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, 2023—December 31, 2023
Item 1: Reports to Shareholders
Annual Report | December 31, 2023
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 your fund’s annual and semiannual shareholder reports.
Important information about shareholder reports
Beginning in July 2024, amendments adopted by the Securities and Exchange Commission will substantially impact the design, content, and transmission of shareholder reports. Shareholder reports will provide key fund information in a clear and concise format and must be mailed to each shareholder that has not elected to receive the reports electronically. Financial statements will no longer be included in the shareholder report but will be available at vanguard.com, can be mailed upon request, or can be accessed on the SEC’s website at www.sec.gov.
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.
Contents
Your Fund’s Performance at a Glance | 1 |
About Your Fund's Expenses | 2 |
Tax-Managed Balanced Fund | 4 |
Tax-Managed Capital Appreciation Fund | 62 |
Tax-Managed Small-Cap Fund | 80 |
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.
Your Fund’s Performance at a Glance
| • | The financial markets delivered very robust returns for the 12 months ended December 31, 2023. Returns for the Vanguard Tax-Managed Funds ranged from 15.53% for the Tax-Managed Balanced Fund to 26.67% for Institutional Shares of the Tax-Managed Capital Appreciation Fund. The returns were in line with their benchmarks. |
| • | With inflation continuing to ease, a number of major central banks slowed and eventually stopped hiking interest rates. Global growth, employment, and consumer spending showed resilience, but the prospect of rates remaining high for an extended period spurred volatility at times. Toward year-end, however, global stocks and bonds rallied as falling inflation and softening economic growth raised market expectations for rate cuts in 2024. |
| • | In the U.S. equity market, large-capitalization stocks outpaced small-caps for the 12 months, and growth stocks outperformed value by a substantial margin, largely driven by a handful of tech names. |
| • | Municipal bonds, as measured by the Bloomberg 1–15 Year Municipal Index, posted a total return of 5.26%, slightly less than the 5.60% return of the Bloomberg U.S. Aggregate Float Adjusted Index, a proxy for the taxable investment-grade bond market. |
Market Barometer
| Average Annual Total Returns Periods Ended December 31, 2023 | |||
| One Year | Three Years | Five Years | |
| Stocks | |||
| Russell 1000 Index (Large-caps) | 26.53% | 8.97% | 15.52% |
| Russell 2000 Index (Small-caps) | 16.93 | 2.22 | 9.97 |
| Russell 3000 Index (Broad U.S. market) | 25.96 | 8.54 | 15.16 |
| FTSE All-World ex US Index (International) | 15.82 | 1.98 | 7.52 |
| Bonds | |||
| Bloomberg U.S. Aggregate Float Adjusted Index (Broad taxable market) | 5.60% | -3.33% | 1.17% |
| Bloomberg Municipal Bond Index (Broad tax-exempt market) | 6.40 | -0.40 | 2.25 |
| FTSE Three-Month U.S. Treasury Bill Index | 5.26 | 2.24 | 1.91 |
| CPI | |||
| Consumer Price Index | 3.35% | 5.60% | 4.07% |
1
About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A fund‘s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The accompanying table illustrates your fund’s costs in two ways:
| • | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During Period.“
| • | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
2
| Six Months Ended December 31, 2023 | |||
| Beginning Account Value 6/30/2023 | Ending Account Value 12/31/2023 | Expenses Paid During Period | |
| Based on Actual Fund Return | |||
| Tax-Managed Balanced Fund | $1,000.00 | $1,059.60 | $0.47 |
| Tax-Managed Capital Appreciation Fund | |||
| Admiral™ Shares | $1,000.00 | $1,084.10 | $0.47 |
| Institutional Shares | 1,000.00 | 1,084.20 | 0.32 |
| Tax-Managed Small-Cap Fund | |||
| Admiral Shares | $1,000.00 | $1,094.20 | $0.48 |
| Institutional Shares | 1,000.00 | 1,094.40 | 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).
3
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, 2013, Through December 31, 2023
Initial Investment of $10,000
| Average Annual Total Returns Periods Ended December 31, 2023 | |||||
| One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
 | Tax-Managed Balanced Fund | 15.53% | 8.82% | 7.27% | $20,172 |
 | Tax-Managed Balanced Composite Index | 15.65 | 9.25 | 7.52 | 20,648 |
 | Bloomberg Municipal Bond Index | 6.40 | 2.25 | 3.03 | 13,483 |
 | Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 11.40 | 29,422 |
Tax-Managed Balanced Composite Index: 50% Russell 1000 Index and 50% Bloomberg 1–15 Year Municipal Bond Index.
See Financial Highlights for dividend and capital gains information.
4
Tax-Managed Balanced Fund
Fund Allocation
As of December 31, 2023
| Investment Exposure | |
| Basic Materials | 0.8% |
| Consumer Discretionary | 7.0 |
| Consumer Staples | 2.2 |
| Energy | 1.8 |
| Financials | 5.0 |
| Health Care | 5.6 |
| Industrials | 6.3 |
| Other | 0.3 |
| Real Estate | 1.3 |
| Technology | 15.3 |
| Telecommunications | 1.1 |
| Utilities | 1.3 |
| Tax-Exempt Municipal Bonds | 52.0 |
The table reflects the fund’s investments, except for short-term investments and derivatives. 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.
5
Tax-Managed Balanced Fund
Financial Statements
Schedule of Investments
As of December 31, 2023
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.
| Shares | Market Value• ($000) | |||||
| Common Stocks (47.7%) | ||||||
| Basic Materials (0.8%) | ||||||
| Linde plc | 48,859 | 20,067 | ||||
| Freeport-McMoRan Inc. | 141,391 | 6,019 | ||||
| Air Products and Chemicals Inc. | 21,609 | 5,917 | ||||
| Ecolab Inc. | 21,275 | 4,220 | ||||
| Nucor Corp. | 23,200 | 4,038 | ||||
| Element Solutions Inc. | 120,371 | 2,785 | ||||
| Newmont Corp. | 66,255 | 2,742 | ||||
| Celanese Corp. Class A | 15,842 | 2,461 | ||||
| Alcoa Corp. | 70,034 | 2,381 | ||||
| Reliance Steel & Aluminum Co. | 6,900 | 1,930 | ||||
| Albemarle Corp. | 12,068 | 1,744 | ||||
| Westlake Corp. | 11,056 | 1,547 | ||||
| Fastenal Co. | 21,246 | 1,376 | ||||
| CF Industries Holdings Inc. | 16,859 | 1,340 | ||||
| Avery Dennison Corp. | 5,500 | 1,112 | ||||
| United States Steel Corp. | 18,000 | 876 | ||||
| Dow Inc. | 15,461 | 848 | ||||
| Huntsman Corp. | 27,901 | 701 | ||||
| Mosaic Co. | 18,068 | 646 | ||||
| * | Valvoline Inc. | 17,015 | 639 | |||
| * | MP Materials Corp. | 29,433 | 584 | |||
| FMC Corp. | 9,098 | 574 | ||||
| International Flavors & Fragrances Inc. | 7,083 | 573 | ||||
| LyondellBasell Industries NV Class A | 5,638 | 536 | ||||
| Ashland Inc. | 6,198 | 523 | ||||
| Steel Dynamics Inc. | 4,100 | 484 | ||||
| Royal Gold Inc. | 3,900 | 472 | ||||
| Timken Co. | 5,841 | 468 | ||||
| Eastman Chemical Co. | 5,040 | 453 | ||||
| Scotts Miracle-Gro Co. | 4,442 | 283 | ||||
| NewMarket Corp. | 390 | 213 | ||||
| SSR Mining Inc. | 8,772 | 94 | ||||
| 68,646 | ||||||
| Consumer Discretionary (7.0%) | ||||||
| * | Amazon.com Inc. | 873,196 | 132,673 | |||
| * | Tesla Inc. | 258,313 | 64,186 | |||
| Home Depot Inc. | 103,869 | 35,996 | ||||
| Costco Wholesale Corp. | 47,654 | 31,455 | ||||
| * | Netflix Inc. | 47,459 | 23,107 | |||
| Walmart Inc. | 142,753 | 22,505 | ||||
| McDonald's Corp. | 62,436 | 18,513 | ||||
| Lowe's Cos. Inc. | 75,512 | 16,805 | ||||
| Walt Disney Co. | 153,117 | 13,825 | ||||
| * | Booking Holdings Inc. | 3,829 | 13,582 | |||
| NIKE Inc. Class B | 120,861 | 13,122 | ||||
| * | Uber Technologies Inc. | 178,112 | 10,966 | |||
| Starbucks Corp. | 113,970 | 10,942 | ||||
| TJX Cos. Inc. | 106,628 | 10,003 | ||||
| * | Lululemon Athletica Inc. | 15,881 | 8,120 | |||
| * | Chipotle Mexican Grill Inc. Class A | 3,372 | 7,712 | |||
| * | O'Reilly Automotive Inc. | 8,103 | 7,698 | |||
| General Motors Co. | 193,935 | 6,966 | ||||
| * | Copart Inc. | 141,652 | 6,941 | |||
| Marriott International Inc. Class A | 28,408 | 6,406 | ||||
| Target Corp. | 42,065 | 5,991 | ||||
| Lennar Corp. Class A | 39,160 | 5,836 | ||||
| DR Horton Inc. | 37,302 | 5,669 | ||||
| Hilton Worldwide Holdings Inc. | 30,445 | 5,544 | ||||
| * | AutoZone Inc. | 2,094 | 5,414 | |||
| Ross Stores Inc. | 35,144 | 4,864 | ||||
| Yum! Brands Inc. | 31,728 | 4,146 | ||||
| * | Airbnb Inc. Class A | 30,100 | 4,098 | |||
| * | NVR Inc. | 569 | 3,983 | |||
| Dollar General Corp. | 28,880 | 3,926 | ||||
| Delta Air Lines Inc. | 89,337 | 3,594 | ||||
| * | Dollar Tree Inc. | 25,146 | 3,572 | |||
| * | Live Nation Entertainment Inc. | 35,096 | 3,285 | |||
| Shares | Market Value• ($000) | |||||
| Electronic Arts Inc. | 23,473 | 3,211 | ||||
| eBay Inc. | 70,736 | 3,086 | ||||
| * | Ulta Beauty Inc. | 5,996 | 2,938 | |||
| Estee Lauder Cos. Inc. Class A | 19,990 | 2,924 | ||||
| Tractor Supply Co. | 12,514 | 2,691 | ||||
| * | Capri Holdings Ltd. | 53,000 | 2,663 | |||
| PulteGroup Inc. | 25,300 | 2,611 | ||||
| * | MGM Resorts International | 57,046 | 2,549 | |||
| * | AutoNation Inc. | 16,312 | 2,450 | |||
| * | Deckers Outdoor Corp. | 3,623 | 2,422 | |||
| Toll Brothers Inc. | 22,801 | 2,344 | ||||
| * | Warner Bros Discovery Inc. | 204,744 | 2,330 | |||
| * | Take-Two Interactive Software Inc. | 14,415 | 2,320 | |||
| * | Expedia Group Inc. | 14,301 | 2,171 | |||
| * | Aptiv plc | 23,498 | 2,108 | |||
| * | Rivian Automotive Inc. Class A | 83,439 | 1,957 | |||
| Tempur Sealy International Inc. | 37,140 | 1,893 | ||||
| Ford Motor Co. | 150,000 | 1,828 | ||||
| * | Skechers USA Inc. Class A | 28,459 | 1,774 | |||
| Domino's Pizza Inc. | 4,261 | 1,757 | ||||
| LKQ Corp. | 36,460 | 1,742 | ||||
| * | Trade Desk Inc. Class A | 23,953 | 1,724 | |||
| * | United Airlines Holdings Inc. | 37,444 | 1,545 | |||
| * | Royal Caribbean Cruises Ltd. | 11,931 | 1,545 | |||
| * | Floor & Decor Holdings Inc. Class A | 13,773 | 1,537 | |||
| News Corp. Class A | 62,267 | 1,529 | ||||
| * | Carnival Corp. | 80,800 | 1,498 | |||
| Lear Corp. | 10,522 | 1,486 | ||||
| U-Haul Holding Co. (XNYS) | 20,513 | 1,445 | ||||
| Williams-Sonoma Inc. | 7,089 | 1,430 | ||||
| Thor Industries Inc. | 11,633 | 1,376 | ||||
| * | Liberty Media Corp.-Liberty Formula One Class C | 21,777 | 1,375 | |||
| Service Corp. International | 19,880 | 1,361 | ||||
| Gentex Corp. | 39,660 | 1,295 | ||||
| PVH Corp. | 10,390 | 1,269 | ||||
| * | CarMax Inc. | 16,457 | 1,263 | |||
| Dick's Sporting Goods Inc. | 8,512 | 1,251 | ||||
| Best Buy Co. Inc. | 15,931 | 1,247 | ||||
| Southwest Airlines Co. | 42,498 | 1,227 | ||||
| * | ROBLOX Corp. Class A | 26,606 | 1,216 | |||
| Paramount Global Class A | 61,408 | 1,207 | ||||
| * | Grand Canyon Education Inc. | 8,837 | 1,167 | |||
| * | Five Below Inc. | 5,244 | 1,118 | |||
| * | Bright Horizons Family Solutions Inc. | 11,722 | 1,105 | |||
| Sirius XM Holdings Inc. | 196,880 | 1,077 | ||||
| * | Norwegian Cruise Line Holdings Ltd. | 53,105 | 1,064 | |||
| * | Etsy Inc. | 13,105 | 1,062 | |||
| * | Burlington Stores Inc. | 5,298 | 1,030 | |||
| Rollins Inc. | 23,442 | 1,024 | ||||
| * | Peloton Interactive Inc. Class A | 161,083 | 981 | |||
| * | Mattel Inc. | 51,831 | 979 | |||
| Las Vegas Sands Corp. | 18,100 | 891 | ||||
| * | RH | 3,017 | 879 | |||
| * | Lyft Inc. Class A | 56,939 | 854 | |||
| * | American Airlines Group Inc. | 61,900 | 851 | |||
| New York Times Co. Class A | 15,400 | 754 | ||||
| Lennar Corp. Class B | 5,464 | 732 | ||||
| * | QuantumScape Corp. Class A | 90,000 | 625 | |||
| * | Spotify Technology SA | 3,225 | 606 | |||
| * | Planet Fitness Inc. Class A | 8,001 | 584 | |||
| Copa Holdings SA Class A | 4,762 | 506 | ||||
| BorgWarner Inc. | 13,734 | 492 | ||||
| Pool Corp. | 1,216 | 485 | ||||
| Wendy's Co. | 24,919 | 485 | ||||
| Garmin Ltd. | 3,700 | 476 | ||||
| Aramark | 16,753 | 471 | ||||
| * | Liberty Media Corp.-Liberty SiriusXM Class A | 16,247 | 467 | |||
| * | Ollie's Bargain Outlet Holdings Inc. | 6,100 | 463 | |||
| * | Madison Square Garden Sports Corp. | 2,448 | 445 | |||
| Ralph Lauren Corp. Class A | 3,073 | 443 | ||||
6
Tax-Managed Balanced Fund
| Shares | Market Value• ($000) | |||||
| * | Penn Entertainment Inc. | 16,890 | 439 | |||
| Hyatt Hotels Corp. Class A | 3,344 | 436 | ||||
| * | Victoria's Secret & Co. | 14,850 | 394 | |||
| * | YETI Holdings Inc. | 7,558 | 391 | |||
| Wynn Resorts Ltd. | 4,199 | 383 | ||||
| * | Carvana Co. Class A | 6,796 | 360 | |||
| Avis Budget Group Inc. | 2,000 | 355 | ||||
| Lithia Motors Inc. Class A | 1,011 | 333 | ||||
| * | GameStop Corp. Class A | 18,414 | 323 | |||
