramento CA Regional Transportation District Farebox Revenue | 5.000% | 3/1/23 | 330 | 338 | ||||
Sacramento County CA Sanitation Districts Financing Authority Revenue | 5.000% | 8/1/25 | 495 | 602 | ||||
Sacramento County CA Sanitation Districts Financing Authority Revenue | 5.000% | 8/1/27 | 575 | 698 | ||||
San Bernardino CA Community College District GO | 0.000% | 8/1/22 | (4) | 1,000 | 967 | |||
San Bernardino County CA Transportation Authority Revenue | 5.000% | 3/1/31 | 500 | 541 | ||||
San Diego CA Community College District GO | 5.000% | 8/1/21 | (Prere.) | 500 | 533 | |||
San Diego CA Community College District GO | 5.000% | 8/1/23 | (Prere.) | 1,000 | 1,143 | |||
San Diego CA Public Facilities Financing Authority Water Revenue | 5.250% | 8/1/20 | (Prere.) | 500 | 513 | |||
San Diego CA Unified School District GO | 0.000% | 7/1/27 | 500 | 440 | ||||
San Diego CA Unified School District GO | 5.500% | 7/1/27 | (4) | 520 | 683 | |||
San Diego CA Unified School District GO | 0.000% | 7/1/28 | 500 | 426 | ||||
San Diego CA Unified School District GO | 0.000% | 7/1/29 | 500 | 412 | ||||
San Diego CA Unified School District GO | 0.000% | 7/1/30 | 100 | 80 | ||||
San Diego County CA Regional Airport Authority Revenue | 5.000% | 7/1/30 | (4) | 500 | 510 | |||
San Diego County CA Regional Transportation Commission Sales Tax Revenue | 5.000% | 4/1/22 | (Prere.) | 560 | 612 | |||
San Diego County CA Water Authority Revenue | 5.000% | 5/1/28 | 1,000 | 1,199 | ||||
San Francisco CA Bay Area Rapid Transit District GO | 5.000% | 8/1/30 | 1,530 | 1,848 | ||||
San Francisco CA Bay Area Rapid Transit District Sales Tax Revenue | 4.000% | 7/1/21 | 350 | 366 | ||||
San Francisco CA City & County (Earthquake Safety & Emergency Response) GO | 5.000% | 6/15/20 | (Prere.) | 500 | 509 | |||
San Francisco CA City & County COP | 5.000% | 4/1/28 | 1,635 | 1,981 | ||||
San Francisco CA City & County COP | 4.000% | 4/1/33 | 1,000 | 1,126 | ||||
San Francisco CA City & County International Airport Revenue | 5.000% | 5/3/21 | (Prere.) | 95 | 100 | |||
San Francisco CA City & County International Airport Revenue | 5.000% | 5/1/27 | 405 | 442 | ||||
San Francisco CA City & County International Airport Revenue | 5.000% | 5/1/30 | 405 | 426 | ||||
San Francisco CA City & County International Airport Revenue | 5.000% | 5/1/34 | 1,000 | 1,275 |
25 |
Tax-Managed Balanced Fund
Face | Market | |||||||
Maturity | Amount | Value· | ||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||
San Francisco CA City & County Public Utilities Commission Water Revenue | 5.500% | 11/1/20 | (Prere.) | 500 | 519 | |||
San Francisco CA City & County Public Utilities Commission Water Revenue | 5.000% | 5/1/22 | (Prere.) | 1,245 | 1,363 | |||
San Francisco CA City & County Public Utilities Commission Water Revenue | 5.000% | 11/1/31 | 1,700 | 2,106 | ||||
San Francisco CA City & County Public Utilities Commission Water Revenue | 5.000% | 11/1/32 | 1,000 | 1,188 | ||||
San Francisco CA City & County Public Utilities Commission Water Revenue | 5.000% | 11/1/35 | 1,500 | 1,836 | ||||
San Francisco CA City & County Unified School District GO | 4.000% | 6/15/32 | 965 | 1,032 | ||||
San Francisco CA City & County Unified School District GO | 4.250% | 6/15/33 | 1,000 | 1,076 | ||||
San Ramon CA Public Financing Authority Tax Allocation Revenue | 0.000% | 2/1/33 | (2) | 1,475 | 1,024 | |||
Santa Clara CA Financing Authority Revenue | 3.000% | 5/1/39 | 1,155 | 1,186 | ||||
Santa Clara CA Unified School District GO | 3.000% | 7/1/34 | 1,000 | 1,054 | ||||
Southern California Public Power Authority Revenue (Canyon Power Project) | 5.000% | 7/1/22 | 1,105 | 1,171 | ||||
Southern California Public Power Authority Revenue (Milford Wind Corridor Phase I Project) | 5.000% | 7/1/26 | 1,000 | 1,000 | ||||
State Center California Community College District GO | 5.000% | 8/1/29 | 1,000 | 1,206 | ||||
Tahoe-Truckee CA Unified School District GO | 5.000% | 8/1/34 | 1,030 | 1,252 | ||||
Union CA Elementary School District GO | 0.000% | 9/1/28 | (14) | 1,080 | 912 | |||
Union City CA Community Redevelopment Agency Successor Agency Tax Allocation Revenue | 5.000% | 10/1/30 | 1,635 | 1,958 | ||||
University of California Revenue | 5.000% | 5/15/21 | (Prere.) | 160 | 169 | |||
University of California Revenue | 5.000% | 5/15/23 | 875 | 924 | ||||
University of California Revenue | 5.000% | 5/15/23 | (Prere.) | 310 | 351 | |||
University of California Revenue | 5.000% | 5/15/28 | 690 | 781 | ||||
University of California Revenue | 4.000% | 5/15/33 | 1,000 | 1,110 | ||||
University of California Revenue | 4.000% | 5/15/33 | 2,500 | 2,872 | ||||
University of California Revenue | 4.000% | 5/15/34 | 1,770 | 1,932 | ||||
University of California Revenue | 4.000% | 5/15/34 | 1,000 | 1,145 | ||||
University of California Revenue | 4.000% | 5/15/35 | 2,000 | 2,284 | ||||
University of California Revenue | 5.000% | 5/15/35 | 1,620 | 2,042 | ||||
University of California Revenue | 5.000% | 5/15/35 | 1,165 | 1,465 | ||||
University of California Revenue PUT | 5.000% | 5/15/23 | 3,740 | 4,243 | ||||
West Contra Costa CA Unified School District GO | 0.000% | 8/1/32 | (4) | 1,155 | 864 | |||
West Contra Costa CA Unified School District GO | 0.000% | 8/1/34 | (14) | 1,225 | 855 | |||
260,241 | ||||||||
Colorado (1.1%) | ||||||||
Adams & Weld County CO School District No. 27J GO | 5.000% | 12/1/34 | 1,435 | 1,698 | ||||
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 | 336 | ||||
Colorado (UCDHSC Fitzsimons Academic Projects) COP | 5.000% | 11/1/21 | 500 | 535 |
26 |
Tax-Managed Balanced Fund
Face | Market | |||||||
Maturity | Amount | Value· | ||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||
Colorado COP | 4.000% | 12/15/33 | 1,225 | 1,421 | ||||
Colorado COP | 4.000% | 12/15/34 | 1,335 | 1,540 | ||||
Colorado Educational & Cultural Facilities Authority Revenue (University of Denver) | 4.000% | 3/1/30 | 500 | 570 | ||||
Colorado Health Facilities Authority Hospital Revenue (Adventist Health System/West Obligated Group) | 5.000% | 11/15/37 | 1,000 | 1,244 | ||||
Colorado Health Facilities Authority Hospital Revenue (Adventist Health System/West Obligated Group) | 4.000% | 11/15/38 | 1,000 | 1,131 | ||||
Colorado Health Facilities Authority Hospital Revenue (Adventist Health System/West Obligated Group) PUT | 5.000% | 11/19/26 | 1,030 | 1,267 | ||||
Colorado Health Facilities Authority Retirement Facilities Revenue (Liberty Heights Project) | 0.000% | 7/15/24 | (ETM) | 1,430 | 1,340 | |||
Colorado Health Facilities Authority Revenue (Adventist Health System/Sunbelt Obligated Group) PUT | 5.000% | 11/15/23 | 2,990 | 3,411 | ||||
Colorado Health Facilities Authority Revenue (Catholic Health Initiatives) | 5.250% | 2/1/21 | (Prere.) | 2,500 | 2,609 | |||
Colorado Health Facilities Authority Revenue (Covenant Retirement Community Inc.) | 5.000% | 12/1/27 | 500 | 545 | ||||
Colorado Health Facilities Authority Revenue (NCMC Inc.) | 4.000% | 5/15/26 | (Prere.) | 1,500 | 1,745 | |||
Colorado Springs CO Utility System Revenue | 5.000% | 11/15/22 | (Prere.) | 500 | 556 | |||
Denver CO City & County Airport Revenue | 5.000% | 11/15/20 | 515 | 533 | ||||
Denver CO City & County Airport Revenue | 5.000% | 11/15/22 | 1,335 | 1,380 | ||||
Denver CO City & County Airport Revenue | 5.000% | 11/15/24 | 1,200 | 1,411 | ||||
Denver CO City & County Airport Revenue | 5.000% | 11/15/26 | 430 | 444 | ||||
Denver CO City & County Airport Revenue | 5.000% | 12/1/26 | 750 | 920 | ||||
Denver CO City & County Airport Revenue | 4.000% | 12/1/38 | 400 | 451 | ||||
Denver CO City & County Better Denver & Zoo GO | 5.000% | 8/1/22 | 1,000 | 1,100 | ||||
Denver CO City & County COP | 5.000% | 6/1/37 | 1,685 | 1,996 | ||||
Denver CO City & County Dedicated Tax Revenue | 0.000% | 8/1/29 | 500 | 397 | ||||
Denver CO City & County GO | 5.000% | 8/1/23 | 1,535 | 1,747 | ||||
Denver CO City & County School District GO | 4.000% | 12/1/31 | 1,000 | 1,114 | ||||
Denver CO City & County School District GO | 5.000% | 12/1/36 | 2,000 | 2,421 | ||||
E-470 Public Highway Authority Colorado Revenue | 0.000% | 9/1/23 | (14) | 1,010 | 954 | |||
E-470 Public Highway Authority Colorado Revenue | 5.375% | 9/1/26 | 1,000 | 1,027 | ||||
El Paso County CO School District No. 20 Academy GO | 5.000% | 12/15/30 | 2,400 | 2,939 | ||||
El Paso County CO School District No. 3 Widefield GO | 5.000% | 12/1/26 | 350 | 388 | ||||
El Paso County CO School District No. 3 Widefield GO | 5.000% | 12/1/27 | 500 | 554 | ||||
El Paso County CO School District No. 3 Widefield GO | 5.000% | 12/1/29 | 500 | 553 | ||||
El Paso County CO School District No. 3 Widefield GO | 5.000% | 12/1/30 | 520 | 574 | ||||
El Paso County CO School District No. 3 Widefield GO | 5.000% | 12/1/31 | 635 | 701 |
27 |
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 | 1,113 | ||||
Jefferson County CO School District No. R-1 GO | 5.000% | 12/15/36 | 3,395 | 4,257 | ||||
Larimer County CO School District No. R-1 Poudre GO | 5.000% | 12/15/29 | 1,000 | 1,287 | ||||
Regional Transportation District of Colorado COP | 5.000% | 6/1/20 | (Prere.) | 1,010 | 1,026 | |||
Regional Transportation District of Colorado COP | 5.000% | 6/1/20 | (Prere.) | 1,000 | 1,016 | |||
4 | Regional Transportation District of Colorado COP | 5.000% | 6/1/31 | 1,000 | 1,253 | |||
Regional Transportation District of Colorado Sales Tax Revenue (FasTracks Project) | 5.000% | 11/1/27 | 5,400 | 5,969 | ||||
University of Colorado Enterprise System Revenue | 5.000% | 6/1/22 | (Prere.) | 515 | 563 | |||
University of Colorado Enterprise System Revenue | 4.000% | 6/1/32 | 1,590 | 1,811 | ||||
University of Colorado Hospital Authority Revenue | 5.000% | 11/15/36 | 1,000 | 1,094 | ||||
61,713 | ||||||||
Connecticut (0.7%) | ||||||||
Connecticut GO | 5.000% | 4/15/21 | 500 | 524 | ||||
Connecticut GO | 5.000% | 11/15/22 | 1,935 | 2,144 | ||||
Connecticut GO | 5.000% | 4/15/24 | 800 | 866 | ||||
Connecticut GO | 5.000% | 2/15/25 | 1,000 | 1,178 | ||||
Connecticut GO | 5.000% | 5/15/25 | 2,345 | 2,779 | ||||
Connecticut GO | 5.000% | 2/15/26 | 1,000 | 1,203 | ||||
Connecticut GO | 5.000% | 9/1/26 | 1,000 | 1,158 | ||||
Connecticut GO | 5.000% | 2/15/27 | 1,000 | 1,226 | ||||
Connecticut GO | 4.000% | 9/15/27 | 1,000 | 1,061 | ||||
Connecticut GO | 5.000% | 4/15/28 | 1,000 | 1,250 | ||||
Connecticut GO | 5.000% | 4/15/28 | 500 | 539 | ||||
Connecticut GO | 5.000% | 3/1/32 | 2,950 | 3,323 | ||||
Connecticut GO | 5.000% | 10/15/32 | 705 | 766 | ||||
Connecticut Health & Educational Facilities Authority Revenue (Connecticut State University System) | 5.000% | 11/1/31 | 1,000 | 1,272 | ||||
Connecticut Health & Educational Facilities Authority Revenue (Covenant Retirement Communities) | 5.000% | 12/1/31 | 1,000 | 1,191 | ||||
Connecticut Health & Educational Facilities Authority Revenue (Hartford Healthcare) | 5.000% | 7/1/26 | 550 | 580 | ||||
Connecticut Health & Educational Facilities Authority Revenue (Nuvance Health) | 5.000% | 7/1/29 | 1,255 | 1,592 | ||||
Connecticut Health & Educational Facilities Authority Revenue (University of Hartford) | 5.000% | 7/1/31 | 575 | 699 | ||||
Connecticut Health & Educational Facilities Authority Revenue (Yale University) PUT | 1.450% | 7/1/22 | 875 | 880 | ||||
Connecticut Health & Educational Facilities Authority Revenue (Yale University) PUT | 1.450% | 7/1/22 | 900 | 905 | ||||
Connecticut Health & Educational Facilities Authority Revenue (Yale University) PUT | 5.000% | 2/1/23 | 3,400 | 3,788 |
28 |
Tax-Managed Balanced Fund
Face | Market | |||||||
Maturity | Amount | Value· | ||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||
Connecticut Health & Educational Facilities Authority Revenue (Yale University) PUT | 2.000% | 7/1/26 | 500 | 516 | ||||
Connecticut Health & Educational Facilities Authority Revenue (Yale University) PUT | 5.000% | 2/1/28 | 2,280 | 2,895 | ||||
Connecticut Special Tax Revenue | 5.000% | 10/1/34 | 1,000 | 1,226 | ||||
Connecticut Special Tax Revenue (Transportation Infrastructure) | 5.000% | 9/1/23 | 1,185 | 1,345 | ||||
Connecticut Special Tax Revenue (Transportation Infrastructure) | 5.000% | 1/1/28 | 1,805 | 2,253 | ||||
Hartford County CT Metropolitan District GO | 5.000% | 7/15/28 | 1,255 | 1,595 | ||||
Hartford County CT Metropolitan District GO | 4.000% | 7/15/38 | 2,025 | 2,291 | ||||
University of Connecticut GO | 5.000% | 2/15/27 | 635 | 740 | ||||
University of Connecticut Revenue | 5.000% | 11/1/27 | 1,000 | 1,242 | ||||
43,027 | ||||||||
Delaware (0.1%) | ||||||||
Delaware GO | 5.000% | 7/1/20 | 662 | 675 | ||||
Delaware GO | 5.000% | 10/1/20 | 700 | 720 | ||||
Delaware GO | 5.000% | 2/1/25 | 1,010 | 1,204 | ||||
Delaware Health Facilities Authority Revenue (Bayhealth Medical Center Obligated Group) | 5.000% | 6/1/30 | 600 | 731 | ||||
Delaware River & Bay Authority Revenue | 3.000% | 1/1/38 | 1,495 | 1,532 | ||||
University of Delaware Revenue | 5.000% | 11/1/34 | 440 | 597 | ||||
University of Delaware Revenue | 5.000% | 11/1/35 | 500 | 683 | ||||
Wilmington DE GO | 5.000% | 11/1/28 | 1,000 | 1,032 | ||||
7,174 | ||||||||
District of Columbia (0.7%) | ||||||||
District of Columbia GO | 5.000% | 6/1/25 | 1,235 | 1,482 | ||||
District of Columbia GO | 5.000% | 6/1/29 | 3,740 | 4,340 | ||||
District of Columbia GO | 5.000% | 10/15/31 | 1,070 | 1,372 | ||||
District of Columbia GO | 5.000% | 6/1/32 | 1,000 | 1,202 | ||||
District of Columbia GO | 5.000% | 10/15/32 | 2,235 | 2,850 | ||||
District of Columbia GO | 5.000% | 6/1/34 | 1,320 | 1,600 | ||||
District of Columbia Hospital Revenue (Children’s Hospital Obligated Group) | 5.000% | 7/15/35 | 1,000 | 1,163 | ||||
District of Columbia Income Tax Revenue | 5.000% | 12/1/24 | 1,350 | 1,499 | ||||
District of Columbia Income Tax Revenue | 5.000% | 12/1/26 | 655 | 703 | ||||
District of Columbia Income Tax Revenue | 5.000% | 3/1/30 | 1,145 | 1,495 | ||||
District of Columbia Income Tax Revenue | 5.000% | 12/1/30 | 500 | 508 | ||||
District of Columbia Income Tax Revenue | 5.000% | 3/1/34 | 2,030 | 2,596 | ||||
District of Columbia Water & Sewer Authority Public Utility Revenue | 5.000% | 10/1/33 | 2,175 | 2,663 | ||||
District of Columbia Water & Sewer Authority Public Utility Revenue | 5.000% | 10/1/34 | 4,000 | 4,739 | ||||
Metropolitan Washington DC/VA Airports Authority Airport System Revenue | 5.000% | 10/1/24 | 540 | 556 | ||||
4 | Metropolitan Washington DC/VA Airports Authority Airport System Revenue | 5.000% | 10/1/30 | 2,325 | 2,988 | |||
Metropolitan Washington DC/VA Airports Authority Dulles Toll Road Revenue (Dulles Metrorail & Capital Improvement Projects) | 5.000% | 10/1/33 | 2,225 | 2,767 |
29 |
Tax-Managed Balanced Fund
Face | Market | |||||||
Maturity | Amount | Value· | ||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||
Metropolitan Washington DC/VA Airports Authority Dulles Toll Road Revenue (Dulles Metrorail & Capital Improvement Projects) | 0.000% | 10/1/37 | 1,300 | 713 | ||||
Metropolitan Washington DC/VA Airports Authority Dulles Toll Road Revenue (Dulles Metrorail & Capital Improvement Projects) | 4.000% | 10/1/39 | 1,000 | 1,114 | ||||
Washington DC Convention & Sports Authority Revenue | 5.000% | 10/1/26 | 1,090 | 1,342 | ||||
37,692 | ||||||||
Florida (2.6%) | ||||||||
Brevard County FL School Board COP | 5.000% | 7/1/25 | 1,000 | 1,125 | ||||
Broward County FL Airport System Revenue | 5.000% | 10/1/22 | (Prere.) | 400 | 441 | |||
Broward County FL Airport System Revenue | 5.500% | 10/1/23 | (Prere.) | 1,000 | 1,159 | |||
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 | 1,124 | ||||
Citizens Property Insurance Corp. Florida Revenue (Coastal Account) | 5.000% | 6/1/20 | 1,230 | 1,231 | ||||
Citizens Property Insurance Corp. Florida Revenue (Personal Lines Account/ Commercial Lines Account) | 5.000% | 6/1/20 | 750 | 762 | ||||
Florida Board of Education Lottery Revenue | 4.000% | 7/1/27 | 1,230 | 1,311 | ||||
Florida Board of Education Public Education Capital Outlay GO | 5.000% | 6/1/21 | 1,270 | 1,341 | ||||
Florida Board of Education Public Education Capital Outlay GO | 5.000% | 6/1/21 | 760 | 802 | ||||
Florida Board of Education Public Education Capital Outlay GO | 5.000% | 6/1/22 | 4,285 | 4,687 | ||||
Florida Board of Education Public Education Capital Outlay GO | 5.000% | 6/1/24 | 625 | 707 | ||||
Florida Board of Education Public Education Capital Outlay GO | 4.000% | 6/1/27 | 1,255 | 1,336 | ||||
Florida Board of Education Public Education Capital Outlay GO | 4.000% | 6/1/29 | 1,365 | 1,449 | ||||
Florida Board of Education Public Education Capital Outlay GO | 4.000% | 6/1/32 | 1,675 | 1,875 | ||||
Florida Department of Transportation GO | 5.000% | 7/1/27 | 1,315 | 1,656 | ||||
Florida Department of Transportation GO | 4.000% | 7/1/29 | 2,000 | 2,079 | ||||
Florida GO | 4.000% | 6/1/27 | 1,455 | 1,583 | ||||
Florida GO | 5.000% | 7/1/27 | 1,440 | 1,773 | ||||
Florida Gulf Coast University Financing Corp. Capital Improvement Revenue | 4.000% | 2/1/38 | 770 | 849 | ||||
Florida Municipal Power Agency Revenue | 4.000% | 10/1/30 | 2,555 | 2,946 | ||||
Florida Turnpike Authority Revenue | 4.000% | 7/1/34 | 1,000 | 1,104 | ||||
Florida Turnpike Authority Revenue | 4.000% | 7/1/34 | 1,385 | 1,553 | ||||
Hillsborough County FL Industrial Development Authority Hospital Revenue (Tampa General Hospital Project) | 5.000% | 10/1/28 | 500 | 560 | ||||
Hillsborough County FL School Board (Master Lease Program) COP | 5.000% | 7/1/27 | 1,650 | 1,797 | ||||
Jacksonville FL Electric Authority Electric System Revenue | 5.000% | 4/1/21 | (Prere.) | 310 | 325 | |||
Jacksonville FL Electric Authority Electric System Revenue | 5.000% | 10/1/26 | 1,005 | 1,216 |
30 |
Tax-Managed Balanced Fund
Face | Market | |||||||
Maturity | Amount | Value· | ||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||
Jacksonville FL Electric Authority Electric System Revenue | 5.000% | 10/1/27 | 1,160 | 1,303 | ||||
Jacksonville FL Electric Authority Electric System Revenue | 5.000% | 10/1/31 | 190 | 198 | ||||
Jacksonville FL Electric Authority Electric System Revenue | 4.000% | 10/1/37 | 1,955 | 2,172 | ||||
Jacksonville FL Electric Authority Water & Sewer Revenue | 5.000% | 10/1/27 | 1,905 | 2,389 | ||||
Jacksonville FL Electric Authority Water & Sewer Revenue | 5.000% | 10/1/27 | 1,465 | 1,830 | ||||
Jacksonville FL Health Care Facilities Revenue (Baptist Health System Obligated Group) | 4.000% | 8/15/37 | 1,250 | 1,382 | ||||
Jacksonville FL Health Care Facilities Revenue (Brooks Rehabilitation) | 5.000% | 11/1/30 | 1,085 | 1,294 | ||||
Jacksonville FL Special Revenue | 5.000% | 10/1/27 | 1,500 | 1,855 | ||||
Jacksonville FL Special Revenue | 5.000% | 10/1/28 | 1,640 | 2,064 | ||||
Jacksonville FL Special Revenue | 5.000% | 10/1/32 | 500 | 545 | ||||
Jacksonville FL Special Revenue | 5.000% | 10/1/38 | 1,410 | 1,733 | ||||
Jacksonville FL Transportation Authority Local | ||||||||
Option Gas Tax Revenue | 5.000% | 8/1/34 | 1,000 | 1,174 | ||||
Jacksonville FL Transportation Revenue | 5.000% | 10/1/28 | 1,200 | 1,422 | ||||
Jacksonville FL Water & Sewer Revenue | 4.000% | 10/1/35 | 1,655 | 1,866 | ||||
Key West FL Utility Board Electricity Revenue | 5.000% | 10/1/37 | 1,030 | 1,266 | ||||
Lakeland FL Educational Facilities Revenue (Florida Southern College Project) | 5.000% | 9/1/31 | 880 | 944 | ||||
Lakeland FL Hospital Revenue (Lakeland Regional Health Systems) | 5.000% | 11/15/26 | 1,475 | 1,785 | ||||
Lee Memorial Health System Florida Hospital Revenue | 5.000% | 4/1/39 | 1,655 | 2,002 | ||||
Miami Beach FL GO | 5.000% | 5/1/35 | 1,165 | 1,478 | ||||
Miami Beach FL Health Facilities Authority Revenue (Mount Sinai Medical Center) | 5.000% | 11/15/27 | 1,000 | 1,148 | ||||
Miami Beach FL Resort Tax Revenue | 5.000% | 9/1/34 | 1,020 | 1,195 | ||||
Miami Beach FL Stormwater Revenue | 5.000% | 9/1/27 | 1,000 | 1,253 | ||||
Miami Beach FL Water & Sewer Revenue | 5.000% | 10/1/30 | 1,500 | 1,772 | ||||
Miami Beach FL Water & Sewer Revenue | 4.000% | 10/1/34 | 1,895 | 2,149 | ||||
Miami Beach FL Water & Sewer Revenue | 5.000% | 10/1/38 | 1,000 | 1,233 | ||||
Miami FL Special Obligation Street & Sidewalk Improvement Program Revenue | 5.000% | 1/1/30 | (4) | 1,325 | 1,635 | |||
Miami FL Special Obligation Street & Sidewalk Improvement Program Revenue | 5.000% | 1/1/35 | (4) | 1,000 | 1,215 | |||
Miami-Dade County FL Aviation Revenue (Miami International Airport) | 5.000% | 10/1/20 | (Prere.) | 585 | 602 | |||
Miami-Dade County FL Aviation Revenue (Miami International Airport) | 4.875% | 10/1/24 | 500 | 514 | ||||
Miami-Dade County FL Aviation Revenue (Miami International Airport) | 5.000% | 10/1/33 | 1,565 | 1,878 | ||||
Miami-Dade County FL Aviation Revenue (Miami International Airport) | 5.000% | 10/1/34 | 1,000 | 1,198 | ||||
Miami-Dade County FL Building Better Communities GO | 5.000% | 7/1/27 | 2,000 | 2,112 | ||||
Miami-Dade County FL Building Better Communities GO | 5.000% | 7/1/36 | 1,160 | 1,381 |
31 |
Tax-Managed Balanced Fund
Face | Market | |||||||
Maturity | Amount | Value· | ||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||
Miami-Dade County FL Expressway Authority Toll System Revenue | 5.000% | 7/1/24 | 860 | 991 | ||||
Miami-Dade County FL Expressway Authority Toll System Revenue | 5.000% | 7/1/25 | 830 | 958 | ||||
Miami-Dade County FL Health Facilities Authority Hospital Revenue (Miami Children’s Hospital) | 5.000% | 8/1/25 | 1,000 | 1,122 | ||||
Miami-Dade County FL Public Health Trust GO | 4.000% | 7/1/32 | 1,750 | 2,022 | ||||
Miami-Dade County FL School Board COP | 5.000% | 2/1/26 | 3,035 | 3,646 | ||||
Miami-Dade County FL Seaport Revenue | 5.750% | 10/1/28 | 1,510 | 1,736 | ||||
Miami-Dade County FL Special Obligation Revenue | 5.000% | 10/1/22 | 1,575 | 1,736 | ||||
Miami-Dade County FL Special Obligation Revenue | 5.000% | 10/1/24 | 1,000 | 1,100 | ||||
Miami-Dade County FL Special Obligation Revenue | 5.000% | 10/1/30 | 500 | 547 | ||||
Miami-Dade County FL Special Obligation Revenue | 5.000% | 4/1/37 | 1,255 | 1,561 | ||||
Miami-Dade County FL Special Obligation Revenue | 0.000% | 10/1/39 | 1,265 | 696 | ||||
Miami-Dade County FL Transit Sales Surtax Revenue | 4.000% | 7/1/31 | 1,400 | 1,571 | ||||
Miami-Dade County FL Water & Sewer Revenue | 5.000% | 10/1/22 | 2,060 | 2,277 | ||||
North Brevard County FL Hospital District Revenue | 5.000% | 1/1/34 | 1,000 | 1,160 | ||||
Orange County FL Health Facilities Authority Hospital Revenue (Orlando Health Inc.) | 5.000% | 10/1/30 | 1,510 | 1,817 | ||||
Orange County FL School Board COP | 5.000% | 8/1/33 | 6,105 | 7,304 | ||||
Orlando & Orange County FL Expressway Authority Revenue | 5.000% | 7/1/20 | (Prere.) | 500 | 510 | |||
Orlando FL Tourist Development Tax Revenue | 5.000% | 11/1/28 | (4) | 1,520 | 1,881 | |||
Osceola County FL Expressway System Revenue (Poinciana Parkway Project) | 0.000% | 10/1/20 | (Prere.) | 1,270 | 1,256 | |||
4 | Osceola County FL Transportation Revenue | 5.000% | 10/1/28 | 500 | 623 | |||
4 | Osceola County FL Transportation Revenue | 0.000% | 10/1/34 | 2,000 | 1,255 | |||
Palm Beach County FL Health Facilities Authority Hospital Revenue (BRRH Corp. Obligated Group) | 5.000% | 12/1/24 | (Prere.) | 560 | 658 | |||
Palm Beach County FL Public Improvement Revenue | 5.000% | 5/1/33 | 1,245 | 1,492 | ||||
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 | 1,756 | ||||
Reedy Creek FL Improvement District GO | 4.000% | 6/1/34 | 1,190 | 1,323 | ||||
Reedy Creek FL Improvement District GO | 4.000% | 6/1/35 | 1,000 | 1,124 | ||||
Seacoast FL Utility Authority Water & Sewer Revenue | 5.000% | 3/1/21 | 1,230 | 1,286 | ||||
South Broward FL Hospital District Revenue | 4.000% | 5/1/33 | 1,020 | 1,123 | ||||
South Miami FL Health Facilities Authority Revenue (Baptist Health South Florida Obligated Group) | 4.000% | 8/15/33 | 1,180 | 1,318 | ||||
St. Johns County FL Water & Sewer Revenue | 0.000% | 6/1/24 | 1,110 | 1,039 | ||||
Sunshine State Governmental Financing Commission Florida Revenue (Miami Dade County Program) | 5.000% | 9/1/26 | 1,000 | 1,128 |
32 |
Tax-Managed Balanced Fund
Face | Market | |||||||
Maturity | Amount | Value· | ||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||
Tallahassee FL Energy System Revenue | 5.000% | 10/1/35 | 1,000 | 1,149 | ||||
Tallahassee FL Utility System Revenue | 5.000% | 10/1/29 | 1,015 | 1,182 | ||||
Tallahassee FL Utility System Revenue | 5.000% | 10/1/30 | 750 | 871 | ||||
Tallahassee FL Utility System Revenue | 5.000% | 10/1/34 | 1,265 | 1,462 | ||||
Tampa Bay FL Water Utility System Revenue | 5.000% | 10/1/37 | 2,040 | 2,450 | ||||
Tampa FL Cigarette Tax Allocation Revenue (H. Lee Moffitt Cancer Center Project) | 5.000% | 9/1/20 | 610 | 625 | ||||
Tampa FL Cigarette Tax Allocation Revenue (H. Lee Moffitt Cancer Center Project) | 5.000% | 9/1/26 | 200 | 218 | ||||
Tampa FL Health System Revenue (BayCare Health System) | 5.000% | 11/15/33 | 1,575 | 1,699 | ||||
Tampa FL Hospital Revenue | 5.000% | 7/1/23 | 750 | 815 | ||||
Tampa-Hillsborough County FL Expressway Authority Revenue | 5.000% | 7/1/30 | 200 | 249 | ||||
Tampa-Hillsborough County FL Expressway Authority Revenue | 5.000% | 7/1/31 | 250 | 310 | ||||
Tohopekaliga FL Water Authority Utility System Revenue | 4.000% | 10/1/21 | 1,275 | 1,340 | ||||
Tohopekaliga FL Water Authority Utility System Revenue | 5.750% | 10/1/21 | (Prere.) | 500 | 540 | |||
Tohopekaliga FL Water Authority Utility System Revenue | 4.000% | 10/1/32 | 1,000 | 1,126 | ||||
Volusia County FL Educational Facilities Authority Revenue (Embry-Riddle Aeronautical University Inc.) | 5.000% | 10/15/29 | 860 | 1,052 | ||||
Volusia County FL School Board COP | 5.000% | 8/1/25 | 1,000 | 1,160 | ||||
151,289 | ||||||||
Georgia (1.2%) | ||||||||
Athens-Clarke County GA Unified Government Water & Sewerage Revenue | 4.000% | 1/1/32 | 1,000 | 1,099 | ||||
Atlanta GA Airport Revenue | 5.000% | 1/1/33 | 2,000 | 2,263 | ||||
Atlanta GA Water & Wastewater Revenue | 5.000% | 11/1/21 | 1,500 | 1,606 | ||||
Atlanta GA Water & Wastewater Revenue | 5.000% | 11/1/25 | 1,290 | 1,538 | ||||
Atlanta GA Water & Wastewater Revenue | 5.750% | 11/1/27 | (4) | 555 | 733 | |||
Atlanta GA Water & Wastewater Revenue | 5.000% | 11/1/36 | 1,170 | 1,439 | ||||
Bulloch County GA Development Authority Revenue (Georgia Southern University Housing Foundation) | 5.000% | 7/1/27 | 510 | 633 | ||||
Cobb County GA Kennestone Hospital Authority Revenue | 5.000% | 4/1/24 | 400 | 447 | ||||
4 | Coweta County GA Development Authority Revenue (Piedmont Healthcare Inc. Project) | 5.000% | 7/1/36 | 1,060 | 1,281 | |||
Dahlonega GA Downtown Development Authority Revenue (North Georgia MAC LLC Project) | 5.000% | 7/1/31 | 800 | 975 | ||||
DeKalb County GA Water & Sewer Revenue | 5.250% | 10/1/31 | 500 | 534 | ||||
Forsyth County GA School District Revenue | 5.000% | 4/1/29 | 750 | 983 | ||||
Fulton County GA Development Authority Revenue (Children’s Healthcare of Atlanta Obligated Group) | 5.000% | 7/1/38 | 1,500 | 1,857 | ||||
Georgia GO | 5.000% | 2/1/20 | 1,375 | 1,379 | ||||
Georgia GO | 5.000% | 7/1/21 | 2,550 | 2,700 | ||||
Georgia GO | 5.000% | 7/1/24 | 1,500 | 1,756 |
33 |
Tax-Managed Balanced Fund
Face | Market | |||||||
Maturity | Amount | Value· | ||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||
Georgia GO | 5.000% | 7/1/24 | 1,000 | 1,171 | ||||
Georgia GO | 5.000% | 7/1/25 | 1,100 | 1,325 | ||||
Georgia GO | 5.000% | 2/1/30 | 1,500 | 1,857 | ||||
Georgia GO | 5.000% | 2/1/31 | 1,500 | 1,849 | ||||
Griffin-Spalding County GA Hospital Authority Revenue (WellStar Health System Obligated Group) | 5.000% | 4/1/25 | 600 | 703 | ||||
Griffin-Spalding County GA Hospital Authority Revenue (WellStar Health System Obligated Group) | 5.000% | 4/1/31 | 350 | 421 | ||||
Griffin-Spalding County GA Hospital Authority Revenue (WellStar Health System Obligated Group) | 5.000% | 4/1/33 | 1,575 | 1,883 | ||||
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 | 625 | ||||
Main Street Natural Gas Inc. Georgia Gas Project Revenue | 5.000% | 3/15/22 | 525 | 564 | ||||
Main Street Natural Gas Inc. Georgia Gas Project Revenue | 5.000% | 5/15/33 | 500 | 612 | ||||
Main Street Natural Gas Inc. Georgia Gas Project Revenue | 5.000% | 5/15/38 | 500 | 653 | ||||
Main Street Natural Gas Inc. Georgia Gas Project Revenue PUT | 4.000% | 9/1/23 | 6,010 | 6,524 | ||||
Main Street Natural Gas Inc. Georgia Gas Project Revenue PUT | 4.000% | 12/1/23 | 6,245 | 6,808 | ||||
Main Street Natural Gas Inc. Georgia Gas Project Revenue PUT | 4.000% | 12/2/24 | 1,130 | 1,260 | ||||
Main Street Natural Gas Inc. Georgia Gas Project Revenue PUT | 4.000% | 9/1/26 | 2,000 | 2,263 | ||||
Metropolitan Atlanta Rapid Transportation Authority Georgia Sales Tax Revenue | 5.000% | 7/1/31 | 1,410 | 1,710 | ||||
Metropolitan Atlanta Rapid Transportation Authority Georgia Sales Tax Revenue | 4.000% | 7/1/33 | 1,835 | 2,105 | ||||
Municipal Electric Authority Georgia Revenue | 5.000% | 1/1/26 | 1,510 | 1,787 | ||||
Municipal Electric Authority Georgia Revenue | 5.000% | 1/1/28 | (15) | 1,495 | 1,783 | |||
Municipal Electric Authority Georgia Revenue | 5.000% | 1/1/29 | 1,795 | 2,197 | ||||
Municipal Electric Authority Georgia Revenue | 5.000% | 1/1/35 | 1,685 | 1,897 | ||||
Municipal Electric Authority Georgia Revenue | 5.000% | 1/1/39 | 1,215 | 1,453 | ||||
Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project P) | 5.000% | 1/1/28 | 580 | 705 | ||||
Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project P) | 5.000% | 1/1/30 | 465 | 563 | ||||
Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project P) | 5.000% | 1/1/32 | 500 | 605 | ||||
Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project P) | 5.000% | 1/1/33 | 100 | 121 | ||||
Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project P) | 5.000% | 1/1/34 | 700 | 834 | ||||
Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project P) | 5.000% | 1/1/36 | 500 | 599 | ||||
Private Colleges & University Authority of Georgia Revenue (Emory University) | 5.000% | 9/1/27 | 1,540 | 1,944 |
34 |
Tax-Managed Balanced Fund
Face | Market | |||||||
Maturity | Amount | Value· | ||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||
Private Colleges & University Authority of Georgia Revenue (Emory University) | 5.000% | 9/1/36 | 795 | 1,011 | ||||
Walton County GA Development Authority Revenue (Piedmont Healthcare Inc. Project) | 4.000% | 7/1/38 | 1,145 | 1,281 | ||||
70,930 | ||||||||
Guam (0.1%) | ||||||||
Guam Business Privilege Tax Revenue | 5.000% | 11/15/29 | 800 | 907 | ||||
Guam Government Business Privilege Tax Revenue | 5.000% | 11/15/26 | 735 | 844 | ||||
Guam Government Waterworks Authority Water & Waste Water 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 | 1,429 | ||||
Guam International Airport Authority Revenue | 5.000% | 10/1/21 | 465 | 490 | ||||
4,788 | ||||||||
Hawaii (0.9%) | ||||||||
Hawaii Department of Budget & Finance Special Purpose Revenue (Hawaii Pacific Health Obligated Group) | 5.000% | 7/1/20 | 320 | 326 | ||||
Hawaii Department of Budget & Finance Special Purpose Revenue (Hawaii Pacific Health Obligated Group) | 5.000% | 7/1/21 | 400 | 422 | ||||
Hawaii GO | 5.000% | 10/1/21 | 2,500 | 2,671 | ||||
Hawaii GO | 5.000% | 12/1/21 | 375 | 403 | ||||
Hawaii GO | 5.000% | 12/1/21 | (Prere.) | 310 | 333 | |||
Hawaii GO | 5.000% | 12/1/21 | (Prere.) | 190 | 204 | |||
Hawaii GO | 5.000% | 10/1/22 | 4,175 | 4,616 | ||||
Hawaii GO | 5.000% | 8/1/24 | 1,765 | 2,069 | ||||
Hawaii GO | 5.000% | 8/1/25 | 1,500 | 1,757 | ||||
Hawaii GO | 5.000% | 10/1/25 | 1,575 | 1,907 | ||||
Hawaii GO | 5.000% | 1/1/26 | 2,295 | 2,793 | ||||
Hawaii GO | 5.000% | 8/1/29 | 3,500 | 3,957 | ||||
Hawaii GO | 4.000% | 4/1/30 | 1,500 | 1,697 | ||||
Hawaii GO | 5.000% | 1/1/31 | 1,275 | 1,626 | ||||
Hawaii GO | 4.000% | 4/1/31 | 1,000 | 1,127 | ||||
Hawaii GO | 5.000% | 1/1/33 | 1,475 | 1,830 | ||||
Hawaii GO | 5.000% | 1/1/36 | 4,060 | 5,001 | ||||
Hawaii GO | 4.000% | 1/1/37 | 2,065 | 2,344 | ||||
Honolulu HI City & County GO | 5.000% | 10/1/20 | 2,335 | 2,404 | ||||
Honolulu HI City & County GO | 5.000% | 12/1/20 | (Prere.) | 310 | 321 | |||
Honolulu HI City & County GO | 5.000% | 8/1/21 | (Prere.) | 1,000 | 1,062 | |||
Honolulu HI City & County GO | 5.250% | 8/1/21 | (Prere.) | 500 | 533 | |||
Honolulu HI City & County GO | 5.250% | 8/1/21 | (Prere.) | 1,245 | 1,326 | |||
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 | 4,791 | ||||
Honolulu HI City & County Wastewater System Revenue | 5.000% | 7/1/30 | 2,000 | 2,363 | ||||
Honolulu HI City & County Wastewater System Revenue | 5.000% | 7/1/31 | 1,000 | 1,178 | ||||
Honolulu HI City & County Wastewater System Revenue | 4.000% | 7/1/33 | 1,530 | 1,794 | ||||
52,055 |
35 |
Tax-Managed Balanced Fund
Face | Market | |||||||
Maturity | Amount | Value· | ||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||
Idaho (0.1%) | ||||||||
Canyon County ID School District No. 139 (Vallivue) GO | 4.000% | 9/15/21 | 1,215 | 1,274 | ||||
Idaho Health Facilities Authority Revenue (St. Luke’s Health System Project) | 5.000% | 3/1/28 | 1,595 | 1,974 | ||||
3,248 | ||||||||
Illinois (2.6%) | ||||||||
Chicago IL Board of Education GO | 5.000% | 12/1/21 | 1,000 | 1,053 | ||||
Chicago IL Board of Education GO | 5.250% | 12/1/21 | (14) | 540 | 571 | |||
Chicago IL Board of Education GO | 5.000% | 12/1/23 | 1,000 | 1,097 | ||||
Chicago IL Board of Education GO | 5.000% | 12/1/24 | 1,500 | 1,673 | ||||
Chicago IL Board of Education GO | 5.000% | 12/1/24 | 700 | 781 | ||||
Chicago IL Board of Education GO | 7.000% | 12/1/26 | 500 | 623 | ||||
Chicago IL Board of Education GO | 0.000% | 12/1/28 | (14) | 1,000 | 782 | |||
Chicago IL Board of Education GO | 5.000% | 12/1/28 | 1,150 | 1,353 | ||||
Chicago IL Board of Education GO | 5.000% | 12/1/30 | (4) | 1,250 | 1,504 | |||
Chicago IL Board of Education GO | 5.250% | 12/1/35 | 1,225 | 1,354 | ||||
Chicago IL Board of Education GO | 5.000% | 4/1/36 | 1,270 | 1,462 | ||||
Chicago IL GO | 5.000% | 1/1/24 | 520 | 571 | ||||
Chicago IL GO | 5.000% | 1/1/26 | 335 | 375 | ||||
Chicago IL GO | 5.000% | 1/1/27 | (4) | 1,850 | 1,856 | |||
Chicago IL GO | 5.125% | 1/1/27 | 100 | 113 | ||||
Chicago IL GO | 5.000% | 1/1/28 | 1,090 | 1,275 | ||||
Chicago IL GO | 5.250% | 1/1/28 | 200 | 226 | ||||
Chicago IL Housing Authority Revenue | 5.000% | 1/1/33 | 1,000 | 1,201 | ||||
Chicago IL Metropolitan Water Reclamation District GO | 5.000% | 12/1/31 | 500 | 532 | ||||
Chicago IL Midway Airport Revenue | 5.000% | 1/1/26 | 210 | 233 | ||||
Chicago IL Motor Fuel Tax Revenue | 5.000% | 1/1/20 | 300 | 300 | ||||
Chicago IL Motor Fuel Tax Revenue | 5.000% | 1/1/22 | 300 | 313 | ||||
Chicago IL O’Hare International Airport Revenue | 5.250% | 1/1/24 | 200 | 223 | ||||
Chicago IL O’Hare International Airport Revenue | 5.000% | 1/1/25 | 1,010 | 1,188 | ||||
Chicago IL O’Hare International Airport Revenue | 5.500% | 1/1/26 | 1,000 | 1,124 | ||||
Chicago IL O’Hare International Airport Revenue | 5.000% | 1/1/29 | 1,000 | 1,166 | ||||
Chicago IL O’Hare International Airport Revenue | 5.000% | 1/1/31 | 1,030 | 1,195 | ||||
Chicago IL O’Hare International Airport Revenue | 5.000% | 1/1/32 | 500 | 534 | ||||
Chicago IL O’Hare International Airport Revenue | 5.000% | 1/1/33 | 1,000 | 1,157 | ||||
Chicago IL O’Hare International Airport Revenue | 5.000% | 1/1/35 | 1,855 | 2,182 | ||||
Chicago IL O’Hare International Airport Revenue | 5.000% | 1/1/38 | 1,010 | 1,239 | ||||
Chicago IL O’Hare International Airport Revenue | 5.000% | 1/1/39 | 1,000 | 1,223 | ||||
Chicago IL Park District GO | 5.000% | 1/1/31 | 1,000 | 1,100 | ||||
Chicago IL Park District GO | 5.000% | 1/1/32 | 1,225 | 1,392 | ||||
Chicago IL Park District GO | 5.000% | 1/1/33 | 1,000 | 1,162 | ||||
Chicago IL Wastewater Transmission Revenue | 5.000% | 1/1/28 | 1,000 | 1,186 | ||||
Chicago IL Wastewater Transmission Revenue | 5.000% | 1/1/29 | 1,525 | 1,697 |
36 |
Tax-Managed Balanced Fund
Face | Market | |||||||
Maturity | Amount | Value· | ||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||
Chicago IL Wastewater Transmission Revenue | 5.500% | 1/1/30 | (14) | 1,230 | 1,527 | |||
Chicago IL Waterworks Revenue | 5.000% | 11/1/30 | 1,000 | 1,133 | ||||
Cook County IL Community College District GO | 5.250% | 12/1/32 | 1,000 | 1,097 | ||||
Cook County IL GO | 5.250% | 11/15/25 | 1,000 | 1,065 | ||||
Cook County IL GO | 5.000% | 11/15/26 | (4) | 1,545 | 1,862 | |||
Cook County IL GO | 5.000% | 11/15/28 | 660 | 679 | ||||
Cook County IL GO | 5.250% | 11/15/28 | 565 | 600 | ||||
Illinois Finance Authority Revenue (Advocate Health Care Network) | 5.000% | 8/1/24 | (Prere.) | 2,550 | 2,987 | |||
Illinois Finance Authority Revenue (Advocate Health Care Network) | 5.000% | 8/1/26 | 1,500 | 1,732 | ||||
Illinois Finance Authority Revenue (Ascension Health Credit Group) | 5.000% | 11/15/21 | (Prere.) | 500 | 536 | |||
Illinois Finance Authority Revenue (Centegra Health System) | 5.000% | 9/1/29 | 1,300 | 1,498 | ||||
Illinois Finance Authority Revenue (Clean Water Initiative) | 5.000% | 7/1/31 | 1,000 | 1,217 | ||||
Illinois Finance Authority Revenue (DePaul University) | 5.000% | 10/1/33 | 1,000 | 1,187 | ||||
Illinois Finance Authority Revenue (DePaul University) | 5.000% | 10/1/34 | 1,000 | 1,184 | ||||
Illinois Finance Authority Revenue (Edward Elmhurst Obligated Group) | 5.000% | 1/1/36 | 1,000 | 1,161 | ||||
Illinois Finance Authority Revenue (Franciscan Communities Inc.) | 5.000% | 5/15/37 | 1,000 | 1,104 | ||||
Illinois Finance Authority Revenue (Mercy Health System) | 4.000% | 12/1/28 | 1,000 | 1,099 | ||||
Illinois Finance Authority Revenue (Northwest Community Hospital) | 5.000% | 7/1/35 | 1,000 | 1,157 | ||||
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 | 2,246 | ||||
Illinois Finance Authority Revenue (Rush University Medical Center) | 5.000% | 11/15/33 | 1,050 | 1,211 | ||||
Illinois Finance Authority Revenue (Trinity Health Corp.) | 5.000% | 12/1/21 | (Prere.) | 500 | 536 | |||
Illinois Finance Authority Revenue (University of Chicago) | 5.000% | 10/1/29 | 500 | 531 | ||||
Illinois Finance Authority Revenue (University of Chicago) | 5.000% | 10/1/35 | 1,000 | 1,148 | ||||
Illinois GO | 5.000% | 1/1/20 | (4) | 200 | 200 | |||
Illinois GO | 5.000% | 8/1/20 | 305 | 311 | ||||
Illinois GO | 5.000% | 11/1/20 | 7,000 | 7,192 | ||||
Illinois GO | 5.000% | 1/1/21 | (4) | 710 | 712 | |||
Illinois GO | 5.000% | 5/1/21 | 505 | 526 | ||||
Illinois GO | 5.000% | 8/1/21 | 605 | 635 | ||||
Illinois GO | 5.000% | 11/1/21 | 3,415 | 3,605 | ||||
Illinois GO | 5.000% | 8/1/22 | 1,000 | 1,076 | ||||
Illinois GO | 5.000% | 10/1/22 | 1,290 | 1,394 | ||||
Illinois GO | 5.000% | 11/1/22 | 1,000 | 1,083 | ||||
Illinois GO | 5.000% | 11/1/22 | 2,300 | 2,483 | ||||
Illinois GO | 5.000% | 2/1/23 | 540 | 585 | ||||
Illinois GO | 5.000% | 11/1/23 | 1,000 | 1,103 |
37 |
Tax-Managed Balanced Fund
Face | Market | |||||||
Maturity | Amount | Value· | ||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||
Illinois GO | 5.500% | 7/1/24 | 1,100 | 1,219 | ||||
Illinois GO | 5.000% | 8/1/24 | 1,500 | 1,604 | ||||
Illinois GO | 5.000% | 10/1/24 | 1,470 | 1,645 | ||||
Illinois GO | 5.000% | 11/1/24 | 1,785 | 1,993 | ||||
Illinois GO | 5.000% | 3/1/26 | (4) | 1,125 | 1,200 | |||
Illinois GO | 5.000% | 11/1/26 | 1,785 | 2,043 | ||||
Illinois GO | 5.000% | 2/1/28 | 1,690 | 1,946 | ||||
Illinois GO | 5.000% | 10/1/28 | 2,000 | 2,344 | ||||
Illinois GO | 5.000% | 11/1/29 | 1,000 | 1,145 | ||||
Illinois GO | 5.250% | 2/1/30 | 1,900 | 2,089 | ||||
Illinois GO | 5.250% | 7/1/31 | 1,000 | 1,088 | ||||
Illinois Regional Transportation Authority Revenue | 6.250% | 7/1/23 | (4) | 500 | 583 | |||
Illinois Sales Tax Revenue | 5.000% | 6/15/28 | (15) | 1,000 | 1,156 | |||
Illinois Sales Tax Revenue | 5.000% | 6/15/36 | 1,000 | 1,128 | ||||
Illinois Sales Tax Revenue | 5.000% | 6/15/37 | 1,000 | 1,125 | ||||
Illinois Toll Highway Authority Revenue | 5.000% | 1/1/28 | 500 | 500 | ||||
Illinois Toll Highway Authority Revenue | 5.000% | 1/1/29 | 1,600 | 2,028 | ||||
Illinois Toll Highway Authority Revenue | 5.000% | 1/1/30 | 1,490 | 1,877 | ||||
Illinois Toll Highway Authority Revenue | 5.000% | 1/1/30 | 3,500 | 4,486 | ||||
Illinois Toll Highway Authority Revenue | 5.000% | 1/1/30 | 1,000 | 1,100 | ||||
Illinois Toll Highway Authority Revenue | 5.000% | 1/1/31 | 1,600 | 2,004 | ||||
Illinois Toll Highway Authority Revenue | 5.000% | 1/1/32 | 500 | 549 | ||||
Illinois Toll Highway Authority Revenue | 5.000% | 1/1/37 | 1,200 | 1,450 | ||||
Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue | 0.000% | 6/15/21 | (14) | 1,100 | 1,074 | |||
Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue | 0.000% | 6/15/26 | (4) | 910 | 790 | |||
Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue | 0.000% | 6/15/27 | (4) | 1,195 | 1,006 | |||
Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue | 5.500% | 6/15/29 | (14) | 2,505 | 3,035 | |||
Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue | 0.000% | 12/15/29 | (14) | 2,205 | 1,669 | |||
Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue | 0.000% | 6/15/38 | (14) | 1,000 | 537 | |||
Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | 5.000% | 12/15/27 | 710 | 829 | ||||
Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | 5.000% | 12/15/28 | 1,500 | 1,604 | ||||
Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | 0.000% | 6/15/31 | (14) | 1,540 | 1,096 | |||
Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | 0.000% | 12/15/31 | (14) | 340 | 237 | |||
Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | 0.000% | 6/15/32 | (14) | 1,215 | 830 | |||
Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | 0.000% | 6/15/33 | (14) | 1,130 | 741 |
38 |
Tax-Managed Balanced Fund
Face | Market | |||||||
Maturity | Amount | Value· | ||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||
Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | 0.000% | 12/15/33 | (14) | 1,790 | 1,153 | |||
Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | 0.000% | 6/15/37 | (14) | 1,075 | 602 | |||
Northern Illinois Municipal Power Agency Project Revenue | 5.000% | 12/1/26 | 1,070 | 1,303 | ||||
Railsplitter Tobacco Settlement Authority Illinois Tobacco Settlement Revenue | 5.250% | 6/1/20 | 1,215 | 1,234 | ||||
Railsplitter Tobacco Settlement Authority Illinois Tobacco Settlement Revenue | 5.500% | 6/1/21 | (Prere.) | 1,060 | 1,125 | |||
Railsplitter Tobacco Settlement Authority Illinois Tobacco Settlement Revenue | 6.000% | 6/1/21 | (Prere.) | 400 | 427 | |||
Railsplitter Tobacco Settlement Authority Illinois Tobacco Settlement Revenue | 5.000% | 6/1/26 | 1,560 | 1,883 | ||||
Romeoville IL Revenue (Lewis University Project) | 5.000% | 10/1/28 | 1,000 | 1,122 | ||||
Southwestern Illinois Development Authority Health Facilities Revenue (Hospital Sisters Services Inc.) | 5.000% | 2/15/28 | 1,000 | 1,251 | ||||
Will County IL Community High School District No. 210 (Lincoln-Way) GO | 0.000% | 1/1/29 | 1,000 | 774 | ||||
Will County IL Community High School District No. 210 (Lincoln-Way) GO | 5.000% | 1/1/30 | 1,000 | 1,066 | ||||
149,647 | ||||||||
Indiana (0.6%) | ||||||||
Ball State University Student Fee Indiana Revenue | 5.000% | 7/1/32 | 360 | 439 | ||||
Ball State University Student Fee Indiana Revenue | 5.000% | 7/1/34 | 1,050 | 1,274 | ||||
Ball State University Student Fee Indiana Revenue | 5.000% | 7/1/35 | 1,450 | 1,757 | ||||
Hammond IN Multi-School Building Corp. Revenue | 5.000% | 1/15/29 | 790 | 968 | ||||
Indiana Finance Authority Hospital Revenue (Indiana University Health Obligated Group) | 5.000% | 12/1/22 | 1,100 | 1,221 | ||||
Indiana Finance Authority Hospital Revenue (Indiana University Health Obligated Group) | 5.000% | 12/1/33 | 1,390 | 1,615 | ||||
Indiana Finance Authority Hospital Revenue (Parkview Health Systems Obligated Group) | 5.000% | 5/1/27 | 700 | 866 | ||||
Indiana Finance Authority Hospital Revenue (Parkview Health Systems Obligated Group) | 5.000% | 5/1/30 | 450 | 582 | ||||
Indiana Finance Authority Revenue (Butler University Project) | 5.000% | 2/1/29 | 1,020 | 1,287 | ||||
Indiana Finance Authority Revenue (Community Foundation of Northwest Indiana Obligated Group) | 5.000% | 3/1/22 | (Prere.) | 690 | 747 | |||
Indiana Finance Authority Revenue (Franciscan Alliance Inc.) | 5.000% | 11/1/29 | 1,175 | 1,445 | ||||
Indiana Finance Authority Revenue (Franciscan Alliance Inc.) | 5.000% | 11/1/30 | 1,520 | 1,859 | ||||
Indiana Finance Authority Revenue (Franciscan Alliance Inc.) | 5.000% | 11/1/31 | 1,130 | 1,374 |
39 |
Tax-Managed Balanced Fund
Face | Market | |||||||
Maturity | Amount | Value· | ||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||
Indiana Finance Authority Revenue (Franciscan Alliance Inc.) | 4.000% | 11/1/35 | 1,685 | 1,865 | ||||
Indiana Finance Authority Revenue (Marquette Project) | 5.000% | 3/1/24 | 1,645 | 1,818 | ||||
Indiana Finance Authority Revenue (Marquette Project) | 5.000% | 3/1/25 | 650 | 731 | ||||
Indiana Finance Authority Revenue (Stadium Project) | 5.250% | 2/1/30 | 1,000 | 1,199 | ||||
Indiana Finance Authority Revenue (State Revolving Fund) | 5.000% | 2/1/23 | (Prere.) | 500 | 559 | |||
Indiana Finance Authority Wastewater Utility Revenue (CWA Authority Project) | 5.000% | 10/1/32 | 500 | 547 | ||||
Indiana Municipal Power Agency Revenue | 5.000% | 1/1/34 | 1,415 | 1,687 | ||||
Indiana Municipal Power Agency Revenue | 5.000% | 1/1/36 | 1,000 | 1,206 | ||||
Indiana University Student Fee Revenue | 5.000% | 6/1/30 | 1,600 | 1,741 | ||||
Indianapolis IN Department of Public Utilities Water System Revenue | 5.000% | 10/1/35 | 1,425 | 1,784 | ||||
Indianapolis IN Local Public Improvement Bond Bank Revenue (PILOT Infrastructure Project) | 5.000% | 1/1/20 | (Prere.) | 1,500 | 1,500 | |||
IPS Multi-School Building Corp. IN Revenue | 5.000% | 7/15/28 | 1,375 | 1,603 | ||||
Ivy IN Tech Community College Revenue | 5.000% | 7/1/32 | 865 | 1,078 | ||||
Ivy IN Tech Community College Revenue | 5.000% | 7/1/33 | 860 | 1,068 | ||||
Purdue University Indiana University Student Facilities System Revenue | 5.000% | 7/1/21 | 870 | 921 | ||||
Richmond IN Hospital Authority Revenue (Reid Hospital & Health Care Services Inc.) | 5.000% | 1/1/24 | 720 | 812 | ||||
Tippecanoe County IN School Building Corp. Revenue | 4.000% | 7/15/32 | 1,070 | 1,237 | ||||
36,790 | ||||||||
Iowa (0.1%) | ||||||||
Iowa Finance Authority Health Facilities Revenue (Mercy Medical Center Project) | 5.000% | 8/15/27 | 1,435 | 1,550 | ||||
Iowa Finance Authority Midwestern Disaster Area Revenue (Iowa Fertilizer Co. Project) | 3.125% | 12/1/22 | 250 | 254 | ||||
5 | Iowa Finance Authority Midwestern Disaster Area Revenue (Iowa Fertilizer Co. Project) | 5.875% | 12/1/27 | 320 | 333 | |||
Iowa Finance Authority Midwestern Disaster Area Revenue (Iowa Fertilizer Co. Project) PUT | 5.250% | 12/1/37 | 2,120 | 2,331 | ||||
Polk County IA GO | 4.000% | 6/1/25 | 2,115 | 2,256 | ||||
Xenia IA Rural Water District Revenue | 5.000% | 12/1/28 | 1,000 | 1,181 | ||||
7,905 | ||||||||
Kansas (0.5%) | ||||||||
Johnson County KS Public Building Commission (Courthouse & Medical Examiners Facilities) Revenue | 4.000% | 9/1/27 | 1,000 | 1,159 | ||||
5 | Johnson County KS Water District Revenue TOB PUT | 1.690% | 1/2/20 | 12,420 | 12,420 | |||
Kansas Department of Transportation Highway Revenue | 5.000% | 9/1/20 | 1,085 | 1,113 | ||||
Kansas Department of Transportation Highway Revenue | 5.000% | 9/1/25 | 510 | 598 |
40 |
Tax-Managed Balanced Fund
Face | Market | |||||||
Maturity | Amount | Value· | ||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||
Kansas Department of Transportation Highway Revenue | 5.000% | 9/1/26 | 700 | 818 | ||||
Kansas Development Finance Authority Revenue | 5.000% | 5/1/20 | 1,520 | 1,539 | ||||
Kansas Development Finance Authority Revenue | 5.000% | 5/1/25 | 1,345 | 1,504 | ||||
Kansas Development Finance Authority Revenue | 5.000% | 5/1/27 | 1,585 | 1,767 | ||||
Kansas Development Finance Authority Revenue | 5.000% | 4/1/32 | 1,325 | 1,465 | ||||
Lyon County KS Unified School District No 253. GO | 4.000% | 9/1/32 | 350 | 397 | ||||
Sedgwick County KS Unified School District No. 266 (Maize) GO | 5.000% | 9/1/23 | 1,565 | 1,783 | ||||
Sedgwick County KS Unified School District No. 266 (Maize) GO | 3.000% | 9/1/33 | 2,090 | 2,178 | ||||
Wichita KS Hospital Facilities Revenue (Via Christi Health System Inc.) | 5.000% | 11/15/21 | (Prere.) | 500 | 535 | |||
Wyandotte County/Kansas City KS Unified Government Utility System Revenue | 5.000% | 9/1/23 | 1,000 | 1,097 | ||||
28,373 | ||||||||
Kentucky (0.6%) | ||||||||
Carroll County KY Pollution Control Revenue (Kentucky Utilities Co. Project) PUT | 1.550% | 9/1/26 | 1,000 | 991 | ||||
Kentucky Bond Development Corp. Transient Room Tax Revenue (Lexington Center Corporation Project) | 5.000% | 9/1/29 | 1,980 | 2,465 | ||||
Kentucky Economic Development Finance Authority Health System Revenue (Norton Healthcare Inc. & Affiliates) | 0.000% | 10/1/25 | (14) | 1,220 | 1,071 | |||
Kentucky Economic Development Finance Authority Hospital Revenue (Baptist Healthcare System Obligated Group) | 5.000% | 8/15/31 | 1,575 | 1,856 | ||||
Kentucky Economic Development Finance Authority Medical Center Revenue (King’s Daughters Medical Center Project) | 5.000% | 2/1/30 | 645 | 647 | ||||
Kentucky Municipal Power Agency Power System Revenue | 5.000% | 9/1/29 | (14) | 1,000 | 1,162 | |||
Kentucky Property & Building Commission Revenue | 5.000% | 5/1/34 | (15) | 1,000 | 1,209 | |||
Kentucky Public Energy Authority Gas Supply Revenue PUT | 4.000% | 4/1/24 | 9,105 | 9,910 | ||||
Kentucky Public Energy Authority Gas Supply Revenue PUT | 4.000% | 1/1/25 | 6,000 | 6,626 | ||||
Kentucky Public Energy Authority Gas Supply Revenue PUT | 4.000% | 6/1/25 | 1,000 | 1,108 | ||||
Kentucky Public Energy Authority Gas Supply Revenue PUT | 4.000% | 6/1/25 | 1,200 | 1,329 | ||||
Kentucky Public Transportation Infrastructure Authority Toll Revenue (Downtown Crossing Project) BAN | 0.000% | 7/1/21 | 1,325 | 1,284 | ||||
Kentucky Public Transportation Infrastructure Authority Toll Revenue (Downtown Crossing Project) BAN | 0.000% | 7/1/22 | 810 | 766 |
41 |
Tax-Managed Balanced Fund
Face | Market | |||||||
Maturity | Amount | Value· | ||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||
Kentucky Turnpike Authority Economic Development Road Revenue (Revitalization Project) | 5.000% | 7/1/28 | 1,000 | 1,116 | ||||
Louisville & Jefferson County KY Metropolitan Government Revenue (Catholic Health Initiatives) | 5.000% | 6/1/22 | (Prere.) | 1,000 | 1,088 | |||
Owen County KY Revenue (American Water Capital Corp.) PUT | 2.450% | 10/1/29 | 500 | 508 | ||||
Owen County KY Revenue (American Water Capital Corp.) PUT | 2.450% | 10/1/29 | 1,000 | 1,016 | ||||
Warren County KY Hospital Revenue (Bowling Green-Warren County Community Hospital Corp. Project) | 5.000% | 4/1/28 | 1,050 | 1,161 | ||||
35,313 | ||||||||
Louisiana (1.2%) | ||||||||
Bossier City LA Utilities Revenue | 5.000% | 10/1/22 | 500 | 550 | ||||
Bossier City LA Utilities Revenue | 5.000% | 10/1/23 | 595 | 674 | ||||
East Baton Rouge Parish LA Industrial Development Board Revenue (ExxonMobil Project) VRDO | 1.590% | 1/2/20 | 43,650 | 43,650 | ||||
East Baton Rouge Parish LA Industrial Development Board Revenue (ExxonMobil Project) VRDO | 1.590% | 1/2/20 | 1,975 | 1,975 | ||||
East Baton Rouge Parish LA Pollution Control Revenue (Exxon Project) VRDO | 1.590% | 1/3/20 | 8,400 | 8,400 | ||||
Louisiana Gasoline & Fuel Tax Revenue | 4.000% | 5/1/31 | 1,000 | 1,055 | ||||
Louisiana Gasoline & Fuel Tax Revenue | 5.000% | 5/1/35 | 1,065 | 1,305 | ||||
Louisiana GO | 5.000% | 4/1/24 | 2,625 | 3,036 | ||||
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue | 5.000% | 10/1/29 | (15) | 1,315 | 1,642 | |||
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue (LCTCS Facilities Corp. Project) | 5.000% | 10/1/33 | 1,235 | 1,410 | ||||
Louisiana Public Facilities Authority Hospital Revenue (Louisiana Children’s Medical Center) | 5.000% | 6/1/36 | 1,250 | 1,502 | ||||
Louisiana Stadium & Exposition District Revenue | 5.000% | 7/1/24 | 1,000 | 1,125 | ||||
Louisiana State University Revenue | 5.000% | 7/1/23 | 455 | 513 | ||||
New Orleans LA Aviation Board Revenue | 5.000% | 10/1/27 | (4) | 910 | 1,117 | |||
New Orleans LA GO | 5.000% | 12/1/31 | 500 | 548 | ||||
St. Charles Parish LA Gulf Opportunity Zone Revenue (Valero Energy Corp.) PUT | 4.000% | 6/1/22 | 1,755 | 1,848 | ||||
70,350 | ||||||||
Maine (0.1%) | ||||||||
Maine Health & Higher Educational Facilities Authority Revenue (Mainehealth) | 5.000% | 7/1/29 | 445 | 552 | ||||
Maine Health & Higher Educational Facilities Authority Revenue (Mainehealth) | 5.000% | 7/1/30 | 600 | 740 | ||||
Portland ME Airport Revenue | 5.000% | 1/1/20 | (4) | 500 | 500 | |||
Portland ME General Airport Revenue | 4.000% | 1/1/39 | 810 | 921 | ||||
2,713 |
42 |
Tax-Managed Balanced Fund
Face | Market | |||||||
Maturity | Amount | Value· | ||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||
Maryland (1.6%) | ||||||||
Anne Arundel County MD GO | 5.000% | 10/1/20 | 1,455 | 1,497 | ||||
Anne Arundel County MD GO | 5.000% | 4/1/23 | 1,190 | 1,338 | ||||
Anne Arundel County MD GO | 5.000% | 10/1/27 | 1,455 | 1,754 | ||||
Anne Arundel County MD GO | 5.000% | 4/1/33 | 1,000 | 1,175 | ||||
Baltimore County MD GO | 5.000% | 2/1/21 | 1,500 | 1,563 | ||||
Baltimore County MD GO | 5.000% | 8/1/21 | 1,435 | 1,523 | ||||
Baltimore County MD GO | 4.000% | 3/1/30 | 1,200 | 1,388 | ||||
Baltimore MD Consolidated Public Improvement GO | 5.000% | 10/15/22 | (Prere.) | 650 | 720 | |||
Baltimore MD Consolidated Public Improvement GO | 5.000% | 3/1/32 | 1,275 | 1,638 | ||||
Baltimore MD Project Revenue | 5.000% | 7/1/24 | 2,095 | 2,445 | ||||
Howard County MD GO | 5.000% | 2/15/21 | (Prere.) | 750 | 783 | |||
Howard County MD GO | 5.000% | 8/15/21 | (Prere.) | 80 | 85 | |||
Howard County MD GO | 5.000% | 8/15/24 | 120 | 128 | ||||
Maryland Department of Transportation Revenue | 5.000% | 2/15/20 | 1,090 | 1,095 | ||||
Maryland Department of Transportation Revenue | 5.000% | 5/1/20 | 2,240 | 2,269 | ||||
Maryland Department of Transportation Revenue | 4.000% | 12/1/23 | 1,905 | 2,009 | ||||
Maryland Department of Transportation Revenue | 4.000% | 12/15/29 | 1,365 | 1,504 | ||||
Maryland Department of Transportation Revenue | 3.000% | 10/1/30 | 2,620 | 2,796 | ||||
Maryland GO | 5.000% | 8/1/20 | (Prere.) | 870 | 890 | |||
Maryland GO | 5.250% | 8/1/20 | 1,130 | 1,157 | ||||
Maryland GO | 5.000% | 6/1/21 | 2,525 | 2,664 | ||||
Maryland GO | 4.000% | 8/1/21 | 1,000 | 1,046 | ||||
Maryland GO | 5.000% | 8/1/21 | 1,000 | 1,062 | ||||
Maryland GO | 5.000% | 3/15/22 | 1,000 | 1,085 | ||||
Maryland GO | 5.000% | 8/1/22 | 4,000 | 4,398 | ||||
Maryland GO | 5.000% | 8/1/22 | 1,500 | 1,649 | ||||
Maryland GO | 5.000% | 8/1/22 | 1,790 | 1,968 | ||||
Maryland GO | 5.000% | 3/15/23 | 1,145 | 1,286 | ||||
Maryland GO | 4.000% | 8/1/23 | 2,670 | 2,942 | ||||
Maryland GO | 5.000% | 8/1/23 | 1,670 | 1,899 | ||||
Maryland GO | 5.000% | 8/1/23 | 1,920 | 2,183 | ||||
Maryland GO | 5.000% | 3/15/24 | 1,100 | 1,275 | ||||
Maryland GO | 5.000% | 8/1/25 | 1,000 | 1,206 | ||||
Maryland GO | 5.000% | 3/15/26 | 1,235 | 1,511 | ||||
Maryland GO | 4.000% | 8/1/26 | 1,970 | 2,160 | ||||
Maryland GO | 4.000% | 3/1/29 | 3,000 | 3,163 | ||||
Maryland GO | 4.000% | 6/1/29 | 2,000 | 2,218 | ||||
Maryland GO | 5.000% | 3/15/31 | 1,600 | 2,016 | ||||
Maryland GO | 5.000% | 8/1/31 | 1,000 | 1,270 | ||||
Maryland Health & Higher Educational Facilities Authority Revenue (Adventist Healthcare Obligated Group) | 5.500% | 1/1/31 | 1,950 | 2,368 | ||||
Maryland Health & Higher Educational Facilities Authority Revenue (Anne Arundel Health System) | 5.000% | 7/1/27 | 500 | 545 |
43 |
Tax-Managed Balanced Fund
Face | Market | |||||||
Maturity | Amount | Value· | ||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||
Maryland Health & Higher Educational Facilities Authority Revenue (Anne Arundel Health System) | 5.000% | 7/1/31 | 750 | 903 | ||||
Maryland Health & Higher Educational Facilities Authority Revenue (Johns Hopkins Health System Obligated Group) | 5.000% | 7/1/24 | 500 | 548 | ||||
Maryland Health & Higher Educational Facilities Authority Revenue (Maryland Institute College of Art) | 5.000% | 6/1/20 | 500 | 508 | ||||
Maryland Health & Higher Educational Facilities Authority Revenue (Meritus Medical Center, Inc.) | 5.000% | 7/1/33 | 1,215 | 1,403 | ||||
Montgomery County MD GO | 5.000% | 11/1/22 | 1,275 | 1,414 | ||||
Montgomery County MD GO | 5.000% | 11/1/22 | 1,000 | 1,109 | ||||
Montgomery County MD GO | 5.000% | 11/1/23 | 2,885 | 3,306 | ||||
Montgomery County MD GO | 4.000% | 11/1/28 | 2,390 | 2,828 | ||||
Montgomery County MD GO | 5.000% | 11/1/29 | 1,000 | 1,169 | ||||
Montgomery County MD GO | 4.000% | 11/1/30 | 1,000 | 1,113 | ||||
Montgomery County MD GO | 4.000% | 12/1/30 | 1,555 | 1,734 | ||||
Montgomery County MD GO | 3.750% | 11/1/37 | 1,000 | 1,103 | ||||
Prince Georges County MD GO | 5.000% | 7/15/22 | 1,615 | 1,773 | ||||
Prince Georges County MD GO | 5.000% | 9/15/23 | 580 | 618 | ||||
University of Maryland Auxiliary Facility & Tuition Revenue | 4.000% | 4/1/25 | 3,350 | 3,826 | ||||
Washington MD Suburban Sanitary Commission GO | 4.000% | 6/15/33 | 1,000 | 1,147 | ||||
92,173 | ||||||||
Massachusetts (1.2%) | ||||||||
Boston MA GO | 5.000% | 4/1/20 | 780 | 788 | ||||
Massachusetts Bay Transportation Authority Assessment Revenue | 5.000% | 7/1/27 | 2,880 | 3,544 | ||||
Massachusetts Bay Transportation Authority Sales Tax Revenue | 5.250% | 7/1/22 | 495 | 546 | ||||
Massachusetts Bay Transportation Authority Sales Tax Revenue | 5.500% | 7/1/26 | (14) | 410 | 519 | |||
Massachusetts Bay Transportation Authority Sales Tax Revenue | 5.250% | 7/1/28 | 500 | 652 | ||||
Massachusetts Bay Transportation Authority Sales Tax Revenue | 5.000% | 7/1/31 | 955 | 1,274 | ||||
Massachusetts Bay Transportation Authority Sales Tax Revenue | 5.250% | 7/1/34 | 1,285 | 1,810 | ||||
Massachusetts Department of Transportation Metropolitan Highway System Revenue | 5.000% | 1/1/23 | 500 | 500 | ||||
Massachusetts Department of Transportation Metropolitan Highway System Revenue PUT | 5.000% | 1/1/23 | 1,000 | 1,110 | ||||
Massachusetts Development Finance Agency Revenue (Boston College) | 5.000% | 7/1/37 | 1,750 | 2,123 | ||||
Massachusetts Development Finance Agency Revenue (CareGroup Inc.) | 5.000% | 7/1/29 | 1,225 | 1,524 | ||||
Massachusetts Development Finance Agency Revenue (CareGroup Inc.) | 5.000% | 7/1/38 | 1,085 | 1,306 | ||||
Massachusetts Development Finance Agency Revenue (Emerson College) | 5.500% | 1/1/20 | (Prere.) | 410 | 410 |
44 |
Tax-Managed Balanced Fund
Face | Market | |||||||
Maturity | Amount | Value· | ||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||
Massachusetts Development Finance Agency Revenue (Emerson College) | 5.500% | 1/1/20 | (Prere.) | 40 | 40 | |||
Massachusetts Development Finance Agency Revenue (Harvard University) | 5.000% | 1/1/20 | 355 | 355 | ||||
Massachusetts Development Finance Agency Revenue (Lahey Clinic Obligated Group) | 5.000% | 8/15/20 | (Prere.) | 750 | 768 | |||
Massachusetts Development Finance Agency Revenue (Lahey Clinic Obligated Group) | 5.000% | 8/15/20 | (Prere.) | 510 | 522 | |||
Massachusetts Development Finance Agency Revenue (Lahey Clinic Obligated Group) | 5.000% | 8/15/20 | (Prere.) | 600 | 614 | |||
Massachusetts Development Finance Agency Revenue (Lahey Clinic Obligated Group) | 5.000% | 7/1/34 | 500 | 620 | ||||
Massachusetts Development Finance Agency Revenue (UMass Memorial Medical Center) | 5.000% | 7/1/25 | 1,275 | 1,508 | ||||
Massachusetts Development Finance Agency Revenue (UMass Memorial Medical Center) | 5.125% | 7/1/26 | 720 | 759 | ||||
Massachusetts Development Finance Agency Revenue (Western New England University) | 5.000% | 9/1/32 | 1,105 | 1,332 | ||||
Massachusetts Educational Financing Authority Education Loan Revenue | 5.500% | 1/1/22 | 300 | 300 | ||||
Massachusetts GO | 5.000% | 8/1/20 | 520 | 532 | ||||
Massachusetts GO | 5.250% | 8/1/20 | 300 | 307 | ||||
Massachusetts GO | 5.500% | 10/1/20 | 525 | 542 | ||||
Massachusetts GO | 5.500% | 10/1/20 | (14) | 500 | 517 | |||
Massachusetts GO | 5.000% | 4/1/21 | (Prere.) | 500 | 524 | |||
Massachusetts GO | 5.000% | 8/1/22 | 1,000 | 1,100 | ||||
Massachusetts GO | 5.250% | 8/1/23 | 525 | 602 | ||||
Massachusetts GO | 5.000% | 12/1/23 | 1,520 | 1,748 | ||||
Massachusetts GO | 5.000% | 12/1/24 | 2,040 | 2,418 | ||||
Massachusetts GO | 5.000% | 5/1/29 | 2,180 | 2,449 | ||||
Massachusetts GO | 4.000% | 11/1/30 | 1,980 | 2,118 | ||||
Massachusetts GO | 5.000% | 1/1/31 | 1,000 | 1,246 | ||||
Massachusetts GO | 5.000% | 5/1/31 | 1,675 | 1,881 | ||||
Massachusetts GO | 5.000% | 9/1/31 | 1,500 | 2,012 | ||||
Massachusetts GO | 5.250% | 1/1/34 | 2,635 | 3,389 | ||||
Massachusetts GO | 5.000% | 7/1/35 | 1,000 | 1,181 | ||||
Massachusetts GO | 5.000% | 9/1/37 | 1,030 | 1,275 | ||||
2 | Massachusetts GO, 67% of 3M USD LIBOR + 0.550% | 1.830% | 11/1/25 | 1,380 | 1,389 | |||
Massachusetts Port Authority Revenue | 5.000% | 7/1/35 | 2,380 | 3,026 | ||||
Massachusetts School Building Authority Dedicated Sales Tax Revenue | 5.000% | 10/15/20 | 335 | 345 | ||||
Massachusetts School Building Authority Dedicated Sales Tax Revenue | 5.000% | 5/15/21 | (ETM) | 900 | 948 | |||
Massachusetts School Building Authority Dedicated Sales Tax Revenue | 5.000% | 8/15/23 | 645 | 710 | ||||
Massachusetts School Building Authority Dedicated Sales Tax Revenue | 5.000% | 8/15/29 | 3,500 | 3,843 | ||||
Massachusetts School Building Authority Dedicated Sales Tax Revenue | 5.000% | 8/15/31 | 1,500 | 1,782 | ||||
Massachusetts School Building Authority Dedicated Sales Tax Revenue | 4.000% | 8/15/32 | 600 | 671 | ||||
Massachusetts School Building Authority Dedicated Sales Tax Revenue | 4.750% | 8/15/32 | 1,500 | 1,742 |
45 |
Tax-Managed Balanced Fund
Face | Market | |||||||
Maturity | Amount | Value· | ||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||
Massachusetts School Building Authority Dedicated Sales Tax Revenue | 5.000% | 8/15/34 | 1,010 | 1,193 | ||||
Massachusetts School Building Authority Dedicated Sales Tax Revenue | 5.000% | 2/15/36 | 1,500 | 1,704 | ||||
Massachusetts School Building Authority Dedicated Sales Tax Revenue | 5.000% | 8/15/37 | 2,215 | 2,600 | ||||
Massachusetts Special Obligation Dedicated Tax Revenue | 5.500% | 1/1/26 | (14) | 510 | 629 | |||
Massachusetts Transportation Fund Revenue | 4.000% | 6/1/35 | 1,000 | 1,152 | ||||
Massachusetts Turnpike Authority Revenue (Metropolitan Highway System) | 0.000% | 1/1/29 | (14) | 420 | 349 | |||
Massachusetts Water Pollution Abatement Trust Revenue | 5.250% | 8/1/20 | 250 | 256 | ||||
Massachusetts Water Pollution Abatement Trust Revenue | 5.250% | 8/1/21 | 500 | 533 | ||||
Massachusetts Water Pollution Abatement Trust Revenue | 5.250% | 8/1/30 | 750 | 1,016 | ||||
Massachusetts Water Resources Authority Revenue | 5.000% | 8/1/20 | (Prere.) | 895 | 915 | |||
71,568 | ||||||||
Michigan (1.5%) | ||||||||
Battle Creek MI School District GO | 5.000% | 5/1/25 | 535 | 635 | ||||
Birmingham MI City School District GO | 5.000% | 5/1/22 | 740 | 807 | ||||
Chippewa Valley MI Schools GO | 5.000% | 5/1/33 | 1,000 | 1,181 | ||||
Dearborn MI School District GO | 5.000% | 5/1/34 | 1,200 | 1,351 | ||||
Detroit MI City School District GO | 5.250% | 5/1/28 | (4) | 615 | 783 | |||
Detroit MI Downtown Development Authority Tax Allocation Revenue | 5.000% | 7/1/35 | (4) | 1,120 | 1,251 | |||
Detroit MI Water & Sewerage Department Sewage Disposal System Revenue | 5.000% | 7/1/22 | 455 | 495 | ||||
Detroit MI Water & Sewerage Department Sewage Disposal System Revenue | 5.000% | 7/1/23 | 1,050 | 1,144 | ||||
Detroit MI Water & Sewerage Department Sewage Disposal System Revenue | 5.000% | 7/1/32 | 1,000 | 1,077 | ||||
Downriver MI Utility Wastewater Authority Revenue | 5.000% | 4/1/34 | (4) | 1,020 | 1,224 | |||
Great Lakes MI Water Authority Sewer Disposal System Revenue | 5.000% | 7/1/27 | 1,840 | 2,295 | ||||
Great Lakes MI Water Authority Sewer Disposal System Revenue | 5.000% | 7/1/28 | 1,205 | 1,531 | ||||
Great Lakes MI Water Authority Sewer Disposal System Revenue | 5.000% | 7/1/29 | 1,200 | 1,504 | ||||
Great Lakes MI Water Authority Sewer Disposal System Revenue | 5.000% | 7/1/31 | 1,645 | 1,949 | ||||
Great Lakes MI Water Authority Sewer Disposal System Revenue | 5.000% | 7/1/37 | 1,000 | 1,219 | ||||
Great Lakes MI Water Authority Water Supply System Revenue | 5.000% | 7/1/28 | 1,030 | 1,239 | ||||
Great Lakes MI Water Authority Water Supply System Revenue | 5.000% | 7/1/29 | 1,420 | 1,833 | ||||
Great Lakes MI Water Authority Water Supply System Revenue | 4.000% | 7/1/33 | (4) | 1,000 | 1,093 | |||
Hudsonville MI Public Schools GO | 5.000% | 5/1/31 | 420 | 511 |
46 |
Tax-Managed Balanced Fund
Face | Market | |||||||
Maturity | Amount | Value· | ||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||
Karegnondi Water Authority Michigan Water Supply System Revenue (Karegnondi Water Pipeline) | 5.000% | 11/1/29 | 625 | 763 | ||||
Lake Orion MI Community School District GO | 5.000% | 5/1/38 | 4,000 | 4,935 | ||||
Lincoln MI Consolidated School District GO | 5.000% | 5/1/24 | (4) | 1,000 | 1,159 | |||
Marysville MI Public Schools District GO | 5.000% | 5/1/28 | 1,630 | 1,962 | ||||
Michigan Building Authority Revenue | 5.000% | 4/15/24 | 1,550 | 1,799 | ||||
Michigan Building Authority Revenue | 5.000% | 10/15/32 | 1,340 | 1,612 | ||||
Michigan Building Authority Revenue | 5.000% | 4/15/33 | 1,000 | 1,174 | ||||
Michigan Building Authority Revenue | 5.000% | 4/15/36 | 1,150 | 1,373 | ||||
Michigan Environmental Program GO | 4.000% | 5/1/28 | 1,000 | 1,157 | ||||
Michigan Finance Authority Hospital Revenue Bonds (Trinity Health Credit Group) | 5.000% | 12/1/21 | (Prere.) | 920 | 987 | |||
Michigan Finance Authority Revenue | 5.000% | 10/1/22 | 500 | 531 | ||||
Michigan Finance Authority Revenue | 5.000% | 11/1/28 | 1,055 | 1,339 | ||||
Michigan Finance Authority Revenue | 5.000% | 10/1/34 | 2,565 | 3,244 | ||||
Michigan Finance Authority Revenue (Detroit Water & Sewer) | 5.000% | 7/1/22 | (4) | 1,000 | 1,094 | |||
Michigan Finance Authority Revenue (Detroit Water & Sewer) | 5.000% | 7/1/23 | (4) | 1,000 | 1,130 | |||
Michigan Finance Authority Revenue (Detroit Water & Sewer) | 5.000% | 7/1/28 | 750 | 880 | ||||
Michigan Finance Authority Revenue (Detroit Water & Sewer) | 5.000% | 7/1/29 | 1,500 | 1,730 | ||||
Michigan Finance Authority Revenue (Detroit Water & Sewer) | 5.000% | 7/1/33 | 1,000 | 1,136 | ||||
Michigan Finance Authority Revenue (Henry Ford Health System Obligated Group) | 5.000% | 11/15/26 | 1,210 | 1,483 | ||||
Michigan Finance Authority Revenue (Kalamazoo College Project) | 5.000% | 12/1/26 | 850 | 1,038 | ||||
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 | 2,111 | ||||
Michigan Finance Authority Revenue (Sparrow Obligated Group) | 5.000% | 11/15/27 | 500 | 549 | ||||
Michigan Finance Authority Revenue (Sparrow Obligated Group) | 5.000% | 11/15/36 | 500 | 544 | ||||
Michigan Finance Authority Revenue (State Clean Water Revolving Fund) | 5.000% | 10/1/22 | (Prere.) | 1,000 | 1,105 | |||
Michigan Finance Authority Revenue (State Clean Water Revolving Fund) | 5.000% | 10/1/22 | (Prere.) | 500 | 553 | |||
Michigan Finance Authority Revenue (State Clean Water Revolving Fund) | 5.000% | 10/1/22 | 2,165 | 2,395 | ||||
Michigan Finance Authority Revenue (State Clean Water Revolving Fund) | 5.000% | 10/1/33 | 4,435 | 5,622 | ||||
Michigan Finance Authority Revenue (State Clean Water Revolving Fund) | 5.000% | 10/1/36 | 2,000 | 2,513 | ||||
Michigan Finance Authority Revenue (Trinity Health Credit Group) | 5.000% | 6/1/22 | (Prere.) | 1,495 | 1,631 | |||
Michigan State University Revenue | 5.000% | 8/15/20 | 1,040 | 1,065 | ||||
Michigan Trunk Line Revenue | 5.000% | 11/1/21 | 500 | 502 | ||||
Oakland University MI Revenue | 5.000% | 3/1/30 | 1,250 | 1,487 | ||||
Portage MI Public Schools GO | 5.000% | 11/1/34 | 1,250 | 1,484 |
47 |
Tax-Managed Balanced Fund
Face | Market | |||||||
Maturity | Amount | Value• | ||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||
Roseville MI School District GO | 5.000% | 5/1/34 | 1,665 | 1,921 | ||||
Royal Oak MI Hospital Finance Authority Hospital Revenue (William Beaumont Hospital) | 5.000% | 9/1/25 | 1,450 | 1,659 | ||||
University of Michigan Revenue | 5.000% | 4/1/32 | 2,010 | 2,482 | ||||
Wayne County MI Airport Authority Revenue | 5.000% | 12/1/25 | 870 | 1,045 | ||||
Wayne County MI Airport Authority Revenue | 5.000% | 12/1/30 | 1,300 | 1,550 | ||||
85,064 | ||||||||
Minnesota (0.6%) | ||||||||
Bloomington MN Independent School District No. 271 GO | 5.000% | 2/1/22 | 2,010 | 2,172 | ||||
Duluth MN Independent School District No. 709 COP | 5.000% | 2/1/27 | 365 | 444 | ||||
Duluth MN Independent School District No. 709 COP | 5.000% | 2/1/28 | 350 | 433 | ||||
Farmington MN Independent School District No. 192 GO | 5.000% | 2/1/21 | 1,800 | 1,875 | ||||
Hennepin County MN GO | 5.000% | 12/15/33 | 1,365 | 1,741 | ||||
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 | 1,465 | 1,532 | ||||
Minneapolis MN Special School District No. 1 COP | 5.000% | 2/1/26 | 1,855 | 2,068 | ||||
Minnesota GO | 5.000% | 10/1/21 | 1,925 | 2,056 | ||||
Minnesota GO | 5.000% | 8/1/22 | 1,500 | 1,649 | ||||
Minnesota GO | 5.000% | 8/1/24 | 1,615 | 1,894 | ||||
Minnesota GO | 5.000% | 8/1/25 | 1,500 | 1,810 | ||||
Minnesota GO | 5.000% | 8/1/27 | 1,005 | 1,206 | ||||
Minnesota GO | 5.000% | 8/1/31 | 1,075 | 1,396 | ||||
Minnesota GO | 4.000% | 8/1/35 | 1,000 | 1,151 | ||||
Minnesota Higher Education Facilities Authority Revenue (Hamline University) | 5.000% | 10/1/35 | 595 | 677 | ||||
Minnesota Housing Finance Agency Residential Housing Revenue | 2.800% | 12/1/47 | 1,716 | 1,742 | ||||
Osseo MN Independent School District No. 279 GO | 5.000% | 2/1/28 | 1,000 | 1,238 | ||||
Rochester MN Health Care Facilities Revenue (Mayo Clinic) | 5.000% | 11/15/31 | 1,000 | 1,337 | ||||
St. Francis MN Independent School District No. 15 GO | 5.000% | 2/1/26 | 385 | 428 | ||||
St. Francis MN Independent School District No. 15 GO | 5.000% | 2/1/27 | 485 | 539 | ||||
St. Francis MN Independent School District No. 15 GO | 4.000% | 2/1/29 | 515 | 552 | ||||
St. Francis MN Independent School District No. 15 GO | 4.000% | 2/1/30 | 550 | 587 | ||||
St. Francis MN Independent School District No. 15 GO | 4.000% | 2/1/32 | 775 | 823 | ||||
University of Minnesota Revenue | 5.250% | 12/1/20 | (Prere.) | 500 | 519 | |||
University of Minnesota Revenue | 5.000% | 4/1/23 | 1,115 | 1,254 | ||||
West St. Paul MN Independent School District No. 197 Revenue (Mendota Heights-Eagan) | 4.000% | 2/1/28 | 1,000 | 1,165 | ||||
32,744 |
48 |
Tax-Managed Balanced Fund
Face | Market | |||||||
Maturity | Amount | Value• | ||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||
Mississippi (0.5%) | ||||||||
Mississippi Business Finance Corp. Gulf Opportunity Zone Industrial Development Revenue (Chevron USA Inc. Project) VRDO | 1.600% | 1/2/20 | 12,720 | 12,720 | ||||
Mississippi Business Finance Corp. Gulf Opportunity Zone Industrial Development Revenue (Chevron USA Inc. Project) VRDO | 1.600% | 1/2/20 | 1,000 | 1,000 | ||||
Mississippi Development Bank Special Obligation Revenue (Marshall County Industrial Development Highway Refunding Project) | 5.000% | 1/1/26 | 1,335 | 1,607 | ||||
Mississippi Development Bank Special Obligation Revenue (Rankin County School District) | 5.000% | 6/1/27 | 500 | 621 | ||||
Mississippi Development Bank Special Obligation Revenue (Rankin County School District) | 5.000% | 6/1/30 | 1,745 | 2,144 | ||||
Mississippi Gaming Tax Revenue | 5.000% | 10/15/36 | 1,500 | 1,848 | ||||
Mississippi GO | 5.000% | 11/1/29 | 1,000 | 1,196 | ||||
Mississippi Hospital Equipment & Facilities Authority Revenue (Forrest General Hospital Inc.) | 5.000% | 1/1/29 | 830 | 1,032 | ||||
Mississippi Hospital Equipment & Facilities Authority Revenue (Forrest General Hospital Inc.) | 5.000% | 1/1/30 | 625 | 786 | ||||
Mississippi Institutions of Higher Learning Revenue (University of Mississippi Medical Center) | 4.000% | 6/1/34 | 1,000 | 1,118 | ||||
Mississippi State University Educational Building Corp. Revenue | 5.000% | 8/1/23 | (Prere.) | 1,000 | 1,138 | |||
Mississippi State University Educational Building Corp. Revenue | 5.000% | 8/1/30 | 575 | 710 | ||||
Mississippi State University Educational Building Corp. Revenue | 5.000% | 8/1/31 | 495 | 609 | ||||
26,529 | ||||||||
Missouri (0.4%) | ||||||||
Bi-State Development Agency of the Missouri-Illinois Metropolitan District Mass Transit Sales Tax Revenue | 4.000% | 10/1/34 | 1,530 | 1,797 | ||||
Columbia MO Water & Electric System Revenue | 3.000% | 10/1/31 | 1,285 | 1,345 | ||||
Jackson County MO School District No. 4 GO (Blue Springs) | 6.000% | 3/1/38 | 1,000 | 1,346 | ||||
Jackson County MO Special Obligation Revenue (Truman Sports Complex Project) | 5.000% | 12/1/26 | 1,190 | 1,385 | ||||
Kansas City MO Sanitary Sewer System Revenue | 5.000% | 1/1/32 | 1,000 | 1,245 | ||||
Little Blue Valley MO Sewer District Revenue | 3.000% | 9/1/33 | 1,505 | 1,581 | ||||
Metropolitan St. Louis MO Sewer District Wastewater System Revenue | 5.000% | 5/1/34 | 500 | 612 | ||||
Missouri Health & Educational Facilities Authority Educational Facilities Revenue (St. Louis College of Pharmacy Project) | 5.000% | 5/1/30 | 500 | 542 |
49 |
Tax-Managed Balanced Fund
Face | Market | |||||||
Maturity | Amount | Value• | ||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||
Missouri Health & Educational Facilities Authority Educational Facilities Revenue (St. Louis College of Pharmacy Project) | 5.000% | 5/1/34 | 880 | 947 | ||||
Missouri Health & Educational Facilities Authority Health Facilities Revenue (SSM Health System) | 5.000% | 6/1/25 | 1,480 | 1,709 | ||||
Missouri Health & Educational Facilities Authority Health Facilities Revenue (St. Luke’s Health System) | 5.000% | 12/1/31 | 1,000 | 1,258 | ||||
Missouri Health & Educational Facilities Authority Revenue (Children’s Mercy Hospital) | 5.000% | 5/15/36 | 1,100 | 1,280 | ||||
Missouri Health & Educational Facilities Authority Revenue (Mercy Health) | 5.000% | 11/15/34 | 1,500 | 1,719 | ||||
Missouri Highways & Transportation Commission Road Revenue | 5.000% | 2/1/23 | 710 | 794 | ||||
Missouri Joint Municipal Electric Utility Commission Power Project Revenue (Iatan 2 Project) | 5.000% | 12/1/34 | 1,425 | 1,653 | ||||
Missouri Joint Municipal Electric Utility Commission Power Project Revenue (Prairie Project) | 5.000% | 12/1/34 | 1,000 | 1,184 | ||||
St. Louis MO Parking Revenue | 5.000% | 12/15/23 | (4) | 715 | 809 | |||
St. Louis MO Sewer & Wastewater Revenue | 5.000% | 5/1/36 | 1,000 | 1,173 | ||||
22,379 | ||||||||
Montana (0.0%) | ||||||||
Montana Facility Finance Authority Hospital Revenue (Benefis Health System) | 5.000% | 2/15/32 | 825 | 972 | ||||
Multiple States (0.2%) | ||||||||
6 | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | 3.400% | 1/25/36 | 500 | 545 | |||
6 | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue VRDO | 2.650% | 1/2/20 | LOC | 1,300 | 1,331 | ||
6 | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue VRDO | 2.650% | 1/9/20 | 1,595 | 1,639 | |||
6 | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue VRDO | 2.600% | 9/15/33 | LOC | 2,000 | 2,055 | ||
6 | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue VRDO | 2.625% | 6/15/35 | LOC | 1,995 | 2,051 | ||
6 | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue VRDO | 2.650% | 6/15/35 | 1,390 | 1,423 | |||
9,044 | ||||||||
Nebraska (0.4%) | ||||||||
Central Plains Energy Project Nebraska Gas Project Revenue (Project No. 3) | 5.000% | 9/1/27 | 1,000 | 1,202 | ||||
Central Plains Energy Project Nebraska Gas Project Revenue (Project No. 4) PUT | 5.000% | 1/1/24 | 3,500 | 3,912 | ||||
Central Plains Energy Project Nebraska Gas Supply Revenue PUT | 4.000% | 8/1/25 | 2,200 | 2,462 | ||||
Lincoln County NE Hospital Authority No. 1 Hospital Revenue (Great Plains Regional Medical Center Project) | 5.000% | 11/1/23 | 750 | 796 | ||||
Lincoln NE Electric System Revenue | 5.000% | 9/1/22 | (Prere.) | 135 | 148 | |||
Lincoln NE Electric System Revenue | 5.000% | 9/1/25 | 275 | 303 |
50 |
Tax-Managed Balanced Fund
Face | Market | |||||||
Maturity | Amount | Value• | ||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||
Municipal Energy Agency of Nebraska Power Supply System Revenue | 5.000% | 4/1/31 | 345 | 371 | ||||
Nebraska Public Power District Revenue | 5.000% | 1/1/30 | 1,000 | 1,068 | ||||
Nebraska Public Power District Revenue | 5.000% | 1/1/32 | 1,500 | 1,600 | ||||
Omaha NE Public Power District Electric Revenue | 4.000% | 2/1/22 | (Prere.) | 1,675 | 1,776 | |||
Omaha NE Public Power District Electric Revenue | 5.000% | 2/1/29 | 1,270 | 1,528 | ||||
Omaha NE Public Power District Electric Revenue | 5.000% | 2/1/36 | 3,560 | 4,361 | ||||
Omaha NE Sewer Revenue | 5.000% | 11/15/29 | 2,500 | 2,919 | ||||
Scotts Bluff County NE Hospital Authority Revenue (Regional West Medical Center) | 5.000% | 2/1/24 | 1,685 | 1,827 | ||||
24,273 | ||||||||
Nevada (0.7%) | ||||||||
Carson City NV Hospital Revenue (Carson Tahoe Regional Medical Center) | 5.000% | 9/1/26 | 560 | 668 | ||||
Carson City NV Hospital Revenue (Carson Tahoe Regional Medical Center) | 5.000% | 9/1/28 | 670 | 810 | ||||
Carson City NV Hospital Revenue (Carson Tahoe Regional Medical Center) | 5.000% | 9/1/33 | 1,740 | 1,870 | ||||
Clark County NV Airport Improvement Revenue | 5.000% | 7/1/30 | 1,855 | 2,375 | ||||
Clark County NV GO | 4.000% | 6/1/32 | 1,505 | 1,719 | ||||
Clark County NV GO | 5.000% | 7/1/33 | 1,000 | 1,101 | ||||
Clark County NV Highway Improvement Motor Vehicle Fuel Tax Revenue | 5.000% | 7/1/31 | 1,575 | 1,807 | ||||
Clark County NV Highway Improvement Motor Vehicle Fuel Tax Revenue | 5.000% | 7/1/36 | 1,075 | 1,300 | ||||
Clark County NV Passenger Facility Charge Revenue (Las Vegas McCarran International Airport) | 4.500% | 7/1/20 | 455 | 455 | ||||
Clark County NV Passenger Facility Charge Revenue (Las Vegas McCarran International Airport) | 5.000% | 7/1/31 | 1,000 | 1,274 | ||||
Clark County NV School District GO | 5.000% | 6/15/27 | (4) | 3,000 | 3,708 | |||
Clark County NV School District GO | 4.000% | 6/15/33 | (4) | 1,820 | 2,041 | |||
Clark County NV School District GO | 4.000% | 12/1/37 | 1,325 | 1,499 | ||||
Clark County NV School District GO | 4.000% | 12/1/38 | 1,140 | 1,286 | ||||
Las Vegas Valley Water District Nevada GO | 5.000% | 6/1/21 | 2,000 | 2,110 | ||||
Las Vegas Valley Water District Nevada GO | 5.000% | 6/1/24 | 1,190 | 1,385 | ||||
Las Vegas Valley Water District Nevada GO | 5.000% | 12/1/27 | 1,990 | 2,368 | ||||
Las Vegas Valley Water District Nevada GO | 5.000% | 6/1/35 | 1,870 | 2,238 | ||||
Las Vegas Valley Water District Nevada GO | 5.000% | 6/1/38 | 1,000 | 1,253 | ||||
Las Vegas Valley Water District Nevada GO | 5.000% | 6/1/39 | 1,500 | 1,873 | ||||
Nevada GO | 5.000% | 4/1/22 | 1,740 | 1,889 | ||||
Nevada GO | 5.000% | 11/1/23 | 1,465 | 1,678 | ||||
Nevada GO | 5.000% | 11/1/25 | 1,015 | 1,212 | ||||
Nevada Highway Improvement Revenue (Motor Vehicle Fuel Tax) | 4.000% | 12/1/32 | 1,660 | 1,887 | ||||
Reno NV Sales Tax Revenue (Reno Transportation Rail Access) | 5.000% | 6/1/27 | 250 | 306 | ||||
Reno NV Sales Tax Revenue (Reno Transportation Rail Access) | 5.000% | 6/1/28 | 250 | 311 |
51 |
Tax-Managed Balanced Fund
Face | Market | |||||||
Maturity | Amount | Value• | ||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||
Reno NV Sales Tax Revenue (Reno Transportation Rail Access) | 5.000% | 6/1/32 | 250 | 309 | ||||
Reno NV Sales Tax Revenue (Reno Transportation Rail Access) | 5.000% | 6/1/33 | 250 | 308 | ||||
Truckee Meadows NV Water Authority Water Revenue | 5.000% | 7/1/34 | 1,510 | 1,811 | ||||
42,851 | ||||||||
New Jersey (1.7%) | ||||||||
Bergen County NJ GO | 5.000% | 10/15/21 | 1,490 | 1,593 | ||||
Camden County NJ Improvement Authority Health Care Redevelopment Project Revenue Cooper Health System Obligated Group) | 5.000% | 2/15/27 | 1,400 | 1,577 | ||||
Garden State Preservation Trust New Jersey Revenue (Open Space & Farmland Preservation) | 0.000% | 11/1/21 | (4) | 500 | 488 | |||
Jersey City NJ GO | 5.000% | 3/1/21 | 480 | 500 | ||||
Monmouth County NJ Improvement Authority Revenue | 5.000% | 12/1/29 | 1,750 | 2,313 | ||||
Morris County NJ Improvement Authority School District Revenue (Morris Hills Regional District Project) | 5.000% | 10/1/23 | 510 | 564 | ||||
New Jersey Economic Development Authority Revenue | 5.000% | 6/15/21 | 1,000 | 1,052 | ||||
New Jersey Economic Development Authority Revenue | 5.000% | 6/15/23 | 1,000 | 1,113 | ||||
New Jersey Economic Development Authority Revenue | 5.250% | 6/15/27 | 500 | 579 | ||||
New Jersey Economic Development Authority Revenue | 5.500% | 6/15/29 | 2,000 | 2,393 | ||||
New Jersey Economic Development Authority Revenue | 4.000% | 6/15/35 | 500 | 538 | ||||
New Jersey Economic Development Authority Revenue (Cigarette Tax) | 5.000% | 6/15/26 | 1,600 | 1,711 | ||||
New Jersey Economic Development Authority Revenue (Motor Vehicle Surcharge) | 5.250% | 7/1/26 | (ETM) | 95 | 118 | |||
New Jersey Economic Development Authority Revenue (Motor Vehicle Surcharge) | 5.250% | 7/1/26 | (14) | 405 | 483 | |||
New Jersey Economic Development Authority Revenue (School Facilities Construction) | 5.250% | 9/1/24 | 300 | 313 | ||||
New Jersey Economic Development Authority Revenue (School Facilities Construction) | 5.500% | 9/1/27 | (14) | 1,000 | 1,235 | |||
New Jersey Economic Development Authority Revenue (School Facilities Construction) | 5.000% | 3/1/28 | 2,095 | 2,296 | ||||
New Jersey Economic Development Authority Revenue (School Facilities Construction) | 5.000% | 6/15/35 | 700 | 827 | ||||
New Jersey Health Care Facilities Financing Authority Lease Revenue (Greystone Park Psychiatric Hospital Project) | 5.000% | 9/15/24 | 500 | 557 | ||||
New Jersey Health Care Facilities Financing Authority Revenue (Barnabas Health) | 5.000% | 7/1/22 | 1,000 | 1,093 | ||||
New Jersey Health Care Facilities Financing Authority Revenue (Barnabas Health) | 5.000% | 7/1/25 | 900 | 982 | ||||
New Jersey Health Care Facilities Financing Authority Revenue (Hackensack Meridian Health) | 5.000% | 7/1/21 | 640 | 676 |
52 |
Tax-Managed Balanced Fund
Face | Market | |||||||
Maturity | Amount | Value• | ||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||
New Jersey Health Care Facilities Financing Authority Revenue (St. Joseph’s Healthcare System) | 5.000% | 7/1/27 | 1,000 | 1,178 | ||||
New Jersey Health Care Facilities Financing Authority Revenue (Valley Health System) | 5.000% | 7/1/29 | 1,385 | 1,775 | ||||
New Jersey Higher Education Assistance Authority Student Loan Revenue | 5.250% | 12/1/28 | 150 | 150 | ||||
2 | New Jersey TRAN, SIFMA Municipal Swap Index Yield + 0.370% | 1.980% | 1/9/20 | 10,000 | 10,000 | |||
New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue | 5.000% | 6/15/25 | 1,300 | 1,523 | ||||
New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue | 5.000% | 6/15/28 | 1,380 | 1,622 | ||||
New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue | 5.000% | 6/15/28 | 620 | 729 | ||||
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 | 1,195 | ||||
New Jersey Transportation Trust Fund Authority Revenue | 5.000% | 12/15/30 | 1,285 | 1,528 | ||||
New Jersey Transportation Trust Fund Authority Revenue | 5.000% | 6/15/31 | 1,000 | 1,186 | ||||
New Jersey Transportation Trust Fund Authority Revenue | 5.000% | 12/15/33 | 1,115 | 1,311 | ||||
New Jersey Transportation Trust Fund Authority Revenue | 5.000% | 12/15/34 | 1,115 | 1,307 | ||||
New Jersey Transportation Trust Fund Authority Revenue | 5.000% | 12/15/35 | 1,015 | 1,187 | ||||
New Jersey Transportation Trust Fund Authority Transportation Program Revenue | 5.250% | 6/15/33 | 1,500 | 1,715 | ||||
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 5.500% | 12/15/20 | (14) | 2,500 | 2,597 | |||
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 5.250% | 12/15/21 | (14) | 345 | 370 | |||
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 5.500% | 12/15/21 | (12) | 150 | 162 | |||
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 5.500% | 12/15/22 | 1,315 | 1,466 | ||||
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 5.500% | 12/15/23 | 605 | 694 | ||||
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 5.000% | 12/15/24 | 1,000 | 1,152 | ||||
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 0.000% | 12/15/26 | (2) | 2,000 | 1,709 | |||
New Jersey Transportation Trust Fund AuthorityTransportation System Revenue | 5.000% | 12/15/27 | 5,260 | 6,287 | ||||
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 5.500% | 6/15/31 | 500 | 527 | ||||
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 0.000% | 12/15/31 | (14) | 1,000 | 716 |
53 |
Tax-Managed Balanced Fund
Face | Market | |||||||
Maturity | Amount | Value• | ||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||
New Jersey Transportation Trust Fund Authority Transportation System Revenue | 5.000% | 6/15/32 | 700 | 787 | ||||
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/22 | (Prere.) | 1,000 | 1,078 | |||
New Jersey Turnpike Authority Revenue | 5.000% | 7/1/22 | (Prere.) | 1,040 | 1,141 | |||
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/26 | 1,185 | 1,317 | ||||
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/28 | 1,190 | 1,321 | ||||
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/32 | 1,000 | 1,240 | ||||
New Jersey Turnpike Authority Revenue | 4.000% | 1/1/33 | 1,070 | 1,231 | ||||
New Jersey Turnpike Authority Revenue | 4.000% | 1/1/34 | 2,500 | 2,869 | ||||
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/35 | 1,000 | 1,205 | ||||
South Jersey Transportation Authority New Jersey Transportation System Revenue | 5.000% | 11/1/25 | 500 | 546 | ||||
Tobacco Settlement Financing Corp. New Jersey Revenue | 5.000% | 6/1/26 | 1,825 | 2,171 | ||||
Tobacco Settlement Financing Corp. New Jersey Revenue | 3.200% | 6/1/27 | 385 | 393 | ||||
Tobacco Settlement Financing Corp. New Jersey Revenue | 5.000% | 6/1/27 | 3,200 | 3,877 | ||||
Tobacco Settlement Financing Corp. New Jersey Revenue | 5.000% | 6/1/30 | 685 | 833 | ||||
Tobacco Settlement Financing Corp. New Jersey Revenue | 5.000% | 6/1/31 | 1,000 | 1,209 | ||||
Tobacco Settlement Financing Corp. New Jersey Revenue | 5.000% | 6/1/35 | 450 | 535 | ||||
Tobacco Settlement Financing Corp. New Jersey Revenue | 5.000% | 6/1/36 | 1,500 | 1,777 | ||||
Tobacco Settlement Financing Corp. New Jersey Revenue | 5.000% | 6/1/37 | 1,000 | 1,180 | ||||
Toms River NJ Board of Education GO | 3.000% | 7/15/30 | 3,000 | 3,148 | ||||
Toms River NJ Board of Education GO | 3.000% | 7/15/33 | 3,570 | 3,697 | ||||
98,280 | ||||||||
New Mexico (0.2%) | ||||||||
Albuquerque NM GO | 5.000% | 7/1/20 | 2,000 | 2,038 | ||||
Albuquerque NM Municipal School District No. 12 GO | 5.000% | 8/1/22 | 290 | 319 | ||||
Albuquerque NM Municipal School District No. 12 GO | 5.000% | 8/1/23 | 265 | 301 | ||||
Farmington NM Pollution Control Revenue (Arizona Public Service Co. Four Corners Project) | 4.700% | 9/1/24 | 1,750 | 1,795 | ||||
New Mexico Finance Authority Revenue | 5.000% | 6/1/23 | 1,210 | 1,367 | ||||
New Mexico Finance Authority Transportation Revenue | 5.000% | 6/15/23 | 500 | 509 | ||||
New Mexico Finance Authority Transportation Revenue | 4.000% | 6/15/26 | 2,000 | 2,131 | ||||
New Mexico Finance Authority Transportation Revenue | 5.000% | 6/15/27 | 1,000 | 1,158 | ||||
New Mexico Hospital Equipment Loan Council Hospital System Revenue (Presbyterian Healthcare Services) | 5.000% | 8/1/28 | 1,445 | 1,711 | ||||
11,329 | ||||||||
New York (7.2%) | ||||||||
Battery Park City NY Authority Revenue | 5.000% | 11/1/38 | 750 | 958 | ||||
Erie County NY Fiscal Stability Authority Revenue | 5.000% | 9/1/30 | 500 | 628 |
54 |
Tax-Managed Balanced Fund
Face | Market | |||||||
Maturity | Amount | Value• | ||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||
Erie County NY Industrial Development Agency School Facility Revenue (Buffalo City School District Project) | 5.250% | 5/1/31 | 500 | 526 | ||||
Hempstead NY GO | 4.000% | 4/1/29 | (4) | 1,420 | 1,603 | |||
Hudson Yards Infrastructure Corp. New York Revenue | 5.000% | 2/15/36 | 1,500 | 1,811 | ||||
Hudson Yards Infrastructure Corp. New York Revenue | 5.000% | 2/15/37 | 500 | 602 | ||||
Long Island NY Power Authority Electric System Revenue | 5.000% | 9/1/24 | 130 | 143 | ||||
Long Island NY Power Authority Electric System Revenue | 5.000% | 9/1/35 | 1,000 | 1,233 | ||||
Metropolitan Transportation Authority NY BAN | 5.000% | 5/15/21 | 3,000 | 3,148 | ||||
Metropolitan Transportation Authority NY BAN | 5.000% | 5/15/22 | 9,100 | 9,864 | ||||
Metropolitan Transportation Authority NY Revenue | 5.000% | 11/15/34 | 2,500 | 3,090 | ||||
Metropolitan Transportation Authority NY Revenue PUT | 5.000% | 11/15/22 | 8,095 | 8,915 | ||||
Monroe County NY Industrial Development Agency School Facility Revenue (Rochester Schools Modernization Project) | 5.000% | 5/1/31 | 1,955 | 2,428 | ||||
Monroe County NY Industrial Development Corp. Mortgage Revenue (Unity Hospital Rochester Project) | 5.500% | 8/15/23 | 90 | 90 | ||||
Monroe County NY Industrial Development Corp. Revenue (University of Rochester Project) | 5.000% | 7/1/37 | 1,000 | 1,213 | ||||
Nassau County NY GO | 5.000% | 4/1/23 | 1,000 | 1,121 | ||||
New York City NY GO | 5.000% | 8/1/20 | 2,260 | 2,311 | ||||
New York City NY GO | 5.000% | 8/1/20 | 2,935 | 3,001 | ||||
New York City NY GO | 5.000% | 8/1/21 | 515 | 546 | ||||
New York City NY GO | 5.000% | 8/1/21 | 2,000 | 2,122 | ||||
New York City NY GO | 5.000% | 8/1/21 | 1,745 | 1,851 | ||||
New York City NY GO | 5.000% | 8/1/22 | 705 | 775 | ||||
New York City NY GO | 5.000% | 8/1/22 | 1,290 | 1,418 | ||||
New York City NY GO | 5.000% | 10/1/22 | 500 | 534 | ||||
New York City NY GO | 5.000% | 8/1/23 | 400 | 440 | ||||
New York City NY GO | 5.000% | 8/1/23 | 1,505 | 1,709 | ||||
New York City NY GO | 5.000% | 8/1/24 | 1,000 | 1,171 | ||||
New York City NY GO | 5.000% | 8/1/25 | 1,000 | 1,203 | ||||
New York City NY GO | 5.000% | 8/1/25 | 1,310 | 1,576 | ||||
New York City NY GO | 5.000% | 8/1/25 | 1,245 | 1,498 | ||||
New York City NY GO | 5.000% | 8/1/25 | 770 | 830 | ||||
New York City NY GO | 5.000% | 6/1/26 | 2,450 | 2,923 | ||||
New York City NY GO | 5.000% | 8/1/26 | 500 | 548 | ||||
New York City NY GO | 5.000% | 8/1/26 | 1,000 | 1,113 | ||||
New York City NY GO | 5.000% | 8/1/28 | 400 | 409 | ||||
New York City NY GO | 5.000% | 8/1/30 | 1,000 | 1,125 | ||||
New York City NY GO | 5.000% | 3/1/31 | 1,340 | 1,487 | ||||
New York City NY GO | 5.000% | 8/1/31 | 365 | 387 | ||||
New York City NY GO | 5.000% | 12/1/32 | 1,755 | 2,134 | ||||
New York City NY GO | 5.000% | 12/1/33 | 1,515 | 1,835 | ||||
New York City NY GO | 5.000% | 12/1/35 | 1,120 | 1,348 |
55 |
Tax-Managed Balanced Fund
Face | Market | |||||||
Maturity | Amount | Value• | ||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||
New York City NY GO | 4.000% | 10/1/37 | 2,680 | 3,074 | ||||
5 | New York City NY GO TOB VRDO | 1.700% | 1/2/20 | LOC | 4,300 | 4,300 | ||
New York City NY GO VRDO | 1.650% | 1/2/20 | 7,600 | 7,600 | ||||
New York City NY GO VRDO | 1.680% | 1/8/20 | LOC | 5,100 | 5,100 | |||
New York City NY Health & Hospital Corp. Revenue (Health System) | 5.000% | 2/15/24 | 1,500 | 1,507 | ||||
New York City NY Health & Hospital Corp. Revenue (Health System) | 5.000% | 2/15/30 | 575 | 577 | ||||
New York City NY Housing Development Corp. Multi-Family Housing Revenue | 5.250% | 7/1/29 | 1,000 | 1,121 | ||||
New York City NY Housing Development Corp. Multi-Family Housing Revenue | 3.700% | 11/1/38 | 2,000 | 2,123 | ||||
New York City NY Housing Development Corp. Multi-Family Housing Revenue PUT | 2.950% | 2/1/26 | 1,000 | 1,056 | ||||
New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | 5.000% | 6/15/27 | 1,250 | 1,501 | ||||
New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | 5.000% | 6/15/30 | 500 | 509 | ||||
New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | 5.000% | 6/15/31 | 500 | 527 | ||||
New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | 5.250% | 6/15/33 | 1,000 | 1,252 | ||||
New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | 5.000% | 6/15/36 | 2,000 | 2,376 | ||||
New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | 5.000% | 6/15/38 | 2,015 | 2,482 | ||||
New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | 5.000% | 6/15/38 | 1,000 | 1,222 | ||||
New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | 5.000% | 6/15/39 | 2,000 | 2,335 | ||||
New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | 5.000% | 6/15/39 | 2,500 | 3,126 | ||||
New York City NY Municipal Water Finance Authority Water & Sewer System Revenue VRDO | 1.600% | 1/2/20 | 2,815 | 2,815 | ||||
New York City NY Municipal Water Finance Authority Water & Sewer System Revenue VRDO | 1.660% | 1/2/20 | 3,600 | 3,600 | ||||
New York City NY Municipal Water Finance Authority Water & Sewer System Revenue VRDO | 1.670% | 1/2/20 | 11,815 | 11,815 | ||||
New York City NY Municipal Water Finance Authority Water & Sewer System Revenue VRDO | 1.700% | 1/8/20 | 11,240 | 11,240 | ||||
New York City NY Transitional Finance Authority Building Aid Revenue | 5.000% | 7/15/24 | 550 | 603 | ||||
New York City NY Transitional Finance Authority Building Aid Revenue | 5.000% | 7/15/28 | 1,730 | 2,060 | ||||
New York City NY Transitional Finance Authority Building Aid Revenue | 5.000% | 7/15/29 | 2,000 | 2,375 | ||||
New York City NY Transitional Finance Authority Building Aid Revenue | 5.000% | 7/15/30 | 1,045 | 1,251 | ||||
New York City NY Transitional Finance Authority Building Aid Revenue | 5.000% | 7/15/32 | 250 | 273 |
56 |
Tax-Managed Balanced Fund
Face | Market | |||||||
Maturity | Amount | Value• | ||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||
New York City NY Transitional Finance Authority Building Aid Revenue | 5.000% | 7/15/35 | 1,635 | 2,021 | ||||
New York City NY Transitional Finance Authority Building Aid Revenue | 4.000% | 7/15/38 | 1,750 | 1,982 | ||||
New York City NY Transitional Finance Authority Future Tax Revenue | 5.250% | 2/1/21 | (Prere.) | 60 | 63 | |||
New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 11/1/22 | 1,140 | 1,265 | ||||
New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 11/1/25 | 460 | 493 | ||||
New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 11/1/28 | 1,325 | 1,589 | ||||
New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 5/1/29 | 850 | 954 | ||||
New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 2/1/30 | 500 | 556 | ||||
New York City NY Transitional Finance Authority Future Tax Revenue | 5.250% | 2/1/30 | 440 | 459 | ||||
New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 2/1/31 | 500 | 521 | ||||
New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 5/1/31 | 300 | 326 | ||||
New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 11/1/31 | 500 | 552 | ||||
New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 8/1/32 | 1,250 | 1,444 | ||||
New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 11/1/32 | 1,500 | 1,790 | ||||
New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 11/1/32 | 500 | 551 | ||||
New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 5/1/34 | 500 | 542 | ||||
New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 8/1/34 | 1,710 | 2,054 | ||||
New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 8/1/34 | 1,450 | 1,669 | ||||
New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 11/1/34 | 1,500 | 1,781 | ||||
New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 8/1/35 | 1,525 | 1,862 | ||||
New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 11/1/35 | 1,745 | 2,066 | ||||
New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 5/1/36 | 1,580 | 1,915 | ||||
New York City NY Transitional Finance Authority Future Tax Revenue | 4.000% | 8/1/36 | 1,235 | 1,398 | ||||
New York City NY Transitional Finance Authority Future Tax Revenue | 4.000% | 11/1/36 | 1,000 | 1,148 | ||||
New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 8/1/37 | 1,680 | 2,040 | ||||
New York City NY Transitional Finance Authority Future Tax Revenue | 4.000% | 11/1/38 | 1,000 | 1,138 | ||||
New York City NY Transitional Finance Authority Future Tax Revenue | 4.000% | 11/1/39 | 2,795 | 3,166 |
57 |
Tax-Managed Balanced Fund
Face | Market | |||||||
Maturity | Amount | Value· | ||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||
New York City NY Transitional Finance Authority Future Tax Revenue VRDO | 1.650% | 1/2/20 | 7,105 | 7,105 | ||||
New York City NY Transitional Finance Authority Future Tax Revenue VRDO | 1.670% | 1/2/20 | 485 | 485 | ||||
New York City NY Transitional Finance Authority Revenue | 5.000% | 8/1/35 | 1,500 | 1,857 | ||||
New York City NY Transitional Finance Authority Revenue | 5.000% | 8/1/36 | 5,710 | 7,040 | ||||
New York City NY Transitional Finance Authority Revenue | 5.000% | 5/1/38 | 1,675 | 2,041 | ||||
New York City NY Transitional Finance Authority Revenue | 5.000% | 5/1/39 | 1,335 | 1,654 | ||||
New York City NY Trust for Cultural Resources Revenue (Lincoln Center for the Performing Arts Inc.) | 5.000% | 12/1/26 | 1,350 | 1,673 | ||||
New York City Transitional Finance Authority Future Tax Secured Revenue | 5.000% | 8/1/35 | 2,015 | 2,495 | ||||
New York City Transitional Finance Authority Future Tax Secured Revenue | 5.000% | 8/1/36 | 2,000 | 2,466 | ||||
5 | New York City Transitional Finance Authority Future Tax Secured Revenue TOB VRDO | 1.630% | 1/8/20 | 3,800 | 3,800 | |||
New York Liberty Development Corp. Revenue | 5.000% | 11/15/31 | 1,090 | 1,164 | ||||
New York Liberty Development Corp. Revenue (7 World Trade Center Project) | 5.000% | 9/15/31 | 1,000 | 1,082 | ||||
New York Liberty Development Corp. Revenue (Goldman Sachs Headquarters) | 5.250% | 10/1/35 | 820 | 1,116 | ||||
New York Metropolitan Transportation Authority Revenue | 5.000% | 11/15/20 | 1,530 | 1,580 | ||||
New York Metropolitan Transportation Authority Revenue | 5.250% | 11/15/20 | (Prere.) | 500 | 519 | |||
New York Metropolitan Transportation Authority Revenue | 5.000% | 11/15/21 | 1,000 | 1,070 | ||||
New York Metropolitan Transportation Authority Revenue | 5.000% | 11/15/21 | (Prere.) | 500 | 538 | |||
New York Metropolitan Transportation Authority Revenue | 5.000% | 11/15/21 | 230 | 246 | ||||
New York Metropolitan Transportation Authority Revenue | 5.250% | 11/15/21 | (14) | 325 | 349 | |||
New York Metropolitan Transportation Authority Revenue | 5.000% | 11/15/22 | (Prere.) | 820 | 915 | |||
New York Metropolitan Transportation Authority Revenue | 5.000% | 5/15/23 | (Prere.) | 570 | 647 | |||
New York Metropolitan Transportation Authority Revenue | 5.000% | 11/15/23 | 1,045 | 1,191 | ||||
New York Metropolitan Transportation Authority Revenue | 5.000% | 11/15/24 | 2,180 | 2,555 | ||||
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 | 2,020 | ||||
New York Metropolitan Transportation Authority Revenue | 5.000% | 11/15/28 | 1,675 | 2,040 | ||||
New York Metropolitan Transportation Authority Revenue | 5.000% | 11/15/30 | 1,000 | 1,233 |
58 |
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 | 1,655 | ||||
New York Metropolitan Transportation Authority Revenue | 4.000% | 11/15/32 | 1,500 | 1,709 | ||||
New York Metropolitan Transportation Authority Revenue | 5.000% | 11/15/33 | 680 | 746 | ||||
New York Metropolitan Transportation Authority Revenue (Dedicated Tax Fund) | 5.000% | 3/1/22 | 2,000 | 2,162 | ||||
New York Metropolitan Transportation Authority Revenue (Dedicated Tax Fund) | 0.000% | 11/15/32 | 1,000 | 732 | ||||
New York Metropolitan Transportation Authority Revenue (Dedicated Tax Fund) | 4.000% | 11/15/33 | 1,545 | 1,761 | ||||
New York Metropolitan Transportation Authority Revenue (Hudson Yards Development) | 5.000% | 11/15/46 | 1,010 | 1,012 | ||||
New York Metropolitan Transportation Authority Revenue (Hudson Yards Development) | 5.000% | 11/15/51 | 4,250 | 4,501 | ||||
New York Metropolitan Transportation Authority Revenue (Transit Revenue) | 5.000% | 11/15/21 | (Prere.) | 1,215 | 1,307 | |||
New York NY GO | 4.000% | 8/1/37 | 2,000 | 2,291 | ||||
New York NY GO VRDO | 1.650% | 1/2/20 | 4,280 | 4,280 | ||||
New York State Dormitory Authority Lease Revenue (City of New York Court Facilities) | 5.500% | 5/15/24 | (2) | 500 | 593 | |||
New York State Dormitory Authority Lease Revenue (City of New York Court Facilities) | 5.500% | 5/15/27 | (2) | 500 | 642 | |||
New York State Dormitory Authority Lease Revenue (Mental Health Services Facilities) | 5.000% | 8/15/21 | 500 | 512 | ||||
New York State Dormitory Authority Revenue | 5.000% | 10/1/20 | 75 | 75 | ||||
New York State Dormitory Authority Revenue | 3.000% | 10/1/32 | 1,000 | 1,044 | ||||
New York State Dormitory Authority Revenue | 4.000% | 7/1/34 | 1,200 | 1,391 | ||||
New York State Dormitory Authority Revenue (City University System) | 5.000% | 7/1/24 | 400 | 408 | ||||
New York State Dormitory Authority Revenue (Icahn School of Medicine at Mount Sinai) | 5.000% | 7/1/28 | 1,000 | 1,181 | ||||
New York State Dormitory Authority Revenue (Icahn School of Medicine at Mount Sinai) | 5.000% | 7/1/32 | 1,000 | 1,163 | ||||
New York State Dormitory Authority Revenue (Mount Sinai Hospital Obligated Group) | 5.000% | 7/1/20 | (Prere.) | 650 | 663 | |||
New York State Dormitory Authority Revenue (North Shore - Long Island Jewish Obligated Group) | 5.000% | 5/1/21 | (Prere.) | 500 | 526 | |||
New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 2/15/22 | (Prere.) | 170 | 184 | |||
New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 2/15/22 | (Prere.) | 160 | 173 | |||
New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 2/15/23 | 830 | 898 | ||||
New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 3/15/23 | 4,000 | 4,488 | ||||
New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 12/15/23 | 1,465 | 1,632 | ||||
New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 2/15/24 | 840 | 909 |
59 |
Tax-Managed Balanced Fund
Face | Market | |||||||
Maturity | Amount | Value· | ||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||
New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 2/15/25 | 1,500 | 1,782 | ||||
New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 3/15/25 | 10,000 | 11,908 | ||||
New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 12/15/26 | 520 | 578 | ||||
New York State Dormitory Authority Revenue (Personal Income Tax) | 4.000% | 3/15/27 | 1,700 | 1,948 | ||||
New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 2/15/28 | 2,040 | 2,401 | ||||
New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 3/15/30 | 2,000 | 2,296 | ||||
New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 12/15/30 | 7,000 | 7,766 | ||||
New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 3/15/32 | 500 | 540 | ||||
New York State Dormitory Authority Revenue (Personal Income Tax) | 4.000% | 2/15/33 | 1,975 | 2,245 | ||||
New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 2/15/33 | 300 | 323 | ||||
New York State Dormitory Authority Revenue (Personal Income Tax) | 4.000% | 2/15/34 | 1,905 | 2,158 | ||||
New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 3/15/34 | 2,000 | 2,287 | ||||
New York State Dormitory Authority Revenue (Personal Income Tax) | 4.000% | 2/15/35 | 1,000 | 1,130 | ||||
4 | New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 2/15/35 | 3,000 | 3,820 | |||
4 | New York State Dormitory Authority Revenue (Personal Income Tax) | 4.000% | 2/15/39 | 2,000 | 2,284 | |||
New York State Dormitory Authority Revenue (School Districts Financing Program) | 5.000% | 10/1/20 | 595 | 613 | ||||
New York State Dormitory Authority Revenue (School Districts Financing Program) | 5.000% | 10/1/21 | (4) | 390 | 417 | |||
New York State Dormitory Authority Revenue (St. John’s University) VRDO | 1.520% | 1/8/20 | LOC | 3,500 | 3,500 | |||
New York State Dormitory Authority Revenue (The New School) | 5.250% | 7/1/20 | (Prere.) | 500 | 510 | |||
New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/21 | 1,260 | 1,320 | ||||
New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/24 | 1,090 | 1,264 | ||||
New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/25 | 1,295 | 1,546 | ||||
New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/32 | 1,480 | 1,811 | ||||
New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/33 | 1,795 | 2,169 | ||||
New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/35 | 1,420 | 1,671 | ||||
New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/35 | 2,000 | 2,407 | ||||
New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/36 | 1,500 | 1,848 |
60 |
Tax-Managed Balanced Fund
Face | Market | |||||||
Maturity | Amount | Value· | ||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||
New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/37 | 2,160 | 2,652 | ||||
New York State Energy Research & Development Authority Pollution Control Revenue (New York State Electric & Gas Corp.) | 3.500% | 10/1/29 | 1,000 | 1,141 | ||||
New York State Environmental Facilities Corp. Revenue (State Clean Water & Drinking Water Revolving Funds) | 5.000% | 6/15/22 | 2,075 | 2,277 | ||||
New York State Environmental Facilities Corp. Revenue (State Clean Water & Drinking Water Revolving Funds) | 5.000% | 6/15/24 | 365 | 372 | ||||
New York State Environmental Facilities Corp. Revenue (State Clean Water & Drinking Water Revolving Funds) | 5.000% | 6/15/25 | 500 | 547 | ||||
New York State Environmental Facilities Corp. Revenue (State Clean Water & Drinking Water Revolving Funds) | 5.000% | 6/15/34 | 1,500 | 1,849 | ||||
New York State Liberty Development Corp. Liberty Revenue (Bank of America Tower at One Bryant Park Project) | 2.450% | 9/15/69 | 3,500 | 3,512 | ||||
New York State Liberty Development Corp. Liberty Revenue (Bank of America Tower at One Bryant Park Project) | 2.625% | 9/15/69 | 600 | 602 | ||||
New York State Local Government Assistance Corp. Revenue | 5.000% | 4/1/21 | 330 | 340 | ||||
New York State Thruway Authority Revenue | 5.000% | 1/1/22 | (Prere.) | 500 | 540 | |||
New York State Thruway Authority Revenue | 5.000% | 1/1/35 | 1,130 | 1,338 | ||||
New York State Thruway Authority Revenue (Personal Income Tax) | 5.000% | 3/15/20 | 500 | 504 | ||||
New York State Thruway Authority Revenue (Personal Income Tax) | 5.000% | 3/15/25 | 500 | 533 | ||||
New York State Urban Development Corp. Revenue | 5.000% | 3/15/36 | 2,000 | 2,409 | ||||
New York State Urban Development Corp. Revenue | 5.000% | 3/15/37 | 2,000 | 2,402 | ||||
New York State Urban Development Corp. Revenue | 5.000% | 3/15/38 | 5,170 | 6,460 | ||||
New York State Urban Development Corp. Revenue (Personal Income Tax) | 5.500% | 3/15/22 | (14) | 530 | 581 | |||
New York State Urban Development Corp. Revenue (Personal Income Tax) | 5.000% | 3/15/24 | 1,325 | 1,535 | ||||
New York State Urban Development Corp. Revenue (Personal Income Tax) | 5.000% | 3/15/25 | 2,830 | 3,373 | ||||
New York State Urban Development Corp. Revenue (Personal Income Tax) | 5.000% | 3/15/26 | 2,000 | 2,303 | ||||
New York State Urban Development Corp. Revenue (Personal Income Tax) | 5.000% | 3/15/31 | 1,420 | 1,688 | ||||
New York State Urban Development Corp. Revenue (Personal Income Tax) | 5.000% | 3/15/31 | 2,000 | 2,223 | ||||
New York State Urban Development Corp. Revenue (Personal Income Tax) | 5.000% | 3/15/33 | 2,010 | 2,399 | ||||
New York State Urban Development Corp. Revenue (Personal Income Tax) | 5.000% | 3/15/33 | 1,485 | 1,650 |
61 |
Tax-Managed Balanced Fund
Face | Market | |||||||
Maturity | Amount | Value· | ||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||
Port Authority of New York & New Jersey Revenue | 5.000% | 9/1/26 | 1,805 | 2,126 | ||||
Port Authority of New York & New Jersey Revenue | 5.000% | 5/1/28 | 1,250 | 1,266 | ||||
Port Authority of New York & New Jersey Revenue | 5.000% | 9/1/36 | 1,120 | 1,396 | ||||
Port Authority of New York & New Jersey Revenue | 5.000% | 11/1/36 | 2,200 | 2,802 | ||||
Port Authority of New York & New Jersey Revenue | 4.000% | 9/1/37 | 1,110 | 1,286 | ||||
Suffolk County NY Economic Development Corp. Revenue (Catholic Health Services) | 5.000% | 7/1/21 | 1,545 | 1,626 | ||||
Suffolk County NY Economic Development Corp. Revenue (Catholic Health Services) | 5.000% | 7/1/27 | 1,370 | 1,561 | ||||
Tobacco Settlement Financing Corp. New York Revenue | 5.000% | 6/1/29 | 1,870 | 2,245 | ||||
Tobacco Settlement Financing Corp. New York Revenue | 5.000% | 6/1/34 | 1,760 | 2,074 | ||||
4 | Troy NY Capital Resource Corp. Revenue (Rensselaer Polytechnic Institute Project) | 5.000% | 9/1/37 | 1,320 | 1,618 | |||
Triborough Bridge & Tunnel Authority New York Revenue | 5.000% | 11/15/23 | 1,500 | 1,725 | ||||
Triborough Bridge & Tunnel Authority New York Revenue | 0.000% | 11/15/32 | 1,130 | 840 | ||||
Triborough Bridge & Tunnel Authority New York Revenue | 5.000% | 11/15/34 | 2,000 | 2,386 | ||||
Triborough Bridge & Tunnel Authority New York Revenue | 5.000% | 11/15/34 | 1,900 | 2,319 | ||||
Triborough Bridge & Tunnel Authority New York Revenue | 5.000% | 11/15/36 | 1,000 | 1,214 | ||||
Utility Debt Securitization Authority New York Revenue | 5.000% | 12/15/33 | 1,600 | 1,821 | ||||
Utility Debt Securitization Authority New York Revenue | 5.000% | 12/15/35 | 1,945 | 2,326 | ||||
7 | Utility Debt Securitization Authority New York Revenue | 5.000% | 12/15/36 | 2,450 | 2,924 | |||
Westchester County NY GO | 5.000% | 7/1/20 | 675 | 689 | ||||
Westchester County NY GO | 5.000% | 7/1/20 | (ETM) | 10 | 10 | |||
Westchester County NY GO | 5.000% | 7/1/20 | (ETM) | 55 | 56 | |||
Westchester County NY Health Care Corp. Revenue | 5.000% | 11/1/30 | 890 | 937 | ||||
Westchester County NY Local Development Corp. Revenue (Westchester Medical Center) | 5.000% | 11/1/31 | 1,085 | 1,246 | ||||
Westchester NY Tobacco Asset Securitization Revenue | 5.000% | 6/1/28 | 1,400 | 1,643 | ||||
Westchester NY Tobacco Asset Securitization Revenue | 5.000% | 6/1/33 | 1,500 | 1,694 | ||||
419,317 | ||||||||
North Carolina (0.3%) | ||||||||
Cary NC Combined Enterprise System Revenue | 5.000% | 12/1/22 | (Prere.) | 330 | 367 | |||
Cary NC Combined Enterprise System Revenue | 5.000% | 12/1/27 | 170 | 189 | ||||
Charlotte NC Water & Sewer System Revenue | 5.000% | 12/1/20 | 235 | 243 |
62 |
Tax-Managed Balanced Fund
Face | Market | |||||||
Maturity | Amount | Value· | ||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||
Durham County NC GO | 5.000% | 4/1/20 | 785 | 792 | ||||
North Carolina Capital Improvement Revenue | 5.000% | 5/1/20 | (Prere.) | 500 | 506 | |||
North Carolina GAN | 5.000% | 3/1/25 | 1,055 | 1,252 | ||||
North Carolina GAN | 5.000% | 3/1/27 | 1,015 | 1,194 | ||||
North Carolina GO | 5.000% | 3/1/20 | 425 | 428 | ||||
North Carolina GO | 4.000% | 6/1/20 | 500 | 506 | ||||
North Carolina GO | 5.000% | 5/1/22 | 360 | 393 | ||||
North Carolina Medical Care Commission Health Care Facilities Revenue (Vidant Health) | 5.000% | 6/1/21 | 1,000 | 1,053 | ||||
North Carolina Medical Care Commission Health Care Facilities Revenue (WakeMed) | 5.000% | 10/1/27 | 1,000 | 1,096 | ||||
North Carolina Medical Care Commission Hospital Revenue (Southeastern Regional Medical Center) | 5.000% | 6/1/24 | 850 | 921 | ||||
North Carolina Turnpike Authority Revenue | 4.000% | 1/1/39 | 2,000 | 2,202 | ||||
Orange County NC Public Facilities Co. Revenue | 5.000% | 10/1/22 | (Prere.) | 180 | 199 | |||
Orange County NC Public Facilities Co. Revenue | 5.000% | 10/1/24 | 320 | 354 | ||||
Union County NC Enterprise System Revenue | 3.000% | 6/1/33 | 1,290 | 1,364 | ||||
Wake County NC GO | 5.000% | 3/1/23 | 2,145 | 2,407 | ||||
15,466 | ||||||||
North Dakota (0.0%) | ||||||||
Grand Forks ND Health Care System Revenue (Altru Health System Obligated Group) | 5.000% | 12/1/25 | 1,210 | 1,417 | ||||
Ohio (1.6%) | ||||||||
Allen County OH Hospital Facilities Revenue (Mercy Health) | 5.000% | 8/1/29 | 1,300 | 1,615 | ||||
Allen County OH Hospital Facilities Revenue (Mercy Health) | 4.000% | 8/1/37 | 2,200 | 2,419 | ||||
American Municipal Power Ohio Inc. Revenue (Fremont Energy Center Project) | 5.250% | 2/15/22 | (Prere.) | 570 | 619 | |||
American Municipal Power Ohio Inc. Revenue (Hydroelectric Projects) | 5.000% | 2/15/26 | 1,025 | 1,237 | ||||
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 | 320 | ||||
Butler County OH Hospital Facilities Revenue (Kettering Health Network) | 5.250% | 4/1/31 | 500 | 521 | ||||
Butler County OH Hospital Facilities Revenue (UC Health) | 5.250% | 11/1/20 | (Prere.) | 435 | 450 | |||
Centerville OH Health Care Revenue (Graceworks Lutheran Services) | 5.000% | 11/1/26 | 725 | 822 | ||||
Centerville OH Health Care Revenue (Graceworks Lutheran Services) | 5.000% | 11/1/27 | 380 | 436 | ||||
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 | 813 | |||
Columbus OH GO | 5.000% | 7/1/22 | (Prere.) | 535 | 587 | |||
Columbus OH GO | 4.000% | 8/15/26 | 1,730 | 1,982 | ||||
Columbus OH Sewer Revenue | 5.000% | 12/1/24 | (Prere.) | 4,000 | 4,731 | |||
Cuyahoga County OH Excise Tax Revenue (Sports Facilities Improvement Project) | 5.000% | 12/1/23 | (Prere.) | 510 | 585 | |||
Cuyahoga County OH Hospital Revenue (MetroHealth System) | 5.000% | 2/15/32 | 1,000 | 1,165 |
63 |
Tax-Managed Balanced Fund
Face | Market | |||||||
Maturity | Amount | Value· | ||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||
Fairfield County OH Hospital Facilities Revenue (Fairfield Medical Center) | 5.125% | 6/15/33 | 615 | 650 | ||||
Franklin County OH Convention Facilities Authority Revenue | 5.000% | 12/1/20 | 1,000 | 1,034 | ||||
Franklin County OH Convention Facilities Authority Revenue | 5.000% | 12/1/28 | 1,680 | 1,959 | ||||
Franklin County OH Convention Facilities Authority Revenue | 5.000% | 12/1/30 | 680 | 830 | ||||
Franklin County OH Revenue (Trinity Health Corp.) | 5.000% | 12/1/31 | 1,100 | 1,404 | ||||
Franklin County OH Sales Tax Revenue | 5.000% | 6/1/27 | 895 | 1,126 | ||||
Franklin County OH Sales Tax Revenue | 5.000% | 6/1/28 | 830 | 1,066 | ||||
Hamilton County OH Hospital Facilities Revenue (TriHealth Obligated Group) | 5.000% | 8/15/36 | 1,000 | 1,190 | ||||
Hamilton County OH Hospital Facilities Revenue (UC Health) | 5.000% | 2/1/21 | 200 | 208 | ||||
Lancaster OH Port Authority Gas Supply Revenue PUT | 5.000% | 2/1/25 | 600 | 695 | ||||
Lucas County OH Hospital Revenue (ProMedica Healthcare Obligated Group) | 5.000% | 11/15/21 | (Prere.) | 180 | 193 | |||
Lucas County OH Hospital Revenue (ProMedica Healthcare Obligated Group) | 5.250% | 11/15/21 | (Prere.) | 535 | 575 | |||
Lucas County OH Hospital Revenue (ProMedica Healthcare Obligated Group) | 5.000% | 11/15/26 | 320 | 337 | ||||
Miami Valley OH Career Technology Center GO | 5.000% | 12/1/25 | 880 | 1,066 | ||||
Montgomery County OH Hospital Revenue (Premier Health Partners) | 5.000% | 11/15/31 | 2,290 | 2,842 | ||||
Montgomery County OH Hospital Revenue (Premier Health Partners) | 5.000% | 11/15/37 | 2,590 | 3,142 | ||||
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 | 1,659 | ||||
Ohio Adult Correctional Capital Facilities Revenue | 5.000% | 10/1/30 | 2,200 | 2,870 | ||||
Ohio Building Authority Revenue (Administration Building Fund) | 5.000% | 10/1/20 | 100 | 103 | ||||
Ohio Capital Facilities Lease-Appropriation Revenue (Adult Correctional Building Fund Projects) | 5.000% | 10/1/33 | 1,535 | 1,884 | ||||
Ohio Capital Facilities Lease-Appropriation Revenue (Mental Health Facilities Improvement Fund Projects) | 5.000% | 2/1/22 | 750 | 809 | ||||
Ohio Capital Facilities Lease-Appropriation Revenue (Transportation Building Fund Projects) | 5.000% | 4/1/30 | 1,155 | 1,352 | ||||
Ohio Common Schools GO | 5.000% | 6/15/34 | 1,000 | 1,087 | ||||
Ohio GO | 5.000% | 5/1/23 | 1,270 | 1,432 | ||||
Ohio GO | 5.000% | 8/1/23 | 500 | 549 | ||||
Ohio GO | 5.000% | 8/1/24 | 500 | 586 | ||||
Ohio GO | 5.000% | 11/1/24 | 1,675 | 1,980 | ||||
Ohio GO | 5.000% | 2/1/25 | 2,425 | 2,879 | ||||
Ohio GO | 5.000% | 2/1/27 | 1,000 | 1,214 | ||||
Ohio GO | 5.000% | 2/1/31 | 1,110 | 1,175 | ||||
Ohio GO | 5.000% | 5/1/33 | 1,000 | 1,255 | ||||
Ohio GO | 5.000% | 3/1/35 | 1,000 | 1,213 |
64 |
Tax-Managed Balanced Fund
Face | Market | |||||||
Maturity | Amount | Value· | ||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||
Ohio GO | 5.000% | 3/15/36 | 1,005 | 1,138 | ||||
Ohio GO | 5.000% | 3/1/38 | 2,000 | 2,411 | ||||
Ohio Higher Education GO | 5.000% | 8/1/21 | 500 | 531 | ||||
Ohio Higher Education GO | 5.000% | 5/1/30 | 2,000 | 2,360 | ||||
Ohio Higher Educational Facility Commission Revenue (Case Western Reserve University Project) | 5.000% | 12/1/22 | 585 | 649 | ||||
Ohio Hospital Revenue (Cleveland Clinic Health System Obligated Group) VRDO | 1.600% | 1/2/20 | 1,925 | 1,925 | ||||
Ohio Hospital Revenue (Cleveland Clinic Health System Obligated Group) VRDO | 1.650% | 1/3/20 | 200 | 200 | ||||
Ohio Major New State Infrastructure Project Revenue | 5.000% | 12/15/25 | 2,450 | 2,970 | ||||
Ohio Major New State Infrastructure Project Revenue | 5.000% | 12/15/28 | 1,020 | 1,239 | ||||
Ohio Parks & Recreation Capital Facilities Revenue | 5.000% | 12/1/35 | 1,320 | 1,640 | ||||
Ohio Parks & Recreation Capital Facilities Revenue | 5.000% | 12/1/37 | 2,240 | 2,764 | ||||
Ohio Revenue (Transportation Building Fund Projects) | 5.000% | 4/1/26 | 915 | 1,115 | ||||
Ohio Turnpike Commission Turnpike Revenue | 5.000% | 2/15/20 | (Prere.) | 500 | 502 | |||
Ohio Turnpike Commission Turnpike Revenue | 5.500% | 2/15/20 | (14) | 1,100 | 1,106 | |||
Ohio Turnpike Commission Turnpike Revenue | 5.000% | 2/15/28 | 1,015 | 1,128 | ||||
Ohio Turnpike Commission Turnpike Revenue | 5.000% | 2/15/35 | 1,280 | 1,568 | ||||
Ohio Water Development Authority Pollution Control Revenue | 5.000% | 12/1/37 | 2,560 | 3,256 | ||||
Ohio Water Development Authority Water Pollution Control Loan Fund Revenue | 5.000% | 12/1/26 | 1,850 | 2,301 | ||||
Penta Career Center Ohio COP | 5.250% | 4/1/23 | 125 | 136 | ||||
Revere OH Local School District GO | 5.000% | 6/1/22 | (Prere.) | 1,000 | 1,094 | |||
Revere OH Local School District GO | 5.000% | 6/1/22 | (Prere.) | 665 | 727 | |||
Winton Woods City OH School District GO | 5.000% | 5/1/22 | (Prere.) | 550 | 600 | |||
Winton Woods City OH School District GO | 5.000% | 5/1/22 | (Prere.) | 255 | 278 | |||
Winton Woods City OH School District GO | 5.000% | 5/1/22 | (Prere.) | 250 | 273 | |||
Winton Woods City OH School District GO | 5.000% | 5/1/22 | (Prere.) | 260 | 284 | |||
Winton Woods City OH School District GO | 5.000% | 5/1/22 | (Prere.) | 250 | 273 | |||
93,097 | ||||||||
Oklahoma (0.2%) | ||||||||
Edmond OK Public Works Authority Sales Tax & Utility System Revenue | 4.000% | 7/1/25 | 1,160 | 1,323 | ||||
Norman OK Regional Hospital Authority Revenue | 5.000% | 9/1/28 | 1,245 | 1,511 | ||||
Oklahoma Capitol Improvement Authority Facilities Revenue | 5.000% | 7/1/26 | 1,145 | 1,328 | ||||
Oklahoma Capitol Improvement Authority Facilities Revenue | 4.000% | 7/1/38 | 1,000 | 1,127 | ||||
Oklahoma City OK GO | 5.000% | 3/1/24 | 525 | 549 | ||||
Oklahoma Development Finance Authority Health System Revenue (OU Medicine) | 5.000% | 8/15/28 | 1,500 | 1,847 | ||||
Oklahoma Turnpike Authority Revenue | 5.000% | 1/1/21 | (Prere.) | 300 | 312 | |||
Oklahoma Turnpike Authority Revenue | 5.000% | 1/1/37 | 2,000 | 2,349 |
65 |
Tax-Managed Balanced Fund
Face | Market | |||||||
Maturity | Amount | Value· | ||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||
Tulsa County OK Industrial Authority Senior Living Community Revenue (Montereau Inc.) | 5.000% | 11/15/23 | 280 | 311 | ||||
University of Oklahoma Revenue | 5.000% | 7/1/31 | 475 | 500 | ||||
11,157 | ||||||||
Oregon (0.2%) | ||||||||
Clatsop County OR School District No. 10 Seaside GO | 5.000% | 6/15/33 | 1,140 | 1,403 | ||||
Deschutes & Jefferson Counties OR School District No. 2J GO | 0.000% | 6/15/31 | 750 | 574 | ||||
Multnomah County OR School District GO | 5.000% | 6/15/29 | 1,000 | 1,187 | ||||
Oregon Department of Administrative Services Lottery Revenue | 5.250% | 4/1/21 | (Prere.) | 430 | 452 | |||
Oregon Department of Administrative Services Lottery Revenue | 5.000% | 4/1/25 | 1,380 | 1,600 | ||||
Oregon Department of Administrative Services Lottery Revenue | 5.250% | 4/1/31 | 70 | 73 | ||||
Oregon Department of Transportation Highway User Tax Revenue | 5.000% | 11/15/39 | 2,000 | 2,530 | ||||
Oregon Facilities Authority Revenue (Legacy Health Project) | 5.000% | 6/1/33 | 1,000 | 1,186 | ||||
Oregon Facilities Authority Revenue (Reed College Projects) | 4.000% | 7/1/31 | 450 | 517 | ||||
Oregon Facilities Authority Revenue (Reed College Projects) | 4.000% | 7/1/32 | 450 | 515 | ||||
Oregon GO | 5.000% | 5/1/23 | 500 | 545 | ||||
Salem OR Hospital Facilities Authority Revenue (Capital Manor Inc.) | 5.000% | 5/15/33 | 550 | 643 | ||||
Salem OR Hospital Facilities Authority Revenue (Capital Manor Inc.) | 5.000% | 5/15/38 | 500 | 578 | ||||
Washington County OR School District No. 48J Beaverton GO | 5.000% | 6/15/36 | 1,305 | 1,594 | ||||
13,397 | ||||||||
Pennsylvania (2.5%) | ||||||||
Allegheny County PA GO | 4.000% | 11/1/30 | 1,000 | 1,130 | ||||
Allegheny County PA Higher Education Building Authority University Revenue (Duquesne University) | 5.500% | 3/1/21 | (Prere.) | 325 | 341 | |||
Allegheny County PA Hospital Development Authority Revenue | 5.000% | 4/1/27 | 1,010 | 1,236 | ||||
Allegheny County PA Hospital Development Authority Revenue | 5.000% | 4/1/32 | 1,000 | 1,214 | ||||
Allegheny County PA Hospital Development Authority Revenue | 5.000% | 4/1/33 | 1,000 | 1,208 | ||||
Allegheny County PA Hospital Development Authority Revenue | 4.000% | 4/1/38 | 500 | 544 | ||||
Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh Medical Center) | 5.000% | 7/15/27 | 1,000 | 1,243 | ||||
2 | Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh Medical Center), 67% of 3M USD LIBOR + 0.720% | 2.000% | 2/1/21 | 315 | 316 | |||
Allegheny County PA Port Authority Revenue | 5.750% | 3/1/29 | 500 | 526 | ||||
Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue | 5.000% | 5/1/24 | 1,000 | 1,070 |
66 |
Tax-Managed Balanced Fund
Face | Market | |||||||
Maturity | Amount | Value· | ||||||
Coupon | Date | ($000 | ) | ($000 | ) | |||
Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue | 5.000% | 5/1/27 | 250 | 291 | ||||
Allentown PA School District GO | 5.000% | 6/1/31 | (15) | 500 | 587 | |||
Armstrong PA School District GO | 5.000% | 3/15/27 | (15) | 995 | 1,214 | |||
Armstrong PA School District GO | 5.000% | 3/15/29 | (15) | 920 | 1,160 | |||
Berks County PA Industrial Development Authority Health System Revenue (Tower Health Project) | 5.000% | 11/1/25 | 2,065 | 2,432 | ||||
4 | Centennial PA School District Bucks County GO | 5.000% | 12/15/29 | 1,460 | 1,788 | |||
Central Bradford PA Progress Authority Revenue (Guthrie Healthcare System) | 5.500% | 12/1/21 | (Prere.) | 530 | 573 | |||
Chester County PA GO | 5.000% | 11/15/22 | (Prere.) | 750 | 833 | |||
Coatesville PA School District Building Authority Lease Revenue | 5.000% | 12/1/26 | (15) | 335 | 370 | |||
Coatesville PA School District Building Authority Lease Revenue | 5.000% | 12/1/27 | (15) | 365 | 403 | |||
Commonwealth Financing Authority Pennsylvania Revenue | 5.000% | 6/1/26 | 500 | 602 | ||||
East Hempfield Township PA Industrial Development Authority Revenue (Millersville University Student Housing Project) | 5.000% | 7/1/29 | 1,000 | 1,109 | ||||
4 | Easton PA Area School District GO | 4.000% | 4/1/28 | 580 | 689 | |||
Erie PA Sewer Authority Revenue | 0.000% | 12/1/25 | (15)(ETM) | 1,165 | 1,062 | |||
Erie PA Sewer Authority Revenue | 0.000% | 12/1/25 | (15) | 85 | 75 | |||
Geisinger Authority Health System Pennsylvania Revenue (Geisinger Health System) | 5.000% | 6/1/20 | 650 | 660 | ||||
Lehigh County PA General Purpose Hospital Authority Revenue (Lehigh Valley Health Network) | 5.000% | 7/1/29 | 1,220 | 1,458 | ||||
Lehigh County PA General Purpose Hospital Authority Revenue (Lehigh Valley Health Network) | 5.000% | 7/1/29 | 2,400 | 3,030 | ||||
Luzerne County PA Industrial Development Authority Lease Revenue | 5.000% | 12/15/25 | (4) | 1,000 | 1,175 | |||
Monroeville PA Finance Authority Revenue (UPMC Health System) | 5.000% | 2/15/42 | 1,000 | 1,080 | ||||
Montgomery County PA Higher Education & Health Authority Hospital Revenue (Abington Memorial Hospital) | 5.000% | 6/1/22 | (Prere.) | 500 | 546 | |||
Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) | 5.000% | 9/1/32 | 1,515 | 1,890 | ||||
Montgomery County PA Industrial Development Authority Health Services Revenue (Albert Einstein Healthcare Network) | 5.000% | 1/15/23 | 1,015 | 1,111 | ||||
Montgomery County PA Industrial Development Authority Health Services Revenue (Albert Einstein Healthcare Network) | 5.000% | 1/15/25 | 1,000 | 1,146 | ||||
Montgomery County PA Industrial Development Authority Pollution Control Revenue (Exelon Generation Co., LLC) PUT | 2.550% | 6/1/20 | 1,000 | 1,005 |
67 |
Tax-Managed Balanced Fund
Face | Market | |||||
Maturity | Amount | Value• | ||||
Coupon | Date | ($000) | ($000) | |||
Montgomery County PA Industrial Development Authority Retirement Community Revenue (ACTS Retirement- Life Communities Obligated Group) | 5.000% | 11/15/25 | 1,250 | 1,348 | ||
Mount Lebanon PA Hospital Authority Revenue (St. Clair Memorial Hospital Project) | 5.000% | 7/1/38 | 1,000 | 1,203 | ||
Northampton County PA General Purpose Authority Hospital Revenue (St. Luke’s Hospital Project) | 5.000% | 8/15/25 | 1,275 | 1,508 | ||
Pennsylvania COP | 5.000% | 7/1/26 | 500 | 604 | ||
Pennsylvania COP | 5.000% | 7/1/27 | 500 | 614 | ||
Pennsylvania Economic Development Financing Authority Governmental Lease Revenue (Forum Place Project) | 5.000% | 3/1/34 | 1,000 | 1,062 | ||
Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | 5.000% | 3/15/29 | 1,060 | 1,288 | ||
Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | 5.000% | 11/15/30 | 1,510 | 1,855 | ||
Pennsylvania Economic Development Financing Authority Unemployment Compensation Revenue | 5.000% | 7/1/20 | 315 | 315 | ||
Pennsylvania GO | 5.000% | 7/1/20 | 545 | 556 | ||
Pennsylvania GO | 5.375% | 7/1/21 | 500 | 532 | ||
Pennsylvania GO | 5.000% | 11/15/21 | (Prere.) | 500 | 536 | |
Pennsylvania GO | 5.000% | 8/15/23 | 2,000 | 2,268 | ||
Pennsylvania GO | 5.000% | 1/1/24 | 1,500 | 1,721 | ||
Pennsylvania GO | 5.000% | 7/15/24 | 2,945 | 3,434 | ||
Pennsylvania GO | 5.000% | 8/15/24 | 500 | 585 | ||
Pennsylvania GO | 5.000% | 7/15/25 | 3,120 | 3,726 | ||
Pennsylvania GO | 5.000% | 1/1/26 | 3,295 | 3,974 | ||
Pennsylvania GO | 5.000% | 9/15/26 | 1,500 | 1,838 | ||
Pennsylvania GO | 5.000% | 7/15/27 | 2,500 | 3,111 | ||
Pennsylvania GO | 5.000% | 7/15/28 | 2,000 | 2,537 | ||
Pennsylvania GO | 4.000% | 1/1/29 | 3,000 | 3,407 | ||
Pennsylvania GO | 4.000% | 8/15/30 | (4) | 1,000 | 1,119 | |
Pennsylvania GO | 5.000% | 10/15/32 | 1,000 | 1,123 | ||
Pennsylvania GO | 4.000% | 3/1/33 | (4) | 1,110 | 1,262 | |
Pennsylvania GO | 4.000% | 3/1/34 | (4) | 1,670 | 1,895 | |
Pennsylvania GO | 4.000% | 3/1/36 | 1,000 | 1,122 | ||
Pennsylvania GO | 4.000% | 3/1/37 | (15) | 1,000 | 1,126 | |
Pennsylvania GO | 4.000% | 3/1/37 | 1,000 | 1,118 | ||
Pennsylvania Higher Educational Facilities Authority Revenue (St. Joseph’s University) | 5.000% | 11/1/24 | 200 | 206 | ||
Pennsylvania Higher Educational Facilities Authority Revenue (Temple University) | 5.000% | 4/1/32 | 500 | 535 | ||
Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) | 4.000% | 8/15/36 | 1,295 | 1,447 | ||
Pennsylvania State University Revenue | 5.000% | 3/1/25 | 500 | 503 | ||
Pennsylvania Turnpike Commission Motor License Fund Revenue | 5.000% | 12/1/32 | 1,000 | 1,223 |
68
Tax-Managed Balanced Fund
Face | Market | |||||
Maturity | Amount | Value• | ||||
Coupon | Date | ($000) | ($000) | |||
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | 5.000% | 12/1/24 | 1,040 | 1,197 | ||
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | 5.000% | 12/1/28 | 630 | 766 | ||
Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/20 | (Prere.) | 1,750 | 1,813 | |
Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/20 | (Prere.) | 265 | 274 | |
Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/20 | (Prere.) | 695 | 720 | |
Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/20 | (Prere.) | 495 | 512 | |
Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/21 | 170 | 171 | ||
Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/24 | 1,980 | 2,280 | ||
Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/25 | 1,625 | 1,958 | ||
Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/26 | 1,140 | 1,360 | ||
Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/26 | (4) | 1,635 | 1,984 | |
Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/26 | 750 | 911 | ||
Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/27 | 2,255 | 2,711 | ||
Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/32 | 1,500 | 1,805 | ||
Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/32 | 1,000 | 1,254 | ||
Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/32 | 2,000 | 2,306 | ||
Pennsylvania Turnpike Commission Revenue | 6.250% | 6/1/33 | (4) | 1,535 | 1,930 | |
Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/35 | 1,500 | 1,761 | ||
Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/37 | 1,000 | 1,225 | ||
2 | Pennsylvania Turnpike Commission Revenue, SIFMA Municipal Swap Index Yield + 0.980% | 2.590% | 12/1/21 | 1,315 | 1,328 | |
Philadelphia PA Airport Revenue | 5.000% | 6/15/23 | 1,120 | 1,139 | ||
Philadelphia PA Authority for Industrial Development Revenue (Temple University) | 5.000% | 4/1/24 | 1,015 | 1,170 | ||
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 | 1,933 | ||
Philadelphia PA Gas Works Revenue | 5.000% | 10/1/26 | 1,000 | 1,213 | ||
Philadelphia PA Gas Works Revenue | 5.000% | 8/1/36 | 1,300 | 1,553 | ||
Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Temple University Health System Obligated Group) | 5.000% | 7/1/25 | 1,000 | 1,150 | ||
Philadelphia PA School District GO | 5.000% | 9/1/21 | 1,035 | 1,061 | ||
Philadelphia PA School District GO | 5.250% | 9/1/22 | 545 | 560 | ||
Philadelphia PA School District GO | 5.000% | 9/1/31 | 940 | 1,089 | ||
Philadelphia PA Water & Wastewater Revenue | 5.000% | 8/1/20 | (Prere.) | 560 | 573 | |
Philadelphia PA Water & Wastewater Revenue | 5.000% | 7/1/26 | 1,000 | 1,158 | ||
Philadelphia PA Water & Wastewater Revenue | 4.000% | 7/1/35 | 1,110 | 1,207 | ||
Pittsburgh PA Water & Sewer Authority Revenue | 5.000% | 9/1/33 | (4) | 1,000 | 1,262 | |
Reading PA School District GO | 5.000% | 3/1/25 | (4) | 955 | 1,117 | |
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 | 948 | ||
Snyder County PA Higher Education Authority University Revenue (Susquehanna University Project) | 5.000% | 1/1/27 | 1,135 | 1,361 | ||
Southcentral Pennsylvania General Authority Revenue (WellSpan Health Obligated Group) | 5.000% | 6/1/34 | 1,085 | 1,222 |
69
Tax-Managed Balanced Fund
Face | Market | |||||
Maturity | Amount | Value• | ||||
Coupon | Date | ($000) | ($000) | |||
St. Mary Hospital Authority Pennsylvania Health System Revenue (Catholic Health Initiatives) | 5.000% | 5/15/20 | (Prere.) | 1,000 | 1,014 | |
State Public School Building Authority Pennsylvania College Revenue (Community College of Allegheny County Project) | 4.000% | 6/15/29 | (15) | 1,075 | 1,205 | |
State Public School Building Authority Pennsylvania Lease Revenue (School District of Philadelphia) | 5.000% | 6/1/24 | (15) | 1,535 | 1,754 | |
State Public School Building Authority Pennsylvania Lease Revenue (School District of Philadelphia) | 5.000% | 6/1/26 | (4) | 1,650 | 1,977 | |
West Shore PA Area Authority Hospital Revenue (Holy Spirit Hospital of the Sisters of Christian Charity Project) | 6.250% | 1/1/21 | (Prere.) | 80 | 84 | |
141,991 | ||||||
Puerto Rico (0.1%) | ||||||
Puerto Rico Electric Power Authority Revenue | 5.000% | 7/1/21 | (14) | 500 | 507 | |
Puerto Rico Highway & Transportation Authority Revenue | 5.250% | 7/1/21 | (13)(3) | 500 | 522 | |
Puerto Rico Public Finance Corp. Revenue | 6.000% | 8/1/26 | (ETM) | 1,000 | 1,274 | |
Puerto Rico Sales Tax Financing Corp. Revenue | 0.000% | 7/1/24 | 198 | 174 | ||
Puerto Rico Sales Tax Financing Corp. Revenue | 0.000% | 7/1/27 | 1,327 | 1,060 | ||
Puerto Rico Sales Tax Financing Corp. Revenue | 0.000% | 7/1/29 | 2,024 | 1,502 | ||
Puerto Rico Sales Tax Financing Corp. Revenue | 4.329% | 7/1/40 | 2,564 | 2,599 | ||
Puerto Rico Sales Tax Financing Corp. Revenue | 4.329% | 7/1/40 | 140 | 142 | ||
7,780 | ||||||
Rhode Island (0.1%) | ||||||
Narragansett RI Commission Wastewater System Revenue | 5.000% | 2/1/37 | 1,950 | 2,249 | ||
Rhode Island Commerce Corp. Airport Revenue | 5.000% | 7/1/30 | 500 | 588 | ||
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 | 1,138 | ||
4,572 | ||||||
South Carolina (0.5%) | ||||||
Charleston SC Educational Excellence Financing Corp. Revenue (Charleston County School District, South Carolina Project) | 5.000% | 12/1/23 | 590 | 676 | ||
Columbia SC Waterworks & Sewer System Revenue | 5.000% | 2/1/22 | (Prere.) | 250 | 270 | |
Columbia SC Waterworks & Sewer System Revenue | 3.000% | 2/1/35 | 875 | 917 | ||
Florence SC Water & Sewer Revenue | 3.000% | 9/1/34 | 1,610 | 1,691 | ||
Georgetown County SC School District GO | 3.000% | 3/1/31 | 1,665 | 1,756 | ||
Lancaster County SC School District GO | 4.000% | 3/1/32 | 1,000 | 1,139 |
70
Tax-Managed Balanced Fund
Face | Market | |||||
Maturity | Amount | Value• | ||||
Coupon | Date | ($000) | ($000) | |||
Lexington County SC Health Services District Inc. Hospital Revenue | 5.000% | 11/1/25 | 1,000 | 1,197 | ||
Lexington County SC Health Services District Inc. Hospital Revenue | 5.000% | 11/1/34 | 1,500 | 1,754 | ||
Myrtle Beach SC Hospitality Fee Revenue | 5.000% | 6/1/25 | 1,000 | 1,156 | ||
Patriots Energy Group Finance Authority SC Gas Supply Revenue PUT | 4.000% | 2/1/24 | 2,000 | 2,180 | ||
Piedmont SC Municipal Power Agency Revenue | 0.000% | 1/1/24 | (14) | 1,600 | 1,500 | |
South Carolina Association of Governmental Organizations Educational Facilities Corp. Revenue (Pickens School District) | 5.000% | 12/1/26 | 1,420 | 1,678 | ||
South Carolina GO | 5.000% | 4/1/20 | 830 | 838 | ||
South Carolina Higher Education Revenue (Clemson University) | 5.000% | 5/1/21 | 1,000 | 1,052 | ||
South Carolina Jobs Economic Development Authority Hospital Revenue (Palmetto Health) | 5.250% | 8/1/23 | (Prere.) | 1,000 | 1,141 | |
South Carolina Jobs Economic Development Authority Hospital Revenue (Prisma Health) | 5.000% | 5/1/37 | 1,500 | 1,787 | ||
South Carolina Public Service Authority Revenue | 5.000% | 12/1/26 | 1,140 | 1,326 | ||
South Carolina Public Service Authority Revenue | 5.000% | 12/1/28 | 1,465 | 1,560 | ||
South Carolina Public Service Authority Revenue | 5.000% | 12/1/37 | 1,095 | 1,290 | ||
South Carolina Public Service Authority Revenue | 5.000% | 12/1/37 | 2,205 | 2,572 | ||
South Carolina Public Service Authority Revenue | 5.000% | 12/1/38 | 1,035 | 1,151 | ||
South Carolina Transportation Infrastructure Revenue | 5.000% | 10/1/32 | 1,290 | 1,611 | ||
Sumter Two School Facilities Inc. South Carolina Installment Purchase Revenue | 5.000% | 12/1/26 | (15) | 1,000 | 1,177 | |
31,419 | ||||||
South Dakota (0.1%) | ||||||
Educational Enhancement Funding Corp. South Dakota Tobacco Settlement Revenue | 5.000% | 6/1/25 | 2,000 | 2,207 | ||
South Dakota Health & Educational Facilities Authority Revenue (Regional Health System Obligated Group) | 5.000% | 9/1/32 | 1,020 | 1,234 | ||
South Dakota Health & Educational Facilities Authority Revenue (Regional Health System Obligated Group) | 4.000% | 9/1/34 | 2,125 | 2,336 | ||
5,777 | ||||||
Tennessee (1.0%) | ||||||
Chattanooga TN Electric System Revenue | 5.000% | 9/1/31 | 1,000 | 1,192 | ||
Chattanooga TN Health Educational & Housing Facility Board Revenue (Catholic Health Initiatives) | 5.000% | 1/1/23 | (Prere.) | 1,500 | 1,667 | |
Chattanooga TN Health Educational & Housing Facility Board Revenue (CommonSpirit Health) | 5.000% | 8/1/29 | 2,880 | 3,595 | ||
Chattanooga-Hamilton County TN Hospital Authority Hospital Revenue | 5.000% | 10/1/27 | 1,035 | 1,175 |
71
Tax-Managed Balanced Fund
Face | Market | ||||
Maturity | Amount | Value• | |||
Coupon | Date | ($000) | ($000) | ||
Greeneville TN Health & Educational Facilities Board Hospital Revenue (Ballad Health) | 5.000% | 7/1/27 | 1,590 | 1,939 | |
Jackson TN Hospital Improvement Revenue (West Tennessee Healthcare Obligated Group) | 5.000% | 4/1/38 | 3,810 | 4,591 | |
Knox County TN Health Educational & Housing Facilities Board Hospital Facilities Revenue (Covenant Healthcare) | 5.000% | 1/1/36 | 1,000 | 1,175 | |
Knox County TN Health Educational & Housing Facilities Board Hospital Facilities Revenue (University Health System Inc.) | 5.000% | 9/1/27 | 925 | 1,092 | |
Memphis TN GO | 5.000% | 5/1/30 | 500 | 524 | |
Memphis TN GO | 4.000% | 6/1/31 | 1,000 | 1,133 | |
Metropolitan Government of Nashville & Davidson County TN GO | 5.000% | 7/1/21 | 625 | 637 | |
5 | Metropolitan Government of Nashville & Davidson County TN GO TOB VRDO | 1.690% | 1/2/20 | 4,400 | 4,400 |
Metropolitan Government of Nashville & Davidson County TN Health & Educational Facilities Board Revenue (Blakeford at Green Hills) | 5.000% | 7/1/27 | 500 | 528 | |
Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue | 5.000% | 7/1/20 | 600 | 611 | |
Shelby County TN GO | 5.000% | 4/1/31 | 1,625 | 2,083 | |
Tennergy Corp. TN Gas Revenue PUT | 5.000% | 10/1/24 | 4,300 | 4,944 | |
Tennessee Energy Acquisition Corp. Gas Revenue | 5.250% | 9/1/22 | 1,835 | 2,006 | |
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 | 1,153 | |
Tennessee Energy Acquisition Corp. Gas Revenue | 5.000% | 2/1/25 | 915 | 1,052 | |
Tennessee Energy Acquisition Corp. Gas Revenue | 5.250% | 9/1/26 | 1,035 | 1,238 | |
Tennessee Energy Acquisition Corp. Gas Revenue | 5.000% | 2/1/27 | 1,000 | 1,189 | |
Tennessee Energy Acquisition Corp. Gas Revenue PUT | 4.000% | 5/1/23 | 3,045 | 3,259 | |
Tennessee Energy Acquisition Corp. Gas Revenue PUT | 4.000% | 11/1/25 | 2,500 | 2,779 | |
Tennessee GO | 5.000% | 8/1/20 | 650 | 665 | |
Tennessee GO | 5.000% | 8/1/21 | 1,490 | 1,582 | |
Tennessee GO | 5.000% | 8/1/22 | 1,475 | 1,623 | |
Tennessee GO | 4.000% | 8/1/28 | 4,850 | 5,538 | |
Tennessee GO | 5.000% | 8/1/32 | 1,000 | 1,191 | |
Tennessee School Bond Authority Higher Educational Facilities Revenue (2nd Program) | 5.000% | 11/1/37 | 1,390 | 1,776 | |
Williamson County TN GO | 4.000% | 5/1/27 | 1,320 | 1,438 | |
59,800 | |||||
Texas (5.4%) | |||||
Alamo TX Regional Mobility Authority Revenue | 5.000% | 6/15/27 | 1,280 | 1,507 |
72
Tax-Managed Balanced Fund
Face | Market | |||||
Maturity | Amount | Value• | ||||
Coupon | Date | ($000) | ($000) | |||
Alief TX Independent School District GO | 5.000% | 2/15/24 | 1,300 | 1,499 | ||
Allen TX Independent School District GO | 5.000% | 2/15/26 | 1,035 | 1,257 | ||
Arlington TX Higher Education Finance Corp. Revenue (Riverwalk Education Foundation Inc.) | 4.000% | 8/15/33 | 600 | 693 | ||
Arlington TX Special Tax Revenue | 5.000% | 2/15/27 | (4) | 420 | 517 | |
Arlington TX Special Tax Revenue | 5.000% | 2/15/28 | (4) | 305 | 383 | |
Arlington TX Special Tax Revenue | 5.000% | 2/15/32 | (15) | 1,160 | 1,415 | |
Austin Convention Enterprises Inc. Texas Convention Center Revenue | 5.000% | 1/1/25 | 500 | 567 | ||
Austin TX Airport System Revenue | 5.000% | 11/15/26 | 1,120 | 1,382 | ||
Austin TX Airport System Revenue | 5.000% | 11/15/32 | 1,170 | 1,415 | ||
Austin TX Community College District Public Facilities Corp. Lease Revenue | 5.000% | 8/1/27 | 1,000 | 1,189 | ||
Austin TX GO | 5.000% | 5/1/26 | 2,030 | 2,485 | ||
Austin TX Water & Wastewater System Revenue | 5.000% | 11/15/21 | (ETM) | 500 | 536 | |
Austin TX Water & Wastewater System Revenue | 5.000% | 11/15/24 | 1,340 | 1,582 | ||
Austin TX Water & Wastewater System Revenue | 5.000% | 11/15/37 | 1,000 | 1,198 | ||
Beaumont TX Independent School District GO | 5.000% | 2/15/21 | 3,570 | 3,725 | ||
Bexar County TX GO | 5.000% | 6/15/23 | (Prere.) | 3,230 | 3,660 | |
Bexar County TX GO | 5.000% | 6/15/26 | 4,450 | 5,338 | ||
Bexar County TX GO | 5.000% | 6/15/32 | 1,145 | 1,319 | ||
Bexar County TX GO | 4.000% | 6/15/34 | 1,000 | 1,106 | ||
Bexar County TX GO | 4.000% | 6/15/40 | 2,255 | 2,545 | ||
Brownsville TX Utility System Revenue | 4.000% | 9/1/30 | 1,000 | 1,087 | ||
Central Texas Regional Mobility Authority Revenue | 5.750% | 1/1/20 | (Prere.) | 500 | 500 | |
Central Texas Regional Mobility Authority Revenue | 5.000% | 1/1/24 | 1,015 | 1,157 | ||
Central Texas Regional Mobility Authority Revenue | 0.000% | 1/1/25 | 100 | 91 | ||
Central Texas Regional Mobility Authority Revenue | 0.000% | 1/1/26 | 180 | 160 | ||
Central Texas Regional Mobility Authority Revenue | 5.000% | 1/1/26 | 1,115 | 1,337 | ||
Central Texas Regional Mobility Authority Revenue | 5.000% | 1/1/30 | 840 | 987 | ||
Central Texas Regional Mobility Authority Revenue | 5.000% | 1/1/33 | 540 | 591 | ||
Central Texas Regional Mobility Authority Revenue | 5.000% | 1/1/34 | 1,415 | 1,659 | ||
Clifton TX Higher Education Finance Corp. Revenue (Baylor University) | 5.250% | 3/1/29 | 200 | 209 | ||
Corpus Christi TX Independent School District GO | 4.000% | 8/15/31 | 1,795 | 2,011 | ||
Corpus Christi TX Independent School District GO | 4.000% | 8/15/34 | 1,130 | 1,294 | ||
Cypress-Fairbanks TX Independent School District GO | 5.000% | 2/15/25 | 500 | 521 | ||
Dallas TX Area Rapid Transit Sales Tax Revenue | 5.000% | 12/1/27 | 500 | 554 |
73
Tax-Managed Balanced Fund
Face | Market | |||||
Maturity | Amount | Value• | ||||
Coupon | Date | ($000) | ($000) | |||
Dallas TX Area Rapid Transit Sales Tax Revenue | 5.000% | 12/1/32 | 2,000 | 2,600 | ||
Dallas TX Area Rapid Transit Sales Tax Revenue | 5.000% | 12/1/32 | 1,670 | 1,988 | ||
Dallas TX Independent School District GO | 5.000% | 2/15/23 | 485 | 506 | ||
Dallas TX Independent School District GO | 4.000% | 2/15/29 | 2,250 | 2,520 | ||
Dallas TX Waterworks & Sewer System Revenue | 5.000% | 10/1/21 | (Prere.) | 195 | 208 | |
Dallas TX Waterworks & Sewer System Revenue | 5.000% | 10/1/21 | 1,340 | 1,430 | ||
Dallas TX Waterworks & Sewer System Revenue | 5.000% | 10/1/22 | 210 | 224 | ||
Dallas TX Waterworks & Sewer System Revenue | 4.000% | 10/1/31 | 1,675 | 1,950 | ||
Dallas-Fort Worth TX International Airport Revenue | 5.250% | 11/1/29 | 1,000 | 1,145 | ||
Denton TX Independent School District GO | 5.000% | 8/15/37 | 1,360 | 1,653 | ||
Eagle Mountain & Saginaw TX Independent School District GO PUT | 2.000% | 8/1/24 | 1,035 | 1,064 | ||
Fort Worth TX GO | 5.000% | 3/1/25 | 1,115 | 1,321 | ||
Fort Worth TX GO | 5.000% | 3/1/27 | 4,520 | 4,875 | ||
Fort Worth TX Water & Sewer Revenue | 5.000% | 2/15/25 | 450 | 469 | ||
Garland TX Electric Utility System Revenue | 5.000% | 3/1/30 | 675 | 858 | ||
Garland TX Independent School District GO | 5.000% | 2/15/22 | 1,025 | 1,107 | ||
3 | Grand Parkway Transportation Corp. Texas System Toll Revenue, 5.050% coupon rate effective 10/1/2023 | 0.000% | 10/1/30 | 1,550 | 1,686 | |
Grand Parkway Transportation Corp. TX BAN | 5.000% | 2/1/23 | 2,500 | 2,772 | ||
Harris County TX Cultural Education Facilities Finance Corp. Revenue (Methodist Hospital System) VRDO | 1.680% | 1/2/20 | 9,170 | 9,170 | ||
Harris County TX Cultural Education Facilities Finance Corp. Revenue (Methodist Hospital System) VRDO | 1.680% | 1/2/20 | 5,800 | 5,800 | ||
Harris County TX Cultural Education Facilities Finance Corp. Thermal Utility Revenue (TECO Project) | 5.000% | 11/15/30 | 1,000 | 1,227 | ||
Harris County TX GO | 5.000% | 10/1/21 | (Prere.) | 280 | 299 | |
Harris County TX GO | 5.000% | 8/15/22 | 1,960 | 2,154 | ||
Harris County TX GO | 5.000% | 10/1/23 | 20 | 21 | ||
Harris County TX GO | 5.000% | 8/15/32 | 1,025 | 1,127 | ||
Harris County TX GO | 5.000% | 10/1/36 | 1,200 | 1,413 | ||
Harris County TX Metropolitan Transit Authority Sales & Use Tax Revenue | 5.000% | 11/1/36 | 1,000 | 1,065 | ||
Harris County TX Sports Authority Revenue | 5.000% | 11/15/22 | 945 | 1,035 | ||
Harris County TX Toll Road Revenue | 5.000% | 8/15/32 | 515 | 565 | ||
Houston TX Airport System Revenue | 5.000% | 7/1/26 | 1,160 | 1,422 | ||
Houston TX Airport System Revenue | 5.000% | 7/1/37 | 1,685 | 2,066 | ||
Houston TX GO | 5.000% | 3/1/27 | 1,000 | 1,235 | ||
Houston TX GO | 4.000% | 3/1/35 | 1,500 | 1,690 | ||
Houston TX Hotel Occupancy Tax & Special Revenue (Convention & Entertainment Facilities) | 5.000% | 9/1/24 | 1,070 | 1,243 | ||
Houston TX Independent School District GO | 5.000% | 2/15/20 | 1,105 | 1,110 | ||
Houston TX Utility System Revenue | 5.000% | 5/15/21 | 1,350 | 1,421 |
74
Tax-Managed Balanced Fund
Face | Market | |||||
Maturity | Amount | Value• | ||||
Coupon | Date | ($000) | ($000) | |||
Houston TX Utility System Revenue | 5.000% | 5/15/25 | 1,160 | 1,344 | ||
Houston TX Utility System Revenue | 5.000% | 11/15/26 | 1,350 | 1,672 | ||
Houston TX Utility System Revenue | 4.000% | 11/15/31 | 1,000 | 1,130 | ||
Houston TX Utility System Revenue | 5.000% | 11/15/33 | 1,000 | 1,034 | ||
Houston TX Utility System Revenue | 5.000% | 11/15/34 | 1,000 | 1,152 | ||
2 | Houston TX Utility System Revenue PUT, SIFMA Municipal Swap Index Yield + 0.900% | 2.510% | 5/1/20 | 1,000 | 1,000 | |
Irving TX Independent School District GO | 5.000% | 2/15/21 | 1,515 | 1,581 | ||
Katy TX Independent School District GO | 4.000% | 2/15/27 | 275 | 297 | ||
Katy TX Independent School District GO | 4.000% | 2/15/28 | 375 | 404 | ||
Klein TX Independent School District GO | 5.000% | 8/1/34 | 1,200 | 1,438 | ||
Lake Travis TX Independent School District GO | 5.000% | 2/15/21 | (Prere.) | 500 | 522 | |
Lamar TX Consolidated Independent School District GO | 5.000% | 2/15/26 | 1,360 | 1,608 | ||
Laredo TX Community College District GO | 5.000% | 8/1/25 | 1,000 | 1,156 | ||
Laredo TX Independent School District GO | 4.000% | 8/1/28 | 1,635 | 1,816 | ||
Lone Star College System Texas GO | 5.000% | 2/15/28 | 1,375 | 1,658 | ||
Lower Colorado River Authority Texas Revenue | 5.000% | 5/15/37 | 1,330 | 1,432 | ||
Lower Colorado River Authority Texas Transmission Contract Revenue (LCRA Transmission Services Corp.) | 5.000% | 5/15/28 | 1,000 | 1,147 | ||
Lower Colorado River Authority Texas Transmission Contract Revenue (LCRA Transmission Services Corp.) | 5.000% | 5/15/28 | 1,200 | 1,409 | ||
Lower Colorado River Authority Texas Transmission Contract Revenue (LCRA Transmission Services Corp.) | 5.000% | 5/15/34 | 1,070 | 1,320 | ||
Lubbock TX GO | 5.000% | 2/15/23 | 500 | 541 | ||
Mansfield TX Independent School District GO | 5.000% | 2/15/26 | 1,250 | 1,398 | ||
Mansfield TX Independent School District GO | 4.000% | 2/15/29 | 1,265 | 1,363 | ||
Mesquite TX Health Facilities Development Corp. Retirement Facility Revenue (Christian Care Centers Inc. Project) | 5.000% | 2/15/24 | 350 | 358 | ||
Mesquite TX Independent School District GO | 4.000% | 8/15/30 | 1,155 | 1,295 | ||
Midlothian TX Independent School District Revenue GO PUT | 2.000% | 8/1/24 | 1,005 | 1,031 | ||
Montgomery TX GO | 4.000% | 3/1/30 | 1,840 | 2,136 | ||
New Hope TX Cultural Education Facilities Finance Corp. First Mortgage Revenue (Morningside Ministries Project) | 6.250% | 1/1/33 | 1,640 | 1,794 | ||
New Hope TX Cultural Education Facilities Finance Corp. Retirement Facilities Revenue (Westminster Manor Project) | 5.000% | 11/1/26 | 1,060 | 1,209 | ||
New Hope TX Cultural Education Facilities Finance Corp. Retirement Facilities Revenue (Westminster Manor Project) | 5.000% | 11/1/27 | 1,000 | 1,137 | ||