| * | Liberty Media Corp.-Liberty Formula One Class A | 5,563 | 323 | |||
| * | Liberty Media Corp.-Liberty SiriusXM | 10,300 | 296 | |||
| Vail Resorts Inc. | 1,300 | 278 | ||||
| * | AMC Entertainment Holdings Inc. Class A | 44,990 | 275 | |||
| Advance Auto Parts Inc. | 4,451 | 272 | ||||
| Harley-Davidson Inc. | 6,470 | 238 | ||||
| Wyndham Hotels & Resorts Inc. | 2,776 | 223 | ||||
| RB Global Inc. | 3,309 | 221 | ||||
| * | DraftKings Inc. Class A | 6,161 | 217 | |||
| * | U-Haul Holding Co. | 2,887 | 207 | |||
| Macy's Inc. | 9,230 | 186 | ||||
| * | Petco Health & Wellness Co. Inc. Class A | 55,460 | 175 | |||
| Darden Restaurants Inc. | 884 | 145 | ||||
| Bath & Body Works Inc. | 3,339 | 144 | ||||
| Nexstar Media Group Inc. Class A | 802 | 126 | ||||
| * | Liberty Media Corp.-Liberty Live Class A | 3,224 | 118 | |||
| Phinia Inc. | 3,451 | 105 | ||||
| * | Wayfair Inc. Class A | 1,200 | 74 | |||
| Choice Hotels International Inc. | 444 | 50 | ||||
| * | Liberty Media Corp.-Liberty Live Class C | 932 | 35 | |||
| Paramount Global Class B | 1,873 | 28 | ||||
| 628,306 | ||||||
| Consumer Staples (2.2%) | ||||||
| Procter & Gamble Co. | 239,701 | 35,126 | ||||
| PepsiCo Inc. | 132,297 | 22,469 | ||||
| Coca-Cola Co. | 344,600 | 20,307 | ||||
| Mondelez International Inc. Class A | 149,779 | 10,849 | ||||
| CVS Health Corp. | 115,925 | 9,153 | ||||
| * | Monster Beverage Corp. | 156,646 | 9,024 | |||
| McKesson Corp. | 15,695 | 7,267 | ||||
| Kroger Co. | 143,587 | 6,563 | ||||
| Philip Morris International Inc. | 58,903 | 5,542 | ||||
| Kenvue Inc. | 237,451 | 5,112 | ||||
| * | Post Holdings Inc. | 55,842 | 4,917 | |||
| Colgate-Palmolive Co. | 59,644 | 4,754 | ||||
| Church & Dwight Co. Inc. | 46,395 | 4,387 | ||||
| Constellation Brands Inc. Class A | 17,884 | 4,323 | ||||
| Archer-Daniels-Midland Co. | 51,496 | 3,719 | ||||
| Corteva Inc. | 75,255 | 3,606 | ||||
| General Mills Inc. | 50,342 | 3,279 | ||||
| Cencora Inc. | 15,012 | 3,083 | ||||
| J M Smucker Co. | 22,860 | 2,889 | ||||
| Sysco Corp. | 38,874 | 2,843 | ||||
| Hershey Co. | 14,203 | 2,648 | ||||
| McCormick & Co. Inc. (Non-Voting) | 24,760 | 1,694 | ||||
| Brown-Forman Corp. Class B | 28,038 | 1,601 | ||||
| Altria Group Inc. | 37,080 | 1,496 | ||||
| Tyson Foods Inc. Class A | 27,013 | 1,452 | ||||
| Clorox Co. | 10,000 | 1,426 | ||||
| Molson Coors Beverage Co. Class B | 23,112 | 1,415 | ||||
| * | US Foods Holding Corp. | 30,138 | 1,369 | |||
| Campbell Soup Co. | 31,541 | 1,364 | ||||
| Keurig Dr Pepper Inc. | 37,058 | 1,235 | ||||
| Walgreens Boots Alliance Inc. | 45,645 | 1,192 | ||||
| Hormel Foods Corp. | 34,031 | 1,093 | ||||
| Kimberly-Clark Corp. | 8,872 | 1,078 | ||||
| Lamb Weston Holdings Inc. | 9,800 | 1,059 | ||||
| Conagra Brands Inc. | 34,661 | 993 | ||||
| Casey's General Stores Inc. | 3,314 | 911 | ||||
| * | Freshpet Inc. | 10,261 | 890 | |||
| * | Grocery Outlet Holding Corp. | 26,400 | 712 | |||
| Ingredion Inc. | 6,341 | 688 | ||||
| Bunge Global SA | 6,746 | 681 | ||||
| Spectrum Brands Holdings Inc. | 7,191 | 574 | ||||
| Brown-Forman Corp. Class A | 9,544 | 569 | ||||
| * | Pilgrim's Pride Corp. | 19,755 | 546 | |||
| * | Olaplex Holdings Inc. | 209,485 | 532 | |||
| WK Kellogg Co. | 38,526 | 506 | ||||
| * | Performance Food Group Co. | 6,632 | 459 | |||
| Seaboard Corp. | 97 | 346 | ||||
| Kraft Heinz Co. | 8,459 | 313 | ||||
| Shares | Market Value• ($000) | |||||
| Kellanova | 5,000 | 280 | ||||
| * | Boston Beer Co. Inc. Class A | 382 | 132 | |||
| 198,466 | ||||||
| Energy (1.8%) | ||||||
| Exxon Mobil Corp. | 352,718 | 35,265 | ||||
| Chevron Corp. | 153,042 | 22,828 | ||||
| ConocoPhillips | 110,127 | 12,782 | ||||
| Schlumberger NV | 149,820 | 7,797 | ||||
| Marathon Petroleum Corp. | 48,458 | 7,189 | ||||
| Devon Energy Corp. | 141,993 | 6,432 | ||||
| Marathon Oil Corp. | 225,300 | 5,443 | ||||
| Cheniere Energy Inc. | 31,747 | 5,420 | ||||
| Occidental Petroleum Corp. | 88,691 | 5,296 | ||||
| EOG Resources Inc. | 41,056 | 4,966 | ||||
| Diamondback Energy Inc. | 29,914 | 4,639 | ||||
| Phillips 66 | 31,976 | 4,257 | ||||
| Baker Hughes Co. Class A | 116,762 | 3,991 | ||||
| Hess Corp. | 27,022 | 3,896 | ||||
| Valero Energy Corp. | 28,900 | 3,757 | ||||
| Pioneer Natural Resources Co. | 15,691 | 3,529 | ||||
| Halliburton Co. | 92,654 | 3,349 | ||||
| Range Resources Corp. | 99,510 | 3,029 | ||||
| EQT Corp. | 72,232 | 2,792 | ||||
| Coterra Energy Inc. | 101,672 | 2,595 | ||||
| Murphy Oil Corp. | 59,729 | 2,548 | ||||
| * | First Solar Inc. | 12,625 | 2,175 | |||
| ChampionX Corp. | 68,231 | 1,993 | ||||
| * | Enphase Energy Inc. | 10,010 | 1,323 | |||
| Williams Cos. Inc. | 36,405 | 1,268 | ||||
| Targa Resources Corp. | 13,957 | 1,212 | ||||
| HF Sinclair Corp. | 20,892 | 1,161 | ||||
| ONEOK Inc. | 13,704 | 962 | ||||
| NOV Inc. | 43,700 | 886 | ||||
| Texas Pacific Land Corp. | 467 | 734 | ||||
| APA Corp. | 20,000 | 718 | ||||
| * | Plug Power Inc. | 127,971 | 576 | |||
| DT Midstream Inc. | 8,587 | 471 | ||||
| Vitesse Energy Inc. | 2,520 | 55 | ||||
| Kinder Morgan Inc. | 5 | — | ||||
| 165,334 | ||||||
| Financials (5.0%) | ||||||
| * | Berkshire Hathaway Inc. Class B | 196,755 | 70,175 | |||
| JPMorgan Chase & Co. | 294,849 | 50,154 | ||||
| Bank of America Corp. | 803,071 | 27,039 | ||||
| Wells Fargo & Co. | 366,221 | 18,025 | ||||
| S&P Global Inc. | 38,611 | 17,009 | ||||
| Morgan Stanley | 142,641 | 13,301 | ||||
| Goldman Sachs Group Inc. | 32,058 | 12,367 | ||||
| Progressive Corp. | 64,645 | 10,297 | ||||
| Marsh & McLennan Cos. Inc. | 50,714 | 9,609 | ||||
| Chubb Ltd. | 39,599 | 8,949 | ||||
| * | Arch Capital Group Ltd. | 118,526 | 8,803 | |||
| BlackRock Inc. | 10,567 | 8,578 | ||||
| Charles Schwab Corp. | 122,499 | 8,428 | ||||
| Aon plc Class A | 27,728 | 8,069 | ||||
| Citigroup Inc. | 137,658 | 7,081 | ||||
| Moody's Corp. | 17,333 | 6,770 | ||||
| Intercontinental Exchange Inc. | 51,833 | 6,657 | ||||
| Webster Financial Corp. | 97,211 | 4,934 | ||||
| Aflac Inc. | 57,474 | 4,742 | ||||
| MSCI Inc. Class A | 8,302 | 4,696 | ||||
| CME Group Inc. | 22,295 | 4,695 | ||||
| PNC Financial Services Group Inc. | 30,249 | 4,684 | ||||
| Arthur J Gallagher & Co. | 20,577 | 4,627 | ||||
| Pinnacle Financial Partners Inc. | 50,851 | 4,435 | ||||
| * | Coinbase Global Inc. Class A | 24,800 | 4,313 | |||
| Apollo Global Management Inc. | 43,815 | 4,083 | ||||
| Allstate Corp. | 28,624 | 4,007 | ||||
| Truist Financial Corp. | 108,153 | 3,993 | ||||
| First Citizens BancShares Inc. Class A | 2,775 | 3,938 | ||||
| Ameriprise Financial Inc. | 10,336 | 3,926 | ||||
| Travelers Cos. Inc. | 20,181 | 3,844 | ||||
| KKR & Co. Inc. | 45,775 | 3,792 | ||||
| American International Group Inc. | 52,675 | 3,569 | ||||
| Bank of New York Mellon Corp. | 66,105 | 3,441 | ||||
| MetLife Inc. | 50,516 | 3,341 | ||||
| Assured Guaranty Ltd. | 43,927 | 3,287 | ||||
| * | Markel Group Inc. | 2,262 | 3,212 | |||
| US Bancorp | 71,326 | 3,087 | ||||
| * | Brighthouse Financial Inc. | 52,982 | 2,804 | |||
7
Tax-Managed Balanced Fund
| Shares | Market Value• ($000) | |||||
| Discover Financial Services | 23,912 | 2,688 | ||||
| Willis Towers Watson plc | 11,000 | 2,653 | ||||
| Hartford Financial Services Group Inc. | 31,450 | 2,528 | ||||
| Broadridge Financial Solutions Inc. | 10,218 | 2,102 | ||||
| Raymond James Financial Inc. | 18,625 | 2,077 | ||||
| Brown & Brown Inc. | 28,718 | 2,042 | ||||
| W R Berkley Corp. | 28,873 | 2,042 | ||||
| FactSet Research Systems Inc. | 4,244 | 2,025 | ||||
| Wintrust Financial Corp. | 21,290 | 1,975 | ||||
| State Street Corp. | 24,769 | 1,919 | ||||
| Globe Life Inc. | 15,679 | 1,908 | ||||
| Fifth Third Bancorp | 55,196 | 1,904 | ||||
| Blackstone Inc. | 14,437 | 1,890 | ||||
| Reinsurance Group of America Inc. | 11,595 | 1,876 | ||||
| White Mountains Insurance Group Ltd. | 1,198 | 1,803 | ||||
| East West Bancorp Inc. | 23,858 | 1,717 | ||||
| Voya Financial Inc. | 22,512 | 1,642 | ||||
| M&T Bank Corp. | 11,745 | 1,610 | ||||
| Zions Bancorp NA | 33,982 | 1,491 | ||||
| Cboe Global Markets Inc. | 8,286 | 1,480 | ||||
| RenaissanceRe Holdings Ltd. | 7,451 | 1,460 | ||||
| Nasdaq Inc. | 24,069 | 1,399 | ||||
| Prudential Financial Inc. | 12,838 | 1,331 | ||||
| Tradeweb Markets Inc. Class A | 14,600 | 1,327 | ||||
| Regions Financial Corp. | 66,902 | 1,297 | ||||
| Assurant Inc. | 7,101 | 1,196 | ||||
| * | Credit Acceptance Corp. | 2,161 | 1,151 | |||
| Ally Financial Inc. | 30,516 | 1,066 | ||||
| Popular Inc. | 12,967 | 1,064 | ||||
| LPL Financial Holdings Inc. | 4,562 | 1,038 | ||||
| Jefferies Financial Group Inc. | 25,339 | 1,024 | ||||
| * | Robinhood Markets Inc. Class A | 79,463 | 1,012 | |||
| Everest Group Ltd. | 2,700 | 955 | ||||
| KeyCorp | 65,863 | 948 | ||||
| Comerica Inc. | 16,291 | 909 | ||||
| Western Alliance Bancorp | 13,750 | 905 | ||||
| MGIC Investment Corp. | 45,667 | 881 | ||||
| * | Upstart Holdings Inc. | 20,900 | 854 | |||
| Hanover Insurance Group Inc. | 6,939 | 843 | ||||
| Commerce Bancshares Inc. | 14,286 | 763 | ||||
| Morningstar Inc. | 2,620 | 750 | ||||
| Cincinnati Financial Corp. | 7,091 | 734 | ||||
| Affiliated Managers Group Inc. | 4,562 | 691 | ||||
| Huntington Bancshares Inc. | 52,824 | 672 | ||||
| SEI Investments Co. | 9,913 | 630 | ||||
| First Horizon Corp. | 43,114 | 611 | ||||
| Lincoln National Corp. | 21,914 | 591 | ||||
| T. Rowe Price Group Inc. | 4,874 | 525 | ||||
| Bank OZK | 9,680 | 482 | ||||
| Equitable Holdings Inc. | 14,088 | 469 | ||||
| Primerica Inc. | 2,200 | 453 | ||||
| Citizens Financial Group Inc. | 12,703 | 421 | ||||
| Unum Group | 9,127 | 413 | ||||
| MarketAxess Holdings Inc. | 1,350 | 395 | ||||
| Synovus Financial Corp. | 10,314 | 388 | ||||
| Interactive Brokers Group Inc. Class A | 4,420 | 366 | ||||
| BOK Financial Corp. | 4,048 | 347 | ||||
| SLM Corp. | 17,179 | 328 | ||||
| Erie Indemnity Co. Class A | 872 | 292 | ||||
| Northern Trust Corp. | 3,400 | 287 | ||||
| * | SoFi Technologies Inc. | 22,812 | 227 | |||
| OneMain Holdings Inc. | 4,339 | 214 | ||||
| Ares Management Corp. Class A | 1,623 | 193 | ||||
| Fidelity National Financial Inc. | 3,318 | 169 | ||||
| Loews Corp. | 2,394 | 167 | ||||
| Blue Owl Capital Inc. Class A | 11,085 | 165 | ||||
| New York Community Bancorp Inc. | 15,937 | 163 | ||||
| Stifel Financial Corp. | 2,262 | 156 | ||||
| First American Financial Corp. | 2,201 | 142 | ||||
| Franklin Resources Inc. | 1,525 | 45 | ||||
| 451,042 | ||||||
| Health Care (5.6%) | ||||||
| Eli Lilly & Co. | 84,163 | 49,060 | ||||
| UnitedHealth Group Inc. | 91,396 | 48,117 | ||||
| Johnson & Johnson | 192,010 | 30,096 | ||||
| Merck & Co. Inc. | 240,113 | 26,177 | ||||
| AbbVie Inc. | 152,730 | 23,669 | ||||
| Thermo Fisher Scientific Inc. | 40,487 | 21,490 | ||||
| Abbott Laboratories | 164,142 | 18,067 | ||||
| Amgen Inc. | 53,330 | 15,360 | ||||
| Shares | Market Value• ($000) | |||||
| Danaher Corp. | 65,315 | 15,110 | ||||
| * | Intuitive Surgical Inc. | 38,465 | 12,977 | |||
| Pfizer Inc. | 395,207 | 11,378 | ||||
| * | Vertex Pharmaceuticals Inc. | 27,730 | 11,283 | |||
| Cigna Group | 37,283 | 11,164 | ||||
| Elevance Health Inc. | 23,239 | 10,959 | ||||
| Zoetis Inc. Class A | 53,753 | 10,609 | ||||
| * | Regeneron Pharmaceuticals Inc. | 11,003 | 9,664 | |||
| Stryker Corp. | 30,849 | 9,238 | ||||
| * | Boston Scientific Corp. | 144,841 | 8,373 | |||
| Gilead Sciences Inc. | 96,715 | 7,835 | ||||
| HCA Healthcare Inc. | 27,941 | 7,563 | ||||
| * | IDEXX Laboratories Inc. | 12,149 | 6,743 | |||
| * | IQVIA Holdings Inc. | 27,495 | 6,362 | |||
| Humana Inc. | 13,882 | 6,355 | ||||
| Medtronic plc | 76,410 | 6,295 | ||||
| * | Biogen Inc. | 23,174 | 5,997 | |||
| Bristol-Myers Squibb Co. | 99,301 | 5,095 | ||||
| * | Edwards Lifesciences Corp. | 65,256 | 4,976 | |||
| Becton Dickinson & Co. | 19,412 | 4,733 | ||||
| * | Dexcom Inc. | 35,301 | 4,381 | |||
| Agilent Technologies Inc. | 29,707 | 4,130 | ||||
| Laboratory Corp. of America Holdings | 15,797 | 3,591 | ||||
| West Pharmaceutical Services Inc. | 9,702 | 3,416 | ||||
| * | Alnylam Pharmaceuticals Inc. | 16,335 | 3,127 | |||
| * | Molina Healthcare Inc. | 7,532 | 2,721 | |||
| GE HealthCare Technologies Inc. | 34,816 | 2,692 | ||||
| * | Acadia Healthcare Co. Inc. | 33,932 | 2,639 | |||
| * | Elanco Animal Health Inc. | 175,845 | 2,620 | |||
| * | Centene Corp. | 32,484 | 2,411 | |||
| * | Moderna Inc. | 24,203 | 2,407 | |||
| * | Align Technology Inc. | 8,696 | 2,383 | |||