New Hope TX Cultural Education Facilities Finance Corp. Retirement Facilities Revenue (Westminster Manor Project) | 5.000% | 11/1/28 | 870 | 985 | ||
New Hope TX Cultural Education Facilities Finance Corp. Student Housing Revenue (Tarleton State University Project) | 5.000% | 4/1/23 | 200 | 217 |
75
Tax-Managed Balanced Fund
Face | Market | |||||
Maturity | Amount | Value• | ||||
Coupon | Date | ($000) | ($000) | |||
New Hope TX Cultural Education Facilities Finance Corp. Student Housing Revenue (Tarleton State University Project) | 5.000% | 4/1/24 | 210 | 233 | ||
New Hope TX Cultural Education Facilities Finance Corp. Student Housing Revenue (Tarleton State University Project) | 5.000% | 4/1/25 | 240 | 269 | ||
North East TX Independent School District GO | 5.250% | 2/1/22 | 580 | 629 | ||
North East TX Regional Mobility Authority Revenue | 5.000% | 1/1/30 | 2,390 | 2,780 | ||
North Texas Municipal Water District Regional Wastewater System Revenue | 5.000% | 6/1/22 | 1,495 | 1,635 | ||
North Texas Municipal Water District Regional Wastewater System Revenue | 5.000% | 6/1/23 | 1,555 | 1,758 | ||
North Texas Municipal Water District Regional Wastewater System Revenue | 4.000% | 6/1/31 | 1,500 | 1,720 | ||
North Texas Municipal Water District Water System Revenue | 5.000% | 9/1/22 | 1,645 | 1,811 | ||
North Texas Municipal Water District Water System Revenue | 5.000% | 9/1/23 | 1,025 | 1,166 | ||
5 | North Texas Municipal Water District Water System Revenue TOB VRDO | 1.690% | 1/2/20 | 8,715 | 8,715 | |
North Texas Tollway Authority System Revenue | 5.500% | 9/1/21 | (Prere.) | 500 | 536 | |
North Texas Tollway Authority System Revenue | 6.250% | 2/1/23 | 1,650 | 1,656 | ||
North Texas Tollway Authority System Revenue | 5.000% | 1/1/26 | 1,060 | 1,176 | ||
North Texas Tollway Authority System Revenue | 5.000% | 1/1/27 | 2,505 | 2,859 | ||
North Texas Tollway Authority System Revenue | 5.000% | 1/1/29 | 1,190 | 1,390 | ||
North Texas Tollway Authority System Revenue | 5.000% | 1/1/30 | 500 | 565 | ||
North Texas Tollway Authority System Revenue | 5.000% | 1/1/32 | 1,790 | 2,070 | ||
North Texas Tollway Authority System Revenue | 5.000% | 1/1/33 | 1,500 | 1,731 | ||
North Texas Tollway Authority System Revenue | 5.000% | 1/1/34 | 1,575 | 1,815 | ||
North Texas Tollway Authority System Revenue | 5.000% | 1/1/35 | 1,035 | 1,190 | ||
North Texas Tollway Authority System Revenue | 4.000% | 1/1/36 | 1,015 | 1,133 | ||
North Texas Tollway Authority System Revenue | 4.000% | 1/1/37 | 1,250 | 1,419 | ||
North Texas Tollway Authority System Revenue | 4.000% | 1/1/37 | 1,030 | 1,154 | ||
North Texas Tollway Authority System Revenue | 4.000% | 1/1/37 | (4) | 1,520 | 1,680 | |
North Texas Tollway Authority System Revenue | 5.000% | 1/1/38 | 1,000 | 1,210 | ||
Northside Independent School District Texas GO | 5.000% | 8/15/25 | 1,165 | 1,398 | ||
Northwest Independent School District Texas GO | 5.000% | 2/15/26 | 1,000 | 1,184 |
76
Tax-Managed Balanced Fund
Face | Market | ||||
Maturity | Amount | Value• | |||
Coupon | Date | ($000) | ($000) | ||
Northwest Independent School District Texas GO | 5.000% | 2/15/32 | 1,760 | 2,051 | |
Pasadena TX GO | 4.000% | 2/15/28 | 1,000 | 1,119 | |
Pearland TX GO | 4.000% | 3/1/32 | 1,095 | 1,243 | |
Pearland TX GO | 4.000% | 3/1/33 | 885 | 1,002 | |
Pearland TX Waterworks & Sewer System Revenue | 4.000% | 9/1/32 | 240 | 273 | |
Pearland TX Waterworks & Sewer System Revenue | 4.000% | 9/1/33 | 340 | 385 | |
Pflugerville TX Independent School District GO | 5.000% | 2/15/25 | 1,600 | 1,897 | |
Prosper TX Independent School District GO | 4.000% | 2/15/31 | 1,290 | 1,507 | |
San Antonio TX Electric & Gas Systems Revenue | 5.000% | 2/1/21 | 500 | 521 | |
San Antonio TX Electric & Gas Systems Revenue | 5.000% | 2/1/24 | 1,000 | 1,097 | |
San Antonio TX Electric & Gas Systems Revenue | 4.000% | 2/1/28 | 1,550 | 1,835 | |
San Antonio TX Electric & Gas Systems Revenue | 4.000% | 2/1/34 | 1,255 | 1,409 | |
San Antonio TX Electric & Gas Systems Revenue | 5.000% | 2/1/34 | 3,000 | 3,826 | |
San Antonio TX Electric & Gas Systems Revenue | 5.000% | 2/1/36 | 1,000 | 1,206 | |
San Antonio TX GO | 5.000% | 8/1/20 | 225 | 230 | |
San Antonio TX GO | 5.000% | 2/1/22 | 1,000 | 1,042 | |
San Antonio TX GO | 5.000% | 2/1/24 | 500 | 521 | |
San Antonio TX GO | 5.000% | 2/1/26 | 1,000 | 1,183 | |
San Antonio TX GO | 4.000% | 2/1/29 | 1,000 | 1,064 | |
San Antonio TX Independent School District GO | 5.000% | 8/15/29 | 1,295 | 1,540 | |
San Antonio TX Independent School District GO | 5.000% | 8/15/37 | 2,495 | 2,929 | |
San Antonio TX Water Revenue | 5.000% | 5/15/34 | 1,000 | 1,205 | |
San Antonio TX Water Revenue | 5.000% | 5/15/38 | 1,440 | 1,762 | |
Southwest Texas Higher Education Authority Inc. Revenue (Southern Methodist University Project) | 4.000% | 10/1/34 | 1,350 | 1,533 | |
Spring Branch TX Independent School District GO | 5.000% | 2/1/20 | 1,000 | 1,003 | |
Spring TX Independent School District GO | 5.000% | 8/15/32 | 1,000 | 1,182 | |
Spring TX Independent School District GO | 5.000% | 8/15/35 | 1,370 | 1,644 | |
Sugar Land TX GO | 5.000% | 2/15/26 | 510 | 620 | |
Tarrant County TX Cultural Education Facilities Finance Corp. Hospital Revenue (Methodist Hospitals of Dallas) | 5.250% | 10/1/31 | 1,000 | 1,130 | |
Texas A&M University System Revenue Board of Regents Revenue | 5.000% | 5/15/21 | 1,075 | 1,132 | |
Texas City TX Independent School District GO | 5.000% | 8/15/26 | 3,365 | 4,024 | |
Texas GO | 5.000% | 10/1/22 | 1,120 | 1,239 | |
Texas GO | 5.000% | 10/1/24 | 1,210 | 1,425 | |
Texas GO | 5.000% | 8/1/26 | 925 | 980 | |
Texas GO | 5.000% | 10/1/27 | 1,400 | 1,612 | |
Texas GO | 5.000% | 10/1/28 | 1,330 | 1,529 | |
Texas GO | 5.000% | 8/1/31 | 500 | 529 |
77
Tax-Managed Balanced Fund
Face | Market | |||||
Maturity | Amount | Value• | ||||
Coupon | Date | ($000) | ($000) | |||
Texas Municipal Gas Acquisition & Supply Corp. Revenue | 5.250% | 12/15/21 | 365 | 391 | ||
Texas Municipal Gas Acquisition & Supply Corp. Revenue | 5.000% | 12/15/22 | 1,005 | 1,108 | ||
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 | 279 | ||
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 | 2,440 | ||
Texas Municipal Gas Acquisition & Supply Corp. Revenue | 5.000% | 12/15/28 | 1,335 | 1,462 | ||
Texas Municipal Power Agency Revenue | 5.000% | 9/1/27 | 520 | 533 | ||
Texas Public Finance Authority Revenue (Texas Southern University) | 5.000% | 11/1/21 | (15) | 1,020 | 1,082 | |
Texas State University System Financing System Revenue | 5.000% | 3/15/32 | 1,625 | 1,970 | ||
Texas Transportation Commission GO | 5.000% | 10/1/21 | 1,545 | 1,651 | ||
Texas Transportation Commission GO | 5.000% | 10/1/22 | 1,480 | 1,637 | ||
Texas Transportation Commission GO | 5.000% | 10/1/29 | 1,500 | 1,790 | ||
Texas Transportation Commission GO | 5.000% | 4/1/32 | 2,000 | 2,398 | ||
Texas Transportation Commission Mobility Fund GO | 5.000% | 10/1/34 | 1,625 | 2,005 | ||
Texas Transportation Commission Revenue | 5.000% | 4/1/21 | 2,425 | 2,543 | ||
Texas Transportation Commission Revenue | 5.000% | 4/1/23 | 2,100 | 2,359 | ||
Texas Transportation Commission Turnpike System Revenue | 5.000% | 8/15/33 | 525 | 599 | ||
Texas Transportation Commission Turnpike System Revenue | 5.000% | 8/15/34 | 665 | 758 | ||
Texas Transportation Commission Turnpike System Revenue | 5.000% | 8/15/37 | 2,330 | 2,647 | ||
Texas Turnpike Authority Central Texas Turnpike System Revenue | 0.000% | 8/15/20 | (ETM) | 285 | 283 | |
Texas Turnpike Authority Central Texas Turnpike System Revenue | 0.000% | 8/15/20 | (2) | 525 | 521 | |
Texas Water Development Board Revenue | 5.000% | 4/15/21 | 1,050 | 1,102 | ||
Texas Water Development Board Revenue | 5.000% | 4/15/27 | 5,460 | 6,824 | ||
Texas Water Development Board Revenue | 4.000% | 10/15/32 | 1,000 | 1,156 | ||
Texas Water Development Board Revenue | 4.000% | 10/15/33 | 1,610 | 1,870 | ||
Texas Water Development Board Revenue | 4.000% | 10/15/34 | 1,465 | 1,698 | ||
Texas Water Development Board Revenue | 4.000% | 10/15/35 | 2,860 | 3,257 | ||
Texas Water Development Board Revenue | 4.000% | 10/15/35 | 1,770 | 1,987 | ||
Texas Water Development Board Revenue | 4.000% | 10/15/35 | 1,725 | 1,990 | ||
Texas Water Financial Assistance GO | 5.000% | 8/1/21 | (Prere.) | 740 | 783 | |
Texas Water Financial Assistance GO | 5.000% | 8/1/27 | 260 | 275 | ||
Travis TX GO | 5.000% | 3/1/27 | 1,545 | 1,872 | ||
Trinity River Authority of Texas Regional Wastewater System Revenue | 5.000% | 8/1/27 | 1,000 | 1,222 | ||
Trinity River Authority of Texas Regional Wastewater System Revenue | 5.000% | 8/1/37 | 1,235 | 1,529 | ||
University of Houston Texas Revenue | 4.000% | 2/15/33 | 1,840 | 2,050 | ||
University of North Texas Revenue | 4.000% | 4/15/34 | 1,110 | 1,275 | ||
University of North Texas Revenue | 5.000% | 4/15/36 | 1,275 | 1,532 |
78
Tax-Managed Balanced Fund
Face | Market | |||||
Maturity | Amount | Value• | ||||
Coupon | Date | ($000) | ($000) | |||
University of Texas Permanent University Fund Revenue | 5.000% | 7/1/21 | 1,300 | 1,376 | ||
University of Texas Revenue | 5.000% | 8/15/27 | 1,690 | 2,129 | ||
University of Texas Revenue | 5.000% | 8/15/29 | 4,570 | 5,304 | ||
University of Texas System Revenue Financing System Revenue | 5.000% | 8/15/20 | 1,190 | 1,219 | ||
University of Texas System Revenue Financing System Revenue | 5.000% | 8/15/21 | 705 | 749 | ||
University of Texas System Revenue Financing System Revenue | 5.000% | 8/15/23 | 1,150 | 1,308 | ||
West Travis County TX Public Utility Agency Revenue | 5.000% | 8/15/27 | (15) | 1,235 | 1,532 | |
West Travis County TX Public Utility Agency Revenue | 4.000% | 8/15/32 | (15) | 270 | 305 | |
Williamson County TX GO | 5.000% | 2/15/23 | 230 | 249 | ||
315,957 | ||||||
Utah (0.5%) | ||||||
Alpine UT School District GO | 5.000% | 3/15/30 | 1,025 | 1,265 | ||
Central Utah Water Conservancy District GO | 5.000% | 4/1/30 | 500 | 523 | ||
Central UT Water Conservancy District Revenue | 4.000% | 10/1/32 | 1,000 | 1,151 | ||
Granite UT School District Salt Lake County GO | 5.000% | 6/1/28 | 6,260 | 8,037 | ||
Jordan Valley UT Water Conservancy District Revenue | 4.000% | 10/1/32 | 750 | 855 | ||
Utah Associated Municipal Power Systems Revenue (Horse Butte Wind Project) | 5.000% | 9/1/22 | (Prere.) | 350 | 385 | |
Utah County UT Hospital Revenue (IHC Health Services) | 5.000% | 5/15/34 | 750 | 935 | ||
Utah County UT Hospital Revenue (IHC Health Services) | 5.000% | 5/15/35 | 850 | 1,057 | ||
Utah County UT Hospital Revenue (IHC Health Services) VRDO | 1.500% | 1/8/20 | 5,200 | 5,200 | ||
Utah GO | 5.000% | 7/1/21 | 1,300 | 1,377 | ||
Utah GO | 5.000% | 7/1/22 | 1,410 | 1,547 | ||
Utah GO | 5.000% | 7/1/23 | 3,500 | 3,974 | ||
Utah GO | 5.000% | 7/1/24 | 1,015 | 1,188 | ||
Utah Transit Authority Sales Tax Revenue | 5.000% | 6/15/25 | (Prere.) | 1,285 | 1,534 | |
Utah Transit Authority Sales Tax Revenue | 5.000% | 6/15/26 | 1,000 | 1,195 | ||
Utah Transit Authority Sales Tax Revenue | 5.000% | 6/15/37 | 585 | 676 | ||
30,899 | ||||||
Vermont (0.0%) | ||||||
University of Vermont & State Agricultural College GO | 5.000% | 10/1/38 | 1,000 | 1,380 | ||
Virginia (1.2%) | ||||||
Arlington County VA GO | 5.000% | 8/1/23 | 600 | 660 | ||
Chesapeake VA Toll Road Revenue | 5.000% | 7/15/21 | 500 | 526 | ||
Fairfax County VA GO | 5.000% | 10/1/20 | 1,710 | 1,760 | ||
Fairfax County VA GO | 5.000% | 10/1/23 | 1,255 | 1,437 | ||
Fairfax County VA GO | 5.000% | 10/1/25 | 2,715 | 3,300 | ||
Fairfax County VA GO | 5.000% | 10/1/30 | 1,825 | 2,317 | ||
Fairfax County VA GO | 4.000% | 10/1/32 | 1,415 | 1,632 | ||
Fairfax County VA Public Improvement GO | 5.000% | 4/1/21 | 420 | 441 | ||
Fairfax County VA Sewer Revenue | 4.000% | 7/15/21 | 1,790 | 1,871 |
79
Tax-Managed Balanced Fund
Face | Market | |||||
Maturity | Amount | Value• | ||||
Coupon | Date | ($000) | ($000) | |||
Fairfax County VA Water Authority Revenue | 5.000% | 4/1/22 | (Prere.) | 500 | 544 | |
Hampton Roads VA Transportation Accountability Commission Revenue | 5.000% | 7/1/22 | 1,700 | 1,860 | ||
Norfolk VA Economic Development Authority Hospital Facilities Revenue (Sentara Healthcare) PUT | 5.000% | 11/1/28 | 1,170 | 1,480 | ||
Norfolk VA GO | 5.000% | 10/1/20 | 775 | 798 | ||
Norfolk VA GO | 5.000% | 8/1/21 | 2,040 | 2,167 | ||
Norfolk VA GO | 5.000% | 9/1/24 | (Prere.) | 1,395 | 1,641 | |
Norfolk VA GO | 5.000% | 9/1/24 | (Prere.) | 1,090 | 1,283 | |
Norfolk VA GO | 5.000% | 9/1/24 | (Prere.) | 1,345 | 1,583 | |
Norfolk VA GO | 5.000% | 8/1/31 | 1,375 | 1,747 | ||
Norfolk VA GO | 5.000% | 8/1/35 | 2,155 | 2,703 | ||
Norfolk VA Water Revenue | 5.000% | 5/1/22 | (Prere.) | 495 | 540 | |
Norfolk VA Water Revenue | 5.000% | 11/1/31 | 5 | 5 | ||
Norfolk VA Water Revenue | 5.000% | 11/1/34 | 1,155 | 1,432 | ||
Richmond VA GO | 5.000% | 3/1/23 | (Prere.) | 1,000 | 1,122 | |
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 | 540 | ||
Stafford County VA Economic Development Authority Hospital Facilities Revenue (Mary Washington Healthcare Obligated Group) | 5.000% | 6/15/24 | 1,120 | 1,294 | ||
Virginia Beach VA Development Authority Residential Care Facility Revenue (Westminster-Canterbury on Chesapeake Bay) | 5.000% | 9/1/30 | 600 | 708 | ||
Virginia Beach VA Development Authority Residential Care Facility Revenue (Westminster-Canterbury on Chesapeake Bay) | 5.000% | 9/1/33 | 425 | 497 | ||
Virginia College Building Authority Educational Facilities Revenue (21st Century College & Equipment Programs) | 5.000% | 2/1/21 | 1,000 | 1,042 | ||
Virginia College Building Authority Educational Facilities Revenue (21st Century College & Equipment Programs) | 5.000% | 2/1/27 | 1,845 | 2,242 | ||
Virginia College Building Authority Educational Facilities Revenue (21st Century College & Equipment Programs) | 4.000% | 2/1/34 | 1,900 | 2,142 | ||
Virginia College Building Authority Educational Facilities Revenue (Public Higher Education Financing Program) | 5.000% | 9/1/22 | 355 | 391 | ||
Virginia College Building Authority Educational Facilities Revenue (Public Higher Education Financing Program) | 4.000% | 9/1/36 | 2,130 | 2,440 | ||
Virginia Commonwealth Transportation Board Revenue | 5.000% | 9/15/21 | 2,410 | 2,570 | ||
Virginia Commonwealth Transportation Board Revenue | 5.000% | 5/15/26 | 1,405 | 1,725 | ||
Virginia Commonwealth Transportation Board Revenue | 4.000% | 5/15/35 | 1,280 | 1,456 |
80
Tax-Managed Balanced Fund
Face | Market | |||||
Maturity | Amount | Value• | ||||
Coupon | Date | ($000) | ($000) | |||
Virginia Commonwealth Transportation Board Revenue | 4.000% | 5/15/35 | 1,750 | 2,005 | ||
Virginia Public Building Authority Public Facilities Revenue | 5.000% | 8/1/24 | 1,250 | 1,464 | ||
Virginia Public Building Authority Revenue | 5.000% | 11/1/31 | 125 | 138 | ||
Virginia Public School Authority Revenue | 5.000% | 3/1/20 | 3,700 | 3,723 | ||
Virginia Public School Authority Revenue | 4.000% | 8/1/20 | 1,715 | 1,744 | ||
Virginia Public School Authority Revenue | 5.000% | 8/1/22 | 1,335 | 1,469 | ||
Virginia Public School Authority Revenue | 5.000% | 8/1/26 | 1,540 | 1,904 | ||
Virginia Public School Authority School Technology & Security Notes Revenue | 5.000% | 4/15/21 | 1,055 | 1,108 | ||
Virginia Public School Authority School Technology & Security Notes Revenue | 5.000% | 4/15/24 | 2,180 | 2,532 | ||
Virginia Resources Authority Infrastructure Revenue | 5.000% | 11/1/22 | (Prere.) | 4,180 | 4,633 | |
71,829 | ||||||
Washington (1.3%) | ||||||
Central Puget Sound WA Regional Transit Authority Sales & Use Tax Revenue | 5.000% | 11/1/26 | 795 | 988 | ||
Clark County WA School District No. 37 Vancouver Revenue | 5.000% | 12/1/32 | 1,050 | 1,339 | ||
Energy Northwest Washington Electric Revenue (Columbia Generating Station) | 5.000% | 7/1/20 | 685 | 698 | ||
Energy Northwest Washington Electric Revenue (Columbia Generating Station) | 5.000% | 7/1/31 | 1,200 | 1,412 | ||
Energy Northwest Washington Electric Revenue (Columbia Generating Station) | 5.000% | 7/1/38 | 4,025 | 5,046 | ||
Energy Northwest Washington Electric Revenue (Project No. 1) | 5.000% | 7/1/21 | 1,355 | 1,434 | ||
Energy Northwest Washington Electric Revenue (Project No. 3) | 5.000% | 7/1/26 | 1,735 | 2,135 | ||
King County WA GO | 5.000% | 7/1/20 | 1,250 | 1,274 | ||
King County WA GO | 5.000% | 1/1/24 | 500 | 538 | ||
King County WA GO | 4.000% | 12/1/32 | 1,500 | 1,698 | ||
Lewis County WA Public Utility District No. 1 Revenue (Cowlitz Falls Hydroelectric Project) | 5.000% | 10/1/21 | 1,060 | 1,132 | ||
Northwest Energy Washington Electric Revenue (Bonneville Power Administration) | 5.000% | 7/1/28 | 2,550 | 2,785 | ||
Pierce County WA School District No. 3 Puyallup GO | 5.000% | 12/1/25 | 1,000 | 1,110 | ||
Port of Seattle WA Revenue | 5.000% | 8/1/29 | 250 | 273 | ||
Seattle WA GO | 5.000% | 6/1/21 | 1,000 | 1,055 | ||
Snohomish County WA School District No. 103 (Monroe) GO | 5.000% | 12/1/31 | 1,000 | 1,178 | ||
University of Washington Revenue | 5.000% | 4/1/31 | 335 | 351 | ||
Washington (Motor Vehicle Fuel Tax) GO | 5.000% | 7/1/23 | 375 | 397 | ||
Washington (Motor Vehicle Fuel Tax) GO | 5.000% | 7/1/27 | 1,000 | 1,177 | ||
Washington (Motor Vehicle Fuel Tax) GO | 4.000% | 7/1/31 | 1,500 | 1,657 | ||
Washington Economic Development Finance Authority Lease Revenue (Washington Biomedical Research Properties 2) | 5.000% | 6/1/25 | 1,090 | 1,285 | ||
Washington GO | 0.000% | 6/1/20 | (14) | 500 | 498 | |
Washington GO | 5.000% | 7/1/20 | 1,000 | 1,019 | ||
Washington GO | 5.000% | 2/1/22 | (Prere.) | 500 | 540 | |
Washington GO | 5.000% | 7/1/22 | 1,445 | 1,584 |
81
Tax-Managed Balanced Fund
Face | Market | |||||
Maturity | Amount | Value• | ||||
Coupon | Date | ($000) | ($000) | |||
Washington GO | 5.000% | 7/1/23 | 1,155 | 1,309 | ||
Washington GO | 5.000% | 7/1/25 | 560 | 613 | ||
Washington GO | 5.000% | 7/1/25 | 1,500 | 1,751 | ||
Washington GO | 4.000% | 7/1/27 | 2,425 | 2,583 | ||
Washington GO | 4.000% | 7/1/27 | 2,750 | 2,930 | ||
Washington GO | 5.000% | 8/1/27 | 1,000 | 1,196 | ||
Washington GO | 4.000% | 7/1/28 | 1,135 | 1,207 | ||
Washington GO | 4.000% | 7/1/28 | 3,180 | 3,382 | ||
Washington GO | 5.000% | 7/1/28 | 2,000 | 2,349 | ||
Washington GO | 4.000% | 7/1/29 | 2,720 | 2,950 | ||
Washington GO | 5.000% | 7/1/30 | 1,100 | 1,285 | ||
Washington GO | 5.000% | 8/1/30 | 1,585 | 1,964 | ||
4 | Washington GO | 5.000% | 6/1/35 | 1,500 | 1,825 | |
Washington GO | 5.000% | 8/1/36 | 2,070 | 2,574 | ||
Washington GO | 5.000% | 8/1/38 | 2,070 | 2,553 | ||
Washington Health Care Facilities Authority Revenue (Central Washington Health Services Association) | 5.000% | 7/1/30 | 1,760 | 2,017 | ||
Washington Health Care Facilities Authority Revenue (CommonSpirit Health) | 5.000% | 8/1/32 | 1,750 | 2,140 | ||
Washington Health Care Facilities Authority Revenue (CommonSpirit Health) | 5.000% | 8/1/36 | 1,500 | 1,805 | ||
Washington Health Care Facilities Authority Revenue (CommonSpirit Health) PUT | 5.000% | 8/1/24 | 1,000 | 1,134 | ||
Washington Health Care Facilities Authority Revenue (MultiCare Health System) | 5.000% | 8/15/32 | 1,000 | 1,226 | ||
Washington Health Care Facilities Authority Revenue (Providence Health & Services) | 5.000% | 10/1/33 | 880 | 963 | ||
Washington State University General Revenue | 5.000% | 10/1/31 | 500 | 530 | ||
72,889 | ||||||
West Virginia (0.2%) | ||||||
West Virginia Commissioner of Highways Revenue (Surface Transportation Improvements) | 5.000% | 9/1/33 | 1,110 | 1,351 | ||
West Virginia Economic Development Authority Lottery Revenue | 4.000% | 6/15/37 | 1,545 | 1,716 | ||
West Virginia GO | 5.000% | 12/1/35 | 1,000 | 1,237 | ||
West Virginia GO | 5.000% | 6/1/36 | 1,000 | 1,236 | ||
West Virginia GO | 5.000% | 6/1/38 | 2,500 | 3,117 | ||
West Virginia Higher Education Policy Commission Revenue | 5.000% | 7/1/37 | 1,315 | 1,575 | ||
West Virginia Hospital Finance Authority Hospital Revenue (Cabell Huntington Hospital Inc.) | 5.000% | 1/1/29 | 765 | 948 | ||
West Virginia Parkways Authority Turnpike Toll Revenue | 5.000% | 6/1/33 | 815 | 1,018 | ||
West Virginia University Revenue PUT | 5.000% | 10/1/29 | 1,000 | 1,273 | ||
13,471 | ||||||
Wisconsin (0.9%) | ||||||
Madison WI Area Technical College GO | 4.000% | 3/1/25 | 1,835 | 2,090 | ||
Madison WI GO | 4.000% | 10/1/26 | 1,500 | 1,748 | ||
Milwaukee WI GO | 4.000% | 3/15/20 | 1,000 | 1,006 | ||
Milwaukee WI GO | 5.000% | 4/1/26 | 1,935 | 2,358 | ||
Wisconsin GO | 5.000% | 5/1/20 | 1,000 | 1,013 | ||
Wisconsin GO | 5.000% | 5/1/21 | (ETM) | 15 | 16 |
82
Tax-Managed Balanced Fund
Face | Market | |||||
Maturity | Amount | Value• | ||||
Coupon | Date | ($000) | ($000) | |||
Wisconsin GO | 5.000% | 5/1/21 | 835 | 878 | ||
Wisconsin GO | 5.000% | 5/1/22 | (Prere.) | 35 | 38 | |
Wisconsin GO | 5.000% | 11/1/23 | 2,620 | 3,004 | ||
Wisconsin GO | 5.000% | 5/1/24 | 500 | 545 | ||
Wisconsin GO | 5.000% | 5/1/26 | 2,210 | 2,404 | ||
Wisconsin GO | 5.000% | 5/1/29 | 1,000 | 1,119 | ||
Wisconsin GO | 4.000% | 5/1/33 | 1,665 | 1,915 | ||
Wisconsin GO | 5.000% | 5/1/34 | 1,780 | 2,135 | ||
Wisconsin GO | 5.000% | 5/1/35 | 1,000 | 1,197 | ||
Wisconsin GO | 5.000% | 5/1/36 | 1,000 | 1,195 | ||
Wisconsin GO | 5.000% | 5/1/36 | 2,000 | 2,332 | ||
Wisconsin GO | 5.000% | 5/1/37 | 2,640 | 3,215 | ||
Wisconsin Health & Educational Facilities Authority Revenue (Agnesian HealthCare Inc.) | 5.000% | 7/1/31 | 1,065 | 1,271 | ||
Wisconsin Health & Educational Facilities Authority Revenue (Ascension Health Alliance Credit Group) | 4.000% | 11/15/33 | 2,000 | 2,211 | ||
Wisconsin Health & Educational Facilities Authority Revenue (Ascension Health Alliance Credit Group) | 4.000% | 11/15/34 | 1,540 | 1,699 | ||
Wisconsin Health & Educational Facilities Authority Revenue (Ascension Health Alliance Credit Group) | 5.000% | 11/15/36 | 2,055 | 2,426 | ||
Wisconsin Health & Educational Facilities Authority Revenue (Aspirus, Inc. Obligated Group) | 5.000% | 8/15/25 | 1,670 | 1,881 | ||
Wisconsin Health & Educational Facilities Authority Revenue (Aurora Health Care Inc.) | 5.000% | 7/15/21 | (Prere.) | 1,150 | 1,218 | |
Wisconsin Health & Educational Facilities Authority Revenue (Children’s Hospital of Wisconsin Inc.) | 4.000% | 8/15/31 | 1,010 | 1,134 | ||
Wisconsin Health & Educational Facilities Authority Revenue (Marquette University) | 5.000% | 10/1/30 | 500 | 545 | ||
Wisconsin Health & Educational Facilities Authority Revenue (ThedaCare Inc. Obligated Group) | 4.000% | 12/15/39 | 1,595 | 1,780 | ||
Wisconsin Public Finance Authority Exempt Facilities Revenue (Wingate University) | 5.250% | 10/1/32 | 715 | 849 | ||
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 | 559 | ||
Wisconsin Transportation Revenue | 5.000% | 7/1/22 | (Prere.) | 115 | 126 | |
Wisconsin Transportation Revenue | 5.000% | 7/1/23 | 385 | 422 | ||
Wisconsin Transportation Revenue | 5.000% | 7/1/31 | 1,405 | 1,732 | ||
Wisconsin Transportation Revenue | 5.000% | 7/1/31 | 1,370 | 1,664 | ||
Wisconsin Transportation Revenue | 5.000% | 7/1/33 | 2,755 | 3,168 | ||
52,176 | ||||||
Wyoming (0.0%) | ||||||
Wyoming Municipal Power Agency Power Supply Revenue | 5.000% | 1/1/34 | (15) | 1,000 | 1,192 | |
Total Tax-Exempt Municipal Bonds (Cost $2,873,738) | 3,006,228 | |||||
Total Investments (99.7%) (Cost $4,308,322) | 5,790,044 |
83
Tax-Managed Balanced Fund
Amount | |
($000) | |
Other Assets and Liabilities (0.3%) | |
Other Assets | |
Investment in Vanguard | 254 |
Receivables for Investment Securities Sold | 125 |
Receivables for Accrued Income | 34,691 |
Receivables for Capital Shares Issued | 4,048 |
Variation Margin Receivable—Futures Contracts | 121 |
Other Assets7 | 2,250 |
Total Other Assets | 41,489 |
Liabilities | |
Payables for Investment Securities Purchased | (19,333) |
Payables for Capital Shares Redeemed | (2,505) |
Payables to Vanguard | (959) |
Variation Margin Payable—Futures Contracts | (5) |
Total Liabilities | (22,802) |
Net Assets (100%) | |
Applicable to 169,586,207 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 5,808,731 |
Net Asset Value Per Share | $34.25 |
At December 31, 2019, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 4,376,479 |
Total Distributable Earnings (Loss) | 1,432,252 |
Net Assets | 5,808,731 |
• | 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 48.4% 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 | Step bond. |
4 | Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of December 31, 2019. |
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 December 31, 2019, the aggregate value of these securities was $33,968,000, representing 0.6% 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 $547,000 and cash of $1,222,000 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.
84
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.
SOFR—Secured Overnight Financing Rate.
TAN—Tax Anticipation Note.
TOB—Tender Option Bond.
TRAN—Tax Revenue Anticipation Note.
VRDO—Variable Rate Demand Obligation.
VRDP—Variable Rate Demand Preferred.
(ETM)—Escrowed to Maturity.
(Prere.)—Prerefunded.
Scheduled principal and interest payments are guaranteed by:
(1) MBIA (Municipal Bond Investors Assurance).
(2) AMBAC (Ambac Assurance Corporation).
(3) FGIC (Financial Guaranty Insurance Company).
(4) AGM (Assured Guaranty Municipal Corporation).
(5) BIGI (Bond Investors Guaranty Insurance).
(6) Connie Lee Inc.
(7) FHA (Federal Housing Authority).
(8)CapMAC (Capital Markets Assurance Corporation).
(9) American Capital Access Financial Guaranty Corporation.
(10) XL Capital Assurance Inc.
(11) CIFG (CDC IXIS Financial Guaranty).
(12) AGC (Assured Guaranty Corporation).
(13) BHAC (Berkshire Hathaway Assurance Corporation).
(14) NPFG (National Public Finance Guarantee Corporation).
(15) BAM (Build America Mutual Assurance Company).
(16) MAC (Municipal Assurance Corporation).
(17) RAA (Radian Asset Assurance Inc.).
(18) SBLF (Michigan School Bond Loan Fund).
(19) TPSF (Texas Permanent School Fund).
The insurance does not guarantee the market value of the municipal bonds.
LOC—Scheduled principal and interest payments are guaranteed by bank letter of credit.
85
Tax-Managed Balanced Fund
Derivative Financial Instruments Outstanding as of Period End | |||||
Futures Contracts | |||||
($000) | |||||
Value and | |||||
Number of | Unrealized | ||||
Long (Short) | Notional | Appreciation | |||
Expiration | Contracts | Amount | (Depreciation) | ||
Long Futures Contracts | |||||
2-Year U.S. Treasury Note | March 2020 | 169 | 36,420 | (28) | |
E-mini S&P 500 Index | March 2020 | 185 | 29,888 | 515 | |
10-Year U.S. Treasury Note | March 2020 | 53 | 6,806 | (5) | |
482 | |||||
Short Futures Contracts | |||||
Ultra 10-Year U.S. Treasury Note | March 2020 | (166) | (23,357) | 296 | |
778 |
See accompanying Notes, which are an integral part of the Financial Statements.
86
Tax-Managed Balanced Fund
Statement of Operations
Year Ended | |
December 31, 2019 | |
($000) | |
Investment Income | |
Income | |
Dividends | 45,640 |
Interest | 70,526 |
Total Income | 116,166 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 371 |
Management and Administrative | 3,856 |
Marketing and Distribution | 311 |
Custodian Fees | 32 |
Auditing Fees | 32 |
Shareholders’ Reports | 64 |
Trustees’ Fees and Expenses | 3 |
Total Expenses | 4,669 |
Expenses Paid Indirectly | (16) |
Net Expenses | 4,653 |
Net Investment Income | 111,513 |
Realized Net Gain (Loss) | |
Investment Securities Sold1 | (18,086) |
Futures Contracts | 4,328 |
Realized Net Gain (Loss) | (13,758) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities | 732,411 |
Futures Contracts | 1,089 |
Change in Unrealized Appreciation (Depreciation) | 733,500 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 831,255 |
1 Includes $7,071,000 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.
87
Tax-Managed Balanced Fund
Statement of Changes in Net Assets
Year Ended December 31, | ||
2019 | 2018 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 111,513 | 93,888 |
Realized Net Gain (Loss) | (13,758) | 4,519 |
Change in Unrealized Appreciation (Depreciation) | 733,500 | (169,661) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 831,255 | (71,254) |
Distributions | ||
Net Investment Income | (113,064) | (91,073) |
Realized Capital Gain | — | — |
Total Distributions | (113,064) | (91,073) |
Capital Share Transactions | ||
Issued | 1,111,257 | 1,045,236 |
Issued in Lieu of Cash Distributions | 93,909 | 75,332 |
Redeemed | (484,987) | (518,200) |
Net Increase (Decrease) from Capital Share Transactions | 720,179 | 602,368 |
Total Increase (Decrease) | 1,438,370 | 440,041 |
Net Assets | ||
Beginning of Period | 4,370,361 | 3,930,320 |
End of Period | 5,808,731 | 4,370,361 |
See accompanying Notes, which are an integral part of the Financial Statements.
88
Tax-Managed Balanced Fund
Financial Highlights
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $29.65 | $30.73 | $27.85 | $26.86 | $26.79 |
Investment Operations | |||||
Net Investment Income | .7011 | .6881 | .6221 | .595 | .557 |
Net Realized and Unrealized Gain (Loss) on Investments | 4.603 | (1.110) | 2.871 | .989 | .067 |
Total from Investment Operations | 5.304 | (.422) | 3.493 | 1.584 | .624 |
Distributions | |||||
Dividends from Net Investment Income2 | (.704) | (.658) | (.613) | (.594) | (.554) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.704) | (.658) | (.613) | (.594) | (.554) |
Net Asset Value, End of Period | $34.25 | $29.65 | $30.73 | $27.85 | $26.86 |
Total Return3 | 18.01% | -1.43% | 12.64% | 5.94% | 2.35% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $5,809 | $4,370 | $3,930 | $3,096 | $2,478 |
Ratio of Total Expenses to Average Net Assets | 0.09% | 0.09% | 0.09% | 0.09% | 0.11% |
Ratio of Net Investment Income toAverage Net Assets | 2.16% | 2.22% | 2.11% | 2.20% | 2.11% |
Portfolio Turnover Rate | 12%4 | 11%4 | 9%4 | 11%4 | 9% |
1 | Calculated based on average shares outstanding. |
2 | For tax purposes, nontaxable dividends represent 61%, 61%, 61%, 57%, and 62% of dividends from net investment income. |
3 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares. |
See accompanying Notes, which are an integral part of the Financial Statements.
89
Tax-Managed Balanced Fund
Notes to Financial Statements
Vanguard Tax-Managed Balanced Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in debt instruments of many municipal issuers; the issuers’ abilities to meet their obligations may be affected by economic and political developments in a specific state or region.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Bonds and temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Securities for which market quotations are not readily available, or whose values have been materially affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value.
2. Futures Contracts: The fund uses futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are attractively priced, or to adjust sensitivity to changes in interest rates. The fund also uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of bonds 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 year ended December 31, 2019, the fund’s average investments in long and short futures contracts represented 4% and 1% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
90
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, 2016–2019), 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 December 31, 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 December 31, 2019, the fund had contributed to Vanguard capital in the amount of $254,000, representing less than 0.01% of the fund’s net assets and 0.10% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended December 31, 2019, custodian fee offset arrangements reduced the fund’s expenses by $16,000 (an annual rate of less than 0.01% of average net assets).
91
Tax-Managed Balanced Fund
D. 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 and derivatives as of December 31, 2019, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 2,783,811 | — | 5 |
Tax-Exempt Municipal Bonds | — | 3,006,228 | — |
Futures Contracts—Assets1 | 121 | — | — |
Futures Contracts—Liabilities1 | (5) | — | — |
Total | 2,783,927 | 3,006,228 | 5 |
1 Represents variation margin on the last day of the reporting period.
E. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for in-kind redemptions were reclassified between the following accounts:
Amount | |
($000) | |
Paid-in Capital | 7,071 |
Total Distributable Earnings (Loss) | (7,071) |
Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to the tax deferral of losses on wash sales and straddles; and the realization of unrealized gains or losses on certain futures contracts.
92
Tax-Managed Balanced Fund
As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows
Amount | |
($000) | |
Undistributed Ordinary Income | 324 |
Undistributed Tax-Exempt Income | 559 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards (Non-expiring) | (48,397) |
Net Unrealized Gains (Losses) | 1,480,454 |
As of December 31, 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 | 4,309,590 |
Gross Unrealized Appreciation | 1,486,004 |
Gross Unrealized Depreciation | (5,550) |
Net Unrealized Appreciation (Depreciation) | 1,480,454 |
F. During the year ended December 31, 2019, the fund purchased $1,255,032,000 of investment securities and sold $592,352,000 of investment securities, other than U.S. government securities and temporary cash investments. Purchases and sales include $0 and $14,992,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended December 31, 2019, such purchases and sales were $485,089,000 and $426,081,000, respectively; these amounts are included in the purchases and sales of investment securities noted above.
G. Capital shares issued and redeemed were:
Year Ended December 31, | ||
2019 | 2018 | |
Shares | Shares | |
(000) | (000) | |
Issued | 34,370 | 33,875 |
Issued in Lieu of Cash Distributions | 2,858 | 2,456 |
Redeemed | (15,016) | (16,871) |
Net Increase (Decrease) in Shares Outstanding | 22,212 | 19,460 |
H. Management has determined that no events or transactions occurred subsequent to December 31, 2019, that would require recognition or disclosure in these financial statements.
93
Tax-Managed Capital Appreciation Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: December 31, 2009, Through December 31, 2019 Initial
Investment of $10,000
Average Annual Total Returns | |||||
Periods Ended December 31, 2019 | |||||
Final Value | |||||
One | Five | Ten | of a $10,000 | ||
Year | Years | Years | Investment | ||
![]() | Tax-Managed Capital Appreciation Fund Admiral Shares | 31.46% | 11.73% | 13.62% | $35,843 |
![]() | Russell 1000 Index | 31.43 | 11.48 | 13.54 | 35,609 |
![]() | Dow Jones U.S. Total Stock Market Float Adjusted Index | 30.90 | 11.18 | 13.43 | 35,251 |
Final Value | ||||
One | Five | Ten | of a $5,000,000 | |
Year | Years | Years | Investment | |
Tax-Managed Capital Appreciation Fund Institutional Shares | 31.51% | 11.77% | 13.66% | $17,986,542 |
Russell 1000 Index | 31.43 | 11.48 | 13.54 | 17,804,700 |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 30.90 | 11.18 | 13.43 | 17,625,579 |
See Financial Highlights for dividend and capital gains information.
94
Tax-Managed Capital Appreciation Fund
Sector Diversification
As of December 31, 2019
Consumer Discretionary | 14.4% |
Consumer Staples | 5.6 |
Energy | 3.7 |
Financial Services | 20.9 |
Health Care | 13.3 |
Materials & Processing | 3.2 |
Other | 0.0 |
Producer Durables | 10.2 |
Technology | 23.6 |
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 an RGS classification as of the effective reporting period.
95
Tax-Managed Capital Appreciation Fund
Financial Statements
Statement of Net Assets
As of December 31, 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 (99.4%)1 | |||
Consumer Discretionary (14.3%) | |||
* | Amazon.com Inc. | 162,684 | 300,614 |
Walt Disney Co. | 657,608 | 95,110 | |
Home Depot Inc. | 412,898 | 90,169 | |
Comcast Corp. Class A | 1,685,742 | 75,808 | |
Walmart Inc. | 519,632 | 61,753 | |
McDonald’s Corp. | 287,269 | 56,767 | |
Costco Wholesale Corp. | 173,878 | 51,106 | |
* | Netflix Inc. | 149,440 | 48,354 |
NIKE Inc. Class B | 465,745 | 47,185 | |
Starbucks Corp. | 485,144 | 42,654 | |
Lowe’s Cos. Inc. | 349,955 | 41,911 | |
* | Booking Holdings Inc. | 15,792 | 32,432 |
Marriott International Inc. Class A | 197,280 | 29,874 | |
TJX Cos. Inc. | 420,379 | 25,668 | |
Ross Stores Inc. | 220,095 | 25,623 | |
Estee Lauder Cos. Inc. Class A | 120,437 | 24,875 | |
* | O’Reilly Automotive Inc. | 55,052 | 24,127 |
* | AutoZone Inc. | 19,719 | 23,491 |
* | Charter Communications Inc. Class A | 45,011 | 21,834 |
* | Tesla Inc. | 51,081 | 21,369 |
Target Corp. | 164,496 | 21,090 | |
* | NVR Inc. | 4,502 | 17,145 |
Yum! Brands Inc. | 157,639 | 15,879 | |
eBay Inc. | 423,536 | 15,294 | |
* | CarMax Inc. | 170,569 | 14,954 |
* | Dollar Tree Inc. | 148,191 | 13,937 |
Royal Caribbean Cruises Ltd. | 103,267 | 13,787 | |
DR Horton Inc. | 249,417 | 13,157 | |
Dollar General Corp. | 81,505 | 12,713 | |
General Motors Co. | 325,682 | 11,920 | |
MGM Resorts International | 326,777 | 10,872 | |
Expedia Group Inc. | 95,915 | 10,372 | |
Yum China Holdings Inc. | 205,835 | 9,882 | |
PulteGroup Inc. | 252,478 | 9,796 | |
ViacomCBS Inc. Class B | 230,563 | 9,677 | |
* | WABCO Holdings Inc. | 70,309 | 9,527 |
* | Tempur Sealy International Inc. | 108,187 | 9,419 |
Gentex Corp. | 321,846 | 9,327 | |
Advance Auto Parts Inc. | 57,115 | 9,148 | |
VF Corp. | 88,788 | 8,849 | |
Hasbro Inc. | 82,555 | 8,719 | |
Hilton Worldwide Holdings Inc. | 78,060 | 8,658 | |
Ford Motor Co. | 902,931 | 8,397 | |
* | Henry Schein Inc. | 124,865 | 8,331 |
Darden Restaurants Inc. | 75,710 | 8,253 | |
* | Lululemon Athletica Inc. | 35,052 | 8,120 |
Hyatt Hotels Corp. Class A | 88,599 | 7,948 | |
Lennar Corp. Class A | 131,583 | 7,341 | |
Interpublic Group of Cos. Inc. | 300,084 | 6,932 | |
Las Vegas Sands Corp. | 99,438 | 6,865 | |
BorgWarner Inc. | 154,390 | 6,697 | |
* | Discovery Communications Inc. | 218,533 | 6,663 |
PVH Corp. | 62,572 | 6,579 | |
* | Liberty Media Corp-Liberty SiriusXM Class C | 132,938 | 6,400 |
* | Chipotle Mexican Grill Inc. Class A | 7,295 | 6,107 |
* | Norwegian Cruise Line Holdings Ltd. | 103,724 | 6,059 |
* | Live Nation Entertainment Inc. | 81,832 | 5,849 |
* | Visteon Corp. | 65,288 | 5,653 |
* | Mohawk Industries Inc. | 41,162 | 5,614 |
* | Uber Technologies Inc. | 183,364 | 5,453 |
* | Burlington Stores Inc. | 23,758 | 5,418 |
Omnicom Group Inc. | 59,417 | 4,814 | |
* | Liberty Media Corp-Liberty SiriusXM Class A | 93,616 | 4,525 |
Sirius XM Holdings Inc. | 631,074 | 4,512 | |
Toll Brothers Inc. | 113,736 | 4,494 | |
* | Bright Horizons Family Solutions Inc. | 29,665 | 4,458 |
* | Liberty Broadband Corp. | 35,418 | 4,454 |
96
Tax-Managed Capital Appreciation Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Liberty Media Corp-Liberty Formula One | 90,972 | 4,182 |
Kohl’s Corp. | 81,914 | 4,174 | |
Carnival Corp. | 81,336 | 4,134 | |
* | IAA Inc. | 87,027 | 4,095 |
* | AutoNation Inc. | 81,769 | 3,976 |
Wynn Resorts Ltd. | 28,216 | 3,918 | |
Brinker International Inc. | 92,728 | 3,895 | |
Vail Resorts Inc. | 15,867 | 3,805 | |
* | Murphy USA Inc. | 29,029 | 3,396 |
Best Buy Co. Inc. | 38,451 | 3,376 | |
Hanesbrands Inc. | 224,904 | 3,340 | |
Aptiv plc | 34,783 | 3,303 | |
Lear Corp. | 24,028 | 3,297 | |
* | Madison Square Garden Co. Class A | 10,563 | 3,108 |
Ralph Lauren Corp. Class A | 26,366 | 3,091 | |
Foot Locker Inc. | 70,647 | 2,755 | |
John Wiley & Sons Inc. Class A | 55,946 | 2,714 | |
* | LKQ Corp. | 74,828 | 2,671 |
* | frontdoor Inc. | 55,654 | 2,639 |
* | Liberty Broadband Corp. Class A | 18,984 | 2,365 |
* | Ulta Beauty Inc. | 9,271 | 2,347 |
Harley-Davidson Inc. | 61,365 | 2,282 | |
Tractor Supply Co. | 23,667 | 2,211 | |
* | Qurate Retail Group Inc. QVC Group Class A | 260,906 | 2,199 |
* | Floor & Decor Holdings Inc. Class A | 43,059 | 2,188 |
* | ServiceMaster Global Holdings Inc. | 56,498 | 2,184 |
TripAdvisor Inc. | 71,280 | 2,165 | |
* | Skechers U.S.A. Inc. Class A | 50,066 | 2,162 |
* | Hilton Grand Vacations Inc. | 62,103 | 2,136 |
News Corp. Class A | 149,164 | 2,109 | |
* | Liberty Media Corp-Liberty Formula One Class A | 48,061 | 2,104 |
* | Discovery Communications Inc. Class A | 64,200 | 2,102 |
Polaris Inc. | 20,480 | 2,083 | |
* | Caesars Entertainment Corp. | 147,969 | 2,012 |
AMERCO | 5,084 | 1,911 | |
* | Mattel Inc. | 127,687 | 1,730 |
Genuine Parts Co. | 15,808 | 1,679 | |
Kontoor Brands Inc. | 38,881 | 1,633 | |
KAR Auction Services Inc. | 73,720 | 1,606 | |
H&R Block Inc. | 66,404 | 1,559 | |
Gap Inc. | 85,330 | 1,509 | |
* | Under Armour Inc. Class C | 77,522 | 1,487 |
* | DISH Network Corp. Class A | 41,434 | 1,470 |
Nordstrom Inc. | 33,885 | 1,387 | |
Pool Corp. | 6,204 | 1,318 | |
Domino’s Pizza Inc. | 4,438 | 1,304 | |
Macy’s Inc. | 75,151 | 1,278 | |
* | Urban Outfitters Inc. | 44,921 | 1,247 |
* | Roku Inc. | 9,056 | 1,213 |
* | Under Armour Inc. Class A | 48,367 | 1,045 |
Lennar Corp. Class B | 23,267 | 1,040 | |
Graham Holdings Co. Class B | 1,592 | 1,017 | |
* | Carvana Co. Class A | 10,669 | 982 |
* | Spotify Technology SA | 6,231 | 932 |
Tapestry Inc. | 32,939 | 888 | |
* | Capri Holdings Ltd. | 23,015 | 878 |
* | Wayfair Inc. | 8,312 | 751 |
* | Five Below Inc. | 5,820 | 744 |
* | Grand Canyon Education Inc. | 6,549 | 627 |
* | Altice USA Inc. Class A | 20,579 | 563 |
Tiffany & Co. | 4,100 | 548 | |
Fox Corp. Class A | 10,081 | 374 | |
* | Planet Fitness Inc. Class A | 2,517 | 188 |
* | Ollie’s Bargain Outlet Holdings Inc. | 2,421 | 158 |
* | Etsy Inc. | 3,395 | 150 |
Nexstar Media Group Inc. Class A | 1,169 | 137 | |
World Wrestling Entertainment Inc. Class A | 2,033 | 132 | |
* | AMC Networks Inc. Class A | 3,243 | 128 |
Cable One Inc. | 85 | 127 | |
* | Lyft Inc. Class A | 2,663 | 115 |
Sinclair Broadcast Group Inc. Class A | 2,925 | 98 | |
1,693,253 | |||
Consumer Staples (5.6%) | |||
Procter & Gamble Co. | 931,201 | 116,307 | |
Coca-Cola Co. | 1,244,816 | 68,901 | |
PepsiCo Inc. | 468,147 | 63,982 | |
Philip Morris International Inc. | 430,291 | 36,613 | |
Mondelez International Inc. Class A | 615,978 | 33,928 | |
CVS Health Corp. | 387,454 | 28,784 | |
Colgate-Palmolive Co. | 383,803 | 26,421 |
97
Tax-Managed Capital Appreciation Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Altria Group Inc. | 512,514 | 25,580 | |
* | Monster Beverage Corp. | 287,298 | 18,258 |
Constellation Brands Inc. Class A | 88,522 | 16,797 | |
Walgreens Boots Alliance Inc. | 278,675 | 16,431 | |
Tyson Foods Inc. Class A | 173,743 | 15,818 | |
McCormick & Co. Inc. | 87,047 | 14,774 | |
Kroger Co. | 430,206 | 12,472 | |
Church & Dwight Co. Inc. | 177,031 | 12,452 | |
Brown-Forman Corp. Class B | 180,634 | 12,211 | |
Archer-Daniels-Midland Co. | 262,946 | 12,187 | |
Hershey Co. | 81,773 | 12,019 | |
Clorox Co. | 75,781 | 11,635 | |
Hormel Foods Corp. | 224,493 | 10,127 | |
Sysco Corp. | 116,745 | 9,986 | |
Corteva Inc. | 327,786 | 9,689 | |
Kimberly-Clark Corp. | 54,893 | 7,550 | |
JM Smucker Co. | 59,113 | 6,155 | |
General Mills Inc. | 110,468 | 5,917 | |
* | Post Holdings Inc. | 49,172 | 5,365 |
Campbell Soup Co. | 105,884 | 5,233 | |
Ingredion Inc. | 56,113 | 5,216 | |
Molson Coors Brewing Co. Class B | 84,565 | 4,558 | |
* | US Foods Holding Corp. | 100,089 | 4,193 |
Keurig Dr Pepper Inc. | 143,954 | 4,167 | |
Energizer Holdings Inc. | 67,490 | 3,389 | |
Kraft Heinz Co. | 83,022 | 2,667 | |
* | TreeHouse Foods Inc. | 52,782 | 2,560 |
* | Herbalife Nutrition Ltd. | 51,515 | 2,456 |
Lamb Weston Holdings Inc. | 24,565 | 2,113 | |
* | Pilgrim’s Pride Corp. | 60,612 | 1,983 |
Kellogg Co. | 26,928 | 1,862 | |
* | Edgewell Personal Care Co. | 60,063 | 1,860 |
Bunge Ltd. | 26,048 | 1,499 | |
* | Hain Celestial Group Inc. | 53,330 | 1,384 |
* | Sprouts Farmers Market Inc. | 43,756 | 847 |
Spectrum Brands Holdings Inc. | 6,286 | 404 | |
Seaboard Corp. | 83 | 353 | |
Conagra Brands Inc. | 4,113 | 141 | |
Casey’s General Stores Inc. | 660 | 105 | |
* | Beyond Meat Inc. | 1,306 | 99 |
657,448 | |||
Energy (3.7%) | |||
Exxon Mobil Corp. | 1,686,465 | 117,682 | |
Chevron Corp. | 764,339 | 92,110 | |
ConocoPhillips | 472,107 | 30,701 | |
Phillips 66 | 218,493 | 24,342 | |
EOG Resources Inc. | 230,085 | 19,272 | |
Valero Energy Corp. | 178,997 | 16,763 | |
Marathon Petroleum Corp. | 245,919 | 14,817 | |
Pioneer Natural Resources Co. | 78,485 | 11,880 | |
Kinder Morgan Inc. | 534,913 | 11,324 | |
Occidental Petroleum Corp. | 260,639 | 10,741 | |
Schlumberger Ltd. | 233,905 | 9,403 | |
Diamondback Energy Inc | . 89,012 | 8,266 | |
Hess Corp. | 109,994 | 7,349 | |
Williams Cos. Inc. | 283,277 | 6,719 | |
Concho Resources Inc. | 75,821 | 6,640 | |
* | Cheniere Energy Inc. | 102,661 | 6,270 |
ONEOK Inc. | 82,387 | 6,234 | |
* | WPX Energy Inc. | 384,186 | 5,279 |
Cabot Oil & Gas Corp. | 222,628 | 3,876 | |
Marathon Oil Corp. | 279,237 | 3,792 | |
Continental Resources Inc. | 106,919 | 3,667 | |
Devon Energy Corp. | 139,829 | 3,631 | |
National Oilwell Varco Inc. | 131,442 | 3,293 | |
* | First Solar Inc. | 49,748 | 2,784 |
Cimarex Energy Co. | 48,579 | 2,550 | |
HollyFrontier Corp. | 41,563 | 2,108 | |
Halliburton Co. | 62,502 | 1,529 | |
Parsley Energy Inc. Class A | 65,330 | 1,235 | |
Helmerich & Payne Inc. | 26,828 | 1,219 | |
* | Transocean Ltd. | 102,950 | 708 |
* | Apergy Corp. | 15,179 | 513 |
EQT Corp. | 18,044 | 197 | |
Range Resources Corp. | 24,916 | 121 | |
Valvoline Inc. | 5,146 | 110 | |
Kosmos Energy Ltd. | 16,488 | 94 | |
* | Extraction Oil & Gas Inc. | 18,115 | 38 |
437,257 | |||
Financial Services (20.7%) | |||
* | Berkshire Hathaway Inc. Class B | 769,961 | 174,396 |
JPMorgan Chase & Co. | 1,207,043 | 168,262 | |
Visa Inc. Class A | 669,205 | 125,744 | |
Bank of America Corp. | 3,315,425 | 116,769 | |
Mastercard Inc. Class A | 356,429 | 106,426 | |
Wells Fargo & Co. | 1,453,532 | 78,200 | |
Citigroup Inc. | 926,430 | 74,012 | |
* | PayPal Holdings Inc. | 528,692 | 57,189 |
98
Tax-Managed Capital Appreciation Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Global Payments Inc. | 241,544 | 44,096 | |
American Tower Corp. | 191,001 | 43,896 | |
* | Fiserv Inc. | 322,884 | 37,335 |
American Express Co. | 289,950 | 36,096 | |
S&P Global Inc. | 129,648 | 35,400 | |
Fidelity National Information Services Inc. | 243,007 | 33,800 | |
Goldman Sachs Group Inc. | 143,093 | 32,901 | |
Aon plc | 131,905 | 27,474 | |
Morgan Stanley | 530,762 | 27,133 | |
Truist Financial Corp. | 480,800 | 27,079 | |
SBA Communications Corp. Class A | 107,159 | 25,824 | |
MSCI Inc. Class A | 95,195 | 24,577 | |
Intercontinental Exchange Inc. | 259,482 | 24,015 | |
Charles Schwab Corp. | 498,616 | 23,714 | |
US Bancorp | 394,027 | 23,362 | |
Crown Castle International Corp. | 159,136 | 22,621 | |
CME Group Inc. | 111,837 | 22,448 | |
Chubb Ltd. | 141,396 | 22,010 | |
Equinix Inc. | 35,362 | 20,641 | |
Progressive Corp. | 276,677 | 20,029 | |
Aflac Inc. | 366,098 | 19,367 | |
Moody’s Corp. | 78,635 | 18,669 | |
American International Group Inc. | 363,610 | 18,664 | |
Simon Property Group Inc. | 121,107 | 18,040 | |
* | CBRE Group Inc. Class A | 291,081 | 17,840 |
Discover Financial Services | 203,501 | 17,261 | |
Prologis Inc. | 188,813 | 16,831 | |
Marsh & McLennan Cos. Inc. | 149,429 | 16,648 | |
Ameriprise Financial Inc. | 92,568 | 15,420 | |
Prudential Financial Inc. | 159,998 | 14,998 | |
* | Arch Capital Group Ltd. | 348,207 | 14,935 |
E*TRADE Financial Corp. | 325,832 | 14,783 | |
Travelers Cos. Inc. | 106,962 | 14,648 | |
AvalonBay Communities Inc. | 69,577 | 14,590 | |
Equity LifeStyleProperties Inc. | 191,794 | 3,500 | |
Equity Residential | 166,819 | 13,499 | |
Public Storage | 63,384 | 13,498 | |
PNC Financial Services Group Inc. | 83,375 | 13,309 | |
Brown & Brown Inc. | 334,965 | 13,224 | |
Allstate Corp. | 115,698 | 13,010 | |
Capital One Financial Corp. | 126,067 | 12,974 | |
State Street Corp. | 162,620 | 12,863 | |
Nasdaq Inc. | 119,193 | 12,766 | |
First Republic Bank | 107,529 | 12,629 | |
* | Alleghany Corp. | 15,731 | 12,578 |
Globe Life Inc. | 115,693 | 12,177 | |
* | Markel Corp. | 10,580 | 12,095 |
T. Rowe Price Group Inc. | 97,206 | 11,844 | |
Boston Properties Inc. | 83,611 | 11,527 | |
WR Berkley Corp. | 164,960 | 11,399 | |
Essex Property Trust Inc. | 37,831 | 11,382 | |
MetLife Inc. | 221,633 | 11,297 | |
BlackRock Inc. | 21,989 | 11,054 | |
Fifth Third Bancorp | 355,261 | 10,921 | |
Reinsurance Group of America Inc. Class A | 66,244 | 10,802 | |
Zions Bancorp NA | 205,361 | 10,662 | |
Equifax Inc. | 74,207 | 10,398 | |
Assurant Inc. | 78,899 | 10,342 | |
Popular Inc. | 173,287 | 10,181 | |
Commerce Bancshares Inc. | 148,987 | 10,122 | |
KeyCorp | 480,194 | 9,719 | |
Synchrony Financial | 266,799 | 9,607 | |
Extra Space Storage Inc. | 90,064 | 9,513 | |
Bank of New York Mellon Corp. | 184,838 | 9,303 | |
M&T Bank Corp. | 53,649 | 9,107 | |
Lincoln National Corp. | 153,393 | 9,052 | |
SEI Investments Co. | 137,300 | 8,990 | |
Mid-America Apartment Communities Inc. | 66,519 | 8,771 | |
American Homes 4 Rent Class A | 333,815 | 8,749 | |
Jones Lang LaSalle Inc. | 50,070 | 8,717 | |
American Financial Group Inc. | 77,627 | 8,512 | |
Welltower Inc. | 103,325 | 8,450 | |
Raymond James Financial Inc. | 93,628 | 8,376 | |
Digital Realty Trust Inc. | 69,624 | 8,337 | |
* | Howard Hughes Corp. | 64,634 | 8,196 |
* | FleetCor Technologies Inc. | 28,478 | 8,194 |
TD Ameritrade Holding Corp. | 164,619 | 8,182 | |
Douglas Emmett Inc. | 186,261 | 8,177 | |
Lamar Advertising Co. Class A | 90,728 | 8,098 | |
Apartment Investment & Management Co. | 156,377 | 8,077 | |
Loews Corp. | 152,182 | 7,988 | |
White Mountains Insurance Group Ltd. | 6,827 | 7,616 | |
Hanover Insurance Group Inc. | 55,215 | 7,546 | |
Alexandria Real Estate Equities Inc. | 46,528 | 7,518 |
99
Tax-Managed Capital Appreciation Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Jack Henry & Associates Inc. | 49,725 | 7,243 | |
Broadridge Financial Solutions Inc. | 58,022 | 7,168 | |
East West Bancorp Inc. | 139,722 | 6,804 | |
Principal Financial Group Inc. | 123,694 | 6,803 | |
Federal Realty Investment Trust | 51,545 | 6,635 | |
SLM Corp. | 689,030 | 6,139 | |
* | CoreLogic Inc. | 140,365 | 6,135 |
Host Hotels & Resorts Inc. | 330,078 | 6,123 | |
Signature Bank | 44,094 | 6,024 | |
First Horizon National Corp. | 351,308 | 5,818 | |
TFS Financial Corp. | 295,507 | 5,816 | |
Equity Commonwealth | 174,940 | 5,743 | |
Camden Property Trust | 51,152 | 5,427 | |
* | Euronet Worldwide Inc. | 34,336 | 5,410 |
Hartford Financial Services Group Inc. | 86,154 | 5,236 | |
Ventas Inc. | 90,000 | 5,197 | |
Eaton Vance Corp. | 105,704 | 4,935 | |
Invitation Homes Inc. | 164,474 | 4,929 | |
Unum Group | 168,928 | 4,926 | |
Cullen/Frost Bankers Inc. | 49,789 | 4,868 | |
Willis Towers Watson plc | 22,313 | 4,506 | |
Voya Financial Inc. | 68,798 | 4,195 | |
Associated Banc-Corp | 186,558 | 4,112 | |
Weyerhaeuser Co. | 133,802 | 4,041 | |
BOK Financial Corp. | 44,476 | 3,887 | |
CNA Financial Corp. | 82,371 | 3,691 | |
Jefferies Financial Group Inc. | 169,664 | 3,626 | |
* | Square Inc. | 54,126 | 3,386 |
Retail Properties of America Inc. | 247,499 | 3,316 | |
Realty Income Corp. | 44,771 | 3,296 | |
Omega Healthcare Investors Inc. | 76,000 | 3,219 | |
Northern Trust Corp. | 30,049 | 3,192 | |
Interactive Brokers Group Inc. | 65,182 | 3,039 | |
Service Properties Trust | 118,958 | 2,894 | |
Santander Consumer USA Holdings Inc. | 121,841 | 2,847 | |
Bank of Hawaii Corp. | 28,685 | 2,730 | |
OneMain Holdings Inc. | 64,532 | 2,720 | |
* | WEX Inc. | 12,643 | 2,648 |
People’s United Financial Inc. | 148,470 | 2,509 | |
* | Credit Acceptance Corp. | 5,424 | 2,399 |
* | Zillow Group Inc. | 52,132 | 2,395 |
Fidelity National Financial Inc. | 51,473 | 2,334 | |
* | Athene Holding Ltd. Class A | 47,752 | 2,246 |
Affiliated Managers Group Inc. | 25,398 | 2,152 | |
Navient Corp. | 157,084 | 2,149 | |
Ally Financial Inc. | 69,031 | 2,110 | |
* | Brighthouse Financial Inc. | 51,878 | 2,035 |
Paramount Group Inc. | 145,970 | 2,032 | |
SL Green Realty Corp. | 21,486 | 1,974 | |
JBG SMITH Properties | 47,389 | 1,890 | |
* | SVB Financial Group | 6,580 | 1,652 |
* | Zillow Group Inc. Class A | 35,217 | 1,611 |
Duke Realty Corp. | 44,127 | 1,530 | |
VICI Properties Inc. | 59,698 | 1,525 | |
Western Alliance Bancorp | 26,433 | 1,507 | |
TransUnion | 17,546 | 1,502 | |
* | Texas Capital Bancshares Inc. | 23,413 | 1,329 |
Alliance Data Systems Corp. | 11,568 | 1,298 | |
Vornado Realty Trust | 18,584 | 1,236 | |
Lazard Ltd. Class A | 26,995 | 1,079 | |
Arthur J Gallagher & Co. | 11,257 | 1,072 | |
MGIC Investment Corp. | 68,652 | 973 | |
Iron Mountain Inc. | 26,870 | 856 | |
* | Fair Isaac Corp. | 2,023 | 758 |
Annaly Capital Management Inc. | 64,371 | 606 | |
Franklin Resources Inc. | 7,754 | 201 | |
First Citizens BancShares Inc. Class A | 325 | 173 | |
AXA Equitable Holdings Inc. | 5,156 | 128 | |
MarketAxess Holdings Inc. | 330 | 125 | |
TCF Financial Corp. | 2,647 | 124 | |
Synovus Financial Corp. | 3,125 | 123 | |
LPL Financial Holdings Inc. | 1,310 | 121 | |
Everest Re Group Ltd. | 436 | 121 | |
RenaissanceRe Holdings Ltd. | 615 | 121 | |
FactSet Research Systems Inc. | 444 | 119 | |
Kemper Corp. | 1,529 | 118 | |
BankUnited Inc. | 3,203 | 117 | |
Cousins Properties Inc. | 2,840 | 117 | |
Assured Guaranty Ltd. | 2,371 | 116 | |
Axis Capital Holdings Ltd. | 1,934 | 115 | |
Primerica Inc. | 877 | 115 | |
Kilroy Realty Corp. | 1,359 | 114 | |
Prosperity Bancshares Inc. | 1,579 | 114 | |
American National Insurance Co. | 953 | 112 | |
Old Republic International Corp. | 5,010 | 112 | |
Sun Communities Inc. | 727 | 109 |
100
Tax-Managed Capital Appreciation Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Evercore Inc. Class A | 1,454 | 109 | |
Cincinnati Financial Corp. | 1,028 | 108 | |
Empire State Realty Trust Inc. | 7,687 | 107 | |
CyrusOne Inc. | 1,635 | 107 | |
Morningstar Inc. | 701 | 106 | |
Americold Realty Trust | 2,998 | 105 | |
* | LendingTree Inc. | 311 | 94 |
2,449,825 | |||
Health Care (13.2%) | |||
Johnson & Johnson | 1,008,301 | 147,081 | |
UnitedHealth Group Inc. | 351,874 | 103,444 | |
Merck & Co. Inc. | 894,328 | 81,339 | |
Pfizer Inc. | 1,984,454 | 77,751 | |
Amgen Inc. | 247,879 | 59,756 | |
Bristol-Myers Squibb Co. | 921,157 | 59,129 | |
Medtronic plc | 482,492 | 54,739 | |
Abbott Laboratories | 629,221 | 54,654 | |
Thermo Fisher Scientific Inc. | 157,597 | 51,198 | |
AbbVie Inc. | 532,076 | 47,110 | |
Eli Lilly & Co. | 308,452 | 40,540 | |
Cigna Corp. | 178,369 | 36,475 | |
* | Boston Scientific Corp. | 792,501 | 35,837 |
Danaher Corp. | 230,391 | 35,360 | |
Becton Dickinson and Co. | 127,458 | 34,665 | |
Zoetis Inc. | 252,858 | 33,466 | |
Anthem Inc. | 107,842 | 32,571 | |
Gilead Sciences Inc. | 489,864 | 31,831 | |
* | Vertex Pharmaceuticals Inc. | 113,939 | 24,947 |
Humana Inc. | 66,063 | 24,213 | |
Stryker Corp. | 114,829 | 24,107 | |
* | Biogen Inc. | 77,613 | 23,030 |
* | Intuitive Surgical Inc. | 35,745 | 21,131 |
Allergan plc | 99,821 | 19,083 | |
Agilent Technologies Inc. | 205,348 | 17,518 | |
* | Illumina Inc. | 48,292 | 16,020 |
Teleflex Inc. | 42,526 | 16,008 | |
Zimmer Biomet Holdings Inc. | 100,650 | 15,065 | |
Baxter International Inc. | 172,219 | 14,401 | |
Cooper Cos. Inc. | 44,717 | 14,367 | |
* | Edwards Lifesciences Corp. | 59,924 | 13,980 |
* | Laboratory Corp. of America Holdings | 75,986 | 12,855 |
* | DexCom Inc. | 52,005 | 11,376 |
* | Charles River Laboratories International Inc. | 72,271 | 11,040 |
PerkinElmer Inc. | 107,266 | 10,415 | |
Universal Health Services Inc. Class B | 72,089 | 10,342 | |
McKesson Corp. | 74,449 | 10,298 | |
* | Centene Corp. | 159,239 | 10,011 |
HCA Healthcare Inc. | 66,645 | 9,851 | |
* | IQVIA Holdings Inc. | 62,940 | 9,725 |
Bio-Techne Corp. | 42,649 | 9,362 | |
AmerisourceBergen Corp. Class A | 108,828 | 9,253 | |
Quest Diagnostics Inc. | 81,296 | 8,682 | |
Bruker Corp. | 165,302 | 8,425 | |
* | Incyte Corp. | 93,378 | 8,154 |
Cerner Corp. | 107,105 | 7,860 | |
Cardinal Health Inc. | 149,543 | 7,564 | |
* | QIAGEN NV | 220,998 | 7,470 |
* | Seattle Genetics Inc. | 62,099 | 7,095 |
* | Regeneron Pharmaceuticals Inc. | 18,762 | 7,045 |
Dentsply Sirona Inc. | 116,754 | 6,607 | |
* | Varian Medical Systems Inc. | 45,230 | 6,423 |
* | WellCare Health Plans Inc. | 18,547 | 6,124 |
* | Veeva Systems Inc. Class A | 43,045 | 6,055 |
* | Exelixis Inc. | 340,993 | 6,008 |
* | Ionis Pharmaceuticals Inc. | 95,586 | 5,774 |
* | Alnylam Pharmaceuticals Inc. | 48,448 | 5,580 |
* | IDEXX Laboratories Inc. | 19,745 | 5,156 |
* | Hologic Inc. | 93,717 | 4,893 |
* | Bio-Rad Laboratories Inc. Class A | 11,991 | 4,437 |
STERIS plc | 23,039 | 3,512 | |
* | Alexion Pharmaceuticals Inc. | 28,689 | 3,103 |
* | BioMarin Pharmaceutical Inc. | 36,046 | 3,048 |
* | Premier Inc. Class A | 80,199 | 3,038 |
* | Catalent Inc. | 52,604 | 2,962 |
ResMed Inc. | 18,987 | 2,942 | |
* | Neurocrine Biosciences Inc. | 26,196 | 2,816 |
* | Align Technology Inc. | 9,879 | 2,757 |
* | DaVita Inc. | 31,684 | 2,377 |
* | Elanco Animal Health Inc. | 77,515 | 2,283 |
* | Jazz Pharmaceuticals plc | 14,497 | 2,164 |
* | Exact Sciences Corp. | 22,681 | 2,098 |
* | Insulet Corp. | 10,856 | 1,859 |
* | Envista Holdings Corp. | 58,389 | 1,731 |
* | Molina Healthcare Inc. | 12,614 | 1,712 |
Hill-Rom Holdings Inc. | 14,895 | 1,691 | |
West Pharmaceutical Services Inc. | 11,079 | 1,665 | |
* | Penumbra Inc. | 9,688 | 1,591 |
101
Tax-Managed Capital Appreciation Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Varex Imaging Corp. | 52,023 | 1,551 |
* | Integra LifeSciences Holdings Corp. | 24,435 | 1,424 |
* | Brookdale Senior Living Inc. | 185,880 | 1,351 |
* | Acadia Healthcare Co. Inc. | 40,029 | 1,330 |
* | Masimo Corp. | 7,510 | 1,187 |
* | Moderna Inc. | 60,476 | 1,183 |
* | MEDNAX Inc. | 39,370 | 1,094 |
* | Horizon Therapeutics plc | 29,497 | 1,068 |
* | PRA Health Sciences Inc. | 9,339 | 1,038 |
* | United Therapeutics Corp. | 9,981 | 879 |
* | Sage Therapeutics Inc. | 9,761 | 705 |
* | Alkermes plc | 24,047 | 491 |
* | ABIOMED Inc. | 1,539 | 263 |
Cantel Medical Corp. | 3,447 | 244 | |
* | Agios Pharmaceuticals Inc. | 5,000 | 239 |
* | Nektar Therapeutics Class A | 9,862 | 213 |
* | Change Healthcare Inc. | 9,092 | 149 |
* | Avantor Inc. | 7,665 | 139 |
* | ICU Medical Inc. | 700 | 131 |
* | Sarepta Therapeutics Inc. | 940 | 121 |
Chemed Corp. | 276 | 121 | |
Encompass Health Corp. | 1,644 | 114 | |
* | Bluebird Bio Inc. | 1,100 | 96 |
1,553,176 | |||
Materials & Processing (3.2%) | |||
Linde plc | 184,588 | 39,299 | |
Sherwin-Williams Co. | 43,498 | 25,383 | |
Ecolab Inc. | 125,415 | 24,204 | |
DuPont de Nemours Inc. | 307,130 | 19,718 | |
Dow Inc. | 314,018 | 17,186 | |
Air Products & Chemicals Inc. | 62,536 | 14,695 | |
FMC Corp. | 143,517 | 14,326 | |
Ball Corp. | 220,454 | 14,257 | |
Martin Marietta Materials Inc. | 49,589 | 13,867 | |
Newmont Goldcorp Corp. | 314,192 | 13,652 | |
Celanese Corp. Class A | 110,321 | 13,583 | |
Vulcan Materials Co. | 92,665 | 13,343 | |
LyondellBasell Industries NV Class A | 131,236 | 12,399 | |
Lennox International Inc. | 46,508 | 11,346 | |
* | Crown Holdings Inc. | 141,158 | 10,240 |
Fastenal Co. | 264,288 | 9,765 | |
Armstrong World Industries Inc. | 92,828 | 8,723 | |
Southern Copper Corp. | 186,743 | 7,933 | |
Owens Corning | 107,734 | 7,016 | |
Albemarle Corp. | 95,102 | 6,946 | |
Ingersoll-Rand plc | 51,877 | 6,895 | |
PPG Industries Inc. | 49,530 | 6,612 | |
Scotts Miracle-Gro Co. | 58,646 | 6,227 | |
Reliance Steel & Aluminum Co. | 50,788 | 6,082 | |
Freeport-McMoRan Inc. | 450,989 | 5,917 | |
Sealed Air Corp. | 131,394 | 5,233 | |
Valmont Industries Inc. | 30,964 | 4,638 | |
Nucor Corp. | 80,394 | 4,525 | |
WR Grace & Co. | 60,648 | 4,236 | |
Westlake Chemical Corp. | 58,398 | 4,097 | |
Packaging Corp. of America | 28,454 | 3,186 | |
CF Industries Holdings Inc. | 65,232 | 3,114 | |
Eagle Materials Inc. | 31,299 | 2,838 | |
* | Axalta Coating Systems Ltd. | 77,047 | 2,342 |
International Paper Co. | 49,617 | 2,285 | |
Mosaic Co. | 92,171 | 1,995 | |
* | Livent Corp. | 227,662 | 1,946 |
* | Element Solutions Inc. | 158,204 | 1,848 |
Eastman Chemical Co. | 22,263 | 1,764 | |
Hexcel Corp. | 18,291 | 1,341 | |
* | Berry Global Group Inc. | 19,443 | 923 |
Royal Gold Inc. | 6,912 | 845 | |
* | Alcoa Corp. | 33,190 | 714 |
* | AdvanSix Inc. | 12,732 | 254 |
Domtar Corp. | 3,305 | 126 | |
AptarGroup Inc. | 1,052 | 122 | |
Graphic Packaging Holding Co. | 7,150 | 119 | |
RPM International Inc. | 1,537 | 118 | |
Silgan Holdings Inc. | 3,766 | 117 | |
NewMarket Corp. | 234 | 114 | |
Ashland Global Holdings Inc. | 1,448 | 111 | |
United States Steel Corp. | 8,727 | 100 | |
378,665 | |||
Other (0.0%) | |||
*,§ | American International Group Inc. Warrants Exp. 01/19/2021 | 6,859 | — |
Producer Durables (10.2%) | |||
Boeing Co. | 215,415 | 70,174 | |
Union Pacific Corp. | 278,871 | 50,417 | |
Accenture plc Class A | 225,325 | 47,447 | |
United Technologies Corp. | 314,383 | 47,082 | |
Honeywell International Inc. | 252,812 | 44,748 | |
General Electric Co. | 2,911,755 | 32,495 | |
* | Copart Inc. | 316,653 | 28,796 |
Lockheed Martin Corp. | 70,008 | 27,260 | |
3M Co. | 150,744 | 26,594 | |
CSX Corp. | 357,850 | 25,894 | |
Illinois Tool Works Inc. | 140,698 | 25,274 |
102
Tax-Managed Capital Appreciation Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Northrop Grumman Corp. | 73,450 | 25,265 | |
Norfolk Southern Corp. | 126,078 | 24,476 | |
TransDigm Group Inc. | 42,645 | 23,881 | |
Caterpillar Inc. | 153,773 | 22,709 | |
Automatic Data Processing Inc. | 129,154 | 22,021 | |
Verisk Analytics Inc. Class A | 139,675 | 20,859 | |
* | Mettler-Toledo International Inc. | 25,908 | 20,552 |
General Dynamics Corp. | 116,508 | 20,546 | |
Cintas Corp. | 75,609 | 20,345 | |
Roper Technologies Inc. | 54,880 | 19,440 | |
Delta Air Lines Inc. | 324,584 | 18,982 | |
Raytheon Co. | 82,709 | 18,174 | |
United Parcel Service Inc. Class B | 149,080 | 17,451 | |
Southwest Airlines Co. | 321,944 | 17,379 | |
* | United Airlines Holdings Inc. | 194,265 | 17,113 |
Waste Management Inc. | 149,550 | 17,043 | |
* | Waters Corp. | 71,763 | 16,767 |
FedEx Corp. | 110,809 | 16,755 | |
Old Dominion Freight Line Inc. | 83,077 | 15,766 | |
Deere & Co. | 88,252 | 15,291 | |
AMETEK Inc. | 153,098 | 15,270 | |
Parker-Hannifin Corp. | 70,977 | 14,608 | |
* | Keysight Technologies Inc. | 135,638 | 13,921 |
IDEX Corp. | 78,733 | 13,542 | |
Jacobs Engineering Group Inc. | 141,129 | 12,678 | |
Eaton Corp. plc | 132,269 | 12,529 | |
Emerson Electric Co. | 163,699 | 12,484 | |
Huntington Ingalls Industries Inc. | 48,395 | 12,141 | |
PACCAR Inc. | 147,855 | 11,695 | |
Toro Co. | 139,713 | 11,131 | |
Expeditors International of Washington Inc. | 142,407 | 11,111 | |
* | CoStar Group Inc. | 18,223 | 10,903 |
Carlisle Cos. Inc. | 61,798 | 10,001 | |
* | Zebra Technologies Corp. | 38,966 | 9,953 |
Fortive Corp. | 126,325 | 9,650 | |
Cummins Inc. | 52,527 | 9,400 | |
JB Hunt Transport Services Inc. | 78,704 | 9,191 | |
FLIR Systems Inc. | 176,064 | 9,168 | |
BWX Technologies Inc. | 146,472 | 9,093 | |
Landstar System Inc. | 78,365 | 8,923 | |
* | HD Supply Holdings Inc. | 209,538 | 8,428 |
WW Grainger Inc. | 24,754 | 8,380 | |
Genpact Ltd. | 193,618 | 8,165 | |
AGCO Corp. | 105,204 | 8,127 | |
Oshkosh Corp. | 83,375 | 7,891 | |
Textron Inc. | 170,296 | 7,595 | |
Xylem Inc. | 94,346 | 7,434 | |
Wabtec Corp. | 88,421 | 6,879 | |
Donaldson Co. Inc. | 115,583 | 6,660 | |
Robert Half International Inc. | 96,224 | 6,077 | |
ManpowerGroup Inc. | 60,005 | 5,826 | |
Xerox Holdings Corp. | 151,726 | 5,594 | |
Graco Inc. | 98,621 | 5,128 | |
ITT Inc. | 68,646 | 5,074 | |
Stanley Black & Decker Inc. | 29,193 | 4,838 | |
Flowserve Corp. | 90,121 | 4,485 | |
CH Robinson Worldwide Inc. | 48,555 | 3,797 | |
Allison Transmission Holdings Inc. | 76,765 | 3,709 | |
* | Teledyne Technologies Inc. | 10,446 | 3,620 |
Rockwell Automation Inc. | 17,102 | 3,466 | |
* | Kirby Corp. | 37,893 | 3,393 |
HEICO Corp. | 28,866 | 3,295 | |
MSC Industrial Direct Co. Inc. Class A | 41,610 | 3,265 | |
* | Clean Harbors Inc. | 36,566 | 3,136 |
* | Trimble Inc. | 69,227 | 2,886 |
Republic Services Inc. Class A | 31,721 | 2,843 | |
* | Stericycle Inc. | 40,057 | 2,556 |
Quanta Services Inc. | 62,470 | 2,543 | |
* | Middleby Corp. | 22,347 | 2,447 |
* | Sensata Technologies Holding plc | 41,883 | 2,256 |
Johnson Controls International plc | 46,195 | 1,881 | |
* | AECOM | 42,191 | 1,820 |
Allegion plc | 13,639 | 1,699 | |
Spirit AeroSystems Holdings Inc. Class A | 11,284 | 822 | |
Dover Corp. | 6,200 | 715 | |
* | Resideo Technologies Inc. | 23,402 | 279 |
* | Gates Industrial Corp. plc | 9,835 | 135 |
Avery Dennison Corp. | 858 | 112 | |
1,201,644 | |||
Technology (23.4%) | |||
Apple Inc. | 1,747,810 | 513,244 | |
Microsoft Corp. | 2,975,135 | 469,179 | |
* | Facebook Inc. Class A | 940,605 | 193,059 |
* | Alphabet Inc. Class A | 117,540 | 157,432 |
* | Alphabet Inc. Class C | 117,599 | 157,232 |
Intel Corp. | 1,695,880 | 101,498 |
103
Tax-Managed Capital Appreciation Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Cisco Systems Inc. | 1,532,818 | 73,514 | |
* | Adobe Inc. | 214,244 | 70,660 |
* | salesforce.com Inc. | 354,015 | 57,577 |
NVIDIA Corp. | 239,798 | 56,424 | |
Texas Instruments Inc. | 383,402 | 49,187 | |
Broadcom Inc. | 138,444 | 43,751 | |
Oracle Corp. | 812,894 | 43,067 | |
QUALCOMM Inc. | 480,913 | 42,431 | |
International Business Machines Corp. | 291,673 | 39,096 | |
Intuit Inc. | 132,640 | 34,742 | |
Applied Materials Inc. | 533,823 | 32,585 | |
Lam Research Corp. | 99,838 | 29,193 | |
* | Autodesk Inc. | 137,631 | 25,250 |
* | Micron Technology Inc. | 425,885 | 22,904 |
* | Cadence Design Systems Inc. | 319,022 | 22,127 |
* | Synopsys Inc. | 152,426 | 21,218 |
Amphenol Corp. Class A | 175,784 | 19,025 | |
Activision Blizzard Inc. | 304,233 | 18,078 | |
Teradyne Inc. | 262,921 | 17,929 | |
L3Harris Technologies Inc. | 87,964 | 17,405 | |
KLA Corp. | 97,261 | 17,329 | |
Analog Devices Inc. | 135,294 | 16,078 | |
Cognizant Technology Solutions Corp. Class A | 253,168 | 15,702 | |
* | ServiceNow Inc. | 54,181 | 15,296 |
* | Advanced Micro Devices Inc. | 319,634 | 14,658 |
Hewlett Packard Enterprise Co. | 874,455 | 13,869 | |
Corning Inc. | 471,175 | 13,716 | |
* | Arrow Electronics Inc. | 133,283 | 11,294 |
Citrix Systems Inc. | 101,633 | 11,271 | |
* | IAC/InterActiveCorp | 44,069 | 10,978 |
NortonLifeLock Inc. | 379,492 | 9,685 | |
Dolby Laboratories Inc. Class A | 133,954 | 9,216 | |
HP Inc. | 445,413 | 9,153 | |
* | Workday Inc. Class A | 55,503 | 9,127 |
* | Fortinet Inc. | 84,331 | 9,003 |
Xilinx Inc. | 89,071 | 8,708 | |
NetApp Inc. | 137,603 | 8,566 | |
* | VeriSign Inc. | 43,434 | 8,369 |
* | Palo Alto Networks Inc. | 34,637 | 8,010 |
* | ANSYS Inc. | 29,959 | 7,712 |
* | Gartner Inc. | 49,072 | 7,562 |
* | Twitter Inc. | 229,927 | 7,369 |
* | Electronic Arts Inc. | 66,826 | 7,184 |
Juniper Networks Inc. | 289,182 | 7,123 | |
Motorola Solutions Inc. | 43,807 | 7,059 | |
Western Digital Corp. | 110,879 | 7,038 | |
CDK Global Inc. | 128,095 | 7,004 | |
* | Black Knight Inc. | 105,414 | 6,797 |
* | Atlassian Corp. plc Class A | 53,785 | 6,473 |
SS&C Technologies Holdings Inc. | 98,520 | 6,049 | |
* | IHS Markit Ltd. | 78,731 | 5,932 |
Microchip Technology Inc. | 54,585 | 5,716 | |
* | Teradata Corp. | 207,261 | 5,548 |
* | Zynga Inc. Class A | 891,963 | 5,459 |
DXC Technology Co. | 142,260 | 5,348 | |
* | Guidewire Software Inc. | 46,077 | 5,058 |
Avnet Inc. | 118,483 | 5,028 | |
* | VMware Inc. Class A | 31,779 | 4,824 |
* | NCR Corp. | 134,225 | 4,719 |
* | Match Group Inc. | 56,332 | 4,625 |
* | GoDaddy Inc. Class A | 64,950 | 4,411 |
* | Qorvo Inc. | 37,483 | 4,357 |
* | Splunk Inc. | 28,929 | 4,333 |
Skyworks Solutions Inc. | 32,649 | 3,947 | |
* | Dell Technologies Inc. | 73,325 | 3,768 |
* | ON Semiconductor Corp. | 145,772 | 3,554 |
Universal Display Corp. | 16,029 | 3,303 | |
* | Manhattan Associates Inc. | 39,083 | 3,117 |
* | Okta Inc. | 25,293 | 2,918 |
Leidos Holdings Inc. | 27,380 | 2,680 | |
* | F5 Networks Inc. | 18,986 | 2,651 |
* | Tyler Technologies Inc. | 8,729 | 2,619 |
* | Akamai Technologies Inc. | 25,701 | 2,220 |
CDW Corp. | 15,100 | 2,157 | |
* | PTC Inc. | 28,583 | 2,141 |
* | IPG Photonics Corp. | 14,430 | 2,091 |
* | Nuance Communications Inc. | 116,275 | 2,073 |
* | FireEye Inc. | 115,321 | 1,906 |
Perspecta Inc. | 71,796 | 1,898 | |
* | Zendesk Inc. | 21,990 | 1,685 |
* | Arista Networks Inc. | 7,522 | 1,530 |
* | Coherent Inc. | 9,143 | 1,521 |
* | Twilio Inc. Class A | 14,822 | 1,457 |
* | Take-Two Interactive Software Inc. | 11,635 | 1,425 |
* | DocuSign Inc. Class A | 19,047 | 1,412 |
* | EchoStar Corp. Class A | 32,502 | 1,408 |
Cognex Corp. | 22,455 | 1,258 | |
* | RingCentral Inc. Class A | 7,454 | 1,257 |
* | Nutanix Inc. | 36,620 | 1,145 |
* | Ceridian HCM Holding Inc. | 15,975 | 1,084 |
* | SolarWinds Corp. | 55,747 | 1,034 |
* | Aspen Technology Inc. | 8,143 | 985 |
Marvell Technology Group Ltd. | 35,601 | 946 | |
* | Paycom Software Inc. | 3,512 | 930 |
* | Proofpoint Inc. | 7,935 | 911 |
Amdocs Ltd. | 11,987 | 865 |
104
Tax-Managed Capital Appreciation Fund
Market | ||||
Value• | ||||
Shares | ($000) | |||
* | CACI International Inc. Class A | 3,429 | 857 | |
* | EPAM Systems Inc. | 4,020 | 853 | |
* | Ciena Corp. | 19,765 | 844 | |
* | Pure Storage Inc. Class A | 45,526 | 779 | |
* | RealPage Inc. | 14,075 | 757 | |
* | Covetrus Inc. | 47,007 | 621 | |
* | Cree Inc. | 13,343 | 616 | |
* | Avalara Inc. | 7,004 | 513 | |
* | HubSpot Inc. | 2,804 | 444 | |
* | Cerence Inc. | 14,534 | 329 | |
* | ViaSat Inc. | 2,777 | 203 | |
* | MongoDB Inc. | 1,467 | 193 | |
* | Elastic NV | 2,440 | 157 | |
2,761,625 | ||||
Utilities (5.1%) | ||||
AT&T Inc. | 2,659,857 | 103,947 | ||
Verizon Communications Inc. | 1,477,984 | 90,748 | ||
NextEra Energy Inc. | 187,696 | 45,452 | ||
Duke Energy Corp. | 314,968 | 28,728 | ||
Dominion Energy Inc. | 326,929 | 27,076 | ||
Southern Co. | 334,385 | 21,300 | ||
Sempra Energy | 127,537 | 19,319 | ||
WEC Energy Group Inc. | 202,181 | 18,647 | ||
Exelon Corp. | 407,288 | 18,568 | ||
* | T- Mobile US Inc. | 223,379 | 17,517 | |
Eversource Energy | 183,279 | 15,591 | ||
American Water Works Co. Inc. | 122,204 | 15,013 | ||
Consolidated Edison Inc. | 161,276 | 14,591 | ||
CMS Energy Corp. | 213,518 | 13,417 | ||
Edison International | 169,439 | 12,777 | ||
FirstEnergy Corp. | 234,138 | 11,379 | ||
Atmos Energy Corp. | 90,400 | 10,112 | ||
Aqua America Inc. | 196,309 | 9,215 | ||
DTE Energy Co. | 70,376 | 9,140 | ||
Public Service Enterprise Group Inc. | 153,187 | 9,046 | ||
NiSource Inc. | 305,204 | 8,497 | ||
American Electric Power Co. Inc. | 89,363 | 8,446 | ||
AES Corp. | 421,190 | 8,382 | ||
CenterPoint Energy Inc. | 269,994 | 7,363 | ||
UGI Corp. | 162,306 | 7,330 | ||
* | Sprint Corp. | 1,070,365 | 5,577 | |
Entergy Corp. | 43,998 | 5,271 | ||
Alliant Energy Corp. | 91,615 | 5,013 | ||
Telephone & Data Systems Inc. | 182,429 | 4,639 | ||
PPL Corp. | 122,981 | 4,413 | ||
Evergy Inc. | 63,513 | 4,134 | ||
NRG Energy Inc. | 101,599 | 4,039 | ||
* | GCI Liberty Inc. Class A | 55,413 | 3,926 | |
* | Zayo Group Holdings Inc. | 93,473 | 3,239 | |
Vistra Energy Corp. | 120,714 | 2,775 | ||
* | United States Cellular Corp. | 70,607 | 2,558 | |
* | PG&E Corp. | 20,693 | 225 | |
Xcel Energy Inc. | 1,870 | 119 | ||
Ameren Corp. | 1,506 | 116 | ||
IDACORP Inc. | 1,074 | 115 | ||
597,760 | ||||
Total Common Stocks (Cost $4,558,687) | 11,730,653 | |||
Temporary Cash Investments (0.5%)1 | ||||
Money Market Fund (0.5%) | ||||
2 | Vanguard Market LiquidityFund, 1.816% | 628,747 | 62,881 | |
Face | ||||
Amount | ||||
($000) | ||||
U.S. Government and Agency Obligations (0.0%) | ||||
3 | United States Treasury Bill, 1.537%, 2/13/20 | 350 | 349 | |
3 | United States Treasury Bill, 1.541%, 4/30/20 | 750 | 746 | |
1,095 | ||||
Total Temporary Cash Investments (Cost $63,977) | 63,976 | |||
Total Investments (99.9%) (Cost $4,622,664) | 11,794,629 |
105 |
Tax-Managed Capital Appreciation Fund
Amount | |
($000) | |
Other Assets and Liabilities (0.1%) | |
Other Assets | |
Investment in Vanguard | 517 |
Receivables for Accrued Income | 10,524 |
Receivables for Capital Shares Issued | 5,161 |
Variation Margin Receivable—Futures Contracts | 168 |
Other Assets3 | 1,627 |
Total Other Assets | 17,997 |
Liabilities | |
Payables for Investment Securities Purchased | (64) |
Payables for Capital Shares Redeemed | (7,179) |
Payables to Vanguard | (2,697) |
Other Liabilities | (19) |
Total Liabilities | (9,959) |
Net Assets (100%) | 11,802,667 |
At December 31, 2019, net assets consisted of:
Amount | |
($000) | |
Paid-in Capital | 4,757,617 |
Total Distributable Earnings (Loss) | 7,045,050 |
Net Assets | 11,802,667 |
Admiral Shares—Net Assets | |
Applicable to 63,755,952 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 10,579,257 |
Net Asset Value Per Share—Admiral Shares | $165.93 |
Amount | |
($000) | |
Institutional Shares—Net Assets | |
Applicable to 14,837,299 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 1,223,410 |
Net Asset Value Per Share—Institutional Shares | $82.46 |
• | 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 (0.1%), respectively, of net assets. |
2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
3 | Securities with a value of $1,095,000 and cash of $1,627,000 have been segregated as initial margin for open futures contracts. |
106 |
Tax-Managed Capital Appreciation Fund
Derivative Financial Instruments Outstanding as of Period End | |||||
Futures Contracts | |||||
($000) | |||||
Value and | |||||
Number of | Unrealized | ||||
Long (Short) | Notional | Appreciation | |||
Expiration | Contracts | Amount | (Depreciation) | ||
Long Futures Contracts | |||||
E-mini S&P 500 Index | March 2020 | 469 | 75,769 | 56 |
See accompanying Notes, which are an integral part of the Financial Statements.
107 |
Tax-Managed Capital Appreciation Fund
Statement of Operations
Year Ended | |
December 31, 2019 | |
($000) | |
Investment Income | |
Income | |
Dividends | 188,801 |
Interest1 | 278 |
Total Income | 189,079 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 1,567 |
Management and Administrative—Admiral Shares | 6,546 |
Management and Administrative—Institutional Shares | 469 |
Marketing and Distribution—Admiral Shares | 356 |
Marketing and Distribution—Institutional Shares | 19 |
Custodian Fees | 102 |
Auditing Fees | 33 |
Shareholders’ Reports—Admiral Shares | 56 |
Shareholders’ Reports—Institutional Shares | — |
Trustees’ Fees and Expenses | 5 |
Total Expenses | 9,153 |
Net Investment Income | 179,926 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 92,050 |
Futures Contracts | 3,046 |
Realized Net Gain (Loss) | 95,096 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 2,539,434 |
Futures Contracts | 56 |
Change in Unrealized Appreciation (Depreciation) | 2,539,490 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 2,814,512 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $249,000, ($2,000), and ($1,000), respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $134,152,000 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.
108 |
Tax-Managed Capital Appreciation Fund
Statement of Changes in Net Assets
Year Ended December 31, | ||
2019 | 2018 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 179,926 | 161,437 |
Realized Net Gain (Loss) | 95,096 | 96,029 |
Change in Unrealized Appreciation (Depreciation) | 2,539,490 | (718,899) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 2,814,512 | (461,433) |
Distributions | ||
Net Investment Income | ||
Admiral Shares | (158,601) | (141,731) |
Institutional Shares | (19,010) | (17,650) |
Realized Capital Gain | ||
Admiral Shares | — | — |
Institutional Shares | — | — |
Total Distributions | (177,611) | (159,381) |
Capital Share Transactions | ||
Admiral Shares | 269,997 | 362,698 |
Institutional Shares | (7,534) | 11,875 |
Net Increase (Decrease) from Capital Share Transactions | 262,463 | 374,573 |
Total Increase (Decrease) | 2,899,364 | (246,241) |
Net Assets | ||
Beginning of Period | 8,903,303 | 9,149,544 |
End of Period | 11,802,667 | 8,903,303 |
See accompanying Notes, which are an integral part of the Financial Statements.
109 |
Tax-Managed Capital Appreciation Fund
Financial Highlights
Admiral Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $128.29 | $137.30 | $114.08 | $103.75 | $103.82 |
Investment Operations | |||||
Net Investment Income | 2.5571 | 2.3851 | 2.1661 | 2.004 | 1.764 |
Net Realized and Unrealized Gain (Loss) on Investments | 37.603 | (9.045) | 23.211 | 10.332 | (.082) |
Total from Investment Operations | 40.160 | (6.660) | 25.377 | 12.336 | 1.682 |
Distributions | |||||
Dividends from Net Investment Income | (2.520) | (2.350) | (2.157) | (2.006) | (1.752) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (2.520) | (2.350) | (2.157) | (2.006) | (1.752) |
Net Asset Value, End of Period | $165.93 | $128.29 | $137.30 | $114.08 | $103.75 |
Total Return2 | 31.46% | -4.97% | 22.40% | 12.01% | 1.68% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $10,579 | $7,951 | $8,143 | $6,793 | $5,982 |
Ratio of Total Expenses to Average Net Assets | 0.09% | 0.09% | 0.09% | 0.09% | 0.11% |
Ratio of Net Investment Income to Average Net Assets | 1.70% | 1.69% | 1.73% | 1.89% | 1.69% |
Portfolio Turnover Rate3 | 5% | 6% | 7% | 8% | 10% |
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.
110 |
Tax-Managed Capital Appreciation Fund
Financial Highlights
Institutional Shares | |||||
For a Share Outstanding | Year Ended December 31, | ||||
Throughout Each Period | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $63.75 | $68.23 | $56.69 | $51.55 | $51.59 |
Investment Operations | |||||
Net Investment Income | 1.2921 | 1.2071 | 1.0991 | 1.011 | .897 |
Net Realized and Unrealized Gain (Loss) on Investments | 18.693 | (4.499) | 11.531 | 5.141 | (.046) |
Total from Investment Operations | 19.985 | (3.292) | 12.630 | 6.152 | .851 |
Distributions | |||||
Dividends from Net Investment Income | (1.275) | (1.188) | (1.090) | (1.012) | (.891) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.275) | (1.188) | (1.090) | (1.012) | (.891) |
Net Asset Value, End of Period | $82.46 | $63.75 | $68.23 | $56.69 | $51.55 |
Total Return | 31.51% | -4.95% | 22.43% | 12.06% | 1.71% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $1,223 | $952 | $1,006 | $613 | $564 |
Ratio of Total Expenses to Average Net Assets | 0.06% | 0.06% | 0.06% | 0.06% | 0.07% |
Ratio of Net Investment Income to Average Net Assets | 1.73% | 1.72% | 1.76% | 1.92% | 1.73% |
Portfolio Turnover Rate2 | 5% | 6% | 7% | 8% | 10% |
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.
111 |
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 year ended December 31, 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, 2016–2019), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
112 |
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 December 31, 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 December 31, 2019, the fund had contributed to Vanguard capital in the amount of $517,000, representing less than 0.01% of the fund’s net assets and 0.21% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
113 |
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 and derivatives as of December 31, 2019, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 11,730,653 | — | — |
Temporary Cash Investments | 62,881 | 1,095 | — |
Futures Contracts—Assets1 | 168 | — | — |
Total | 11,793,702 | 1,095 | — |
1 Represents variation margin on the last day of the reporting period.
D. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for in-kind redemptions were reclassified between the following accounts:
Amount | |
($000) | |
Paid-in Capital | 134,152 |
Total Distributable Earnings (Loss) | (134,152) |
Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to the tax deferral of losses on wash sales and the realization of unrealized gains or losses on certain futures contracts. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:
Amount | |
($000) | |
Undistributed Ordinary Income | 3,487 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards (Non-expiring) | (128,236) |
Net Unrealized Gains (Losses) | 7,171,965 |
114 |
Tax-Managed Capital Appreciation Fund
As of December 31, 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 | 4,622,664 |
Gross Unrealized Appreciation | 7,189,229 |
Gross Unrealized Depreciation | (17,264) |
Net Unrealized Appreciation (Depreciation) | 7,171,965 |
E. During the year ended December 31, 2019, the fund purchased $872,804,000 of investment securities and sold $673,588,000 of investment securities, other than temporary cash investments. Purchases and sales include $0 and $180,552,000, 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:
Year Ended December 31, | |||||
2019 | 2018 | ||||
Amount | Shares | Amount | Shares | ||
($000) | (000) | ($000) | (000) | ||
Admiral Shares | |||||
Issued | 842,966 | 5,578 | 940,792 | 6,818 | |
Issued in Lieu of Cash Distributions | 111,351 | 721 | 101,524 | 729 | |
Redeemed | (684,320) | (4,522) | (679,618) | (4,878) | |
Net Increase (Decrease)—Admiral Shares | 269,997 | 1,777 | 362,698 | 2,669 | |
Institutional Shares | |||||
Issued | 37,251 | 494 | 38,283 | 549 | |
Issued in Lieu of Cash Distributions | 9,015 | 118 | 9,957 | 143 | |
Redeemed | (53,800) | (705) | (36,365) | (509) | |
Net Increase (Decrease)—Institutional Shares | (7,534) | (93) | 11,875 | 183 |
G. Management has determined that no events or transactions occurred subsequent to December 31, 2019, that would require recognition or disclosure in these financial statements.
115 |
Tax-Managed Small-Cap Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: December 31, 2009, Through December 31, 2019
Initial Investment of $10,000
Average Annual Total Returns | |||||
Periods Ended December 31, 2019 | |||||
Final Value | |||||
One | Five | Ten | of a $10,000 | ||
Year | Years | Years | Investment | ||
![]() | Tax-Managed Small-Cap Fund Admiral Shares | 23.28% | 9.46% | 13.29% | $34,831 |
![]() | S&P SmallCap 600 Index | 22.78 | 9.56 | 13.35 | 35,013 |
![]() | Dow Jones U.S. Total Stock Market Float Adjusted Index | 30.90 | 11.18 | 13.43 | 35,251 |
Final Value | ||||
One | Five | Ten | of a $5,000,000 | |
Year | Years | Years | Investment | |
Tax-Managed Small-Cap Fund Institutional Shares | 23.30% | 9.50% | 13.33% | $17,482,122 |
S&P SmallCap 600 Index | 22.78 | 9.56 | 13.35 | 17,506,466 |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 30.90 | 11.18 | 13.43 | 17,625,579 |
See Financial Highlights for dividend and capital gains information.
116 |
Tax-Managed Small-Cap Fund
Sector Diversification
As of December 31, 2019
Communication Services | 2.1% |
Consumer Discretionary | 13.8 |
Consumer Staples | 4.3 |
Energy | 4.3 |
Financials | 16.6 |
Health Care | 12.2 |
Industrials | 17.5 |
Information Technology | 13.6 |
Materials | 5.1 |
Other | 0.0 |
Real Estate | 8.3 |
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.
117 |
Tax-Managed Small-Cap Fund
Financial Statements
Statement of Net Assets
As of December 31, 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 (99.9%)1 | |||||
Communication Services (2.1%) | |||||
Cogent Communications Holdings Inc. | 385,558 | 25,374 | |||
* | Iridium Communications Inc. | 895,177 | 22,057 | ||
* | Vonage Holdings Corp. | 2,034,718 | 15,077 | ||
Shenandoah Telecommunications Co. | 321,841 | 13,392 | |||
Scholastic Corp. | 270,306 | 10,393 | |||
EW Scripps Co. Class A | 531,580 | 8,351 | |||
Gannett Co. Inc. | 1,297,134 | 8,276 | |||
Marcus Corp. | 210,905 | 6,700 | |||
* | QuinStreet Inc. | 410,879 | 6,291 | ||
ATN International Inc. | 108,381 | 6,003 | |||
* | TechTarget Inc. | 224,981 | 5,872 | ||
* | Glu Mobile Inc. | 938,400 | 5,677 | ||
Consolidated Communications Holdings Inc. | 1,223,948 | 4,749 | |||
Spok Holdings Inc. | 320,163 | 3,916 | |||
* | Care.com Inc. | 249,189 | 3,745 | ||
* | Cincinnati Bell Inc. | 352,792 | 3,694 | ||
149,567 | |||||
Consumer Discretionary (13.8%) | |||||
* | TopBuild Corp. | 306,540 | 31,598 | ||
Strategic Education Inc. | 190,565 | 30,281 | |||
Steven Madden Ltd. | 681,751 | 29,322 | |||
Lithia Motors Inc.Class A | 195,803 | 28,783 | |||
Wolverine World Wide Inc. | 800,573 | 27,011 | |||
* | Crocs Inc. | 594,005 | 24,883 | ||
LCI Industries | 231,355 | 24,785 | |||
* | Fox Factory Holding Corp. | 345,952 | 24,068 | ||
Monro Inc. | 288,696 | 22,576 | |||
Wingstop Inc. | 259,357 | 22,364 | |||
* | Meritage Homes Corp. | 352,118 | 21,518 | ||
* | Dorman Products Inc. | 258,585 | 19,580 | ||
* | Asbury Automotive Group Inc. | 166,953 | 18,664 | ||
MDC Holdings Inc. | 480,732 | 18,345 | |||
Callaway Golf Co. | 864,274 | 18,323 | |||
Bloomin’ Brands Inc. | 814,446 | 17,975 | |||
* | Sleep Number Corp. | 350,382 | 17,253 | ||
Kontoor Brands Inc. | 392,911 | 16,498 | |||
Group 1 Automotive Inc. | 164,542 | 16,454 | |||
Winnebago Industries Inc. | 292,122 | 15,477 | |||
* | Shake Shack Inc.Class A | 257,843 | 15,360 | ||
* | Cavco Industries Inc. | 71,424 | 13,955 | ||
* | Gentherm Inc. | 313,638 | 13,922 | ||
Rent-A-Center Inc. | 481,103 | 13,875 | |||
Signet Jewelers Ltd. | 628,300 | 13,659 | |||
Dave & Buster’s Entertainment Inc. | 335,489 | 13,477 | |||
La-Z-Boy Inc. | 427,059 | 13,444 | |||
* | M/I Homes Inc. | 336,134 | 13,227 | ||
Dine Brands Global Inc. | 155,358 | 12,975 | |||
* | Stamps.com Inc. | 155,296 | 12,970 | ||
Cooper Tire & Rubber Co. | 447,686 | 12,871 | |||
* | Installed Building Products Inc. | 182,995 | 12,603 | ||
* | LGI Homes Inc. | 177,830 | 12,564 | ||
Oxford Industries Inc. | 155,244 | 11,708 | |||
Office Depot Inc. | 4,230,462 | 11,591 | |||
* | iRobot Corp. | 226,575 | 11,471 | ||
* | Boot Barn Holdings Inc. | 256,914 | 11,440 | ||
* | Career Education Corp. | 609,547 | 11,210 | ||
Guess? Inc. | 489,933 | 10,965 | |||
Core-Mark Holding Co.Inc. | 399,972 | 10,875 | |||
Abercrombie & Fitch Co. | 626,710 | 10,836 | |||
Standard Motor Products Inc. | 190,129 | 10,119 |
118 |
Tax-Managed Small-Cap Fund
Market | |||||
Value• | |||||
Shares | ($000 | ) | |||
* | American Axle &Manufacturing Holdings Inc. | 866,098 | 9,319 | ||
GameStop Corp. Class A | 1,460,777 | 8,881 | |||
Big Lots Inc. | 304,100 | 8,734 | |||
* | Cooper-Standard Holdings Inc. | 247,007 | 8,191 | ||
Children’s Place Inc. | 124,068 | 7,757 | |||
* | G-III Apparel Group Ltd. | 230,888 | 7,735 | ||
* | Universal Electronics Inc. | 147,946 | 7,732 | ||
* | Genesco Inc. | 160,784 | 7,705 | ||
* | Shutterstock Inc. | 178,473 | 7,653 | ||
PetMed Express Inc. | 313,048 | 7,363 | |||
Sonic Automotive Inc. Class A | 236,560 | 7,333 | |||
* | Zumiez Inc. | 211,817 | 7,316 | ||
* | Michaels Cos. Inc. | 805,652 | 6,518 | ||
Caleres Inc. | 272,474 | 6,471 | |||
* | Century Communities Inc. | 228,054 | 6,237 | ||
* | Express Inc. | 1,258,625 | 6,129 | ||
* | William Lyon Homes Class A | 302,603 | 6,046 | ||
* | Regis Corp. | 327,534 | 5,853 | ||
Sturm Ruger & Co. Inc. | 123,838 | 5,824 | |||
Ruth’s Hospitality Group Inc. | 255,439 | 5,560 | |||
* | Monarch Casino & Resort Inc. | 112,203 | 5,447 | ||
Buckle Inc. | 198,774 | 5,375 | |||
* | Vista Outdoor Inc. | 717,491 | 5,367 | ||
* | Motorcar Parts of America Inc. | 233,306 | 5,140 | ||
BJ’s Restaurants Inc. | 134,391 | 5,101 | |||
* | Red Robin Gourmet Burgers Inc. | 151,515 | 5,003 | ||
* | Hibbett Sports Inc. | 177,963 | 4,990 | ||
Tupperware Brands Corp. | 566,699 | 4,862 | |||
Cato Corp. Class A | 263,319 | 4,582 | |||
Movado Group Inc. | 209,778 | 4,561 | |||
* | American Public Education Inc. | 162,732 | 4,457 | ||
Shoe Carnival Inc. | 114,641 | 4,274 | |||
* | Chuy’s Holdings Inc. | 163,574 | 4,240 | ||
Designer Brands Inc. Class A | 265,409 | 4,178 | |||
* | MarineMax Inc. | 249,911 | 4,171 | ||
Ethan Allen Interiors Inc. | 205,333 | 3,914 | |||
Haverty Furniture Cos. Inc. | 181,587 | 3,661 | |||
* | Garrett Motion Inc. | 347,500 | 3,471 | ||
* | Conn’s Inc. | 272,673 | 3,378 | ||
Chico’s FAS Inc. | 880,959 | 3,356 | |||
* | El Pollo Loco Holdings Inc. | 219,568 | 3,324 | ||
* | Lumber Liquidators Holdings Inc. | 336,438 | 3,287 | ||
Tailored Brands Inc. | 770,722 | 3,191 | |||
* | Fossil Group Inc. | 386,633 | 3,047 | ||
* | Unifi Inc. | 113,846 | 2,876 | ||
* | JC Penney Co. Inc. | 2,120,095 | 2,374 | ||
* | Vera Bradley Inc. | 200,482 | 2,366 | ||
* | Barnes & Noble Education Inc. | 416,089 | 1,777 | ||
* | Liquidity Services Inc. | 297,696 | 1,774 | ||
* | Fiesta Restaurant Group Inc. | 15,300 | 151 | ||
978,927 | |||||
Consumer Staples (4.3%) | |||||
* | Darling Ingredients Inc. | 1,430,316 | 40,163 | ||
WD-40 Co. | 127,194 | 24,693 | |||
J&J Snack Foods Corp. | 131,881 | 24,302 | |||
Avon Products Inc. | 3,965,383 | 22,365 | |||
Vector Group Ltd. | 1,076,299 | 14,412 | |||
PriceSmart Inc. | 196,470 | 13,953 | |||
Calavo Growers Inc. | 153,683 | 13,922 | |||
Universal Corp. | 239,694 | 13,677 | |||
Medifast Inc. | 116,963 | 12,817 | |||
Cal-Maine Foods Inc. | 284,434 | 12,159 | |||
Inter Parfums Inc. | 156,307 | 11,365 | |||
Coca-Cola Consolidated Inc. | 39,777 | 11,299 | |||
B&G Foods Inc. | 535,148 | 9,595 | |||
Fresh Del Monte Produce Inc. | 270,600 | 9,466 | |||
* | Chefs’ Warehouse Inc. | 237,474 | 9,050 | ||
* | USANA Health Sciences Inc. | 112,684 | 8,851 | ||
* | Central Garden & Pet Co. Class A | 298,025 | 8,750 | ||
Andersons Inc. | 339,306 | 8,578 | |||
John B Sanfilippo & Son Inc. | 86,359 | 7,883 | |||
* | United Natural Foods Inc. | 777,269 | 6,809 | ||
MGP Ingredients Inc. | 117,755 | 5,705 | |||
* | National Beverage Corp. | 103,600 | 5,286 | ||
* | Seneca Foods Corp. Class A | 101,799 | 4,152 | ||
SpartanNash Co. | 282,081 | 4,017 | |||
* | Central Garden & Pet Co. | 127,230 | 3,953 | ||
307,222 | |||||
Energy (4.3%) | |||||
* | Callon Petroleum Co. | 3,992,921 | 19,286 | ||
* | Dril-Quip Inc. | 388,452 | 18,222 |
119 |
Tax-Managed Small-Cap Fund
Market | |||||
Value• | |||||
Shares | ($000 | ) | |||
* | Helix Energy Solutions Group Inc. | 1,514,808 | 14,588 | ||
SM Energy Co. | 1,288,652 | 14,484 | |||
Archrock Inc. | 1,378,671 | 13,842 | |||
* | Valaris plc Class A | 2,001,300 | 13,128 | ||
QEP Resources Inc. | 2,345,600 | 10,555 | |||
* | PDC Energy Inc. | 401,521 | 10,508 | ||
* | Oceaneering International Inc. | 698,716 | 10,418 | ||
* | Renewable Energy Group Inc. | 353,080 | 9,515 | ||
Range Resources Corp. | 1,953,200 | 9,473 | |||
* | Oil States International Inc. | 578,064 | 9,428 | ||
* | SRC Energy Inc. | 2,276,872 | 9,381 | ||
* | Denbury Resources Inc. | 6,156,294 | 8,680 | ||
* | Laredo Petroleum Inc. | 2,895,342 | 8,310 | ||
* | Southwestern Energy Co. | 3,245,100 | 7,853 | ||
Nabors Industries Ltd. | 2,535,350 | 7,302 | |||
* | Par Pacific Holdings Inc. | 306,607 | 7,125 | ||
* | SEACOR Holdings Inc. | 153,854 | 6,639 | ||
* | Whiting Petroleum Corp. | 846,472 | 6,213 | ||
* | Matrix Service Co. | 269,903 | 6,175 | ||
* | Oasis Petroleum Inc. | 1,851,400 | 6,036 | ||
* | Newpark Resources Inc. | 961,660 | 6,030 | ||
Green Plains Inc. | 350,589 | 5,410 | |||
* | ProPetro Holding Corp. | 478,200 | 5,380 | ||
* | REX American Resources Corp. | 65,261 | 5,349 | ||
* | Bonanza Creek Energy Inc. | 202,054 | 4,716 | ||
* | Noble Corp. plc | 3,586,671 | 4,376 | ||
* | Penn Virginia Corp. | 143,887 | 4,367 | ||
* | Talos Energy Inc. | 142,000 | 4,281 | ||
DMC Global Inc. | 93,200 | 4,188 | |||
* | Gulfport Energy Corp. | 1,240,464 | 3,771 | ||
* | CONSOL Energy Inc. | 254,943 | 3,699 | ||
* | Jagged Peak Energy Inc. | 398,000 | 3,379 | ||
* | Diamond Offshore Drilling Inc. | 451,517 | 3,246 | ||
RPC Inc. | 591,234 | 3,098 | |||
* | Era Group Inc. | 298,149 | 3,032 | ||
* | Geospace Technologies Corp. | 169,587 | 2,844 | ||
* | Exterran Corp. | 253,585 | 1,986 | ||
US Silica Holdings Inc. | 261,900 | 1,611 | |||
* | TETRA Technologies Inc. | 722,781 | 1,417 | ||
* | Ring Energy Inc. | 445,032 | 1,175 | ||
* | McDermott International Inc. | 1,706,100 | 1,154 | ||
* | KLX Energy Services Holdings Inc. | 89,452 | 576 | ||
* | HighPoint Resources Corp. | 231,763 | 392 | ||
* | Unit Corp. | 68,549 | 48 | ||
302,686 | |||||
Financials (16.6%) | |||||
Glacier Bancorp Inc. | 690,011 | 31,734 | |||
Community Bank System Inc. | 417,926 | 29,648 | |||
Old National Bancorp | 1,408,712 | 25,765 | |||
Ameris Bancorp | 598,961 | 25,480 | |||
Columbia Banking System Inc. | 609,648 | 24,803 | |||
Simmons First National Corp. Class A | 880,176 | 23,580 | |||
Cadence BanCorp Class A | 1,299,168 | 23,554 | |||
American Equity Investment Life Holding Co. | 785,041 | 23,496 | |||
Independent Bank Corp. | 278,990 | 23,226 | |||
First Midwest Bancorp Inc. | 993,523 | 22,911 | |||
First Financial Bancorp | 873,110 | 22,212 | |||
United Community Banks Inc. | 680,759 | 21,022 | |||
CVB Financial Corp. | 955,455 | 20,619 | |||
First BanCorp | 1,890,202 | 20,017 | |||
* | NMI Holdings Inc. Class A | 592,937 | 19,674 | ||
Great Western Bancorp Inc. | 539,610 | 18,746 | |||
ProAssurance Corp. | 488,305 | 17,647 | |||
Hope Bancorp Inc. | 1,187,392 | 17,645 | |||
NBT Bancorp Inc. | 427,772 | 17,350 | |||
Westamerica Bancorporation | 255,024 | 17,283 | |||
Banner Corp. | 299,610 | 16,955 | |||
Kinsale Capital Group Inc. | 165,508 | 16,826 | |||
* | eHealth Inc. | 175,060 | 16,820 | ||
Walker & Dunlop Inc. | 252,494 | 16,331 | |||
Northwest Bancshares Inc. | 976,434 | 16,238 | |||
ServisFirst Bancshares Inc. | 426,717 | 16,079 | |||
Pacific Premier Bancorp Inc. | 473,338 | 15,433 | |||
Veritex Holdings Inc. | 522,407 | 15,218 | |||
Horace Mann Educators Corp. | 347,748 | 15,183 |
120 |
Tax-Managed Small-Cap Fund
Market | |||||
Value• | |||||
Shares | ($000 | ) | |||
Apollo Commercial Real Estate Finance Inc. | 826,055 | 15,109 | |||
* | PRA Group Inc. | 407,984 | 14,810 | ||
* | Seacoast Banking Corp. of Florida | 484,129 | 14,800 | ||
Eagle Bancorp Inc. | 302,265 | 14,699 | |||
* | Axos Financial Inc. | 480,951 | 14,563 | ||
S&T Bancorp Inc. | 360,798 | 14,537 | |||
First Commonwealth Financial Corp. | 996,764 | 14,463 | |||
Provident Financial Services Inc. | 565,111 | 13,930 | |||
City Holding Co. | 168,244 | 13,788 | |||
Brookline Bancorp Inc. | 797,469 | 13,126 | |||
Berkshire Hills Bancorp Inc. | 395,805 | 13,014 | |||
Invesco Mortgage Capital Inc. | 776,462 | 12,928 | |||
Safety Insurance Group Inc. | 137,427 | 12,716 | |||
Southside Bancshares Inc. | 334,130 | 12,410 | |||
Employers Holdings Inc. | 288,542 | 12,047 | |||
AMERISAFE Inc. | 181,251 | 11,968 | |||
James River Group Holdings Ltd. | 282,752 | 11,652 | |||
Waddell & Reed Financial Inc. Class A | 696,245 | 11,641 | |||
Tompkins Financial Corp. | 126,587 | 11,583 | |||
OFG Bancorp | 489,877 | 11,566 | |||
Central Pacific Financial Corp. | 378,547 | 11,197 | |||
Boston Private Financial Holdings Inc. | 906,296 | 10,903 | |||
* | Blucora Inc. | 415,697 | 10,866 | ||
Northfield Bancorp Inc. | 637,445 | 10,811 | |||
Preferred Bank | 174,610 | 10,492 | |||
Meta Financial Group Inc. | 286,432 | 10,458 | |||
National Bank Holdings Corp. Class A | 292,987 | 10,319 | |||
* | Triumph Bancorp Inc. | 263,364 | 10,013 | ||
Heritage Financial Corp. | 347,605 | 9,837 | |||
Stewart Information Services Corp. | 238,189 | 9,716 | |||
Piper Jaffray Cos. | 119,102 | 9,521 | |||
Banc of California Inc. | 548,631 | 9,425 | |||
* | HomeStreet Inc. | 275,193 | 9,357 | ||
TrustCo Bank Corp. NY | 1,074,091 | 9,312 | |||
Flagstar Bancorp Inc. | 242,200 | 9,264 | |||
Hanmi Financial Corp. | 458,082 | 9,159 | |||
United Fire Group Inc. | 209,085 | 9,143 | |||
* | Encore Capital Group Inc. | 241,309 | 8,533 | ||
Universal Insurance Holdings Inc. | 302,972 | 8,480 | |||
Virtus Investment Partners Inc. | 67,490 | 8,215 | |||
FGL Holdings | 749,200 | 7,979 | |||
Opus Bank | 301,121 | 7,790 | |||
Dime Community Bancshares Inc. | 368,697 | 7,702 | |||
* | Customers Bancorp Inc. | 316,232 | 7,529 | ||
PennyMac Mortgage Investment Trust | 330,474 | 7,366 | |||
* | Enova International Inc. | 299,961 | 7,217 | ||
Redwood Trust Inc. | 423,700 | 7,008 | |||
* | Third Point Reinsurance Ltd. | 619,200 | 6,514 | ||
Franklin Financial Network Inc. | 180,473 | 6,196 | |||
* | INTL. FCStone Inc. | 126,603 | 6,182 | ||
* | Allegiance Bancshares Inc. | 152,976 | 5,752 | ||
Capstead Mortgage Corp. | 724,885 | 5,741 | |||
* | World Acceptance Corp. | 59,658 | 5,154 | ||
New York Mortgage Trust Inc. | 789,900 | 4,921 | |||
HCI Group Inc. | 102,606 | 4,684 | |||
ARMOUR Residential REIT Inc. | 261,362 | 4,671 | |||
Granite Point Mortgage Trust Inc. | 227,700 | 4,185 | |||
Greenhill & Co. Inc. | 226,331 | 3,866 | |||
WisdomTree Investments Inc. | 771,774 | 3,735 | |||
United Insurance Holdings Corp. | 209,362 | 2,640 | |||
* | EZCORP Inc. Class A | 315,075 | 2,149 | ||
Ready Capital Corp. | 136,800 | 2,109 | |||
* | Ambac Financial Group Inc. | 76,142 | 1,642 | ||
KKR Real Estate Finance Trust Inc. | 78,600 | 1,605 | |||
* | Donnelley Financial Solutions Inc. | 57,700 | 604 | ||
1,176,807 | |||||
Health Care (12.2%) | |||||
* | Medicines Co. | 659,893 | 56,051 | ||
* | LHC Group Inc. | 257,697 | 35,500 | ||
* | Omnicell Inc. | 369,170 | 30,169 | ||
* | Neogen Corp. | 452,682 | 29,542 | ||
CONMED Corp. | 248,441 | 27,783 | |||
* | AMN Healthcare Services Inc. | 425,770 | 26,530 | ||
* | NeoGenomics Inc. | 883,352 | 25,838 |
121 |
Tax-Managed Small-Cap Fund
Market | |||||
Value• | |||||
Shares | ($000 | ) | |||
* | HMS Holdings Corp. | 787,574 | 23,312 | ||
* | Select Medical Holdings Corp. | 988,032 | 23,061 | ||
* | Emergent BioSolutions Inc. | 412,388 | 22,248 | ||
* | Integer Holdings Corp. | 274,009 | 22,039 | ||
Ensign Group Inc. | 442,960 | 20,097 | |||
* | Momenta Pharmaceuticals Inc. | 981,466 | 19,364 | ||
* | Medpace Holdings Inc. | 230,335 | 19,362 | ||
* | Myriad Genetics Inc. | 651,375 | 17,737 | ||
* | Magellan Health Inc. | 222,704 | 17,427 | ||
* | Pacira BioSciences Inc. | 370,300 | 16,775 | ||
* | BioTelemetry Inc. | 324,677 | 15,033 | ||
* | Cardiovascular Systems Inc. | 308,516 | 14,991 | ||
* | Xencor Inc. | 426,498 | 14,667 | ||
* | Merit Medical Systems Inc. | 464,109 | 14,489 | ||
US Physical Therapy Inc. | 117,200 | 13,402 | |||
* | Corcept Therapeutics Inc. | 1,003,933 | 12,148 | ||
* | Inogen Inc. | 177,007 | 12,095 | ||
* | Covetrus Inc. | 838,234 | 11,065 | ||
* | Tactile Systems Technology Inc. | 162,119 | 10,945 | ||
* | REGENXBIO Inc. | 262,049 | 10,736 | ||
* | Addus HomeCare Corp. | 110,035 | 10,698 | ||
* | Varex Imaging Corp. | 334,159 | 9,961 | ||
* | Natus Medical Inc. | 297,520 | 9,815 | ||
* | Tivity Health Inc. | 480,107 | 9,768 | ||
* | Enanta Pharmaceuticals Inc. | 155,490 | 9,606 | ||
* | Supernus Pharmaceuticals Inc. | 395,181 | 9,374 | ||
* | Endo International plc | 1,987,821 | 9,323 | ||
* | CryoLife Inc. | 332,448 | 9,006 | ||
* | Innoviva Inc. | 627,593 | 8,887 | ||
Mesa Laboratories Inc. | 34,201 | 8,530 | |||
* | Tabula Rasa HealthCare Inc. | 172,432 | 8,394 | ||
* | Orthofix Medical Inc. | 179,712 | 8,299 | ||
* | CorVel Corp. | 94,960 | 8,296 | ||
Luminex Corp. | 358,186 | 8,296 | |||
* | Vanda Pharmaceuticals Inc. | 476,395 | 7,818 | ||
* | Eagle Pharmaceuticals Inc. | 128,683 | 7,731 | ||
* | Lantheus Holdings Inc. | 370,663 | 7,602 | ||
* | HealthStream Inc. | 279,171 | 7,593 | ||
* | Anika Therapeutics Inc. | 145,115 | 7,524 | ||
* | NextGen Healthcare Inc. | 459,246 | 7,380 | ||
* | Pennant Group Inc. | 222,880 | 7,371 | ||
* | Hanger Inc. | 258,800 | 7,145 | ||
* | Amphastar Pharmaceuticals Inc. | 355,905 | 6,865 | ||
* | Heska Corp. | 69,654 | 6,683 | ||
* | Providence Service Corp. | 109,851 | 6,501 | ||
* | Cytokinetics Inc. | 578,515 | 6,138 | ||
* | AngioDynamics Inc. | 358,784 | 5,744 | ||
LeMaitre Vascular Inc. | 154,182 | 5,543 | |||
* | Cutera Inc. | 152,625 | 5,465 | ||
* | ANI Pharmaceuticals Inc. | 88,074 | 5,431 | ||
Phibro Animal Health Corp. Class A | 217,826 | 5,409 | |||
* | Surmodics Inc. | 129,977 | 5,385 | ||
* | RadNet Inc. | 262,045 | 5,319 | ||
Meridian Bioscience Inc. | 500,485 | 4,890 | |||
* | Lannett Co. Inc. | 545,184 | 4,808 | ||
* | Progenics Pharmaceuticals Inc. | 933,336 | 4,751 | ||
Computer Programs & Systems Inc. | 178,026 | 4,700 | |||
* | Cross Country Healthcare Inc. | 361,475 | 4,200 | ||
* | Spectrum Pharmaceuticals Inc. | 1,040,399 | 3,787 | ||
* | OraSure Technologies Inc. | 465,486 | 3,738 | ||
Invacare Corp. | 389,389 | 3,512 | |||
Owens & Minor Inc. | 636,468 | 3,290 | |||
* | AMAG Pharmaceuticals Inc. | 262,594 | 3,196 | ||
* | Community Health Systems Inc. | 940,900 | 2,729 | ||
* | Diplomat Pharmacy Inc. | 585,088 | 2,340 | ||
* | Acorda Therapeutics Inc. | 792,850 | 1,617 | ||
* | Akorn Inc. | 1,071,243 | 1,607 | ||
* | Exact Sciences Corp. | 1 | — | ||
864,471 | |||||
Industrials (17.5%) | |||||
John Bean Technologies Corp. | 273,696 | 30,835 | |||
SkyWest Inc. | 467,783 | 30,233 | |||
Exponent Inc. | 429,494 | 29,639 | |||
* | Aerojet Rocketdyne Holdings Inc. | 639,845 | 29,215 | ||
Simpson Manufacturing Co. Inc. | 349,578 | 28,047 | |||
UniFirst Corp. | 135,874 | 27,444 | |||
Universal Forest Products Inc. | 554,461 | 26,448 | |||
Brady Corp. Class A | 436,249 | 24,980 | |||
* | Proto Labs Inc. | 243,234 | 24,700 |
122 |
Tax-Managed Small-Cap Fund
Market | |||||
Value• | |||||
Shares | ($000 | ) | |||
Barnes Group Inc. | 395,984 | 24,535 | |||
Moog Inc. Class A | 286,685 | 24,463 | |||
Watts Water Technologies Inc. Class A | 229,878 | 22,933 | |||
ABM Industries Inc. | 598,845 | 22,582 | |||
Applied Industrial Technologies Inc. | 338,332 | 22,563 | |||
* | Saia Inc. | 233,137 | 21,710 | ||
Korn Ferry | 502,400 | 21,302 | |||
* | Chart Industries Inc. | 311,810 | 21,044 | ||
ESCO Technologies Inc. | 221,969 | 20,532 | |||
Hillenbrand Inc. | 604,041 | 20,121 | |||
Allegiant Travel Co. Class A | 115,320 | 20,070 | |||
Albany International Corp. Class A | 256,871 | 19,502 | |||
* | SPX FLOW Inc. | 395,516 | 19,329 | ||
Arcosa Inc. | 425,842 | 18,971 | |||
Franklin Electric Co. Inc. | 330,847 | 18,964 | |||
* | SPX Corp. | 362,851 | 18,462 | ||
AAON Inc. | 354,963 | 17,539 | |||
Forward Air Corp. | 249,598 | 17,459 | |||
* | Harsco Corp. | 736,257 | 16,941 | ||
Federal Signal Corp. | 520,014 | 16,770 | |||
Mobile Mini Inc. | 436,868 | 16,562 | |||
Mueller Industries Inc. | 515,684 | 16,373 | |||
Cubic Corp. | 257,325 | 16,358 | |||
Comfort Systems USA Inc. | 316,247 | 15,765 | |||
Kaman Corp. | 237,716 | 15,670 | |||
* | American Woodmark Corp. | 149,737 | 15,649 | ||
* | Hub Group Inc. Class A | 301,715 | 15,475 | ||
Greenbrier Cos. Inc. | 466,793 | 15,138 | |||
* | Gibraltar Industries Inc. | 295,079 | 14,884 | ||
Matson Inc. | 364,475 | 14,871 | |||
Actuant Corp. Class A | 551,983 | 14,368 | |||
AAR Corp. | 306,914 | 13,842 | |||
EnPro Industries Inc. | 200,429 | 13,405 | |||
Hawaiian Holdings Inc. | 449,727 | 13,172 | |||
Tennant Co. | 166,964 | 13,010 | |||
Viad Corp. | 192,579 | 12,999 | |||
* | AeroVironment Inc. | 203,384 | 12,557 | ||
US Ecology Inc. | 216,446 | 12,534 | |||
Patrick Industries Inc. | 232,952 | 12,214 | |||
Triumph Group Inc. | 481,599 | 12,170 | |||
* | Atlas Air Worldwide Holdings Inc. | 418,379 | 11,535 | ||
Raven Industries Inc. | 331,907 | 11,437 | |||
* | CIRCOR International Inc. | 235,412 | 10,885 | ||
Alamo Group Inc. | 86,027 | 10,801 | |||
AZZ Inc. | 231,645 | 10,644 | |||
Encore Wire Corp. | 181,296 | 10,406 | |||
Matthews International Corp. Class A | 271,311 | 10,356 | |||
Interface Inc. Class A | 607,240 | 10,074 | |||
Standex International Corp. | 120,991 | 9,601 | |||
Lindsay Corp. | 98,496 | 9,455 | |||
* | TrueBlue Inc. | 372,717 | 8,968 | ||
* | GMS Inc. | 330,005 | 8,936 | ||
Apogee Enterprises Inc. | 272,695 | 8,863 | |||
Heartland Express Inc. | 420,330 | 8,848 | |||
Wabash National Corp. | 560,237 | 8,230 | |||
* | PGT Innovations Inc. | 534,169 | 7,964 | ||
Marten Transport Ltd. | 364,837 | 7,840 | |||
* | Vicor Corp. | 164,833 | 7,701 | ||
ArcBest Corp. | 275,782 | 7,612 | |||
Granite Construction Inc. | 269,700 | 7,463 | |||
* | Aegion Corp. Class A | 332,228 | 7,432 | ||
Griffon Corp. | 331,333 | 6,736 | |||
Quanex Building Products Corp. | 392,546 | 6,705 | |||
* | DXP Enterprises Inc. | 159,463 | 6,348 | ||
Kelly Services Inc. Class A | 279,173 | 6,304 | |||
Heidrick & Struggles International Inc. | 180,675 | 5,872 | |||
* | MYR Group Inc. | 177,019 | 5,769 | ||
Resources Connection Inc. | 350,247 | 5,719 | |||
Astec Industries Inc. | 133,164 | 5,593 | |||
* | Echo Global Logistics Inc. | 268,559 | 5,559 | ||
Powell Industries Inc. | 103,408 | 5,066 | |||
* | Team Inc. | 310,397 | 4,957 | ||
National Presto Industries Inc. | 53,893 | 4,764 | |||
* | Forrester Research Inc. | 112,916 | 4,709 | ||
Insteel Industries Inc. | 215,983 | 4,641 | |||
* | Lydall Inc. | 219,243 | 4,499 | ||
Pitney Bowes Inc. | 1,102,104 | 4,441 | |||
Park Aerospace Corp. | 265,915 | 4,326 | |||
RR Donnelley & Sons Co. | 989,148 | 3,907 | |||
* | Foundation Building Materials Inc. | 160,071 | 3,097 | ||
Briggs & Stratton Corp. | 207,400 | 1,381 | |||
Titan International Inc. | 229,647 | 831 | |||
* | Veritiv Corp. | 34,961 | 688 | ||
1,241,312 | |||||
Information Technology (13.6%) | |||||
* | Viavi Solutions Inc. | 1,933,497 | 29,002 | ||
Brooks Automation Inc. | 647,231 | 27,158 | |||
Power Integrations Inc. | 264,607 | 26,172 | |||
* | Itron Inc. | 291,874 | 24,503 | ||
* | Qualys Inc. | 293,896 | 24,502 |
123 |
Tax-Managed Small-Cap Fund
Market | |||||
Value• | |||||
Shares | ($000 | ) | |||
* | Anixter International Inc. | 246,474 | 22,700 | ||
* | Advanced Energy Industries Inc. | 305,403 | 21,745 | ||
* | Insight Enterprises Inc. | 305,345 | 21,463 | ||
* | Fabrinet | 327,799 | 21,254 | ||
* | Rogers Corp. | 165,650 | 20,662 | ||
* | Diodes Inc. | 359,507 | 20,265 | ||
* | Plexus Corp. | 262,163 | 20,171 | ||
* | Sanmina Corp. | 584,495 | 20,013 | ||
* | LivePerson Inc. | 526,131 | 19,467 | ||
* | ExlService Holdings Inc. | 276,984 | 19,239 | ||
* | FormFactor Inc. | 709,516 | 18,426 | ||
* | Onto Innovation Inc. | 501,149 | 18,312 | ||
ManTech International Corp. Class A | 222,232 | 17,752 | |||
* | Cardtronics plc Class A | 392,998 | 17,547 | ||
* | SPS Commerce Inc. | 314,886 | 17,451 | ||
Kulicke & Soffa Industries Inc. | 636,951 | 17,325 | |||
EVERTEC Inc. | 504,367 | 17,169 | |||
* | Knowles Corp. | 807,441 | 17,077 | ||
Badger Meter Inc. | 253,052 | 16,431 | |||
Progress Software Corp. | 387,185 | 16,088 | |||
* | Bottomline Technologies DE Inc. | 299,380 | 16,047 | ||
* | 8x8 Inc. | 845,458 | 15,472 | ||
* | OSI Systems Inc. | 153,442 | 15,458 | ||
KEMET Corp. | 570,056 | 15,420 | |||
CSG Systems International Inc. | 281,528 | 14,578 | |||
* | Rambus Inc. | 1,054,697 | 14,528 | ||
* | TTM Technologies Inc. | 920,881 | 13,859 | ||
Methode Electronics Inc. | 351,896 | 13,847 | |||
* | Alarm.com Holdings Inc. | 315,413 | 13,553 | ||
Benchmark Electronics Inc. | 393,123 | 13,508 | |||
* | Perficient Inc. | 292,323 | 13,467 | ||
NIC Inc. | 591,578 | 13,222 | |||
* | Sykes Enterprises Inc. | 334,954 | 12,390 | ||
* | MaxLinear Inc. | 580,196 | 12,312 | ||
* | Photronics Inc. | 779,609 | 12,287 | ||
* | Virtusa Corp. | 245,725 | 11,139 | ||
* | Ultra Clean Holdings Inc. | 462,226 | 10,848 | ||
* | MicroStrategy Inc. Class A | 75,739 | 10,803 | ||
* | ePlus Inc. | 115,386 | 9,726 | ||
TiVo Corp. | 1,104,283 | 9,364 | |||
CTS Corp. | 303,272 | 9,101 | |||
* | Axcelis Technologies Inc. | 360,032 | 8,675 | ||
* | Ichor Holdings Ltd. | 260,656 | 8,672 | ||
Comtech Telecommunications Corp. | 244,130 | 8,664 | |||
* | ScanSource Inc. | 234,336 | 8,659 | ||
* | Diebold Nixdorf Inc. | 818,083 | 8,639 | ||
* | Extreme Networks Inc. | 1,162,220 | 8,566 | ||
* | FARO Technologies Inc. | 159,815 | 8,047 | ||
MTS Systems Corp. | 165,591 | 7,953 | |||
* | 3D Systems Corp. | 907,637 | 7,942 | ||
Xperi Corp. | 423,904 | 7,842 | |||
* | NETGEAR Inc. | 297,169 | 7,284 | ||
* | Digi International Inc. | 384,990 | 6,822 | ||
Ebix Inc. | 200,887 | 6,712 | |||
Plantronics Inc. | 240,250 | 6,568 | |||
* | CEVA Inc. | 237,317 | 6,398 | ||
* | Harmonic Inc. | 797,584 | 6,221 | ||
Cohu Inc. | 270,940 | 6,191 | |||
* | PDF Solutions Inc. | 324,500 | 5,481 | ||
* | Veeco Instruments Inc. | 353,566 | 5,192 | ||
* | Agilysys Inc. | 203,650 | 5,175 | ||
* | OneSpan Inc. | 301,486 | 5,161 | ||
TTEC Holdings Inc. | 126,512 | 5,012 | |||
* | SMART Global Holdings Inc. | 127,947 | 4,854 | ||
* | DSP Group Inc. | 296,065 | 4,660 | ||
* | Unisys Corp. | 344,225 | 4,082 | ||
* | Applied Optoelectronics Inc. | 260,767 | 3,098 | ||
Daktronics Inc. | 500,799 | 3,050 | |||
* | CalAmp Corp. | 306,530 | 2,937 | ||
* | Arlo Technologies Inc. | 663,797 | 2,795 | ||
ADTRAN Inc. | 238,362 | 2,357 | |||
Bel Fuse Inc. Class B | 111,223 | 2,280 | |||
968,812 | |||||
Materials (5.0%) | |||||
Balchem Corp. | 267,740 | 27,210 | |||
HB Fuller Co. | 439,608 | 22,671 | |||
Innospec Inc. | 211,790 | 21,908 | |||
Cleveland-Cliffs Inc. | 2,224,600 | 18,687 | |||
Quaker Chemical Corp. | 110,700 | 18,212 | |||
Stepan Co. | 170,661 | 17,482 | |||
Kaiser Aluminum Corp. | 143,350 | 15,896 | |||
Trinseo SA | 416,411 | 15,495 | |||
Boise Cascade Co. | 396,782 | 14,494 | |||
* | AK Steel Holding Corp. | 4,301,890 | 14,153 | ||
* | Livent Corp. | 1,471,178 | 12,579 | ||
Schweitzer-Mauduit International Inc. | 271,229 | 11,389 | |||
Neenah Inc. | 161,080 | 11,345 | |||
Materion Corp. | 178,538 | 10,614 | |||
Warrior Met Coal Inc. | 423,613 | 8,951 | |||
* | Ferro Corp. | 592,869 | 8,792 |
124 |
Tax-Managed Small-Cap Fund
Market | |||||
Value• | |||||
Shares | ($000 | ) | |||
* | GCP Applied Technologies Inc. | 385,370 | 8,752 | ||
* | Koppers Holdings Inc. | 214,113 | 8,183 | ||
* | Kraton Corp. | 323,053 | 8,180 | ||
* | US Concrete Inc. | 162,005 | 6,749 | ||
Innophos Holdings Inc. | 191,366 | 6,120 | |||
Tredegar Corp. | 271,845 | 6,076 | |||
* | Century Aluminum Co. | 781,877 | 5,876 | ||
Hawkins Inc. | 127,612 | 5,846 | |||
Mercer International Inc. | 443,198 | 5,451 | |||
* | TimkenSteel Corp. | 674,554 | 5,302 | ||
American Vanguard Corp. | 268,629 | 5,230 | |||
SunCoke Energy Inc. | 814,085 | 5,072 | |||
Haynes International Inc. | 137,794 | 4,930 | |||
Rayonier Advanced Materials Inc. | 1,264,997 | 4,858 | |||
Myers Industries Inc. | 282,940 | 4,719 | |||
PH Glatfelter Co. | 252,168 | 4,615 | |||
* | AdvanSix Inc. | 213,426 | 4,260 | ||
FutureFuel Corp. | 333,304 | 4,130 | |||
* | Clearwater Paper Corp. | 123,081 | 2,629 | ||
Olympic Steel Inc. | 118,473 | 2,123 | |||
*,§ | A Schulman Inc. CVR | 252,331 | 109 | ||
* | LSB Industries Inc. | 23,600 | 99 | ||
359,187 | |||||
Other (4.6%) | |||||
2 | Vanguard Real Estate ETF | 3,500,000 | 324,765 | ||
Real Estate (3.7%) | |||||
Kite Realty Group Trust | 655,365 | 12,799 | |||
Essential Properties Realty Trust Inc. | 502,900 | 12,477 | |||
Xenia Hotels & Resorts Inc. | 569,940 | 12,316 | |||
Realogy Holdings Corp. | 1,267,014 | 12,265 | |||
DiamondRock Hospitality Co. | 1,076,693 | 11,930 | |||
Agree Realty Corp. | 167,290 | 11,739 | |||
Washington REIT | 355,978 | 10,387 | |||
Lexington Realty Trust Class B | 909,696 | 9,661 | |||
Acadia Realty Trust | 363,140 | 9,416 | |||
Retail Opportunity Investments Corp. | 501,301 | 8,853 | |||
Four Corners Property Trust Inc. | 304,248 | 8,577 | |||
National Storage Affiliates Trust | 252,452 | 8,487 | |||
LTC Properties Inc. | 182,509 | 8,171 | |||
CareTrust REIT Inc. | 391,982 | 8,087 | |||
American Assets Trust Inc. | 168,563 | 7,737 | |||
Global Net Lease Inc. | 368,800 | 7,479 | |||
Office Properties Income Trust | 214,000 | 6,878 | |||
Industrial Logistics Properties Trust | 304,740 | 6,832 | |||
Universal Health Realty Income Trust | 56,347 | 6,613 | |||
Easterly Government Properties Inc. | 267,600 | 6,350 | |||
RE/MAX Holdings Inc. Class A | 158,378 | 6,096 | |||
Summit Hotel Properties Inc. | 458,168 | 5,654 | |||
Independence Realty Trust Inc. | 397,352 | 5,595 | |||
RPT Realty | 351,335 | 5,284 | |||
* | Marcus & Millichap Inc. | 135,690 | 5,054 | ||
Getty Realty Corp. | 151,057 | 4,965 | |||
iStar Inc. | 303,400 | 4,402 | |||
Franklin Street Properties Corp. | 477,200 | 4,085 | |||
Armada Hoffler Properties Inc. | 220,535 | 4,047 | |||
Chatham Lodging Trust | 207,291 | 3,802 | |||
Community Healthcare Trust Inc. | 79,200 | 3,395 | |||
Urstadt Biddle Properties Inc. Class A | 133,120 | 3,307 | |||
Innovative Industrial Properties Inc. | 43,500 | 3,300 | |||
Saul Centers Inc. | 51,534 | 2,720 | |||
Safehold Inc. | 66,973 | 2,699 | |||
Whitestone REIT | 177,056 | 2,411 | |||
Hersha Hospitality Trust Class A | 160,499 | 2,335 | |||
* | St. Joe Co. | 112,234 | 2,226 | ||
Pennsylvania REIT | 287,944 | 1,535 | |||
Cedar Realty Trust Inc. | 383,466 | 1,131 | |||
Uniti Group Inc. | 82,300 | 676 | |||
261,773 |
125 |
Tax-Managed Small-Cap Fund
Market | |||||
Value• | |||||
Shares | ($000 | ) | |||
Utilities (2.2%) | |||||
Avista Corp. | 619,477 | 29,791 | |||
El Paso Electric Co. | 430,460 | 29,224 | |||
South Jersey Industries Inc. | 877,302 | 28,933 | |||
American States Water Co. | 313,012 | 27,119 | |||
California Water Service Group | 431,375 | 22,242 | |||
Northwest Natural Holding Co. | 289,175 | 21,321 | |||
158,630 | |||||
Total Common Stocks (Cost $4,869,407) | 7,094,159 | ||||
Temporary Cash Investments (0.1%)1 | |||||
Money Market Fund (0.1%) | |||||
3 | Vanguard Market Liquidity Fund, 1.816% | 66,966 | 6,697 | ||
Face | |||||
Amount | |||||
($000) | |||||
U.S. Government and Agency Obligations (0.0%) | |||||
4 | United States Treasury Bill, 1.623%, 1/16/20 | 1,300 | 1,300 | ||
4 | United States Treasury Bill, 1.541%, 4/30/20 | 200 | 199 | ||
1,499 | |||||
Total Temporary Cash Investments (Cost $8,195) | 8,196 | ||||
Total Investments (100.0%) (Cost $4,877,602) | 7,102,355 |
Amount | |
($000) | |
Other Assets and Liabilities (0.0%) | |
Other Assets | |
Investment in Vanguard | 310 |
Receivables for Investment Securities Sold | 32 |
Receivables for Accrued Income | 5,984 |
Receivables for Capital Shares Issued | 2,486 |
Variation Margin Receivable—Futures Contracts | 15 |
Total Other Assets | 8,827 |
Liabilities | |
Payables for Investment Securities Purchased | (3,236) |
Payables for Capital Shares Redeemed | (5,632) |
Payables to Vanguard | (1,516) |
Other Liabilities | (1,481) |
Total Liabilities | (11,865) |
Net Assets (100%) | 7,099,317 |
At December 31, 2019, net assets consisted of:
Amount | |
($000) | |
Paid-in Capital | 5,321,632 |
Total Distributable Earnings (Loss) | 1,777,685 |
Net Assets | 7,099,317 |
Admiral Shares—Net Assets | |
Applicable to 95,903,777 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 6,505,829 |
Net Asset Value Per Share—Admiral Shares | $67.84 |
126 |
Tax-Managed Small-Cap Fund
Amount | |
($000) | |
Institutional Shares—Net Assets | |
Applicable to 8,728,750 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 593,488 |
Net Asset Value Per Share—Institutional Shares | $67.99 |
• | 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 | Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group. |
3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
4 | Securities with a value of $365,000 have been segregated as initial margin for open futures contracts. |
CVR—Contingent Value Rights.
REIT—Real Estate Investment Trust.
Derivative Financial Instruments Outstanding as of Period End | |||||
Futures Contracts | |||||
($000) | |||||
Value and | |||||
Number of | Unrealized | ||||
Long (Short) | Notional | Appreciation | |||
Expiration | Contracts | Amount | (Depreciation) | ||
Long Futures Contracts | |||||
E-mini Russell 2000 Index | March 2020 | 82 | 6,849 | 57 |
See accompanying Notes, which are an integral part of the Financial Statements.
127 |
Tax-Managed Small-Cap Fund
Statement of Operations
Year Ended | ||||
December 31, 2019 | ||||
($000 | ) | |||
Investment Income | ||||
Income | ||||
Dividends—Unaffiliated Issuers | 86,216 | |||
Dividends—Affiliated Issuers | — | |||
Interest—Unaffiliated Issuers | 27 | |||
Interest—Affiliated Issuers | 397 | |||
Total Income | 86,640 | |||
Expenses | ||||
The Vanguard Group—Note B | ||||
Investment Advisory Services | 983 | |||
Management and Administrative—Admiral Shares | 4,083 | |||
Management and Administrative—Institutional Shares | 220 | |||
Marketing and Distribution—Admiral Shares | 315 | |||
Marketing and Distribution—Institutional Shares | 13 | |||
Custodian Fees | 21 | |||
Auditing Fees | 33 | |||
Shareholders’ Reports—Admiral Shares | 92 | |||
Shareholders’ Reports—Institutional Shares | 4 | |||
Trustees’ Fees and Expenses | 3 | |||
Total Expenses | 5,767 | |||
Net Investment Income | 80,873 | |||
Realized Net Gain (Loss) | ||||
Investment Securities Sold—Unaffiliated Issuers1 | 96,710 | |||
Investment Securities Sold—Affiliated Issuers | 44,735 | |||
Futures Contracts | 3,904 | |||
Realized Net Gain (Loss) | 145,349 | |||
Change in Unrealized Appreciation (Depreciation) | ||||
Investment Securities—Unaffiliated Issuers | 1,107,027 | |||
Investment Securities—Affiliated Issuers | 12,679 | |||
Futures Contracts | 42 | |||
Change in Unrealized Appreciation (Depreciation) | 1,119,748 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,345,970 |
1 Includes $315,990,000 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.
128 |
Tax-Managed Small-Cap Fund
Statement of Changes in Net Assets
Year Ended December 31, | ||||||||
2019 | 2018 | |||||||
($000 | ) | ($000 | ) | |||||
Increase (Decrease) in Net Assets | ||||||||
Operations | ||||||||
Net Investment Income | 80,873 | 73,612 | ||||||
Realized Net Gain (Loss) | 145,349 | 428,399 | ||||||
Change in Unrealized Appreciation (Depreciation) | 1,119,748 | (1,081,295 | ) | |||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,345,970 | (579,284 | ) | |||||
Distributions | ||||||||
Net Investment Income | ||||||||
Admiral Shares | (74,592 | ) | (65,529 | ) | ||||
Institutional Shares | (6,814 | ) | (6,002 | ) | ||||
Realized Capital Gain | ||||||||
Admiral Shares | — | — | ||||||
Institutional Shares | — | — | ||||||
Total Distributions | (81,406 | ) | (71,531 | ) | ||||
Capital Share Transactions | ||||||||
Admiral Shares | 41,266 | 475,282 | ||||||
Institutional Shares | 16,943 | 32,704 | ||||||
Net Increase (Decrease) from Capital Share Transactions | 58,209 | 507,986 | ||||||
Total Increase (Decrease) | 1,322,773 | (142,829 | ) | |||||
Net Assets | ||||||||
Beginning of Period | 5,776,544 | 5,919,373 | ||||||
End of Period | 7,099,317 | 5,776,544 |
See accompanying Notes, which are an integral part of the Financial Statements.
129 |
Tax-Managed Small-Cap Fund
Financial Highlights
Admiral Shares | |||||||||||||||
For a Share Outstanding | Year Ended December 31, | ||||||||||||||
Throughout Each Period | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||
Net Asset Value, Beginning of Period | $55.70 | $61.63 | $55.16 | $44.37 | $45.78 | ||||||||||
Investment Operations | |||||||||||||||
Net Investment Income | .7721 | .7371 | .6661 | .558 | .556 | ||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 12.146 | (5.965 | ) | 6.486 | 10.788 | (1.406 | ) | ||||||||
Total from Investment Operations | 12.918 | (5.228 | ) | 7.152 | 11.346 | (.850 | ) | ||||||||
Distributions | |||||||||||||||
Dividends from Net Investment Income | (.778 | ) | (.702 | ) | (.664 | ) | (.556 | ) | (.560 | ) | |||||
Distributions from Realized Capital Gains | — | — | — | — | — | ||||||||||
Return of Capital | — | — | (.018 | ) | — | — | |||||||||
Total Distributions | (.778 | ) | (.702 | ) | (.682 | ) | (.556 | ) | (.560 | ) | |||||
Net Asset Value, End of Period | $67.84 | $55.70 | $61.63 | $55.16 | $44.37 | ||||||||||
Total Return2 | 23.28% | -8.62% | 13.05% | 25.73% | -1.85% | ||||||||||
Ratios/Supplemental Data | |||||||||||||||
Net Assets, End of Period (Millions) | $6,506 | $5,304 | $5,428 | $4,671 | $3,419 | ||||||||||
Ratio of Total Expenses to Average Net Assets | 0.09% | 0.09% | 0.09% | 0.09% | 0.11% | ||||||||||
Ratio of Net Investment Income to Average Net Assets | 1.23% | 1.13% | 1.17% | 1.19% | 1.21% | ||||||||||
Portfolio Turnover Rate3 | 53% | 29% | 37% | 45% | 33% |
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.
130 |
Tax-Managed Small-Cap Fund
Financial Highlights
Institutional Shares | |||||||||||||||
For a Share Outstanding | Year Ended December 31, | ||||||||||||||
Throughout Each Period | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||
Net Asset Value, Beginning of Period | $55.83 | $61.77 | $55.29 | $44.47 | $45.88 | ||||||||||
Investment Operations | |||||||||||||||
Net Investment Income | .7941 | .7551 | .6931 | .572 | .576 | ||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 12.164 | (5.972 | ) | 6.488 | 10.818 | (1.406 | ) | ||||||||
Total from Investment Operations | 12.958 | (5.217 | ) | 7.181 | 11.390 | (.830 | ) | ||||||||
Distributions | |||||||||||||||
Dividends from Net Investment Income | (.798 | ) | (.723 | ) | (.683 | ) | (.570 | ) | (.580 | ) | |||||
Distributions from Realized Capital Gains | — | — | — | — | — | ||||||||||
Return of Capital | — | — | (.018 | ) | — | — | |||||||||
Total Distributions | (.798 | ) | (.723 | ) | (.701 | ) | (.570 | ) | (.580 | ) | |||||
Net Asset Value, End of Period | $67.99 | $55.83 | $61.77 | $55.29 | $44.47 | ||||||||||
Total Return | 23.30% | -8.59% | 13.08% | 25.78% | -1.80% | ||||||||||
Ratios/Supplemental Data | |||||||||||||||
Net Assets, End of Period (Millions) | $593 | $473 | $492 | $379 | $276 | ||||||||||
Ratio of Total Expenses to Average Net Assets | 0.06% | 0.06% | 0.06% | 0.06% | 0.07% | ||||||||||
Ratio of Net Investment Income to Average Net Assets | 1.26% | 1.16% | 1.20% | 1.22% | 1.25% | ||||||||||
Portfolio Turnover Rate2 | 53% | 29% | 37% | 45% | 33% |
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.
131 |
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 Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).
During the year ended December 31, 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, 2016–2019), and has concluded that no provision for federal income tax is required in the fund’s financial statements.
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Tax-Managed Small-Cap 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 December 31, 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 December 31, 2019, the fund had contributed to Vanguard capital in the amount of $310,000, representing less than 0.01% of the fund’s net assets and 0.12% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
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Tax-Managed Small-Cap 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 and derivatives as of December 31, 2019, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |||||||
Investments | ($000 | ) | ($000 | ) | ($000 | ) | |||
Common Stocks | 7,094,050 | — | 109 | ||||||
Temporary Cash Investments | 6,697 | 1,499 | — | ||||||
Futures Contracts—Assets1 | 15 | — | — | ||||||
Total | 7,100,762 | 1,499 | 109 |
1 Represents variation margin on the last day of the reporting period.
D. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for in-kind redemptions were reclassified between the following accounts:
Amount | |||
($000 | ) | ||
Paid-in Capital | 315,987 | ||
Total Distributable Earnings (Loss) | (315,987 | ) |
Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to the tax deferral of losses on wash sales and the realization of unrealized gains or losses on certain futures contracts. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:
Amount | |||
($000 | ) | ||
Undistributed Ordinary Income | 474 | ||
Undistributed Long-Term Gains | — | ||
Capital Loss Carryforwards (Non-expiring) | (446,348 | ) | |
Net Unrealized Gains (Losses) | 2,224,753 |
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Tax-Managed Small-Cap Fund
As of December 31, 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 | 4,877,602 | ||
Gross Unrealized Appreciation | 2,385,889 | ||
Gross Unrealized Depreciation | (161,136 | ) | |
Net Unrealized Appreciation (Depreciation) | 2,224,753 |
E. During the year ended December 31, 2019, the fund purchased $4,056,702,000 of investment securities and sold $3,990,369,000 of investment securities, other than temporary cash investments. Purchases and sales include $0 and $519,567,000, 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:
Year Ended December 31, | ||||||||||||
2019 | 2018 | |||||||||||
Amount | Shares | Amount | Shares | |||||||||
($000 | ) | (000 | ) | ($000 | ) | (000 | ) | |||||
Admiral Shares | ||||||||||||
Issued | 1,173,529 | 18,603 | 2,059,002 | 31,843 | ||||||||
Issued in Lieu of Cash Distributions | 55,426 | 865 | 49,218 | 775 | ||||||||
Redeemed | (1,187,689 | ) | (18,781 | ) | (1,632,938 | ) | (25,466 | ) | ||||
Net Increase (Decrease)—Admiral Shares | 41,266 | 687 | 475,282 | 7,152 | ||||||||
Institutional Shares | ||||||||||||
Issued | 46,891 | 735 | 56,034 | 873 | ||||||||
Issued in Lieu of Cash Distributions | 4,214 | 66 | 3,754 | 59 | ||||||||
Redeemed | (34,162 | ) | (540 | ) | (27,084 | ) | (424 | ) | ||||
Net Increase (Decrease)—Institutional Shares | 16,943 | 261 | 32,704 | 508 |
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Tax-Managed Small-Cap Fund
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 | Dec. 31, | |||||||||||||||||||||||||||
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 | 2 | — | 397 | — | 6,697 | ||||||||||||||||||||||
Vanguard Real Estate ETF | 253,538 | 1,243,777 | 1,229,962 | 44,733 | 12,679 | — | — | 324,765 | ||||||||||||||||||||||
Total | 257,546 | 44,735 | 12,679 | 397 | — | 331,462 |
1 Not applicable—purchases and sales are for temporary cash investment purposes.
H. Management has determined that no events or transactions occurred subsequent to December 31, 2019, that would require recognition or disclosure in these financial statements.
136 |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard Tax-Managed Funds and Shareholders of Vanguard Tax-Managed Balanced Fund, Vanguard Tax-Managed Capital Appreciation Fund and Vanguard Tax-Managed Small-Cap Fund
Opinions on the Financial Statements
We have audited the accompanying statements of net assets of Vanguard Tax-Managed Balanced Fund, Vanguard Tax-Managed Capital Appreciation Fund and Vanguard Tax-Managed Small-Cap Fund (three of the funds constituting Vanguard Tax-Managed Funds, hereafter collectively referred to as the “Funds”) as of December 31, 2019, the related statements of operations for the year ended December 31, 2019, the statements of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2019 and each of the financial highlights for each of the five years in the period ended December 31, 2019 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 13, 2020
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
137 |
Special 2019 tax information (unaudited) for Vanguard Tax-Managed Funds
This information for the fiscal year ended December 31, 2019, is included pursuant to provisions of the Internal Revenue Code.
The Tax-Managed Balanced Fund designates 61% of its income dividends as exempt-interest dividends.
The funds distributed qualified dividend income to shareholders during the fiscal year as follows:
Fund | ($000 | ) | ||
Tax-Managed Balanced Fund | 43,278 | |||
Tax-Managed Capital Appreciation Fund | 177,611 | |||
Tax-Managed Small-Cap Fund | 73,299 |
The funds distributed qualified business income to shareholders during the fiscal year as follows:
Fund | ($000 | ) | ||
Tax-Managed Balanced Fund | 1,178 | |||
Tax-Managed Capital Appreciation Fund | — | |||
Tax-Managed Small-Cap Fund | 8,108 |
For corporate shareholders, the percentage of investment income (dividend income plus short-term gains, if any) that qualifies for the dividends-received deduction is as follows:
Fund | Percentage | |||
Tax-Managed Balanced Fund | 93.6% | 1 | ||
Tax-Managed Capital Appreciation Fund | 97.7 | |||
Tax-Managed Small-Cap Fund | 89.0 |
1 The percentage applies only to the taxable ordinary income that has been reported on Form 1099-DIV.
138 |
BLOOMBERG is a trademark and service mark of Bloomberg Finance L.P. BARCLAYS is a trademark and service mark of Barclays Bank Plc, used under license. Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (BISL) (collectively, Bloomberg), or Bloomberg’s licensors, own all proprietary rights in the Bloomberg Barclays 1–15 Year Municipal Bond Index (the Index or Bloomberg Barclays Index).
Neither Barclays Bank Plc, Barclays Capital Inc., or any affiliate (collectively Barclays) or Bloomberg is the issuer or producer of the Tax-Managed Balanced Fund and neither Bloomberg nor Barclays has any responsibilities, obligations or duties to investors in the Tax-Managed Balanced Fund. The Index is licensed for use by The Vanguard Group, Inc. (Vanguard) as the sponsor of the Tax-Managed Balanced Fund. Bloomberg and Barclays’ only relationship with Vanguard in respect of the Index is the licensing of the Index, which is determined, composed and calculated by BISL, or any successor thereto, without regard to the Issuer or the Tax-Managed Balanced Fund or the owners of the Tax-Managed Balanced Fund.
Additionally, Vanguard may for itself execute transaction(s) with Barclays in or relating to the Index in connection with the Tax-Managed Balanced Fund. Investors acquire the Tax-Managed Balanced Fund from Vanguard and investors neither acquire any interest in the Index nor enter into any relationship of any kind whatsoever with Bloomberg or Barclays upon making an investment in the Tax-Managed Balanced Fund. The Tax-Managed Balanced Fund is not sponsored, endorsed, sold or promoted by Bloomberg or Barclays. Neither Bloomberg nor Barclays makes any representation or warranty, express or implied regarding the advisability of investing in the Tax-Managed Balanced Fund or the advisability of investing in securities generally or the ability of the Index to track corresponding or relative market performance. Neither Bloomberg nor Barclays has passed on the legality or suitability of the Tax-Managed Balanced Fund with respect to any person or entity. Neither Bloomberg nor Barclays is responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Tax-Managed Balanced Fund to be issued. Neither Bloomberg nor Barclays has any obligation to take the needs of the Issuer or the owners of the Tax-Managed Balanced Fund or any other third party into consideration in determining, composing or calculating the Index. Neither Bloomberg nor Barclays has any obligation or liability in connection with administration, marketing or trading of the Tax-Managed Balanced Fund.
The licensing agreement between Bloomberg and Barclays is solely for the benefit of Bloomberg and Barclays and not for the benefit of the owners of the Tax-Managed Balanced Fund, investors or other third parties. In addition, the licensing agreement between Vanguard and Bloomberg is solely for the benefit of Vanguard and Bloomberg and not for the benefit of the owners of the Tax-Managed Balanced Fund, investors or other third parties.
NEITHER BLOOMBERG NOR BARCLAYS SHALL HAVE ANY LIABILITY TO THE ISSUER, INVESTORS OR TO OTHER THIRD PARTIES FOR THE QUALITY, ACCURACY AND/OR COMPLETENESS OF THE BLOOMBERG BARCLAYS INDEX OR ANY DATA INCLUDED THEREIN OR FOR INTERRUPTIONS IN THE DELIVERY OF THE BLOOMBERG BARCLAYS INDEX. NEITHER BLOOMBERG NOR BARCLAYS MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER, THE INVESTORS OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE BLOOMBERG BARCLAYS INDEX OR ANY DATA INCLUDED THEREIN. NEITHER BLOOMBERG NOR BARCLAYS MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND EACH HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE BLOOMBERG BARCLAYS INDEX OR ANY DATA INCLUDED THEREIN. BLOOMBERG RESERVES THE RIGHT TO CHANGE THE METHODS OF CALCULATION OR PUBLICATION, OR TO CEASE THE CALCULATION OR PUBLICATION OF THE BLOOMBERG BARCLAYS INDEX, AND NEITHER BLOOMBERG NOR BARCLAYS SHALL BE LIABLE FOR ANY MISCALCULATION OF OR ANY INCORRECT, DELAYED OR INTERRUPTED PUBLICATION WITH RESPECT TO THE BLOOMBERG BARCLAYS INDEX. NEITHER BLOOMBERG NOR BARCLAYS SHALL BE LIABLE FOR ANY DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES, OR ANY LOST PROFITS AND EVEN IF ADVISED OF THE POSSIBILITY OF SUCH, RESULTING FROM THE USE OF THE BLOOMBERG BARCLAYS INDEX OR ANY DATA INCLUDED THEREIN OR WITH RESPECT TO THE TAX-MANAGED BALANCED FUND.
None of the information supplied by Bloomberg or Barclays and used in this publication may be reproduced in any manner without the prior written permission of both Bloomberg and Barclays Capital, the investment banking division of Barclays Bank Plc. Barclays Bank Plc is registered in England No. 1026167. Registered office 1 Churchill Place London E14 5HP.
© 2020 Bloomberg. Used with Permission.
Source: Bloomberg Index Services Limited. Copyright 2020, Bloomberg. All rights reserved.
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The People Who Govern Your Fund
The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them.
A majority of Vanguard’s board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 213 Vanguard funds.
Information for each trustee and executive officer of the fund appears below. That information, as well as the Vanguard fund count, is as of the date on the cover of this fund report. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. More information about the trustees is in theStatement of Additional Information, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.
Interested Trustee1
Mortimer J. Buckley
Born in 1969. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chairman of the board (January 2019– present) of Vanguard and of each of the investment companies served by Vanguard; chief executive officer (January 2018–present) of Vanguard; chief executive officer, president, and trustee (January 2018–present) of each of the investment companies served by Vanguard; president and director (2017–present) of Vanguard; and president (February 2018–present) of Vanguard Marketing Corporation. Chief investment officer (2013–2017), managing director (2002–2017), head of the Retail Investor Group (2006–2012), and chief information officer (2001–2006) of Vanguard. Chairman of the board (2011–2017) and trustee (2009–2017) of the Children’s Hospital of Philadelphia; trustee (2018–present) of The Shipley School.