| * | BioMarin Pharmaceutical Inc. | 24,108 | 2,325 | |||
| * | Incyte Corp. | 36,483 | 2,291 | |||
| Royalty Pharma plc Class A | 76,450 | 2,147 | ||||
| * | Hologic Inc. | 29,853 | 2,133 | |||
| * | Charles River Laboratories International Inc. | 8,768 | 2,073 | |||
| ResMed Inc. | 11,913 | 2,049 | ||||
| * | Insulet Corp. | 9,365 | 2,032 | |||
| * | DaVita Inc. | 18,873 | 1,977 | |||
| Cooper Cos. Inc. | 5,136 | 1,944 | ||||
| * | Neurocrine Biosciences Inc. | 14,361 | 1,892 | |||
| * | Karuna Therapeutics Inc. | 5,747 | 1,819 | |||
| Quest Diagnostics Inc. | 12,819 | 1,768 | ||||
| * | Veeva Systems Inc. Class A | 8,933 | 1,720 | |||
| Zimmer Biomet Holdings Inc. | 13,570 | 1,651 | ||||
| Revvity Inc. | 14,596 | 1,596 | ||||
| Bio-Techne Corp. | 19,204 | 1,482 | ||||
| * | Sarepta Therapeutics Inc. | 15,123 | 1,458 | |||
| * | Envista Holdings Corp. | 58,701 | 1,412 | |||
| * | Ionis Pharmaceuticals Inc. | 26,826 | 1,357 | |||
| * | Tenet Healthcare Corp. | 16,964 | 1,282 | |||
| * | United Therapeutics Corp. | 5,594 | 1,230 | |||
| * | Azenta Inc. | 18,821 | 1,226 | |||
| * | Ultragenyx Pharmaceutical Inc. | 25,446 | 1,217 | |||
| * | ICU Medical Inc. | 12,051 | 1,202 | |||
| Universal Health Services Inc. Class B | 7,717 | 1,176 | ||||
| * | Bio-Rad Laboratories Inc. Class A | 3,572 | 1,153 | |||
| * | Penumbra Inc. | 4,163 | 1,047 | |||
| * | Illumina Inc. | 7,500 | 1,044 | |||
| * | QIAGEN NV | 23,461 | 1,019 | |||
| * | Globus Medical Inc. Class A | 19,103 | 1,018 | |||
| STERIS plc | 4,045 | 889 | ||||
| * | Inspire Medical Systems Inc. | 4,347 | 884 | |||
| * | Integra LifeSciences Holdings Corp. | 20,125 | 876 | |||
| Cardinal Health Inc. | 8,345 | 841 | ||||
| * | Enovis Corp. | 14,597 | 818 | |||
| * | Exact Sciences Corp. | 10,950 | 810 | |||
| * | Teladoc Health Inc. | 37,495 | 808 | |||
| Chemed Corp. | 1,305 | 763 | ||||
| * | Apellis Pharmaceuticals Inc. | 11,851 | 709 | |||
| * | Novocure Ltd. | 46,146 | 689 | |||
| * | Catalent Inc. | 13,276 | 597 | |||
| * | Masimo Corp. | 5,033 | 590 | |||
| * | QuidelOrtho Corp. | 7,748 | 571 | |||
| * | Fortrea Holdings Inc. | 15,797 | 551 | |||
| * | Exelixis Inc. | 20,965 | 503 | |||
| * | Mirati Therapeutics Inc. | 7,989 | 469 | |||
| * | Natera Inc. | 7,188 | 450 | |||
| * | Avantor Inc. | 18,405 | 420 | |||
| * | Shockwave Medical Inc. | 2,113 | 403 | |||
8
Tax-Managed Balanced Fund
| Shares | Market Value• ($000) | |||||
| Organon & Co. | 27,435 | 396 | ||||
| Viatris Inc. | 36,014 | 390 | ||||
| Baxter International Inc. | 9,900 | 383 | ||||
| DENTSPLY SIRONA Inc. | 9,088 | 323 | ||||
| * | Sotera Health Co. | 17,800 | 300 | |||
| * | Roivant Sciences Ltd. | 23,424 | 263 | |||
| Teleflex Inc. | 1,039 | 259 | ||||
| Encompass Health Corp. | 3,143 | 210 | ||||
| * | Ginkgo Bioworks Holdings Inc. Class A | 120,214 | 203 | |||
| * | ICON plc | 574 | 163 | |||
| * | Amedisys Inc. | 1,487 | 141 | |||
| * | 10X Genomics Inc. Class A | 2,400 | 134 | |||
| * | Enhabit Inc. | 12,266 | 127 | |||
| * | Tandem Diabetes Care Inc. | 4,200 | 124 | |||
| Bruker Corp. | 1,507 | 111 | ||||
| * | Repligen Corp. | 398 | 72 | |||
| 505,243 | ||||||
| Industrials (6.2%) | ||||||
| Visa Inc. Class A | 164,196 | 42,748 | ||||
| Mastercard Inc. Class A | 86,386 | 36,845 | ||||
| Accenture plc Class A | 64,534 | 22,646 | ||||
| Union Pacific Corp. | 63,210 | 15,526 | ||||
| * | Boeing Co. | 58,781 | 15,322 | |||
| Honeywell International Inc. | 69,899 | 14,659 | ||||
| Caterpillar Inc. | 46,357 | 13,706 | ||||
| General Electric Co. | 105,976 | 13,526 | ||||
| Deere & Co. | 32,002 | 12,797 | ||||
| American Express Co. | 63,207 | 11,841 | ||||
| Lockheed Martin Corp. | 21,492 | 9,741 | ||||
| Capital One Financial Corp. | 72,570 | 9,515 | ||||
| RTX Corp. | 111,761 | 9,404 | ||||
| Sherwin-Williams Co. | 29,768 | 9,285 | ||||
| Automatic Data Processing Inc. | 35,387 | 8,244 | ||||
| United Parcel Service Inc. Class B | 52,034 | 8,181 | ||||
| Eaton Corp. plc | 32,455 | 7,816 | ||||
| CSX Corp. | 223,570 | 7,751 | ||||
| AMETEK Inc. | 46,011 | 7,587 | ||||
| * | Fiserv Inc. | 53,944 | 7,166 | |||
| United Rentals Inc. | 12,074 | 6,923 | ||||
| Illinois Tool Works Inc. | 26,377 | 6,909 | ||||
| Quanta Services Inc. | 30,093 | 6,494 | ||||
| Cintas Corp. | 10,685 | 6,439 | ||||
| TransDigm Group Inc. | 6,285 | 6,358 | ||||
| Vulcan Materials Co. | 25,908 | 5,881 | ||||
| Norfolk Southern Corp. | 24,670 | 5,832 | ||||
| * | PayPal Holdings Inc. | 94,204 | 5,785 | |||
| Howmet Aerospace Inc. | 105,166 | 5,692 | ||||
| Martin Marietta Materials Inc. | 11,027 | 5,501 | ||||
| Northrop Grumman Corp. | 11,746 | 5,499 | ||||
| FedEx Corp. | 20,696 | 5,235 | ||||
| Trane Technologies plc | 21,310 | 5,198 | ||||
| PACCAR Inc. | 51,621 | 5,041 | ||||
| Emerson Electric Co. | 48,895 | 4,759 | ||||
| Parker-Hannifin Corp. | 10,202 | 4,700 | ||||
| Global Payments Inc. | 34,918 | 4,435 | ||||
| Carrier Global Corp. | 74,958 | 4,306 | ||||
| Old Dominion Freight Line Inc. | 9,621 | 3,900 | ||||
| Eagle Materials Inc. | 18,979 | 3,850 | ||||
| * | Mettler-Toledo International Inc. | 3,121 | 3,786 | |||
| Ingersoll Rand Inc. | 48,482 | 3,750 | ||||
| Verisk Analytics Inc. Class A | 15,666 | 3,742 | ||||
| PPG Industries Inc. | 24,020 | 3,592 | ||||
| CNH Industrial NV | 281,399 | 3,427 | ||||
| General Dynamics Corp. | 13,091 | 3,399 | ||||
| * | Keysight Technologies Inc. | 21,308 | 3,390 | |||
| Rockwell Automation Inc. | 10,862 | 3,372 | ||||
| AECOM | 35,745 | 3,304 | ||||
| Fortive Corp. | 43,894 | 3,232 | ||||
| Equifax Inc. | 12,828 | 3,172 | ||||
| * | Middleby Corp. | 20,834 | 3,066 | |||
| * | Block Inc. Class A | 38,642 | 2,989 | |||
| Berry Global Group Inc. | 43,393 | 2,924 | ||||
| Textron Inc. | 36,284 | 2,918 | ||||
| * | Teledyne Technologies Inc. | 6,518 | 2,909 | |||
| Xylem Inc. | 25,125 | 2,873 | ||||
| L3Harris Technologies Inc. | 13,517 | 2,847 | ||||
| Otis Worldwide Corp. | 30,224 | 2,704 | ||||
| * | Fair Isaac Corp. | 2,234 | 2,600 | |||
| * | Waters Corp. | 7,833 | 2,579 | |||
| HEICO Corp. Class A | 17,003 | 2,422 | ||||
| Shares | Market Value• ($000) | |||||
| Expeditors International of Washington Inc. | 18,995 | 2,416 | ||||
| IDEX Corp. | 10,462 | 2,271 | ||||
| Nordson Corp. | 8,492 | 2,243 | ||||
| WW Grainger Inc. | 2,682 | 2,223 | ||||
| Jacobs Solutions Inc. | 16,864 | 2,189 | ||||
| ITT Inc. | 18,189 | 2,170 | ||||
| Crown Holdings Inc. | 23,514 | 2,165 | ||||
| BWX Technologies Inc. | 27,902 | 2,141 | ||||
| A O Smith Corp. | 25,732 | 2,121 | ||||
| * | Kirby Corp. | 27,000 | 2,119 | |||
| Lennox International Inc. | 4,681 | 2,095 | ||||
| Cummins Inc. | 8,721 | 2,089 | ||||
| Owens Corning | 13,342 | 1,978 | ||||
| Sealed Air Corp. | 51,417 | 1,878 | ||||
| 3M Co. | 16,900 | 1,848 | ||||
| Ball Corp. | 31,862 | 1,833 | ||||
| Veralto Corp. | 22,040 | 1,813 | ||||
| Fidelity National Information Services Inc. | 29,556 | 1,775 | ||||
| JB Hunt Transport Services Inc. | 8,852 | 1,768 | ||||
| * | FleetCor Technologies Inc. | 6,146 | 1,737 | |||
| Synchrony Financial | 45,220 | 1,727 | ||||
| AGCO Corp. | 13,710 | 1,665 | ||||
| Huntington Ingalls Industries Inc. | 6,396 | 1,661 | ||||
| * | Axon Enterprise Inc. | 6,300 | 1,627 | |||
| Masco Corp. | 23,716 | 1,589 | ||||
| Allegion plc | 12,151 | 1,539 | ||||
| TransUnion | 22,383 | 1,538 | ||||
| Johnson Controls International plc | 25,379 | 1,463 | ||||
| * | GXO Logistics Inc. | 23,880 | 1,461 | |||
| Fortune Brands Innovations Inc. | 18,587 | 1,415 | ||||
| Tetra Tech Inc. | 8,433 | 1,408 | ||||
| Packaging Corp. of America | 8,446 | 1,376 | ||||
| Oshkosh Corp. | 12,558 | 1,361 | ||||
| Dover Corp. | 8,810 | 1,355 | ||||
| * | Affirm Holdings Inc. Class A | 27,352 | 1,344 | |||
| Esab Corp. | 15,396 | 1,334 | ||||
| * | XPO Inc. | 15,015 | 1,315 | |||
| * | Trimble Inc. | 24,487 | 1,303 | |||
| DuPont de Nemours Inc. | 16,723 | 1,287 | ||||
| Valmont Industries Inc. | 5,396 | 1,260 | ||||
| Toro Co. | 13,011 | 1,249 | ||||
| Landstar System Inc. | 6,235 | 1,207 | ||||
| * | Axalta Coating Systems Ltd. | 32,960 | 1,120 | |||
| * | Gates Industrial Corp. plc | 81,389 | 1,092 | |||
| Booz Allen Hamilton Holding Corp. Class A | 8,401 | 1,075 | ||||
| Carlisle Cos. Inc. | 3,333 | 1,041 | ||||
| RPM International Inc. | 8,489 | 948 | ||||
| Silgan Holdings Inc. | 18,967 | 858 | ||||
| WESCO International Inc. | 4,845 | 842 | ||||
| Knight-Swift Transportation Holdings Inc. Class A | 14,300 | 824 | ||||
| Lincoln Electric Holdings Inc. | 3,765 | 819 | ||||
| Donaldson Co. Inc. | 12,229 | 799 | ||||
| * | Zebra Technologies Corp. Class A | 2,910 | 795 | |||
| Westinghouse Air Brake Technologies Corp. | 6,010 | 763 | ||||
| Stanley Black & Decker Inc. | 7,543 | 740 | ||||
| Pentair plc | 10,087 | 733 | ||||
| Regal Rexnord Corp. | 4,625 | 685 | ||||
| Jack Henry & Associates Inc. | 4,179 | 683 | ||||
| * | FTI Consulting Inc. | 3,400 | 677 | |||
| AptarGroup Inc. | 5,445 | 673 | ||||
| Armstrong World Industries Inc. | 6,812 | 670 | ||||
| Air Lease Corp. Class A | 15,591 | 654 | ||||
| Graco Inc. | 7,412 | 643 | ||||
| Snap-on Inc. | 2,097 | 606 | ||||
| nVent Electric plc | 10,087 | 596 | ||||
| Vontier Corp. | 17,060 | 589 | ||||
| Advanced Drainage Systems Inc. | 4,120 | 579 | ||||
| Woodward Inc. | 3,945 | 537 | ||||
| * | WEX Inc. | 2,540 | 494 | |||
| Curtiss-Wright Corp. | 2,100 | 468 | ||||
| * | Spirit AeroSystems Holdings Inc. Class A | 14,705 | 467 | |||
| * | NCR Atleos Corp. | 18,662 | 453 | |||
| Littelfuse Inc. | 1,678 | 449 | ||||
| CH Robinson Worldwide Inc. | 5,171 | 447 | ||||
| Robert Half Inc. | 5,000 | 440 | ||||
| Flowserve Corp. | 10,413 | 429 | ||||
| Graphic Packaging Holding Co. | 15,800 | 389 | ||||
| Genpact Ltd. | 11,065 | 384 | ||||
| Hubbell Inc. Class B | 1,100 | 362 | ||||
| Brunswick Corp. | 3,628 | 351 | ||||
| Schneider National Inc. Class B | 13,062 | 332 | ||||
9
Tax-Managed Balanced Fund
| Shares | Market Value• ($000) | |||||
| * | Masterbrand Inc. | 18,587 | 276 | |||
| * | RXO Inc. | 11,342 | 264 | |||
| * | Builders FirstSource Inc. | 1,401 | 234 | |||
| * | Paylocity Holding Corp. | 1,300 | 214 | |||
| * | AZEK Co. Inc. Class A | 5,509 | 211 | |||
| Westrock Co. | 4,864 | 202 | ||||
| * | Trex Co. Inc. | 2,409 | 199 | |||
| ManpowerGroup Inc. | 2,450 | 195 | ||||
| HEICO Corp. | 1,087 | 194 | ||||
| Vestis Corp. | 8,376 | 177 | ||||
| * | Knife River Corp. | 2,487 | 165 | |||
| Sensata Technologies Holding plc | 4,000 | 150 | ||||
| Louisiana-Pacific Corp. | 2,046 | 145 | ||||
| * | Hayward Holdings Inc. | 10,084 | 137 | |||
| * | Mercury Systems Inc. | 3,690 | 135 | |||
| MDU Resources Group Inc. | 4,734 | 94 | ||||
| * | Mohawk Industries Inc. | 904 | 94 | |||
| Paychex Inc. | 518 | 62 | ||||
| * | Euronet Worldwide Inc. | 400 | 41 | |||
| Cognex Corp. | 801 | 33 | ||||
| *,1 | GCI Liberty Inc. | 25,555 | — | |||
| 563,124 | ||||||
| Other (0.3%) | ||||||
| 2 | Vanguard Tax-Exempt Bond Index ETF | 492,618 | 25,148 | |||
| Real Estate (1.3%) | ||||||
| Prologis Inc. | 99,320 | 13,239 | ||||
| American Tower Corp. | 52,349 | 11,301 | ||||
| Equinix Inc. | 9,921 | 7,990 | ||||
| * | CBRE Group Inc. Class A | 57,849 | 5,385 | |||
| SBA Communications Corp. Class A | 21,183 | 5,374 | ||||
| Crown Castle Inc. | 45,684 | 5,262 | ||||
| Iron Mountain Inc. | 68,339 | 4,782 | ||||
| * | CoStar Group Inc. | 42,915 | 3,750 | |||
| Public Storage | 12,156 | 3,708 | ||||
| Extra Space Storage Inc. | 21,998 | 3,527 | ||||
| Alexandria Real Estate Equities Inc. | 26,893 | 3,409 | ||||
| Digital Realty Trust Inc. | 22,270 | 2,997 | ||||
| AvalonBay Communities Inc. | 15,637 | 2,928 | ||||
| American Homes 4 Rent Class A | 81,183 | 2,919 | ||||
| Welltower Inc. | 29,375 | 2,649 | ||||
| JBG SMITH Properties | 130,155 | 2,214 | ||||
| * | Jones Lang LaSalle Inc. | 11,207 | 2,117 | |||
| Host Hotels & Resorts Inc. | 103,924 | 2,023 | ||||
| * | Howard Hughes Holdings Inc. | 22,902 | 1,959 | |||
| Sun Communities Inc. | 13,805 | 1,845 | ||||
| Equity LifeStyle Properties Inc. | 24,524 | 1,730 | ||||
| Essex Property Trust Inc. | 6,768 | 1,678 | ||||
| Healthpeak Properties Inc. | 82,877 | 1,641 | ||||
| Douglas Emmett Inc. | 102,886 | 1,492 | ||||
| Ventas Inc. | 27,680 | 1,380 | ||||
| Mid-America Apartment Communities Inc. | 9,294 | 1,250 | ||||
| Americold Realty Trust Inc. | 40,555 | 1,228 | ||||
| Kilroy Realty Corp. | 30,826 | 1,228 | ||||
| Weyerhaeuser Co. | 34,146 | 1,187 | ||||
| Camden Property Trust | 10,700 | 1,062 | ||||
| SL Green Realty Corp. | 22,832 | 1,031 | ||||