Independent Trustees
Emerson U. Fullwood
Born in 1948. Trustee since January 2008. Principal occupation(s) during the past five years and other experience: executive chief staff and marketing officer for North America and corporate vice president (retired 2008) of Xerox Corporation (document management products and services). Former president of the Worldwide Channels Group, Latin America, and Worldwide Customer Service and executive chief staff officer of Developing Markets of Xerox. Executive in residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology. Director of SPX FLOW, Inc. (multi-industry manufacturing). Director of the University of Rochester Medical Center, the Monroe Community College Foundation, the United Way of Rochester, North Carolina A&T University, and Roberts Wesleyan College. Trustee of the University of Rochester.
Amy Gutmann
Born in 1949. Trustee since June 2006. Principal occupation(s) during the past five years and other experience: president (2004–present) of the University of Pennsylvania. Christopher H. Browne Distinguished Professor of Political Science, School of Arts and Sciences, and professor of communication, Annenberg School for Communication, with secondary faculty appointments in the Department of Philosophy, School of Arts and Sciences, and at the Graduate School of Education, University of Pennsylvania. Trustee of the National Constitution Center.
F. Joseph Loughrey
Born in 1949. Trustee since October 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2009) and vice chairman of the board (2008–2009) of Cummins Inc. (industrial machinery). Chairman of the board of Hillenbrand, Inc. (specialized consumer services), and the Lumina Foundation.
1 | Mr. Buckley is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds. |
Director of the V Foundation and Oxfam America. Member of the advisory council for the College of Arts and Letters and chair of the advisory board to the Kellogg Institute for International Studies, both at the University of Notre Dame.
Mark Loughridge
Born in 1953. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: senior vice president and chief financial officer (retired 2013) of IBM (information technology services). Fiduciary member of IBM’s Retirement Plan Committee (2004–2013), senior vice president and general manager (2002–2004) of IBM Global Financing, vice president and controller (1998–2002) of IBM, and a variety of other prior management roles at IBM. Member of the Council on Chicago Booth.
Scott C. Malpass
Born in 1962. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: chief investment officer (1989–present) and vice president (1996–present) of the University of Notre Dame. Assistant professor of finance at the Mendoza College of Business, University of Notre Dame, and member of the Notre Dame 403(b) Investment Committee. Chairman of the board of TIFF Advisory Services, Inc. Member of the board of Catholic Investment Services, Inc. (investment advisors) and the board of superintendence of the Institute for the Works of Religion.
Deanna Mulligan
Born in 1963. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: president (2010–present) and chief executive officer (2011–present) of The Guardian Life Insurance Company of America. Chief operating officer (2010–2011) and executive vice president (2008–2010) of Individual Life and Disability of The Guardian Life Insurance Company of America. Member of the board of The Guardian Life Insurance Company of America, the American Council of Life Insurers, the Partnership for New York City (business leadership), and the Committee Encouraging Corporate Philanthropy. Trustee of the Economic Club of New York and the Bruce Museum (arts and science). Member of the Advisory Council for the Stanford Graduate School of Business.
André F. Perold
Born in 1952. Trustee since December 2004. Principal occupation(s) during the past five years and other experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011). Chief investment officer and co-managing partner of HighVista Strategies (private investment firm). Board of advisors and investment committee member of the Museum of Fine Arts Boston. Board member (2018–present) of RIT Capital Partners (investment firm); investment committee member of Partners Health Care System.
Sarah Bloom Raskin
Born in 1961. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: deputy secretary (2014–2017) of the United States Department of the Treasury. Governor (2010–2014) of the Federal Reserve Board. Commissioner (2007–2010) of financial regulation for the State of Maryland. Member of the board of directors (2012–2014) of Neighborhood Reinvestment Corporation. Director (2017–present) of i(x) Investments; director (2017–present) of Reserve Trust. Rubinstein Fellow (2017–present) of Duke University; trustee (2017–present) of Amherst College.
Peter F. Volanakis
Born in 1955. Trustee since July 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2010) of Corning Incorporated (communications equipment) and director of Corning Incorporated (2000–2010) and Dow Corning (2001–2010). Director (2012) of SPX Corporation (multi-industry manufacturing). Overseer of the Amos Tuck School of Business Administration, Dartmouth College (2001–2013). Chairman of the board of trustees of Colby-Sawyer College. Member of the board of Hypertherm Inc. (industrial cutting systems, software, and consumables).
Executive Officers
John Bendl
Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief financial officer (October 2019–present) of each of the investment companies served by Vanguard. Chief accounting officer, treasurer, and controller of Vanguard (2017–present). Partner (2003–2016) at KPMG (audit, tax, and advisory services).
Glenn Booraem
Born in 1967. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Investment stewardship officer (2017–present), treasurer (2015–2017), controller (2010–2015), and assistant controller (2001–2010) of each of the investment companies served by Vanguard.
Christine M. Buchanan
Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Treasurer (2017–present) of each of the investment companies served by Vanguard. Partner (2005–2017) at KPMG (audit, tax, and advisory services).
David Cermak
Born in 1960. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Finance director (October 2019–present) of each of the investment companies served by Vanguard. Managing director and head (2017–present) of Vanguard Investments Singapore. Managing director and head (2017–2019) of Vanguard Investments Hong Kong. Representative director and head (2014–2017) of Vanguard Investments Japan.
Thomas J. Higgins
Born in 1957. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Finance director (October 2019–present), chief financial officer (2008–2019), and treasurer (1998–2008) of each of the investment companies served by Vanguard.
Peter Mahoney
Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Controller (2015–present) of each of the investment companies served by Vanguard. Head of International Fund Services (2008–2014) at Vanguard.
Anne E. Robinson
Born in 1970. Principal occupation(s) during the past five years and other experience: general counsel (2016–present) of Vanguard. Secretary (2016–present) of Vanguard and of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Managing director and general counsel of Global Cards and Consumer Services (2014–2016) at Citigroup. Counsel (2003–2014) at American Express.
Michael Rollings
Born in 1963. Principal occupation(s) during the past five years and other experience: finance director (2017–present) and treasurer (2017) of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Chief financial officer (2016–present) of Vanguard. Director (2016–present) of Vanguard Marketing Corporation. Executive vice president and chief financial officer (2006–2016) of MassMutual Financial Group.
John E. Schadl
Born in 1972. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief compliance officer (2019–present) of Vanguard and of each of the investment companies served by Vanguard. Assistant vice president (May 2019–present) of Vanguard Marketing Corporation.
Vanguard Senior Management Team | |
Joseph Brennan | Chris D. McIsaac |
Mortimer J. Buckley | James M. Norris |
Gregory Davis | Thomas M. Rampulla |
John James | Karin A. Risi |
Martha G. King | Anne E. Robinson |
John T. Marcante | Michael Rollings |
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P.O. Box 2600 | |
Valley Forge, PA 19482-2600 |
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This material may be used in conjunction with the offering of shares of any Vanguard fund only if preceded or accompanied by the fund’s current prospectus.
All comparative mutual fund data are from Morningstar, Inc., unless otherwise noted.
You can obtain a free copy of Vanguard’s proxy voting guidelines by visiting vanguard.com/proxyreporting or by calling Vanguard at 800-662-2739. The guidelines are also available from the SEC’s website, www.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 www.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.
Source for Bloomberg Barclays indexes: Bloomberg Index Services Limited. Copyright 2020, Bloomberg. All rights reserved.
© 2020 The Vanguard Group, Inc. | |
All rights reserved. | |
Vanguard Marketing Corporation, Distributor. | |
Q1030 022020 |
Annual Report| December 31, 2019
Vanguard Developed Markets Index Fund
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See the inside front cover for important information about access to your fund’s annual and semiannual shareholder reports.
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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 | |
A Note From Our Chairman | 1 |
Your Fund’s Performance at a Glance | 2 |
About Your Fund’s Expenses | 3 |
Performance Summary | 5 |
Financial Statements | 8 |
Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.
A Note From Our Chairman
Tim Buckley
Chairman and Chief Executive Officer
Dear Shareholder,
Recent volatility in financial markets—affecting stocks, bonds, and commodities—has been a good reminder of the wise old adage, “Never keep all your eggs in one basket.” Maintaining balance and diversification in your investment portfolio can help to both limit risk and set you up for long-term success.
It’s understandable why some investors might become complacent after a long market run-up like the one that lifted stock prices, especially U.S. stock prices, in the years following the global financial crisis. But failing to rebalance regularly can leave a portfolio with a much different mix of assets than intended and, often, more risk than intended.
Balance across and diversification within asset classes are powerful tools for managing risk and achieving your investment goals. A portfolio’s allocation will determine a large portion of its long-term return and also the majority of its volatility risk. A well-diversified portfolio is less vulnerable to significant swings in the performance of any one segment of the asset classes in which it invests.
Balance and diversification will never eliminate the risk of loss, nor will they guarantee positive returns in a declining market. But they may reduce the chance that you’ll suffer disproportionate losses in one particular high-flying asset class or sector when it comes back to earth. And exposure to all key market components should give you at least some participation in the sectors that are performing best at any given time.
Vanguard is committed to helping you achieve balance and diversification in your portfolios to help meet your investment goals. We thank you for your continued loyalty.
Sincerely,
Mortimer J. Buckley
Chairman and Chief Executive Officer
January 23, 2020
1 |
Your Fund’s Performance at a Glance
Ÿ Vanguard Developed Markets Index Fund’s returns for the 12 months ended December 31, 2019, ranged from 21.96% for Investor Shares to 22.14% for Institutional Shares. The fund’s benchmark, the FTSE Developed All Cap ex US Index, returned 22.34%.
Ÿ All ten of the index’s industry sectors produced double-digit gains in U.S. dollar terms, led by financials, industrials, and consumer goods. Telecommunications contributed the least to returns.
Ÿ Double-digit returns also prevailed in most countries. Developed-market stocks gained more than their emerging-market counterparts but lagged U.S. shares.
Ÿ Global stock prices rose amid optimism that U.S.-China trade tensions were easing and that a trade deal might be signed in early 2020. Inversions of the U.S. Treasury yield curve, historically a signal of recession, raised concerns midway through the year. But the curve returned to its normal pattern in the second half as the U.S. Federal Reserve cut short-term interest rates three times.
Market Barometer | ||||
Average Annual Total Returns | ||||
Periods Ended December 31, 2019 | ||||
One Year | Three Years | Five Years | ||
Stocks | ||||
Russell 1000 Index (Large-caps) | 31.43% | 15.05% | 11.48% | |
Russell 2000 Index (Small-caps) | 25.53 | 8.59 | 8.23 | |
Russell 3000 Index (Broad U.S. market) | 31.02 | 14.57 | 11.24 | |
FTSE All-World ex US Index (International) | 21.81 | 9.96 | 5.83 | |
Bonds | ||||
Bloomberg Barclays U.S. Aggregate Bond Index (Broad taxable market) | 8.72% | 4.03% | 3.05% | |
Bloomberg Barclays Municipal Bond Index (Broad tax-exempt market) | 7.54 | 4.72 | 3.53 | |
FTSE Three-Month U.S. Treasury Bill Index | 2.25 | 1.65 | 1.04 | |
CPI | ||||
Consumer Price Index | 2.29% | 2.10% | 1.82% | |
2 |
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:
Ÿ 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.”
Ÿ 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 compareongoingcosts 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.
3 |
Six Months Ended December 31, 2019 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
Developed Markets Index Fund | 6/30/2019 | 12/31/2019 | Period |
Based on Actual Fund Return | |||
Investor Shares | $1,000.00 | $1,072.04 | $0.84 |
FTSE Developed Markets ETF Shares | 1,000.00 | 1,072.66 | 0.26 |
Admiral™ Shares | 1,000.00 | 1,072.85 | 0.37 |
Institutional Shares | 1,000.00 | 1,072.88 | 0.26 |
Institutional Plus Shares | 1,000.00 | 1,072.60 | 0.21 |
Based on Hypothetical 5% Yearly Return | |||
Investor Shares | $1,000.00 | $1,024.40 | $0.82 |
FTSE Developed Markets ETF Shares | 1,000.00 | 1,024.95 | 0.26 |
Admiral Shares | 1,000.00 | 1,024.85 | 0.36 |
Institutional Shares | 1,000.00 | 1,024.95 | 0.26 |
Institutional Plus Shares | 1,000.00 | 1,025.00 | 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 (184/365).
4 |
Developed Markets Index Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: December 31, 2009, Through December 31, 2019
Initial Investment of $10,000
Average Annual Total Returns | |||||
Periods Ended December 31, 2019 | |||||
Final Value | |||||
One | Five | Ten | of a $10,000 | ||
Year | Years | Years | Investment | ||
![]() | FTSE Developed Markets ETF Shares Net Asset Value | 22.08% | 6.19% | 5.75% | $17,490 |
FTSE Developed Markets ETF Shares Market Price | 22.60 | 6.21 | 5.72 | 17,446 | |
![]() | Spliced Developed ex US Index | 22.34 | 6.08 | 5.70 | 17,415 |
![]() | FTSE Global All Cap ex US Index | 21.80 | 5.84 | 5.39 | 16,898 |
Spliced Developed ex US Index: MSCI EAFE Index through May 28, 2013; FTSE Developed ex North America Index through December 20, 2015; FTSE Developed All Cap ex US Transition Index through May 31, 2016; FTSE Developed All Cap ex US Index thereafter. Benchmark returns are adjusted for withholding taxes.
Since | Final Value | |||
One | Five | Inception | of a $10,000 | |
Year | Years | (12/19/2013) | Investment | |
Developed Markets Index Fund Investor Shares | 21.96% | 6.08% | 4.55% | $13,081 |
Spliced Developed ex US Index | 22.34 | 6.08 | 4.69 | 13,186 |
FTSE Global All Cap ex US Index | 21.80 | 5.84 | 4.70 | 13,195 |
“Since Inception” performance is calculated from the Investor Shares’ inception date for both the fund and its comparative standard(s).
See Financial Highlights for dividend and capital gains information.
5 |
Developed Markets Index Fund
Average Annual Total Returns | ||||
Periods Ended December 31, 2019 | ||||
Final Value | ||||
One | Five | Ten | of a $10,000 | |
Year | Years | Years | Investment | |
Developed Markets Index Fund Admiral Shares | 22.05% | 6.18% | 5.74% | $17,466 |
Spliced Developed ex US Index | 22.34 | 6.08 | 5.70 | 17,415 |
FTSE Global All Cap ex US Index | 21.80 | 5.84 | 5.39 | 16,898 |
Final Value | ||||
One | Five | Ten | of a $5,000,000 | |
Year | Years | Years | Investment | |
Developed Markets Index Fund Institutional Shares | 22.14% | 6.20% | 5.77% | $8,759,477 |
Spliced Developed ex US Index | 22.34 | 6.08 | 5.70 | 8,707,557 |
FTSE Global All Cap ex US Index | 21.80 | 5.84 | 5.39 | 8,448,904 |
Since | Final Value | |||
One | Five | Inception | of a $100,000,000 | |
Year | Years | (4/1/2014) | Investment | |
Developed Markets Index Fund Institutional Plus Shares | 22.07% | 6.20% | 4.11% | $126,098,260 |
Spliced Developed ex US Index | 22.34 | 6.08 | 4.18 | 126,554,713 |
FTSE Global All Cap ex US Index | 21.80 | 5.84 | 4.18 | 126,556,449 |
“Since Inception” performance is calculated from the Institutional Plus Shares’ inception date for both the fund and its comparative standard(s).
Cumulative Returns of ETF Shares: December 31, 2009, Through December 31, 2019 | |||
One | Five | Ten | |
Year | Years | Years | |
FTSE Developed Markets ETF Shares Market Price | 22.60% | 35.14% | 74.46% |
FTSE Developed Markets ETF Shares Net Asset Value | 22.08 | 35.03 | 74.90 |
Spliced Developed ex US Index | 22.34 | 34.30 | 74.15 |
For the ETF Shares, the market price is determined by the midpoint of the bid-offer spread as of the closing time of the New York Stock Exchange (generally 4 p.m., Eastern time). The net asset value is also determined as of the NYSE closing time. For more information about how the ETF Shares' market prices have compared with their net asset value, visit vanguard.com, select your ETF, and then select the Price and Performance tab. The ETF premium/discount analysis there shows the percentages of days on which the ETF Shares' market price was above or below the NAV.
6 |
Developed Markets Index Fund
Sector Diversification
As of December 31, 2019
Basic Materials | 6.8% |
Consumer Goods | 15.8 |
Consumer Services | 8.2 |
Financials | 23.0 |
Health Care | 10.5 |
Industrials | 16.5 |
Oil & Gas | 5.8 |
Technology | 6.9 |
Telecommunications | 3.1 |
Utilities | 3.4 |
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.
The Industry Classification Benchmark (“ICB”) is owned by FTSE. FTSE does not accept any liability to any person for any loss or damage arising out of any error or omission in the ICB.
7 |
Developed Markets Index Fund
Financial Statements
Statement of Net Assets—Investments Summary
As of December 31, 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) four times in each fiscal year. For the second and fourth quarters the complete list of the fund’s holdings is available on vanguard.com and on Form N-CSR, or you can have it mailed to you without charge by calling 800-662-7447. For the first and third quarters of each fiscal year, the complete list of the fund’s holdings is available as an exhibit to its reports on Form N-PORT. The fund’s Form N-CSR and 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 | 11,181,137 | 627,241 | 0.5% | |
CSL Ltd. | 2,856,276 | 553,784 | 0.4% | |
BHP Group Ltd. | 18,604,041 | 509,425 | 0.4% | |
Westpac Banking Corp. | 22,541,613 | 384,940 | 0.3% | |
§,1 | Australia—Other † | 5,606,324 | 4.5% | |
7,681,714 | 6.1% | |||
§,1Austria † | 339,013 | 0.3% | ||
Belgium | ||||
Anheuser-Busch InBev SA/NV | 4,860,092 | 398,045 | 0.3% | |
Belgium—Other † | 808,338 | 0.7% | ||
1,206,383 | 1.0% | |||
Canada | ||||
Royal Bank of Canada | 9,070,217 | 717,697 | 0.6% | |
Toronto-Dominion Bank | 11,427,718 | 640,931 | 0.5% | |
Enbridge Inc. (XTSE) | 12,424,780 | 494,006 | 0.4% | |
Bank of Nova Scotia | 7,653,801 | 432,333 | 0.3% | |
Canadian National Railway Co. | 4,556,952 | 412,233 | 0.3% | |
§,1 | Canada—Other † | 8,141,551 | 6.6% | |
10,838,751 | 8.7% | |||
Denmark | ||||
Novo Nordisk A/S Class B | 10,432,766 | 604,567 | 0.5% | |
1 | Denmark—Other † | 1,324,984 | 1.0% | |
1,929,551 | 1.5% | |||
Finland † | 1,273,398 | 1.0% |
8 |
Developed Markets Index Fund
Market | Percentage | |||
Value· | of Net | |||
Shares | ($000) | Assets | ||
France | ||||
TOTAL SA | 15,226,532 | 844,932 | 0.7% | |
LVMH Moet Hennessy Louis Vuitton SE | 1,571,319 | 732,166 | 0.6% | |
Sanofi | 6,840,021 | 686,929 | 0.6% | |
Airbus SE | 3,474,426 | 509,927 | 0.4% | |
BNP Paribas SA | 6,825,826 | 405,716 | 0.3% | |
AXA SA | 12,113,635 | 342,287 | 0.3% | |
§,1 | France—Other † | 7,267,879 | 5.7% | |
10,789,836 | 8.6% | |||
Germany | ||||
SAP SE | 6,113,220 | 822,832 | 0.7% | |
Allianz SE | 2,618,256 | 641,548 | 0.5% | |
Siemens AG | 4,778,712 | 624,062 | 0.5% | |
Bayer AG | 5,892,181 | 479,017 | 0.4% | |
BASF SE | 5,778,811 | 435,358 | 0.3% | |
adidas AG | 1,218,381 | 396,607 | 0.3% | |
1 | Germany—Other † | 5,606,589 | 4.5% | |
9,006,013 | 7.2% | |||
Hong Kong | ||||
AIA Group Ltd. | 76,341,877 | 802,961 | 0.7% | |
§,1 | Hong Kong—Other † | 3,034,393 | 2.4% | |
3,837,354 | 3.1% | |||
§Ireland † | 308,744 | 0.2% | ||
Israel † | 592,237 | 0.5% | ||
Italy | ||||
Enel SPA | 49,049,680 | 389,644 | 0.3% | |
1 | Italy—Other † | 2,414,275 | 1.9% | |
2,803,919 | 2.2% | |||
Japan | ||||
Toyota Motor Corp. | 15,494,579 | 1,091,771 | 0.9% | |
Sony Corp. | 7,749,484 | 526,172 | 0.4% | |
SoftBank Group Corp. | 10,220,066 | 443,725 | 0.4% | |
Mitsubishi UFJ Financial Group Inc. | 78,704,614 | 425,504 | 0.3% | |
Keyence Corp. | 1,136,274 | 398,990 | 0.3% | |
Chugai Pharmaceutical Co. Ltd. | 1,364,303 | 125,646 | 0.1% | |
§ | Japan—Other † | 24,125,530 | 19.3% | |
27,137,338 | 21.7% | |||
Netherlands | ||||
ASML Holding NV | 2,525,552 | 747,710 | 0.6% | |
Unilever NV | 9,158,519 | 525,616 | 0.4% | |
1 | Netherlands—Other † | 2,671,925 | 2.1% | |
3,945,251 | 3.1% | |||
New Zealand † | 436,084 | 0.3% | ||
§,1Norway † | 913,644 | 0.7% | ||
1Poland † | 376,895 | 0.3% | ||
Portugal † | 211,111 | 0.2% |
9 |
Developed Markets Index Fund
Market | Percentage | ||||
Value· | of Net | ||||
Shares | ($000) | Assets | |||
§Singapore † | 1,460,037 | 1.2% | |||
South Korea | |||||
Samsung Electronics Co. Ltd. | 27,618,509 | 1,330,850 | 1.1% | ||
Samsung Electronics Co. Ltd. Preference Shares | 4,295,587 | 168,180 | 0.1% | ||
Samsung Electronics Co. Ltd. GDR | 105,219 | 125,915 | 0.1% | ||
Hankook Shell Oil Co. Ltd. | 3,941 | 1,099 | 0.0% | ||
§,1 | South Korea—Other † | 3,530,824 | 2.8% | ||
5,156,868 | 4.1% | ||||
Spain | |||||
Banco Santander SA | 103,722,784 | 434,886 | 0.3% | ||
* | Iberdrola SA | 37,178,501 | 383,147 | 0.3% | |
1 | Spain—Other † | 2,104,831 | 1.7% | ||
2,922,864 | 2.3% | ||||
1Sweden † | 3,264,975 | 2.6% | |||
Switzerland | |||||
Nestle SA | 18,238,125 | 1,974,555 | 1.6% | ||
Roche Holding AG | 4,382,259 | 1,424,246 | 1.1% | ||
Novartis AG | 13,285,340 | 1,257,984 | 1.0% | ||
Zurich Insurance Group AG | 918,645 | 376,828 | 0.3% | ||
Roche Holding AG (Bearer) | 171,654 | 54,519 | 0.0% | ||
§,1 | Switzerland—Other † | 4,248,734 | 3.5% | ||
9,336,866 | 7.5% | ||||
United Kingdom | |||||
HSBC Holdings plc | 127,796,622 | 1,000,455 | 0.8% | ||
AstraZeneca plc | 8,285,064 | 829,274 | 0.7% | ||
BP plc | 125,744,524 | 791,040 | 0.6% | ||
Royal Dutch Shell plc Class A | 26,582,623 | 787,229 | 0.6% | ||
GlaxoSmithKline plc | 30,932,709 | 726,832 | 0.6% | ||
Royal Dutch Shell plc Class B | 23,620,077 | 701,135 | 0.6% | ||
Diageo plc | 14,548,908 | 613,047 | 0.5% | ||
British American Tobacco plc | 14,046,691 | 597,018 | 0.5% | ||
Rio Tinto plc | 6,940,927 | 410,871 | 0.3% | ||
Unilever plc | 6,876,321 | 393,621 | 0.3% | ||
Lloyds Banking Group plc | 441,332,733 | 365,612 | 0.3% | ||
§,1 | United Kingdom—Other † | 11,012,535 | 8.8% | ||
18,228,669 | 14.6% | ||||
Total Common Stocks (Cost $106,200,569) | 123,997,515 | 99.0%2 | |||
Coupon | |||||
Temporary Cash Investments | |||||
Money Market Fund | |||||
3,4 | Vanguard Market Liquidity Fund | 1.816% | 27,799,298 | 2,780,208 | 2.2% |
5,6 | U.S. Government and Agency Obligations † | 65,672 | 0.1% | ||
Total Temporary Cash Investments (Cost $2,845,562) | 2,845,880 | 2.3%2 | |||
7Total Investments (Cost $109,046,131) | 126,843,395 | 101.3% |
10 |
Developed Markets Index Fund
Percentage | ||
Amount | of Net | |
($000) | Assets | |
Other Assets and Liabilities | ||
Other Assets | ||
Investment in Vanguard | 5,393 | |
Receivables for Investment Securities Sold | 264 | |
Receivables for Accrued Income | 313,968 | |
Receivables for Capital Shares Issued | 218,895 | |
Variation Margin Receivable—Futures Contracts | 1,584 | |
Unrealized Appreciation—Forwards Currency Contracts | 11,074 | |
Other Assets5,6,8 | 226,808 | |
Total Other Assets | 777,986 | 0.6% |
Liabilities | ||
Payables for Investment Securities Purchased | (69,470) | |
Collateral for Securities on Loan | (1,699,757) | |
Payables for Capital Shares Redeemed | (554,816) | |
Payables to Vanguard | (15,005) | |
Variation Margin Payable—Futures Contracts | (11,752) | |
Unrealized Depreciation—Forwards Currency Contracts | (9,459) | |
Collateral for ETF Capital Activity | (66,612) | |
Total Liabilities | (2,426,871) | (1.9%) |
Net Assets | 125,194,510 | 100.0% |
At December 31, 2019, net assets consisted of: | ||
Amount | ||
($000) | ||
Paid-in Capital | 110,391,901 | |
Total Distributable Earnings (Loss) | 14,802,609 | |
Net Assets | 125,194,510 | |
Investor Shares—Net Assets | ||
Applicable to 5,413,863 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 59,269 | |
Net Asset Value Per Share—Investor Shares | $10.95 | |
ETF Shares—Net Assets | ||
Applicable to 1,790,610,530 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 78,752,406 | |
Net Asset Value Per Share—ETF Shares | $43.98 | |
Admiral Shares—Net Assets | ||
Applicable to 1,424,619,643 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 20,143,200 | |
Net Asset Value Per Share—Admiral Shares | $14.14 |
11 |
Developed Markets Index Fund
Amount | |
($000) | |
Institutional Shares—Net Assets | |
Applicable to 879,266,591 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 12,449,207 |
Net Asset Value Per Share—Institutional Shares | $14.16 |
Institutional Plus Shares—Net Assets | |
Applicable to 623,139,481 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 13,790,428 |
Net Asset Value Per Share—Institutional Plus Shares | $22.13 |
· | 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 December 31, 2019, the aggregate value of these securities was $1,887,754,000, representing 1.5% 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 1.3%, respectively, of net assets. |
3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
4 | Includes $1,699,757,000 of collateral received for securities on loan. |
5 | Securities with a value of $65,656,000 and cash of $3,480,000 have been segregated as initial margin for open futures contracts. |
6 | Securities with a value of $14,000 and cash of $7,563,000 have been segregated as collateral for open forward currency contracts. |
7 | The total value of securities on loan is $1,623,798,000. |
8 | Cash of $66,612,000 has been segregated as collateral for ETF capital activity. |
GDR—Global Depositary Receipt.
12 |
Developed Markets Index Fund
Derivative Financial Instruments Outstanding as of Period End | ||||
Futures Contracts | ||||
($000) | ||||
Value and | ||||
Number of | Unrealized | |||
Long (Short) | Notional | Appreciation | ||
Expiration | Contracts | Amount | (Depreciation) | |
Long Futures Contracts | ||||
Dow Jones EURO STOXX 50 Index | March 2020 | 8,464 | 354,035 | (1,249) |
Topix Index | March 2020 | 1,790 | 283,520 | (748) |
FTSE 100 Index | March 2020 | 2,096 | 208,201 | 219 |
S&P/TSX 60 Index | March 2020 | 934 | 145,637 | 37 |
S&P ASX 200 Index | March 2020 | 968 | 112,135 | (3,125) |
E-mini S&P 500 Index | March 2020 | 462 | 74,638 | (275) |
(5,141) |
Forward Currency Contracts | |||||||
Contract | Unrealized | Unrealized | |||||
Settlement | Contract Amount (000) | Appreciation | (Depreciation) | ||||
Counterparty | Date | Receive | Deliver | ($000) | ($000) | ||
BNP Paribas | 4/2/20 | EUR | 417,536 | USD | 467,766 | 3,348 | — |
Toronto-Dominion Bank | 4/2/20 | GBP | 165,532 | USD | 221,600 | — | (1,773) |
Barclays Bank plc | 4/2/20 | JPY | 22,757,710 | USD | 210,875 | — | (305) |
UBS AG | 4/2/20 | JPY | 16,427,399 | USD | 152,184 | — | (187) |
Morgan Stanley Capital Services LLC | 4/2/20 | CAD | 179,794 | USD | 136,431 | 2,069 | — |
BNP Paribas | 4/2/20 | GBP | 83,619 | USD | 109,799 | 1,247 | — |
BNP Paribas | 4/2/20 | AUD | 144,922 | USD | 99,797 | 2,137 | — |
Morgan Stanley Capital Services LLC | 4/2/20 | EUR | 89,085 | USD | 99,755 | 761 | — |
JPMorgan Chase Bank, N.A. | 4/2/20 | JPY | 9,108,765 | USD | 83,696 | 585 | — |
Goldman Sachs International | 4/2/20 | AUD | 29,679 | USD | 20,530 | 346 | — |
Citibank, N.A. | 1/2/20 | DKK | 87,344 | USD | 12,970 | 141 | — |
Deutsche Bank AG | 4/2/20 | AUD | 13,486 | USD | 9,267 | 219 | — |
Royal Bank of Canada | 4/2/20 | AUD | 7,134 | USD | 4,902 | 115 | — |
Goldman Sachs International | 1/2/20 | SEK | 39,655 | USD | 4,218 | 16 | — |
Royal Bank of Canada | 1/2/20 | SEK | 29,000 | USD | 3,044 | 52 | — |
Barclays Bank plc | 4/2/20 | AUD | 1,713 | USD | 1,179 | 26 | — |
Bank of America, N.A. | 1/2/20 | DKK | 7,000 | USD | 1,040 | 11 | — |
BNP Paribas | 1/2/20 | DKK | 2,100 | USD | 314 | 1 | — |
Morgan Stanley Capital Services LLC | 1/7/20 | JPY | 5,000 | USD | 46 | — | — |
Credit Suisse International | 4/2/20 | USD | 163,166 | EUR | 146,333 | — | (1,944) |
Morgan Stanley Capital Services LLC | 4/2/20 | USD | 140,028 | GBP | 107,234 | — | (2,378) |
13 |
Developed Markets Index Fund
Forward Currency Contracts (continued) | |||||||
Contract | Unrealized | Unrealized | |||||
Settlement | Contract Amount (000) | Appreciation | (Depreciation) | ||||
Counterparty | Date | Receive | Deliver | ($000) | ($000) | ||
UBS AG | 4/2/20 | USD | 100,292 | CHF | 97,580 | — | (1,212) |
UBS AG | 4/2/20 | USD | 90,775 | JPY | 9,877,352 | — | (618) |
Credit Suisse International | 4/2/20 | USD | 78,199 | JPY | 8,472,815 | — | (197) |
Morgan Stanley Capital Services LLC | 4/2/20 | USD | 49,507 | EUR | 43,881 | — | (5) |
Royal Bank of Canada | 4/2/20 | USD | 28,330 | KRW | 32,719,909 | — | (30) |
Royal Bank of Canada | 1/2/20 | USD | 14,307 | DKK | 96,444 | — | (170) |
Deutsche Bank AG | 4/2/20 | USD | 13,633 | AUD | 19,425 | — | (30) |
Citibank, N.A. | 4/2/20 | USD | 13,053 | DKK | 87,344 | — | (144) |
Barclays Bank plc | 4/2/20 | USD | 7,750 | CAD | 10,192 | — | (101) |
Goldman Sachs International | 1/2/20 | USD | 7,083 | SEK | 68,655 | — | (247) |
BNP Paribas | 4/2/20 | USD | 6,928 | KRW | 8,000,000 | — | (6) |
Goldman Sachs International | 4/2/20 | USD | 6,893 | JPY | 750,000 | — | (47) |
Goldman Sachs International | 4/2/20 | USD | 4,240 | SEK | 39,655 | — | (13) |
HSBC Bank USA, N.A. | 4/2/20 | USD | 3,272 | CAD | 4,316 | — | (52) |
11,074 | (9,459) |
AUD—Australian dollar. |
CAD—Canadian dollar. |
CHF—Swiss franc. |
DKK—Danish krone. |
EUR—euro. |
GBP—British pound. |
JPY—Japanese yen. |
KRW—Korean won. |
SEK—Swedish krona. |
USD—U.S. dollar. |
At December 31, 2019, the counterparties had deposited in segregated accounts securities with a value of $5,252,000 and cash of $1,768,000 in connection with open forward currency contracts. After December 31, 2019, a counterparty posted additional collateral of $1,878,000 in connection with open forward currency contracts as of December 31, 2019.
��
See accompanying Notes, which are an integral part of the Financial Statements.
14 |
Developed Markets Index Fund
Statement of Operations
Year Ended | |||
December 31, 2019 | |||
($000 | ) | ||
Investment Income | |||
Income | |||
Dividends1 | 3,501,291 | ||
Interest2 | 23,417 | ||
Securities Lending—Net | 77,106 | ||
Total Income | 3,601,814 | ||
Expenses | |||
The Vanguard Group—Note B | |||
Investment Advisory Services | 5,572 | ||
Management and Administrative—Investor Shares | 603 | ||
Management and Administrative—ETF Shares | 25,014 | ||
Management and Administrative—Admiral Shares | 9,733 | ||
Management and Administrative—Institutional Shares | 4,487 | ||
Management and Administrative—Institutional Plus Shares | 3,481 | ||
Marketing and Distribution—Investor Shares | 45 | ||
Marketing and Distribution—ETF Shares | 3,138 | ||
Marketing and Distribution—Admiral Shares | 1,140 | ||
Marketing and Distribution—Institutional Shares | 428 | ||
Marketing and Distribution—Institutional Plus Shares | 146 | ||
Custodian Fees | 3,269 | ||
Auditing Fees | 62 | ||
Shareholders’ Reports—Investor Shares | 7 | ||
Shareholders’ Reports—ETF Shares | 2,061 | ||
Shareholders’ Reports—Admiral Shares | 170 | ||
Shareholders’ Reports—Institutional Shares | 54 | ||
Shareholders’ Reports—Institutional Plus Shares | 30 | ||
Trustees’ Fees and Expenses | 51 | ||
Total Expenses | 59,491 | ||
Net Investment Income | 3,542,323 | ||
Realized Net Gain (Loss) | |||
Investment Securities Sold2,3 | 181,906 | ||
Futures Contracts | 248,143 | ||
Forward Currency Contracts | (15,254 | ) | |
Foreign Currencies | (7,942 | ) | |
Realized Net Gain (Loss) | 406,853 | ||
Change in Unrealized Appreciation (Depreciation) | |||
Investment Securities2 | 18,343,515 |
15 |
Developed Markets Index Fund
Statement of Operations (continued) | |||
Year Ended | |||
December 31, 2019 | |||
($000 | ) | ||
Futures Contracts | 20,118 | ||
Forward Currency Contracts | (8,158 | ) | |
Foreign Currencies | 6,386 | ||
Change in Unrealized Appreciation (Depreciation) | 18,361,861 | ||
Net Increase (Decrease) in Net Assets Resulting from Operations | 22,311,037 |
1 | Dividends are net of foreign withholding taxes of $346,852,000. |
2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $21,519,000, $337,000, and $177,000, respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Includes $527,947,000 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.
16 |
Developed Markets Index Fund
Statement of Changes in Net Assets
Year Ended December 31, | ||||||
2019 | 2018 | |||||
($000 | ) | ($000 | ) | |||
Increase (Decrease) in Net Assets | ||||||
Operations | ||||||
Net Investment Income | 3,542,323 | 3,244,717 | ||||
Realized Net Gain (Loss) | 406,853 | 112,304 | ||||
Change in Unrealized Appreciation (Depreciation) | 18,361,861 | (19,993,039 | ) | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | 22,311,037 | (16,636,018 | ) | |||
Distributions | ||||||
Net Investment Income | ||||||
Investor Shares | (10,790 | ) | (23,364 | ) | ||
ETF Shares | (2,348,574 | ) | (2,069,674 | ) | ||
Admiral Shares | (582,985 | ) | (470,888 | ) | ||
Institutional Shares | (382,469 | ) | (333,818 | ) | ||
Institutional Plus Shares | (383,483 | ) | (294,490 | ) | ||
Realized Capital Gain | ||||||
Investor Shares | — | — | ||||
ETF Shares | — | — | ||||
Admiral Shares | — | — | ||||
Institutional Shares | — | — | ||||
Institutional Plus Shares | — | — | ||||
Total Distributions | (3,708,301 | ) | (3,192,234 | ) | ||
Capital Share Transactions | ||||||
Investor Shares | (756,257 | ) | (74,824 | ) | ||
ETF Shares | 1,759,759 | 9,552,132 | ||||
Admiral Shares | 2,025,678 | 2,990,179 | ||||
Institutional Shares | 158,120 | 414,926 | ||||
Institutional Plus Shares | 2,699,458 | 1,014,326 | ||||
Net Increase (Decrease) from Capital Share Transactions | 5,886,758 | 13,896,739 | ||||
Total Increase (Decrease) | 24,489,494 | (5,931,513 | ) | |||
Net Assets | ||||||
Beginning of Period | 100,705,016 | 106,636,529 | ||||
End of Period | 125,194,510 | 100,705,016 |
See accompanying Notes, which are an integral part of the Financial Statements.
17 |
Developed Markets Index Fund
Financial Highlights
Investor Shares
For a Share Outstanding | Year Ended December 31, | ||||||||||||||
Throughout Each Period | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||
Net Asset Value, Beginning of Period | $9.26 | $11.16 | $9.09 | $9.15 | $9.42 | ||||||||||
Investment Operations | |||||||||||||||
Net Investment Income | .3611 | .3121 | .2841 | .262 | .261 | ||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 1.651 | (1.914 | ) | 2.086 | (.054 | ) | (.276 | ) | |||||||
Total from Investment Operations | 2.012 | (1.602 | ) | 2.370 | .208 | (.015 | ) | ||||||||
Distributions | |||||||||||||||
Dividends from Net Investment Income | (.322 | ) | (.298 | ) | (.300 | ) | (.268 | ) | (.255 | ) | |||||
Distributions from Realized Capital Gains | — | — | — | — | — | ||||||||||
Total Distributions | (.322 | ) | (.298 | ) | (.300 | ) | (.268 | ) | (.255 | ) | |||||
Net Asset Value, End of Period | $10.95 | $9.26 | $11.16 | $9.09 | $9.15 | ||||||||||
Total Return2 | 21.96% | -14.56% | 26.31% | 2.36% | -0.29% | ||||||||||
Ratios/Supplemental Data | |||||||||||||||
Net Assets, End of Period (Millions) | $59 | $731 | $950 | $875 | $1,040 | ||||||||||
Ratio of Total Expenses to Average Net Assets | 0.16% | 0.16% | 0.17% | 0.17% | 0.20% | ||||||||||
Ratio of Net Investment Income to Average Net Assets | 3.56% | 2.89% | 2.71% | 3.00% | 2.73% | ||||||||||
Portfolio Turnover Rate3 | 2% | 3% | 3% | 11% | 3% |
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.
18 |
Developed Markets Index Fund
Financial Highlights
FTSE Developed Markets ETF Shares | |||||||||||||||
For a Share Outstanding | Year Ended December 31, | ||||||||||||||
Throughout Each Period | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||
Net Asset Value, Beginning of Period | $37.20 | $44.83 | $36.51 | $36.75 | $37.85 | ||||||||||
Investment Operations | |||||||||||||||
Net Investment Income | 1.2891 | 1.2911 | 1.1661 | 1.090 | 1.096 | ||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 6.831 | (7.677 | ) | 8.397 | (.216 | ) | (1.125 | ) | |||||||
Total from Investment Operations | 8.120 | (6.386 | ) | 9.563 | .874 | (.029 | ) | ||||||||
Distributions | |||||||||||||||
Dividends from Net Investment Income | (1.340 | ) | (1.244 | ) | (1.243 | ) | (1.114 | ) | (1.071 | ) | |||||
Distributions from Realized Capital Gains | — | — | — | — | — | ||||||||||
Total Distributions | (1.340 | ) | (1.244 | ) | (1.243 | ) | (1.114 | ) | (1.071 | ) | |||||
Net Asset Value, End of Period | $43.98 | $37.20 | $44.83 | $36.51 | $36.75 | ||||||||||
Total Return | 22.08% | -14.47% | 26.44% | 2.51% | -0.21% | ||||||||||
Ratios/Supplemental Data | |||||||||||||||
Net Assets, End of Period (Millions) | $78,752 | $65,139 | $68,406 | $40,243 | $29,288 | ||||||||||
Ratio of Total Expenses to Average Net Assets | 0.05% | 0.05% | 0.07% | 0.07% | 0.09% | ||||||||||
Ratio of Net Investment Income to Average Net Assets | 3.13% | 3.00% | 2.81% | 3.10% | 2.84% | ||||||||||
Portfolio Turnover Rate2 | 2% | 3% | 3% | 11% | 3% |
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.
19 |
Developed Markets Index Fund
Financial Highlights
Admiral Shares | |||||||||||||||
For a Share Outstanding | Year Ended December 31, | ||||||||||||||
Throughout Each Period | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||
Net Asset Value, Beginning of Period | $11.96 | $14.41 | $11.74 | $11.82 | $12.17 | ||||||||||
Investment Operations | |||||||||||||||
Net Investment Income | .4101 | .4121 | .3751 | .350 | .352 | ||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 2.198 | (2.464 | ) | 2.695 | (.071 | ) | (.358 | ) | |||||||
Total from Investment Operations | 2.608 | (2.052 | ) | 3.070 | .279 | (.006 | ) | ||||||||
Distributions | |||||||||||||||
Dividends from Net Investment Income | (.428 | ) | (.398 | ) | (.400 | ) | (.359 | ) | (.344 | ) | |||||
Distributions from Realized Capital Gains | — | — | — | — | — | ||||||||||
Total Distributions | (.428 | ) | (.398 | ) | (.400 | ) | (.359 | ) | (.344 | ) | |||||
Net Asset Value, End of Period | $14.14 | $11.96 | $14.41 | $11.74 | $11.82 | ||||||||||
Total Return2 | 22.05% | -14.46% | 26.40% | 2.45% | -0.18% | ||||||||||
Ratios/Supplemental Data | |||||||||||||||
Net Assets, End of Period (Millions) | $20,143 | $15,209 | $15,180 | $9,702 | $7,921 | ||||||||||
Ratio of Total Expenses to Average Net Assets | 0.07% | 0.07% | 0.07% | 0.07% | 0.09% | ||||||||||
Ratio of Net Investment Income to Average Net Assets | 3.10% | 2.98% | 2.81% | 3.10% | 2.84% | ||||||||||
Portfolio Turnover Rate3 | 2% | 3% | 3% | 11% | 3% |
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.
20 |
Developed Markets Index Fund
Financial Highlights
Institutional Shares | |||||||||||||||
For a Share Outstanding | Year Ended December 31, | ||||||||||||||
Throughout Each Period | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||
Net Asset Value, Beginning of Period | $11.97 | $14.43 | $11.75 | $11.83 | $12.18 | ||||||||||
Investment Operations | |||||||||||||||
Net Investment Income | .4171 | .4161 | .3791 | .352 | .354 | ||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 2.205 | (2.475 | ) | 2.701 | (.072 | ) | (.358 | ) | |||||||
Total from Investment Operations | 2.622 | (2.059 | ) | 3.080 | .280 | (.004 | ) | ||||||||
Distributions | |||||||||||||||
Dividends from Net Investment Income | (.432 | ) | (.401 | ) | (.400 | ) | (.360 | ) | (.346 | ) | |||||
Distributions from Realized Capital Gains | — | — | — | — | — | ||||||||||
Total Distributions | (.432 | ) | (.401 | ) | (.400 | ) | (.360 | ) | (.346 | ) | |||||
Net Asset Value, End of Period | $14.16 | $11.97 | $14.43 | $11.75 | $11.83 | ||||||||||
Total Return | 22.14% | -14.49% | 26.46% | 2.46% | -0.17% | ||||||||||
Ratios/Supplemental Data | |||||||||||||||
Net Assets, End of Period (Millions) | $12,449 | $10,361 | $11,998 | $9,092 | $8,093 | ||||||||||
Ratio of Total Expenses to Average Net Assets | 0.05% | 0.05% | 0.06% | 0.06% | 0.07% | ||||||||||
Ratio of Net Investment Income to Average Net Assets | 3.15% | 3.00% | 2.82% | 3.11% | 2.86% | ||||||||||
Portfolio Turnover Rate2 | 2% | 3% | 3% | 11% | 3% |
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.
21 |
Developed Markets Index Fund
Financial Highlights
Institutional Plus Shares | |||||||||||||||
For a Share Outstanding | Year Ended December 31, | ||||||||||||||
Throughout Each Period | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||
Net Asset Value, Beginning of Period | $18.72 | $22.56 | $18.37 | $18.49 | $19.05 | ||||||||||
Investment Operations | |||||||||||||||
Net Investment Income | .6471 | .6431 | .5971 | .552 | .558 | ||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 3.439 | (3.855 | ) | 4.223 | (.107 | ) | (.573 | ) | |||||||
Total from Investment Operations | 4.086 | (3.212 | ) | 4.820 | .445 | (.015 | ) | ||||||||
Distributions | |||||||||||||||
Dividends from Net Investment Income | (.676 | ) | (.628 | ) | (.630 | ) | (.565 | ) | (.545 | ) | |||||
Distributions from Realized Capital Gains | — | — | — | — | — | ||||||||||
Total Distributions | (.676 | ) | (.628 | ) | (.630 | ) | (.565 | ) | (.545 | ) | |||||
Net Asset Value, End of Period | $22.13 | $18.72 | $22.56 | $18.37 | $18.49 | ||||||||||
Total Return | 22.07% | -14.45% | 26.49% | 2.50% | -0.21% | ||||||||||
Ratios/Supplemental Data | |||||||||||||||
Net Assets, End of Period (Millions) | $13,790 | $9,265 | $10,102 | $7,444 | $7,253 | ||||||||||
Ratio of Total Expenses to Average Net Assets | 0.04% | 0.04% | 0.05% | 0.05% | 0.06% | ||||||||||
Ratio of Net Investment Income to Average Net Assets | 3.12% | 3.01% | 2.83% | 3.12% | 2.87% | ||||||||||
Portfolio Turnover Rate2 | 2% | 3% | 3% | 11% | 3% |
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.
22 |
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 NYSE Arca; 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
23 |
Developed Markets Index 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.
The fund also enters into forward currency contracts to provide the appropriate currency exposure related to any open futures contracts. The fund’s risks in using these contracts include movement in the values of the foreign currencies relative to the U.S. dollar and the ability of the counterparties to fulfill their obligations under the contracts. The fund mitigates its counterparty risk by entering into forward currency contracts only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. The master netting arrangements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate the forward currency contracts, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The forward currency contracts contain provisions whereby a counterparty may terminate open contracts if the fund’s net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any assets pledged as collateral for open contracts are noted in the Statement of Net Assets. The value of collateral received or pledged is compared daily to the value of the forward currency contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
Futures contracts are valued at their quoted daily settlement prices. Forward currency contracts are valued at their quoted daily prices obtained from an independent third party, adjusted for currency risk based on the expiration date of each contract. The notional amounts of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures or forward currency contracts.
During the year ended December 31, 2019, the fund’s average investments in long and short futures contracts represented 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period. The fund’s average investment in forward currency contracts represented 2% of net assets, based on the average of 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, 2016–2019), 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.
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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. Collateral for ETF Capital Activity: When an authorized participant fails to deliver one or more of the securities within a designated basket (in the case of a subscription), fails to deliver the fund ETF Shares (in the case of a redemption), or is required by the fund, prior to settlement, to accommodate the trading of foreign securities in local markets (in the case of redemption for an international equity ETF), the fund may require the authorized participant to deliver and maintain cash collateral in accordance with the authorized participant agreement. The fund may invest the collateral in short-term debt instruments or U.S. Treasury securities, or maintain the balance as cash. Daily market fluctuations could cause the value of the missing securities or fund ETF Shares to be more or less than the value of the collateral received; when this occurs the collateral is adjusted. The fund earns interest income from investments and/or custody fee offsets from the cash balance. The fund records an asset (cash or investment, as applicable) and a corresponding liability for the return of the collateral in the Statement of Net Assets. Interest income and custody fee offsets earned on the investment of collateral are included in the Statement of Operations.
8. 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 December 31, 2019, or at any time during the period then ended.
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Developed Markets Index Fund
9. 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.
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 December 31, 2019, the fund had contributed to Vanguard capital in the amount of $5,393,000, representing less than 0.01% of the fund’s net assets and 2.16% of Vanguard’s capital received pursuant to the FSA. 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.
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Developed Markets Index Fund
The following table summarizes the market value of the fund’s investments and derivatives as of December 31, 2019, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |||||||
Investments | ($000 | ) | ($000 | ) | ($000 | ) | |||
Common Stocks | 10,860,530 | 113,107,169 | 29,816 | ||||||
Temporary Cash Investments | 2,780,208 | 65,672 | — | ||||||
Futures Contracts—Assets1 | 1,584 | — | — | ||||||
Futures Contracts—Liabilities1 | (11,752 | ) | — | — | |||||
Forward Currency Contracts—Assets | — | 11,074 | — | ||||||
Forward Currency Contracts—Liabilities | — | (9,459 | ) | — | |||||
Total | 13,630,570 | 113,174,456 | 29,816 |
1 Represents variation margin on the last day of the reporting period.
D. At December 31, 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 | 1,584 | — | 1,584 | ||||||
Unrealized Appreciation—Forward Currency Contracts | — | 11,074 | 11,074 | ||||||
Total Assets | 1,584 | 11,074 | 12,658 | ||||||
Variation Margin Payable—Futures Contracts | (11,752 | ) | — | (11,752 | ) | ||||
Unrealized Depreciation—Forward Currency Contracts | — | (9,459 | ) | (9,459 | ) | ||||
Total Liabilities | (11,752 | ) | (9,459 | ) | (21,211 | ) |
Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the year ended December 31, 2019, were:
Foreign | |||||||||
Equity | Exchange | ||||||||
Contracts | Contracts | Total | |||||||
Realized Net Gain (Loss) on Derivatives | ($000 | ) | ($000 | ) | ($000 | ) | |||
Futures Contracts | 248,143 | — | 248,143 | ||||||
Forward Currency Contracts | — | (15,254 | ) | (15,254 | ) | ||||
Realized Net Gain (Loss) on Derivatives | 248,143 | (15,254 | ) | 232,889 | |||||
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||||||||
Futures Contracts | 20,118 | — | 20,118 | ||||||
Forward Currency Contracts | — | (8,158 | ) | (8,158 | ) | ||||
Change in Unrealized Appreciation (Depreciation) on Derivatives | 20,118 | (8,158 | ) | 11,960 |
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Developed Markets Index Fund
E. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for in-kind redemptions, foreign currency transactions, passive foreign investment companies, and tax expense on capital gains were reclassified between the following accounts:
Amount | |||
($000 | ) | ||
Paid-in Capital | 566,685 | ||
Total Distributable Earnings (Loss) | (566,685 | ) |
Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to the tax deferral of losses on wash sales; the realization of unrealized gains or losses on certain futures contracts and forward currency contracts; and unrealized gains on passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:
Amount | |||
($000 | ) | ||
Undistributed Ordinary Income | 81,352 | ||
Undistributed Long-Term Gains | — | ||
Capital Loss Carryforwards (Non-expiring) | (2,518,346 | ) | |
Net Unrealized Gains (Losses) | 17,251,239 |
As of December 31, 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 | 109,591,561 | ||
Gross Unrealized Appreciation | 28,668,193 | ||
Gross Unrealized Depreciation | (11,420,355 | ) | |
Net Unrealized Appreciation (Depreciation) | 17,247,838 |
F. During the year ended December 31, 2019, the fund purchased $9,911,088,000 of investment securities and sold $4,072,644,000 of investment securities, other than temporary cash investments. Purchases and sales include $2,850,462,000 and $1,362,184,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
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Developed Markets Index Fund
G. Capital share transactions for each class of shares were:
Year Ended December 31, | ||||||||||||
2019 | 2018 | |||||||||||
Amount | Shares | Amount | Shares | |||||||||
($000 | ) | (000 | ) | ($000 | ) | (000 | ) | |||||
Investor Shares | ||||||||||||
Issued | 179,311 | 17,300 | 203,791 | 19,421 | ||||||||
Issued in Lieu of Cash Distributions | 9,838 | 970 | 20,774 | 2,051 | ||||||||
Redeemed1 | (945,406 | ) | (91,817 | ) | (299,389 | ) | (27,672 | ) | ||||
Net Increase (Decrease)—Investor Shares | (756,257 | ) | (73,547 | ) | (74,824 | ) | (6,200 | ) | ||||
ETF Shares | ||||||||||||
Issued | 3,191,112 | 75,900 | 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 | 1,759,759 | 39,400 | 9,552,132 | 225,208 | ||||||||
Admiral Shares | ||||||||||||
Issued1 | 5,494,696 | 416,279 | 6,539,544 | 483,375 | ||||||||
Issued in Lieu of Cash Distributions | 468,526 | 34,970 | 391,732 | 29,979 | ||||||||
Redeemed | (3,937,544 | ) | (298,516 | ) | (3,941,097 | ) | (294,797 | ) | ||||
Net Increase (Decrease)—Admiral Shares | 2,025,678 | 152,733 | 2,990,179 | 218,557 | ||||||||
Institutional Shares | ||||||||||||
Issued | 3,150,458 | 238,396 | 3,159,827 | 228,361 | ||||||||
Issued in Lieu of Cash Distributions | 349,841 | 26,090 | 307,770 | 23,476 | ||||||||
Redeemed | (3,342,179 | ) | (250,436 | ) | (3,052,671 | ) | (217,991 | ) | ||||
Net Increase (Decrease)—Institutional Shares | 158,120 | 14,050 | 414,926 | 33,846 | ||||||||
Institutional Plus Shares | ||||||||||||
Issued | 4,049,971 | 192,199 | 3,509,822 | 161,008 | ||||||||
Issued in Lieu of Cash Distributions | 364,062 | 17,328 | 278,574 | 13,609 | ||||||||
Redeemed | (1,714,575 | ) | (81,383 | ) | (2,774,070 | ) | (127,458 | ) | ||||
Net Increase (Decrease)—Institutional Plus Shares | 2,699,458 | 128,144 | 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 64,858,000 and 50,199,000 shares, respectively, in the amount of $668,306,000 from the conversion during the year ended December 31, 2019. |
H. Management has determined that no events or transactions occurred subsequent to December 31, 2019, that would require recognition or disclosure in these financial statements.
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Report of Independent Registered
Public Accounting Firm
To the Board of Trustees of Vanguard Tax-Managed Funds and Shareholders of Vanguard Developed Markets Index Fund
Opinion on the Financial Statements
We have audited the accompanying statement of net assets—investments summary of Vanguard Developed Markets Index Fund (one of the funds constituting Vanguard Tax-Managed Funds, referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019 by correspondence with the custodian and brokers and by agreement to the underlying ownership records of the transfer agent; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 13, 2020
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
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Special 2019 tax information (unaudited) for Vanguard Developed Markets Index Fund
This information for the fiscal year ended December 31, 2019, is included pursuant to provisions of the Internal Revenue Code.
The fund distributed $2,831,288,000 of qualified dividend income to shareholders during the fiscal year.
The fund designates to shareholders foreign source income of $3,847,538,000 and foreign taxes paid of $279,853,000. Shareholders will receive more detailed information with their Form 1099-DIV in January 2020 to determine the calendar-year amounts to be included on their 2019 tax returns.
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London Stock Exchange Group companies include FTSE International Limited (“FTSE”), Frank Russell Company (“Russell”), MTS Next Limited (“MTS”), and FTSE TMX Global Debt Capital Markets Inc. (“FTSE TMX”). All rights reserved. “FTSE®”, “Russell®”, “MTS®”, “FTSE TMX®” and “FTSE Russell” and other service marks and trademarks related to the FTSE or Russell indexes are trademarks of the London Stock Exchange Group companies and are used by FTSE, MTS, FTSE TMX and Russell under license. All information is provided for information purposes only. Every effort is made to ensure that all information given in this publication is accurate, but no responsibility or liability can be accepted by the London Stock Exchange Group companies nor its licensors for any errors or for any loss from use of this publication. Neither the London Stock Exchange Group companies nor any of their licensors make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the Indices or the fitness or suitability of the Indices for any particular purpose to which they might be put. The London Stock Exchange Group companies do not provide investment advice and nothing in this document should be taken as constituting financial or investment advice. The London Stock Exchange Group companies make no representation regarding the advisability of investing in any asset. A decision to invest in any such asset should not be made in reliance on any information herein. Indexes cannot be invested in directly. Inclusion of an asset in an index is not a recommendation to buy, sell or hold that asset. The general information contained in this publication should not be acted upon without obtaining specific legal, tax, and investment advice from a licensed professional. No part of this information may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior written permission of the London Stock Exchange Group companies. Distribution of the London Stock Exchange Group companies’ index values and the use of their indexes to create financial products require a license with FTSE, FTSE TMX, MTS and/or Russell and/or its licensors.
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The People Who Govern Your Fund
The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them.
A majority of Vanguard’s board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 213 Vanguard funds.
Information for each trustee and executive officer of the fund appears below. That information, as well as the Vanguard fund count, is as of the date on the cover of this fund report. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. More information about the trustees is in theStatement of Additional Information, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.
Interested Trustee1
Mortimer J. Buckley
Born in 1969. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chairman of the board (January 2019–present) of Vanguard and of each of the investment companies served by Vanguard; chief executive officer (January 2018–present) of Vanguard; chief executive officer, president, and trustee (January 2018–present) of each of the investment companies served by Vanguard; president and director (2017–present) of Vanguard; and president (February 2018–present) of Vanguard Marketing Corporation. Chief investment officer (2013–2017), managing director (2002–2017), head of the Retail Investor Group (2006–2012), and chief information officer (2001–2006) of Vanguard. Chairman of the board (2011–2017) and trustee (2009–2017) of the Children’s Hospital of Philadelphia; trustee (2018–present) of The Shipley School.
Independent Trustees
Emerson U. Fullwood
Born in 1948. Trustee since January 2008. Principal occupation(s) during the past five years and other experience: executive chief staff and marketing officer for North America and corporate vice president (retired 2008) of Xerox Corporation (document management products and services). Former president of the Worldwide Channels Group, Latin America, and Worldwide Customer Service and executive chief staff officer of Developing Markets of Xerox. Executive in residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology. Director of SPX FLOW, Inc. (multi-industry manufacturing). Director of the University of Rochester Medical Center, the Monroe Community College Foundation, the United Way of Rochester, North Carolina A&T University, and Roberts Wesleyan College. Trustee of the University of Rochester.
Amy Gutmann
Born in 1949. Trustee since June 2006. Principal occupation(s) during the past five years and other experience: president (2004–present) of the University of Pennsylvania. Christopher H. Browne Distinguished Professor of Political Science, School of Arts and Sciences, and professor of communication, Annenberg School for Communication, with secondary faculty appointments in the Department of Philosophy, School of Arts and Sciences, and at the Graduate School of Education, University of Pennsylvania. Trustee of the National Constitution Center.
F. Joseph Loughrey
Born in 1949. Trustee since October 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2009) and vice chairman of the board (2008–2009) of Cummins Inc. (industrial machinery). Chairman of the board of Hillenbrand, Inc. (specialized consumer services), and the Lumina Foundation.
1 | Mr. Buckley is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds. |
Director of the V Foundation and Oxfam America. Member of the advisory council for the College of Arts and Letters and chair of the advisory board to the Kellogg Institute for International Studies, both at the University of Notre Dame.
Mark Loughridge
Born in 1953. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: senior vice president and chief financial officer (retired 2013) of IBM (information technology services). Fiduciary member of IBM’s Retirement Plan Committee (2004–2013), senior vice president and general manager (2002–2004) of IBM Global Financing, vice president and controller (1998–2002) of IBM, and a variety of other prior management roles at IBM. Member of the Council on Chicago Booth.
Scott C. Malpass
Born in 1962. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: chief investment officer (1989–present) and vice president (1996–present) of the University of Notre Dame. Assistant professor of finance at the Mendoza College of Business, University of Notre Dame, and member of the Notre Dame 403(b) Investment Committee. Chairman of the board of TIFF Advisory Services, Inc. Member of the board of Catholic Investment Services, Inc. (investment advisors) and the board of superintendence of the Institute for the Works of Religion.
Deanna Mulligan
Born in 1963. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: president (2010–present) and chief executive officer (2011–present) of The Guardian Life Insurance Company of America. Chief operating officer (2010–2011) and executive vice president (2008–2010) of Individual Life and Disability of The Guardian Life Insurance Company of America. Member of the board of The Guardian Life Insurance Company of America, the American Council of Life Insurers, the Partnership for New York City (business leadership), and the Committee Encouraging Corporate Philanthropy. Trustee of the Economic Club of New York and the Bruce Museum (arts and science). Member of the Advisory Council for the Stanford Graduate School of Business.
André F. Perold
Born in 1952. Trustee since December 2004. Principal occupation(s) during the past five years and other experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011). Chief investment officer and co-managing partner of HighVista Strategies (private investment firm). Board of advisors and investment committee member of the Museum of Fine Arts Boston. Board member (2018–present) of RIT Capital Partners (investment firm); investment committee member of Partners Health Care System.
Sarah Bloom Raskin
Born in 1961. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: deputy secretary (2014–2017) of the United States Department of the Treasury. Governor (2010–2014) of the Federal Reserve Board. Commissioner (2007–2010) of financial regulation for the State of Maryland. Member of the board of directors (2012–2014) of Neighborhood Reinvestment Corporation. Director (2017–present) of i(x) Investments; director (2017–present) of Reserve Trust. Rubinstein Fellow (2017–present) of Duke University; trustee (2017–present) of Amherst College.
Peter F. Volanakis
Born in 1955. Trustee since July 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2010) of Corning Incorporated (communications equipment) and director of Corning Incorporated (2000–2010) and Dow Corning (2001–2010). Director (2012) of SPX Corporation (multi-industry manufacturing). Overseer of the Amos Tuck School of Business Administration, Dartmouth College (2001–2013). Chairman of the board of trustees of Colby-Sawyer College. Member of the board of Hypertherm Inc. (industrial cutting systems, software, and consumables).
Executive Officers
John Bendl
Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief financial officer (October 2019–present) of each of the investment companies served by Vanguard. Chief accounting officer, treasurer, and controller of Vanguard (2017–present). Partner (2003–2016) at KPMG (audit, tax, and advisory services).
Glenn Booraem
Born in 1967. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Investment stewardship officer (2017–present), treasurer (2015–2017), controller (2010–2015), and assistant controller (2001–2010) of each of the investment companies served by Vanguard.
Christine M. Buchanan
Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Treasurer (2017–present) of each of the investment companies served by Vanguard. Partner (2005–2017) at KPMG (audit, tax, and advisory services).
David Cermak
Born in 1960. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Finance director (October 2019–present) of each of the investment companies served by Vanguard. Managing director and head (2017–present) of Vanguard Investments Singapore. Managing director and head (2017–2019) of Vanguard Investments Hong Kong. Representative director and head (2014–2017) of Vanguard Investments Japan.
Thomas J. Higgins
Born in 1957. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Finance director (October 2019–present), chief financial officer (2008–2019), and treasurer (1998–2008) of each of the investment companies served by Vanguard.
Peter Mahoney
Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Controller (2015–present) of each of the investment companies served by Vanguard. Head of International Fund Services (2008–2014) at Vanguard.
Anne E. Robinson
Born in 1970. Principal occupation(s) during the past five years and other experience: general counsel (2016–present) of Vanguard. Secretary (2016–present) of Vanguard and of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Managing director and general counsel of Global Cards and Consumer Services (2014–2016) at Citigroup. Counsel (2003–2014) at American Express.
Michael Rollings
Born in 1963. Principal occupation(s) during the past five years and other experience: finance director (2017–present) and treasurer (2017) of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Chief financial officer (2016–present) of Vanguard. Director (2016–present) of Vanguard Marketing Corporation. Executive vice president and chief financial officer (2006–2016) of MassMutual Financial Group.
John E. Schadl
Born in 1972. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief compliance officer (2019–present) of Vanguard and of each of the investment companies served by Vanguard. Assistant vice president (May 2019–present) of Vanguard Marketing Corporation.
Vanguard Senior Management Team
Joseph Brennan | Chris D. McIsaac |
Mortimer J. Buckley | James M. Norris |
Gregory Davis | Thomas M. Rampulla |
John James | Karin A. Risi |
Martha G. King | Anne E. Robinson |
John T. Marcante | Michael Rollings |
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P.O. Box 2600 | ||
Valley Forge, PA 19482-2600 |
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This material may be used in conjunction with the offering of shares of any Vanguard fund only if preceded or accompanied by the fund’s current prospectus.
All comparative mutual fund data are from Morningstar, Inc., unless otherwise noted.
You can obtain a free copy of Vanguard’s proxy voting guidelines by visiting vanguard.com/proxyreporting or by calling Vanguard at 800-662-2739. The guidelines are also available from the SEC’s website, www.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 www.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.
Source for Bloomberg Barclays indexes: Bloomberg Index Services Limited. Copyright 2020, Bloomberg. All rights reserved.
© 2020 The Vanguard Group, Inc. | ||
All rights reserved. | ||
U.S. Patent Nos. 6,879,964; 7,337,138; | ||
7,720,749; 7,925,573; 8,090,646; 8,417,623; and 8,626,636. | ||
Vanguard Marketing Corporation, Distributor. | ||
Q1270 022020 |
Item 2: Code of Ethics. The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.
Item 3: Audit Committee Financial Expert. All members of the Audit Committee have been determined by the Registrant’s Board of Trustees to be Audit Committee Financial Experts and to be independent: F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.
Item 4: Principal Accountant Fees and Services.
(a) Audit Fees.
Audit Fees of the Registrant.
Fiscal Year Ended December 31, 2019: $160,000
Fiscal Year Ended December 31, 2018: $166,000
Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.
Fiscal Year Ended December 31, 2019: $9,568,215
Fiscal Year Ended December 31, 2018: $9,734,277
Includes fees billed in connection with audits of the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(b) Audit-Related Fees.
Fiscal Year Ended December 31, 2019: $3,012,031
Fiscal Year Ended December 31, 2018: $5,581,336
Includes fees billed in connection with assurance and related services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(c) Tax Fees.
Fiscal Year Ended December 31, 2019: $357,238
Fiscal Year Ended December 31, 2018: $347,985
Includes fees billed in connection with tax compliance, planning, and advice services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(d) All Other Fees.
Fiscal Year Ended December 31, 2019: $0
Fiscal Year Ended December 31, 2018: $0
Includes fees billed for services related to tax reported information provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(e) (1) Pre-Approval Policies. The policy of the Registrant’s Audit Committee is to consider, and, if appropriate, approve before the principal accountant is engaged for such services, all specific audit and non-audit services provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant. In making a determination, the Audit Committee considers whether the services are consistent with maintaining the principal accountant’s independence.
In the event of a contingency situation in which the principal accountant is needed to provide services in between scheduled Audit Committee meetings, the Chairman of the Audit Committee would be called on to consider and, if appropriate, pre-approve audit or permitted non-audit services in an amount sufficient to complete services through the next Audit Committee meeting, and to determine if such services would be consistent with maintaining the accountant’s independence. At the next scheduled Audit Committee meeting, services and fees would be presented to the Audit Committee for formal consideration, and, if appropriate, approval by the entire Audit Committee. The Audit Committee would again consider whether such services and fees are consistent with maintaining the principal accountant’s independence.
The Registrant’s Audit Committee is informed at least annually of all audit and non-audit services provided by the principal accountant to the Vanguard complex, whether such services are provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., or other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant.
(2) No percentage of the principal accountant’s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) For the most recent fiscal year, over 50% of the hours worked under the principal accountant’s engagement werenot performed by persons other than full-time, permanent employees of the principal accountant.
(g) Aggregate Non-Audit Fees.
Fiscal Year Ended December 31, 2019: $357,238
Fiscal Year Ended December 31, 2018: $347,985
Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(h) For the most recent fiscal year, the Audit Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant’s independence.
Item 5: Audit Committee of Listed Registrants.
The Registrant is a listed issuer as defined in rule 10A-3 under the Securities Exchange Act of 1934 (“Exchange Act”). The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are: F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.
Item 6: Investments.
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Shares | Market Value ($000 |
) | |||
Common Stocks (99.0%)1 | |||||
Australia (6.1%) | |||||
Commonwealth Bank of Australia | 11,181,137 | 627,241 | |||
CSL Ltd. | 2,856,276 | 553,784 | |||
BHP Group Ltd. | 18,604,041 | 509,425 | |||
Westpac Banking Corp. | 22,541,613 | 384,940 | |||
National Australia Bank Ltd. | 18,203,855 | 315,003 | |||
Australia & New Zealand Banking Group Ltd. | 17,897,778 | 308,667 | |||
Wesfarmers Ltd. | 7,140,947 | 207,530 | |||
Woolworths Group Ltd. | 7,950,210 | 201,646 | |||
Macquarie Group Ltd. | 2,024,606 | 196,073 | |||
Transurban Group | 17,099,592 | 178,983 | |||
Rio Tinto Ltd. | 2,345,501 | 165,945 | |||
Woodside Petroleum Ltd. | 5,899,676 | 142,647 | |||
Amcor plc | 10,176,376 | 111,271 | |||
Goodman Group | 11,242,290 | 105,647 | |||
Newcrest Mining Ltd. | 4,852,819 | 102,487 | |||
Aristocrat Leisure Ltd. | 4,031,498 | 95,261 | |||
Scentre Group | 33,140,726 | 89,191 | |||
Brambles Ltd. | 9,863,789 | 81,186 | |||
Insurance Australia Group Ltd. | 14,594,648 | 78,419 | |||
Fortescue Metals Group Ltd. | 10,048,423 | 75,749 | |||
QBE Insurance Group Ltd. | 8,270,360 | 74,735 | |||
Coles Group Ltd. | 7,160,885 | 74,544 | |||
Suncorp Group Ltd. | 7,968,786 | 72,388 | |||
ASX Ltd. | 1,221,731 | 67,269 | |||
Origin Energy Ltd. | 11,109,148 | 65,869 | |||
Telstra Corp. Ltd. | 26,304,401 | 65,340 | |||
Santos Ltd. | 11,171,801 | 64,271 | |||
Sonic Healthcare Ltd. | 2,989,977 | 60,287 | |||
South32 Ltd. | 31,205,467 | 58,920 | |||
AGL Energy Ltd. | 4,089,403 | 58,862 | |||
APA Group | 7,457,127 | 58,050 | |||
Dexus | 6,887,596 | 56,698 | |||
Cochlear Ltd. | 355,407 | 56,015 | |||
Mirvac Group | 24,665,543 | 55,209 | |||
James Hardie Industries plc | 2,792,481 | 54,578 | |||
Treasury Wine Estates Ltd. | 4,532,129 | 51,625 | |||
Ramsay Health Care Ltd. | 973,873 | 49,549 | |||
Stockland | 15,065,991 | 48,883 | |||
GPT Group | 12,233,760 | 48,190 | |||
Lendlease Group | 3,555,405 | 43,958 | |||
Aurizon Holdings Ltd. | 11,889,832 | 43,635 | |||
Oil Search Ltd. | 8,390,366 | 42,783 | |||
Sydney Airport | 6,991,983 | 42,482 | |||
Medibank Pvt Ltd. | 17,383,471 | 38,526 | |||
Tabcorp Holdings Ltd. | 11,933,030 | 37,937 | |||
Caltex Australia Ltd. | 1,574,307 | 37,539 | |||
Orica Ltd. | 2,395,230 | 36,936 | |||
Computershare Ltd. | 3,050,211 | 35,962 | |||
Northern Star Resources Ltd. | 4,454,649 | 35,107 | |||
SEEK Ltd. | 2,191,574 | 34,688 | |||
Magellan Financial Group Ltd. | 864,025 | 34,617 | |||
Vicinity Centres | 19,740,021 | 34,527 | |||
BlueScope Steel Ltd. | 3,203,863 | 33,934 | |||
* | Xero Ltd. | 579,653 | 32,566 | ||
Atlas Arteria Ltd. | 5,517,778 | 30,339 | |||
AMP Ltd. | 21,706,521 | 29,200 | |||
Alumina Ltd. | 15,807,542 | 25,533 | |||
Coca-Cola Amatil Ltd. | 3,220,078 | 25,006 | |||
* | Afterpay Touch Group Ltd. | 1,152,534 | 23,722 | ||
Boral Ltd. | 7,389,322 | 23,248 | |||
REA Group Ltd. | 316,008 | 22,957 |
1
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Shares | Market Value ($000 | ) | |||
Charter Hall Group | 2,932,085 | 22,836 | |||
Incitec Pivot Ltd. | 10,080,459 | 22,521 | |||
WorleyParsons Ltd. | 2,025,578 | 21,882 | |||
Downer EDI Ltd. | 3,739,517 | 21,414 | |||
Bendigo & Adelaide Bank Ltd. | 3,087,173 | 21,184 | |||
Challenger Ltd. | 3,624,547 | 20,626 | |||
Beach Energy Ltd. | 11,026,768 | 19,504 | |||
ALS Ltd. | 3,023,635 | 19,467 | |||
^ | JB Hi-Fi Ltd. | 708,962 | 18,763 | ||
Crown Resorts Ltd. | 2,210,483 | 18,637 | |||
Qantas Airways Ltd. | 3,684,132 | 18,364 | |||
Qube Holdings Ltd. | 7,890,323 | 18,216 | |||
Evolution Mining Ltd. | 6,592,820 | 17,527 | |||
Iluka Resources Ltd. | 2,647,717 | 17,337 | |||
Orora Ltd. | 7,640,968 | 17,033 | |||
Ansell Ltd. | 824,725 | 16,794 | |||
Star Entertainment Grp Ltd. | 5,172,724 | 16,687 | |||
Altium Ltd. | 677,373 | 16,505 | |||
* | Saracen Mineral Holdings Ltd. | 6,892,931 | 15,985 | ||
carsales.com Ltd. | 1,359,248 | 15,851 | |||
OZ Minerals Ltd. | 2,009,562 | 14,913 | |||
CIMIC Group Ltd. | 609,650 | 14,174 | |||
Reliance Worldwide Corp. Ltd. | 4,918,037 | 13,938 | |||
Domino's Pizza Enterprises Ltd. | 375,489 | 13,802 | |||
AusNet Services | 11,382,755 | 13,574 | |||
Independence Group NL | 3,060,256 | 13,416 | |||
Link Administration Holdings Ltd. | 3,242,950 | 13,325 | |||
Steadfast Group Ltd. | 5,297,971 | 12,942 | |||
Bank of Queensland Ltd. | 2,540,362 | 12,931 | |||
nib holdings Ltd. | 2,880,299 | 12,684 | |||
Cromwell Property Group | 15,023,729 | 12,395 | |||
Cleanaway Waste Management Ltd. | 8,450,399 | 11,927 | |||
IOOF Holdings Ltd. | 2,143,774 | 11,823 | |||
Nine Entertainment Co. Holdings Ltd. | 9,111,674 | 11,453 | |||
Seven Group Holdings Ltd. | 823,500 | 11,254 | |||
Flight Centre Travel Group Ltd. | 352,266 | 10,896 | |||
Shopping Centres Australasia Property Group | 5,796,595 | 10,876 | |||
Appen Ltd. | 685,839 | 10,832 | |||
TPG Telecom Ltd. | 2,285,125 | 10,767 | |||
^ | Harvey Norman Holdings Ltd. | 3,738,550 | 10,678 | ||
Pendal Group Ltd. | 1,743,064 | 10,510 | |||
Metcash Ltd. | 5,732,102 | 10,331 | |||
Mineral Resources Ltd. | 873,697 | 10,132 | |||
Breville Group Ltd. | 822,631 | 10,090 | |||
Whitehaven Coal Ltd. | 5,349,497 | 9,921 | |||
* | NEXTDC Ltd. | 2,142,251 | 9,898 | ||
CSR Ltd. | 3,065,926 | 9,802 | |||
IRESS Ltd. | 1,070,684 | 9,785 | |||
IDP Education Ltd. | 800,733 | 9,652 | |||
Charter Hall Long Wale REIT Ordinary Shares | 2,315,713 | 8,937 | |||
2 | Viva Energy Group Ltd. | 6,619,001 | 8,918 | ||
Regis Resources Ltd. | 2,929,818 | 8,865 | |||
* | AP Eagers Ltd. | 1,212,659 | 8,731 | ||
Washington H Soul Pattinson & Co. Ltd. | 568,195 | 8,572 | |||
WiseTech Global Ltd. | 519,187 | 8,526 | |||
BWP Trust | 3,074,751 | 8,473 | |||
St. Barbara Ltd. | 4,345,114 | 8,255 | |||
* | Nufarm Ltd. | 2,005,065 | 8,159 | ||
Bapcor Ltd. | 1,810,502 | 8,137 | |||
Perpetual Ltd. | 274,599 | 7,930 | |||
Sims Metal Management Ltd. | 1,055,598 | 7,902 | |||
^ | Corporate Travel Management Ltd. | 535,983 | 7,727 | ||
* | Vocus Group Ltd. | 3,789,222 | 7,602 | ||
* | GrainCorp Ltd. Class A | 1,424,337 | 7,580 |
2
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Shares | Market Value ($000 | ) | |||
Webjet Ltd. | 803,922 | 7,347 | |||
* | Lynas Corp. Ltd. | 4,325,203 | 7,063 | ||
Adelaide Brighton Ltd. | 2,884,637 | 7,014 | |||
Healius Ltd. | 3,616,790 | 6,990 | |||
Charter Hall Retail REIT | 2,287,731 | 6,857 | |||
^ | InvoCare Ltd. | 725,512 | 6,716 | ||
Premier Investments Ltd. | 502,344 | 6,613 | |||
* | Nanosonics Ltd. | 1,459,031 | 6,514 | ||
Monadelphous Group Ltd. | 548,501 | 6,428 | |||
Super Retail Group Ltd. | 896,738 | 6,364 | |||
Credit Corp. Group Ltd. | 290,232 | 6,285 | |||
^ | Bingo Industries Ltd. | 3,048,842 | 6,086 | ||
^ | Platinum Asset Management Ltd. | 1,891,487 | 6,000 | ||
National Storage REIT | 4,660,134 | 6,000 | |||
* | Perseus Mining Ltd. | 7,380,227 | 5,965 | ||
Ingenia Communities Group | 1,698,732 | 5,919 | |||
Abacus Property Group | 2,247,194 | 5,691 | |||
IPH Ltd. | 975,409 | 5,609 | |||
Viva Energy REIT | 2,942,553 | 5,504 | |||
ARB Corp. Ltd. | 416,710 | 5,492 | |||
Technology One Ltd. | 935,785 | 5,438 | |||
NRW Holdings Ltd. | 2,374,281 | 5,387 | |||
Aventus Group | 2,665,061 | 5,326 | |||
* | EML Payments Ltd. | 1,587,541 | 5,054 | ||
* | PolyNovo Ltd. | 3,637,413 | 5,039 | ||
Growthpoint Properties Australia Ltd. | 1,716,729 | 5,000 | |||
Perenti Global Ltd. | 4,364,407 | 4,973 | |||
^ | Blackmores Ltd. | 83,442 | 4,966 | ||
* | Gold Road Resources Ltd. | 5,262,166 | 4,927 | ||
^ | Clinuvel Pharmaceuticals Ltd. | 241,112 | 4,812 | ||
Brickworks Ltd. | 366,616 | 4,806 | |||
* | Avita Medical Ltd. | 10,566,301 | 4,792 | ||
* | Resolute Mining Ltd. | 5,267,251 | 4,635 | ||
* | IMF Bentham Ltd. | 1,443,336 | 4,526 | ||
* | Zip Co. Ltd. | 1,809,214 | 4,497 | ||
Sandfire Resources NL | 1,056,538 | 4,439 | |||
Centuria Metropolitan REIT (XASX) | 2,176,700 | 4,436 | |||
* | Silver Lake Resources Ltd. | 4,688,288 | 4,394 | ||
Elders Ltd. | 950,136 | 4,309 | |||
GUD Holdings Ltd. | 553,308 | 4,309 | |||
Collins Foods Ltd. | 672,184 | 4,200 | |||
*,^ | Mesoblast Ltd. | 2,813,495 | 4,112 | ||
Costa Group Holdings Ltd. | 2,343,733 | 4,068 | |||
Pro Medicus Ltd. | 258,010 | 4,041 | |||
*,^ | nearmap Ltd. | 2,239,094 | 3,993 | ||
^ | Bega Cheese Ltd. | 1,296,383 | 3,932 | ||
Service Stream Ltd. | 2,073,701 | 3,865 | |||
G8 Education Ltd. | 2,832,551 | 3,777 | |||
Tassal Group Ltd. | 1,294,454 | 3,777 | |||
Centuria Industrial REIT | 1,609,294 | 3,773 | |||
Domain Holdings Australia Ltd. | 1,440,742 | 3,742 | |||
Arena REIT | 1,849,541 | 3,700 | |||
GWA Group Ltd. | 1,559,847 | 3,629 | |||
* | Cooper Energy Ltd. | 8,471,987 | 3,601 | ||
Select Harvests Ltd. | 591,570 | 3,487 | |||
oOh!media Ltd. | 1,351,218 | 3,447 | |||
Western Areas Ltd. | 1,606,715 | 3,422 | |||
* | Jumbo Interactive Ltd. | 316,559 | 3,320 | ||
Ramelius Resources Ltd. | 3,820,985 | 3,307 | |||
Genworth Mortgage Insurance Australia Ltd. | 1,282,103 | 3,288 | |||
Charter Hall Education Trust | 1,403,637 | 3,192 | |||
* | Emeco Holdings Ltd. | 2,006,264 | 3,052 | ||
McMillan Shakespeare Ltd. | 323,866 | 2,971 | |||
* | Westgold Resources Ltd. | 1,829,824 | 2,932 |
3
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Shares | Market Value ($000 | ) | |||
* | Mayne Pharma Group Ltd. | 9,570,090 | 2,919 | ||
Mount Gibson Iron Ltd. | 4,291,243 | 2,882 | |||
Lovisa Holdings Ltd. | 325,030 | 2,826 | |||
Southern Cross Media Group Ltd. | 4,849,715 | 2,824 | |||
Rural Funds Group | 2,080,972 | 2,805 | |||
GDI Property Group | 2,695,569 | 2,791 | |||
Freedom Foods Group Ltd. | 777,051 | 2,783 | |||
SeaLink Travel Group Ltd. | 808,576 | 2,782 | |||
2 | Coronado Global Resources Inc. | 1,771,750 | 2,750 | ||
Netwealth Group Ltd. | 497,413 | 2,724 | |||
Inghams Group Ltd. | 1,148,499 | 2,706 | |||
Sigma Healthcare Ltd. | 6,438,203 | 2,619 | |||
SmartGroup Corp. Ltd. | 530,315 | 2,584 | |||
Accent Group Ltd. | 1,964,093 | 2,572 | |||
Estia Health Ltd. | 1,469,719 | 2,514 | |||
*,^ | Orocobre Ltd. | 1,342,096 | 2,502 | ||
Australian Pharmaceutical Industries Ltd. | 2,564,238 | 2,412 | |||
FlexiGroup Ltd. | 1,862,799 | 2,407 | |||
* | Pact Group Holdings Ltd. | 1,260,266 | 2,404 | ||
* | Carnarvon Petroleum Ltd. | 9,150,514 | 2,378 | ||
*,^ | Pilbara Minerals Ltd. | 11,788,506 | 2,325 | ||
^ | BWX Ltd. | 726,463 | 2,273 | ||
* | PointsBet Holdings Pty Ltd. | 664,583 | 2,237 | ||
* | Australian Agricultural Co. Ltd. | 2,748,344 | 2,122 | ||
Cedar Woods Properties Ltd. | 381,106 | 2,101 | |||
HUB24 Ltd. | 265,055 | 2,076 | |||
Hotel Property Investments | 913,146 | 2,023 | |||
* | Senex Energy Ltd. | 8,188,589 | 1,991 | ||
Infigen Energy | 4,312,744 | 1,967 | |||
New Hope Corp. Ltd. | 1,347,058 | 1,950 | |||
* | AMA Group Ltd. | 3,071,818 | 1,928 | ||
* | Starpharma Holdings Ltd. | 2,223,603 | 1,882 | ||
* | Eclipx Group Ltd. | 1,829,384 | 1,859 | ||
* | Karoon Energy Ltd. | 2,268,019 | 1,844 | ||
* | Asaleo Care Ltd. | 2,431,869 | 1,807 | ||
*,^ | Bubs Australia Ltd. | 2,614,666 | 1,803 | ||
Village Roadshow Ltd. | 665,456 | 1,776 | |||
HT&E Ltd. | 1,481,534 | 1,762 | |||
*,^ | Myer Holdings Ltd. | 5,193,599 | 1,749 | ||
Jupiter Mines Ltd. | 8,203,696 | 1,616 | |||
*,^ | Galaxy Resources Ltd. | 2,357,079 | 1,536 | ||
Aurelia Metals Ltd. | 4,677,465 | 1,429 | |||
*,^ | Dacian Gold Ltd. | 1,264,247 | 1,401 | ||
Regis Healthcare Ltd. | 808,472 | 1,398 | |||
Navigator Global Investments Ltd. | 698,118 | 1,387 | |||
SG Fleet Group Ltd. | 734,299 | 1,335 | |||
* | Seven West Media Ltd. | 5,682,193 | 1,318 | ||
OFX Group Ltd. | 1,280,287 | 1,256 | |||
MACA Ltd. | 1,565,776 | 1,153 | |||
Virtus Health Ltd. | 350,343 | 1,153 | |||
* | Superloop Ltd. | 1,618,245 | 1,100 | ||
Japara Healthcare Ltd. | 1,447,017 | 1,001 | |||
^ | SpeedCast International Ltd. | 1,363,916 | 901 | ||
*,^ | Syrah Resources Ltd. | 2,492,233 | 823 | ||
WPP AUNZ Ltd. | 2,028,371 | 778 | |||
* | Charter Hall Long Wale REIT | 172,876 | 667 | ||
Vita Group Ltd. | 726,449 | 607 | |||
* | Intega Group Ltd. | 1,626,106 | 545 | ||
* | Cardno Ltd. | 1,626,106 | 541 | ||
*,^ | New Century Resources Ltd. | 2,648,261 | 511 | ||
* | Ainsworth Game Technology Ltd. | 812,390 | 447 | ||
*,^ | Liquefied Natural Gas Ltd. | 3,307,629 | 441 | ||
* | Clean TeQ Holdings Ltd. | 2,916,231 | 420 | ||
Decmil Group Ltd. | 1,144,603 | 394 | |||
4
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Shares | Market Value ($000 | ) | |||
*,§ | BGP Holdings plc | 7,179,555 | — | ||
7,681,714 | |||||
Austria (0.3%) | |||||
Erste Group Bank AG | 1,802,936 | 67,722 | |||
OMV AG | 896,732 | 50,239 | |||
Wienerberger AG | 725,080 | 21,497 | |||
Verbund AG | 418,947 | 21,031 | |||
Raiffeisen Bank International AG | 817,343 | 20,458 | |||
voestalpine AG | 727,358 | 20,174 | |||
ANDRITZ AG | 445,431 | 19,149 | |||
2 | BAWAG Group AG | 405,823 | 18,342 | ||
CA Immobilien Anlagen AG | 433,884 | 18,175 | |||
IMMOFINANZ AG | 519,778 | 13,925 | |||
Oesterreichische Post AG | 206,233 | 7,839 | |||
Lenzing AG | 83,187 | 7,702 | |||
S IMMO AG | 290,323 | 7,227 | |||
Telekom Austria AG Class A | 853,349 | 6,978 | |||
UNIQA Insurance Group AG | 679,839 | 6,920 | |||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 241,304 | 6,836 | |||
DO & CO AG | 42,608 | 4,081 | |||
Schoeller-Bleckmann Oilfield Equipment AG | 68,675 | 3,854 | |||
EVN AG | 180,437 | 3,505 | |||
Strabag SE | 99,303 | 3,466 | |||
Flughafen Wien AG | 59,277 | 2,519 | |||
Palfinger AG | 62,984 | 2,065 | |||
* | Zumtobel Group AG | 168,492 | 1,717 | ||
Agrana Beteiligungs AG | 64,466 | 1,347 | |||
^ | Porr AG | 63,237 | 1,089 | ||
Kapsch TrafficCom AG | 31,814 | 1,028 | |||
*,§ | Strabag SE Rights Exp. 06/28/2021 | 87,956 | 128 | ||
339,013 | |||||
Belgium (1.0%) | |||||
Anheuser-Busch InBev SA | 4,860,092 | 398,045 | |||
KBC Group NV | 1,731,509 | 130,547 | |||
Ageas | 1,165,693 | 68,931 | |||
Umicore SA | 1,294,892 | 63,105 | |||
UCB SA | 759,965 | 60,474 | |||
Solvay SA Class A | 436,839 | 50,845 | |||
Groupe Bruxelles Lambert SA | 462,775 | 48,833 | |||
* | Argenx SE | 268,710 | 43,220 | ||
Proximus SADP | 883,217 | 25,308 | |||
Cofinimmo SA | 161,016 | 23,662 | |||
Ackermans & van Haaren NV | 139,713 | 21,907 | |||
Sofina SA | 95,864 | 20,737 | |||
Warehouses De Pauw CVA | 112,288 | 20,448 | |||
Elia System Operator SA | 222,796 | 19,770 | |||
Aedifica SA | 155,326 | 19,745 | |||
Colruyt SA | 317,722 | 16,570 | |||
Barco NV | 61,090 | 15,025 | |||
Telenet Group Holding NV | 289,183 | 13,000 | |||
Euronav NV | 1,018,993 | 12,567 | |||
KBC Ancora | 226,127 | 11,376 | |||
Ontex Group NV | 505,744 | 10,645 | |||
D'ieteren SA | 141,703 | 9,954 | |||
^ | Melexis NV | 114,476 | 8,635 | ||
Fagron | 380,783 | 8,272 | |||
Befimmo SA | 133,473 | 8,102 | |||
^ | bpost SA | 634,624 | 7,337 | ||
Montea CVA | 78,529 | 7,138 | |||
Gimv NV | 115,353 | 7,097 | |||
Bekaert SA | 221,270 | 6,578 | |||
Retail Estates NV | 62,056 | 5,836 | |||
* | Tessenderlo Chemie NV (Voting Shares) | 164,624 | 5,817 | ||
Titan Cement International SA | 267,954 | 5,736 |
5
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Shares | Market Value ($000 | ) | |||
* | AGFA-Gevaert NV | 1,046,195 | 5,419 | ||
Kinepolis Group NV | 81,379 | 5,408 | |||
Cie d'Entreprises CFE | 44,425 | 4,849 | |||
Orange Belgium SA | 179,469 | 4,168 | |||
*,^ | Mithra Pharmaceuticals SA | 85,025 | 2,510 | ||
Econocom Group SA | 860,781 | 2,348 | |||
EVS Broadcast Equipment SA | 82,983 | 2,031 | |||
*,^ | Ion Beam Applications | 120,426 | 1,766 | ||
Wereldhave Belgium Comm VA | 14,893 | 1,440 | |||
Van de Velde NV | 35,294 | 1,182 | |||
1,206,383 | |||||
Canada (8.7%) | |||||
Royal Bank of Canada | 9,070,217 | 717,697 | |||
Toronto-Dominion Bank | 11,427,718 | 640,931 | |||
Enbridge Inc. (XTSE) | 12,424,780 | 494,006 | |||
Bank of Nova Scotia | 7,653,801 | 432,333 | |||
Canadian National Railway Co. | 4,556,952 | 412,233 | |||
Brookfield Asset Management Inc. Class A | 5,656,357 | 326,823 | |||
Suncor Energy Inc. | 9,689,564 | 317,576 | |||
TC Energy Corp. | 5,856,339 | 311,905 | |||
Bank of Montreal | 4,007,731 | 310,607 | |||
Manulife Financial Corp. | 12,366,433 | 251,033 | |||
* | Shopify Inc. Class A | 618,369 | 245,862 | ||
Canadian Natural Resources Ltd. (XNYS) | 7,280,880 | 235,491 | |||
Canadian Imperial Bank of Commerce | 2,790,413 | 232,207 | |||
Canadian Pacific Railway Ltd. | 861,768 | 219,684 | |||
Nutrien Ltd. | 3,594,778 | 172,105 | |||
Sun Life Financial Inc. | 3,727,021 | 169,941 | |||
Alimentation Couche-Tard Inc. Class B | 5,347,759 | 169,713 | |||
Barrick Gold Corp. (XTSE) | 7,496,920 | 139,252 | |||
^ | Pembina Pipeline Corp. | 3,425,965 | 126,981 | ||
* | CGI Inc. | 1,488,998 | 124,608 | ||
Constellation Software Inc. | 124,952 | 121,354 | |||
Franco-Nevada Corp. | 1,164,166 | 120,213 | |||
National Bank of Canada | 2,103,916 | 116,784 | |||
Rogers Communications Inc. Class B | 2,253,093 | 111,878 | |||
Restaurant Brands International Inc. (XTSE) | 1,732,270 | 110,429 | |||
^ | Fortis Inc. (XTSE) | 2,642,442 | 109,641 | ||
Magna International Inc. | 1,829,485 | 100,311 | |||
Waste Connections Inc. (XTSE) | 1,067,510 | 96,964 | |||
Intact Financial Corp. | 870,070 | 94,086 | |||
Agnico Eagle Mines Ltd. | 1,495,045 | 92,082 | |||
^ | Thomson Reuters Corp. | 1,234,525 | 88,310 | ||
BCE Inc. | 1,880,665 | 87,129 | |||
Wheaton Precious Metals Corp. | 2,798,280 | 83,266 | |||
Fairfax Financial Holdings Ltd. | 167,989 | 78,880 | |||
Open Text Corp. | 1,620,744 | 71,417 | |||
Dollarama Inc. | 1,959,263 | 67,338 | |||
Barrick Gold Corp. (XNYS) | 3,561,990 | 65,824 | |||
Cenovus Energy Inc. | 6,394,721 | 65,004 | |||
* | Bausch Health Cos. Inc. | 2,166,959 | 64,864 | ||
Emera Inc. | 1,495,410 | 64,248 | |||
Metro Inc. | 1,505,535 | 62,132 | |||
Loblaw Cos. Ltd. | 1,147,969 | 59,231 | |||
Shaw Communications Inc. Class B | 2,814,401 | 57,109 | |||
Power Corp. of Canada | 2,194,969 | 56,541 | |||
Teck Resources Ltd. Class B | 3,083,561 | 53,476 | |||
Waste Connections Inc. (XNYS) | 577,439 | 52,426 | |||
^ | Kirkland Lake Gold Ltd. | 1,166,148 | 51,404 | ||
TELUS Corp. | 1,246,458 | 48,263 | |||
^ | Algonquin Power & Utilities Corp. | 3,223,784 | 45,605 | ||
WSP Global Inc. | 658,482 | 44,964 | |||
^ | Inter Pipeline Ltd. | 2,582,002 | 44,818 | ||
Saputo Inc. | 1,442,430 | 44,654 | |||
6
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Shares | Market Value ($000 | ) | |||
CAE Inc. | 1,668,149 | 44,165 | |||
First Quantum Minerals Ltd. | 4,266,236 | 43,269 | |||
Great-West Lifeco Inc. | 1,631,854 | 41,797 | |||
Canadian Apartment Properties REIT | 1,002,371 | 40,919 | |||
RioCan REIT | 1,984,234 | 40,890 | |||
CCL Industries Inc. Class B | 923,073 | 39,324 | |||
^ | Canadian Tire Corp. Ltd. Class A | 362,684 | 39,032 | ||
Power Financial Corp. | 1,433,276 | 38,565 | |||
^ | Encana Corp. | 8,148,075 | 38,150 | ||
Imperial Oil Ltd. | 1,438,728 | 38,058 | |||
2 | Hydro One Ltd. | 1,967,667 | 38,003 | ||
Gildan Activewear Inc. | 1,261,753 | 37,302 | |||
* | Kinross Gold Corp. | 7,782,590 | 36,919 | ||
iA Financial Corp. Inc. | 663,807 | 36,463 | |||
George Weston Ltd. | 449,015 | 35,622 | |||
Keyera Corp. | 1,328,898 | 34,815 | |||
Parkland Fuel Corp. | 915,287 | 33,629 | |||
Onex Corp. | 514,866 | 32,580 | |||
Pan American Silver Corp. | 1,291,686 | 30,597 | |||
* | Air Canada Class B | 817,423 | 30,537 | ||
TMX Group Ltd. | 349,817 | 30,293 | |||
Allied Properties REIT | 727,836 | 29,185 | |||
H&R REIT | 1,795,483 | 29,175 | |||
Ritchie Bros Auctioneers Inc. | 677,862 | 29,087 | |||
Toromont Industries Ltd. | 490,974 | 26,690 | |||
^ | AltaGas Ltd. | 1,703,544 | 25,949 | ||
* | Stars Group Inc. (XTSE) | 987,409 | 25,770 | ||
SNC-Lavalin Group Inc. | 1,100,885 | 25,391 | |||
B2Gold Corp. | 6,277,902 | 25,188 | |||
Empire Co. Ltd. | 1,069,405 | 25,085 | |||
Lundin Mining Corp. | 4,003,068 | 23,922 | |||
*,^ | Canopy Growth Corp. | 1,126,280 | 23,687 | ||
Yamana Gold Inc. | 5,919,526 | 23,431 | |||
Element Fleet Management Corp. | 2,691,683 | 22,988 | |||
CI Financial Corp. | 1,355,749 | 22,666 | |||
* | Descartes Systems Group Inc. | 526,687 | 22,511 | ||
Canadian Utilities Ltd. Class A | 745,743 | 22,495 | |||
Cameco Corp. | 2,492,785 | 22,153 | |||
* | Detour Gold Corp. | 1,107,414 | 21,440 | ||
Finning International Inc. | 1,033,387 | 20,134 | |||
* | BlackBerry Ltd. | 3,121,418 | 20,072 | ||
* | Bombardier Inc. Class B | 13,266,581 | 19,718 | ||
^ | Stantec Inc. | 692,518 | 19,572 | ||
Boyd Group Income Fund | 124,578 | 19,379 | |||
SmartCentres REIT | 792,406 | 19,045 | |||
^ | Gibson Energy Inc. | 908,366 | 18,600 | ||
Tourmaline Oil Corp. | 1,582,638 | 18,550 | |||
Quebecor Inc. Class B | 721,490 | 18,413 | |||
Methanex Corp. | 475,505 | 18,364 | |||
Atco Ltd. | 469,329 | 17,988 | |||
FirstService Corp. | 192,973 | 17,965 | |||
^ | Capital Power Corp. | 662,297 | 17,540 | ||
Granite REIT | 341,037 | 17,328 | |||
Choice Properties REIT | 1,601,819 | 17,159 | |||
^ | PrairieSky Royalty Ltd. | 1,458,457 | 17,105 | ||
Colliers International Group Inc. | 218,245 | 16,992 | |||
TFI International Inc. | 497,958 | 16,785 | |||
*,^ | Cronos Group Inc. | 2,147,095 | 16,485 | ||
West Fraser Timber Co. Ltd. | 373,281 | 16,466 | |||
* | Parex Resources Inc. | 867,102 | 16,126 | ||
Husky Energy Inc. | 1,921,299 | 15,417 | |||
^ | Northland Power Inc. | 728,665 | 15,263 | ||
Crescent Point Energy Corp. | 3,416,157 | 15,232 | |||
IGM Financial Inc. | 520,693 | 14,949 |
7
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Shares | Market Value ($000 | ) | |||
* | SSR Mining Inc. | 774,070 | 14,897 | ||
Alamos Gold Inc. Class A | 2,444,478 | 14,740 | |||
Chartwell Retirement Residences | 1,351,953 | 14,472 | |||
^ | Vermilion Energy Inc. | 880,295 | 14,392 | ||
^ | Premium Brands Holdings Corp. | 202,566 | 14,189 | ||
^ | ARC Resources Ltd. | 2,232,050 | 14,060 | ||
Canadian Western Bank | 547,143 | 13,437 | |||
* | Ivanhoe Mines Ltd. | 4,091,790 | 13,392 | ||
*,^ | Canada Goose Holdings Inc. | 368,931 | 13,356 | ||
First Capital REIT | 833,255 | 13,264 | |||
* | NovaGold Resources Inc. | 1,482,036 | 13,262 | ||
TransAlta Corp. | 1,793,012 | 12,814 | |||
* | Pretium Resources Inc. | 1,140,434 | 12,691 | ||
^ | Cominar REIT | 1,147,933 | 12,518 | ||
*,^ | First Majestic Silver Corp. | 1,008,566 | 12,373 | ||
* | Kinaxis Inc. | 159,819 | 12,310 | ||
* | Great Canadian Gaming Corp. | 356,532 | 11,817 | ||
^ | Cott Corp. | 853,392 | 11,659 | ||
Linamar Corp. | 291,108 | 11,014 | |||
^ | Whitecap Resources Inc. | 2,568,352 | 10,977 | ||
* | IAMGOLD Corp. | 2,904,769 | 10,849 | ||
*,^ | Aurora Cannabis Inc. | 5,048,352 | 10,847 | ||
* | Centerra Gold Inc. | 1,355,457 | 10,783 | ||
* | Seven Generations Energy Ltd. Class A | 1,649,067 | 10,756 | ||
BRP Inc. | 231,871 | 10,564 | |||
^ | Cineplex Inc. | 393,607 | 10,260 | ||
^ | Enerplus Corp. | 1,436,627 | 10,234 | ||
Innergex Renewable Energy Inc. | 782,414 | 10,159 | |||
^ | Genworth MI Canada Inc. | 231,618 | 10,135 | ||
Stella-Jones Inc. | 349,156 | 10,088 | |||
Maple Leaf Foods Inc. | 492,993 | 9,825 | |||
* | Alacer Gold Corp. | 1,841,540 | 9,785 | ||
* | Home Capital Group Inc. Class B | 364,139 | 9,243 | ||
^ | Laurentian Bank of Canada | 266,473 | 9,117 | ||
Enghouse Systems Ltd. | 242,644 | 9,003 | |||
* | MEG Energy Corp. | 1,566,310 | 8,914 | ||
* | Endeavour Mining Corp. | 466,597 | 8,814 | ||
^ | Osisko Gold Royalties Ltd. | 894,915 | 8,697 | ||
^ | Superior Plus Corp. | 897,136 | 8,677 | ||
^ | Boardwalk REIT | 239,694 | 8,478 | ||
* | Torex Gold Resources Inc. | 533,646 | 8,433 | ||
Norbord Inc. | 306,655 | 8,202 | |||
*,^ | Eldorado Gold Corp. | 997,938 | 8,015 | ||
* | ATS Automation Tooling Systems Inc. | 461,388 | 7,614 | ||
OceanaGold Corp. | 3,875,860 | 7,611 | |||
^ | NFI Group Inc. | 351,363 | 7,211 | ||
^ | Dream Office REIT | 300,721 | 7,209 | ||
Artis REIT | 772,409 | 7,078 | |||
Winpak Ltd. | 193,411 | 6,997 | |||
^ | TransAlta Renewables Inc. | 584,715 | 6,988 | ||
^ | Northview Apartment REIT | 304,110 | 6,941 | ||
^ | Russel Metals Inc. | 384,775 | 6,569 | ||
*,^ | Aphria Inc. | 1,251,390 | 6,534 | ||
North West Co. Inc. | 306,268 | 6,446 | |||
Cogeco Communications Inc. | 71,560 | 6,238 | |||
Hudbay Minerals Inc. | 1,487,380 | 6,162 | |||
Martinrea International Inc. | 520,908 | 5,740 | |||
* | Celestica Inc. | 676,732 | 5,613 | ||
Transcontinental Inc. Class A | 456,218 | 5,576 | |||
Enerflex Ltd. | 571,819 | 5,386 | |||
ECN Capital Corp. | 1,408,984 | 5,197 | |||
Corus Entertainment Inc. Class B | 1,252,326 | 5,131 | |||
Aecon Group Inc. | 375,376 | 5,065 | |||
* | Baytex Energy Corp. | 3,413,069 | 4,915 | ||
8
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Shares | Market Value ($000 | ) | |||
Hudson's Bay Co. | 632,302 | 4,811 | |||
Pason Systems Inc. | 457,952 | 4,623 | |||
* | Turquoise Hill Resources Ltd. | 6,298,351 | 4,608 | ||
Mullen Group Ltd. | 614,455 | 4,386 | |||
ShawCor Ltd. | 452,835 | 4,370 | |||
* | SEMAFO Inc. | 2,069,769 | 4,304 | ||
^ | Westshore Terminals Investment Corp. | 283,308 | 4,134 | ||
* | Canfor Corp. | 396,263 | 3,705 | ||
^ | Secure Energy Services Inc. | 937,590 | 3,653 | ||
* | Kelt Exploration Ltd. | 972,205 | 3,646 | ||
Cascades Inc. | 403,690 | 3,485 | |||
^ | Birchcliff Energy Ltd. | 1,615,045 | 3,221 | ||
^ | TORC Oil & Gas Ltd. | 901,358 | 3,117 | ||
Fortis Inc. (XNYS) | 73,120 | 3,036 | |||
*,^ | Lightspeed POS Inc. | 108,374 | 3,010 | ||
*,^ | Gran Tierra Energy Inc. | 2,266,301 | 2,950 | ||
First National Financial Corp. | 99,243 | 2,910 | |||
* | Precision Drilling Corp. | 1,814,603 | 2,529 | ||
*,^ | Paramount Resources Ltd. Class A | 420,246 | 2,440 | ||
Restaurant Brands International Inc. (XNYS) | 23,475 | 1,497 | |||
Morguard REIT | 147,286 | 1,337 | |||
* | Stars Group Inc. (XNGS) | 45,995 | 1,200 | ||
^ | Just Energy Group Inc. | 603,573 | 1,013 | ||
*,§ | Tahoe Resources Inc. CVR Exp. 02/26/2028 | 1,805,222 | 708 | ||
Enbridge Inc. (XNYS) | 7,620 | 303 | |||
10,838,751 | |||||
Denmark (1.5%) | |||||
Novo Nordisk A/S Class B | 10,432,766 | 604,567 | |||
DSV A/S | 1,260,987 | 145,362 | |||
Vestas Wind Systems A/S | 1,246,835 | 125,938 | |||
2 | Orsted A/S | 1,128,790 | 116,776 | ||
Coloplast A/S Class B | 837,205 | 103,865 | |||
Carlsberg A/S Class B | 652,397 | 97,361 | |||
* | Genmab A/S | 370,758 | 82,458 | ||
Danske Bank A/S | 4,206,225 | 68,050 | |||
Novozymes A/S | 1,319,404 | 64,581 | |||
AP Moller - Maersk A/S Class B | 37,826 | 54,576 | |||
Chr Hansen Holding A/S | 647,551 | 51,477 | |||
AP Moller - Maersk A/S Class A | 30,824 | 41,765 | |||
GN Store Nord A/S | 816,486 | 38,408 | |||
Royal Unibrew A/S | 311,924 | 28,572 | |||
SimCorp A/S | 249,700 | 28,410 | |||
ISS A/S | 1,171,397 | 28,096 | |||
Pandora A/S | 563,042 | 24,486 | |||
Tryg A/S | 762,910 | 22,626 | |||
*,^ | Demant A/S | 678,628 | 21,373 | ||
^ | Ambu A/S Class B | 1,044,662 | 17,515 | ||
H Lundbeck A/S | 376,108 | 14,379 | |||
Ringkjoebing Landbobank A/S | 186,341 | 14,371 | |||
Jyske Bank A/S | 378,475 | 13,811 | |||
Topdanmark A/S | 266,204 | 13,122 | |||
FLSmidth & Co. A/S | 312,804 | 12,474 | |||
* | ALK-Abello A/S | 40,933 | 10,045 | ||
*,2 | Netcompany Group A/S | 204,717 | 9,757 | ||
Rockwool International A/S Class B | 39,836 | 9,446 | |||
Dfds A/S | 184,819 | 9,022 | |||
* | Drilling Co. of 1972 A/S | 135,541 | 8,950 | ||
Sydbank A/S | 376,898 | 7,906 | |||
Schouw & Co. A/S | 78,501 | 6,599 | |||
*,^ | Bavarian Nordic A/S | 207,259 | 5,338 | ||
Spar Nord Bank A/S | 511,184 | 4,962 | |||
2 | Scandinavian Tobacco Group A/S | 390,770 | 4,765 | ||
*,^ | NKT A/S | 167,533 | 4,048 |
9
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Shares | Market Value ($000 | ) | |||
* | Nilfisk Holding A/S | 174,656 | 3,821 | ||
Alm Brand A/S | 394,947 | 3,508 | |||
D/S Norden A/S | 168,219 | 2,694 | |||
Matas A/S | 212,242 | 1,757 | |||
Solar A/S Class B | 33,118 | 1,487 | |||
*,^ | Bang & Olufsen A/S | 195,271 | 1,027 | ||
1,929,551 | |||||
Finland (1.0%) | |||||
Kone Oyj Class B | 2,466,427 | 161,275 | |||
Nordea Bank Abp (XSTO) | 19,008,564 | 153,783 | |||
Sampo Oyj Class A | 3,095,257 | 135,149 | |||
Nokia Oyj | 35,358,727 | 130,788 | |||
UPM-Kymmene Oyj | 3,362,142 | 116,648 | |||
Neste Oyj | 2,627,378 | 91,436 | |||
Fortum Oyj | 2,722,166 | 67,193 | |||
Stora Enso Oyj | 3,617,144 | 52,633 | |||
Elisa Oyj | 902,119 | 49,846 | |||
Wartsila Oyj Abp | 3,082,004 | 34,067 | |||
Kesko Oyj Class B | 423,152 | 29,952 | |||
Orion Oyj Class B | 642,377 | 29,750 | |||
Huhtamaki Oyj | 581,529 | 27,001 | |||
Metso Oyj | 674,491 | 26,646 | |||
Nokian Renkaat Oyj | 856,454 | 24,633 | |||
Valmet Oyj | 832,793 | 19,970 | |||
Tieto Oyj | 592,881 | 18,441 | |||
Konecranes Oyj Class A | 456,645 | 14,042 | |||
Cargotec Oyj Class B | 304,798 | 10,346 | |||
Nordea Bank Abp (XHEL) | 1,224,724 | 9,953 | |||
Kemira Oyj | 550,105 | 8,186 | |||
Metsa Board Oyj | 1,068,011 | 7,185 | |||
^ | YIT Oyj | 1,010,787 | 6,760 | ||
^ | Outokumpu Oyj | 1,893,972 | 5,969 | ||
* | Outotec Oyj | 917,038 | 5,930 | ||
Caverion Oyj | 621,141 | 5,009 | |||
^ | Citycon Oyj | 467,317 | 4,910 | ||
Sanoma Oyj | 461,102 | 4,887 | |||
Uponor Oyj | 337,082 | 4,407 | |||
Ahlstrom-Munksjo Oyj | 239,563 | 3,848 | |||
Cramo Oyj | 257,767 | 3,829 | |||
Raisio Oyj | 705,858 | 2,692 | |||
* | F-Secure Oyj | 650,171 | 2,222 | ||
Finnair Oyj | 327,294 | 2,161 | |||
Oriola Oyj | 814,256 | 1,851 | |||
1,273,398 | |||||
France (8.6%) | |||||
TOTAL SA | 15,226,532 | 844,932 | |||
LVMH Moet Hennessy Louis Vuitton SE | 1,571,319 | 732,166 | |||
Sanofi | 6,840,021 | 686,929 | |||
Airbus SE | 3,474,426 | 509,927 | |||
BNP Paribas SA | 6,825,826 | 405,716 | |||
AXA SA | 12,113,635 | 342,287 | |||
Schneider Electric SE | 3,307,407 | 339,804 | |||
Vinci SA | 2,932,465 | 326,601 | |||
Safran SA | 2,080,468 | 321,349 | |||
Danone SA | 3,773,620 | 313,385 | |||
Kering SA | 468,062 | 308,415 | |||
EssilorLuxottica SA | 1,852,190 | 283,167 | |||
Pernod Ricard SA | 1,334,668 | 238,823 | |||
Air Liquide SA Loyalty Shares | 1,259,463 | 178,556 | |||
Orange SA | 12,081,522 | 177,553 | |||
Societe Generale SA | 4,848,199 | 169,193 | |||
Vivendi SA | 5,095,690 | 147,559 | |||
Hermes International | 194,629 | 145,799 |
10
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Market | |||||
Value | |||||
Shares | ($000 | ) | |||
L'Oreal SA Loyalty Shares | 491,714 | 145,404 | |||
L'Oreal SA | 471,136 | 139,319 | |||
Legrand SA | 1,685,520 | 137,647 | |||
Dassault Systemes SE | 831,503 | 137,137 | |||
Cie Generale des Etablissements Michelin SCA | 1,112,820 | 136,943 | |||
Air Liquide SA | 908,163 | 128,751 | |||
Cie de Saint-Gobain | 3,071,071 | 125,810 | |||
Capgemini SE | 979,531 | 119,802 | |||
STMicroelectronics NV | 3,982,509 | 107,451 | |||
* | L’Oreal SA | 358,283 | 105,947 | ||
Credit Agricole SA | 7,231,902 | 105,234 | |||
* | Air Liquide SA Loyalty Shares 2021 | 652,591 | 92,519 | ||
Teleperformance | 364,413 | 89,033 | |||
Veolia Environnement SA | 3,163,615 | 84,179 | |||
Peugeot SA | 3,430,671 | 82,601 | |||
Edenred | 1,535,554 | 79,580 | |||
Engie | 4,330,276 | 70,143 | |||
Thales SA | 632,721 | 65,838 | |||
TechnipFMC plc | 2,881,950 | 61,950 | |||
Publicis Groupe SA | 1,355,286 | 61,451 | |||
Carrefour SA | 3,613,434 | 60,773 | |||
Gecina SA | 326,122 | 58,466 | |||
Accor SA | 1,196,018 | 56,140 | |||
Bouygues SA | 1,310,882 | 55,879 | |||
Alstom SA | 1,163,020 | 55,266 | |||
Renault SA | 1,156,390 | 54,914 | |||
Eiffage SA | 468,346 | 53,732 | |||
Valeo SA | 1,498,394 | 53,108 | |||
Engie SA | 3,237,841 | 52,448 | |||
Atos SE | 597,388 | 49,920 | |||
Getlink SE | 2,856,536 | 49,804 | |||
Arkema SA | 451,910 | 48,322 | |||
*,2 | Worldline SA | 667,479 | 47,318 | ||
Klepierre SA | 1,202,954 | 45,765 | |||
Bureau Veritas SA | 1,739,491 | 45,474 | |||
Ingenico Group SA | 388,366 | 42,246 | |||
* | L'Oreal SA Loyalty Shares 2020 | 141,562 | 41,861 | ||
SCOR SE | 990,470 | 41,695 | |||
* | Ubisoft Entertainment SA | 575,790 | 39,893 | ||
^ | Eurofins Scientific SE | 70,816 | 39,341 | ||
Engie Loyalty Shares 2021 | 2,400,527 | 38,885 | |||
Orpea | 281,880 | 36,164 | |||
Aeroports de Paris | 178,597 | 35,361 | |||
Rubis SCA | 573,082 | 35,265 | |||
Suez | 2,312,500 | 35,042 | |||
Covivio | 291,369 | 33,091 | |||
2 | Euronext NV | 385,932 | 31,546 | ||
SES SA Class A | 2,217,439 | 31,168 | |||
2 | Amundi SA | 358,258 | 28,172 | ||
Bollore SA | 6,231,014 | 27,229 | |||
Rexel SA | 1,908,302 | 25,382 | |||
Sartorius Stedim Biotech | 151,697 | 25,180 | |||
Faurecia SE | 462,844 | 25,127 | |||
Natixis SA | 5,312,898 | 23,667 | |||
Altran Technologies SA | 1,461,064 | 23,279 | |||
BioMerieux | 260,902 | 23,261 | |||
Wendel SA | 171,966 | 22,907 | |||
Alten SA | 178,247 | 22,538 | |||
ICADE | 202,641 | 22,065 | |||
Elis SA (XPAR) | 1,025,587 | 21,331 | |||
Sodexo SA | 174,318 | 20,676 | |||
Sodexo SA ACT Loyalty Shares | 169,171 | 20,066 | |||
CNP Assurances | 1,001,681 | 19,959 | |||
^ | Iliad SA | 150,365 | 19,558 |
11
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Market | |||||
Value | |||||
Shares | ($000 | ) | |||
Dassault Aviation SA | 14,731 | 19,331 | |||
Ipsen SA | 217,732 | 19,327 | |||
Eutelsat Communications SA | 1,170,563 | 19,073 | |||
^ | Remy Cointreau SA | 154,105 | 18,940 | ||
Eurazeo SE | 268,619 | 18,438 | |||
* | L’Oreal Loyalty Shares | 55,941 | 16,542 | ||
^ | Casino Guichard Perrachon SA | 348,444 | 16,323 | ||
Electricite de France SA | 1,459,528 | 16,286 | |||
Lagardere SCA | 724,395 | 15,813 | |||
SPIE SA | 768,811 | 15,713 | |||
Korian SA | 316,584 | 14,924 | |||
* | Sodexo Loyalty Shares | 125,433 | 14,878 | ||
* | CGG SA | 4,477,116 | 14,656 | ||
Air Liquide SA Loyalty Shares 2022 | 103,235 | 14,636 | |||
Sopra Steria Group | 90,248 | 14,576 | |||
JCDecaux SA | 457,526 | 14,137 | |||
* | SOITEC | 129,302 | 13,651 | ||
* | Air France-KLM | 1,219,023 | 13,599 | ||
Nexity SA | 270,259 | 13,584 | |||
Gaztransport Et Technigaz SA | 137,266 | 13,221 | |||
Electricite de France SA Loyalty Shares | 1,079,445 | 12,045 | |||
Societe BIC SA | 159,690 | 11,113 | |||
2 | Elior Group SA | 664,444 | 9,788 | ||
Cie Plastic Omnium SA | 348,451 | 9,785 | |||
Imerys SA | 229,358 | 9,736 | |||
Nexans SA | 183,722 | 8,990 | |||
SEB SA Loyalty Shares | 54,573 | 8,117 | |||
2 | ALD SA | 507,785 | 7,918 | ||
SEB SA (XPAR) | 53,325 | 7,915 | |||
IPSOS | 238,857 | 7,774 | |||
Engie Loyalty Shares 2022 | 476,725 | 7,722 | |||
Metropole Television SA | 404,033 | 7,619 | |||
* | Virbac SA | 27,117 | 7,209 | ||
Coface SA | 554,658 | 6,839 | |||
Electricite de France SA Loyalty Shares 2021 | 586,841 | 6,548 | |||
Altarea SCA | 28,619 | 6,511 | |||
* | Fnac Darty SA | 108,661 | 6,457 | ||
*,^ | Vallourec SA | 1,927,433 | 6,132 | ||
* | SEB SA Loyalty Shares 2021 | 41,119 | 6,116 | ||
Television Francaise 1 | 665,578 | 5,548 | |||
Sodexo SA Loyalty Shares 2022 | 45,442 | 5,390 | |||
Trigano SA | 50,615 | 5,357 | |||
Mercialys SA | 386,124 | 5,346 | |||
^ | Akka Technologies | 70,183 | 5,177 | ||
* | DBV Technologies SA | 235,223 | 5,119 | ||
Rothschild & Co. | 176,461 | 5,091 | |||
Quadient SAS | 208,063 | 5,042 | |||
*,^ | Genfit | 232,704 | 4,654 | ||
*,2 | Neoen SA | 133,872 | 4,637 | ||
Carmila SA | 193,022 | 4,330 | |||
Vicat SA | 93,428 | 4,228 | |||
2 | Maisons du Monde SA | 276,000 | 4,019 | ||
FFP | 33,103 | 3,865 | |||
Mersen SA | 91,001 | 3,492 | |||
LISI | 101,732 | 3,429 | |||
Tarkett SA | 208,740 | 3,386 | |||
Sodexo SA Loyalty Shares 2023 | 28,542 | 3,385 | |||
Interparfums SA | 80,028 | 3,326 | |||
^,2 | Europcar Mobility Group | 632,241 | 3,084 | ||
Beneteau SA | 235,248 | 2,862 | |||
^ | Eramet | 55,071 | 2,849 | ||
Derichebourg SA | 603,117 | 2,482 | |||
* | SEB SA Loyalty Shares 2020 | 15,997 | 2,379 | ||
GL Events | 81,920 | 2,216 |
12
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Market | |||||
Value | |||||
Shares | ($000 | ) | |||
* | Bonduelle SCA | 84,233 | 2,202 | ||
* | Albioma Loyalty Shares 2020 | 66,334 | 1,937 | ||
Vilmorin & Cie SA | 35,698 | 1,931 | |||
Manitou BF SA | 75,283 | 1,813 | |||
*,^ | Technicolor SA | 2,242,226 | 1,726 | ||
*,^,2 | SMCP SA | 147,150 | 1,565 | ||
Pharmagest Inter@ctive | 22,710 | 1,546 | |||
Guerbet | 33,254 | 1,540 | |||
*,^,2 | X-Fab Silicon Foundries SE | 319,844 | 1,498 | ||
Albioma SA | 50,122 | 1,464 | |||
Jacquet Metal Service SA | 84,366 | 1,464 | |||
Groupe Crit | 17,529 | 1,449 | |||
Synergie SA | 41,129 | 1,350 | |||
* | Albioma SA Loyalty Shares 2021 | 39,928 | 1,166 | ||
AKWEL | 50,714 | 1,147 | |||
Etablissements Maurel et Prom SA | 344,214 | 1,092 | |||
* | SEB SA | 6,108 | 908 | ||
Sodexo SA Loyalty Shares | 6,158 | 730 | |||
Boiron SA | 15,337 | 627 | |||
* | Electricite de France | 54,608 | 610 | ||
Union Financiere de France BQE SA | 18,589 | 413 | |||
* | Esso SA Francaise | 12,846 | 329 | ||
* | Albioma Loyalty Shares | 10,688 | 312 | ||
*,§ | Bourbon Corp. | 38,330 | 158 | ||
10,789,836 | |||||
Germany (7.2%) | |||||
SAP SE | 6,113,220 | 822,832 | |||
Allianz SE | 2,618,256 | 641,548 | |||
Siemens AG | 4,778,712 | 624,062 | |||
Bayer AG | 5,892,181 | 479,017 | |||
BASF SE | 5,778,811 | 435,358 | |||
adidas AG | 1,218,381 | 396,607 | |||
Deutsche Telekom AG | 20,368,204 | 332,862 | |||
Daimler AG | 5,088,093 | 281,293 | |||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 908,802 | 268,182 | |||
Deutsche Post AG | 6,149,160 | 233,818 | |||
Volkswagen AG Preference Shares | 1,156,659 | 227,676 | |||
Vonovia SE | 3,422,815 | 183,838 | |||
Deutsche Boerse AG | 1,157,475 | 181,508 | |||
Infineon Technologies AG | 7,853,236 | 177,440 | |||
Bayerische Motoren Werke AG | 2,026,022 | 165,944 | |||
E.ON SE | 13,678,366 | 146,180 | |||
Fresenius SE & Co. KGaA | 2,564,598 | 144,320 | |||
Henkel AG & Co. KGaA Preference Shares | 1,093,402 | 112,950 | |||
RWE AG | 3,616,595 | 110,820 | |||
Deutsche Bank AG | 12,898,542 | 99,945 | |||
Fresenius Medical Care AG & Co. KGaA | 1,319,494 | 97,152 | |||
Merck KGaA | 816,814 | 96,298 | |||
MTU Aero Engines AG | 326,141 | 92,926 | |||
Deutsche Wohnen SE | 2,255,388 | 91,742 | |||
Continental AG | 681,994 | 88,135 | |||
^ | Wirecard AG | 721,316 | 86,392 | ||
Symrise AG Class A | 796,694 | 83,740 | |||
Beiersdorf AG | 629,135 | 75,128 | |||
Hannover Rueck SE | 378,451 | 72,971 | |||
Porsche Automobil Holding SE Preference Shares | 967,209 | 71,766 | |||
HeidelbergCement AG | 937,075 | 68,093 | |||
Henkel AG & Co. KGaA | 648,689 | 60,972 | |||
*,2 | Delivery Hero SE | 694,494 | 55,045 | ||
Brenntag AG | 978,006 | 53,064 | |||
LEG Immobilien AG | 433,510 | 51,196 | |||
Aroundtown SA | 5,590,805 | 50,216 | |||
2 | Covestro AG | 1,075,514 | 50,044 | ||
*,2 | Zalando SE | 940,177 | 47,413 |
13
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Market | |||||
Value | |||||
Shares | ($000 | ) | |||
* | QIAGEN NV | 1,387,578 | 47,280 | ||
Sartorius AG Preference Shares | 215,657 | 46,099 | |||
2 | Scout24 AG | 678,568 | 44,903 | ||
Uniper SE | 1,233,670 | 40,775 | |||
Commerzbank AG | 6,571,543 | 40,586 | |||
Puma SE | 515,964 | 39,565 | |||
2 | Siemens Healthineers AG | 821,356 | 39,374 | ||
^ | thyssenkrupp AG | 2,929,640 | 39,366 | ||
Volkswagen AG | 199,806 | 38,700 | |||
LANXESS AG | 528,582 | 35,491 | |||
GEA Group AG | 1,046,597 | 34,642 | |||
Evonik Industries AG | 1,045,373 | 31,928 | |||
Rheinmetall AG | 270,958 | 31,069 | |||
Knorr-Bremse AG | 303,976 | 30,901 | |||
KION Group AG | 446,094 | 30,677 | |||
Carl Zeiss Meditec AG | 230,861 | 29,349 | |||
* | MorphoSys AG | 198,361 | 28,060 | ||
Deutsche Lufthansa AG | 1,501,446 | 27,583 | |||
United Internet AG | 733,399 | 24,018 | |||
Bechtle AG | 171,566 | 23,956 | |||
CTS Eventim AG & Co. KGaA | 370,300 | 23,234 | |||
OSRAM Licht AG | 465,796 | 23,162 | |||
* | Dialog Semiconductor plc | 445,740 | 22,638 | ||
Nemetschek SE | 339,316 | 22,354 | |||
Bayerische Motoren Werke AG Preference Shares | 358,090 | 22,045 | |||
Fuchs Petrolub SE Preference Shares | 440,222 | 21,872 | |||
*,^ | Evotec SE | 836,069 | 21,555 | ||
TAG Immobilien AG | 792,194 | 19,675 | |||
Fraport AG Frankfurt Airport Services Worldwide | 225,435 | 19,136 | |||
alstria office REIT AG | 1,005,798 | 18,892 | |||
ProSiebenSat.1 Media SE | 1,209,518 | 18,824 | |||
HUGO BOSS AG | 387,488 | 18,756 | |||
TLG Immobilien AG | 580,707 | 18,475 | |||
Freenet AG | 802,697 | 18,381 | |||
* | HelloFresh SE | 873,151 | 18,199 | ||
METRO AG | 1,066,535 | 17,162 | |||
^ | GRENKE AG | 165,070 | 17,033 | ||
Grand City Properties SA | 698,730 | 16,770 | |||
Rational AG | 20,903 | 16,746 | |||
HOCHTIEF AG | 125,625 | 15,994 | |||
Hella GmbH & Co. KGaA | 281,515 | 15,557 | |||
Gerresheimer AG | 197,249 | 15,256 | |||
^ | K&S AG | 1,212,854 | 15,104 | ||
2 | Hapag-Lloyd AG | 170,951 | 14,628 | ||
Aurubis AG | 228,633 | 13,977 | |||
Siltronic AG | 130,944 | 13,156 | |||
Aareal Bank AG | 379,137 | 12,845 | |||
2 | Deutsche Pfandbriefbank AG | 785,680 | 12,796 | ||
Stroeer SE & Co. KGaA | 155,198 | 12,504 | |||
Fielmann AG | 154,139 | 12,441 | |||
CANCOM SE | 207,430 | 12,189 | |||
Telefonica Deutschland Holding AG | 4,201,621 | 12,189 | |||
* | Varta AG | 88,571 | 12,007 | ||
Talanx AG | 242,488 | 12,001 | |||
RTL Group SA | 241,473 | 11,898 | |||
Software AG | 308,280 | 10,734 | |||
Duerr AG | 308,150 | 10,508 | |||
Stabilus SA | 154,287 | 10,465 | |||
CompuGroup Medical SE | 142,553 | 10,167 | |||
*,2 | Rocket Internet SE | 401,760 | 9,931 | ||
Deutsche EuroShop AG | 324,628 | 9,614 | |||
FUCHS PETROLUB SE | 209,809 | 9,384 | |||
2 | Befesa SA | 213,664 | 9,083 | ||
Jenoptik AG | 318,389 | 9,060 |
14
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Market | |||||
Value | |||||
Shares | ($000 | ) | |||
Suedzucker AG | 492,264 | 9,017 | |||
* | Hypoport AG | 24,850 | 8,767 | ||
Norma Group SE | 200,664 | 8,516 | |||
* | Traton SE | 312,024 | 8,349 | ||
Sixt SE Preference Shares | 109,772 | 7,986 | |||
Sixt SE | 79,088 | 7,931 | |||
TUI AG (XETR) | 619,858 | 7,897 | |||
2 | DWS Group GmbH & Co. KGaA | 214,214 | 7,606 | ||
^ | S&T AG | 314,608 | 7,467 | ||
^ | 1&1 Drillisch AG | 291,758 | 7,451 | ||
Pfeiffer Vacuum Technology AG | 40,681 | 7,251 | |||
Jungheinrich AG Preference Shares | 300,107 | 7,208 | |||
Wacker Chemie AG | 93,550 | 7,068 | |||
* | CECONOMY AG | 1,125,935 | 6,807 | ||
Bilfinger SE | 176,168 | 6,805 | |||
Krones AG | 90,246 | 6,800 | |||
^ | RIB Software SE | 263,606 | 6,647 | ||
^,2 | ADO Properties SA | 182,512 | 6,573 | ||
* | AIXTRON SE | 656,456 | 6,268 | ||
*,^ | Encavis AG | 583,204 | 6,121 | ||
PATRIZIA AG | 270,938 | 6,039 | |||
New Work SE | 17,874 | 5,850 | |||
* | Nordex SE | 428,762 | 5,742 | ||
Salzgitter AG | 246,350 | 5,438 | |||
Schaeffler AG Preference Shares | 472,764 | 5,104 | |||
Indus Holding AG | 115,348 | 5,010 | |||
DIC Asset AG | 279,119 | 4,974 | |||
Deutz AG | 751,352 | 4,676 | |||
Isra Vision AG | 100,221 | 4,360 | |||
KWS Saat SE & Co. KGaA | 64,051 | 4,144 | |||
Hamburger Hafen und Logistik AG | 148,344 | 4,068 | |||
Washtec AG | 64,372 | 3,872 | |||
Hornbach Holding AG & Co. KGaA | 53,184 | 3,846 | |||
*,^ | zooplus AG | 38,477 | 3,675 | ||
Dermapharm Holding SE | 71,965 | 3,204 | |||
Deutsche Beteiligungs AG | 71,593 | 3,163 | |||
Kloeckner & Co. SE | 445,002 | 3,133 | |||
Wacker Neuson SE | 157,322 | 3,002 | |||
Takkt AG | 204,076 | 2,875 | |||
Draegerwerk AG & Co. KGaA Preference Shares | 45,810 | 2,853 | |||
BayWa AG | 88,778 | 2,802 | |||
^ | Corestate Capital Holding SA | 64,565 | 2,717 | ||
^ | Koenig & Bauer AG | 84,954 | 2,654 | ||
Wuestenrot & Wuerttembergische AG | 118,815 | 2,578 | |||
comdirect bank AG | 175,675 | 2,562 | |||
RHOEN-KLINIKUM AG | 123,636 | 2,418 | |||
*,^ | Leoni AG | 199,397 | 2,298 | ||
*,^ | Heidelberger Druckmaschinen AG | 1,746,471 | 2,245 | ||
Vossloh AG | 53,124 | 2,202 | |||
* | SMA Solar Technology AG | 56,422 | 2,178 | ||
Bertrandt AG | 29,728 | 1,871 | |||
*,^ | ElringKlinger AG | 170,712 | 1,561 | ||
*,^ | SGL Carbon SE | 292,491 | 1,549 | ||
CropEnergies AG | 122,275 | 1,506 | |||
Draegerwerk AG & Co. KGaA | 2,193 | 97 | |||
9,006,013 | |||||
Hong Kong (3.1%) | |||||
AIA Group Ltd. | 76,341,877 | 802,961 | |||
Hong Kong Exchanges & Clearing Ltd. | 7,945,478 | 258,131 | |||
CK Hutchison Holdings Ltd. | 16,903,936 | 161,187 | |||
Link REIT | 13,293,784 | 140,834 | |||
Sun Hung Kai Properties Ltd. | 8,960,993 | 137,237 | |||
CK Asset Holdings Ltd. | 16,963,559 | 122,413 | |||
Hong Kong & China Gas Co. Ltd. | 62,262,421 | 121,653 |
15
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Shares | Market Value ($000 | ) | |||
CLP Holdings Ltd. | 10,370,955 | 108,868 | |||
Galaxy Entertainment Group Ltd. | 13,491,041 | 99,316 | |||
Hang Seng Bank Ltd. | 4,568,625 | 94,433 | |||
Sands China Ltd. | 15,139,936 | 80,894 | |||
BOC Hong Kong Holdings Ltd. | 22,596,074 | 78,441 | |||
Jardine Matheson Holdings Ltd. | 1,344,008 | 74,791 | |||
China Mengniu Dairy Co. Ltd. | 16,828,845 | 68,074 | |||
Techtronic Industries Co. Ltd. | 7,852,187 | 64,087 | |||
Power Assets Holdings Ltd. | 8,645,834 | 63,250 | |||
2 | WH Group Ltd. | 53,062,738 | 54,865 | ||
MTR Corp. Ltd. | 9,006,464 | 53,224 | |||
New World Development Co. Ltd. | 36,054,812 | 49,422 | |||
Wharf Real Estate Investment Co. Ltd. | 7,684,260 | 46,886 | |||
Hongkong Land Holdings Ltd. | 7,328,684 | 42,155 | |||
Henderson Land Development Co. Ltd. | 8,174,045 | 40,110 | |||
AAC Technologies Holdings Inc. | 4,307,213 | 37,602 | |||
Jardine Strategic Holdings Ltd. | 1,143,699 | 35,075 | |||
Wheelock & Co. Ltd. | 5,163,162 | 34,419 | |||
Want Want China Holdings Ltd. | 34,406,109 | 32,138 | |||
Lenovo Group Ltd. | 46,678,000 | 31,347 | |||
Swire Pacific Ltd. Class A | 3,147,822 | 29,242 | |||
* | Semiconductor Manufacturing International Corp. | 19,069,572 | 29,213 | ||
Sino Land Co. Ltd. | 20,090,721 | 29,162 | |||
Hang Lung Properties Ltd. | 12,856,388 | 28,229 | |||
CK Infrastructure Holdings Ltd. | 3,924,904 | 27,932 | |||
ASM Pacific Technology Ltd. | 1,922,019 | 26,678 | |||
*,2 | Budweiser Brewing Co. APAC Ltd. | 7,432,775 | 25,097 | ||
Wynn Macau Ltd. | 9,216,405 | 22,710 | |||
Swire Properties Ltd. | 6,656,167 | 22,051 | |||
Tingyi Cayman Islands Holding Corp. | 11,669,728 | 19,917 | |||
2 | Samsonite International SA | 8,112,887 | 19,514 | ||
Wharf Holdings Ltd. | 7,676,699 | 19,512 | |||
Vitasoy International Holdings Ltd. | 5,100,482 | 18,503 | |||
Bank of East Asia Ltd. | 7,946,450 | 17,741 | |||
Sun Art Retail Group Ltd. | 13,838,465 | 16,792 | |||
Xinyi Glass Holdings Ltd. | 12,624,622 | 16,727 | |||
NagaCorp Ltd. | 9,430,432 | 16,470 | |||
PCCW Ltd. | 26,313,015 | 15,569 | |||
Minth Group Ltd. | 4,384,424 | 15,482 | |||
Xinyi Solar Holdings Ltd. | 21,280,196 | 15,120 | |||
Hysan Development Co. Ltd. | 3,840,455 | 15,059 | |||
Melco International Development Ltd. | 4,895,639 | 13,754 | |||
Hang Lung Group Ltd. | 5,513,455 | 13,639 | |||
SJM Holdings Ltd. | 11,860,928 | 13,506 | |||
2 | BOC Aviation Ltd. | 1,318,507 | 13,410 | ||
Yue Yuen Industrial Holdings Ltd. | 4,477,373 | 13,214 | |||
PRADA SPA | 3,191,655 | 13,194 | |||
NWS Holdings Ltd. | 8,963,035 | 12,562 | |||
Kerry Properties Ltd. | 3,751,684 | 11,916 | |||
Dairy Farm International Holdings Ltd. | 1,883,931 | 10,757 | |||
VTech Holdings Ltd. | 1,003,925 | 9,922 | |||
Fortune REIT | 8,437,044 | 9,844 | |||
United Energy Group Ltd. | 47,473,171 | 9,609 | |||
SITC International Holdings Co. Ltd. | 7,399,863 | 9,031 | |||
Swire Pacific Ltd. Class B | 6,031,318 | 9,030 | |||
HKBN Ltd. | 4,905,252 | 8,225 | |||
Champion REIT | 12,366,568 | 8,172 | |||
MGM China Holdings Ltd. | 4,654,983 | 7,602 | |||
Uni-President China Holdings Ltd. | 7,189,968 | 7,554 | |||
Shangri-La Asia Ltd. | 6,996,920 | 7,309 | |||
L'Occitane International SA | 2,836,414 | 6,719 | |||
Man Wah Holdings Ltd. | 9,378,715 | 6,681 | |||
Chow Tai Fook Jewellery Group Ltd. | 6,597,173 | 6,311 | |||
Luk Fook Holdings International Ltd. | 2,142,780 | 6,184 |
16
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Shares | Market Value ($000 | ) | |||
Kerry Logistics Network Ltd. | 3,481,362 | 5,979 | |||
^ | Cathay Pacific Airways Ltd. | 3,883,272 | 5,741 | ||
Pacific Basin Shipping Ltd. | 26,413,148 | 5,563 | |||
Shun Tak Holdings Ltd. | 11,581,451 | 5,530 | |||
First Pacific Co. Ltd. | 14,913,867 | 5,071 | |||
Johnson Electric Holdings Ltd. | 2,174,975 | 4,947 | |||
Cafe de Coral Holdings Ltd. | 2,084,109 | 4,937 | |||
Shui On Land Ltd. | 21,597,514 | 4,746 | |||
Shougang Fushan Resources Group Ltd. | 21,933,315 | 4,737 | |||
Haitong International Securities Group Ltd. | 15,510,461 | 4,717 | |||
Nexteer Automotive Group Ltd. | 5,185,943 | 4,700 | |||
Towngas China Co. Ltd. | 6,672,958 | 4,622 | |||
Gemdale Properties & Investment Corp. Ltd. | 33,423,776 | 4,421 | |||
K Wah International Holdings Ltd. | 7,866,451 | 4,391 | |||
Stella International Holdings Ltd. | 2,661,000 | 4,273 | |||
* | MMG Ltd. | 14,165,883 | 4,256 | ||
Sunlight REIT | 6,577,365 | 4,255 | |||
Pou Sheng International Holdings Ltd. | 13,263,071 | 4,184 | |||
Li & Fung Ltd. | 37,595,386 | 4,103 | |||
IGG Inc. | 5,412,937 | 3,997 | |||
Asia Cement China Holdings Corp. | 2,654,000 | 3,965 | |||
*,^,2 | Razer Inc. | 22,420,723 | 3,661 | ||
Value Partners Group Ltd. | 5,789,807 | 3,569 | |||
*,^ | FIH Mobile Ltd. | 18,188,100 | 3,525 | ||
^ | Guotai Junan International Holdings Ltd. | 19,483,667 | 3,451 | ||
Dah Sing Financial Holdings Ltd. | 873,524 | 3,443 | |||
CITIC Telecom International Holdings Ltd. | 9,240,595 | 3,368 | |||
Lifestyle International Holdings Ltd. | 2,888,383 | 3,314 | |||
^ | Microport Scientific Corp. | 2,747,904 | 3,258 | ||
Road King Infrastructure Ltd. | 1,623,105 | 3,144 | |||
Prosperity REIT | 7,963,063 | 3,118 | |||
Far East Consortium International Ltd. | 6,347,763 | 3,102 | |||
*,^ | COFCO Meat Holdings Ltd. | 10,544,876 | 2,991 | ||
Dah Sing Banking Group Ltd. | 2,219,092 | 2,968 | |||
China Travel International Investment Hong Kong Ltd. | 16,502,841 | 2,924 | |||
Television Broadcasts Ltd. | 1,828,399 | 2,874 | |||
*,^ | Suncity Group Holdings Ltd. | 13,220,000 | 2,697 | ||
SUNeVision Holdings Ltd. | 3,654,000 | 2,471 | |||
Chinese Estates Holdings Ltd. | 2,946,053 | 2,333 | |||
*,^ | Esprit Holdings Ltd. | 11,385,990 | 2,295 | ||
China Harmony New Energy Auto Holding Ltd. | 4,490,818 | 2,259 | |||
2 | Xiabuxiabu Catering Management China Holdings Co. Ltd. | 1,714,009 | 2,244 | ||
Dynam Japan Holdings Co. Ltd. | 1,677,081 | 2,191 | |||
Pacific Textiles Holdings Ltd. | 3,165,430 | 2,174 | |||
VSTECS Holdings Ltd. | 4,188,000 | 2,153 | |||
Beijing Tong Ren Tang Chinese Medicine Co. Ltd. | 1,425,000 | 2,151 | |||
Giordano International Ltd. | 6,959,213 | 2,098 | |||
2 | FIT Hon Teng Ltd. | 6,211,814 | 2,090 | ||
^ | United Laboratories International Holdings Ltd. | 2,867,654 | 2,090 | ||
^ | Canvest Environmental Protection Group Co. Ltd. | 4,505,821 | 2,083 | ||
Huabao International Holdings Ltd. | 5,311,030 | 1,950 | |||
SmarTone Telecommunications Holdings Ltd. | 2,368,848 | 1,824 | |||
^,§ | Town Health International Medical Group Ltd. | 20,414,000 | 1,801 | ||
Chow Sang Sang Holdings International Ltd. | 1,433,542 | 1,784 | |||
*,^ | We Solutions Ltd. | 24,925,041 | 1,728 | ||
Sun Hung Kai & Co. Ltd. | 3,373,891 | 1,607 | |||
2 | IMAX China Holding Inc. | 725,210 | 1,530 | ||
^ | Sa Sa International Holdings Ltd. | 6,762,431 | 1,527 | ||
Hutchison Telecommunications Hong Kong Holdings Ltd. | 7,408,533 | 1,494 | |||
Anton Oilfield Services Group | 12,952,652 | 1,486 | |||
^,2 | Regina Miracle International Holdings Ltd. | 2,304,993 | 1,467 | ||
Inspur International Ltd. | 3,552,253 | 1,458 | |||
^ | NOVA Group Holdings Ltd. | 7,035,000 | 1,402 | ||
2 | Crystal International Group Ltd. | 3,398,288 | 1,401 |
17
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Shares | Market Value ($000 | ) | |||
* | Truly International Holdings Ltd. | 9,135,276 | 1,350 | ||
*,§ | Convoy Global Holdings Ltd. | 62,200,399 | 1,333 | ||
*,^ | Macau Legend Development Ltd. | 9,228,847 | 1,291 | ||
Ju Teng International Holdings Ltd. | 4,939,147 | 1,261 | |||
* | Goodbaby International Holdings Ltd. | 5,136,542 | 1,141 | ||
^ | Agritrade Resources Ltd. | 14,695,000 | 1,094 | ||
*,^ | Hong Kong Television Network Ltd. | 2,463,385 | 1,082 | ||
*,^ | HC Group Inc. | 3,476,594 | 1,036 | ||
*,^ | Digital Domain Holdings Ltd. | 110,272,403 | 1,004 | ||
* | G-Resources Group Ltd. | 130,204,837 | 969 | ||
Singamas Container Holdings Ltd. | 8,626,229 | 952 | |||
2 | CGN New Energy Holdings Co. Ltd. | 6,478,299 | 923 | ||
Texwinca Holdings Ltd. | 3,719,015 | 921 | |||
* | Honghua Group Ltd. | 12,907,067 | 878 | ||
Lee's Pharmaceutical Holdings Ltd. | 1,502,214 | 852 | |||
*,^ | Lifestyle China Group Ltd. | 2,624,750 | 808 | ||
* | NewOcean Energy Holdings Ltd. | 5,288,518 | 800 | ||
* | China Silver Group Ltd. | 7,292,857 | 777 | ||
* | GCL New Energy Holdings Ltd. | 37,854,541 | 768 | ||
* | China LNG Group Ltd. | 9,303,799 | 633 | ||
BOE Varitronix Ltd. | 1,848,084 | 598 | |||
Emperor Capital Group Ltd. | 22,734,249 | 551 | |||
* | New World Department Store China Ltd. | 3,151,539 | 550 | ||
* | Beijing Enterprises Medical & Health Group Ltd. | 28,203,608 | 543 | ||
Glory Sun Financial Group Ltd. | 12,735,219 | 490 | |||
Henderson Investment Ltd. | 6,014,837 | 479 | |||
EVA Precision Industrial Holdings Ltd. | 6,277,277 | 471 | |||
Shenwan Hongyuan HK Ltd. | 2,523,758 | 405 | |||
* | Parkson Retail Group Ltd. | 4,548,123 | 373 | ||
*,^ | KuangChi Science Ltd. | 10,027,510 | 367 | ||
Emperor Watch & Jewellery Ltd. | 17,347,004 | 350 | |||
*,§ | Camsing International Holding Ltd. | 2,274,000 | 338 | ||
*,^ | Global Brands Group Holding Ltd. | 3,620,865 | 297 | ||
*,§ | Brightoil Petroleum Holdings Ltd. | 10,098,301 | 259 | ||
*,^ | Future World Financial Holdings Ltd. | 49,962,251 | 244 | ||
Chong Hing Bank Ltd. | 123,430 | 210 | |||
*,^ | Beijing Sports and Entertainment Industry Group Ltd. | 5,185,000 | 166 | ||
* | China Strategic Holdings Ltd. | 33,054,224 | 149 | ||
*,§ | China Baoli Technologies Holdings Ltd. | 10,554,643 | 134 | ||
* | Sunshine Oilsands Ltd. | 14,348,287 | 97 | ||
* | Mei Ah Entertainment Group Ltd. | 2,479,482 | 58 | ||
Nan Hai Corp. Ltd. | 2,156,426 | 29 | |||
* | Panda Green Energy Group Ltd. | 468,314 | 12 | ||
3,837,354 | |||||
Ireland (0.2%) | |||||
Kerry Group plc Class A | 919,319 | 114,714 | |||
Kingspan Group plc | 948,157 | 58,059 | |||
CRH plc (XDUB) | 886,240 | 35,546 | |||
Bank of Ireland Group plc | 5,809,074 | 31,971 | |||
AIB Group plc | 4,978,650 | 17,393 | |||
Glanbia plc (XDUB) | 1,242,160 | 14,327 | |||
C&C Group plc (XDUB) | 1,900,382 | 10,233 | |||
Hibernia REIT plc | 4,341,986 | 6,879 | |||
Dalata Hotel Group plc | 1,163,124 | 6,723 | |||
Cairn Homes plc (XLON) | 4,113,162 | 5,845 | |||
Irish Continental Group plc | 1,024,684 | 5,549 | |||
* | Permanent TSB Group Holdings plc | 690,650 | 889 | ||
Cairn Homes plc (XDUB) | 434,526 | 616 | |||
*,§ | Irish Bank Resolution Corp. Ltd. | 257,065 | — | ||
308,744 | |||||
Israel (0.5%) | |||||
Bank Leumi Le-Israel BM | 9,229,877 | 67,313 | |||
* | Nice Ltd. | 393,705 | 61,048 | ||
* | Teva Pharmaceutical Industries Ltd. | 6,039,924 | 58,882 |
18
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Shares | Market Value ($000 | ) | |||
Bank Hapoalim BM | 6,848,804 | 56,878 | |||
Israel Discount Bank Ltd. Class A | 7,386,853 | 34,306 | |||
Elbit Systems Ltd. | 154,070 | 24,006 | |||
Mizrahi Tefahot Bank Ltd. | 820,689 | 21,891 | |||
Israel Chemicals Ltd. | 4,355,474 | 20,569 | |||
Azrieli Group Ltd. | 230,922 | 16,916 | |||
* | Tower Semiconductor Ltd. | 670,371 | 16,101 | ||
* | Industrial Buildings Corp. Ltd. | 4,180,445 | 11,423 | ||
* | Bezeq The Israeli Telecommunication Corp. Ltd. | 12,787,692 | 10,299 | ||
Alony Hetz Properties & Investments Ltd. | 649,894 | 10,285 | |||
First International Bank Of Israel Ltd. | 323,479 | 9,369 | |||
Paz Oil Co. Ltd. | 64,444 | 9,139 | |||
* | Airport City Ltd. | 453,630 | 8,527 | ||
Strauss Group Ltd. | 258,930 | 7,949 | |||
Reit 1 Ltd. | 1,113,641 | 6,667 | |||
* | Nova Measuring Instruments Ltd. | 172,319 | 6,570 | ||
Melisron Ltd. | 102,501 | 6,553 | |||
Gazit-Globe Ltd. | 556,244 | 6,165 | |||
Amot Investments Ltd. | 835,605 | 6,071 | |||
Shikun & Binui Ltd. | 1,249,224 | 5,751 | |||
Harel Insurance Investments & Financial Services Ltd. | 695,302 | 5,437 | |||
Delek Group Ltd. | 31,775 | 4,840 | |||
* | Fattal Holdings 1998 Ltd. | 29,153 | 4,753 | ||
* | Israel Corp. Ltd. | 22,743 | 4,736 | ||
Electra Ltd. | 10,570 | 4,702 | |||
Oil Refineries Ltd. | 9,323,609 | 4,688 | |||
Phoenix Holdings Ltd. | 743,444 | 4,499 | |||
Shufersal Ltd. | 683,454 | 4,357 | |||
Shapir Engineering and Industry Ltd. | 685,858 | 4,196 | |||
Matrix IT Ltd. | 199,720 | 4,025 | |||
* | Clal Insurance Enterprises Holdings Ltd. | 240,013 | 3,612 | ||
Sella Capital Real Estate Ltd. | 1,225,601 | 3,600 | |||
FIBI Holdings Ltd. | 105,736 | 3,580 | |||
Hilan Ltd. | 87,200 | 3,515 | |||
Sapiens International Corp. NV | 153,507 | 3,475 | |||
Bayside Land Corp. | 4,434 | 3,411 | |||
* | AFI Properties Ltd. | 77,340 | 3,216 | ||
AudioCodes Ltd. | 123,869 | 3,196 | |||
Formula Systems 1985 Ltd. | 46,701 | 3,179 | |||
* | Isracard Ltd. | 835,226 | 3,125 | ||
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 45,797 | 2,635 | |||
Big Shopping Centers Ltd. | 26,422 | 2,569 | |||
* | Partner Communications Co. Ltd. | 547,031 | 2,439 | ||
Kenon Holdings Ltd. | 102,508 | 2,192 | |||
Menora Mivtachim Holdings Ltd. | 135,267 | 1,979 | |||
Migdal Insurance & Financial Holding Ltd. | 1,919,311 | 1,815 | |||
IDI Insurance Co. Ltd. | 44,712 | 1,632 | |||
* | Allot Ltd. | 186,059 | 1,590 | ||
Delta Galil Industries Ltd. | 56,125 | 1,531 | |||
Delek Automotive Systems Ltd. | 226,164 | 1,455 | |||
* | Brack Capital Properties NV | 14,032 | 1,438 | ||
Gilat Satellite Networks Ltd. | 174,451 | 1,380 | |||
* | Kamada Ltd. | 191,190 | 1,314 | ||
Naphtha Israel Petroleum Corp. Ltd. | 209,361 | 1,253 | |||
* | Cellcom Israel Ltd. (Registered) | 377,206 | 1,202 | ||
* | Teva Pharmaceutical Industries Ltd. ADR | 121,682 | 1,192 | ||
Norstar Holdings Inc. | 54,785 | 1,174 | |||
Property & Building Corp. Ltd. | 5,883 | 627 | |||
592,237 | |||||
Italy (2.2%) | |||||
Enel SPA | 49,049,680 | 389,644 | |||
Intesa Sanpaolo SPA (Registered) | 94,394,800 | 248,655 | |||
Eni SPA | 15,791,604 | 245,264 | |||
UniCredit SPA | 14,100,750 | 206,111 |
19
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Shares | Market Value ($000 | ) | |||
Assicurazioni Generali SPA | 8,098,414 | 167,191 | |||
Ferrari NV | 775,938 | 128,834 | |||
Fiat Chrysler Automobiles NV | 6,942,612 | 102,935 | |||
Snam SPA | 14,385,505 | 75,636 | |||
Atlantia SPA | 3,103,422 | 72,431 | |||
CNH Industrial NV | 6,233,428 | 68,443 | |||
Terna Rete Elettrica Nazionale SPA | 8,888,693 | 59,447 | |||
Mediobanca Banca di Credito Finanziario SPA | 5,055,078 | 55,659 | |||
Moncler SPA | 1,149,801 | 51,750 | |||
EXOR NV | 656,852 | 50,927 | |||
FinecoBank Banca Fineco SPA | 3,843,488 | 46,106 | |||
* | Telecom Italia SPA (Registered) | 67,095,864 | 41,902 | ||
Prysmian SPA | 1,579,232 | 38,122 | |||
Tenaris SA | 2,951,059 | 33,435 | |||
2 | Poste Italiane SPA | 2,881,797 | 32,746 | ||
Davide Campari-Milano SPA | 3,500,747 | 31,988 | |||
Leonardo SPA | 2,448,289 | 28,712 | |||
Recordati SPA | 605,463 | 25,523 | |||
Telecom Italia SPA (Bearer) | 38,009,696 | 23,278 | |||
Hera SPA | 5,116,837 | 22,412 | |||
*,2 | Nexi SPA | 1,572,354 | 21,843 | ||
* | Banco BPM SPA | 9,494,078 | 21,608 | ||
Amplifon SPA | 748,280 | 21,535 | |||
Unione di Banche Italiane SPA | 6,059,038 | 19,806 | |||
Italgas SPA | 3,073,528 | 18,791 | |||
DiaSorin SPA | 141,298 | 18,299 | |||
Azimut Holding SPA | 759,734 | 18,153 | |||
A2A SPA | 9,617,315 | 18,060 | |||
Banca Mediolanum SPA | 1,811,830 | 18,004 | |||
* | Saipem SPA | 3,539,031 | 17,308 | ||
Unipol Gruppo SPA | 3,008,831 | 17,274 | |||
Interpump Group SPA | 499,009 | 15,807 | |||
2 | Pirelli & C SPA | 2,729,935 | 15,756 | ||
2 | Infrastrutture Wireless Italiane SPA | 1,513,411 | 14,812 | ||
Iren SPA | 4,176,583 | 12,954 | |||
BPER Banca | 2,451,498 | 12,335 | |||
^ | Freni Brembo SPA | 924,336 | 11,476 | ||
Cerved Group SPA | 1,171,010 | 11,427 | |||
Banca Generali SPA | 351,256 | 11,419 | |||
Buzzi Unicem SPA | 430,654 | 10,856 | |||
UnipolSai Assicurazioni SPA | 3,652,820 | 10,624 | |||
Reply SPA | 129,213 | 10,072 | |||
2 | Enav SPA | 1,603,285 | 9,568 | ||
^ | IMA Industria Macchine Automatiche SPA | 131,250 | 9,439 | ||
2 | Technogym SPA | 695,360 | 9,050 | ||
Salvatore Ferragamo SPA | 424,566 | 8,936 | |||
2 | Anima Holding SPA | 1,727,954 | 8,929 | ||
De' Longhi SPA | 401,251 | 8,491 | |||
Autogrill SPA | 792,168 | 8,293 | |||
Societa Cattolica di Assicurazioni SC | 995,079 | 8,122 | |||
Brunello Cucinelli SPA | 209,639 | 7,427 | |||
ERG SPA | 339,949 | 7,331 | |||
Banca Popolare di Sondrio SCPA | 2,772,946 | 6,557 | |||
ASTM SPA | 211,375 | 6,392 | |||
*,^ | Mediaset SPA | 1,948,044 | 5,818 | ||
Societa Iniziative Autostradali e Servizi SPA | 344,536 | 5,777 | |||
ACEA SPA | 276,714 | 5,726 | |||
Saras SPA | 3,412,474 | 5,492 | |||
Tamburi Investment Partners SPA | 645,171 | 4,935 | |||
MARR SPA | 201,212 | 4,597 | |||
*,^ | Juventus Football Club SPA | 3,061,428 | 4,284 | ||
2 | RAI Way SPA | 594,307 | 4,087 | ||
2 | Banca Farmafactoring SPA | 670,533 | 4,016 | ||
2 | Carel Industries SPA | 255,700 | 3,977 |
20
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Market Value | |||||
Shares | ($000 | ) | |||
2 | doValue SPA | 280,394 | 3,866 | ||
Falck Renewables SPA | 712,701 | 3,809 | |||
Buzzi Unicem SPA Saving Shares | 237,595 | 3,690 | |||
^ | Tod's SPA | 79,571 | 3,679 | ||
Piaggio & C SPA | 1,044,916 | 3,222 | |||
^ | Fincantieri SPA | 2,789,373 | 2,882 | ||
Zignago Vetro SPA | 200,048 | 2,850 | |||
Credito Emiliano SPA | 459,099 | 2,675 | |||
Danieli & C Officine Meccaniche SPA Saving Shares | 235,975 | 2,673 | |||
^ | Maire Tecnimont SPA | 948,680 | 2,635 | ||
*,^ | Banca Monte dei Paschi di Siena SPA | 1,657,724 | 2,603 | ||
Banca IFIS SPA | 160,966 | 2,530 | |||
*,^ | Salini Impregilo SPA | 1,390,794 | 2,505 | ||
Italmobiliare SPA | 91,544 | 2,479 | |||
^ | Datalogic SPA | 125,150 | 2,369 | ||
*,^,2 | OVS SPA | 1,020,227 | 2,298 | ||
Immobiliare Grande Distribuzione SIIQ SPA | 311,480 | 2,166 | |||
Cementir Holding NV | 279,567 | 2,109 | |||
CIR-Compagnie Industriali Riunite SPA | 1,725,458 | 2,108 | |||
* | Arnoldo Mondadori Editore SPA | 790,471 | 1,828 | ||
Danieli & C Officine Meccaniche SPA | 78,234 | 1,439 | |||
Biesse SPA | 78,443 | 1,307 | |||
Cairo Communication SPA | 407,583 | 1,243 | |||
DeA Capital SPA | 540,849 | 887 | |||
Rizzoli Corriere Della Sera Mediagroup SPA | 743,731 | 842 | |||
^ | Geox SPA | 460,767 | 611 | ||
2,803,919 | |||||
Japan (21.7%) | |||||
Toyota Motor Corp. | 15,494,579 | 1,091,771 | |||
Sony Corp. | 7,749,484 | 526,172 | |||
SoftBank Group Corp. | 10,220,066 | 443,725 | |||
Mitsubishi UFJ Financial Group Inc. | 78,704,614 | 425,504 | |||
Keyence Corp. | 1,136,274 | 398,990 | |||
Takeda Pharmaceutical Co. Ltd. | 8,619,031 | 340,902 | |||
KDDI Corp. | 10,791,158 | 321,969 | |||
Honda Motor Co. Ltd. | 10,984,519 | 310,879 | |||
Recruit Holdings Co. Ltd. | 8,072,588 | 302,362 | |||
Sumitomo Mitsui Financial Group Inc. | 8,185,686 | 302,341 | |||
Shin-Etsu Chemical Co. Ltd. | 2,511,592 | 276,208 | |||
Nintendo Co. Ltd. | 672,565 | 268,999 | |||
Daiichi Sankyo Co. Ltd. | 4,008,133 | 264,714 | |||
Mizuho Financial Group Inc. | 160,122,108 | 246,655 | |||
Hitachi Ltd. | 5,833,169 | 246,135 | |||
Kao Corp. | 2,962,482 | 244,331 | |||
Daikin Industries Ltd. | 1,672,023 | 235,905 | |||
Tokio Marine Holdings Inc. | 4,152,562 | 232,497 | |||
Central Japan Railway Co. | 1,139,083 | 229,034 | |||
FANUC Corp. | 1,212,135 | 223,839 | |||
Hoya Corp. | 2,319,276 | 221,403 | |||
Murata Manufacturing Co. Ltd. | 3,594,420 | 221,232 | |||
Mitsubishi Corp. | 7,765,067 | 205,707 | |||
East Japan Railway Co. | 2,277,829 | 205,601 | |||
Tokyo Electron Ltd. | 939,957 | 205,221 | |||
Astellas Pharma Inc. | 11,909,053 | 203,287 | |||
NTT DOCOMO Inc. | 7,245,201 | 201,823 | |||
Nidec Corp. | 1,469,261 | 200,677 | |||
ITOCHU Corp. | 8,567,434 | 198,565 | |||
Fast Retailing Co. Ltd. | 325,178 | 193,180 | |||
Nippon Telegraph & Telephone Corp. | 7,633,942 | 192,938 | |||
Mitsui & Co. Ltd. | 10,660,167 | 189,490 | |||
Seven & i Holdings Co. Ltd. | 4,864,114 | 178,296 | |||
^ | Canon Inc. | 6,383,722 | 174,713 | ||
Shiseido Co. Ltd. | 2,447,581 | 173,803 | |||
Mitsubishi Electric Corp. | 12,449,984 | 169,515 |
21
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Shares | Market Value ($000 | ) | |||
Japan Tobacco Inc. | 7,467,331 | 166,496 | |||
SMC Corp. | 362,965 | 165,990 | |||
Oriental Land Co. Ltd. | 1,186,310 | 161,862 | |||
Mitsui Fudosan Co. Ltd. | 5,928,413 | 144,890 | |||