| * | Zillow Group Inc. Class A | 17,624 | 1,000 | |||
| First Industrial Realty Trust Inc. | 18,521 | 976 | ||||
| Realty Income Corp. | 16,442 | 944 | ||||
| Invitation Homes Inc. | 27,059 | 923 | ||||
| * | Zillow Group Inc. Class C | 15,191 | 879 | |||
| EastGroup Properties Inc. | 4,785 | 878 | ||||
| Equity Residential | 13,531 | 828 | ||||
| Lamar Advertising Co. Class A | 7,472 | 794 | ||||
| Simon Property Group Inc. | 4,494 | 641 | ||||
| Kimco Realty Corp. | 29,302 | 624 | ||||
| Vornado Realty Trust | 20,779 | 587 | ||||
| Rexford Industrial Realty Inc. | 10,000 | 561 | ||||
| Federal Realty Investment Trust | 4,442 | 458 | ||||
| * | Opendoor Technologies Inc. | 93,478 | 419 | |||
| VICI Properties Inc. Class A | 12,500 | 399 | ||||
| Park Hotels & Resorts Inc. | 21,560 | 330 | ||||
| WP Carey Inc. | 4,367 | 283 | ||||
| Rayonier Inc. | 5,100 | 170 | ||||
| NET Lease Office Properties | 8,381 | 155 | ||||
| EPR Properties | 3,121 | 151 | ||||
| Regency Centers Corp. | 2,045 | 137 | ||||
| Brixmor Property Group Inc. | 5,563 | 130 | ||||
| Omega Healthcare Investors Inc. | 4,245 | 130 | ||||
| Highwoods Properties Inc. | 5,071 | 116 | ||||
| Shares | Market Value• ($000) | |||||
| * | WeWork Inc. Class A | 294,119 | 82 | |||
| UDR Inc. | 2,100 | 80 | ||||
| Spirit Realty Capital Inc. | 3 | — | ||||
| 116,960 | ||||||
| Technology (15.2%) | ||||||
| Apple Inc. | 1,464,275 | 281,917 | ||||
| Microsoft Corp. | 742,384 | 279,166 | ||||
| NVIDIA Corp. | 237,516 | 117,623 | ||||
| * | Alphabet Inc. Class A | 636,116 | 88,859 | |||
| * | Meta Platforms Inc. Class A | 216,043 | 76,471 | |||
| * | Alphabet Inc. Class C | 505,280 | 71,209 | |||
| Broadcom Inc. | 36,674 | 40,937 | ||||
| * | Adobe Inc. | 49,641 | 29,616 | |||
| * | Advanced Micro Devices Inc. | 176,679 | 26,044 | |||
| * | Salesforce Inc. | 98,729 | 25,980 | |||
| Intuit Inc. | 28,645 | 17,904 | ||||
| Oracle Corp. | 165,126 | 17,409 | ||||
| Intel Corp. | 329,142 | 16,539 | ||||
| QUALCOMM Inc. | 108,410 | 15,679 | ||||
| Applied Materials Inc. | 91,615 | 14,848 | ||||
| Texas Instruments Inc. | 78,992 | 13,465 | ||||
| * | ServiceNow Inc. | 18,434 | 13,023 | |||
| Micron Technology Inc. | 132,374 | 11,297 | ||||
| International Business Machines Corp. | 65,574 | 10,725 | ||||
| Lam Research Corp. | 13,149 | 10,299 | ||||
| * | Palo Alto Networks Inc. | 31,628 | 9,326 | |||
| * | Cadence Design Systems Inc. | 33,815 | 9,210 | |||
| * | Synopsys Inc. | 17,645 | 9,086 | |||
| Roper Technologies Inc. | 14,570 | 7,943 | ||||
| Marvell Technology Inc. | 112,683 | 6,796 | ||||
| Analog Devices Inc. | 33,550 | 6,662 | ||||
| KLA Corp. | 11,370 | 6,609 | ||||
| * | Workday Inc. Class A | 23,847 | 6,583 | |||
| Amphenol Corp. Class A | 65,560 | 6,499 | ||||
| * | Autodesk Inc. | 22,471 | 5,471 | |||
| Microchip Technology Inc. | 57,040 | 5,144 | ||||
| * | ON Semiconductor Corp. | 58,609 | 4,896 | |||
| * | Atlassian Corp. Class A | 18,488 | 4,398 | |||
| * | Gartner Inc. | 9,051 | 4,083 | |||
| * | Snowflake Inc. Class A | 19,507 | 3,882 | |||
| * | ANSYS Inc. | 10,269 | 3,726 | |||
| Cognizant Technology Solutions Corp. Class A | 48,221 | 3,642 | ||||
| HP Inc. | 119,671 | 3,601 | ||||
| * | Fortinet Inc. | 60,810 | 3,559 | |||
| CDW Corp. | 15,357 | 3,491 | ||||
| * | Palantir Technologies Inc. Class A | 195,363 | 3,354 | |||
| * | Guidewire Software Inc. | 29,042 | 3,167 | |||
| * | MongoDB Inc. Class A | 7,494 | 3,064 | |||
| * | Tyler Technologies Inc. | 6,076 | 2,541 | |||
| Dell Technologies Inc. Class C | 31,391 | 2,401 | ||||
| * | Western Digital Corp. | 45,817 | 2,399 | |||
| * | VeriSign Inc. | 11,478 | 2,364 | |||
| * | Cloudflare Inc. Class A | 27,100 | 2,256 | |||
| * | Arrow Electronics Inc. | 17,906 | 2,189 | |||
| Teradyne Inc. | 19,532 | 2,120 | ||||
| Corning Inc. | 68,131 | 2,075 | ||||
| * | PTC Inc. | 11,822 | 2,068 | |||
| Hewlett Packard Enterprise Co. | 120,529 | 2,047 | ||||
| * | Crowdstrike Holdings Inc. Class A | 7,601 | 1,941 | |||
| * | Elastic NV | 17,000 | 1,916 | |||
| * | GoDaddy Inc. Class A | 17,857 | 1,896 | |||
| Vertiv Holdings Co. Class A | 39,400 | 1,892 | ||||
| * | Akamai Technologies Inc. | 15,501 | 1,835 | |||
| Skyworks Solutions Inc. | 15,100 | 1,698 | ||||
| * | Manhattan Associates Inc. | 7,597 | 1,636 | |||
| * | CACI International Inc. Class A | 5,009 | 1,622 | |||
| * | Datadog Inc. Class A | 12,940 | 1,571 | |||
| * | Zscaler Inc. | 6,613 | 1,465 | |||
| * | Splunk Inc. | 9,487 | 1,445 | |||
| Monolithic Power Systems Inc. | 2,144 | 1,352 | ||||
| * | Qorvo Inc. | 10,165 | 1,145 | |||
| * | HubSpot Inc. | 1,916 | 1,112 | |||
| Jabil Inc. | 8,300 | 1,057 | ||||
| * | F5 Inc. | 5,875 | 1,052 | |||
| * | EPAM Systems Inc. | 3,426 | 1,019 | |||
| * | SentinelOne Inc. Class A | 36,846 | 1,011 | |||
| NetApp Inc. | 11,362 | 1,002 | ||||
| * | Pure Storage Inc. Class A | 28,105 | 1,002 | |||
| * | Teradata Corp. | 22,886 | 996 | |||
| * | Informatica Inc. Class A | 32,443 | 921 | |||
10
Tax-Managed Balanced Fund
| Shares | Market Value• ($000) | |||||
| * | Ceridian HCM Holding Inc. | 12,978 | 871 | |||
| * | Nutanix Inc. Class A | 18,189 | 867 | |||
| * | Clarivate plc | 91,130 | 844 | |||
| * | Pinterest Inc. Class A | 22,695 | 841 | |||
| Paycom Software Inc. | 3,751 | 775 | ||||
| Universal Display Corp. | 3,786 | 724 | ||||
| Dolby Laboratories Inc. Class A | 8,275 | 713 | ||||
| Concentrix Corp. | 7,250 | 712 | ||||
| * | Match Group Inc. | 19,384 | 708 | |||
| * | DoorDash Inc. Class A | 6,900 | 682 | |||
| Entegris Inc. | 5,006 | 600 | ||||
| * | Kyndryl Holdings Inc. | 28,580 | 594 | |||
| Leidos Holdings Inc. | 5,350 | 579 | ||||
| Gen Digital Inc. | 24,339 | 555 | ||||
| * | Unity Software Inc. | 12,900 | 528 | |||
| * | AppLovin Corp. Class A | 12,252 | 488 | |||
| * | Dropbox Inc. Class A | 15,760 | 465 | |||
| Pegasystems Inc. | 9,302 | 455 | ||||
| * | DoubleVerify Holdings Inc. | 12,015 | 442 | |||
| * | Lattice Semiconductor Corp. | 6,221 | 429 | |||
| * | Coherent Corp. | 9,800 | 427 | |||
| * | Twilio Inc. Class A | 5,456 | 414 | |||
| * | NCR Voyix Corp. | 22,731 | 384 | |||
| * | Wolfspeed Inc. | 8,651 | 376 | |||
| * | IAC Inc. | 6,481 | 339 | |||
| * | Maplebear Inc. | 13,414 | 315 | |||
| * | Dynatrace Inc. | 4,970 | 272 | |||
| * | Alteryx Inc. Class A | 5,499 | 259 | |||
| SS&C Technologies Holdings Inc. | 4,100 | 251 | ||||
| Amdocs Ltd. | 2,400 | 211 | ||||
| Bentley Systems Inc. Class B | 3,941 | 206 | ||||
| * | nCino Inc. | 5,545 | 186 | |||
| TD SYNNEX Corp. | 1,700 | 183 | ||||
| * | Five9 Inc. | 2,137 | 168 | |||
| * | CCC Intelligent Solutions Holdings Inc. | 14,588 | 166 | |||
| * | DXC Technology Co. | 6,882 | 157 | |||
| * | Smartsheet Inc. Class A | 3,200 | 153 | |||
| * | Confluent Inc. Class A | 6,395 | 150 | |||
| * | Okta Inc. Class A | 1,635 | 148 | |||
| * | RingCentral Inc. Class A | 3,800 | 129 | |||
| * | IPG Photonics Corp. | 621 | 67 | |||
| * | UiPath Inc. Class A | 3 | — | |||
| 1,374,081 | ||||||
| Telecommunications (1.0%) | ||||||
| Cisco Systems Inc. | 376,287 | 19,010 | ||||
| Comcast Corp. Class A | 410,811 | 18,014 | ||||
| T-Mobile US Inc. | 78,984 | 12,663 | ||||
| Verizon Communications Inc. | 295,835 | 11,153 | ||||
| AT&T Inc. | 586,195 | 9,836 | ||||
| * | Arista Networks Inc. | 33,504 | 7,891 | |||
| Motorola Solutions Inc. | 15,378 | 4,815 | ||||
| * | Charter Communications Inc. Class A | 11,775 | 4,577 | |||
| * | Liberty Broadband Corp. Class C | 20,921 | 1,686 | |||
| * | Frontier Communications Parent Inc. | 58,546 | 1,484 | |||
| * | Roku Inc. Class A | 9,998 | 916 | |||
| * | Viasat Inc. | 26,599 | 743 | |||
| * | Ciena Corp. | 14,679 | 661 | |||
| * | Liberty Broadband Corp. Class A | 4,398 | 355 | |||
| 93,804 | ||||||
| Utilities (1.3%) | ||||||
| NextEra Energy Inc. | 199,740 | 12,132 | ||||
| Southern Co. | 98,422 | 6,901 | ||||
| DTE Energy Co. | 58,745 | 6,477 | ||||
| CenterPoint Energy Inc. | 226,420 | 6,469 | ||||
| Waste Management Inc. | 33,653 | 6,027 | ||||
| Duke Energy Corp. | 59,772 | 5,800 | ||||
| * | Clean Harbors Inc. | 31,700 | 5,532 | |||
| Consolidated Edison Inc. | 58,011 | 5,277 | ||||
| Sempra | 64,438 | 4,815 | ||||
| Constellation Energy Corp. | 40,963 | 4,788 | ||||
| PG&E Corp. | 260,094 | 4,690 | ||||
| Public Service Enterprise Group Inc. | 76,193 | 4,659 | ||||
| Exelon Corp. | 105,474 | 3,787 | ||||
| American Electric Power Co. Inc. | 43,400 | 3,525 | ||||
| Republic Services Inc. Class A | 17,596 | 2,902 | ||||
| Xcel Energy Inc. | 42,691 | 2,643 | ||||
| Eversource Energy | 42,484 | 2,622 | ||||
| American Water Works Co. Inc. | 18,062 | 2,384 | ||||
| AES Corp. | 120,726 | 2,324 | ||||
| WEC Energy Group Inc. | 26,464 | 2,227 | ||||
| Shares | Market Value• ($000) | |||||
| Dominion Energy Inc. | 46,682 | 2,194 | ||||
| Vistra Corp. | 51,991 | 2,003 | ||||
| NRG Energy Inc. | 32,838 | 1,698 | ||||
| Atmos Energy Corp. | 14,148 | 1,640 | ||||
| Edison International | 21,423 | 1,532 | ||||
| FirstEnergy Corp. | 41,305 | 1,514 | ||||
| Alliant Energy Corp. | 24,227 | 1,243 | ||||
| CMS Energy Corp. | 20,227 | 1,175 | ||||
| NiSource Inc. | 42,656 | 1,133 | ||||
| * | Sunrun Inc. | 57,360 | 1,126 | |||
| Entergy Corp. | 10,419 | 1,054 | ||||
| Essential Utilities Inc. | 24,886 | 929 | ||||
| Pinnacle West Capital Corp. | 10,008 | 719 | ||||
| Ameren Corp. | 9,798 | 709 | ||||
| OGE Energy Corp. | 19,986 | 698 | ||||
| UGI Corp. | 15,661 | 385 | ||||
| * | Stericycle Inc. | 3,528 | 175 | |||
| National Fuel Gas Co. | 2,430 | 122 | ||||
| Evergy Inc. | 1,443 | 75 | ||||
| 116,105 | ||||||
| Total Common Stocks (Cost $1,471,003) | 4,306,259 | |||||
| Coupon | Maturity Date | Face Amount ($000) | ||||
| Tax-Exempt Municipal Bonds (51.8%) | ||||||
| Alabama (1.5%) | ||||||
| Alabama Economic Settlement Authority BP Settlement Revenue | 4.000% | 9/15/33 | 500 | 501 | ||
| Alabama Federal AID Highway Finance Authority SO Revenue ETM | 5.000% | 9/1/25 | 3,525 | 3,655 | ||
| Alabama State Corrections Institution Finance Authority Revenue | 5.000% | 7/1/31 | 1,100 | 1,273 | ||
| Alabama State Public School & College Authority Tax-Exempt Capital Improvement & Refunding Bonds Revenue | 4.000% | 11/1/36 | 3,690 | 3,911 | ||
| Alabama State Public School & College Authority Tax-Exempt Capital Improvement & Refunding Bonds Revenue | 4.000% | 11/1/40 | 1,465 | 1,517 | ||
| Auburn AL GO | 5.000% | 8/1/38 | 1,000 | 1,137 | ||
| Birmingham-Jefferson AL Civic Center Authority Special Tax Bonds | 5.000% | 7/1/31 | 1,125 | 1,214 | ||
| Black Belt Energy Gas District Alabama Gas Prepay Revenue (Project No. 3) PUT | 4.000% | 12/1/25 | 880 | 882 | ||
| Black Belt Energy Gas District Alabama Gas Project Revenue PUT | 5.000% | 6/1/28 | 6,705 | 7,022 | ||
| Black Belt Energy Gas District Alabama Gas Project Revenue PUT | 5.500% | 12/1/28 | 1,250 | 1,335 | ||
| Black Belt Energy Gas District Alabama Gas Project Revenue PUT | 5.500% | 2/1/29 | 4,530 | 4,848 | ||
| Black Belt Energy Gas District Alabama Gas Project Revenue PUT | 5.250% | 6/1/29 | 13,810 | 14,747 | ||
| Black Belt Energy Gas District Alabama Gas Project Revenue PUT | 5.250% | 10/1/30 | 1,660 | 1,785 | ||
| 3 | Black Belt Energy Gas District Alabama Gas Project Revenue PUT | 5.250% | 12/1/30 | 1,095 | 1,191 | |
| Black Belt Energy Gas District Alabama Gas Project Revenue PUT | 5.500% | 6/1/32 | 3,610 | 3,988 | ||
| Black Belt Energy Gas District Alabama Gas Project Revenue (Project No. 6) PUT | 4.000% | 12/1/26 | 930 | 934 | ||
| Black Belt Energy Gas District Alabama Gas Project Revenue (Project No. 7) PUT | 4.000% | 12/1/26 | 8,745 | 8,784 | ||
11
Tax-Managed Balanced Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| 4 | Black Belt Energy Gas District Alabama Gas Project Revenue (Project No. 7) PUT, SIFMA Municipal Swap Index Yield + 0.350% | 4.220% | 12/1/26 | 3,750 | 3,658 | |
| Black Belt Energy Gas District Alabama Gas Project Revenue (Project No. 8) PUT | 4.000% | 12/1/29 | 5,795 | 5,712 | ||
| 3 | Black Belt Energy Gas District Alabama Gas Supply Revenue PUT | 4.000% | 6/1/27 | 3,335 | 3,353 | |
| Energy Southeast AL Cooperative District Energy Supply Revenue PUT | 5.500% | 1/1/31 | 885 | 969 | ||
| Energy Southeast AL Cooperative District Energy Supply Revenue PUT | 5.750% | 11/1/31 | 3,145 | 3,522 | ||
| Huntsville AL Electric System Revenue | 5.000% | 12/1/30 | 510 | 550 | ||
| Huntsville AL GO | 5.000% | 5/1/35 | 1,125 | 1,217 | ||
| Huntsville AL GO | 5.000% | 5/1/38 | 1,860 | 2,034 | ||
| Huntsville AL GO | 5.000% | 3/1/42 | 1,620 | 1,836 | ||