Terumo Corp. | 4,084,314 | 144,888 | |||
Mitsubishi Estate Co. Ltd. | 7,312,014 | 139,914 | |||
Komatsu Ltd. | 5,766,258 | 138,399 | |||
Softbank Corp. | 10,131,228 | 135,857 | |||
Bridgestone Corp. | 3,634,513 | 135,023 | |||
ORIX Corp. | 8,095,145 | 134,148 | |||
Kyocera Corp. | 1,934,064 | 131,818 | |||
Denso Corp. | 2,863,889 | 129,340 | |||
Daiwa House Industry Co. Ltd. | 4,091,215 | 126,651 | |||
Panasonic Corp. | 13,438,654 | 126,044 | |||
Chugai Pharmaceutical Co. Ltd. | 1,364,303 | 125,646 | |||
Eisai Co. Ltd. | 1,665,620 | 124,632 | |||
Otsuka Holdings Co. Ltd. | 2,641,115 | 117,726 | |||
Dai-ichi Life Holdings Inc. | 6,910,772 | 113,891 | |||
Fujitsu Ltd. | 1,207,807 | 113,601 | |||
Suzuki Motor Corp. | 2,710,284 | 113,133 | |||
Kirin Holdings Co. Ltd. | 5,075,804 | 110,787 | |||
Asahi Group Holdings Ltd. | 2,400,428 | 109,509 | |||
Shionogi & Co. Ltd. | 1,767,672 | 109,351 | |||
Secom Co. Ltd. | 1,220,484 | 108,919 | |||
FUJIFILM Holdings Corp. | 2,280,518 | 108,908 | |||
Kubota Corp. | 6,929,802 | 108,820 | |||
Sumitomo Corp. | 7,062,889 | 104,908 | |||
Olympus Corp. | 6,656,788 | 102,599 | |||
Nomura Holdings Inc. | 19,847,630 | 102,132 | |||
MS&AD Insurance Group Holdings Inc. | 3,049,542 | 100,661 | |||
West Japan Railway Co. | 1,148,265 | 99,318 | |||
Subaru Corp. | 3,861,331 | 95,645 | |||
Toshiba Corp. | 2,786,572 | 94,581 | |||
Aeon Co. Ltd. | 4,415,233 | 91,114 | |||
Sumitomo Mitsui Trust Holdings Inc. | 2,303,579 | 91,063 | |||
Asahi Kasei Corp. | 7,836,324 | 87,990 | |||
Sumitomo Realty & Development Co. Ltd. | 2,490,775 | 86,902 | |||
JXTG Holdings Inc. | 18,907,709 | 85,814 | |||
TDK Corp. | 755,590 | 84,913 | |||
Sompo Holdings Inc. | 2,149,997 | 84,430 | |||
Unicharm Corp. | 2,436,375 | 82,270 | |||
Sysmex Corp. | 1,192,793 | 81,211 | |||
M3 Inc. | 2,656,829 | 80,118 | |||
Shimano Inc. | 493,379 | 80,041 | |||
Japan Post Holdings Co. Ltd. | 8,372,657 | 78,740 | |||
Sekisui House Ltd. | 3,639,906 | 77,730 | |||
Nippon Steel Corp. | 5,140,738 | 77,486 | |||
Bandai Namco Holdings Inc. | 1,229,970 | 74,822 | |||
Nitori Holdings Co. Ltd. | 468,872 | 74,012 | |||
Marubeni Corp. | 9,866,877 | 72,900 | |||
Sumitomo Electric Industries Ltd. | 4,754,281 | 71,401 | |||
Nissan Motor Co. Ltd. | 12,161,608 | 70,473 | |||
Advantest Corp. | 1,248,587 | 70,418 | |||
Mitsubishi Heavy Industries Ltd. | 1,798,194 | 69,728 | |||
Omron Corp. | 1,194,195 | 69,607 | |||
Yahoo Japan Corp. | 16,391,598 | 69,207 | |||
NEC Corp. | 1,572,028 | 65,058 | |||
Tokyo Gas Co. Ltd. | 2,673,159 | 64,955 | |||
Toray Industries Inc. | 9,551,563 | 64,717 | |||
Chubu Electric Power Co. Inc. | 4,410,194 | 62,342 | |||
Ono Pharmaceutical Co. Ltd. | 2,703,698 | 61,726 | |||
Yaskawa Electric Corp. | 1,635,672 | 61,617 | |||
Kintetsu Group Holdings Co. Ltd. | 1,130,828 | 61,336 | |||
Resona Holdings Inc. | 13,729,621 | 59,841 |
22
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Shares | Market Value ($000 | ) | |||
Mitsubishi Chemical Holdings Corp. | 8,016,194 | 59,730 | |||
Inpex Corp. | 5,758,357 | 59,655 | |||
Japan Exchange Group Inc. | 3,384,970 | 59,593 | |||
Hankyu Hanshin Holdings Inc. | 1,378,598 | 58,970 | |||
Toyota Industries Corp. | 1,008,766 | 58,044 | |||
Tokyu Corp. | 3,105,558 | 57,430 | |||
MEIJI Holdings Co. Ltd. | 848,113 | 57,316 | |||
Obic Co. Ltd. | 422,655 | 56,932 | |||
Kikkoman Corp. | 1,151,833 | 56,388 | |||
Yamaha Corp. | 996,990 | 55,277 | |||
Nitto Denko Corp. | 982,444 | 55,241 | |||
MINEBEA MITSUMI Inc. | 2,617,616 | 54,070 | |||
Pan Pacific International Holdings Corp. | 3,210,366 | 53,264 | |||
Kansai Electric Power Co. Inc. | 4,589,654 | 53,170 | |||
NTT Data Corp. | 3,968,781 | 53,078 | |||
Shimadzu Corp. | 1,696,324 | 53,049 | |||
Makita Corp. | 1,535,211 | 53,018 | |||
Taisei Corp. | 1,263,571 | 52,338 | |||
Ajinomoto Co. Inc. | 3,078,445 | 51,248 | |||
Daito Trust Construction Co. Ltd. | 409,339 | 50,585 | |||
Nippon Paint Holdings Co. Ltd. | 974,312 | 50,159 | |||
Toyota Tsusho Corp. | 1,407,684 | 49,449 | |||
Dai Nippon Printing Co. Ltd. | 1,827,746 | 49,436 | |||
Sumitomo Metal Mining Co. Ltd. | 1,493,380 | 48,087 | |||
Daiwa Securities Group Inc. | 9,507,525 | 47,998 | |||
Osaka Gas Co. Ltd. | 2,483,964 | 47,501 | |||
Dentsu Inc. | 1,372,878 | 47,304 | |||
Obayashi Corp. | 4,243,659 | 47,133 | |||
Tobu Railway Co. Ltd. | 1,298,702 | 47,014 | |||
Ricoh Co. Ltd. | 4,286,643 | 46,645 | |||
Odakyu Electric Railway Co. Ltd. | 1,925,056 | 44,910 | |||
Rohm Co. Ltd. | 551,706 | 44,020 | |||
Keio Corp. | 723,686 | 43,790 | |||
T&D Holdings Inc. | 3,446,451 | 43,583 | |||
MISUMI Group Inc. | 1,747,379 | 43,248 | |||
Sumitomo Chemical Co. Ltd. | 9,493,370 | 43,105 | |||
Santen Pharmaceutical Co. Ltd. | 2,246,193 | 42,775 | |||
Yakult Honsha Co. Ltd. | 773,551 | 42,632 | |||
Rakuten Inc. | 4,976,628 | 42,516 | |||
* | Tokyo Electric Power Co. Holdings Inc. | 9,832,694 | 42,089 | ||
AGC Inc. | 1,163,379 | 41,600 | |||
JFE Holdings Inc. | 3,233,228 | 41,487 | |||
Idemitsu Kosan Co. Ltd. | 1,497,993 | 41,392 | |||
Disco Corp. | 174,588 | 40,998 | |||
Aisin Seiki Co. Ltd. | 1,086,673 | 40,250 | |||
Takeda Pharmaceutical Co. Ltd. ADR | 1,999,907 | 39,458 | |||
TOTO Ltd. | 909,646 | 38,412 | |||
Yamato Holdings Co. Ltd. | 2,240,278 | 38,196 | |||
Nagoya Railroad Co. Ltd. | 1,228,226 | 38,140 | |||
Sekisui Chemical Co. Ltd. | 2,194,925 | 38,082 | |||
Kajima Corp. | 2,857,187 | 37,987 | |||
Isuzu Motors Ltd. | 3,209,191 | 37,935 | |||
Trend Micro Inc. | 735,087 | 37,614 | |||
Kyowa Kirin Co. Ltd. | 1,571,474 | 37,025 | |||
Daifuku Co. Ltd. | 608,396 | 36,768 | |||
Nissan Chemical Corp. | 866,197 | 36,274 | |||
Toppan Printing Co. Ltd. | 1,730,948 | 35,758 | |||
Shimizu Corp. | 3,479,313 | 35,443 | |||
Yamaha Motor Co. Ltd. | 1,758,418 | 35,226 | |||
Hikari Tsushin Inc. | 139,626 | 35,088 | |||
FamilyMart Co. Ltd. | 1,458,355 | 34,927 | |||
Nomura Research Institute Ltd. | 1,629,322 | 34,845 | |||
* | Nexon Co. Ltd. | 2,615,721 | 34,698 | ||
Asahi Intecc Co. Ltd. | 1,179,866 | 34,548 |
23
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Shares | Market Value ($000 | ) | |||
Ryohin Keikaku Co. Ltd. | 1,477,455 | 34,434 | |||
Kyushu Railway Co. | 1,013,153 | 33,918 | |||
Keisei Electric Railway Co. Ltd. | 874,551 | 33,888 | |||
Koito Manufacturing Co. Ltd. | 723,014 | 33,480 | |||
Suntory Beverage & Food Ltd. | 795,558 | 33,213 | |||
Hamamatsu Photonics KK | 805,016 | 32,990 | |||
Kobayashi Pharmaceutical Co. Ltd. | 386,724 | 32,756 | |||
Nissin Foods Holdings Co. Ltd. | 434,555 | 32,276 | |||
Marui Group Co. Ltd. | 1,316,845 | 32,108 | |||
Lion Corp. | 1,596,187 | 31,028 | |||
Brother Industries Ltd. | 1,489,028 | 30,753 | |||
Mazda Motor Corp. | 3,607,338 | 30,740 | |||
* | Renesas Electronics Corp. | 4,492,415 | 30,692 | ||
SG Holdings Co. Ltd. | 1,340,825 | 30,203 | |||
Keikyu Corp. | 1,566,074 | 30,192 | |||
SBI Holdings Inc. | 1,427,580 | 30,139 | |||
Oji Holdings Corp. | 5,554,399 | 30,038 | |||
Toho Co. Ltd. (Tokyo) | 720,314 | 30,017 | |||
Keihan Holdings Co. Ltd. | 617,114 | 29,965 | |||
Kansai Paint Co. Ltd. | 1,222,889 | 29,874 | |||
TIS Inc. | 499,208 | 29,510 | |||
Tohoku Electric Power Co. Inc. | 2,971,718 | 29,460 | |||
Hoshizaki Corp. | 330,131 | 29,435 | |||
Tsuruha Holdings Inc. | 228,380 | 29,324 | |||
NGK Insulators Ltd. | 1,670,010 | 29,052 | |||
Concordia Financial Group Ltd. | 7,004,406 | 28,765 | |||
Alps Alpine Co. Ltd. | 1,258,339 | 28,563 | |||
Hitachi High-Technologies Corp. | 403,034 | 28,543 | |||
LIXIL Group Corp. | 1,649,673 | 28,468 | |||
Nisshin Seifun Group Inc. | 1,623,137 | 28,320 | |||
Nippon Shinyaku Co. Ltd. | 326,061 | 28,235 | |||
Nihon M&A Center Inc. | 810,688 | 27,898 | |||
* | PeptiDream Inc. | 541,591 | 27,677 | ||
Tosoh Corp. | 1,786,437 | 27,521 | |||
Hulic Co. Ltd. | 2,278,146 | 27,429 | |||
Hirose Electric Co. Ltd. | 211,821 | 27,077 | |||
Yokogawa Electric Corp. | 1,526,750 | 26,811 | |||
Casio Computer Co. Ltd. | 1,340,426 | 26,786 | |||
Mitsui Chemicals Inc. | 1,097,677 | 26,739 | |||
Nippon Express Co. Ltd. | 455,437 | 26,697 | |||
Tokyu Fudosan Holdings Corp. | 3,837,017 | 26,496 | |||
Stanley Electric Co. Ltd. | 917,320 | 26,493 | |||
Kose Corp. | 181,090 | 26,396 | |||
Kuraray Co. Ltd. | 2,173,737 | 26,341 | |||
NSK Ltd. | 2,783,385 | 26,312 | |||
Nikon Corp. | 2,150,213 | 26,296 | |||
Hitachi Chemical Co. Ltd. | 625,528 | 26,207 | |||
Yamada Denki Co. Ltd. | 4,915,487 | 26,082 | |||
Seiko Epson Corp. | 1,709,754 | 25,815 | |||
Otsuka Corp. | 645,722 | 25,787 | |||
NH Foods Ltd. | 621,821 | 25,758 | |||
Mitsubishi Tanabe Pharma Corp. | 1,385,617 | 25,419 | |||
Sojitz Corp. | 7,864,365 | 25,348 | |||
Kyushu Electric Power Co. Inc. | 2,912,576 | 25,269 | |||
USS Co. Ltd. | 1,335,353 | 25,243 | |||
Electric Power Development Co. Ltd. | 1,036,705 | 25,164 | |||
Pigeon Corp. | 679,877 | 24,895 | |||
Japan Post Bank Co. Ltd. | 2,562,093 | 24,583 | |||
Konami Holdings Corp. | 596,947 | 24,530 | |||
SUMCO Corp. | 1,476,025 | 24,456 | |||
NGK Spark Plug Co. Ltd. | 1,256,958 | 24,365 | |||
Square Enix Holdings Co. Ltd. | 487,879 | 24,293 | |||
Toyo Suisan Kaisha Ltd. | 569,218 | 24,172 | |||
Lasertec Corp. | 475,298 | 24,105 |
24
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Shares | Market Value ($000 | ) | |||
Fuji Electric Co. Ltd. | 793,372 | 24,101 | |||
Hakuhodo DY Holdings Inc. | 1,491,268 | 23,996 | |||
Chugoku Electric Power Co. Inc. | 1,821,759 | 23,947 | |||
^ | Showa Denko KK | 901,507 | 23,760 | ||
^ | Skylark Holdings Co. Ltd. | 1,206,500 | 23,654 | ||
^ | Taiyo Yuden Co. Ltd. | 774,300 | 23,618 | ||
ANA Holdings Inc. | 704,831 | 23,530 | |||
Shizuoka Bank Ltd. | 3,144,151 | 23,387 | |||
Haseko Corp. | 1,741,108 | 23,372 | |||
Azbil Corp. | 829,204 | 23,355 | |||
Toho Gas Co. Ltd. | 566,332 | 23,125 | |||
Sony Financial Holdings Inc. | 959,665 | 23,037 | |||
Amada Holdings Co. Ltd. | 2,017,167 | 22,943 | |||
Sohgo Security Services Co. Ltd. | 422,409 | 22,863 | |||
Japan Airlines Co. Ltd. | 724,226 | 22,549 | |||
Coca-Cola Bottlers Japan Holdings Inc. | 880,548 | 22,498 | |||
Alfresa Holdings Corp. | 1,100,129 | 22,349 | |||
Taiheiyo Cement Corp. | 756,512 | 22,206 | |||
Chiba Bank Ltd. | 3,857,895 | 22,183 | |||
Seibu Holdings Inc. | 1,345,831 | 22,138 | |||
Teijin Ltd. | 1,164,319 | 21,752 | |||
JGC Corp. | 1,366,298 | 21,746 | |||
J Front Retailing Co. Ltd. | 1,558,147 | 21,732 | |||
Nabtesco Corp. | 736,460 | 21,701 | |||
Hisamitsu Pharmaceutical Co. Inc. | 442,422 | 21,547 | |||
Mitsubishi Materials Corp. | 788,811 | 21,408 | |||
Miura Co. Ltd. | 618,182 | 21,360 | |||
CyberAgent Inc. | 606,874 | 21,141 | |||
Kakaku.com Inc. | 827,095 | 21,118 | |||
JSR Corp. | 1,138,506 | 20,826 | |||
Kurita Water Industries Ltd. | 695,475 | 20,638 | |||
COMSYS Holdings Corp. | 719,459 | 20,608 | |||
Sumitomo Heavy Industries Ltd. | 713,185 | 20,258 | |||
MediPal Holdings Corp. | 917,154 | 20,242 | |||
Isetan Mitsukoshi Holdings Ltd. | 2,251,471 | 20,218 | |||
Welcia Holdings Co. Ltd. | 317,970 | 20,200 | |||
Sumitomo Dainippon Pharma Co. Ltd. | 1,042,404 | 20,197 | |||
Taisho Pharmaceutical Holdings Co. Ltd. | 272,899 | 20,139 | |||
Taiyo Nippon Sanso Corp. | 906,103 | 20,056 | |||
Kawasaki Heavy Industries Ltd. | 914,749 | 19,993 | |||
Hitachi Construction Machinery Co. Ltd. | 666,164 | 19,843 | |||
Persol Holdings Co. Ltd. | 1,058,050 | 19,829 | |||
MonotaRO Co. Ltd. | 738,789 | 19,667 | |||
Japan Post Insurance Co. Ltd. | 1,150,898 | 19,619 | |||
Fukuoka Financial Group Inc. | 1,024,955 | 19,583 | |||
Suzuken Co. Ltd. | 478,957 | 19,521 | |||
Tokyo Tatemono Co. Ltd. | 1,249,797 | 19,508 | |||
THK Co. Ltd. | 725,181 | 19,470 | |||
Aozora Bank Ltd. | 735,081 | 19,420 | |||
Bank of Kyoto Ltd. | 453,911 | 19,355 | |||
Mitsui OSK Lines Ltd. | 696,459 | 19,153 | |||
Konica Minolta Inc. | 2,859,798 | 18,629 | |||
Shinsei Bank Ltd. | 1,217,868 | 18,581 | |||
Nankai Electric Railway Co. Ltd. | 682,227 | 18,512 | |||
Rohto Pharmaceutical Co. Ltd. | 611,583 | 18,506 | |||
IHI Corp. | 790,130 | 18,490 | |||
Oracle Corp. Japan | 202,935 | 18,418 | |||
Matsumotokiyoshi Holdings Co. Ltd. | 475,576 | 18,412 | |||
Hitachi Metals Ltd. | 1,245,129 | 18,328 | |||
Relo Group Inc. | 657,713 | 18,295 | |||
Nippon Yusen KK | 1,012,454 | 18,248 | |||
Rinnai Corp. | 232,811 | 18,194 | |||
Sega Sammy Holdings Inc. | 1,251,333 | 18,119 | |||
Hino Motors Ltd. | 1,703,674 | 18,017 |
25
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Shares | Market | ) | |||
Ito En Ltd. | 358,131 | 17,952 | |||
Asics Corp. | 1,081,604 | 17,945 | |||
Ebara Corp. | 592,716 | 17,897 | |||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 2,752,388 | 17,719 | |||
Mitsubishi Gas Chemical Co. Inc. | 1,150,265 | 17,523 | |||
Nomura Real Estate Holdings Inc. | 724,320 | 17,373 | |||
Lawson Inc. | 304,594 | 17,290 | |||
GMO Payment Gateway Inc. | 251,975 | 17,256 | |||
Itochu Techno-Solutions Corp. | 610,752 | 17,200 | |||
^ | Anritsu Corp. | 862,507 | 17,072 | ||
Park24 Co. Ltd. | 695,389 | 17,027 | |||
Credit Saison Co. Ltd. | 978,061 | 16,963 | |||
JTEKT Corp. | 1,430,687 | 16,901 | |||
SCREEN Holdings Co. Ltd. | 246,725 | 16,826 | |||
Daicel Corp. | 1,754,353 | 16,772 | |||
Toyo Seikan Group Holdings Ltd. | 956,346 | 16,463 | |||
Mitsubishi Motors Corp. | 3,947,120 | 16,453 | |||
Horiba Ltd. | 245,262 | 16,353 | |||
^ | Goldwin Inc. | 222,774 | 16,322 | ||
* | LINE Corp. | 332,141 | 16,319 | ||
Ibiden Co. Ltd. | 684,943 | 16,307 | |||
Denka Co. Ltd. | 548,358 | 16,301 | |||
Japan Airport Terminal Co. Ltd. | 293,710 | 16,297 | |||
Kyowa Exeo Corp. | 638,951 | 16,163 | |||
TechnoPro Holdings Inc. | 230,581 | 16,092 | |||
Mebuki Financial Group Inc. | 6,296,862 | 16,054 | |||
Sankyu Inc. | 313,894 | 15,774 | |||
Nichirei Corp. | 672,887 | 15,719 | |||
Tokyo Century Corp. | 295,056 | 15,710 | |||
Iida Group Holdings Co. Ltd. | 893,543 | 15,660 | |||
Capcom Co. Ltd. | 563,988 | 15,611 | |||
House Foods Group Inc. | 457,328 | 15,601 | |||
Sawai Pharmaceutical Co. Ltd. | 244,407 | 15,484 | |||
Calbee Inc. | 473,806 | 15,437 | |||
Kewpie Corp. | 680,135 | 15,281 | |||
Sundrug Co. Ltd. | 414,270 | 14,989 | |||
Sharp Corp. | 974,311 | 14,890 | |||
Nifco Inc. | 539,503 | 14,733 | |||
K's Holdings Corp. | 1,126,882 | 14,733 | |||
Ezaki Glico Co. Ltd. | 321,843 | 14,349 | |||
Yamazaki Baking Co. Ltd. | 799,991 | 14,295 | |||
NOF Corp. | 428,656 | 14,254 | |||
Kamigumi Co. Ltd. | 642,891 | 14,132 | |||
Air Water Inc. | 966,221 | 14,099 | |||
DIC Corp. | 508,675 | 14,039 | |||
Sumitomo Rubber Industries Ltd. | 1,141,019 | 13,913 | |||
Sanwa Holdings Corp. | 1,235,797 | 13,848 | |||
SCSK Corp. | 265,167 | 13,750 | |||
Ube Industries Ltd. | 634,644 | 13,745 | |||
Sushiro Global Holdings Ltd. | 157,724 | 13,583 | |||
Daiichikosho Co. Ltd. | 258,036 | 13,526 | |||
Zenkoku Hosho Co. Ltd. | 316,610 | 13,444 | |||
Aeon Mall Co. Ltd. | 752,544 | 13,348 | |||
NET One Systems Co. Ltd. | 521,658 | 13,319 | |||
Zensho Holdings Co. Ltd. | 587,981 | 13,312 | |||
Seven Bank Ltd. | 4,058,296 | 13,295 | |||
Sotetsu Holdings Inc. | 486,984 | 13,202 | |||
Nippon Kayaku Co. Ltd. | 1,057,979 | 13,102 | |||
Seino Holdings Co. Ltd. | 955,553 | 12,910 | |||
Yokohama Rubber Co. Ltd. | 661,914 | 12,838 | |||
Nihon Kohden Corp. | 462,896 | 12,838 | |||
Amano Corp. | 420,795 | 12,822 | |||
Kinden Corp. | 815,144 | 12,665 | |||
Nihon Unisys Ltd. | 402,600 | 12,629 |
26
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Shares | Market | ) | |||
Sumitomo Forestry Co. Ltd. | 843,547 | 12,422 | |||
Hachijuni Bank Ltd. | 2,849,167 | 12,393 | |||
Tsumura & Co. | 419,750 | 12,277 | |||
^ | Tokai Carbon Co. Ltd. | 1,229,739 | 12,268 | ||
Nippon Shokubai Co. Ltd. | 197,196 | 12,220 | |||
Ulvac Inc. | 304,102 | 12,001 | |||
Mabuchi Motor Co. Ltd. | 317,814 | 11,999 | |||
SHO-BOND Holdings Co. Ltd. | 287,904 | 11,931 | |||
Morinaga & Co. Ltd. | 248,041 | 11,911 | |||
Benesse Holdings Inc. | 452,049 | 11,882 | |||
Kagome Co. Ltd. | 495,970 | 11,875 | |||
Justsystems Corp. | 211,462 | 11,824 | |||
Sugi Holdings Co. Ltd. | 223,899 | 11,812 | |||
ZOZO Inc. | 616,742 | 11,795 | |||
Toyoda Gosei Co. Ltd. | 468,951 | 11,709 | |||
Infomart Corp. | 1,292,396 | 11,663 | |||
Kaken Pharmaceutical Co. Ltd. | 211,104 | 11,648 | |||
AEON Financial Service Co. Ltd. | 728,628 | 11,481 | |||
Fancl Corp. | 428,928 | 11,420 | |||
Ship Healthcare Holdings Inc. | 246,836 | 11,387 | |||
Kaneka Corp. | 355,393 | 11,382 | |||
Cosmos Pharmaceutical Corp. | 54,753 | 11,351 | |||
ABC-Mart Inc. | 166,082 | 11,337 | |||
Nippon Electric Glass Co. Ltd. | 509,270 | 11,306 | |||
Zeon Corp. | 906,380 | 11,280 | |||
Pola Orbis Holdings Inc. | 469,991 | 11,195 | |||
Mani Inc. | 388,689 | 11,112 | |||
Tokuyama Corp. | 426,883 | 11,108 | |||
Ain Holdings Inc. | 174,319 | 11,086 | |||
Penta-Ocean Construction Co. Ltd. | 1,785,811 | 11,056 | |||
Chugoku Bank Ltd. | 1,081,175 | 10,957 | |||
Nishi-Nippon Railroad Co. Ltd. | 474,946 | 10,940 | |||
Mitsubishi Logistics Corp. | 420,428 | 10,936 | |||
Maruichi Steel Tube Ltd. | 388,070 | 10,906 | |||
Acom Co. Ltd. | 2,398,669 | 10,883 | |||
DeNA Co. Ltd. | 670,188 | 10,802 | |||
Aica Kogyo Co. Ltd. | 327,070 | 10,793 | |||
Yoshinoya Holdings Co. Ltd. | 400,726 | 10,686 | |||
Hazama Ando Corp. | 1,218,896 | 10,600 | |||
Open House Co. Ltd. | 370,614 | 10,597 | |||
Dowa Holdings Co. Ltd. | 285,371 | 10,593 | |||
NOK Corp. | 709,819 | 10,588 | |||
Kyushu Financial Group Inc. | 2,458,299 | 10,572 | |||
Shimamura Co. Ltd. | 138,261 | 10,511 | |||
Bic Camera Inc. | 922,615 | 10,505 | |||
GS Yuasa Corp. | 486,666 | 10,490 | |||
Ushio Inc. | 703,378 | 10,430 | |||
Nagase & Co. Ltd. | 690,898 | 10,246 | |||
Morinaga Milk Industry Co. Ltd. | 251,044 | 10,236 | |||
Takashimaya Co. Ltd. | 908,074 | 10,186 | |||
Takara Holdings Inc. | 1,100,598 | 10,099 | |||
Kobe Steel Ltd. | 1,881,304 | 10,080 | |||
Nippon Paper Industries Co. Ltd. | 593,488 | 10,016 | |||
Furukawa Electric Co. Ltd. | 390,757 | 10,003 | |||
TS Tech Co. Ltd. | 321,949 | 9,993 | |||
Glory Ltd. | 329,442 | 9,955 | |||
Nippon Suisan Kaisha Ltd. | 1,664,733 | 9,942 | |||
Yamaguchi Financial Group Inc. | 1,468,001 | 9,928 | |||
Rengo Co. Ltd. | 1,301,001 | 9,912 | |||
OKUMA Corp. | 187,621 | 9,868 | |||
Sumitomo Osaka Cement Co. Ltd. | 226,094 | 9,848 | |||
Wacoal Holdings Corp. | 364,710 | 9,780 | |||
Iyo Bank Ltd. | 1,732,044 | 9,770 | |||
^ | DMG Mori Co. Ltd. | 635,603 | 9,725 |
27
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Market | |||||
Value | |||||
Shares | ($000 | ) | |||
Daido Steel Co. Ltd. | 221,071 | 9,658 | |||
Toda Corp. | 1,458,336 | 9,626 | |||
PALTAC Corp. | 200,907 | 9,597 | |||
Shikoku Electric Power Co. Inc. | 968,876 | 9,570 | |||
Cosmo Energy Holdings Co. Ltd. | 413,799 | 9,474 | |||
Sapporo Holdings Ltd. | 400,624 | 9,464 | |||
Koei Tecmo Holdings Co. Ltd. | 361,903 | 9,449 | |||
ADEKA Corp. | 625,547 | 9,424 | |||
OSG Corp. | 495,518 | 9,423 | |||
Sankyo Co. Ltd. | 283,004 | 9,399 | |||
Shochiku Co. Ltd. | 62,091 | 9,366 | |||
Gunma Bank Ltd. | 2,637,740 | 9,251 | |||
NHK Spring Co. Ltd. | 1,019,840 | 9,230 | |||
Citizen Watch Co. Ltd. | 1,692,461 | 9,217 | |||
Tokyo Seimitsu Co. Ltd. | 237,252 | 9,212 | |||
Tokyo Ohka Kogyo Co. Ltd. | 235,303 | 9,180 | |||
Hiroshima Bank Ltd. | 1,884,135 | 9,166 | |||
Toagosei Co. Ltd. | 794,921 | 9,165 | |||
Toyo Tire Corp. | 635,985 | 9,122 | |||
Mitsui Mining & Smelting Co. Ltd. | 341,958 | 9,069 | |||
Fuji Corp. | 495,107 | 9,047 | |||
Izumi Co. Ltd. | 251,053 | 9,043 | |||
Pilot Corp. | 220,044 | 8,850 | |||
Nipro Corp. | 723,966 | 8,709 | |||
Iwatani Corp. | 255,060 | 8,674 | |||
Kotobuki Spirits Co. Ltd. | 117,364 | 8,665 | |||
Nichias Corp. | 341,951 | 8,663 | |||
Meitec Corp. | 154,134 | 8,660 | |||
SMS Co. Ltd. | 312,903 | 8,643 | |||
Hokuhoku Financial Group Inc. | 823,216 | 8,629 | |||
*,^ | Kawasaki Kisen Kaisha Ltd. | 510,659 | 8,619 | ||
Unizo Holdings Co. Ltd. | 183,461 | 8,615 | |||
Maeda Road Construction Co. Ltd. | 351,126 | 8,572 | |||
Topcon Corp. | 659,780 | 8,528 | |||
FP Corp. | 142,822 | 8,484 | |||
NTN Corp. | 2,685,687 | 8,398 | |||
en-japan Inc. | 193,000 | 8,389 | |||
Nikkon Holdings Co. Ltd. | 333,129 | 8,329 | |||
Toyobo Co. Ltd. | 546,508 | 8,299 | |||
Ariake Japan Co. Ltd. | 111,495 | 8,287 | |||
Digital Garage Inc. | 198,295 | 8,286 | |||
Inaba Denki Sangyo Co. Ltd. | 323,616 | 8,208 | |||
Nisshinbo Holdings Inc. | 861,526 | 8,198 | |||
Fuyo General Lease Co. Ltd. | 119,191 | 8,017 | |||
Kokuyo Co. Ltd. | 536,777 | 8,008 | |||
Maeda Corp. | 821,700 | 8,000 | |||
IBJ Leasing Co. Ltd. | 255,354 | 7,981 | |||
Miraca Holdings Inc. | 323,465 | 7,923 | |||
Nippon Light Metal Holdings Co. Ltd. | 3,678,194 | 7,906 | |||
* | Hokuriku Electric Power Co. | 1,077,364 | 7,862 | ||
Shiga Bank Ltd. | 308,954 | 7,846 | |||
Fujitsu General Ltd. | 348,233 | 7,815 | |||
Fujitec Co. Ltd. | 481,920 | 7,802 | |||
Japan Steel Works Ltd. | 395,624 | 7,728 | |||
77 Bank Ltd. | 462,066 | 7,690 | |||
Fuji Oil Holdings Inc. | 283,132 | 7,616 | |||
Benefit One Inc. | 368,504 | 7,606 | |||
Daishi Hokuetsu Financial Group Inc. | 273,412 | 7,577 | |||
Jafco Co. Ltd. | 193,092 | 7,569 | |||
Nippon Gas Co. Ltd. | 235,649 | 7,559 | |||
Nishi-Nippon Financial Holdings Inc. | 968,147 | 7,538 | |||
Fukuyama Transporting Co. Ltd. | 205,769 | 7,473 | |||
Sumitomo Bakelite Co. Ltd. | 199,906 | 7,469 | |||
Nitto Boseki Co. Ltd. | 175,953 | 7,469 |
28
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Market | |||||
Value | |||||
Shares | ($000 | ) | |||
Hitachi Transport System Ltd. | 265,264 | 7,467 | |||
^ | Colowide Co. Ltd. | 360,835 | 7,461 | ||
NSD Co. Ltd. | 451,908 | 7,441 | |||
Tomy Co. Ltd. | 572,497 | 7,417 | |||
Toho Holdings Co. Ltd. | 334,303 | 7,407 | |||
Kyudenko Corp. | 248,659 | 7,326 | |||
Oki Electric Industry Co. Ltd. | 524,953 | 7,301 | |||
Tsubakimoto Chain Co. | 207,098 | 7,286 | |||
Sanrio Co. Ltd. | 370,656 | 7,279 | |||
TOKAI Holdings Corp. | 723,140 | 7,263 | |||
Kyoritsu Maintenance Co. Ltd. | 153,251 | 7,258 | |||
Kansai Mirai Financial Group Inc. | 1,126,853 | 7,229 | |||
Systena Corp. | 442,940 | 7,194 | |||
Duskin Co. Ltd. | 259,204 | 7,169 | |||
As One Corp. | 76,415 | 7,143 | |||
Fujikura Ltd. | 1,734,336 | 7,136 | |||
GMO internet Inc. | 374,697 | 7,087 | |||
Nishimatsu Construction Co. Ltd. | 313,361 | 7,050 | |||
Daiwabo Holdings Co. Ltd. | 114,656 | 7,033 | |||
Jeol Ltd. | 231,848 | 7,000 | |||
Yaoko Co. Ltd. | 136,665 | 6,977 | |||
Shimachu Co. Ltd. | 255,444 | 6,974 | |||
Takasago Thermal Engineering Co. Ltd. | 388,131 | 6,944 | |||
Sangetsu Corp. | 368,020 | 6,939 | |||
Nippo Corp. | 322,434 | 6,929 | |||
Kanematsu Corp. | 515,089 | 6,921 | |||
Kureha Corp. | 115,100 | 6,912 | |||
Daiseki Co. Ltd. | 240,158 | 6,909 | |||
JCR Pharmaceuticals Co. Ltd. | 85,416 | 6,906 | |||
Hitachi Capital Corp. | 262,626 | 6,895 | |||
Kenedix Inc. | 1,323,640 | 6,891 | |||
Resorttrust Inc. | 406,231 | 6,886 | |||
Lintec Corp. | 308,540 | 6,869 | |||
Heiwa Corp. | 326,179 | 6,831 | |||
Sakata Seed Corp. | 201,094 | 6,743 | |||
Kumagai Gumi Co. Ltd. | 221,698 | 6,743 | |||
^ | Katitas Co. Ltd. | 149,839 | 6,596 | ||
Milbon Co. Ltd. | 116,225 | 6,590 | |||
Outsourcing Inc. | 625,373 | 6,580 | |||
cocokara fine Inc. | 113,283 | 6,578 | |||
Canon Marketing Japan Inc. | 284,052 | 6,573 | |||
NS Solutions Corp. | 198,002 | 6,506 | |||
Tadano Ltd. | 707,363 | 6,436 | |||
Mochida Pharmaceutical Co. Ltd. | 159,522 | 6,422 | |||
Nomura Co. Ltd. | 480,980 | 6,373 | |||
Kandenko Co. Ltd. | 661,668 | 6,342 | |||
JINS Holdings Inc. | 93,609 | 6,326 | |||
Showa Corp. | 304,497 | 6,310 | |||
Nihon Parkerizing Co. Ltd. | 590,207 | 6,296 | |||
Menicon Co. Ltd. | 150,413 | 6,295 | |||
^ | Daio Paper Corp. | 459,454 | 6,263 | ||
Toei Co. Ltd. | 42,057 | 6,263 | |||
Toshiba TEC Corp. | 151,801 | 6,263 | |||
Keihin Corp. | 267,628 | 6,251 | |||
Mirait Holdings Corp. | 413,414 | 6,248 | |||
Taikisha Ltd. | 175,718 | 6,234 | |||
Trusco Nakayama Corp. | 242,147 | 6,195 | |||
Mandom Corp. | 224,201 | 6,129 | |||
Kusuri no Aoki Holdings Co. Ltd. | 97,704 | 6,118 | |||
Okumura Corp. | 221,680 | 6,094 | |||
H2O Retailing Corp. | 545,151 | 6,094 | |||
Toyota Boshoku Corp. | 377,598 | 6,063 | |||
EDION Corp. | 545,623 | 6,059 | |||
Central Glass Co. Ltd. | 246,661 | 6,023 |
29
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Market | |||||
Value | |||||
Shares | ($000 | ) | |||
Tokai Rika Co. Ltd. | 308,587 | 6,014 | |||
Hanwa Co. Ltd. | 229,364 | 6,002 | |||
Megmilk Snow Brand Co. Ltd. | 262,216 | 5,971 | |||
Kiyo Bank Ltd. | 392,816 | 5,933 | |||
Japan Material Co. Ltd. | 355,890 | 5,894 | |||
Fuji Seal International Inc. | 265,230 | 5,883 | |||
Makino Milling Machine Co. Ltd. | 128,840 | 5,854 | |||
DTS Corp. | 251,734 | 5,847 | |||
Autobacs Seven Co. Ltd. | 371,157 | 5,845 | |||
Heiwa Real Estate Co. Ltd. | 212,296 | 5,839 | |||
Maruha Nichiro Corp. | 225,584 | 5,775 | |||
Toyo Ink SC Holdings Co. Ltd. | 235,333 | 5,707 | |||
Japan Lifeline Co. Ltd. | 416,477 | 5,667 | |||
Asahi Holdings Inc. | 228,424 | 5,666 | |||
CKD Corp. | 340,989 | 5,658 | |||
San-In Godo Bank Ltd. | 926,503 | 5,652 | |||
Japan Aviation Electronics Industry Ltd. | 278,613 | 5,621 | |||
Kumiai Chemical Industry Co. Ltd. | 612,799 | 5,607 | |||
HIS Co. Ltd. | 193,764 | 5,560 | |||
Takuma Co. Ltd. | 461,548 | 5,521 | |||
Senko Group Holdings Co. Ltd. | 647,369 | 5,515 | |||
Fuji Kyuko Co. Ltd. | 142,387 | 5,506 | |||
Tokyo Dome Corp. | 552,586 | 5,504 | |||
Meidensha Corp. | 248,529 | 5,480 | |||
DCM Holdings Co. Ltd. | 559,748 | 5,452 | |||
Orient Corp. | 3,611,944 | 5,448 | |||
Ichibanya Co. Ltd. | 103,172 | 5,446 | |||
Yamato Kogyo Co. Ltd. | 217,115 | 5,436 | |||
Kissei Pharmaceutical Co. Ltd. | 190,670 | 5,417 | |||
Iriso Electronics Co. Ltd. | 122,577 | 5,400 | |||
Paramount Bed Holdings Co. Ltd. | 129,714 | 5,396 | |||
Itoham Yonekyu Holdings Inc. | 837,088 | 5,395 | |||
Takara Bio Inc. | 283,512 | 5,341 | |||
Hokkaido Electric Power Co. Inc. | 1,095,420 | 5,325 | |||
Sumitomo Mitsui Construction Co. Ltd. | 917,568 | 5,313 | |||
Ogaki Kyoritsu Bank Ltd. | 244,269 | 5,312 | |||
Takara Standard Co. Ltd. | 292,021 | 5,257 | |||
Elecom Co. Ltd. | 129,439 | 5,236 | |||
Ichigo Inc. | 1,240,209 | 5,222 | |||
Okamura Corp. | 510,909 | 5,191 | |||
*,^ | Suruga Bank Ltd. | 1,138,019 | 5,172 | ||
^ | Zojirushi Corp. | 273,177 | 5,125 | ||
Japan Petroleum Exploration Co. Ltd. | 190,005 | 5,117 | |||
Macnica Fuji Electronics Holdings Inc. | 296,898 | 5,077 | |||
Nisshin Oillio Group Ltd. | 146,339 | 5,068 | |||
Japan Elevator Service Holdings Co. Ltd. | 201,600 | 5,061 | |||
San-A Co. Ltd. | 113,083 | 5,033 | |||
Matsui Securities Co. Ltd. | 634,450 | 5,032 | |||
Okinawa Electric Power Co. Inc. | 266,464 | 5,000 | |||
Juroku Bank Ltd. | 213,368 | 4,999 | |||
Awa Bank Ltd. | 224,055 | 4,996 | |||
Fuji Soft Inc. | 128,978 | 4,967 | |||
NEC Networks & System Integration Corp. | 139,793 | 4,951 | |||
Nanto Bank Ltd. | 195,159 | 4,951 | |||
GungHo Online Entertainment Inc. | 233,660 | 4,950 | |||
Valor Holdings Co. Ltd. | 252,809 | 4,938 | |||
Max Co. Ltd. | 246,201 | 4,930 | |||
Nachi-Fujikoshi Corp. | 112,985 | 4,930 | |||
Nikkiso Co. Ltd. | 375,546 | 4,922 | |||
Noevir Holdings Co. Ltd. | 92,117 | 4,917 | |||
Totetsu Kogyo Co. Ltd. | 169,437 | 4,914 | |||
Shinko Electric Industries Co. Ltd. | 413,497 | 4,879 | |||
Joyful Honda Co. Ltd. | 383,085 | 4,877 | |||
Create Restaurants Holdings Inc. | 284,424 | 4,877 |
30
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Shares | Market | ) | |||
Kadokawa Corp. | 255,118 | 4,877 | |||
Atom Corp. | 520,825 | 4,855 | |||
Hokkoku Bank Ltd. | 153,352 | 4,852 | |||
Nissin Kogyo Co. Ltd. | 239,458 | 4,849 | |||
Prestige International Inc. | 535,328 | 4,833 | |||
KH Neochem Co. Ltd. | 223,077 | 4,757 | |||
Nippon Signal Company Ltd. | 356,941 | 4,754 | |||
Starts Corp. Inc. | 186,840 | 4,754 | |||
Kobe Bussan Co. Ltd. | 136,796 | 4,706 | |||
*,^ | Leopalace21 Corp. | 1,439,941 | 4,683 | ||
Kanamoto Co. Ltd. | 181,931 | 4,680 | |||
Internet Initiative Japan Inc. | 173,328 | 4,671 | |||
United Arrows Ltd. | 162,833 | 4,611 | |||
Nippon Soda Co. Ltd. | 171,022 | 4,608 | |||
Nippon Flour Mills Co. Ltd. | 296,704 | 4,584 | |||
Gunze Ltd. | 102,603 | 4,583 | |||
Seiko Holdings Corp. | 171,046 | 4,561 | |||
Sumitomo Warehouse Co. Ltd. | 339,012 | 4,546 | |||
FCC Co. Ltd. | 210,160 | 4,546 | |||
Shinmaywa Industries Ltd. | 333,539 | 4,524 | |||
Bank of Okinawa Ltd. | 134,751 | 4,522 | |||
ZERIA Pharmaceutical Co. Ltd. | 234,671 | 4,508 | |||
Nippon Seiki Co. Ltd. | 274,901 | 4,498 | |||
Arcs Co. Ltd. | 213,219 | 4,480 | |||
Descente Ltd. | 237,837 | 4,479 | |||
Nippon Steel Trading Corp. | 92,108 | 4,458 | |||
Transcosmos Inc. | 162,291 | 4,410 | |||
Hosiden Corp. | 348,891 | 4,408 | |||
Funai Soken Holdings Inc. | 194,432 | 4,399 | |||
Strike Co. Ltd. | 87,432 | 4,394 | |||
Eizo Corp. | 122,967 | 4,382 | |||
Showa Sangyo Co. Ltd. | 153,184 | 4,382 | |||
Hogy Medical Co. Ltd. | 133,675 | 4,361 | |||
Mitsubishi Logisnext Co. Ltd. | 344,391 | 4,361 | |||
Nichiha Corp. | 177,814 | 4,358 | |||
Hokuetsu Corp. | 847,343 | 4,356 | |||
^ | Aruhi Corp. | 211,613 | 4,345 | ||
Sato Holdings Corp. | 138,152 | 4,325 | |||
Nippon Densetsu Kogyo Co. Ltd. | 209,807 | 4,318 | |||
* | Aiful Corp. | 1,859,344 | 4,308 | ||
OBIC Business Consultants Co. Ltd. | 90,532 | 4,256 | |||
Kato Sangyo Co. Ltd. | 129,734 | 4,251 | |||
Towa Pharmaceutical Co. Ltd. | 163,585 | 4,251 | |||
Earth Corp. | 81,391 | 4,249 | |||
Taiyo Holdings Co. Ltd. | 104,299 | 4,243 | |||
Koshidaka Holdings Co. Ltd. | 280,689 | 4,241 | |||
Nojima Corp. | 203,614 | 4,240 | |||
Exedy Corp. | 187,151 | 4,234 | |||
Shima Seiki Manufacturing Ltd. | 181,717 | 4,218 | |||
Topre Corp. | 261,046 | 4,207 | |||
MOS Food Services Inc. | 151,940 | 4,199 | |||
Anicom Holdings Inc. | 124,324 | 4,194 | |||
BayCurrent Consulting Inc. | 82,148 | 4,194 | |||
Prima Meat Packers Ltd. | 180,140 | 4,184 | |||
Mitsubishi Pencil Co. Ltd. | 277,696 | 4,154 | |||
Sanken Electric Co. Ltd. | 135,861 | 4,154 | |||
TKC Corp. | 86,924 | 4,137 | |||
JCU Corp. | 139,281 | 4,114 | |||
Fuji Media Holdings Inc. | 289,587 | 4,112 | |||
Keiyo Bank Ltd. | 712,137 | 4,103 | |||
Giken Ltd. | 88,532 | 4,073 | |||
Yamazen Corp. | 407,423 | 4,057 | |||
Japan Wool Textile Co. Ltd. | 392,337 | 4,052 | |||
Tokyo Steel Manufacturing Co. Ltd. | 560,054 | 4,047 |
31
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Shares | Market | ) | |||
Raito Kogyo Co. Ltd. | 279,844 | 4,045 | |||
Seiren Co. Ltd. | 279,976 | 4,025 | |||
Tokai Tokyo Financial Holdings Inc. | 1,348,416 | 4,022 | |||
Hyakugo Bank Ltd. | 1,266,352 | 4,019 | |||
Morita Holdings Corp. | 241,722 | 4,010 | |||
Daihen Corp. | 121,671 | 4,008 | |||
Inabata & Co. Ltd. | 267,033 | 3,989 | |||
Adastria Co. Ltd. | 175,249 | 3,988 | |||
Maruwa Co. Ltd. | 51,144 | 3,956 | |||
Jaccs Co. Ltd. | 154,321 | 3,948 | |||
UACJ Corp. | 173,583 | 3,945 | |||
KOMEDA Holdings Co. Ltd. | 201,616 | 3,932 | |||
ASKUL Corp. | 130,059 | 3,926 | |||
Onward Holdings Co. Ltd. | 657,135 | 3,920 | |||
KYORIN Holdings Inc. | 224,539 | 3,913 | |||
Ohsho Food Service Corp. | 65,628 | 3,909 | |||
^ | Nichicon Corp. | 374,375 | 3,888 | ||
Pacific Industrial Co. Ltd. | 285,238 | 3,885 | |||
Hitachi Zosen Corp. | 1,030,738 | 3,882 | |||
Round One Corp. | 401,258 | 3,880 | |||
Aeon Delight Co. Ltd. | 107,920 | 3,875 | |||
Nitto Kogyo Corp. | 167,177 | 3,874 | |||
Kohnan Shoji Co. Ltd. | 163,394 | 3,838 | |||
Aoyama Trading Co. Ltd. | 272,023 | 3,828 | |||
Toshiba Machine Co. Ltd. | 141,164 | 3,803 | |||
Musashi Seimitsu Industry Co. Ltd. | 277,812 | 3,802 | |||
North Pacific Bank Ltd. | 1,701,866 | 3,792 | |||
Saizeriya Co. Ltd. | 155,050 | 3,785 | |||
Ai Holdings Corp. | 213,485 | 3,778 | |||
Kameda Seika Co. Ltd. | 82,496 | 3,776 | |||
Nichi-iko Pharmaceutical Co. Ltd. | 303,179 | 3,769 | |||
SAMTY Co. Ltd. | 183,000 | 3,764 | |||
BML Inc. | 131,181 | 3,763 | |||
Kintetsu World Express Inc. | 215,772 | 3,749 | |||
San-Ai Oil Co. Ltd. | 345,419 | 3,741 | |||
Komeri Co. Ltd. | 173,713 | 3,731 | |||
Dip Corp. | 126,047 | 3,723 | |||
Sekisui Jushi Corp. | 175,820 | 3,711 | |||
Uchida Yoko Co. Ltd. | 53,982 | 3,702 | |||
NichiiGakkan Co. Ltd. | 244,430 | 3,697 | |||
Tokyo Broadcasting System Holdings Inc. | 217,179 | 3,687 | |||
Nissan Shatai Co. Ltd. | 386,599 | 3,683 | |||
Ryosan Co. Ltd. | 142,427 | 3,668 | |||
Wacom Co. Ltd. | 902,230 | 3,661 | |||
Kitz Corp. | 517,844 | 3,645 | |||
* | Mitsui E&S Holdings Co. Ltd. | 447,605 | 3,621 | ||
^ | Shoei Co. Ltd. | 75,468 | 3,581 | ||
Chudenko Corp. | 153,616 | 3,551 | |||
Kisoji Co. Ltd. | 130,534 | 3,548 | |||
Idec Corp. | 172,227 | 3,540 | |||
Okasan Securities Group Inc. | 987,462 | 3,539 | |||
Financial Products Group Co. Ltd. | 366,638 | 3,538 | |||
Sanki Engineering Co. Ltd. | 251,206 | 3,538 | |||
Tsubaki Nakashima Co. Ltd. | 242,570 | 3,531 | |||
^ | Royal Holdings Co. Ltd. | 155,834 | 3,528 | ||
Daibiru Corp. | 293,813 | 3,523 | |||
Nippon Sheet Glass Co. Ltd. | 554,905 | 3,512 | |||
Eiken Chemical Co. Ltd. | 189,491 | 3,507 | |||
Shibuya Corp. | 125,551 | 3,504 | |||
* | KYB Corp. | 117,899 | 3,496 | ||
Create SD Holdings Co. Ltd. | 135,737 | 3,470 | |||
^ | Miroku Jyoho Service Co. Ltd. | 115,234 | 3,464 | ||
Fuso Chemical Co. Ltd. | 116,937 | 3,456 | |||
Yokowo Co. Ltd. | 116,730 | 3,455 |
32
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Shares | Market | ) | |||
Saibu Gas Co. Ltd. | 148,432 | 3,446 | |||
Nagaileben Co. Ltd. | 157,256 | 3,444 | |||
Nitta Corp. | 115,880 | 3,428 | |||
Hirata Corp. | 53,202 | 3,427 | |||
TOMONY Holdings Inc. | 902,127 | 3,416 | |||
Maxell Holdings Ltd. | 252,774 | 3,415 | |||
Sakai Moving Service Co. Ltd. | 53,508 | 3,411 | |||
Osaka Soda Co. Ltd. | 118,486 | 3,407 | |||
Yokogawa Bridge Holdings Corp. | 186,421 | 3,400 | |||
Heiwado Co. Ltd. | 178,699 | 3,384 | |||
Nissin Electric Co. Ltd. | 273,343 | 3,377 | |||
Noritake Co. Ltd. | 78,893 | 3,364 | |||
TPR Co. Ltd. | 170,723 | 3,353 | |||
^ | Toridoll Holdings Corp. | 129,651 | 3,342 | ||
Raiznext Corp. | 275,338 | 3,337 | |||
Bank of Nagoya Ltd. | 106,980 | 3,329 | |||
Musashino Bank Ltd. | 193,940 | 3,324 | |||
Fujimi Inc. | 118,142 | 3,322 | |||
Mitsuuroko Group Holdings Co. Ltd. | 279,659 | 3,309 | |||
Tocalo Co. Ltd. | 321,216 | 3,287 | |||
Bell System24 Holdings Inc. | 209,035 | 3,278 | |||
Yuasa Trading Co. Ltd. | 96,934 | 3,262 | |||
SKY Perfect JSAT Holdings Inc. | 734,903 | 3,258 | |||
Sanyo Chemical Industries Ltd. | 65,725 | 3,248 | |||
Ricoh Leasing Co. Ltd. | 85,611 | 3,228 | |||
Okamoto Industries Inc. | 87,089 | 3,227 | |||
Arata Corp. | 77,778 | 3,215 | |||
Senshu Ikeda Holdings Inc. | 1,678,019 | 3,190 | |||
Solasto Corp. | 271,871 | 3,180 | |||
Relia Inc. | 250,030 | 3,176 | |||
Hyakujushi Bank Ltd. | 160,660 | 3,174 | |||
Unipres Corp. | 225,839 | 3,169 | |||
Aomori Bank Ltd. | 118,514 | 3,169 | |||
T-Gaia Corp. | 130,361 | 3,157 | |||
Digital Arts Inc. | 61,624 | 3,151 | |||
Tsukishima Kikai Co. Ltd. | 209,062 | 3,150 | |||
Zenrin Co. Ltd. | 189,330 | 3,145 | |||
*,^ | M&A Capital Partners Co. Ltd. | 77,678 | 3,145 | ||
eRex Co. Ltd. | 188,092 | 3,132 | |||
Tokyu Construction Co. Ltd. | 439,142 | 3,128 | |||
Yellow Hat Ltd. | 175,064 | 3,127 | |||
^ | COLOPL Inc. | 291,566 | 3,108 | ||
Yodogawa Steel Works Ltd. | 166,563 | 3,095 | |||
Takeuchi Manufacturing Co. Ltd. | 206,897 | 3,094 | |||
Broadleaf Co. Ltd. | 505,947 | 3,086 | |||
Ryobi Ltd. | 173,132 | 3,077 | |||
United Super Markets Holdings Inc. | 349,389 | 3,076 | |||
Tamura Corp. | 472,966 | 3,072 | |||
Dexerials Corp. | 305,258 | 3,071 | |||
Kura Sushi Inc. | 61,725 | 3,064 | |||
Hiday Hidaka Corp. | 165,209 | 3,050 | |||
Aida Engineering Ltd. | 340,900 | 3,049 | |||
Ringer Hut Co. Ltd. | 131,989 | 3,048 | |||
Infocom Corp. | 123,875 | 3,035 | |||
Doutor Nichires Holdings Co. Ltd. | 151,991 | 3,017 | |||
Hamakyorex Co. Ltd. | 92,144 | 3,014 | |||
Axial Retailing Inc. | 86,337 | 3,011 | |||
Yondoshi Holdings Inc. | 128,906 | 3,002 | |||
Keihanshin Building Co. Ltd. | 227,749 | 2,989 | |||
Optex Group Co. Ltd. | 197,901 | 2,983 | |||
Modec Inc. | 123,070 | 2,970 | |||
* | RENOVA Inc. | 275,500 | 2,967 | ||
Shizuoka Gas Co. Ltd. | 342,006 | 2,962 | |||
Nohmi Bosai Ltd. | 132,077 | 2,961 |
33
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Shares | Market | ) | |||
Token Corp. | 43,700 | 2,945 | |||
MCJ Co. Ltd. | 385,048 | 2,943 | |||
Chugoku Marine Paints Ltd. | 308,266 | 2,935 | |||
* | euglena Co. Ltd. | 409,635 | 2,932 | ||
Nippon Ceramic Co. Ltd. | 118,031 | 2,921 | |||
Comture Corp. | 136,000 | 2,920 | |||
Nippon Koei Co. Ltd. | 85,789 | 2,914 | |||
Bunka Shutter Co. Ltd. | 330,548 | 2,913 | |||
Star Micronics Co. Ltd. | 202,966 | 2,912 | |||
Fujimori Kogyo Co. Ltd. | 91,830 | 2,907 | |||
Sakata INX Corp. | 267,995 | 2,901 | |||
^ | Siix Corp. | 209,361 | 2,898 | ||
Life Corp. | 121,901 | 2,897 | |||
Trancom Co. Ltd. | 38,235 | 2,893 | |||
Shoei Foods Corp. | 77,778 | 2,892 | |||
Argo Graphics Inc. | 93,000 | 2,884 | |||
Tsugami Corp. | 284,784 | 2,882 | |||
Noritz Corp. | 216,455 | 2,881 | |||
S Foods Inc. | 110,076 | 2,871 | |||
Yamagata Bank Ltd. | 194,642 | 2,867 | |||
Mizuno Corp. | 113,121 | 2,858 | |||
Computer Engineering & Consulting Ltd. | 152,429 | 2,857 | |||
Piolax Inc. | 147,716 | 2,847 | |||
Information Services International-Dentsu Ltd. | 71,365 | 2,827 | |||
Restar Holdings Corp. | 152,332 | 2,824 | |||
*,^ | Japan Display Inc. | 3,879,237 | 2,823 | ||
Tokyotokeiba Co. Ltd. | 89,143 | 2,822 | |||
Komori Corp. | 273,895 | 2,819 | |||
Bank of the Ryukyus Ltd. | 256,710 | 2,807 | |||
Sintokogio Ltd. | 290,015 | 2,802 | |||
Belc Co. Ltd. | 54,892 | 2,794 | |||
Marudai Food Co. Ltd. | 133,306 | 2,778 | |||
Chofu Seisakusho Co. Ltd. | 123,063 | 2,761 | |||
Toppan Forms Co. Ltd. | 246,477 | 2,760 | |||
Tokai Corp. | 107,010 | 2,757 | |||
Toho Bank Ltd. | 1,107,625 | 2,751 | |||
Nishio Rent All Co. Ltd. | 96,343 | 2,745 | |||
FULLCAST Holdings Co. Ltd. | 120,648 | 2,739 | |||
S-Pool Inc. | 354,485 | 2,736 | |||
Wakita & Co. Ltd. | 268,194 | 2,730 | |||
^ | Teikoku Sen-I Co. Ltd. | 125,733 | 2,709 | ||
METAWATER Co. Ltd. | 67,648 | 2,705 | |||
Oiles Corp. | 177,902 | 2,697 | |||
Gree Inc. | 596,743 | 2,696 | |||
Konoike Transport Co. Ltd. | 177,815 | 2,696 | |||
Maruzen Showa Unyu Co. Ltd. | 91,927 | 2,696 | |||
Kurabo Industries Ltd. | 115,947 | 2,688 | |||
Kyokuto Kaihatsu Kogyo Co. Ltd. | 183,486 | 2,686 | |||
V Technology Co. Ltd. | 52,972 | 2,685 | |||
Bank of Iwate Ltd. | 101,632 | 2,679 | |||
Riso Kagaku Corp. | 151,962 | 2,671 | |||
Maruwa Unyu Kikan Co. Ltd. | 121,632 | 2,669 | |||
Joshin Denki Co. Ltd. | 111,787 | 2,652 | |||
^ | Monex Group Inc. | 1,084,086 | 2,652 | ||
Kanto Denka Kogyo Co. Ltd. | 282,331 | 2,632 | |||
Plenus Co. Ltd. | 146,658 | 2,632 | |||
Futaba Corp. | 212,446 | 2,631 | |||
Sanyo Denki Co. Ltd. | 53,402 | 2,629 | |||
Shikoku Chemicals Corp. | 207,858 | 2,610 | |||
Furukawa Co. Ltd. | 197,975 | 2,608 | |||
TOC Co. Ltd. | 316,198 | 2,599 | |||
Fukushima Industries Corp. | 69,160 | 2,590 | |||
Seikagaku Corp. | 230,146 | 2,584 | |||
Organo Corp. | 41,829 | 2,574 |
34
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Shares | Market | ) | |||
KFC Holdings Japan Ltd. | 88,033 | 2,573 | |||
*,^ | Vision Inc. | 154,725 | 2,566 | ||
Daikyonishikawa Corp. | 330,041 | 2,566 | |||
Kyoei Steel Ltd. | 131,658 | 2,566 | |||
EPS Holdings Inc. | 200,443 | 2,545 | |||
Maeda Kosen Co. Ltd. | 127,928 | 2,544 | |||
Pack Corp. | 70,453 | 2,542 | |||
T Hasegawa Co. Ltd. | 130,315 | 2,534 | |||
Futaba Industrial Co. Ltd. | 360,651 | 2,529 | |||
* | ARTERIA Networks Corp. | 155,200 | 2,503 | ||
TSI Holdings Co. Ltd. | 492,605 | 2,496 | |||
JVCKenwood Corp. | 997,101 | 2,496 | |||
Fukui Bank Ltd. | 139,419 | 2,495 | |||
Nissha Co. Ltd. | 245,193 | 2,494 | |||
World Co. Ltd. | 101,500 | 2,493 | |||
Mitsui-Soko Holdings Co. Ltd. | 131,931 | 2,484 | |||
Nextage Co. Ltd. | 211,298 | 2,480 | |||
Daiho Corp. | 94,188 | 2,477 | |||
TV Asahi Holdings Corp. | 133,514 | 2,465 | |||
^ | Kitanotatsujin Corp. | 370,468 | 2,461 | ||
Japan Securities Finance Co. Ltd. | 514,995 | 2,458 | |||
Meisei Industrial Co. Ltd. | 274,961 | 2,454 | |||
Aichi Steel Corp. | 69,947 | 2,447 | |||
*,^ | Chiyoda Corp. | 945,634 | 2,446 | ||
Mitsuboshi Belting Ltd. | 126,981 | 2,440 | |||
Central Security Patrols Co. Ltd. | 42,388 | 2,436 | |||
AOKI Holdings Inc. | 235,356 | 2,434 | |||
Kaga Electronics Co. Ltd. | 106,180 | 2,432 | |||
Kanematsu Electronics Ltd. | 72,659 | 2,425 | |||
Ehime Bank Ltd. | 224,168 | 2,414 | |||
IR Japan Holdings Ltd. | 54,200 | 2,410 | |||
^ | Fujio Food System Co. Ltd. | 145,000 | 2,398 | ||
Pressance Corp. | 195,506 | 2,393 | |||
Mitsubishi Shokuhin Co. Ltd. | 84,395 | 2,385 | |||
Takamatsu Construction Group Co. Ltd. | 91,821 | 2,376 | |||
Yokohama Reito Co. Ltd. | 259,729 | 2,376 | |||
LIXIL VIVA Corp. | 132,058 | 2,368 | |||
ESPEC Corp. | 115,489 | 2,365 | |||
Takara Leben Co. Ltd. | 509,965 | 2,365 | |||
Itochu Enex Co. Ltd. | 280,453 | 2,364 | |||
Obara Group Inc. | 70,117 | 2,362 | |||
Tanseisha Co. Ltd. | 195,506 | 2,360 | |||
Mitsui High-Tec Inc. | 151,143 | 2,357 | |||
VT Holdings Co. Ltd. | 529,643 | 2,351 | |||
Oita Bank Ltd. | 92,524 | 2,350 | |||
Rorze Corp. | 59,010 | 2,345 | |||
Chubu Shiryo Co. Ltd. | 158,766 | 2,343 | |||
Doshisha Co. Ltd. | 141,585 | 2,341 | |||
Japan Pulp & Paper Co. Ltd. | 61,015 | 2,341 | |||
Ichikoh Industries Ltd. | 337,849 | 2,338 | |||
Ryoyo Electro Corp. | 125,436 | 2,326 | |||
^ | Nippon Carbon Co. Ltd. | 62,236 | 2,325 | ||
^ | Nishimatsuya Chain Co. Ltd. | 270,756 | 2,325 | ||
Matsuyafoods Holdings Co. Ltd. | 55,875 | 2,322 | |||
Hokuto Corp. | 127,454 | 2,314 | |||
Sodick Co. Ltd. | 261,882 | 2,313 | |||
YAMABIKO Corp. | 211,544 | 2,308 | |||
Tsurumi Manufacturing Co. Ltd. | 123,060 | 2,301 | |||
^ | Monogatari Corp. | 29,587 | 2,297 | ||
Riken Keiki Co. Ltd. | 106,161 | 2,293 | |||
Miyazaki Bank Ltd. | 91,914 | 2,289 | |||
Tosei Corp. | 167,300 | 2,284 | |||
PAL GROUP Holdings Co. Ltd. | 65,439 | 2,284 | |||
Dai-Dan Co. Ltd. | 88,476 | 2,272 |
35
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Shares | Market Value ($000 | ) | |||
Koa Corp. | 182,558 | 2,268 | |||
Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 78,387 | 2,265 | |||
Shin-Etsu Polymer Co. Ltd. | 222,015 | 2,253 | |||
Sumitomo Densetsu Co. Ltd. | 83,377 | 2,241 | |||
Micronics Japan Co. Ltd. | 198,689 | 2,230 | |||
Gakken Holdings Co. Ltd. | 31,201 | 2,228 | |||
^ | DyDo Group Holdings Inc. | 52,798 | 2,228 | ||
J-Oil Mills Inc. | 56,166 | 2,227 | |||
Fujicco Co. Ltd. | 124,482 | 2,225 | |||
San ju San Financial Group Inc. | 138,953 | 2,201 | |||
Nissei ASB Machine Co. Ltd. | 50,486 | 2,192 | |||
Bando Chemical Industries Ltd. | 259,606 | 2,192 | |||
Valqua Ltd. | 91,328 | 2,188 | |||
Tosho Co. Ltd. | 95,227 | 2,185 | |||
Foster Electric Co. Ltd. | 124,208 | 2,182 | |||
^ | Sourcenext Corp. | 500,000 | 2,181 | ||
Konishi Co. Ltd. | 154,075 | 2,174 | |||
Tokyo Kiraboshi Financial Group Inc. | 156,080 | 2,173 | |||
Tachi-S Co. Ltd. | 166,746 | 2,172 | |||
Macromill Inc. | 226,171 | 2,166 | |||
Toyo Construction Co. Ltd. | 453,042 | 2,166 | |||
Avex Inc. | 187,801 | 2,163 | |||
Fujibo Holdings Inc. | 66,643 | 2,159 | |||
Canon Electronics Inc. | 112,099 | 2,155 | |||
Ishihara Sangyo Kaisha Ltd. | 225,768 | 2,151 | |||
Tamron Co. Ltd. | 93,454 | 2,149 | |||
Geo Holdings Corp. | 173,253 | 2,137 | |||
Sanyo Special Steel Co. Ltd. | 147,898 | 2,130 | |||
Tekken Corp. | 82,587 | 2,129 | |||
Key Coffee Inc. | 99,860 | 2,122 | |||
Denki Kogyo Co. Ltd. | 70,966 | 2,118 | |||
Fuji Co. Ltd. | 118,803 | 2,112 | |||
Okuwa Co. Ltd. | 156,415 | 2,093 | |||
Okabe Co. Ltd. | 248,914 | 2,089 | |||
Nippon Television Holdings Inc. | 156,165 | 2,083 | |||
Tonami Holdings Co. Ltd. | 41,839 | 2,073 | |||
Press Kogyo Co. Ltd. | 521,117 | 2,072 | |||
Akita Bank Ltd. | 102,233 | 2,071 | |||
Nippon Road Co. Ltd. | 33,004 | 2,064 | |||
Torii Pharmaceutical Co. Ltd. | 73,652 | 2,062 | |||
Sinko Industries Ltd. | 117,539 | 2,060 | |||
Cybozu Inc. | 151,766 | 2,058 | |||
Takasago International Corp. | 88,228 | 2,057 | |||
Sogo Medical Holdings Co. Ltd. | 111,486 | 2,052 | |||
Pacific Metals Co. Ltd. | 87,521 | 2,042 | |||
Yamanashi Chuo Bank Ltd. | 191,338 | 2,042 | |||
Qol Holdings Co. Ltd. | 146,199 | 2,040 | |||
^ | ValueCommerce Co. Ltd. | 95,200 | 2,039 | ||
Enplas Corp. | 62,043 | 2,034 | |||
Sun Frontier Fudousan Co. Ltd. | 169,691 | 2,031 | |||
Sinfonia Technology Co. Ltd. | 161,258 | 2,028 | |||
Mitsui Sugar Co. Ltd. | 96,861 | 2,022 | |||
Sumitomo Riko Co. Ltd. | 223,579 | 2,017 | |||
LIFULL Co. Ltd. | 396,216 | 2,015 | |||
G-Tekt Corp. | 126,680 | 2,013 | |||
Daito Pharmaceutical Co. Ltd. | 69,122 | 2,009 | |||
Insource Co. Ltd. | 62,200 | 2,008 | |||
Chiyoda Co. Ltd. | 136,064 | 2,003 | |||
Sakai Chemical Industry Co. Ltd. | 86,940 | 1,982 | |||
Hibiya Engineering Ltd. | 109,300 | 1,982 | |||
Shikoku Bank Ltd. | 207,990 | 1,977 | |||
Taihei Dengyo Kaisha Ltd. | 93,527 | 1,975 | |||
Sanyo Electric Railway Co. Ltd. | 98,314 | 1,974 | |||
eGuarantee Inc. | 171,500 | 1,971 |
36
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Shares | Market Value ($000 | ) | |||
Vital KSK Holdings Inc. | 204,325 | 1,962 | |||
Nippon Kanzai Co. Ltd. | 108,061 | 1,956 | |||
Kappa Create Co. Ltd. | 140,923 | 1,952 | |||
Topy Industries Ltd. | 105,891 | 1,949 | |||
Inageya Co. Ltd. | 142,032 | 1,948 | |||
Riken Corp. | 51,079 | 1,946 | |||
Mie Kotsu Group Holdings Inc. | 343,943 | 1,945 | |||
Starzen Co. Ltd. | 47,866 | 1,936 | |||
Tokushu Tokai Paper Co. Ltd. | 52,171 | 1,936 | |||
Nippon Thompson Co. Ltd. | 410,338 | 1,935 | |||
^ | J Trust Co. Ltd. | 491,937 | 1,928 | ||
Anest Iwata Corp. | 200,043 | 1,925 | |||
EM Systems Co. Ltd. | 215,000 | 1,920 | |||
Tachibana Eletech Co. Ltd. | 112,500 | 1,913 | |||
Kintetsu Department Store Co. Ltd. | 53,866 | 1,909 | |||
* | Optim Corp. | 60,474 | 1,903 | ||
Zuken Inc. | 83,604 | 1,903 | |||
Hioki EE Corp. | 54,691 | 1,898 | |||
Union Tool Co. | 61,015 | 1,894 | |||
Daiichi Jitsugyo Co. Ltd. | 53,891 | 1,893 | |||
CMK Corp. | 308,746 | 1,892 | |||
IDOM Inc. | 327,281 | 1,881 | |||
Matsuya Co. Ltd. | 234,386 | 1,877 | |||
Belluna Co. Ltd. | 287,877 | 1,873 | |||
Megachips Corp. | 109,320 | 1,873 | |||
Nippon Chemi-Con Corp. | 98,163 | 1,871 | |||
Goldcrest Co. Ltd. | 97,767 | 1,865 | |||
Sankyo Tateyama Inc. | 166,294 | 1,861 | |||
Aichi Bank Ltd. | 54,304 | 1,860 | |||
Arcland Sakamoto Co. Ltd. | 162,985 | 1,857 | |||
Kenko Mayonnaise Co. Ltd. | 82,099 | 1,849 | |||
Asahi Diamond Industrial Co. Ltd. | 314,535 | 1,846 | |||
Nippon Yakin Kogyo Co. Ltd. | 86,857 | 1,844 | |||
Oyo Corp. | 131,904 | 1,840 | |||
Daido Metal Co. Ltd. | 261,997 | 1,826 | |||
* | Istyle Inc. | 305,276 | 1,825 | ||
Riso Kyoiku Co. Ltd. | 515,700 | 1,824 | |||
St. Marc Holdings Co. Ltd. | 85,332 | 1,822 | |||
Furuno Electric Co. Ltd. | 147,635 | 1,817 | |||
Tayca Corp. | 102,572 | 1,814 | |||
Future Corp. | 109,370 | 1,813 | |||
LEC Inc. | 147,956 | 1,794 | |||
Fixstars Corp. | 125,600 | 1,790 | |||
Denyo Co. Ltd. | 93,601 | 1,773 | |||
^ | Yamashin-Filter Corp. | 225,526 | 1,773 | ||
SBS Holdings Inc. | 101,700 | 1,765 | |||
Riken Vitamin Co. Ltd. | 46,030 | 1,762 | |||
Hosokawa Micron Corp. | 40,942 | 1,753 | |||
*,^ | RPA Holdings Inc. | 164,847 | 1,752 | ||
^ | Kamakura Shinsho Ltd. | 110,700 | 1,748 | ||
Intage Holdings Inc. | 204,553 | 1,746 | |||
Toyo Tanso Co. Ltd. | 84,216 | 1,743 | |||
Sumitomo Seika Chemicals Co. Ltd. | 53,795 | 1,741 | |||
Rheon Automatic Machinery Co. Ltd. | 120,861 | 1,739 | |||
^ | Kyosan Electric Manufacturing Co. Ltd. | 304,128 | 1,737 | ||
Daiwa Industries Ltd. | 156,434 | 1,735 | |||
^ | Akatsuki Inc. | 32,221 | 1,727 | ||
SWCC Showa Holdings Co. Ltd. | 126,696 | 1,726 | |||
Mimasu Semiconductor Industry Co. Ltd. | 85,918 | 1,723 | |||
Sanshin Electronics Co. Ltd. | 105,241 | 1,721 | |||
Stella Chemifa Corp. | 58,511 | 1,713 | |||
* | Japan Meat Co. Ltd. | 82,400 | 1,712 | ||
Neturen Co. Ltd. | 208,665 | 1,705 | |||
Advan Co. Ltd. | 149,072 | 1,702 |
37
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Shares | Market Value ($000 | ) | |||
Amuse Inc. | 61,521 | 1,697 | |||
Ines Corp. | 135,521 | 1,693 | |||
KAWADA TECHNOLOGIES Inc. | 27,599 | 1,693 | |||
Toyo Corp. | 136,311 | 1,690 | |||
^ | Toa Corp. (Tokyo) | 112,010 | 1,684 | ||
Alconix Corp. | 128,406 | 1,683 | |||
^ | Towa Corp. | 156,647 | 1,682 | ||
Kamei Corp. | 136,404 | 1,671 | |||
Eagle Industry Co. Ltd. | 161,375 | 1,668 | |||
Noritsu Koki Co. Ltd. | 120,563 | 1,668 | |||
Daiken Corp. | 91,809 | 1,665 | |||
Tenma Corp. | 90,018 | 1,664 | |||
Toho Titanium Co. Ltd. | 194,496 | 1,659 | |||
Nittetsu Mining Co. Ltd. | 35,932 | 1,657 | |||
^ | W-Scope Corp. | 176,781 | 1,651 | ||
ZIGExN Co. Ltd. | 331,800 | 1,650 | |||
OSAKA Titanium Technologies Co. Ltd. | 118,003 | 1,650 | |||
Pasona Group Inc. | 112,800 | 1,645 | |||
Rock Field Co. Ltd. | 117,181 | 1,642 | |||
Iino Kaiun Kaisha Ltd. | 483,424 | 1,639 | |||
CI Takiron Corp. | 242,605 | 1,636 | |||
Honeys Holdings Co. Ltd. | 99,406 | 1,634 | |||
Katakura Industries Co. Ltd. | 130,938 | 1,634 | |||
^ | Hoosiers Holdings | 249,200 | 1,634 | ||
Towa Bank Ltd. | 205,216 | 1,631 | |||
Xebio Holdings Co. Ltd. | 134,494 | 1,624 | |||
Dai Nippon Toryo Co. Ltd. | 150,009 | 1,612 | |||
Shinko Shoji Co. Ltd. | 198,182 | 1,607 | |||
^ | Marusan Securities Co. Ltd. | 359,627 | 1,605 | ||
Tsukui Corp. | 295,377 | 1,596 | |||
Shin Nippon Air Technologies Co. Ltd. | 80,300 | 1,593 | |||
Alpen Co. Ltd. | 96,650 | 1,572 | |||
Toenec Corp. | 44,324 | 1,568 | |||
* | Poletowin Pitcrew Holdings Inc. | 176,500 | 1,567 | ||
^ | Optorun Co. Ltd. | 57,406 | 1,566 | ||
Yorozu Corp. | 116,628 | 1,566 | |||
CONEXIO Corp. | 105,239 | 1,565 | |||
RS Technologies Co. Ltd. | 45,054 | 1,565 | |||
^ | PIA Corp. | 35,338 | 1,551 | ||
Itochu-Shokuhin Co. Ltd. | 32,290 | 1,550 | |||
OPT Holding Inc. | 100,978 | 1,547 | |||
Arcland Service Holdings Co. Ltd. | 89,399 | 1,542 | |||
Shindengen Electric Manufacturing Co. Ltd. | 44,378 | 1,541 | |||
GLOBERIDE Inc. | 61,800 | 1,539 | |||
OSJB Holdings Corp. | 619,161 | 1,535 | |||
JAC Recruitment Co. Ltd. | 86,248 | 1,532 | |||
Nichiden Corp. | 80,475 | 1,532 | |||
Osaki Electric Co. Ltd. | 241,982 | 1,523 | |||
Teikoku Electric Manufacturing Co. Ltd. | 114,854 | 1,523 | |||
Shinwa Co. Ltd. | 69,629 | 1,520 | |||
Iseki & Co. Ltd. | 99,757 | 1,519 | |||
^ | Sanoh Industrial Co. Ltd. | 131,782 | 1,517 | ||
Mitsubishi Research Institute Inc. | 38,138 | 1,506 | |||
Mitsuba Corp. | 221,871 | 1,505 | |||
^ | Sumida Corp. | 127,576 | 1,498 | ||
Gurunavi Inc. | 167,564 | 1,491 | |||
Toho Zinc Co. Ltd. | 78,898 | 1,488 | |||
Parco Co. Ltd. | 87,711 | 1,482 | |||
^ | BRONCO BILLY Co. Ltd. | 57,887 | 1,478 | ||
Nihon Chouzai Co. Ltd. | 41,948 | 1,470 | |||
^ | Link And Motivation Inc. | 252,897 | 1,469 | ||
Kanagawa Chuo Kotsu Co. Ltd. | 39,216 | 1,466 | |||
Komtasu Matere Co. Ltd. | 196,162 | 1,464 | |||
Cosel Co. Ltd. | 135,886 | 1,461 |
38
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Shares | Market Value ($000 | ) | |||
Yurtec Corp. | 231,338 | 1,459 | |||
Roland DG Corp. | 73,229 | 1,459 | |||
Aisan Industry Co. Ltd. | 202,476 | 1,459 | |||
Moriroku Holdings Co. Ltd. | 66,700 | 1,459 | |||
Nitto Kohki Co. Ltd. | 67,614 | 1,452 | |||
Riken Technos Corp. | 295,700 | 1,451 | |||
^ | ES-Con Japan Ltd. | 168,800 | 1,449 | ||
Cawachi Ltd. | 71,475 | 1,448 | |||
Godo Steel Ltd. | 56,079 | 1,445 | |||
Arakawa Chemical Industries Ltd. | 96,278 | 1,444 | |||
Kyokuyo Co. Ltd. | 54,708 | 1,443 | |||
Icom Inc. | 57,905 | 1,442 | |||
Nihon Tokushu Toryo Co. Ltd. | 104,572 | 1,441 | |||
*,^ | BrainPad Inc. | 28,319 | 1,434 | ||
Shinnihon Corp. | 166,590 | 1,433 | |||
Elan Corp. | 97,400 | 1,430 | |||
ASKA Pharmaceutical Co. Ltd. | 124,152 | 1,430 | |||
Japan Transcity Corp. | 282,857 | 1,423 | |||
Sagami Holdings Corp. | 113,561 | 1,420 | |||
Fukuda Corp. | 31,600 | 1,419 | |||
JDC Corp. | 230,200 | 1,417 | |||
Juki Corp. | 176,129 | 1,412 | |||
Feed One Co. Ltd. | 822,491 | 1,407 | |||
*,^ | KLab Inc. | 187,918 | 1,398 | ||
Krosaki Harima Corp. | 23,787 | 1,396 | |||
Kurimoto Ltd. | 70,113 | 1,394 | |||
Toa Corp. | 132,225 | 1,392 | |||
Keiyo Co. Ltd. | 264,524 | 1,387 | |||
NS United Kaiun Kaisha Ltd. | 67,215 | 1,379 | |||
FIDEA Holdings Co. Ltd. | 1,083,754 | 1,378 | |||
^ | YAKUODO Holdings Co. Ltd. | 61,620 | 1,376 | ||
GCA Corp. | 149,558 | 1,375 | |||
Nissin Sugar Co. Ltd. | 74,500 | 1,371 | |||
^ | Yonex Co. Ltd. | 216,078 | 1,366 | ||
Chukyo Bank Ltd. | 66,715 | 1,360 | |||
Nagatanien Holdings Co. Ltd. | 67,548 | 1,357 | |||
Hochiki Corp. | 84,124 | 1,353 | |||
* | Vector Inc. | 139,008 | 1,352 | ||
Chiyoda Integre Co. Ltd. | 64,427 | 1,351 | |||
§ | Misawa Homes Co. Ltd. | 122,538 | 1,348 | ||
Achilles Corp. | 80,825 | 1,345 | |||
Michinoku Bank Ltd. | 97,413 | 1,335 | |||
Kanaden Corp. | 106,133 | 1,330 | |||
Kyodo Printing Co. Ltd. | 48,676 | 1,326 | |||
Sparx Group Co. Ltd. | 577,400 | 1,323 | |||
Nippon Beet Sugar Manufacturing Co. Ltd. | 70,822 | 1,320 | |||
Fukui Computer Holdings Inc. | 40,720 | 1,320 | |||
Nichiban Co. Ltd. | 77,374 | 1,316 | |||
WATAMI Co. Ltd. | 110,567 | 1,313 | |||
Tochigi Bank Ltd. | 609,057 | 1,308 | |||
Koatsu Gas Kogyo Co. Ltd. | 158,129 | 1,283 | |||
Marvelous Inc. | 190,997 | 1,273 | |||
Kasai Kogyo Co. Ltd. | 162,017 | 1,271 | |||
Halows Co. Ltd. | 51,651 | 1,270 | |||
K&O Energy Group Inc. | 85,018 | 1,270 | |||
Nippon Parking Development Co. Ltd. | 890,781 | 1,264 | |||
Warabeya Nichiyo Holdings Co. Ltd. | 78,996 | 1,264 | |||
Hodogaya Chemical Co. Ltd. | 32,715 | 1,260 | |||
Chori Co. Ltd. | 61,953 | 1,257 | |||
Onoken Co. Ltd. | 96,315 | 1,251 | |||
Hisaka Works Ltd. | 134,936 | 1,245 | |||
Yushin Precision Equipment Co. Ltd. | 133,733 | 1,240 | |||
Ichiyoshi Securities Co. Ltd. | 209,794 | 1,232 | |||
JSP Corp. | 68,636 | 1,230 |
39
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Shares | Market Value ($000 | ) | |||
Shimizu Bank Ltd. | 61,677 | 1,226 | |||
Itoki Corp. | 249,460 | 1,223 | |||
Aeon Fantasy Co. Ltd. | 45,544 | 1,221 | |||
Melco Holdings Inc. | 42,343 | 1,203 | |||
* | Sanden Holdings Corp. | 155,818 | 1,202 | ||
NEC Capital Solutions Ltd. | 52,437 | 1,200 | |||
Ryoden Corp. | 79,074 | 1,198 | |||
Fujita Kanko Inc. | 46,051 | 1,194 | |||
Trust Tech Inc. | 102,650 | 1,192 | |||
WDB Holdings Co. Ltd. | 48,104 | 1,187 | |||
^ | Taki Chemical Co. Ltd. | 27,700 | 1,185 | ||
Aiphone Co. Ltd. | 69,885 | 1,180 | |||
Nihon Trim Co. Ltd. | 27,300 | 1,179 | |||
^ | Dai-ichi Seiko Co. Ltd. | 48,835 | 1,178 | ||
Nihon Nohyaku Co. Ltd. | 221,855 | 1,178 | |||
Shibusawa Warehouse Co. Ltd. | 53,891 | 1,169 | |||
Rokko Butter Co. Ltd. | 74,125 | 1,167 | |||
Jimoto Holdings Inc. | 1,117,156 | 1,165 | |||
^ | Fujiya Co. Ltd. | 59,519 | 1,160 | ||
Nissin Corp. | 66,345 | 1,152 | |||
ASAHI YUKIZAI Corp. | 70,351 | 1,148 | |||
Happinet Corp. | 88,793 | 1,147 | |||
Fuji Pharma Co. Ltd. | 93,814 | 1,147 | |||
^ | YA-MAN Ltd. | 170,677 | 1,142 | ||
*,^ | Change Inc. | 43,000 | 1,141 | ||
Evolable Asia Corp. | 62,644 | 1,141 | |||
Sankyo Seiko Co. Ltd. | 208,137 | 1,141 | |||
Yahagi Construction Co. Ltd. | 150,623 | 1,138 | |||
Hokkan Holdings Ltd. | 59,403 | 1,136 | |||
* | Nippon Sharyo Ltd. | 38,211 | 1,134 | ||
Meiko Network Japan Co. Ltd. | 119,294 | 1,130 | |||
MTI Ltd. | 172,309 | 1,127 | |||
Nisso Corp. | 109,300 | 1,117 | |||
Tsukuba Bank Ltd. | 509,982 | 1,115 | |||
Fudo Tetra Corp. | 70,353 | 1,108 | |||
Torishima Pump Manufacturing Co. Ltd. | 131,828 | 1,107 | |||
Kansai Super Market Ltd. | 115,032 | 1,107 | |||
Sekisui Plastics Co. Ltd. | 145,260 | 1,100 | |||
Bank of Saga Ltd. | 68,753 | 1,099 | |||
Industrial & Infrastructure Fund Investment Corp. | 719 | 1,097 | |||
* | Unitika Ltd. | 318,800 | 1,095 | ||
Toyo Kanetsu KK | 49,790 | 1,093 | |||
*,^ | Open Door Inc. | 76,284 | 1,092 | ||
France Bed Holdings Co. Ltd. | 123,300 | 1,091 | |||
* | Gunosy Inc. | 79,800 | 1,088 | ||
Tatsuta Electric Wire and Cable Co. Ltd. | 194,859 | 1,078 | |||
CAC Holdings Corp. | 74,880 | 1,074 | |||
Hokkaido Gas Co. Ltd. | 70,006 | 1,074 | |||
^ | Kourakuen Holdings Corp. | 56,133 | 1,068 | ||
Elematec Corp. | 101,020 | 1,066 | |||
F@N Communications Inc. | 241,371 | 1,063 | |||
CTS Co. Ltd. | 148,973 | 1,057 | |||
Kitagawa Corp. | 47,870 | 1,054 | |||
PC Depot Corp. | 207,140 | 1,051 | |||
Softbank Technology Corp. | 57,000 | 1,051 | |||
Maezawa Kyuso Industries Co. Ltd. | 51,364 | 1,046 | |||
* | Nippon Denko Co. Ltd. | 657,617 | 1,045 | ||
Central Sports Co. Ltd. | 35,454 | 1,039 | |||
Aichi Corp. | 152,505 | 1,039 | |||
Tokyo Rakutenchi Co. Ltd. | 17,452 | 1,037 | |||
JP-Holdings Inc. | 360,632 | 1,037 | |||
Pronexus Inc. | 87,917 | 1,032 | |||
* | Akebono Brake Industry Co. Ltd. | 463,971 | 1,032 | ||
Alpha Systems Inc. | 39,423 | 1,028 |
40
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Shares | Market | ) | |||
^ | Genky DrugStores Co. Ltd. | 47,951 | 1,023 | ||
Japan Best Rescue System Co. Ltd. | 98,576 | 1,019 | |||
Matsuda Sangyo Co. Ltd. | 68,507 | 1,016 | |||
World Holdings Co. Ltd. | 57,291 | 1,013 | |||
Yushiro Chemical Industry Co. Ltd. | 75,512 | 1,009 | |||
Weathernews Inc. | 31,298 | 1,008 | |||
Ministop Co. Ltd. | 74,666 | 1,005 | |||
^ | Pepper Food Service Co. Ltd. | 86,702 | 1,000 | ||
Tomoku Co. Ltd. | 57,494 | 1,000 | |||
ST Corp. | 63,324 | 1,000 | |||
Sanei Architecture Planning Co. Ltd. | 65,601 | 989 | |||
Chiba Kogyo Bank Ltd. | 272,400 | 985 | |||
Sac's Bar Holdings Inc. | 116,961 | 984 | |||
SRA Holdings | 39,753 | 978 | |||
Toho Co. Ltd. | 53,073 | 971 | |||
Mars Group Holdings Corp. | 51,685 | 968 | |||
Artnature Inc. | 126,227 | 965 | |||
Okura Industrial Co. Ltd. | 52,159 | 955 | |||
* | KNT-CT Holdings Co. Ltd. | 69,863 | 945 | ||
Taisei Lamick Co. Ltd. | 34,917 | 944 | |||
Tokyo Electron Device Ltd. | 37,824 | 944 | |||
Sinanen Holdings Co. Ltd. | 50,668 | 942 | |||
Yomiuri Land Co. Ltd. | 22,388 | 930 | |||
^ | CHIMNEY Co. Ltd. | 43,432 | 926 | ||
Kato Works Co. Ltd. | 61,446 | 923 | |||
Tokyo Energy & Systems Inc. | 110,005 | 922 | |||
*,^ | Toyo Engineering Corp. | 141,595 | 921 | ||
Studio Alice Co. Ltd. | 52,824 | 920 | |||
Osaka Steel Co. Ltd. | 67,527 | 919 | |||
Kita-Nippon Bank Ltd. | 44,446 | 916 | |||
Space Value Holdings Co. Ltd. | 185,821 | 913 | |||
Tsutsumi Jewelry Co. Ltd. | 46,523 | 907 | |||
Kyokuto Securities Co. Ltd. | 132,842 | 903 | |||
Fuso Pharmaceutical Industries Ltd. | 47,835 | 900 | |||
Mitsui Matsushima Holdings Co. Ltd. | 80,871 | 898 | |||
* | COOKPAD Inc. | 274,525 | 895 | ||
CMIC Holdings Co. Ltd. | 52,810 | 894 | |||
Zuiko Corp. | 24,480 | 888 | |||
Daikokutenbussan Co. Ltd. | 29,904 | 883 | |||
Toli Corp. | 300,768 | 880 | |||
Tokyo Rope Manufacturing Co. Ltd. | 73,863 | 877 | |||
Asahi Co. Ltd. | 67,524 | 875 | |||
Tv Tokyo Holdings Corp. | 38,913 | 868 | |||
* | Sanyo Shokai Ltd. | 68,421 | 866 | ||
* | Toa Oil Co. Ltd. | 38,449 | 858 | ||
Corona Corp. Class A | 89,691 | 854 | |||
Seika Corp. | 68,217 | 840 | |||
SMK Corp. | 31,019 | 840 | |||
Hito Communications Holdings Inc. | 60,129 | 837 | |||
Maezawa Kasei Industries Co. Ltd. | 75,258 | 833 | |||
Kitano Construction Corp. | 34,691 | 832 | |||
Daisyo Corp. | 53,616 | 827 | |||
Wellnet Corp. | 119,543 | 814 | |||
Japan Cash Machine Co. Ltd. | 97,177 | 800 | |||
^ | Tokyo Individualized Educational Institute Inc. | 121,387 | 793 | ||
Fujikura Kasei Co. Ltd. | 146,878 | 790 | |||
Chuo Spring Co. Ltd. | 27,263 | 786 | |||
Jamco Corp. | 59,211 | 785 | |||
Wowow Inc. | 30,633 | 777 | |||
Chuetsu Pulp & Paper Co. Ltd. | 50,703 | 773 | |||
Hakuto Co. Ltd. | 61,962 | 771 | |||
Kojima Co. Ltd. | 151,201 | 728 | |||
Namura Shipbuilding Co. Ltd. | 297,620 | 725 | |||
*,^ | Medical Data Vision Co. Ltd. | 88,908 | 717 |
41
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Shares | Market Value ($000 | ) | |||
Shin Nippon Biomedical Laboratories Ltd. | 124,229 | 716 | |||
Mitsubishi Paper Mills Ltd. | 160,325 | 715 | |||
Fujitsu Frontech Ltd. | 56,915 | 709 | |||
* | FDK Corp. | 84,263 | 709 | ||
Takamiya Co. Ltd. | 109,775 | 705 | |||
Mitsubishi Steel Manufacturing Co. Ltd. | 71,138 | 702 | |||
Shimojima Co. Ltd. | 63,984 | 697 | |||
Cleanup Corp. | 104,814 | 685 | |||
Takaoka Toko Co. Ltd. | 62,022 | 679 | |||
Inaba Seisakusho Co. Ltd. | 51,448 | 677 | |||
Daikoku Denki Co. Ltd. | 43,834 | 661 | |||
Gun-Ei Chemical Industry Co. Ltd. | 27,199 | 648 | |||
^ | Ateam Inc. | 64,415 | 646 | ||
T RAD Co. Ltd. | 34,134 | 642 | |||
^ | Ohara Inc. | 47,987 | 641 | ||
* | Remixpoint Inc. | 369,749 | 626 | ||
Gecoss Corp. | 61,164 | 621 | |||
Nihon Yamamura Glass Co. Ltd. | 51,470 | 620 | |||
Taiho Kogyo Co. Ltd. | 77,263 | 616 | |||
Atsugi Co. Ltd. | 76,668 | 598 | |||
Nippon Coke & Engineering Co. Ltd. | 787,278 | 584 | |||
Linical Co. Ltd. | 56,843 | 583 | |||
Sumitomo Precision Products Co. Ltd. | 18,050 | 560 | |||
Takihyo Co. Ltd. | 32,385 | 556 | |||
Nakayama Steel Works Ltd. | 107,585 | 537 | |||
* | Funai Electric Co. Ltd. | 82,615 | 533 | ||
Fuji Oil Co. Ltd. | 237,736 | 530 | |||
* | Tokyo Base Co. Ltd. | 93,810 | 523 | ||
Airport Facilities Co. Ltd. | 101,608 | 517 | |||
Fields Corp. | 82,878 | 493 | |||
* | Aplus Financial Co. Ltd. | 596,261 | 479 | ||
*,^ | Tateru Inc. | 186,055 | 362 | ||
^ | Right On Co. Ltd. | 63,885 | 352 | ||
Paris Miki Holdings Inc. | 120,822 | 349 | |||
*,^ | Laox Co. Ltd. | 137,705 | 337 | ||
Retail Partners Co. Ltd. | 10,525 | 87 | |||
27,137,338 | |||||
Netherlands (3.1%) | |||||
ASML Holding NV | 2,525,552 | 747,710 | |||
Unilever NV | 9,158,519 | 525,616 | |||
ING Groep NV | 24,593,790 | 295,678 | |||
Koninklijke Philips NV | 5,700,868 | 278,681 | |||
* | Prosus NV | 2,591,068 | 193,921 | ||
Koninklijke Ahold Delhaize NV | 6,451,131 | 161,746 | |||
Heineken NV | 1,487,273 | 158,734 | |||
Koninklijke DSM NV | 1,108,575 | 144,942 | |||
*,2 | Adyen NV | 166,545 | 137,000 | ||
Akzo Nobel NV | 1,320,531 | 134,858 | |||
Unibail-Rodamco-Westfield | 849,882 | 134,141 | |||
Wolters Kluwer NV | 1,666,534 | 121,683 | |||
NN Group NV | 2,128,771 | 80,942 | |||
ArcelorMittal | 3,796,304 | 66,890 | |||
*,^ | Galapagos NV | 314,604 | 65,516 | ||
Heineken Holding NV | 667,523 | 64,879 | |||
Koninklijke KPN NV | 20,885,077 | 61,807 | |||
Aegon NV (XAMS) | 10,687,034 | 48,921 | |||
2 | ABN AMRO Bank NV | 2,616,651 | 47,692 | ||
Randstad NV | 695,345 | 42,608 | |||
ASM International NV | 305,661 | 34,501 | |||
ASR Nederland NV | 872,407 | 32,694 | |||
IMCD NV | 331,644 | 29,038 | |||
Aalberts NV | 602,909 | 27,136 | |||
2 | Signify NV | 793,010 | 24,820 | ||
* | Altice Europe NV | 3,547,638 | 22,973 |
42
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Shares | Market Value ($000 | ) | |||
Koninklijke Vopak NV | 419,068 | 22,772 | |||
*,^,2 | Takeaway.com NV | 242,670 | 22,432 | ||
SBM Offshore NV | 1,031,113 | 19,264 | |||
BE Semiconductor Industries NV | 449,843 | 17,464 | |||
TKH Group NV | 264,490 | 14,865 | |||
^ | Boskalis Westminster | 517,908 | 13,271 | ||
* | OCI NV | 608,046 | 12,873 | ||
Corbion NV | 373,679 | 11,790 | |||
2 | Intertrust NV | 560,449 | 10,899 | ||
Arcadis NV | 447,793 | 10,485 | |||
APERAM SA | 298,024 | 9,573 | |||
2 | GrandVision NV | 306,338 | 9,421 | ||
^ | Eurocommercial Properties NV | 301,104 | 8,435 | ||
*,2 | Basic-Fit NV | 216,137 | 8,237 | ||
PostNL NV | 2,929,397 | 6,629 | |||
Sligro Food Group NV | 218,175 | 5,881 | |||
^ | Wereldhave NV | 255,124 | 5,765 | ||
*,^ | Fugro NV | 498,010 | 5,615 | ||
NSI NV | 113,021 | 5,505 | |||
^ | AMG Advanced Metallurgical Group NV | 191,276 | 4,695 | ||
TomTom NV | 435,414 | 4,609 | |||
Koninklijke BAM Groep NV | 1,511,168 | 4,573 | |||
2 | Flow Traders | 174,289 | 4,210 | ||
Koninklijke Volkerwessels NV | 153,583 | 3,785 | |||
Accell Group NV | 129,692 | 3,759 | |||
Vastned Retail NV | 108,537 | 3,256 | |||
2 | NIBC Holding NV | 241,574 | 2,044 | ||
Aegon NV (XNYS) | 405,926 | 1,839 | |||
* | Altice Europe NV Class B | 280,197 | 1,799 | ||
2 | B&S Group Sarl | 151,752 | 1,633 | ||
ForFarmers NV | 228,864 | 1,474 | |||
^ | Brunel International NV | 125,543 | 1,272 | ||
3,945,251 | |||||
New Zealand (0.3%) | |||||
Fisher & Paykel Healthcare Corp. Ltd. | 3,575,300 | 53,508 | |||
* | a2 Milk Co. Ltd. | 4,585,227 | 46,427 | ||
Auckland International Airport Ltd. | 5,932,375 | 34,968 | |||
Spark New Zealand Ltd. | 11,580,885 | 33,770 | |||
Ryman Healthcare Ltd. | 2,590,921 | 28,476 | |||
Meridian Energy Ltd. | 7,758,403 | 26,134 | |||
Contact Energy Ltd. | 4,508,702 | 21,658 | |||
Fletcher Building Ltd. | 5,273,099 | 18,075 | |||
Mercury NZ Ltd. | 4,306,630 | 14,650 | |||
Mainfreight Ltd. | 508,680 | 14,561 | |||
Chorus Ltd. | 2,795,586 | 11,631 | |||
SKYCITY Entertainment Group Ltd. | 4,239,084 | 11,336 | |||
Goodman Property Trust | 7,176,384 | 10,731 | |||