| Huntsville AL Health Care Authority Revenue | 5.000% | 6/1/35 | 780 | 853 | ||
| Huntsville AL Health Care Authority Revenue PUT | 5.000% | 6/1/30 | 1,170 | 1,301 | ||
| Jefferson County AL Revenue | 5.000% | 9/15/29 | 1,470 | 1,578 | ||
| Jefferson County AL Revenue | 5.000% | 9/15/33 | 1,000 | 1,072 | ||
| 5 | Jefferson County AL Sewer Revenue | 0.000% | 10/1/25 | 500 | 460 | |
| Lower AL Gas District Gas Project Revenue | 5.000% | 9/1/34 | 2,000 | 2,180 | ||
| Lower AL Gas District Gas Project Revenue PUT | 4.000% | 12/1/25 | 3,255 | 3,267 | ||
| Mobile Alabama Industrial Development Board Pollution Control Revenue (Alabama Power Co. Barry Plant Project) PUT | 3.650% | 1/10/25 | 1,000 | 1,002 | ||
| Mobile Alabama Industrial Development Board Pollution Control Revenue (Alabama Power Co. Barry Plant Project) PUT | 3.780% | 6/16/26 | 250 | 252 | ||
| Montgomery AL GO | 4.000% | 12/1/36 | 400 | 418 | ||
| Montgomery AL GO | 4.000% | 12/1/39 | 450 | 461 | ||
| Orange Beach AL Water Sewer & Fire Protection Authority Revenue | 4.000% | 5/15/38 | 3,500 | 3,598 | ||
| Pell City AL Special Care Facilities Financing Authority Revenue (Noland Health Services Inc.) | 5.000% | 12/1/30 | 2,000 | 2,167 | ||
| Pell City AL Special Care Facilities Financing Authority Revenue (Noland Health Services Inc.) | 4.000% | 12/1/34 | 2,000 | 2,035 | ||
| Southeast Alabama Gas Supply District Revenue PUT | 4.000% | 4/1/24 | 6,680 | 6,683 | ||
| Southeast Alabama Gas Supply District Revenue PUT | 4.000% | 6/1/24 | 1,515 | 1,516 | ||
| Southeast Energy Authority AL Commodity Supply Revenue (Project No. 3) PUT | 5.500% | 12/1/29 | 1,270 | 1,379 | ||
| Southeast Energy Authority AL Cooperative District Commodity Supply Revenue (Project No. 1) PUT | 4.000% | 10/1/28 | 755 | 755 | ||
| Southeast Energy Authority AL Cooperative District Commodity Supply Revenue (Project No. 4) PUT | 5.000% | 8/1/28 | 4,400 | 4,598 | ||
| Southeast Energy Authority AL Cooperative District Commodity Supply Revenue (Project No. 5) PUT | 5.250% | 7/1/29 | 7,855 | 8,359 | ||
| 3 | Southeast Energy Authority AL Cooperative District Commodity Supply Revenue (Project No. 6) PUT | 5.000% | 6/1/30 | 1,115 | 1,190 | |
| Tuscaloosa AL City Board of Education School Tax Warrants Revenue | 5.000% | 8/1/27 | 530 | 561 | ||
| Tuscaloosa AL City Board of Education School Tax Warrants Revenue | 5.000% | 8/1/28 | 1,090 | 1,150 | ||
| University of Alabama General Revenue | 3.000% | 7/1/36 | 1,085 | 1,015 | ||
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| 5 | University of South Alabama University Facilities Revenue | 5.000% | 11/1/34 | 2,265 | 2,363 | |
| West Jefferson AL Industrial Development Board Pollution Control Revenue | 3.650% | 6/1/28 | 550 | 551 | ||
| 132,339 | ||||||
| Alaska (0.1%) | ||||||
| Alaska Housing Finance Corp. Revenue | 5.000% | 12/1/35 | 1,500 | 1,663 | ||
| Alaska Housing Finance Corp. State Capital Project Revenue | 5.000% | 6/1/31 | 1,095 | 1,261 | ||
| Alaska Housing Finance Corp. State Capital Project Revenue | 5.000% | 6/1/34 | 1,285 | 1,456 | ||
| Alaska Municipal Bond Bank Authority Revenue | 5.000% | 12/1/37 | 3,000 | 3,369 | ||
| Matanuska-Susitna Borough AK Lease Revenue (Goose Creek Correctional Center) | 5.000% | 9/1/31 | 1,345 | 1,381 | ||
| Municipality of Anchorage GO | 4.000% | 9/1/36 | 785 | 838 | ||
| North Slope Borough Alaska GO | 5.000% | 6/30/29 | 1,405 | 1,573 | ||
| Northern Tobacco Securitization Corp. AK Revenue | 4.000% | 6/1/38 | 1,000 | 1,007 | ||
| 12,548 | ||||||
| Arizona (0.8%) | ||||||
| Arizona Board of Regents Arizona State University System Revenue | 5.000% | 7/1/30 | 675 | 696 | ||
| Arizona Board of Regents Arizona State University System Revenue | 5.000% | 7/1/31 | 545 | 550 | ||
| Arizona COP ETM | 5.000% | 10/1/26 | 2,000 | 2,133 | ||
| Arizona Excise Taxes Obligations Revenue | 1.500% | 7/1/29 | 600 | 554 | ||
| Arizona Excise Taxes Obligations Revenue | 2.100% | 7/1/36 | 1,000 | 843 | ||
| Arizona Industrial Development Authority Charter School Revolving Loan Fund Revenue | 5.000% | 11/1/28 | 1,000 | 1,083 | ||
| 3,6 | Arizona Industrial Development Authority Multifamily Housing Revenue TOB VRDO | 4.470% | 1/2/24 | 400 | 400 | |
| 3,6 | Arizona Industrial Development Authority Multifamily Housing Revenue (Agave House Apartments) TOB VRDO | 4.470% | 1/2/24 | 5,530 | 5,530 | |
| 3,6 | Arizona Industrial Development Authority Multifamily Housing Revenue (Mesa Vista Project) TOB VRDO | 4.470% | 1/2/24 | 5,600 | 5,600 | |
| 6,7 | Arizona Industrial Development Authority Revenue (Economic Legacy Cares) | 6.375% | 7/1/25 | 180 | 11 | |
| 6,7 | Arizona Industrial Development Authority Revenue (Economic Legacy Cares) | 6.500% | 7/1/26 | 100 | 6 | |
| 6,7 | Arizona Industrial Development Authority Revenue (Economic Legacy Cares) | 6.625% | 7/1/27 | 265 | 16 | |
| 6,7 | Arizona Industrial Development Authority Revenue (Economic Legacy Cares) | 6.750% | 7/1/28 | 305 | 18 | |
| Arizona Industrial Development Authority Revenue (Greathearts Arizona Projects) | 3.000% | 7/1/37 | 695 | 635 | ||
| Arizona Industrial Development Authority Revenue (Lincoln South Beltway Project) | 5.000% | 11/1/28 | 1,290 | 1,436 | ||
| 8 | Arizona Sports & Tourism Authority Revenue (Multipurpose Stadium Facility Project) | 5.000% | 7/1/31 | 3,000 | 3,406 | |
| Arizona State Transportation Board Highway Revenue | 5.000% | 7/1/28 | 2,500 | 2,649 | ||
| Arizona State University Revenue | 5.000% | 7/1/40 | 1,000 | 1,093 | ||
| Arizona State University Revenue (McAllister Academic Village LLC) | 5.000% | 7/1/36 | 1,620 | 1,688 | ||
| Arizona Transportation Board Highway Revenue | 5.000% | 7/1/33 | 1,000 | 1,057 | ||
| Arizona Water Infrastructure Finance Authority Revenue | 5.000% | 10/1/27 | 1,000 | 1,015 | ||
| Chandler AZ GO | 5.000% | 7/1/26 | 2,000 | 2,122 | ||
| Coconino AZ County Pollution Control Corp. Revenue PUT | 3.750% | 3/31/26 | 100 | 101 | ||
| Glendale City AZ Excise Tax Refunding Obligations Revenue | 5.000% | 7/1/28 | 1,785 | 1,937 | ||
12
Tax-Managed Balanced Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| La Paz County AZ Industrial Development Authority Education Facility Lease Revenue (Harmony Public Schools Project) | 5.000% | 2/15/31 | 100 | 107 | ||
| Maricopa County AZ Elementary School District No. 14 (Creighton) GO | 3.000% | 7/1/32 | 1,000 | 1,002 | ||
| 6 | Maricopa County AZ Industrial Development Authority Education Revenue (Legacy Traditional Schools Projects) | 3.000% | 7/1/31 | 650 | 589 | |
| Maricopa County AZ Industrial Development Authority Hospital Revenue (Banner Health) PUT | 5.000% | 11/1/30 | 1,000 | 1,115 | ||
| Maricopa County AZ Industrial Development Authority Hospital Revenue (Honorhealth) | 5.000% | 9/1/33 | 830 | 895 | ||
| Maricopa County AZ Industrial Development Authority Revenue (Banner Health) PUT | 5.000% | 5/15/26 | 1,000 | 1,043 | ||
| Maricopa County AZ Pollution Control Corp. Revenue (Southern California Edison Co.) | 2.400% | 6/1/35 | 1,000 | 814 | ||
| Maricopa County AZ School District No. 83 Revenue | 3.000% | 10/1/39 | 1,000 | 841 | ||
| Mesa AZ GO | 5.000% | 7/1/27 | 2,565 | 2,788 | ||
| 9,10 | Phoenix AZ Civic Improvement Corp. Distribution Revenue | 5.500% | 7/1/42 | 1,500 | 1,905 | |
| 11 | Phoenix AZ Civic Improvement Corp. Distribution Revenue | 5.500% | 7/1/42 | 1,000 | 1,262 | |
| 11 | Phoenix AZ Civic Improvement Corp. Distribution Revenue | 5.500% | 7/1/43 | 1,250 | 1,581 | |
| Phoenix AZ Civic Improvement Corp. Wastewater System Revenue | 5.000% | 7/1/27 | 1,295 | 1,372 | ||
| Phoenix AZ Civic Improvement Corp. Wastewater System Revenue | 4.000% | 7/1/28 | 2,015 | 2,024 | ||
| Phoenix AZ Civic Improvement Corp. Water System Revenue | 5.000% | 7/1/35 | 1,900 | 1,997 | ||
| Phoenix AZ GO | 5.000% | 7/1/31 | 1,500 | 1,769 | ||
| 6 | Phoenix AZ Industrial Development Authority Education Revenue (Legacy Traditional Schools Project) | 5.000% | 7/1/36 | 1,000 | 1,005 | |
| Phoenix AZ Industrial Development Authority Lease Revenue (Downtown Phoenix Student Housing LLC) | 5.000% | 7/1/27 | 300 | 312 | ||
| Phoenix AZ Industrial Development Authority Lease Revenue (Downtown Phoenix Student Housing LLC) | 5.000% | 7/1/28 | 250 | 263 | ||
| 6 | Pima County AZ Industrial Development Authority Revenue (American Leadership Academy Project) | 4.000% | 6/15/31 | 1,050 | 1,002 | |
| Pima County AZ Industrial Development Authority Revenue (Tucson Medical Center) | 4.000% | 4/1/38 | 1,040 | 1,045 | ||
| Pima County AZ Sewer System Revenue | 5.000% | 7/1/25 | 1,000 | 1,002 | ||
| Regional Public Transportation Authority Arizona Excise Tax Revenue (Maricopa County Public Transportation) | 5.250% | 7/1/24 | 1,125 | 1,137 | ||
| Salt River Projects Arizona Agricultural Improvement & Power District Revenue | 5.000% | 1/1/36 | 1,540 | 1,642 | ||
| Salt River Projects Arizona Agricultural Improvement & Power District Revenue | 5.000% | 1/1/39 | 1,370 | 1,472 | ||
| Salt River Projects Arizona Agricultural Improvement & Power District Revenue | 5.000% | 1/1/43 | 1,000 | 1,136 | ||
| Salt Verde AZ Financial Corp. Gas Revenue | 5.250% | 12/1/24 | 910 | 921 | ||
| Salt Verde AZ Financial Corp. Gas Revenue | 5.250% | 12/1/26 | 2,500 | 2,607 | ||
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Salt Verde AZ Financial Corp. Gas Revenue | 5.250% | 12/1/28 | 640 | 683 | ||
| Salt Verde AZ Financial Corp. Gas Revenue | 5.000% | 12/1/37 | 1,015 | 1,131 | ||
| 71,041 | ||||||
| Arkansas (0.1%) | ||||||
| Arkansas Development Finance Authority Health Care Revenue Baptist Memorial Health Care Corp. | 5.000% | 9/1/32 | 2,000 | 2,142 | ||
| El Dorado AR School District No. 15 GO | 5.000% | 2/1/43 | 1,385 | 1,472 | ||
| El Dorado AR School District No. 15 GO | 5.000% | 2/1/45 | 2,920 | 3,096 | ||
| Pulaski County AR Hospital Revenue (Arkansas Children's Hospital) | 5.000% | 3/1/29 | 1,075 | 1,136 | ||
| Pulaski County AR Hospital Revenue (Arkansas Children's Hospital) | 5.000% | 3/1/38 | 500 | 566 | ||
| Rogers AR Arkansas Sales Tax Revenue | 4.000% | 11/1/32 | 1,090 | 1,112 | ||
| 8 | Springdale AR Sales & Use Revenue Prere. | 5.000% | 4/1/24 | 1,000 | 1,005 | |
| Springdale AR School District No. 50 GO | 3.000% | 6/1/32 | 495 | 486 | ||
| University of Arkansas Revenue | 5.000% | 11/1/24 | 850 | 864 | ||
| University of Arkansas Revenue | 5.000% | 4/1/38 | 1,000 | 1,146 | ||
| 13,025 | ||||||
| California (4.1%) | ||||||
| 5 | ABAG Finance Authority for Nonprofit Corps. California Revenue (Windemere Ranch Infrastructure Financing Program) | 5.000% | 9/2/30 | 1,135 | 1,238 | |
| 12 | Alameda CA Corridor Transportation Authority Revenue | 0.000% | 10/1/30 | 740 | 598 | |
| Alameda CA Corridor Transportation Authority Revenue | 5.000% | 10/1/37 | 1,000 | 1,029 | ||
| Antelope Valley CA Community College District Election GO | 0.000% | 8/1/35 | 650 | 429 | ||
| Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) PUT | 2.125% | 4/1/25 | 2,950 | 2,902 | ||
| Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) PUT | 2.850% | 4/1/25 | 960 | 953 | ||
| Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) PUT | 2.625% | 4/1/26 | 2,000 | 1,959 | ||
| Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) PUT | 2.950% | 4/1/26 | 985 | 970 | ||
| 4 | Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) PUT, SIFMA Municipal Swap Index Yield + 0.300% | 4.170% | 4/1/27 | 1,000 | 975 | |
| 4 | Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) PUT, SIFMA Municipal Swap Index Yield + 0.410% | 4.280% | 4/1/28 | 1,000 | 972 | |
| 12 | Brea CA Redevelopment Agency Tax Allocation Bonds (Redevelopment Project AB) | 0.000% | 8/1/29 | 1,000 | 832 | |
| California Community Choice Financing Authority Revenue PUT | 4.000% | 12/1/27 | 3,585 | 3,610 | ||
| California Community Choice Financing Authority Revenue PUT | 4.000% | 8/1/28 | 3,745 | 3,800 | ||
| California Community Choice Financing Authority Revenue PUT | 5.500% | 11/1/28 | 7,065 | 7,612 | ||
| California Community Choice Financing Authority Revenue PUT | 5.000% | 8/1/29 | 1,385 | 1,472 | ||
| California Community Choice Financing Authority Revenue PUT | 5.000% | 8/1/29 | 8,535 | 9,066 | ||
| California Community Choice Financing Authority Revenue PUT | 5.250% | 4/1/30 | 6,000 | 6,497 | ||
| California Community Choice Financing Authority Revenue PUT | 5.500% | 11/1/30 | 3,325 | 3,688 | ||
| California Community Choice Financing Authority Revenue PUT | 5.000% | 3/1/31 | 5,575 | 6,018 | ||
| California Community Choice Financing Authority Revenue PUT | 4.000% | 8/1/31 | 3,530 | 3,554 | ||