Kiwi Property Group Ltd. | 9,849,977 | 10,349 | |||
Infratil Ltd. | 2,882,322 | 9,784 | |||
EBOS Group Ltd. | 578,397 | 9,447 | |||
Summerset Group Holdings Ltd. | 1,398,093 | 8,379 | |||
Precinct Properties New Zealand Ltd. | 5,877,912 | 7,262 | |||
Z Energy Ltd. | 2,291,196 | 6,781 | |||
Genesis Energy Ltd. | 3,162,974 | 6,446 | |||
Air New Zealand Ltd. | 3,132,524 | 6,181 | |||
Freightways Ltd. | 923,213 | 5,285 | |||
Metlifecare Ltd. | 1,081,724 | 4,974 | |||
Argosy Property Ltd. | 5,142,036 | 4,780 | |||
Vital Healthcare Property Trust | 2,293,821 | 4,358 | |||
Vector Ltd. | 1,559,934 | 3,919 | |||
* | Synlait Milk Ltd. | 615,907 | 3,690 | ||
Kathmandu Holdings Ltd. | 1,509,311 | 3,396 | |||
Heartland Group Holdings Ltd. | 2,552,624 | 3,182 | |||
*,^ | Pushpay Holdings Ltd. | 1,102,076 | 2,987 |
43
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Shares | Market Value ($000 | ) | |||
Scales Corp. Ltd. | 648,922 | 2,190 | |||
Tourism Holdings Ltd. | 941,344 | 2,188 | |||
* | Restaurant Brands New Zealand Ltd. | 196,945 | 1,850 | ||
New Zealand Refining Co. Ltd. | 1,207,954 | 1,529 | |||
SKY Network Television Ltd. | 2,509,932 | 1,202 | |||
436,084 | |||||
Norway (0.7%) | |||||
Equinor ASA | 6,208,850 | 123,819 | |||
DNB ASA | 6,585,283 | 123,230 | |||
Telenor ASA | 4,081,009 | 73,155 | |||
Mowi ASA | 2,684,770 | 69,807 | |||
Orkla ASA | 4,805,032 | 48,727 | |||
Yara International ASA | 1,096,600 | 45,689 | |||
Norsk Hydro ASA | 8,451,049 | 31,426 | |||
Storebrand ASA | 2,950,661 | 23,246 | |||
Aker BP ASA | 678,523 | 22,269 | |||
TGS NOPEC Geophysical Co. ASA | 730,385 | 22,221 | |||
Gjensidige Forsikring ASA | 1,044,356 | 21,922 | |||
Tomra Systems ASA | 683,053 | 21,712 | |||
Bakkafrost P/F | 291,530 | 21,611 | |||
Subsea 7 SA | 1,469,802 | 17,583 | |||
2 | Entra ASA | 1,050,332 | 17,364 | ||
* | Adevinta ASA Class B | 1,412,194 | 16,776 | ||
Salmar ASA | 326,859 | 16,750 | |||
Schibsted ASA Class A | 545,287 | 16,498 | |||
Schibsted ASA Class B | 571,447 | 16,330 | |||
SpareBank 1 SR-Bank ASA | 1,112,450 | 12,664 | |||
Leroy Seafood Group ASA | 1,624,733 | 10,816 | |||
* | Norwegian Finans Holding ASA | 976,609 | 10,591 | ||
SpareBank 1 SMN | 831,925 | 9,501 | |||
Aker ASA | 151,596 | 9,377 | |||
Veidekke ASA | 687,824 | 9,364 | |||
2 | Scatec Solar ASA | 570,684 | 8,102 | ||
Kongsberg Gruppen ASA | 475,396 | 7,471 | |||
Atea ASA | 508,425 | 7,463 | |||
Borregaard ASA | 634,928 | 6,881 | |||
Frontline Ltd. | 483,909 | 6,136 | |||
* | Nordic Semiconductor ASA | 901,065 | 5,725 | ||
Austevoll Seafood ASA | 557,190 | 5,713 | |||
Grieg Seafood ASA | 339,021 | 5,421 | |||
DNO ASA | 3,960,316 | 5,223 | |||
*,^ | Borr Drilling Ltd. | 496,175 | 4,278 | ||
2 | Sbanken ASA | 498,674 | 4,245 | ||
2 | BW LPG Ltd. | 503,327 | 4,228 | ||
2 | Elkem ASA | 1,493,733 | 4,212 | ||
* | BW Offshore Ltd. | 559,422 | 4,200 | ||
* | PGS ASA | 2,032,992 | 3,996 | ||
^ | Norway Royal Salmon ASA | 101,268 | 2,758 | ||
*,2 | Aker Solutions ASA | 910,948 | 2,573 | ||
Sparebank 1 Oestlandet | 207,388 | 2,188 | |||
Stolt-Nielsen Ltd. | 167,240 | 2,167 | |||
Wallenius Wilhelmsen ASA | 617,851 | 1,539 | |||
^ | Ocean Yield ASA | 280,471 | 1,535 | ||
*,^ | Norwegian Air Shuttle ASA | 270,833 | 1,285 | ||
*,^,2 | XXL ASA | 561,411 | 1,063 | ||
*,^ | Seadrill Ltd. | 403,585 | 942 | ||
* | Akastor ASA | 816,808 | 927 | ||
Hoegh LNG Holdings Ltd. | 237,778 | 909 | |||
*,§ | XXL ASA Rights | 61,755 | 16 | ||
913,644 | |||||
Poland (0.3%) | |||||
Powszechna Kasa Oszczednosci Bank Polski SA | 5,348,960 | 48,561 | |||
Polski Koncern Naftowy ORLEN SA | 1,947,067 | 44,042 | |||
Powszechny Zaklad Ubezpieczen SA | 3,527,856 | 37,259 |
44
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Shares | Market Value ($000 | ) | |||
CD Projekt SA | 392,831 | 28,967 | |||
Bank Polska Kasa Opieki SA | 982,606 | 26,003 | |||
* | KGHM Polska Miedz SA | 863,458 | 21,781 | ||
Santander Bank Polska SA | 185,282 | 15,010 | |||
Grupa Lotos SA | 615,915 | 13,586 | |||
Polskie Gornictwo Naftowe i Gazownictwo SA | 10,998,173 | 12,545 | |||
Cyfrowy Polsat SA | 1,672,663 | 12,297 | |||
LPP SA | 5,282 | 12,280 | |||
*,2 | Dino Polska SA | 303,254 | 11,506 | ||
* | PGE Polska Grupa Energetyczna SA | 4,583,598 | 9,605 | ||
* | mBank SA | 80,820 | 8,295 | ||
* | Orange Polska SA | 4,092,618 | 7,677 | ||
2 | PLAY Communications SA | 791,445 | 7,298 | ||
* | Bank Millennium SA | 3,819,957 | 5,879 | ||
Asseco Poland SA | 344,580 | 5,791 | |||
*,^ | AmRest Holdings SE | 455,872 | 5,199 | ||
CCC SA | 178,154 | 5,165 | |||
KRUK SA | 102,427 | 4,522 | |||
* | Alior Bank SA | 572,880 | 4,328 | ||
^ | Kernel Holding SA | 326,036 | 3,885 | ||
Budimex SA | 73,465 | 3,321 | |||
Bank Handlowy w Warszawie SA | 205,215 | 2,802 | |||
^ | Eurocash SA | 484,084 | 2,782 | ||
* | Enea SA | 1,302,624 | 2,718 | ||
* | Tauron Polska Energia SA | 5,930,406 | 2,559 | ||
* | Energa SA | 1,268,523 | 2,366 | ||
* | Grupa Azoty SA | 285,212 | 2,203 | ||
Jastrzebska Spolka Weglowa SA | 310,348 | 1,751 | |||
Warsaw Stock Exchange | 160,889 | 1,666 | |||
* | Ciech SA | 158,367 | 1,656 | ||
PKP Cargo SA | 183,352 | 991 | |||
Lubelski Wegiel Bogdanka SA | 65,281 | 599 | |||
376,895 | |||||
Portugal (0.2%) | |||||
EDP - Energias de Portugal SA | 15,919,045 | 69,079 | |||
Galp Energia SGPS SA | 3,257,440 | 54,686 | |||
Jeronimo Martins SGPS SA | 1,535,221 | 25,299 | |||
EDP Renovaveis SA | 957,394 | 11,305 | |||
Banco Comercial Portugues SA | 48,838,646 | 11,145 | |||
NOS SGPS SA | 1,414,756 | 7,640 | |||
REN - Redes Energeticas Nacionais SGPS SA | 2,421,464 | 7,391 | |||
Navigator Co. SA | 1,575,271 | 6,355 | |||
Sonae SGPS SA | 5,927,141 | 6,054 | |||
CTT-Correios de Portugal SA | 953,283 | 3,422 | |||
Altri SGPS SA | 431,360 | 2,754 | |||
Corticeira Amorim SGPS SA | 205,428 | 2,609 | |||
Semapa-Sociedade de Investimento e Gestao | 145,280 | 2,242 | |||
Mota-Engil SGPS SA | 524,900 | 1,104 | |||
* | Banco Espirito Santo SA | 10,412,510 | 26 | ||
211,111 | |||||
Singapore (1.2%) | |||||
DBS Group Holdings Ltd. | 11,356,819 | 218,974 | |||
Oversea-Chinese Banking Corp. Ltd. | 21,736,852 | 177,820 | |||
United Overseas Bank Ltd. | 8,103,655 | 159,372 | |||
Singapore Telecommunications Ltd. | 46,934,089 | 117,669 | |||
Keppel Corp. Ltd. | 9,047,865 | 45,588 | |||
CapitaLand Ltd. | 15,736,627 | 43,913 | |||
Ascendas REIT | 18,479,911 | 40,829 | |||
Wilmar International Ltd. | 12,241,467 | 37,504 | |||
Singapore Exchange Ltd. | 5,192,880 | 34,201 | |||
Singapore Technologies Engineering Ltd. | 9,639,826 | 28,232 | |||
CapitaLand Mall Trust | 15,150,933 | 27,735 | |||
Genting Singapore Ltd. | 36,552,948 | 25,031 | |||
Mapletree Commercial Trust | 13,774,505 | 24,495 |
45
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Shares | Market Value ($000 | ) | |||
City Developments Ltd. | 2,958,064 | 24,075 | |||
CapitaLand Commercial Trust | 15,788,069 | 23,382 | |||
ComfortDelGro Corp. Ltd. | 12,969,558 | 22,948 | |||
Singapore Airlines Ltd. | 3,215,106 | 21,616 | |||
Mapletree Logistics Trust | 16,004,043 | 20,701 | |||
Venture Corp. Ltd. | 1,628,240 | 19,643 | |||
UOL Group Ltd. | 3,103,437 | 19,207 | |||
Mapletree Industrial Trust | 9,654,456 | 18,672 | |||
Suntec REIT | 12,921,762 | 17,689 | |||
Singapore Press Holdings Ltd. | 10,084,683 | 16,336 | |||
SATS Ltd. | 3,975,401 | 14,964 | |||
Jardine Cycle & Carriage Ltd. | 618,691 | 13,836 | |||
NetLink NBN Trust | 18,525,228 | 13,021 | |||
Keppel DC REIT | 7,546,866 | 11,677 | |||
Mapletree North Asia Commercial Trust | 13,237,483 | 11,430 | |||
Keppel REIT | 12,371,132 | 11,416 | |||
§ | Ascott Residence Trust | 11,040,705 | 10,918 | ||
Sembcorp Industries Ltd. | 5,717,511 | 9,737 | |||
Frasers Logistics & Industrial Trust | 10,469,210 | 9,652 | |||
Frasers Centrepoint Trust | 4,477,678 | 9,364 | |||
Keppel Infrastructure Trust | 22,388,694 | 8,988 | |||
Manulife US REIT | 8,845,501 | 8,845 | |||
Golden Agri-Resources Ltd. | 39,911,923 | 6,981 | |||
Singapore Post Ltd. | 9,497,059 | 6,604 | |||
CDL Hospitality Trusts | 5,003,414 | 6,026 | |||
Parkway Life REIT | 2,384,930 | 5,887 | |||
Ascendas India Trust | 5,013,800 | 5,781 | |||
ESR-REIT | 14,383,032 | 5,670 | |||
Hutchison Port Holdings Trust | 31,732,516 | 5,458 | |||
CapitaLand Retail China Trust | 4,480,353 | 5,367 | |||
Olam International Ltd. | 3,863,700 | 5,200 | |||
* | Sembcorp Marine Ltd. | 5,195,977 | 5,111 | ||
Frasers Commercial Trust | 4,125,951 | 5,095 | |||
OUE Commercial REIT | 11,953,032 | 5,017 | |||
Starhill Global REIT | 8,899,092 | 4,801 | |||
First Resources Ltd. | 3,272,927 | 4,624 | |||
Raffles Medical Group Ltd. | 5,723,412 | 4,255 | |||
StarHub Ltd. | 3,641,616 | 3,843 | |||
AIMS APAC REIT | 3,405,400 | 3,622 | |||
Wing Tai Holdings Ltd. | 2,257,053 | 3,389 | |||
Cache Logistics Trust | 6,353,319 | 3,376 | |||
Far East Hospitality Trust | 5,751,910 | 3,168 | |||
SPH REIT | 3,736,009 | 2,975 | |||
SIA Engineering Co. Ltd. | 1,396,728 | 2,932 | |||
GuocoLand Ltd. | 1,863,315 | 2,716 | |||
Frasers Property Ltd. | 2,118,658 | 2,661 | |||
Frasers Hospitality Trust | 4,810,692 | 2,542 | |||
First REIT | 3,389,782 | 2,509 | |||
Sheng Siong Group Ltd. | 2,719,065 | 2,506 | |||
Accordia Golf Trust | 4,731,755 | 2,354 | |||
Soilbuild Business Space REIT | 5,866,056 | 2,267 | |||
Lippo Malls Indonesia Retail Trust | 12,911,976 | 2,158 | |||
Sabana Shari'ah Compliant Industrial REIT | 6,155,301 | 2,105 | |||
* | Yoma Strategic Holdings Ltd. | 7,479,468 | 1,946 | ||
OUE Ltd. | 1,659,204 | 1,840 | |||
Thomson Medical Group Ltd. | 38,593,900 | 1,839 | |||
* | Eagle Hospitality Trust | 3,065,800 | 1,672 | ||
§ | Best World International Ltd. | 1,646,200 | 1,650 | ||
Silverlake Axis Ltd. | 5,073,661 | 1,548 | |||
Asian Pay Television Trust | 9,247,949 | 1,161 | |||
Bumitama Agri Ltd. | 1,820,023 | 1,082 | |||
*,^,§ | Hyflux Ltd. | 2,817,700 | 440 | ||
*,§ | Noble Group Ltd. | 4,883,318 | 294 | ||
*,^,§ | Ezra Holdings Ltd. | 10,329,900 | 84 |
46
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Shares | Market Value ($000 | ) | |||
*,§ | Ezion Holdings Ltd. Warrants Exp. 04/15/2020 | 720,757 | 1 | ||
*,^ | Ezion Holdings Ltd. Warrants Exp. 04/16/2023 | 5,153,611 | — | ||
1,460,037 | |||||
South Korea (4.1%) | |||||
Samsung Electronics Co. Ltd. | 27,618,509 | 1,330,850 | |||
SK Hynix Inc. | 3,240,725 | 263,593 | |||
Samsung Electronics Co. Ltd. Preference Shares | 4,295,587 | 168,180 | |||
NAVER Corp. | 836,305 | 134,557 | |||
Samsung Electronics Co. Ltd. GDR | 105,219 | 125,915 | |||
*,^ | Celltrion Inc. | 647,394 | 100,920 | ||
Shinhan Financial Group Co. Ltd. | 2,685,504 | 100,687 | |||
KB Financial Group Inc. | 2,377,094 | 97,931 | |||
Hyundai Motor Co. | 882,946 | 91,965 | |||
Hyundai Mobis Co. Ltd. | 408,319 | 90,337 | |||
POSCO | 426,679 | 86,728 | |||
LG Chem Ltd. | 280,716 | 76,931 | |||
Samsung SDI Co. Ltd. | 329,387 | 67,101 | |||
Kia Motors Corp. | 1,611,487 | 61,543 | |||
Hana Financial Group Inc. | 1,856,405 | 59,049 | |||
LG Household & Health Care Ltd. | 53,967 | 58,622 | |||
KT&G Corp. | 691,902 | 55,980 | |||
Samsung C&T Corp. | 524,479 | 49,105 | |||
NCSoft Corp. | 104,712 | 48,859 | |||
SK Holdings Co. Ltd. | 208,053 | 46,936 | |||
SK Innovation Co. Ltd. | 357,400 | 46,254 | |||
Kakao Corp. | 323,598 | 42,859 | |||
Samsung Fire & Marine Insurance Co. Ltd. | 192,480 | 40,466 | |||
LG Electronics Inc. | 626,757 | 38,932 | |||
^ | Samsung Electro-Mechanics Co. Ltd. | 347,889 | 37,419 | ||
LG Corp. | 564,495 | 35,968 | |||
Woori Financial Group Inc. | 3,384,787 | 33,889 | |||
Samsung SDS Co. Ltd. | 199,058 | 33,407 | |||
^ | Amorepacific Corp. | 193,810 | 33,377 | ||
* | Korea Electric Power Corp. | 1,372,949 | 32,941 | ||
*,^,2 | Samsung Biologics Co. Ltd. | 83,564 | 31,184 | ||
* | Korea Shipbuilding & Offshore Engineering Co. Ltd. | 270,122 | 29,393 | ||
Woongjin Coway Co. Ltd. | 351,432 | 28,253 | |||
Samsung Life Insurance Co. Ltd. | 399,188 | 25,664 | |||
Korea Zinc Co. Ltd. | 61,903 | 22,748 | |||
*,^ | HLB Inc. | 214,609 | 21,336 | ||
^ | S-Oil Corp. | 256,893 | 21,099 | ||
*,^ | LG Display Co. Ltd. | 1,402,433 | 19,620 | ||
Hyundai Heavy Industries Holdings Co. Ltd. | 65,442 | 19,099 | |||
* | Celltrion Healthcare Co. Ltd. | 417,323 | 19,014 | ||
Lotte Chemical Corp. | 92,291 | 17,831 | |||
Industrial Bank of Korea | 1,706,327 | 17,393 | |||
* | Samsung Heavy Industries Co. Ltd. | 2,731,360 | 17,104 | ||
Kangwon Land Inc. | 661,098 | 16,912 | |||
Hyundai Engineering & Construction Co. Ltd. | 457,423 | 16,687 | |||
SK Telecom Co. Ltd. | 80,691 | 16,626 | |||
Hyundai Motor Co. 2nd Preference Shares | 237,537 | 16,295 | |||
* | Samsung Engineering Co. Ltd. | 985,129 | 16,280 | ||
Mirae Asset Daewoo Co. Ltd. | 2,361,842 | 15,367 | |||
Hotel Shilla Co. Ltd. | 194,254 | 15,183 | |||
^ | Fila Korea Ltd. | 326,996 | 14,942 | ||
Korea Investment Holdings Co. Ltd. | 237,717 | 14,846 | |||
LG Uplus Corp. | 1,208,795 | 14,826 | |||
GS Holdings Corp. | 321,199 | 14,330 | |||
Hyundai Glovis Co. Ltd. | 115,246 | 14,220 | |||
E-MART Inc. | 126,803 | 13,951 | |||
Hankook Tire & Technology Co. Ltd. | 468,942 | 13,580 | |||
Daelim Industrial Co. Ltd. | 171,096 | 13,385 | |||
DB Insurance Co. Ltd. | 295,246 | 13,337 | |||
^ | SK Telecom Co. Ltd. ADR | 576,850 | 13,331 |
47
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Shares | Market Value ($000 | ) | |||
Samsung Securities Co. Ltd. | 394,927 | 13,153 | |||
Hyundai Steel Co. | 475,687 | 12,897 | |||
AMOREPACIFIC Group | 179,684 | 12,837 | |||
Orion Corp. | 135,795 | 12,385 | |||
BNK Financial Group Inc. | 1,830,723 | 12,101 | |||
Korea Aerospace Industries Ltd. | 404,883 | 11,916 | |||
Yuhan Corp. | 57,316 | 11,697 | |||
Hanmi Pharm Co. Ltd. | 44,893 | 11,475 | |||
^ | Shinsegae Inc. | 43,400 | 10,819 | ||
CJ CheilJedang Corp. | 49,339 | 10,758 | |||
LG Innotek Co. Ltd. | 87,536 | 10,551 | |||
LG Household & Health Care Ltd. Preference Shares | 14,912 | 9,935 | |||
GS Engineering & Construction Corp. | 368,594 | 9,864 | |||
^ | Hanon Systems | 1,016,677 | 9,787 | ||
S-1 Corp. | 119,780 | 9,710 | |||
Hyundai Motor Co. Preference Shares | 150,075 | 9,295 | |||
Cheil Worldwide Inc. | 433,912 | 9,023 | |||
*,^ | Helixmith Co. Ltd. | 113,226 | 9,021 | ||
Hyundai Marine & Fire Insurance Co. Ltd. | 381,213 | 8,873 | |||
NH Investment & Securities Co. Ltd. | 796,975 | 8,718 | |||
*,^,2 | Netmarble Corp. | 108,885 | 8,682 | ||
LG Chem Ltd. Preference Shares | 57,765 | 8,629 | |||
Lotte Shopping Co. Ltd. | 70,981 | 8,304 | |||
CJ ENM Co. Ltd. | 59,691 | 8,229 | |||
Hanwha Chemical Corp. | 503,410 | 8,184 | |||
*,^ | KMW Co. Ltd. | 179,015 | 7,902 | ||
Douzone Bizon Co. Ltd. | 111,957 | 7,826 | |||
Korean Air Lines Co. Ltd. | 300,442 | 7,387 | |||
Kumho Petrochemical Co. Ltd. | 110,111 | 7,364 | |||
* | Hanall Biopharma Co. Ltd. | 233,576 | 7,288 | ||
* | Daewoo Shipbuilding & Marine Engineering Co. Ltd. | 302,425 | 7,257 | ||
Medy-Tox Inc. | 26,683 | 6,939 | |||
^ | Koh Young Technology Inc. | 75,365 | 6,868 | ||
Hyundai Department Store Co. Ltd. | 94,885 | 6,804 | |||
^ | WONIK IPS Co. Ltd. | 217,470 | 6,736 | ||
§ | KCC Corp. | 34,495 | 6,715 | ||
* | Hanwha Aerospace Co. Ltd. | 221,445 | 6,698 | ||
*,^ | GemVax & Kael Co. Ltd. | 201,597 | 6,680 | ||
^ | Hanjin Kal Corp. | 186,697 | 6,431 | ||
CJ Corp. | 76,416 | 6,372 | |||
Mando Corp. | 207,629 | 6,299 | |||
*,^ | CJ Logistics Corp. | 46,856 | 6,270 | ||
*,^ | Pearl Abyss Corp. | 38,830 | 6,221 | ||
Samsung Card Co. Ltd. | 186,399 | 6,220 | |||
OCI Co. Ltd. | 112,887 | 6,100 | |||
Hyundai Elevator Co. Ltd. | 102,852 | 6,063 | |||
Meritz Securities Co. Ltd. | 1,838,711 | 6,011 | |||
Amorepacific Corp. Preference Shares | 76,438 | 5,906 | |||
*,^ | HLB Life Science Co. Ltd. | 245,114 | 5,883 | ||
DGB Financial Group Inc. | 955,669 | 5,875 | |||
BGF retail Co. Ltd. | 39,557 | 5,788 | |||
^ | POSCO Chemical Co. Ltd. | 136,019 | 5,780 | ||
LG Electronics Inc. Preference Shares | 233,819 | 5,725 | |||
* | Shinhan Financial Group Co. Ltd. ADR | 148,282 | 5,645 | ||
GS Retail Co. Ltd. | 165,406 | 5,615 | |||
Lotte Corp. | 164,980 | 5,545 | |||
Com2uSCorp | 59,381 | 5,506 | |||
Meritz Fire & Marine Insurance Co. Ltd. | 354,825 | 5,470 | |||
Youngone Corp. | 184,446 | 5,454 | |||
Hanwha Corp. | 249,799 | 5,387 | |||
Korea Gas Corp. | 164,129 | 5,363 | |||
* | Korea Electric Power Corp. ADR | 445,959 | 5,276 | ||
* | Hyundai Merchant Marine Co. Ltd. | 1,709,517 | 5,240 | ||
DB HiTek Co. Ltd. | 219,338 | 5,235 |
48
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Shares | Market Value ($000 | ) | |||
^ | SKC Co. Ltd. | 118,347 | 5,200 | ||
*,^ | Mezzion Pharma Co. Ltd. | 31,220 | 5,143 | ||
Samsung Fire & Marine Insurance Co. Ltd. Preference Shares | 35,423 | 5,085 | |||
Hyundai Mipo Dockyard Co. Ltd. | 126,088 | 5,001 | |||
2 | Orange Life Insurance Ltd. | 201,468 | 4,916 | ||
Posco International Corp. | 305,569 | 4,916 | |||
^ | KIWOOM Securities Co. Ltd. | 71,781 | 4,914 | ||
Kolon Industries Inc. | 113,484 | 4,869 | |||
Hite Jinro Co. Ltd. | 192,380 | 4,814 | |||
Paradise Co. Ltd. | 281,966 | 4,802 | |||
SK Networks Co. Ltd. | 915,261 | 4,694 | |||
Hansol Chemical Co. Ltd. | 51,251 | 4,690 | |||
* | Hugel Inc. | 13,593 | 4,670 | ||
* | Pan Ocean Co. Ltd. | 1,188,041 | 4,655 | ||
SK Materials Co. Ltd. | 28,604 | 4,599 | |||
* | Daewoo Engineering & Construction Co. Ltd. | 1,119,926 | 4,587 | ||
Korean Reinsurance Co. | 580,089 | 4,569 | |||
LS Corp. | 110,451 | 4,556 | |||
LS Industrial Systems Co. Ltd. | 96,560 | 4,548 | |||
Eo Technics Co. Ltd. | 50,617 | 4,518 | |||
KEPCO Plant Service & Engineering Co. Ltd. | 133,132 | 4,507 | |||
SFA Engineering Corp. | 112,769 | 4,504 | |||
Doosan Bobcat Inc. | 150,950 | 4,483 | |||
JB Financial Group Co. Ltd. | 919,883 | 4,364 | |||
Hyundai Wia Corp. | 100,436 | 4,352 | |||
Innocean Worldwide Inc. | 69,704 | 4,277 | |||
*,^ | SillaJen Inc. | 340,708 | 4,264 | ||
HDC Hyundai Development Co-Engineering & Construction | 192,136 | 4,248 | |||
LOTTE Fine Chemical Co. Ltd. | 108,819 | 4,245 | |||
* | Genexine Co. Ltd. | 78,878 | 4,233 | ||
NongShim Co. Ltd. | 20,201 | 4,199 | |||
*,^ | Hyundai Rotem Co. Ltd. | 306,941 | 4,131 | ||
*,^ | Doosan Infracore Co. Ltd. | 856,146 | 4,098 | ||
*,^ | Iljin Materials Co. Ltd. | 108,101 | 3,981 | ||
*,^ | Celltrion Pharm Inc. | 115,308 | 3,950 | ||
^ | Kolmar Korea Co. Ltd. | 94,740 | 3,854 | ||
^ | Soulbrain Co. Ltd. | 51,995 | 3,800 | ||
F&F Co. Ltd. | 39,250 | 3,790 | |||
Green Cross Corp. | 33,114 | 3,782 | |||
Hyosung Corp. | 54,931 | 3,746 | |||
* | Doosan Heavy Industries & Construction Co. Ltd. | 749,924 | 3,706 | ||
Ottogi Corp. | 7,730 | 3,705 | |||
Chong Kun Dang Pharmaceutical Corp. | 44,250 | 3,698 | |||
JYP Entertainment Corp. | 172,518 | 3,588 | |||
* | NHN Corp. | 61,113 | 3,518 | ||
Hanwha Life Insurance Co. Ltd. | 1,758,661 | 3,505 | |||
*,^ | SM Entertainment Co. Ltd. | 105,333 | 3,494 | ||
*,^ | G-treeBNT Co. Ltd. | 126,396 | 3,395 | ||
Hyundai Greenfood Co. Ltd. | 327,534 | 3,350 | |||
Seoul Semiconductor Co. Ltd. | 234,590 | 3,287 | |||
Green Cross Holdings Corp. | 169,386 | 3,252 | |||
^ | SK Chemicals Co. Ltd. | 58,172 | 3,221 | ||
^ | Hanssem Co. Ltd. | 59,638 | 3,203 | ||
Mirae Asset Daewoo Co. Ltd. Preference Shares | 894,474 | 3,169 | |||
Daewoong Pharmaceutical Co. Ltd. | 26,644 | 3,156 | |||
* | Chabiotech Co. Ltd. | 253,657 | 3,153 | ||
*,^ | Kumho Tire Co. Inc. | 868,054 | 3,144 | ||
Ssangyong Cement Industrial Co. Ltd. | 636,056 | 3,116 | |||
LEENO Industrial Inc. | 55,503 | 3,085 | |||
Taekwang Industrial Co. Ltd. | 3,370 | 3,085 | |||
* | Yungjin Pharmaceutical Co. Ltd. | 540,062 | 3,074 | ||
*,^ | ABLBio Inc. | 143,448 | 2,973 | ||
Dongsuh Cos. Inc. | 197,417 | 2,966 | |||
HS Industries Co. Ltd. | 286,809 | 2,942 |
49
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Shares | Market Value ($000 | ) | |||
*,^ | Komipharm International Co. Ltd. | 222,475 | 2,919 | ||
Dong-A ST Co. Ltd. | 28,071 | 2,883 | |||
* | CrystalGenomics Inc. | 222,060 | 2,832 | ||
* | Oscotec Inc. | 135,121 | 2,800 | ||
^ | Cosmax Inc. | 40,371 | 2,779 | ||
Hanmi Science Co. ltd | 83,240 | 2,750 | |||
Partron Co. Ltd. | 239,406 | 2,728 | |||
^ | Bukwang Pharmaceutical Co. Ltd. | 220,053 | 2,727 | ||
Daeduck Electronics Co. | 301,842 | 2,724 | |||
* | Asiana Airlines Inc. | 583,040 | 2,718 | ||
^ | Dongjin Semichem Co. Ltd. | 185,654 | 2,686 | ||
^ | Shinsegae International Inc. | 13,987 | 2,647 | ||
* | Medipost Co. Ltd. | 87,244 | 2,632 | ||
* | BH Co. Ltd. | 137,788 | 2,604 | ||
^ | SKCKOLONPI Inc. | 85,604 | 2,582 | ||
Hyosung TNC Co. Ltd. | 19,098 | 2,542 | |||
IS Dongseo Co. Ltd. | 89,085 | 2,539 | |||
Lotte Chilsung Beverage Co. Ltd. | 21,010 | 2,536 | |||
^ | AfreecaTV Co. Ltd. | 42,596 | 2,535 | ||
*,^ | Studio Dragon Corp. | 35,678 | 2,488 | ||
* | DIO Corp. | 68,417 | 2,482 | ||
*,^ | CMG Pharmaceutical Co. Ltd. | 675,393 | 2,473 | ||
Daou Technology Inc. | 149,889 | 2,457 | |||
DoubleUGames Co. Ltd. | 56,819 | 2,442 | |||
Hyundai Home Shopping Network Corp. | 34,993 | 2,434 | |||
^ | Taeyoung Engineering & Construction Co. Ltd. | 235,775 | 2,431 | ||
*,^ | Enzychem Lifesciences Corp. | 40,150 | 2,430 | ||
NICE Information Service Co. Ltd. | 201,633 | 2,430 | |||
Huchems Fine Chemical Corp. | 132,200 | 2,417 | |||
Handsome Co. Ltd. | 87,730 | 2,393 | |||
Poongsan Corp. | 116,048 | 2,385 | |||
*,^ | Ananti Inc. | 266,330 | 2,384 | ||
* | Amicogen Inc. | 108,603 | 2,381 | ||
GS Home Shopping Inc. | 18,500 | 2,379 | |||
Sam Chun Dang Pharm Co. Ltd. | 77,733 | 2,377 | |||
Daesang Corp. | 117,998 | 2,367 | |||
*,^ | Hyundai Bioscience Co. Ltd. | 195,161 | 2,365 | ||
*,^ | Lotte Tour Development Co. Ltd. | 190,297 | 2,351 | ||
CJ CGV Co. Ltd. | 78,648 | 2,346 | |||
*,^ | Pharmicell Co. Ltd. | 318,418 | 2,325 | ||
Hana Tour Service Inc. | 52,769 | 2,324 | |||
^ | Ecopro BM Co. Ltd. | 50,503 | 2,304 | ||
^ | Ecopro Co. Ltd. | 118,872 | 2,299 | ||
NICE Holdings Co. Ltd. | 126,639 | 2,287 | |||
DongKook Pharmaceutical Co. Ltd. | 29,502 | 2,268 | |||
*,^ | Foosung Co. Ltd. | 319,784 | 2,259 | ||
* | Seegene Inc. | 85,211 | 2,250 | ||
HDC Holdings Co. Ltd. | 235,933 | 2,245 | |||
* | Osstem Implant Co. Ltd. | 60,516 | 2,214 | ||
Doosan Corp. | 35,752 | 2,173 | |||
Ahnlab Inc. | 38,362 | 2,170 | |||
Daishin Securities Co. Ltd. | 210,142 | 2,167 | |||
^ | NEPES Corp. | 102,684 | 2,127 | ||
* | KB Financial Group Inc. ADR | 50,500 | 2,089 | ||
^ | Samwha Capacitor Co. Ltd. | 45,867 | 2,068 | ||
Samyang Holdings Corp. | 35,223 | 2,040 | |||
JW Pharmaceutical Corp. | 79,777 | 2,034 | |||
^ | Advanced Process Systems Corp. | 69,357 | 2,010 | ||
LOTTE Himart Co. Ltd. | 73,816 | 1,969 | |||
* | LegoChem Biosciences Inc. | 43,147 | 1,960 | ||
*,^ | Hyosung Advanced Materials Corp. | 20,372 | 1,951 | ||
Silicon Works Co. Ltd. | 56,543 | 1,946 | |||
^ | Hyundai Construction Equipment Co. Ltd. | 75,533 | 1,945 | ||
Hanwha Corp. Preference Shares | 161,307 | 1,917 |
50
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Shares | Market Value ($000 | ) | |||
Dentium Co. Ltd. | 41,087 | 1,911 | |||
LG International Corp. | 146,292 | 1,898 | |||
*,^ | Feelux Co. Ltd. | 289,317 | 1,892 | ||
Grand Korea Leisure Co. Ltd. | 112,307 | 1,887 | |||
^ | TES Co. Ltd. | 87,029 | 1,881 | ||
Halla Holdings Corp. | 47,325 | 1,880 | |||
*,^ | KH Vatec Co. Ltd. | 95,038 | 1,879 | ||
*,^ | iNtRON Biotechnology Inc. | 140,806 | 1,871 | ||
* | Dongkuk Steel Mill Co. Ltd. | 365,345 | 1,870 | ||
Orion Holdings Corp. | 120,679 | 1,855 | |||
LIG Nex1 Co. Ltd. | 67,713 | 1,849 | |||
^ | Hanjin Transportation Co. Ltd. | 71,454 | 1,849 | ||
Hankook Technology Group Co. Ltd. | 146,546 | 1,819 | |||
LG Hausys Ltd. | 38,365 | 1,815 | |||
Meritz Financial Group Inc. | 176,704 | 1,801 | |||
Dong-A Socio Holdings Co. Ltd. | 19,253 | 1,787 | |||
* | Innox Advanced Materials Co. Ltd. | 38,573 | 1,784 | ||
L&F Co. Ltd. | 94,211 | 1,781 | |||
Dongwon Industries Co. Ltd. | 9,679 | 1,768 | |||
Korea Real Estate Investment & Trust Co. Ltd. | 972,620 | 1,765 | |||
*,^ | SFA Semicon Co. Ltd. | 474,580 | 1,764 | ||
Korea Petrochemical Ind Co. Ltd. | 17,394 | 1,763 | |||
* | Sangsangin Co. Ltd. | 233,930 | 1,752 | ||
LF Corp. | 108,101 | 1,726 | |||
S&T Motiv Co. Ltd. | 46,362 | 1,716 | |||
*,^ | Telcon RF Pharmaceutical Inc. | 406,213 | 1,699 | ||
^ | Dawonsys Co. Ltd. | 124,076 | 1,695 | ||
* | Duk San Neolux Co. Ltd. | 74,443 | 1,689 | ||
Hyosung Chemical Corp. | 13,518 | 1,688 | |||
Chongkundang Holdings Corp. | 19,363 | 1,688 | |||
Nexen Tire Corp. | 212,874 | 1,681 | |||
Young Poong Corp. | 3,002 | 1,676 | |||
Huons Co. Ltd. | 35,600 | 1,657 | |||
Sebang Global Battery Co. Ltd. | 51,267 | 1,652 | |||
Tongyang Inc. | 1,313,644 | 1,625 | |||
Kumho Industrial Co. Ltd. | 163,764 | 1,623 | |||
Korea Electric Terminal Co. Ltd. | 43,419 | 1,603 | |||
^ | Daea TI Co. Ltd. | 352,743 | 1,592 | ||
* | Ilyang Pharmaceutical Co. Ltd. | 81,595 | 1,590 | ||
* | Eutilex Co. Ltd. | 27,473 | 1,589 | ||
Green Cross Cell Corp. | 39,247 | 1,587 | |||
Mirae Asset Life Insurance Co. Ltd. | 434,223 | 1,552 | |||
Binggrae Co. Ltd. | 31,884 | 1,543 | |||
SL Corp. | 98,389 | 1,543 | |||
^ | YG Entertainment Inc. | 65,258 | 1,540 | ||
*,^ | Naturecell Co. Ltd. | 269,509 | 1,529 | ||
* | Dongsung Pharmaceutical Co. Ltd. | 110,312 | 1,523 | ||
* | Cafe24 Corp. | 34,153 | 1,508 | ||
Jusung Engineering Co. Ltd. | 212,874 | 1,488 | |||
SK Discovery Co. Ltd. | 65,752 | 1,486 | |||
Daewoong Co. Ltd. | 131,735 | 1,472 | |||
* | Webzen Inc. | 104,573 | 1,469 | ||
§ | Caregen Co. Ltd. | 22,308 | 1,464 | ||
Posco ICT Co. Ltd. | 320,499 | 1,463 | |||
Hansae Co. Ltd. | 97,588 | 1,458 | |||
ST Pharm Co. Ltd. | 56,360 | 1,450 | |||
InBody Co. Ltd. | 70,586 | 1,440 | |||
* | NKMax Co. Ltd. | 150,840 | 1,404 | ||
Modetour Network Inc. | 89,442 | 1,404 | |||
Youngone Holdings Co. Ltd. | 33,272 | 1,387 | |||
Songwon Industrial Co. Ltd. | 103,406 | 1,386 | |||
Jeil Pharmaceutical Co. Ltd. | 44,281 | 1,381 | |||
*,^ | Hyundai Electric & Energy System Co. Ltd. | 138,100 | 1,376 | ||
*,^ | Insun ENT Co. Ltd. | 191,100 | 1,373 |
51
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Shares | Market Value ($000 | ) | |||
*,^ | Korea Line Corp. | 68,582 | 1,362 | ||
*,^ | Inscobee Inc. | 515,693 | 1,357 | ||
Maeil Dairies Co. Ltd. | 18,234 | 1,356 | |||
^ | ICD Co. Ltd. | 79,230 | 1,346 | ||
KEPCO Engineering & Construction Co. Inc. | 76,726 | 1,329 | |||
Jeil Pharma Holdings Inc. | 90,513 | 1,327 | |||
Wemade Co. Ltd. | 51,776 | 1,327 | |||
* | Yuanta Securities Korea Co. Ltd. | 531,497 | 1,313 | ||
*,^ | Peptron Inc. | 78,086 | 1,311 | ||
iMarketKorea Inc. | 146,117 | 1,310 | |||
Dongwon F&B Co. Ltd. | 6,635 | 1,296 | |||
* | Hansol Technics Co. Ltd. | 166,478 | 1,283 | ||
* | STCUBE | 129,849 | 1,282 | ||
Hansol Paper Co. Ltd. | 102,230 | 1,275 | |||
^ | KC Tech Co. Ltd. | 63,275 | 1,272 | ||
Harim Holdings Co. Ltd. | 170,253 | 1,259 | |||
* | Yuyang DNU Co. Ltd. | 298,247 | 1,257 | ||
Cuckoo Homesys Co. Ltd. | 33,678 | 1,254 | |||
*,^ | Aprogen pharmaceuticals Inc. | 1,067,842 | 1,249 | ||
* | Doosan Solus Co. Ltd. | 70,851 | 1,247 | ||
SK Securities Co. Ltd. | 2,325,638 | 1,219 | |||
* | Seobu T&D | 161,001 | 1,210 | ||
*,^ | Samsung Pharmaceutical Co. Ltd. | 329,251 | 1,189 | ||
JW Holdings Corp. | 215,119 | 1,178 | |||
Hanwha General Insurance Co. Ltd. | 477,831 | 1,167 | |||
i-SENS Inc. | 51,903 | 1,151 | |||
Namyang Dairy Products Co. Ltd. | 3,014 | 1,146 | |||
Lock&Lock Co. Ltd. | 92,900 | 1,143 | |||
Vieworks Co. Ltd. | 41,511 | 1,129 | |||
Samchully Co. Ltd. | 15,257 | 1,114 | |||
Kwang Dong Pharmaceutical Co. Ltd. | 193,657 | 1,112 | |||
Hankook Shell Oil Co. Ltd. | 3,941 | 1,099 | |||
* | Interflex Co. Ltd. | 72,908 | 1,070 | ||
* | Anterogen Co. Ltd. | 28,881 | 1,064 | ||
Hanil Cement Co. Ltd. | 13,163 | 1,064 | |||
*,^ | Able C&C Co. Ltd. | 120,276 | 1,060 | ||
SPC Samlip Co. Ltd. | 13,957 | 1,050 | |||
Korea Asset In Trust Co. Ltd. | 357,814 | 1,042 | |||
Lotte Confectionery Co. Ltd. | 8,024 | 1,035 | |||
GOLFZON Co. Ltd. | 17,230 | 1,024 | |||
*,^ | Neowiz | 69,435 | 1,014 | ||
*,^ | Vidente Co. Ltd. | 148,221 | 991 | ||
Huons Global Co. Ltd. | 32,155 | 974 | |||
*,^ | Doosan Fuel Cell Co. Ltd. | 128,523 | 974 | ||
Sung Kwang Bend Co. Ltd. | 107,988 | 965 | |||
* | Wonik Holdings Co. Ltd. | 202,877 | 956 | ||
KISWIRE Ltd. | 53,719 | 953 | |||
*,^ | Binex Co. Ltd. | 140,057 | 953 | ||
* | Hanwha Investment & Securities Co. Ltd. | 525,770 | 936 | ||
^ | Toptec Co. Ltd. | 108,069 | 930 | ||
AK Holdings Inc. | 30,661 | 918 | |||
Daishin Securities Co. Ltd. Preference Shares | 118,116 | 914 | |||
^ | Samyang Corp. | 20,800 | 909 | ||
*,^ | Hyosung Heavy Industries Corp. | 39,263 | 901 | ||
* | KONA I Co. Ltd. | 69,825 | 880 | ||
^ | Youlchon Chemical Co. Ltd. | 72,331 | 875 | ||
* | Lutronic Corp. | 110,737 | 871 | ||
^ | Aekyung Industrial Co. Ltd. | 35,249 | 863 | ||
KC Co. Ltd. | 53,257 | 857 | |||
Daekyo Co. Ltd. | 161,636 | 852 | |||
*,^ | Woongjin Thinkbig Co. Ltd. | 320,566 | 840 | ||
CJ CheilJedang Corp. Preference Shares | 8,902 | 839 | |||
Sungwoo Hitech Co. Ltd. | 256,964 | 831 | |||
^ | Kyobo Securities Co. Ltd. | 104,501 | 831 |
52
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Shares | Market Value ($000 | ) | |||
SK Gas Ltd. | 11,341 | 828 | |||
Seah Besteel Corp. | 62,744 | 826 | |||
Kolmar Korea Holdings Co. Ltd. | 42,246 | 820 | |||
CJ Hello Co. Ltd. | 155,972 | 815 | |||
Namhae Chemical Corp. | 113,780 | 802 | |||
Dae Han Flour Mills Co. Ltd. | 6,231 | 797 | |||
*,^ | Esmo Corp. | 529,030 | 780 | ||
INTOPS Co. Ltd. | 69,896 | 778 | |||
^ | BGF Co. Ltd. | 158,022 | 764 | ||
*,^ | Homecast Co. Ltd. | 189,088 | 760 | ||
*,^ | CUROCOM Co. Ltd. | 479,509 | 756 | ||
Lotte Food Co. Ltd. | 2,117 | 756 | |||
* | Lumens Co. Ltd. | 284,750 | 756 | ||
*,^ | Gamevil Inc. | 28,917 | 754 | ||
NS Shopping Co. Ltd. | 91,209 | 745 | |||
* | Taihan Electric Wire Co. Ltd. | 1,377,777 | 732 | ||
* | Hansol Holdings Co. Ltd. | 215,181 | 729 | ||
TK Corp. | 82,760 | 729 | |||
Hancom Inc. | 84,391 | 729 | |||
^ | Dae Hwa Pharmaceutical Co. Ltd. | 65,917 | 727 | ||
Eugene Investment & Securities Co. Ltd. | 364,640 | 721 | |||
CJ Freshway Corp. | 28,241 | 700 | |||
E1 Corp. | 16,728 | 697 | |||
* | Eusu Holdings Co. Ltd. | 120,539 | 693 | ||
SeAH Steel Holdings Corp. | 16,663 | 683 | |||
Cuckoo Holdings Co. Ltd. | 7,425 | 674 | |||
Kolon Corp. | 43,765 | 663 | |||
KT Skylife Co. Ltd. | 87,457 | 659 | |||
^ | Hyundai Corp. | 42,262 | 654 | ||
Tongyang Life Insurance Co. Ltd. | 186,940 | 645 | |||
Sindoh Co. Ltd. | 20,162 | 642 | |||
Humedix Co. Ltd. | 32,250 | 642 | |||
Muhak Co. Ltd. | 87,541 | 642 | |||
* | COSON Co. Ltd. | 114,038 | 622 | ||
Hyundai Livart Furniture Co. Ltd. | 53,890 | 621 | |||
KISCO Corp. | 143,426 | 586 | |||
DB Financial Investment Co. Ltd. | 158,760 | 581 | |||
Sam Young Electronics Co. Ltd. | 74,215 | 578 | |||
*,^,§ | Cellumed Co. Ltd. | 109,221 | 565 | ||
* | Agabang&Company | 166,714 | 535 | ||
* | KTB Investment & Securities Co. Ltd. | 263,903 | 533 | ||
Hanil Holdings Co. Ltd. | 14,061 | 532 | |||
* | SBS Media Holdings Co. Ltd. | 292,898 | 517 | ||
^ | Cell Biotech Co. Ltd. | 31,477 | 514 | ||
Interpark Holdings Corp. | 263,661 | 494 | |||
*,^ | Coreana Cosmetics Co. Ltd. | 148,739 | 492 | ||
S&T Dynamics Co. Ltd. | 82,160 | 469 | |||
Byucksan Corp. | 263,447 | 437 | |||
* | Taewoong Co. Ltd. | 56,050 | 430 | ||
*,^ | Ssangyong Motor Co. | 238,196 | 427 | ||
It's Hanbul Co. Ltd. | 25,714 | 427 | |||
SeAH Steel Corp. | 7,756 | 408 | |||
*,^ | GNCO Co. Ltd. | 366,174 | 385 | ||
* | Humax Co. Ltd. | 83,340 | 375 | ||
*,^ | Leaders Cosmetics Co. Ltd. | 74,272 | 361 | ||
*,^ | Jenax Inc. | 99,869 | 316 | ||
^ | COSMAX NBT Inc. | 54,959 | 311 | ||
Cosmax BTI Inc | 24,252 | 281 | |||
* | Kolon Life Science Inc. | 9,844 | 153 | ||
5,156,868 | |||||
Spain (2.3%) | |||||
Banco Santander SA | 103,722,784 | 434,886 | |||
* | Iberdrola SA | 37,178,501 | 383,147 | ||
Banco Bilbao Vizcaya Argentaria SA | 41,777,871 | 234,556 |
53
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Shares | Market Value ($000 | ) | |||
Industria de Diseno Textil SA | 6,627,141 | 234,208 | |||
Amadeus IT Group SA | 2,569,801 | 210,459 | |||
Telefonica SA | 28,617,590 | 200,127 | |||
* | Repsol SA | 8,183,054 | 128,558 | ||
* | Ferrovial SA | 3,041,535 | 92,150 | ||
2 | Aena SME SA | 444,008 | 85,125 | ||
2 | Cellnex Telecom SA | 1,706,609 | 73,616 | ||
^ | Grifols SA | 2,075,349 | 73,326 | ||
CaixaBank SA | 22,677,416 | 71,413 | |||
* | ACS Actividades de Construccion y Servicios SA | 1,505,554 | 60,394 | ||
Red Electrica Corp. SA | 2,723,562 | 54,879 | |||
Endesa SA | 1,999,929 | 53,408 | |||
Naturgy Energy Group SA | 1,878,907 | 47,313 | |||
Banco de Sabadell SA | 35,897,895 | 42,033 | |||
Enagas SA | 1,568,874 | 40,073 | |||
Bankinter SA | 4,348,860 | 31,943 | |||
Merlin Properties Socimi SA | 2,078,828 | 29,880 | |||
Inmobiliaria Colonial Socimi SA | 2,038,119 | 26,013 | |||
Siemens Gamesa Renewable Energy SA | 1,415,540 | 24,929 | |||
Bolsas y Mercados Espanoles SHMSF SA | 474,860 | 18,325 | |||
^ | Mapfre SA | 6,290,479 | 16,680 | ||
Bankia SA | 7,633,438 | 16,344 | |||
Acciona SA | 129,531 | 13,657 | |||
Viscofan SA | 247,168 | 13,086 | |||
* | Masmovil Ibercom SA | 531,897 | 12,156 | ||
Acerinox SA | 1,064,047 | 12,023 | |||
Applus Services SA | 913,007 | 11,692 | |||
Ebro Foods SA | 483,252 | 10,472 | |||
Faes Farma SA | 1,712,890 | 9,640 | |||
Cia de Distribucion Integral Logista Holdings SA | 397,365 | 8,963 | |||
* | Indra Sistemas SA | 776,160 | 8,891 | ||
Zardoya Otis SA | 1,116,617 | 8,793 | |||
CIE Automotive SA | 346,692 | 8,228 | |||
* | Almirall SA | 436,692 | 7,179 | ||
Corp. Financiera Alba SA | 125,499 | 6,845 | |||
Prosegur Cia de Seguridad SA | 1,619,956 | 6,691 | |||
* | Sacyr SA | 2,107,577 | 6,171 | ||
2 | Euskaltel SA | 600,359 | 6,038 | ||
Melia Hotels International SA | 681,660 | 6,020 | |||
Mediaset Espana Comunicacion SA | 937,550 | 5,970 | |||
*,2 | Neinor Homes SA | 470,354 | 5,816 | ||
* | Fomento de Construcciones y Contratas SA | 455,629 | 5,586 | ||
Construcciones y Auxiliar de Ferrocarriles SA | 117,833 | 5,418 | |||
2 | Unicaja Banco SA | 4,882,681 | 5,301 | ||
* | Fluidra SA | 384,721 | 5,275 | ||
* | Tecnicas Reunidas SA | 192,590 | 5,167 | ||
2 | Gestamp Automocion SA | 970,172 | 4,678 | ||
*,^ | Pharma Mar SA | 1,087,626 | 4,348 | ||
*,^ | Promotora de Informaciones SA | 2,510,739 | 4,046 | ||
* | Repsol SA Rights Exp. 01/07/2020 | 8,317,719 | 3,947 | ||
2 | Prosegur Cash SA | 2,332,977 | 3,567 | ||
Liberbank SA | 8,540,452 | 3,213 | |||
Lar Espana Real Estate Socimi SA | 398,686 | 3,178 | |||
^ | Ence Energia y Celulosa SA | 761,340 | 3,144 | ||
*,2 | Aedas Homes SAU | 127,692 | 3,073 | ||
*,2 | Global Dominion Access SA | 731,069 | 2,995 | ||
2 | Metrovacesa SA | 288,532 | 2,837 | ||
Atresmedia Corp. de Medios de Comunicacion SA | 519,052 | 2,030 | |||
*,^ | Distribuidora Internacional de Alimentacion SA | 12,612,112 | 1,444 | ||
NH Hotel Group SA | 157,953 | 834 | |||
Grifols SA Preference Shares | 16,999 | 397 | |||
* | Faes Farma SA (Interim Shares) | 48,213 | 270 | ||
2,922,864 |
54
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Shares | Market Value ($000 | ) | |||
Sweden (2.6%) | |||||
Telefonaktiebolaget LM Ericsson Class B | 18,755,032 | 163,878 | |||
Investor AB Class B | 2,954,231 | 161,283 | |||
Volvo AB Class B | 9,455,673 | 158,299 | |||
Atlas Copco AB Class A | 3,856,223 | 153,924 | |||
Assa Abloy AB Class B | 5,780,194 | 135,115 | |||
Sandvik AB | 6,788,334 | 132,219 | |||
Essity AB Class B | 3,833,234 | 123,454 | |||
Hennes & Mauritz AB Class B | 5,530,623 | 112,811 | |||
Svenska Handelsbanken AB Class A | 9,199,651 | 99,083 | |||
Swedbank AB Class A | 6,320,538 | 93,961 | |||
Hexagon AB Class B | 1,586,470 | 88,924 | |||
Atlas Copco AB Class B | 2,510,893 | 87,181 | |||
Skandinaviska Enskilda Banken AB Class A | 8,935,058 | 83,988 | |||
Telia Co. AB | 16,421,750 | 70,557 | |||
Swedish Match AB | 1,046,594 | 53,917 | |||
Skanska AB Class B | 2,248,587 | 50,867 | |||
Alfa Laval AB | 1,977,797 | 49,809 | |||
Tele2 AB | 3,366,811 | 48,866 | |||
Epiroc AB Class A | 3,967,436 | 48,519 | |||
SKF AB | 2,299,532 | 46,557 | |||
Boliden AB | 1,723,872 | 45,784 | |||
Investor AB Class A | 736,365 | 39,835 | |||
Castellum AB | 1,692,951 | 39,805 | |||
Svenska Cellulosa AB SCA Class B | 3,727,144 | 37,796 | |||
Lundin Petroleum AB | 1,104,636 | 37,507 | |||
Electrolux AB Class B | 1,506,205 | 37,028 | |||
Kinnevik AB | 1,510,801 | 37,022 | |||
Securitas AB Class B | 1,943,117 | 33,478 | |||
^ | Nibe Industrier AB Class B | 1,883,372 | 32,675 | ||
Industrivarden AB Class A | 1,271,108 | 31,480 | |||
Elekta AB Class B | 2,255,356 | 29,755 | |||
* | Fastighets AB Balder Class B | 608,748 | 28,173 | ||
Fabege AB | 1,662,129 | 27,610 | |||
Epiroc AB Class B | 2,311,909 | 27,476 | |||
Trelleborg AB Class B | 1,521,777 | 27,395 | |||
Industrivarden AB | 1,086,342 | 26,198 | |||
Getinge AB | 1,406,482 | 26,157 | |||
2 | Evolution Gaming Group AB | 771,868 | 23,294 | ||
ICA Gruppen AB | 487,211 | 22,759 | |||
Indutrade AB | 588,437 | 21,042 | |||
Husqvarna AB | 2,572,111 | 20,612 | |||
AAK AB | 1,070,692 | 20,365 | |||
L E Lundbergforetagen AB Class B | 463,404 | 20,343 | |||
Loomis AB Class B | 474,737 | 19,678 | |||
Saab AB Class B | 579,707 | 19,441 | |||
2 | Dometic Group AB | 1,857,012 | 18,731 | ||
Holmen AB | 604,680 | 18,409 | |||
* | Swedish Orphan Biovitrum AB | 1,107,945 | 18,365 | ||
Lifco AB Class B | 284,493 | 17,379 | |||
Sweco AB Class B | 414,108 | 15,965 | |||
Wihlborgs Fastigheter AB | 836,874 | 15,390 | |||
Hexpol AB | 1,555,524 | 15,287 | |||
2 | Thule Group AB | 655,825 | 15,137 | ||
Axfood AB | 653,412 | 14,551 | |||
AF POYRY AB | 609,162 | 14,226 | |||
^ | Intrum AB | 468,350 | 13,993 | ||
Hufvudstaden AB Class A | 691,043 | 13,661 | |||
Nordic Entertainment Group AB Class B | 409,235 | 13,224 | |||
BillerudKorsnas AB | 1,110,092 | 13,117 | |||
^ | JM AB | 439,363 | 12,997 | ||
Kungsleden AB | 1,194,948 | 12,551 | |||
Wallenstam AB | 1,035,828 | 12,520 |
55
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Market | |||||
Value | |||||
Shares | ($000 | ) | |||
Peab AB | 1,250,942 | 12,509 | |||
^ | Hemfosa Fastigheter AB | 962,240 | 12,460 | ||
Pandox AB Class B | 548,233 | 12,400 | |||
2 | Bravida Holding AB | 1,271,834 | 12,360 | ||
Investment AB Latour Class B | 751,184 | 12,252 | |||
SSAB AB Class B | 3,735,372 | 12,206 | |||
Beijer Ref AB | 393,854 | 11,565 | |||
*,^ | Stadler Rail AG | 202,529 | 10,121 | ||
^ | NCC AB Class B | 594,417 | 9,722 | ||
* | AddTech AB | 296,657 | 9,608 | ||
* | Nyfosa AB | 996,469 | 8,620 | ||
Mycronic AB | 428,692 | 8,478 | |||
Vitrolife AB | 397,741 | 8,408 | |||
Avanza Bank Holding AB | 764,936 | 7,987 | |||
Klovern AB | 2,961,436 | 7,260 | |||
Bure Equity AB | 320,310 | 7,256 | |||
Atrium Ljungberg AB | 290,846 | 7,013 | |||
Catena AB | 157,122 | 6,936 | |||
Arjo AB | 1,388,924 | 6,677 | |||
*,^ | Sectra AB Class B | 158,843 | 6,673 | ||
Nolato AB Class B | 108,564 | 6,374 | |||
Bilia AB | 501,065 | 5,685 | |||
Lindab International AB | 443,744 | 5,669 | |||
2 | Resurs Holding AB | 876,737 | 5,631 | ||
Bonava AB | 526,828 | 5,586 | |||
Nobia AB | 730,741 | 5,442 | |||
SSAB AB Class A | 1,497,853 | 5,263 | |||
2 | Scandic Hotels Group AB | 444,334 | 4,952 | ||
* | Modern Times Group MTG AB Class B | 408,558 | 4,868 | ||
Klovern AB Preference Shares | 111,251 | 4,430 | |||
Cloetta AB Class B | 1,304,187 | 4,423 | |||
Ratos AB | 1,225,332 | 4,370 | |||
Svenska Handelsbanken AB Class B | 371,632 | 4,102 | |||
Concentric AB | 234,181 | 3,979 | |||
2 | Attendo AB | 654,820 | 3,761 | ||
* | Betsson AB | 757,085 | 3,528 | ||
*,2 | Munters Group AB | 658,339 | 3,454 | ||
SkiStar AB | 258,668 | 3,286 | |||
* | Adapteo Oyj | 257,767 | 3,188 | ||
* | NetEnt AB | 1,123,751 | 3,109 | ||
*,2 | Medacta Group SA | 38,310 | 2,870 | ||
Clas Ohlson AB | 238,270 | 2,868 | |||
Investment AB Oresund | 185,469 | 2,684 | |||
*,^ | Mekonomen AB | 265,460 | 2,635 | ||
Telefonaktiebolaget LM Ericsson Class A | 278,623 | 2,533 | |||
^ | Skandinaviska Enskilda Banken AB | 238,483 | 2,329 | ||
SKF AB Class A | 112,425 | 2,269 | |||
Sagax AB | 570,457 | 2,213 | |||
Hemfosa Fastigheter AB Preference Shares | 102,953 | 2,123 | |||
* | SAS AB | 1,145,967 | 1,864 | ||
* | Hansa Biopharma AB | 208,106 | 1,862 | ||
* | Hembla AB Class B | 79,693 | 1,852 | ||
Svenska Cellulosa AB SCA Class A | 144,992 | 1,546 | |||
*,^ | Collector AB | 238,608 | 1,288 | ||
Sagax AB Preference Shares | 132,815 | 545 | |||
NCC AB Class A | 27,790 | 460 | |||
3,264,975 | |||||
Switzerland (7.5%) | |||||
Nestle SA | 18,238,125 | 1,974,555 | |||
Roche Holding AG | 4,382,259 | 1,424,246 | |||
Novartis AG | 13,285,340 | 1,257,984 | |||
Zurich Insurance Group AG | 918,645 | 376,828 | |||
UBS Group AG | 21,595,310 | 272,520 | |||
ABB Ltd. | 11,266,666 | 271,787 |
56
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Market | |||||
Value | |||||
Shares | ($000 | ) | |||
Cie Financiere Richemont SA | 3,218,583 | 251,535 | |||
Credit Suisse Group AG | 15,604,854 | 210,941 | |||
Swiss Re AG | 1,750,102 | 196,611 | |||
Givaudan SA | 58,236 | 182,453 | |||
Lonza Group AG | 467,361 | 170,497 | |||
Sika AG | 874,651 | 164,255 | |||
* | Alcon Inc. | 2,895,048 | 163,980 | ||
LafargeHolcim Ltd. (XVTX) | 2,548,127 | 141,364 | |||
Geberit AG | 224,179 | 125,827 | |||
Swiss Life Holding AG | 209,176 | 104,937 | |||
^ | Partners Group Holding AG | 104,249 | 95,547 | ||
SGS SA | 32,456 | 88,886 | |||
Swisscom AG | 160,482 | 84,955 | |||
Sonova Holding AG | 342,160 | 78,221 | |||
Julius Baer Group Ltd. | 1,366,698 | 70,457 | |||
Schindler Holding AG | 246,695 | 62,735 | |||
Straumann Holding AG | 63,269 | 62,063 | |||
Adecco Group AG | 964,417 | 60,973 | |||
Temenos AG | 374,473 | 59,238 | |||
Chocoladefabriken Lindt & Spruengli AG (Registered) | 634 | 55,987 | |||
Roche Holding AG (Bearer) | 171,654 | 54,519 | |||
Swiss Prime Site AG | 471,127 | 54,507 | |||
Kuehne & Nagel International AG | 315,970 | 53,294 | |||
Baloise Holding AG | 292,951 | 53,020 | |||
Vifor Pharma AG | 281,168 | 51,315 | |||
Chocoladefabriken Lindt & Spruengli AG | 6,325 | 49,077 | |||
Swatch Group AG (Bearer) | 170,504 | 47,606 | |||
Logitech International SA | 922,255 | 43,690 | |||
Barry Callebaut AG | 18,980 | 41,898 | |||
LafargeHolcim Ltd. (XPAR) | 635,227 | 35,008 | |||
PSP Swiss Property AG | 245,372 | 33,880 | |||
Schindler Holding AG (Registered) | 129,109 | 31,618 | |||
EMS-Chemie Holding AG | 44,775 | 29,437 | |||
Helvetia Holding AG | 205,711 | 29,056 | |||
Clariant AG | 1,270,244 | 28,388 | |||
2 | VAT Group AG | 161,516 | 27,249 | ||
Georg Fischer AG | 25,776 | 26,137 | |||
Belimo Holding AG | 2,922 | 22,016 | |||
Flughafen Zurich AG | 119,027 | 21,726 | |||
Tecan Group AG | 74,437 | 20,913 | |||
Pargesa Holding SA | 238,305 | 19,799 | |||
* | ams AG | 487,229 | 19,780 | ||
Cembra Money Bank AG | 177,624 | 19,434 | |||
SIG Combibloc Group AG | 1,207,826 | 19,268 | |||
2 | Galenica AG | 304,457 | 18,804 | ||
Dufry AG | 176,611 | 17,513 | |||
Allreal Holding AG | 87,797 | 17,445 | |||
* | Idorsia Ltd. | 562,311 | 17,386 | ||
2 | Sunrise Communications Group AG | 211,794 | 16,639 | ||
Landis&Gyr Group AG | 155,446 | 16,158 | |||
Banque Cantonale Vaudoise | 17,785 | 14,518 | |||
Bucher Industries AG | 40,759 | 14,305 | |||
OC Oerlikon Corp. AG | 1,215,252 | 14,241 | |||
Swatch Group AG (Registered) | 258,284 | 13,663 | |||
dormakaba Holding AG | 18,991 | 13,595 | |||
Vontobel Holding AG | 174,622 | 12,461 | |||
DKSH Holding AG | 226,259 | 12,302 | |||
Mobimo Holding AG | 41,152 | 12,251 | |||
Siegfried Holding AG | 25,233 | 12,212 | |||
Sulzer AG | 107,659 | 12,001 | |||
Emmi AG | 12,127 | 10,567 | |||
Forbo Holding AG | 6,056 | 10,305 | |||
SFS Group AG | 105,614 | 10,150 | |||
Valiant Holding AG | 99,528 | 10,114 |
57
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Market | |||||
Value | |||||
Shares | ($000 | ) | |||
Conzzeta AG | 8,170 | 9,761 | |||
Inficon Holding AG | 11,889 | 9,451 | |||
Daetwyler Holding AG | 45,841 | 8,831 | |||
HBM Healthcare Investments AG | 37,183 | 8,545 | |||
Huber & Suhner AG | 107,440 | 8,529 | |||
BKW AG | 115,381 | 8,520 | |||
St. Galler Kantonalbank AG | 17,453 | 8,122 | |||
Interroll Holding AG | 3,438 | 7,715 | |||
Schweiter Technologies AG | 5,822 | 7,380 | |||
BB Biotech AG | 101,412 | 6,944 | |||
* | Aryzta AG | 5,945,175 | 6,644 | ||
Berner Kantonalbank AG | 28,268 | 6,484 | |||
Kardex AG | 36,191 | 6,106 | |||
Comet Holding AG | 46,178 | 5,846 | |||
Valora Holding AG | 19,833 | 5,533 | |||
Bachem Holding AG | 34,461 | 5,515 | |||
^ | Komax Holding AG | 22,332 | 5,457 | ||
Burckhardt Compression Holding AG | 19,448 | 5,330 | |||
VZ Holding AG | 16,608 | 5,122 | |||
LEM Holding SA | 3,069 | 4,510 | |||
Liechtensteinische Landesbank AG | 69,818 | 4,502 | |||
u-blox Holding AG | 41,824 | 4,229 | |||
Intershop Holding AG | 7,177 | 4,196 | |||
Vetropack Holding AG | 1,258 | 3,955 | |||
^ | Implenia AG | 90,308 | 3,663 | ||
*,^ | COSMO Pharmaceuticals NV | 46,257 | 3,661 | ||
Arbonia AG | 275,512 | 3,587 | |||
*,^ | Basilea Pharmaceutica AG | 67,885 | 3,294 | ||
Bell Food Group AG | 12,163 | 3,293 | |||
EFG International AG | 461,346 | 3,037 | |||
Bossard Holding AG | 16,172 | 2,917 | |||
ALSO Holding AG | 16,998 | 2,862 | |||
Zehnder Group AG | 60,721 | 2,855 | |||
* | GAM Holding AG | 968,066 | 2,808 | ||
^ | Bobst Group SA | 47,854 | 2,782 | ||
Rieter Holding AG | 19,112 | 2,725 | |||
Swissquote Group Holding SA | 53,840 | 2,702 | |||
^ | Ypsomed Holding AG | 19,381 | 2,617 | ||
Ascom Holding AG | 237,908 | 2,589 | |||
VP Bank AG | 15,160 | 2,433 | |||
* | Leonteq AG | 64,606 | 2,194 | ||
^ | Autoneum Holding AG | 17,491 | 2,098 | ||
Hiag Immobilien Holding AG | 17,834 | 1,991 | |||
APG SGA SA | 6,002 | 1,762 | |||
*,^ | Meyer Burger Technology AG | 4,324,876 | 1,678 | ||
*,§ | Alpiq Holding AG | 20,220 | 1,462 | ||
^ | Kudelski SA | 212,178 | 1,264 | ||
*,^ | Schmolz & Bickenbach AG | 2,483,513 | 718 | ||
9,336,866 | |||||
United Kingdom (14.6%) | |||||
HSBC Holdings plc | 127,796,622 | 1,000,455 | |||
AstraZeneca plc | 8,285,064 | 829,274 | |||
BP plc | 125,744,524 | 791,040 | |||
Royal Dutch Shell plc Class A | 26,582,623 | 787,229 | |||
GlaxoSmithKline plc | 30,932,709 | 726,832 | |||
Royal Dutch Shell plc Class B | 23,620,077 | 701,135 | |||
Diageo plc | 14,548,908 | 613,047 | |||
British American Tobacco plc | 14,046,691 | 597,018 | |||
Rio Tinto plc | 6,940,927 | 410,871 | |||
Unilever plc | 6,876,321 | 393,621 | |||
Lloyds Banking Group plc | 441,332,733 | 365,612 | |||
Vodafone Group plc | 169,403,873 | 328,879 | |||
Reckitt Benckiser Group plc | 3,969,449 | 322,434 | |||
Prudential plc | 16,403,965 | 314,312 |
58
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Market | |||||
Value | |||||
Shares | ($000 | ) | |||
BHP Group plc | 13,126,335 | 307,603 | |||
RELX plc | 11,862,291 | 299,446 | |||
National Grid plc | 21,956,464 | 274,395 | |||
Barclays plc | 108,481,352 | 258,673 | |||
Compass Group plc | 10,000,644 | 250,636 | |||
Anglo American plc | 7,891,640 | 226,712 | |||
Glencore plc | 68,330,615 | 212,764 | |||
Tesco plc | 61,060,605 | 206,364 | |||
London Stock Exchange Group plc | 1,977,568 | 203,240 | |||
Experian plc | 5,724,626 | 194,063 | |||
CRH plc (XLON) | 4,117,912 | 166,084 | |||
Standard Chartered plc | 16,603,349 | 156,456 | |||
BAE Systems plc | 20,213,836 | 151,348 | |||
Legal & General Group plc | 37,358,497 | 150,072 | |||
Imperial Brands plc | 6,010,692 | 148,707 | |||
BT Group plc | 55,097,595 | 140,400 | |||
Aviva plc | 24,637,440 | 136,752 | |||
Smith & Nephew plc | 5,521,220 | 133,066 | |||
Ferguson plc | 1,430,645 | 130,199 | |||
SSE plc | 6,529,958 | 124,542 | |||
WPP plc | 7,717,768 | 108,607 | |||
Rolls-Royce Holdings plc | 10,869,341 | 98,238 | |||
Melrose Industries plc | 30,360,250 | 96,705 | |||
Royal Bank of Scotland Group plc | 28,636,844 | 91,866 | |||
Ashtead Group plc | 2,866,563 | 91,658 | |||
Informa plc | 7,870,252 | 89,514 | |||
�� | 3i Group plc | 6,009,012 | 87,442 | ||
Segro plc | 6,878,071 | 81,901 | |||
Intertek Group plc | 1,017,686 | 78,859 | |||
InterContinental Hotels Group plc | 1,147,439 | 78,847 | |||
Associated British Foods plc | 2,194,429 | 75,491 | |||
Burberry Group plc | 2,572,269 | 75,099 | |||
Next plc | 803,835 | 74,904 | |||
Mondi plc | 3,056,991 | 71,684 | |||
Persimmon plc | 2,000,032 | 71,440 | |||
Rentokil Initial plc | 11,667,713 | 69,932 | |||
Sage Group plc | 6,852,159 | 67,979 | |||
Halma plc | 2,392,461 | 66,996 | |||
Standard Life Aberdeen plc | 14,621,564 | 63,613 | |||
Barratt Developments plc | 6,364,547 | 63,019 | |||
Land Securities Group plc | 4,501,021 | 59,083 | |||
Flutter Entertainment plc | 481,622 | 58,895 | |||
Bunzl plc | 2,126,662 | 58,166 | |||
Smurfit Kappa Group plc (XLON) | 1,464,373 | 56,553 | |||
Smiths Group plc | 2,497,335 | 55,779 | |||
Spirax-Sarco Engineering plc | 464,172 | 54,640 | |||
Whitbread plc | 843,781 | 54,153 | |||
United Utilities Group plc | 4,303,275 | 53,851 | |||
DCC plc | 620,308 | 53,805 | |||
Croda International plc | 784,149 | 53,267 | |||
Taylor Wimpey plc | 20,508,131 | 52,585 | |||
* | M&G plc | 16,396,075 | 51,516 | ||
St. James's Place plc | 3,299,975 | 50,869 | |||
Severn Trent plc | 1,502,460 | 50,093 | |||
British Land Co. plc | 5,875,036 | 49,748 | |||
RSA Insurance Group plc | 6,492,344 | 48,659 | |||
* | Ocado Group plc | 2,858,789 | 48,505 | ||
Johnson Matthey plc | 1,200,609 | 47,738 | |||
Carnival plc | 992,543 | 47,576 | |||
Berkeley Group Holdings plc | 738,050 | 47,511 | |||
ITV plc | 23,541,368 | 47,101 | |||
Rightmove plc | 5,485,667 | 46,031 | |||
2 | Auto Trader Group plc | 5,738,869 | 45,321 | ||
Hargreaves Lansdown plc | 1,705,744 | 43,755 |
59
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Market | |||||
Value | |||||
Shares | ($000 | ) | |||
Centrica plc | 36,739,740 | 43,434 | |||
GVC Holdings plc | 3,653,875 | 42,843 | |||
Meggitt plc | 4,880,687 | 42,511 | |||
Coca-Cola HBC AG | 1,224,870 | 41,634 | |||
Pearson plc | 4,927,157 | 41,625 | |||
DS Smith plc | 8,007,406 | 40,727 | |||
* | Just Eat plc | 3,624,733 | 40,104 | ||
Admiral Group plc | 1,300,876 | 39,753 | |||
Bellway plc | 773,958 | 39,064 | |||
Kingfisher plc | 13,358,687 | 38,456 | |||
Intermediate Capital Group plc | 1,742,794 | 37,172 | |||
Wm Morrison Supermarkets plc | 13,906,219 | 36,826 | |||
Direct Line Insurance Group plc | 8,681,421 | 35,920 | |||
Pennon Group plc | 2,636,923 | 35,767 | |||
Marks & Spencer Group plc | 12,351,564 | 35,023 | |||
Travis Perkins plc | 1,585,904 | 33,687 | |||
Derwent London plc | 631,485 | 33,604 | |||
Hiscox Ltd. | 1,747,420 | 32,985 | |||
Phoenix Group Holdings plc | 3,302,043 | 32,805 | |||
Cobham plc | 15,041,908 | 32,714 | |||
Weir Group plc | 1,634,601 | 32,692 | |||
Howden Joinery Group plc | 3,624,887 | 32,295 | |||
J Sainsbury plc | 10,234,398 | 31,207 | |||
Schroders plc | 704,269 | 31,098 | |||
Polymetal International plc | 1,942,836 | 30,726 | |||
UNITE Group plc | 1,790,541 | 29,910 | |||
Tate & Lyle plc | 2,937,871 | 29,602 | |||
B&M European Value Retail SA | 5,337,559 | 28,963 | |||
HomeServe plc | 1,715,854 | 28,740 | |||
International Consolidated Airlines Group SA (XLON) | 3,429,301 | 28,375 | |||
G4S plc | 9,754,484 | 28,209 | |||
Spectris plc | 728,114 | 28,060 | |||
TUI AG (XLON) | 2,130,645 | 26,890 | |||
Antofagasta plc | 2,187,877 | 26,490 | |||
IMI plc | 1,683,313 | 26,305 | |||
JD Sports Fashion plc | 2,269,218 | 25,206 | |||
Micro Focus International plc | 1,795,092 | 25,195 | |||
Electrocomponents plc | 2,795,661 | 25,145 | |||
2 | Quilter plc | 11,643,545 | 24,859 | ||
Investec plc | 4,189,246 | 24,619 | |||
AVEVA Group plc | 399,050 | 24,619 | |||
IWG plc | 4,192,586 | 24,280 | |||
Rotork plc | 5,455,274 | 24,251 | |||
2 | ConvaTec Group plc | 9,210,223 | 24,239 | ||
Dechra Pharmaceuticals plc | 626,790 | 24,100 | |||
Beazley plc | 3,270,572 | 24,064 | |||
WH Smith plc | 691,258 | 23,824 | |||
SSP Group plc | 2,756,368 | 23,731 | |||
*,2 | Network International Holdings plc | 2,795,595 | 23,666 | ||
Inchcape plc | 2,508,274 | 23,467 | |||
Hikma Pharmaceuticals plc | 881,765 | 23,254 | |||
easyJet plc | 1,226,554 | 23,105 | |||
* | Capita plc | 10,366,053 | 22,577 | ||
John Wood Group plc | 4,184,851 | 22,195 | |||
Signature Aviation plc | 5,135,183 | 21,589 | |||
Tritax Big Box REIT plc | 10,768,884 | 21,251 | |||
IG Group Holdings plc | 2,281,472 | 20,990 | |||
Hays plc | 8,453,586 | 20,331 | |||
Close Brothers Group plc | 948,136 | 20,082 | |||
Britvic plc | 1,660,027 | 19,895 | |||
2 | Avast plc | 3,280,961 | 19,717 | ||
Hammerson plc | 4,817,594 | 19,697 | |||
Man Group plc | 9,318,474 | 19,516 | |||
CYBG plc | 7,796,363 | 19,464 |
60
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Market | |||||
Value | |||||
Shares | ($000 | ) | |||
TP ICAP plc | 3,549,893 | 19,245 | |||
Greggs plc | 626,501 | 19,110 | |||
Diploma plc | 694,393 | 18,599 | |||
Evraz plc | 3,452,999 | 18,490 | |||
^ | Cineworld Group plc | 6,360,893 | 18,444 | ||
2 | Sophos Group plc | 2,487,538 | 18,369 | ||
Great Portland Estates plc | 1,590,800 | 18,157 | |||
*,2 | Trainline plc | 2,673,069 | 18,104 | ||
Shaftesbury plc | 1,396,529 | 17,530 | |||
Genus plc | 410,558 | 17,293 | |||
Royal Mail plc | 5,735,429 | 17,249 | |||
Victrex plc | 513,610 | 16,979 | |||
UDG Healthcare plc | 1,569,841 | 16,784 | |||
2 | Countryside Properties plc | 2,776,657 | 16,726 | ||
Bovis Homes Group plc | 928,602 | 16,699 | |||
Aggreko plc | 1,509,595 | 16,670 | |||
Ashmore Group plc | 2,422,152 | 16,615 | |||
National Express Group plc | 2,660,660 | 16,583 | |||
QinetiQ Group plc | 3,490,083 | 16,519 | |||
Games Workshop Group plc | 203,538 | 16,445 | |||
* | Serco Group plc | 7,558,561 | 16,228 | ||
Capital & Counties Properties plc | 4,604,847 | 15,956 | |||
Primary Health Properties plc | 7,527,239 | 15,954 | |||
LondonMetric Property plc | 5,077,302 | 15,907 | |||
Grafton Group plc | 1,363,668 | 15,681 | |||
2 | John Laing Group plc | 3,098,670 | 15,644 | ||
Grainger plc | 3,764,725 | 15,601 | |||
Assura plc | 14,937,710 | 15,407 | |||
Big Yellow Group plc | 964,379 | 15,317 | |||
British American Tobacco plc ADR | 358,284 | 15,213 | |||
Balfour Beatty plc | 4,318,884 | 14,985 | |||
Bodycote plc | 1,169,890 | 14,717 | |||
Cranswick plc | 321,718 | 14,442 | |||
Moneysupermarket.com Group plc | 3,245,937 | 14,249 | |||
Jupiter Fund Management plc | 2,619,900 | 14,228 | |||
Marshalls plc | 1,240,980 | 14,145 | |||
Redrow plc | 1,427,606 | 14,091 | |||
Safestore Holdings plc | 1,291,444 | 13,812 | |||
Pagegroup plc | 1,969,491 | 13,651 | |||
William Hill plc | 5,441,769 | 13,613 | |||
Mediclinic International plc | 2,456,333 | 13,406 | |||
OneSavings Bank plc | 2,332,254 | 13,373 | |||
Babcock International Group plc | 1,594,091 | 13,303 | |||
Workspace Group plc | 835,612 | 13,140 | |||
Lancashire Holdings Ltd. | 1,263,238 | 12,869 | |||
2 | Ascential plc | 2,468,167 | 12,826 | ||
^ | NMC Health plc | 545,100 | 12,771 | ||
* | Firstgroup plc | 7,635,644 | 12,689 | ||
Spirent Communications plc | 3,758,305 | 12,539 | |||
Savills plc | 828,870 | 12,441 | |||
Domino's Pizza Group plc | 2,914,973 | 12,374 | |||
Ultra Electronics Holdings plc | 433,035 | 12,137 | |||
Dixons Carphone plc | 6,301,167 | 12,031 | |||
Softcat plc | 777,294 | 11,877 | |||
Paragon Banking Group plc | 1,588,412 | 11,337 | |||
Centamin plc | 6,751,522 | 11,324 | |||
* | Future plc | 582,641 | 11,192 | ||
Pets at Home Group plc | 3,009,371 | 11,131 | |||
Renishaw plc | 217,191 | 10,862 | |||
Computacenter plc | 450,130 | 10,544 | |||
Drax Group plc | 2,489,663 | 10,352 | |||
2 | Ibstock plc | 2,431,162 | 10,141 | ||
* | EI Group plc | 2,677,242 | 10,053 | ||
* | Cairn Energy plc | 3,657,950 | 10,007 |
61
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Market | |||||
Value | |||||
Shares | ($000 | ) | |||
Playtech plc | 1,901,543 | 9,997 | |||
Greencore Group plc | 2,776,399 | 9,835 | |||
Hill & Smith Holdings plc | 503,286 | 9,823 | |||
Daily Mail & General Trust plc | 892,218 | 9,821 | |||
Rathbone Brothers plc | 345,179 | 9,737 | |||
^ | Fresnillo plc | 1,147,132 | 9,730 | ||
KAZ Minerals plc | 1,379,920 | 9,706 | |||
Synthomer plc | 2,067,747 | 9,660 | |||
J D Wetherspoon plc | 437,225 | 9,611 | |||
Provident Financial plc | 1,584,168 | 9,604 | |||
Essentra plc | 1,641,789 | 9,448 | |||
Dunelm Group plc | 614,800 | 9,414 | |||
AJ Bell plc | 1,602,938 | 9,139 | |||
*,2 | Wizz Air Holdings plc | 176,749 | 9,136 | ||
Coats Group plc | 9,059,541 | 8,952 | |||
Crest Nicholson Holdings plc | 1,556,426 | 8,933 | |||
Brewin Dolphin Holdings plc | 1,810,843 | 8,922 | |||
Vesuvius plc | 1,337,026 | 8,864 | |||
Rhi Magnesita NV | 170,950 | 8,732 | |||
Polypipe Group plc | 1,194,034 | 8,528 | |||
Elementis plc | 3,591,766 | 8,524 | |||
Petrofac Ltd. | 1,651,631 | 8,422 | |||
* | Mitchells & Butlers plc | 1,376,176 | 8,374 | ||
Go-Ahead Group plc | 272,922 | 7,998 | |||
Plus500 Ltd. | 669,649 | 7,862 | |||
Galliford Try plc | 689,160 | 7,854 | |||
Sanne Group plc | 847,785 | 7,605 | |||
Tullow Oil plc | 8,709,930 | 7,409 | |||
St. Modwen Properties plc | 1,126,130 | 7,404 | |||
Morgan Advanced Materials plc | 1,755,302 | 7,360 | |||
Elis SA (XLON) | 348,824 | 7,208 | |||
IntegraFin Holdings plc | 1,218,392 | 7,175 | |||
* | Sports Direct International plc | 1,176,554 | 7,173 | ||
Telecom Plus plc | 359,324 | 7,157 | |||
* | Just Group plc | 6,371,686 | 6,688 | ||
Marston's plc | 3,903,397 | 6,571 | |||
*,^ | Premier Oil plc | 5,019,383 | 6,562 | ||
2 | McCarthy & Stone plc | 3,322,124 | 6,560 | ||
Restaurant Group plc | 3,008,314 | 6,533 | |||
^ | TalkTalk Telecom Group plc | 4,195,967 | 6,458 | ||
Hyve Group plc | 4,506,861 | 6,117 | |||
SIG plc | 3,705,133 | 6,042 | |||
Senior plc | 2,627,661 | 6,019 | |||
Chemring Group plc | 1,737,545 | 5,543 | |||
2 | Equiniti Group plc | 2,010,446 | 5,516 | ||
Stagecoach Group plc | 2,582,421 | 5,473 | |||
2 | Airtel Africa plc | 5,100,769 | 5,449 | ||
NewRiver REIT plc | 1,927,219 | 5,123 | |||
Bank of Georgia Group plc | 235,665 | 5,091 | |||
F&C Commercial Property Trust Ltd. | 3,264,883 | 5,004 | |||
Saga plc | 7,032,707 | 4,948 | |||
NCC Group plc | 1,648,394 | 4,944 | |||
Hunting plc | 870,774 | 4,854 | |||
UK Commercial Property REIT Ltd. | 4,101,251 | 4,831 | |||
Vectura Group plc | 3,783,306 | 4,644 | |||
2 | Hastings Group Holdings plc | 1,900,805 | 4,510 | ||
Keller Group plc | 448,147 | 4,445 | |||
Picton Property Income Ltd. | 3,433,180 | 4,419 | |||
Mitie Group plc | 2,286,821 | 4,401 | |||
Micro Focus International plc ADR | 304,200 | 4,268 | |||
AG Barr plc | 527,254 | 4,051 | |||
Helical plc | 641,617 | 4,015 | |||
Hansteen Holdings plc | 2,593,628 | 4,004 | |||
Rank Group plc | 1,087,681 | 3,995 |
62
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Shares | Market Value ($000 | ) | |||||
Card Factory plc | 1,978,384 | 3,878 | |||||
TBC Bank Group plc | 219,739 | 3,775 | |||||
Ferrexpo plc | 1,785,935 | 3,758 | |||||
Hochschild Mining plc | 1,543,375 | 3,742 | |||||
888 Holdings plc | 1,655,566 | 3,618 | |||||
Northgate plc | 816,861 | 3,366 | |||||
2 | Spire Healthcare Group plc | 1,724,485 | 3,247 | ||||
PZ Cussons plc | 1,154,260 | 3,194 | |||||
RPS Group plc | 1,396,686 | 3,142 | |||||
International Personal Finance plc | 1,360,708 | 2,905 | |||||
AA plc | 3,759,510 | 2,899 | |||||
* | Georgia Capital plc | 236,820 | 2,896 | ||||
Superdry plc | 423,552 | 2,830 | |||||
Stobart Group Ltd. | 1,970,871 | 2,813 | |||||
Halfords Group plc | 1,231,762 | 2,771 | |||||
Redefine International plc | 1,562,038 | 2,706 | |||||
*,^ | Metro Bank plc | 985,145 | 2,700 | ||||
GoCo Group plc | 1,885,384 | 2,595 | |||||
Devro plc | 1,075,192 | 2,550 | |||||
*,^,2 | Aston Martin Lagonda Global Holdings plc | 364,568 | 2,516 | ||||
*,2 | Finablr plc | 1,096,330 | 2,499 | ||||
*,^ | Intu Properties plc | 5,453,573 | 2,460 | ||||
Schroder REIT Ltd. | 3,315,586 | 2,428 | |||||
Dignity plc | 312,523 | 2,424 | |||||
* | Indivior plc | 4,635,737 | 2,391 | ||||
*,^ | AO World plc | 1,914,127 | 2,292 | ||||
* | Premier Foods plc | 4,418,011 | 2,211 | ||||
N Brown Group plc | 902,964 | 1,947 | |||||
*,^ | Sirius Minerals plc | 41,863,705 | 1,936 | ||||
Renewi plc | 3,955,242 | 1,898 | |||||
2 | Bakkavor Group plc | 858,149 | 1,586 | ||||
2 | CMC Markets plc | 693,581 | 1,347 | ||||
Soco International plc | 1,903,227 | 1,313 | |||||
De La Rue plc | 626,633 | 1,182 | |||||
Smurfit Kappa Group plc (XDUB) | 28,206 | 1,088 | |||||
*,^,2 | Funding Circle Holdings plc | 876,385 | 1,021 | ||||
^ | Ted Baker plc | 176,564 | 953 | ||||
*,2 | Alfa Financial Software Holdings plc | 554,097 | 881 | ||||
2 | Amigo Holdings plc | 886,416 | 783 | ||||
C&C Group plc (XLON) | 62,072 | 335 | |||||
Glanbia plc (XLON) | 771 | 9 | |||||
*,§ | Thomas Cook Group plc | 3,282,262 | — | ||||
*,§ | Carillion plc | 2,500,529 | — | ||||
*,§ | Sole Realisation Co. plc | 135 | — | ||||
18,228,669 | |||||||
Total Common Stocks (Cost $106,200,569) | 123,997,515 | ||||||
Coupon | |||||||
Temporary Cash Investments (2.3%)1 | |||||||
Money Market Fund (2.2%) | |||||||
3,4 | Vanguard Market Liquidity Fund | 1.816% | 27,799,298 | 2,780,208 | |||
Maturity Date | Face Amount ($000 | ) | |||||
U.S. Government and Agency Obligations (0.1%) | |||||||
5,6 | United States Treasury Bill | 1.566% | 2/20/20 | 2,000 | 1,996 | ||
5 | United States Treasury Bill | 1.527%–1.541% | 4/30/20 | 64,000 | 63,676 | ||
65,672 |
63
Vanguard®Developed Markets Index Fund
Schedule of Investments
December 31, 2019
Total Temporary Cash Investments (Cost $2,845,562) | 2,845,880 | ||
Total Investments (101.3%) (Cost $109,046,131) | 126,843,395 | ||
Other Assets and Liabilities—Net (-1.3%)5,6,7 | (1,648,885) | ||
Net Assets (100.0%) | 125,194,510 | ||
* | Non-income-producing security. |
^ | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $1,623,798,000. |
§ | 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 1.3 %, respectively, of net assets. |
2 | Certain of the fund's securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2019, the aggregate value of these securities was $1,887,754,000, representing 1.5% of net assets. |
3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
4 | Includes $1,699,757,000 of collateral received for securities on loan. |
5 | Securities with a value of $65,656,000 and cash of $3,480,000 have been segregated as initial margin for open futures contracts. |
6 | Securities with a value of $14,000 and cash of $7,563,000 have been segregated as collateral for open forward currency contracts. |
7 | Cash of $66,612,000 has been segregated as collateral for ETF capital activity. |
ADR—American Depositary Receipt. | |
CVR—Contingent Value Rights. | |
GDR—Global Depositary Receipt. | |
REIT—Real Estate Investment Trust. |
64
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© 2020 The Vanguard Group, Inc. | |
All rights reserved. | |
Vanguard Marketing Corporation, Distributor. | |
SNA1270 022020 |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard Tax-Managed Funds and Shareholders of Vanguard Developed Markets Index Fund
Opinion on the Financial Statements
We have audited the accompanying statement of net assets—investments summary of Vanguard Developed Markets Index Fund (one of the funds constituting Vanguard Tax-Managed Funds, referred to hereafter as the "Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our proceduresincluded confirmation of securities owned as of December 31, 2019 by correspondence with the custodian and brokers and by agreement to the underlying ownership records of the transfer agent; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
February 13, 2020
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10: Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11: Controls and Procedures.
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. There were no significant changes in Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13: Exhibits.
(a) | Code of Ethics. |
(b) | Certifications. |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
VANGUARD TAX-MANAGED FUNDS | ||
BY: | /s/ MORTIMER J. BUCKLEY* | |
MORTIMER J. BUCKLEY | ||
CHIEF EXECUTIVE OFFICER |
Date: February 19, 2020
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
VANGUARD TAX-MANAGED FUNDS | ||
BY: | /s/ MORTIMER J. BUCKLEY* | |
MORTIMER J. BUCKLEY | ||
CHIEF EXECUTIVE OFFICER |
Date: February 19, 2020
VANGUARD TAX-MANAGED FUNDS | ||
BY: | /s/ JOHN BENDL* | |
JOHN BENDL | ||
CHIEF FINANCIAL OFFICER |
Date: February 19, 2020
* By: /s/ Anne E. Robinson
Anne E. Robinson, pursuant to a Power of Attorney filed on January 18, 2018 (see file Number 33-32216) and a Power of Attorney filed on October 30, 2019 (see file Number 811-02554), Incorporated by Reference.