13
Tax-Managed Balanced Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| California Educational Facilities Authority Revenue | 5.250% | 10/1/34 | 1,000 | 1,118 | ||
| California Educational Facilities Authority Revenue | 5.000% | 6/1/43 | 1,000 | 1,252 | ||
| 3,6 | California Educational Facilities Authority Revenue TOB VRDO | 3.720% | 1/2/24 | 4,800 | 4,800 | |
| California GO | 5.000% | 4/1/24 | 2,000 | 2,011 | ||
| California GO | 5.000% | 10/1/24 | 2,000 | 2,033 | ||
| California GO | 5.000% | 3/1/26 | 660 | 678 | ||
| California GO | 5.000% | 10/1/26 | 1,000 | 1,067 | ||
| California GO | 5.000% | 4/1/27 | 2,000 | 2,162 | ||
| California GO | 5.000% | 4/1/27 | 1,000 | 1,081 | ||
| California GO | 3.500% | 8/1/27 | 1,515 | 1,574 | ||
| California GO | 5.000% | 10/1/27 | 1,000 | 1,094 | ||
| California GO | 5.000% | 4/1/28 | 5,125 | 5,676 | ||
| California GO | 5.000% | 4/1/28 | 1,000 | 1,107 | ||
| California GO | 5.000% | 10/1/28 | 1,000 | 1,121 | ||
| California GO | 5.000% | 4/1/29 | 1,000 | 1,134 | ||
| California GO | 5.000% | 9/1/29 | 455 | 483 | ||
| California GO | 5.000% | 11/1/29 | 5,000 | 5,740 | ||
| California GO | 5.000% | 11/1/29 | 920 | 922 | ||
| California GO | 5.000% | 9/1/30 | 5,000 | 5,839 | ||
| California GO | 5.000% | 4/1/31 | 1,000 | 1,181 | ||
| California GO | 4.000% | 8/1/31 | 1,675 | 1,717 | ||
| California GO | 5.000% | 4/1/32 | 2,500 | 2,830 | ||
| California GO | 5.000% | 9/1/32 | 1,000 | 1,002 | ||
| California GO | 5.000% | 10/1/32 | 1,875 | 1,898 | ||
| California GO | 4.000% | 8/1/33 | 1,520 | 1,556 | ||
| California GO | 5.000% | 8/1/33 | 2,865 | 3,027 | ||
| California GO | 4.000% | 9/1/33 | 2,000 | 2,048 | ||
| California GO | 3.000% | 10/1/34 | 2,725 | 2,688 | ||
| California GO | 5.000% | 11/1/34 | 1,340 | 1,562 | ||
| California GO | 5.000% | 3/1/35 | 2,000 | 2,302 | ||
| California GO | 5.000% | 4/1/35 | 210 | 232 | ||
| California GO | 3.000% | 10/1/35 | 1,815 | 1,776 | ||
| California GO | 4.000% | 3/1/36 | 1,000 | 1,072 | ||
| California GO | 5.000% | 4/1/36 | 5,000 | 5,615 | ||
| California GO | 5.000% | 9/1/36 | 1,000 | 1,052 | ||
| California GO | 4.000% | 10/1/36 | 1,155 | 1,247 | ||
| California GO | 4.000% | 4/1/42 | 1,000 | 1,047 | ||
| California GO | 5.000% | 10/1/42 | 1,500 | 1,642 | ||
| California GO | 5.000% | 9/1/43 | 2,500 | 2,892 | ||
| California Health Facilities Financing Authority Revenue PUT | 5.000% | 11/1/29 | 6,250 | 7,051 | ||
| California Health Facilities Financing Authority Revenue (Adventist Health System/West) PUT | 5.000% | 9/1/28 | 1,000 | 1,065 | ||
| California Health Facilities Financing Authority Revenue (Common Spirit Health) | 4.000% | 4/1/37 | 1,000 | 1,024 | ||
| California Health Facilities Financing Authority Revenue (Providence St. Joseph Health Obligated Group) PUT | 5.000% | 10/1/25 | 895 | 919 | ||
| California Health Facilities Financing Authority Revenue (Sutter Health) | 5.000% | 11/15/36 | 1,000 | 1,066 | ||
| California Housing Finance Agency Municipal Certificates Revenue | 4.000% | 3/20/33 | 2,478 | 2,519 | ||
| California Housing Finance Agency Municipal Certificates Revenue | 4.250% | 1/15/35 | 546 | 550 | ||
| California Housing Finance Agency Municipal Certificates Revenue | 3.750% | 3/25/35 | 2,526 | 2,496 | ||
| California Housing Finance Agency Municipal Certificates Revenue | 3.500% | 11/20/35 | 1,438 | 1,400 | ||
| California Housing Finance Agency Municipal Certificates Revenue | 3.250% | 8/20/36 | 3,195 | 3,005 | ||
| California Housing Finance Agency Municipal Certificates Revenue | 4.375% | 9/20/36 | 498 | 500 | ||
| 10 | California Infrastructure & Economic Development Bank Revenue (Bay Area Toll Bridges Seismic Retrofit) Prere. | 5.000% | 1/1/28 | 500 | 551 | |
| 4 | California Infrastructure & Economic Development Bank Revenue (California Academy of Sciences) PUT, SIFMA Municipal Swap Index Yield + 0.350% | 4.220% | 8/1/24 | 1,000 | 993 | |
| California Infrastructure & Economic Development Bank Revenue (County Museum of Art Project) PUT | 1.200% | 6/1/28 | 1,000 | 889 | ||
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| California Infrastructure & Economic Development Bank Revenue (J. Paul Getty Trust) PUT | 5.000% | 10/1/26 | 6,560 | 6,972 | ||
| California Municipal Finance Authority Revenue (Anaheim Electric Utility Distribution System) | 5.000% | 10/1/30 | 965 | 1,008 | ||
| California State Department of Water Resources Central Valley Project Revenue | 5.000% | 12/1/30 | 5,425 | 6,450 | ||
| California State Public Works Board Lease Revenue (Various Capital Projects) | 5.000% | 12/1/26 | 1,000 | 1,073 | ||
| California State Public Works Board Lease Revenue (Various Capital Projects) | 5.000% | 12/1/28 | 1,000 | 1,127 | ||
| California State Public Works Board Lease Revenue (Various Capital Projects) | 5.000% | 8/1/30 | 1,000 | 1,167 | ||
| California State University Systemwide Revenue | 5.000% | 11/1/35 | 2,000 | 2,156 | ||
| California State University Systemwide Revenue | 5.000% | 11/1/37 | 1,000 | 1,036 | ||
| California State University Systemwide Revenue | 5.000% | 11/1/41 | 1,400 | 1,455 | ||
| California State University Systemwide Revenue Prere. | 5.000% | 11/1/24 | 40 | 41 | ||
| California Statewide Communities Development Authority Pollution Control Revenue (Southern Edison Co.) | 1.750% | 9/1/29 | 1,000 | 884 | ||
| California Statewide Communities Development Authority Pollution Control Revenue (Southern Edison Co.) | 4.500% | 11/1/33 | 500 | 545 | ||
| California Statewide Communities Development Authority Revenue (Kaiser Foundation Hospitals) PUT | 5.000% | 11/1/29 | 2,250 | 2,537 | ||
| California Statewide Communities Development Authority Revenue (Kaiser Foundation Hospitals) PUT | 5.000% | 11/1/29 | 1,000 | 1,128 | ||
| 6 | California Statewide Communities Development Authority Revenue (Loma Linda University Medical Center) | 5.000% | 12/1/28 | 400 | 412 | |
| 5 | Centinela Valley CA Union High School District GO | 4.000% | 8/1/29 | 1,035 | 1,074 | |
| 5 | Chino CA Public Financing Authority Special Tax Revenue | 5.000% | 9/1/30 | 800 | 829 | |
| Chino Valley Unified School District GO | 0.000% | 8/1/31 | 600 | 480 | ||
| Citrus CA Community College District GO Prere. | 5.000% | 2/1/24 | 1,000 | 1,002 | ||
| 6 | CSCDA Community Improvement Authority Revenue | 2.650% | 12/1/46 | 1,500 | 1,132 | |
| 6 | CSCDA Community Improvement Authority Revenue | 2.450% | 2/1/47 | 800 | 625 | |
| 6 | CSCDA Community Improvement Authority Revenue | 3.500% | 5/1/47 | 500 | 399 | |
| 3,6 | Deutsche Bank Spears Lifers Revenue VRDO | 4.550% | 1/2/24 | 2,395 | 2,395 | |
| 5 | East Side CA Union High School District Santa Clara County GO | 3.000% | 8/1/32 | 1,000 | 992 | |
| East Side CA Union High School District Santa Clara County GO | 2.000% | 8/1/33 | 1,000 | 888 | ||
| 4 | Eastern Municipal Water & Wastewater Revenue PUT, SIFMA Municipal Swap Index Yield + 0.100% | 3.970% | 7/1/24 | 300 | 299 | |
| 13 | Foothill/Eastern Transportation Corridor Agency California Toll Road Revenue, 6.200% coupon rate effective 1/15/2024 | 0.000% | 1/15/29 | 1,390 | 1,625 | |
| Gavilan CA Joint Community College District GO | 5.000% | 8/1/28 | 1,000 | 1,038 | ||
| Golden State Tobacco Securitization Corp. California Revenue ETM | 5.000% | 6/1/25 | 500 | 515 | ||
| 12 | Golden State Tobacco Securitization Corp. California Revenue ETM | 0.000% | 6/1/27 | 2,070 | 1,894 | |
| Golden State Tobacco Securitization Corp. California Revenue Prere. | 5.000% | 6/1/25 | 1,140 | 1,177 | ||
14
Tax-Managed Balanced Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| La Quinta CA Redevelopment Agency Successor Tax Allocation Refunding Bonds (Redevelopment Project 2014A) Prere. | 5.000% | 9/1/24 | 1,000 | 1,016 | ||
| 9 | Long Beach CA Unified School District GO | 0.000% | 8/1/24 | 1,290 | 1,268 | |
| Los Angeles CA Department of Airports International Airport Revenue | 5.000% | 5/15/31 | 2,000 | 2,316 | ||
| Los Angeles CA Department of Airports International Airport Revenue | 4.000% | 5/15/36 | 370 | 402 | ||
| Los Angeles CA Department of Airports International Airport Revenue | 4.000% | 5/15/40 | 2,055 | 2,149 | ||
| Los Angeles CA Department of Airports International Airport Revenue | 5.000% | 5/15/41 | 1,400 | 1,587 | ||
| Los Angeles CA Department of Water & Power Revenue | 5.000% | 7/1/33 | 1,375 | 1,479 | ||
| Los Angeles CA Department of Water & Power Revenue | 5.000% | 7/1/35 | 1,330 | 1,474 | ||
| Los Angeles CA Department of Water & Power Revenue | 5.000% | 7/1/36 | 1,000 | 1,044 | ||
| Los Angeles CA Department of Water & Power Revenue | 5.000% | 7/1/36 | 1,695 | 1,876 | ||
| Los Angeles CA Department of Water & Power Revenue | 5.000% | 7/1/36 | 1,000 | 1,206 | ||
| Los Angeles CA Department of Water & Power Revenue | 5.000% | 7/1/37 | 1,000 | 1,065 | ||
| Los Angeles CA Department of Water & Power Revenue | 5.000% | 7/1/37 | 1,145 | 1,259 | ||
| Los Angeles CA Department of Water & Power Revenue | 5.000% | 7/1/38 | 500 | 531 | ||
| Los Angeles CA Department of Water & Power Revenue | 5.000% | 7/1/38 | 2,550 | 2,790 | ||
| Los Angeles CA Department of Water & Power Revenue | 5.000% | 7/1/39 | 2,635 | 3,065 | ||
| Los Angeles CA Department of Water & Power Revenue | 5.000% | 7/1/39 | 1,005 | 1,166 | ||
| Los Angeles CA Department of Water & Power Revenue | 5.000% | 7/1/41 | 1,880 | 2,177 | ||
| Los Angeles CA Department of Water & Power Revenue | 5.000% | 7/1/41 | 1,000 | 1,174 | ||
| Los Angeles CA Department of Water & Power Revenue | 5.000% | 7/1/43 | 1,000 | 1,164 | ||
| 3 | Los Angeles CA Department of Water & Power Revenue VRDO | 3.900% | 1/2/24 | 400 | 400 | |
| 3 | Los Angeles CA Department of Water & Power Revenue VRDO | 3.900% | 1/2/24 | 7,700 | 7,700 | |
| Los Angeles CA Metropolitan Transportation Authority Sales Tax Revenue | 5.000% | 7/1/38 | 1,400 | 1,539 | ||
| Los Angeles CA Unified School District GO | 4.000% | 7/1/35 | 2,250 | 2,438 | ||
| Los Angeles CA Unified School District GO | 4.000% | 7/1/40 | 455 | 476 | ||
| Los Angeles CA Wastewater System Revenue | 5.000% | 6/1/36 | 1,755 | 1,898 | ||
| Los Angeles CA Wastewater System Revenue | 5.000% | 6/1/43 | 1,000 | 1,076 | ||
| Los Angeles County CA Community Facilities District No. 2021-01 | 5.000% | 9/1/42 | 1,800 | 1,898 | ||
| 8 | Los Angeles County CA School District GO | 5.000% | 7/1/36 | 1,000 | 1,094 | |
| Metropolitan Water District of Southern California Waterworks Revenue | 5.000% | 10/1/29 | 1,000 | 1,154 | ||
| 4 | Metropolitan Water District of Southern California Waterworks Revenue PUT, SIFMA Municipal Swap Index Yield + 0.140% | 4.010% | 5/21/24 | 500 | 499 | |
| 4 | Metropolitan Water District of Southern California Waterworks Revenue PUT, SIFMA Municipal Swap Index Yield + 0.140% | 4.010% | 5/21/24 | 500 | 499 | |
| 4 | Metropolitan Water District of Southern California Waterworks Revenue PUT, SIFMA Municipal Swap Index Yield + 0.140% | 4.010% | 5/21/24 | 500 | 499 | |
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Milpitas CA Redevelopment Agency Successor Tax Allocation Refunding Bonds (Redevelopment Project Area No.1 2015) | 5.000% | 9/1/31 | 1,130 | 1,171 | ||
| M-S-R CA Energy Authority Gas Revenue | 6.500% | 11/1/39 | 555 | 714 | ||
| Napa Valley CA Community College District GO | 4.000% | 8/1/32 | 1,090 | 1,118 | ||
| Newport Mesa CA Unified School District GO | 0.000% | 8/1/30 | 630 | 531 | ||
| 9 | Palomar Pomerado Health California GO | 0.000% | 8/1/26 | 1,040 | 961 | |
| 9 | Palomar Pomerado Health California GO | 0.000% | 8/1/30 | 2,000 | 1,635 | |
| 9 | Palomar Pomerado Health California GO | 0.000% | 8/1/32 | 740 | 565 | |
| Peninsula Corridor Joint Powers Board CA Measure RR Sales Tax Revenue (Green Bonds - Climate Bond Certified) | 5.000% | 6/1/42 | 1,530 | 1,725 | ||
| Peralta CA Community College District Election GO | 5.250% | 8/1/42 | 1,000 | 1,167 | ||
| 5 | Poway CA Unified School District Public Financing Authority Special Tax Revenue | 5.000% | 9/1/31 | 1,370 | 1,466 | |
| Regents of the University of California Medical Center Pooled Revenue | 5.000% | 5/15/37 | 2,000 | 2,364 | ||
| Regents of the University of California Medical Center Pooled Revenue | 5.000% | 5/15/39 | 2,000 | 2,328 | ||
| 3,6 | River Islands Public Financing Authority Special Tax Bonds TOB VRDO | 4.500% | 1/2/24 | 2,800 | 2,800 | |
| Riverside CA Electric Revenue | 5.000% | 10/1/32 | 1,830 | 2,086 | ||
| Riverside County CA Transportation Commission Toll Revenue | 0.000% | 6/1/30 | 2,415 | 1,927 | ||
| Riverside County CA Transportation Commission Toll Revenue | 4.000% | 6/1/38 | 320 | 327 | ||
| Roseville CA Natural Gas Financing Authority Gas Revenue | 5.000% | 2/15/25 | 325 | 329 | ||
| 11 | Sacramento CA City Financing Authority Tax Allocation Revenue | 0.000% | 12/1/30 | 1,815 | 1,448 | |
| Sacramento CA Municipal Utility District Electric Revenue PUT | 5.000% | 10/15/30 | 1,000 | 1,149 | ||
| Sacramento County CA Sanitation Districts Financing Authority Revenue | 5.000% | 8/1/27 | 575 | 598 | ||
| San Diego CA Public Facilities Financing Authority Revenue | 5.000% | 5/15/39 | 1,925 | 2,252 | ||
| 5 | San Diego CA Unified School District GO | 5.500% | 7/1/27 | 520 | 579 | |
| San Diego CA Unified School District GO | 0.000% | 7/1/28 | 220 | 193 | ||
| San Diego CA Unified School District GO | 0.000% | 7/1/30 | 250 | 206 | ||
| San Diego CA Unified School District GO ETM | 0.000% | 7/1/27 | 320 | 291 | ||
| San Diego CA Unified School District GO ETM | 0.000% | 7/1/27 | 80 | 73 | ||
| San Diego CA Unified School District GO ETM | 0.000% | 7/1/27 | 100 | 91 | ||
| San Diego CA Unified School District GO ETM | 0.000% | 7/1/28 | 70 | 62 | ||
| San Diego CA Unified School District GO ETM | 0.000% | 7/1/28 | 60 | 53 | ||
| San Diego CA Unified School District GO ETM | 0.000% | 7/1/28 | 150 | 133 | ||
| San Diego CA Unified School District GO ETM | 0.000% | 7/1/29 | 60 | 52 | ||
| San Diego CA Unified School District GO ETM | 0.000% | 7/1/29 | 200 | 173 | ||
| San Diego CA Unified School District GO ETM | 0.000% | 7/1/29 | 240 | 208 | ||
| San Diego County CA Regional Transportation Commission Sales Tax Revenue Prere. | 4.750% | 4/1/24 | 1,305 | 1,311 | ||
| San Diego County CA Water Authority Revenue | 5.000% | 5/1/28 | 1,000 | 1,034 | ||
| San Francisco CA Bay Area Rapid Transit District GO | 4.000% | 8/1/30 | 3,645 | 3,963 | ||
15
Tax-Managed Balanced Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| San Francisco CA City & County COP | 5.000% | 4/1/28 | 1,635 | 1,710 | ||
| San Francisco CA City & County COP | 4.000% | 4/1/33 | 1,000 | 1,011 | ||
| San Francisco CA City & County COP | 4.000% | 4/1/39 | 1,000 | 1,029 | ||
| San Francisco CA City & County GO | 5.000% | 6/15/28 | 1,000 | 1,122 | ||
| San Francisco CA City & County International Airport Revenue | 5.000% | 5/1/34 | 1,000 | 1,131 | ||
| San Francisco CA City & County International Airport Revenue | 5.000% | 5/1/43 | 1,000 | 1,140 | ||
| 3,6 | San Francisco CA City & County Multifamily Housing Revenue TOB VRDO | 4.500% | 1/2/24 | 22,600 | 22,600 | |
| San Francisco CA City & County Public Utilities Commission Wastewater Revenue | 1.000% | 10/1/25 | 4,355 | 4,157 | ||
| San Francisco CA City & County Public Utilities Commission Wastewater Revenue | 5.000% | 10/1/37 | 1,475 | 1,765 | ||
| San Francisco CA City & County Public Utilities Commission Wastewater Revenue PUT | 4.000% | 10/1/29 | 1,000 | 1,058 | ||
| San Mateo Foster City School District GO | 3.000% | 8/1/40 | 750 | 684 | ||
| 12 | San Ramon CA Public Financing Authority Tax Allocation Revenue | 0.000% | 2/1/33 | 1,475 | 1,076 | |
| Santa Clara CA Financing Authority Revenue | 3.000% | 5/1/39 | 1,155 | 1,054 | ||
| Santa Paula CA Special Tax Harvest Community Facilities Bonds | 4.000% | 9/1/42 | 600 | 566 | ||
| Sonoma County CA Junior College District GO | 5.000% | 8/1/41 | 2,000 | 2,098 | ||
| State Center California Community College District GO | 5.000% | 8/1/29 | 1,000 | 1,042 | ||
| 8 | Stockton Public Financing Authority Revenue | 5.000% | 9/1/29 | 1,000 | 1,011 | |
| Tahoe-Truckee CA Unified School District GO | 5.000% | 8/1/34 | 1,030 | 1,091 | ||
| 11 | Union CA Elementary School District GO | 0.000% | 9/1/28 | 1,080 | 949 | |
| Union City CA Community Redevelopment Agency Successor Tax Allocation Refunding Bonds | 5.000% | 10/1/30 | 1,635 | 1,698 | ||
| University of California Revenue | 4.000% | 5/15/33 | 1,000 | 1,009 | ||
| University of California Revenue | 4.000% | 5/15/34 | 1,000 | 1,038 | ||
| University of California Revenue | 5.000% | 5/15/34 | 1,000 | 1,245 | ||
| University of California Revenue | 4.000% | 5/15/35 | 2,000 | 2,064 | ||
| University of California Revenue | 5.000% | 5/15/35 | 1,620 | 1,796 | ||
| University of California Revenue | 5.000% | 5/15/35 | 1,165 | 1,289 | ||
| University of California Revenue | 4.000% | 5/15/41 | 1,740 | 1,799 | ||
| University of California Revenue | 4.000% | 5/15/41 | 5,000 | 5,155 | ||
| University of California Revenue | 5.000% | 5/15/41 | 2,000 | 2,350 | ||
| University of California Revenue VRDO | 4.100% | 1/2/24 | 3,800 | 3,800 | ||
| 5,10 | West Contra Costa CA Unified School District GO | 0.000% | 8/1/32 | 1,155 | 906 | |
| 11 | West Contra Costa CA Unified School District GO | 0.000% | 8/1/34 | 1,225 | 895 | |
| 365,634 | ||||||
| Colorado (0.9%) | ||||||
| 14 | Adams & Weld County CO School District No. 27J GO | 5.000% | 12/1/34 | 1,435 | 1,487 | |
| Adams 12 Five Star Schools CO GO | 5.000% | 12/15/30 | 1,675 | 1,783 | ||
| Adams County CO COP | 5.000% | 12/1/31 | 650 | 676 | ||
| Arapahoe County CO School District No. 6 Littleton GO | 5.500% | 12/1/43 | 1,000 | 1,105 | ||
| Aurora CO Water Revenue Prere. | 5.000% | 8/1/26 | 1,645 | 1,749 | ||
| Board of Governors of the Colorado State University System Enterprise Revenue | 5.000% | 3/1/43 | 1,500 | 1,790 | ||
| Broomfield CO Water Activity Enterprise Revenue | 4.000% | 12/1/43 | 1,000 | 1,019 | ||
| Colorado COP | 4.000% | 12/15/33 | 1,235 | 1,305 | ||
| Colorado COP | 4.000% | 12/15/34 | 1,800 | 1,895 | ||
| Colorado COP | 6.000% | 12/15/36 | 1,000 | 1,258 | ||
| Colorado Educational & Cultural Facilities Authority Revenue (Aspen View Academy Project) | 4.000% | 5/1/36 | 175 | 171 | ||
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Colorado Educational & Cultural Facilities Authority Revenue (University of Denver) | 4.000% | 3/1/30 | 500 | 512 | ||
| Colorado Health Facilities Authority Hospital Revenue PUT | 5.000% | 11/15/28 | 1,000 | 1,090 | ||
| Colorado Health Facilities Authority Hospital Revenue (Adventist Health System/West Obligated Group) | 5.000% | 11/15/37 | 1,000 | 1,104 | ||
| Colorado Health Facilities Authority Hospital Revenue (Adventist Health System/West Obligated Group) | 4.000% | 11/15/38 | 1,000 | 1,019 | ||
| Colorado Health Facilities Authority Hospital Revenue (Frasier Project) | 4.000% | 5/15/36 | 1,515 | 1,412 | ||
| Colorado Health Facilities Authority Retirement Facilities Revenue (Liberty Heights Project) ETM | 0.000% | 7/15/24 | 1,430 | 1,406 | ||
| Colorado Health Facilities Authority Revenue Prere. | 5.000% | 11/19/26 | 95 | 101 | ||
| Colorado Health Facilities Authority Revenue PUT | 5.000% | 11/19/26 | 935 | 988 | ||
| Colorado Health Facilities Authority Revenue (CommonSpirit Health) | 5.000% | 8/1/32 | 2,250 | 2,462 | ||
| Colorado Health Facilities Authority Revenue (Intermountain Healthcare) PUT | 5.000% | 8/17/26 | 1,500 | 1,579 | ||
| Colorado Health Facilities Authority Revenue (Intermountain Healthcare) PUT | 5.000% | 8/15/28 | 1,170 | 1,282 | ||
| Colorado Health Facilities Authority Revenue (NCMC Inc.) Prere. | 4.000% | 5/15/26 | 1,500 | 1,538 | ||
| 3,6 | Colorado Housing & Finance Authority Multifamily Revenue (Windsor Court Project) TOB VRDO | 4.580% | 1/2/24 | 1,600 | 1,600 | |
| Colorado Housing & Finance Authority Revenue (Single Family Mortgage) | 3.000% | 5/1/50 | 1,575 | 1,538 | ||
| Denver CO City & County Airport Revenue | 5.000% | 11/15/24 | 1,200 | 1,222 | ||
| Denver CO City & County Airport Revenue | 5.000% | 12/1/26 | 775 | 829 | ||
| Denver CO City & County Airport Revenue | 4.000% | 12/1/38 | 400 | 409 | ||
| Denver CO City & County Airport Revenue | 5.000% | 11/15/40 | 575 | 658 | ||
| Denver CO City & County COP | 5.000% | 6/1/37 | 1,685 | 1,756 | ||
| Denver CO City & County Dedicated Tax Revenue | 0.000% | 8/1/29 | 500 | 407 | ||
| Denver CO City & County GO | 5.000% | 8/1/38 | 4,665 | 5,422 | ||
| Denver CO City & County Revenue | 4.000% | 8/1/38 | 1,500 | 1,561 | ||
| Denver CO City & County School District No. 1 GO | 4.000% | 12/1/31 | 1,000 | 1,012 | ||
| Denver CO City & County School District No. 1 GO | 5.000% | 12/1/33 | 5,000 | 5,308 | ||
| Denver CO City & County School District No. 1 GO | 5.000% | 12/1/36 | 2,000 | 2,106 | ||
| 11 | E-470 Public Highway Authority Colorado Revenue | 0.000% | 9/1/29 | 2,000 | 1,689 | |
| 11 | E-470 Public Highway Authority Colorado Revenue | 0.000% | 9/1/32 | 1,000 | 760 | |
| E-470 Public Highway Authority Colorado Revenue | 0.000% | 9/1/40 | 1,000 | 524 | ||
| El Paso County CO School District No. 20 Academy GO | 5.000% | 12/15/30 | 2,400 | 2,562 | ||
| Garfield, Pitkin, & Eagle County CO School District GO Prere. | 4.000% | 12/15/25 | 1,000 | 1,027 | ||
| Greeley CO Water Revenue | 5.000% | 8/1/26 | 2,910 | 3,090 | ||
| Jefferson County CO School District No. R-1 GO | 5.000% | 12/15/36 | 3,395 | 3,740 | ||
| 5 | Midcities Metropolitan District No. 2 Revenue Refunding Bonds | 4.000% | 12/1/46 | 850 | 828 | |
| Public Authority for Colorado Energy Natural Gas Revenue | 6.500% | 11/15/38 | 2,240 | 2,822 | ||
| Regional Transportation District of Colorado COP | 5.000% | 6/1/31 | 535 | 599 | ||
| Regional Transportation District of Colorado Private Activity Revenue | 4.000% | 7/15/39 | 1,325 | 1,331 | ||
| Sterling Ranch CO Community Authority Board Supported Revenue | 6.500% | 12/1/42 | 1,000 | 1,035 | ||
16
Tax-Managed Balanced Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Sterling Ranch Community Authority Board CO Supported Revenue | 3.750% | 12/1/40 | 500 | 439 | ||
| University of Colorado Enterprise System Revenue PUT | 2.000% | 10/15/25 | 500 | 487 | ||
| Weld County CO School District No. 6 Greeley GO | 5.000% | 12/1/40 | 2,500 | 2,749 | ||
| Weld County CO School District No. RE 002 GO | 5.000% | 12/1/36 | 2,325 | 2,606 | ||
| 78,847 | ||||||
| Connecticut (0.6%) | ||||||
| Connecticut GO | 5.000% | 5/15/25 | 2,345 | 2,414 | ||
| Connecticut GO | 5.000% | 2/15/27 | 1,000 | 1,076 | ||
| Connecticut GO | 5.000% | 4/15/28 | 1,000 | 1,106 | ||
| Connecticut GO | 5.000% | 3/1/32 | 2,950 | 2,965 | ||
| Connecticut GO | 3.000% | 1/15/33 | 270 | 269 | ||
| Connecticut GO | 4.000% | 3/15/35 | 5,000 | 5,088 | ||
| Connecticut GO | 3.000% | 1/15/38 | 2,345 | 2,159 | ||
| 15 | Connecticut GO | 5.000% | 1/15/39 | 2,800 | 3,266 | |
| Connecticut GO | 5.000% | 4/15/39 | 1,650 | 1,805 | ||
| Connecticut GO | 4.000% | 6/15/39 | 300 | 313 | ||
| Connecticut Health & Educational Facilities Authority Revenue (Covenant Retirement Communities) | 5.000% | 12/1/31 | 1,000 | 1,039 | ||
| Connecticut Health & Educational Facilities Authority Revenue (Hartford Healthcare) | 4.000% | 7/1/36 | 1,750 | 1,783 | ||
| Connecticut Health & Educational Facilities Authority Revenue (Nuvance Health) | 5.000% | 7/1/29 | 1,255 | 1,298 | ||
| Connecticut Health & Educational Facilities Authority Revenue (Nuvance Health) | 5.000% | 7/1/32 | 1,600 | 1,660 | ||
| Connecticut Health & Educational Facilities Authority Revenue (Sacred Heart University) | 5.000% | 7/1/31 | 850 | 953 | ||
| Connecticut Health & Educational Facilities Authority Revenue (Stamford Hospital) | 4.000% | 7/1/35 | 650 | 661 | ||
| Connecticut Health & Educational Facilities Authority Revenue (Stamford Hospital) | 4.000% | 7/1/36 | 800 | 812 | ||
| Connecticut Health & Educational Facilities Authority Revenue (Stamford Hospital) | 4.000% | 7/1/37 | 200 | 203 | ||
| Connecticut Health & Educational Facilities Authority Revenue (University of Hartford) | 5.000% | 7/1/31 | 575 | 578 | ||
| Connecticut Health & Educational Facilities Authority Revenue (Yale University) PUT | 0.250% | 2/9/24 | 1,000 | 996 | ||
| Connecticut Health & Educational Facilities Authority Revenue (Yale University) PUT | 0.375% | 7/12/24 | 1,500 | 1,468 | ||
| Connecticut Health & Educational Facilities Authority Revenue (Yale University) PUT | 1.100% | 2/11/25 | 950 | 923 | ||
| Connecticut Health & Educational Facilities Authority Revenue (Yale University) PUT | 1.100% | 2/11/25 | 915 | 889 | ||
| Connecticut Health & Educational Facilities Authority Revenue (Yale University) PUT | 2.000% | 7/1/26 | 500 | 487 | ||
| Connecticut Special Tax Revenue (Transportation Infrastructure) | 5.000% | 1/1/28 | 1,805 | 1,983 | ||
| Connecticut Special Tax Revenue (Transportation Infrastructure) | 5.000% | 7/1/29 | 1,500 | 1,703 | ||
| Connecticut Special Tax Revenue (Transportation Infrastructure) | 5.000% | 10/1/34 | 1,000 | 1,110 | ||
| Connecticut Special Tax Revenue (Transportation Infrastructure) | 5.000% | 7/1/38 | 1,000 | 1,176 | ||
| Connecticut Special Tax Revenue (Transportation Infrastructure) | 5.000% | 7/1/41 | 2,000 | 2,278 | ||
| Connecticut State Health & Educational Facilities Authority Revenue PUT | 2.800% | 2/3/26 | 1,245 | 1,246 | ||
| Connecticut Transmission Municipal Electric Energy Cooperative Revenue | 5.000% | 1/1/38 | 680 | 770 | ||
| 6 | Harbor Point CT Infrastructure Improvement District SO Revenue | 5.000% | 4/1/30 | 1,300 | 1,330 | |
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Hartford County CT Metropolitan District GO | 4.000% | 7/15/38 | 2,025 | 2,081 | ||
| 8 | New Haven Connecticut GO | 5.000% | 8/1/28 | 500 | 547 | |
| 8 | New Haven Connecticut GO | 5.000% | 8/1/37 | 1,000 | 1,146 | |
| Norwalk CT GO | 4.000% | 8/15/41 | 695 | 719 | ||
| University of Connecticut Revenue | 5.000% | 2/15/27 | 635 | 648 | ||
| University of Connecticut Revenue | 5.000% | 11/1/27 | 1,000 | 1,093 | ||
| 52,041 | ||||||
| Delaware (0.1%) | ||||||
| 6 | Affordable Housing Opportunities Trust Revenue | 3.528% | 5/1/39 | 2,495 | 2,117 | |
| Delaware GO | 5.000% | 2/1/25 | 1,010 | 1,035 | ||
| Delaware Health Facilities Authority Revenue (Beebe Medical Center Project) | 5.000% | 6/1/30 | 600 | 641 | ||
| Delaware Health Facilities Authority Revenue (Christiana Care Health System) | 5.000% | 10/1/37 | 1,000 | 1,095 | ||
| Delaware River & Bay Authority Delaware Revenue | 3.000% | 1/1/38 | 1,495 | 1,411 | ||
| Delaware State Economic Development Authority Revenue (NRG Energy Projects) PUT | 1.250% | 10/1/25 | 650 | 609 | ||
| University of Delaware Bonds Revenue | 5.000% | 11/1/35 | 500 | 614 | ||
| University of Delaware Bonds Revenue | 5.000% | 11/1/37 | 1,700 | 1,875 | ||
| University of Delaware Bonds Revenue | 5.000% | 11/1/40 | 500 | 594 | ||
| 9,991 | ||||||
| District of Columbia (0.5%) | ||||||
| District of Columbia GO | 5.000% | 6/1/25 | 1,235 | 1,275 | ||
| District of Columbia GO | 5.000% | 6/1/27 | 1,000 | 1,086 | ||
| District of Columbia GO | 5.000% | 6/1/29 | 3,780 | 3,811 | ||
| District of Columbia GO | 5.000% | 6/1/32 | 1,000 | 1,051 | ||
| District of Columbia GO | 5.000% | 6/1/34 | 1,320 | 1,397 | ||
| District of Columbia GO | 5.000% | 1/1/39 | 1,000 | 1,166 | ||
| District of Columbia Hospital Revenue (Children's Hospital Obligated Group) | 5.000% | 7/15/35 | 1,000 | 1,028 | ||
| 15 | District of Columbia Income Tax Revenue (Tax-Exempt) | 5.000% | 10/1/30 | 1,355 | 1,565 | |
| 15 | District of Columbia Income Tax Revenue (Tax-Exempt) | 5.000% | 10/1/36 | 1,000 | 1,211 | |
| District of Columbia Income Tax Revenue (Tax-Exempt) | 5.000% | 5/1/39 | 1,000 | 1,170 | ||
| District of Columbia Income Tax Revenue (Tax-Exempt) | 4.000% | 5/1/40 | 1,760 | 1,821 | ||
| District of Columbia Income Tax Revenue (Tax-Exempt) | 5.000% | 3/1/44 | 2,000 | 2,171 | ||
| District of Columbia Revenue Bonds (Gallaudet University Project) | 3.000% | 4/1/39 | 1,460 | 1,284 | ||
| District of Columbia Revenue Bonds (Latin American Montessori Bilingual Public Charter School) | 5.000% | 6/1/40 | 1,000 | 964 | ||
| District of Columbia Water & Sewer Authority Public Utility Revenue | 5.000% | 10/1/32 | 1,060 | 1,107 | ||
| District of Columbia Water & Sewer Authority Public Utility Revenue | 5.000% | 10/1/33 | 2,175 | 2,329 | ||
| District of Columbia Water & Sewer Authority Public Utility Revenue | 5.000% | 10/1/36 | 5,030 | 5,195 | ||
| District of Columbia Water & Sewer Authority Public Utility Revenue | 5.000% | 10/1/39 | 1,125 | 1,155 | ||
| District of Columbia Water & Sewer Authority Public Utility Revenue PUT | 3.000% | 10/1/27 | 1,000 | 980 | ||
| Metropolitan Washington DC/VA Airports Authority Airport System Revenue | 5.000% | 10/1/30 | 2,325 | 2,694 | ||
| 9 | Metropolitan Washington DC/VA Airports Authority Dulles Toll Road Revenue (Capital Appreciation Bonds) | 0.000% | 10/1/36 | 525 | 329 | |
| Metropolitan Washington DC/VA Airports Authority Dulles Toll Road Revenue (Dulles Metrorail & Capital Improvement Projects) | 5.000% | 10/1/33 | 2,240 | 2,442 | ||
17
Tax-Managed Balanced Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Metropolitan Washington DC/VA Airports Authority Dulles Toll Road Revenue (Dulles Metrorail & Capital Improvement Projects) | 0.000% | 10/1/37 | 1,300 | 706 | ||
| 8 | Metropolitan Washington DC/VA Airports Authority Dulles Toll Road Revenue (Dulles Metrorail & Capital Improvement Projects) | 0.000% | 10/1/37 | 1,915 | 1,135 | |
| 8 | Metropolitan Washington DC/VA Airports Authority Dulles Toll Road Revenue (Dulles Metrorail & Capital Improvement Projects) | 0.000% | 10/1/37 | 1,000 | 553 | |
| Metropolitan Washington DC/VA Airports Authority Dulles Toll Road Revenue (Dulles Metrorail & Capital Improvement Projects) | 4.000% | 10/1/39 | 1,000 | 1,004 | ||
| Washington Convention & Sports Authority Revenue | 5.000% | 10/1/26 | 1,090 | 1,159 | ||
| Washington DC Convention & Sports Authority Dedicated Tax Revenue | 4.000% | 10/1/34 | 1,115 | 1,179 | ||
| Washington DC Metropolitan Area Transit Authority Dedicated Revenue | 5.000% | 7/15/27 | 100 | 109 | ||
| Washington DC Metropolitan Area Transit Authority Dedicated Revenue | 5.000% | 7/15/28 | 100 | 111 | ||
| Washington DC Metropolitan Area Transit Authority Dedicated Revenue | 5.000% | 7/15/37 | 750 | 890 | ||
| Washington DC Metropolitan Area Transit Authority Dedicated Revenue | 5.000% | 7/15/39 | 685 | 797 | ||
| Washington DC Metropolitan Area Transit Authority Dedicated Revenue | 5.000% | 7/15/41 | 805 | 929 | ||
| Washington Metropolitan Area Transit Authority Revenue | 5.000% | 7/15/25 | 1,000 | 1,034 | ||
| 46,837 | ||||||
| Florida (2.2%) | ||||||
| Alachua County FL Health Facilities Authority Revenue (Oak Hammock) | 4.000% | 10/1/31 | 305 | 291 | ||
| Alachua County FL Health Facilities Authority Revenue (Oak Hammock) | 4.000% | 10/1/31 | 615 | 587 | ||
| 5 | Bay County FL School Board COP | 4.000% | 7/1/38 | 1,285 | 1,320 | |
| Bay County FL School Board COP | 5.500% | 7/1/41 | 1,450 | 1,663 | ||
| Brevard County FL Health Facilities Authority Revenue (Health First Obligated Group) | 5.000% | 4/1/31 | 1,415 | 1,595 | ||
| Brevard County FL Health Facilities Authority Revenue (Health First Obligated Group) | 5.000% | 4/1/40 | 1,000 | 1,097 | ||
| Brevard County FL School Board COP | 5.000% | 7/1/25 | 1,000 | 1,001 | ||
| Broward County FL Convention Center Hotel First Tier Revenue | 5.000% | 1/1/38 | 3,460 | 3,917 | ||
| Broward County FL School COP | 5.000% | 7/1/36 | 1,000 | 1,152 | ||
| Broward County FL Water & Sewer Utility Revenue | 5.000% | 10/1/39 | 1,000 | 1,102 | ||
| Capital Projects Finance Authority FL Student Housing Revenue (Projects Loan Program) | 5.000% | 10/1/30 | 500 | 528 | ||
| Capital Projects Finance Authority FL Student Housing Revenue (Projects Loan Program) | 5.000% | 10/1/33 | 540 | 566 | ||
| 6 | Capital Trust Agency Florida Educational Facilities Revenue (Academir Charter Schools Project) | 2.500% | 7/1/31 | 495 | 419 | |
| Capital Trust Agency Florida Educational Facilities Revenue (Advantage Academy of Hillsborough Projects) | 5.000% | 12/15/29 | 400 | 409 | ||
| Central FL Expressway Authority Revenue | 4.000% | 7/1/32 | 1,015 | 1,036 | ||
| 5 | Central FL Expressway Authority Revenue | 4.000% | 7/1/35 | 1,000 | 1,065 | |
| 5 | Central FL Expressway Authority Revenue | 4.000% | 7/1/38 | 1,000 | 1,043 | |
| 5 | Central FL Expressway Authority Revenue | 2.500% | 7/1/40 | 1,000 | 804 | |
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Davie FL Educational Facilities Revenue | 5.000% | 4/1/38 | 1,000 | 1,047 | ||
| Duval County FL School Board COP | 5.000% | 7/1/32 | 1,250 | 1,285 | ||
| East Central FL Regional Wastewater Treatment Facilities Operation Board Revenue | 5.000% | 10/1/34 | 925 | 1,002 | ||
| East Central FL Regional Wastewater Treatment Facilities Operation Board Revenue | 5.000% | 10/1/35 | 1,075 | 1,167 | ||
| Escambia County FL Health Facilities Authority Revenue (Baptist Health Care Corp. Obligated Group) | 5.000% | 8/15/34 | 1,325 | 1,409 | ||
| Escambia County FL Health Facilities Authority Revenue (Baptist Health Care Corp. Obligated Group) | 5.000% | 8/15/39 | 1,525 | 1,573 | ||
| Florida Capital Improvement Revenue (Student Housing Project) | 5.000% | 7/1/29 | 1,310 | 1,466 | ||
| 6 | Florida Development Finance Corp. Educational Facilities Revenue (Global Outreach Charter Academy Projects) | 4.000% | 6/30/29 | 205 | 195 | |
| Florida Development Finance Corp. Educational Facilities Revenue (Mater Academy Projects) | 5.000% | 6/15/29 | 400 | 419 | ||
| Florida Development Finance Corp. Educational Facilities Revenue (Mater Academy Projects) | 5.000% | 6/15/30 | 475 | 496 | ||
| Florida Development Finance Corp. Educational Facilities Revenue (River City Science Academy Projects) | 4.000% | 7/1/30 | 435 | 440 | ||
| Florida Development Finance Corp. Healthcare Facilities Revenue (UF Health Jacksonville Project) | 5.000% | 2/1/36 | 1,105 | 1,116 | ||
| Florida Gulf Coast University Financing Corp. Capital Improvement Revenue | 4.000% | 2/1/38 | 770 | 783 | ||
| Florida Higher Educational Facilities Financial Authority Revenue (Rollins College Projects) | 4.000% | 12/1/36 | 1,750 | 1,822 | ||
| Florida Insurance Assistance Interlocal Agency Assessment Revenue | 5.000% | 9/1/26 | 1,000 | 1,045 | ||
| Florida Insurance Assistance Interlocal Agency Assessment Revenue | 5.000% | 9/1/27 | 1,000 | 1,053 | ||
| Florida Insurance Assistance Interlocal Agency Assessment Revenue | 5.000% | 9/1/28 | 1,125 | 1,183 | ||
| Florida Mid-Bay Bridge Authority Revenue | 5.000% | 10/1/35 | 1,500 | 1,528 | ||
| Florida Municipal Power Agency Revenue | 4.000% | 10/1/30 | 2,775 | 2,888 | ||
| Florida Municipal Power Agency Revenue | 5.000% | 10/1/30 | 1,200 | 1,324 | ||
| Florida Municipal Power Agency Revenue | 3.000% | 10/1/33 | 1,000 | 981 | ||
| Florida State Board of Education Public Capital Outlay Bonds GO | 4.000% | 6/1/30 | 1,965 | 2,017 | ||
| Florida State Board of Education Public Capital Outlay Bonds GO | 4.000% | 6/1/42 | 1,000 | 1,016 | ||
| Florida State Department of Transportation Right of Way Acquisition GO | 5.000% | 7/1/26 | 1,000 | 1,061 | ||
| Florida State Department of Transportation Right of Way Acquisition GO | 5.000% | 7/1/26 | 5,000 | 5,307 | ||
| Florida State Department of Transportation Turnpike Authority Revenue | 4.000% | 7/1/39 | 1,000 | 1,023 | ||
| Florida State Department of Transportation Turnpike Authority Revenue | 4.000% | 7/1/42 | 1,000 | 1,021 | ||
| Florida State Turnpike Authority Revenue | 2.000% | 7/1/41 | 1,470 | 1,066 | ||
| 5 | Florida State Utility Authority Revenue (North Fort Myers Utility System) | 4.000% | 10/1/37 | 1,040 | 1,067 | |
| Florida Turnpike Authority Revenue | 4.000% | 7/1/34 | 1,000 | 1,009 | ||
| Florida Turnpike Authority Revenue | 4.000% | 7/1/34 | 1,385 | 1,416 | ||
18
Tax-Managed Balanced Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Fort Myers FL Utility System Refunding Revenue | 4.000% | 10/1/44 | 1,590 | 1,604 | ||
| Halifax Hospital Medical Center FL Hospital Revenue | 3.750% | 6/1/41 | 210 | 190 | ||
| Hillsborough County FL Aviation Authority Tampa International Airport Revenue | 4.000% | 10/1/42 | 1,000 | 1,024 | ||
| Hillsborough County FL Industrial Development Authority Hospital Revenue (Tampa General Hospital Projects) | 3.600% | 10/1/28 | 500 | 505 | ||
| Jacksonville FL Electric Authority Electric System Revenue | 4.000% | 10/1/37 | 1,955 | 1,980 | ||
| Jacksonville FL Electric Authority Water & Sewer Revenue | 5.000% | 10/1/27 | 1,905 | 2,070 | ||
| Jacksonville FL Electric Authority Water & Sewer Revenue | 5.000% | 10/1/27 | 1,465 | 1,592 | ||
| Jacksonville FL Health Care Facilities Revenue (Baptist Health System Obligated Group) | 4.000% | 8/15/37 | 1,250 | 1,271 | ||
| Jacksonville FL Health Care Facilities Revenue (Brooks Rehabilitation) | 5.000% | 11/1/30 | 1,085 | 1,148 | ||
| Jacksonville FL Special Revenue | 5.000% | 10/1/27 | 1,500 | 1,640 | ||
| Jacksonville FL Special Revenue | 5.000% | 10/1/32 | 1,000 | 1,202 | ||
| Jacksonville FL Special Revenue | 5.000% | 10/1/38 | 1,410 | 1,553 | ||
| Jacksonville FL Transportation Authority Local Option Gas Tax Revenue | 5.000% | 8/1/34 | 1,000 | 1,027 | ||
| Jacksonville FL Transportation Revenue | 5.000% | 10/1/28 | 1,200 | 1,240 | ||
| Jacksonville FL Water & Sewer Revenue | 4.000% | 10/1/35 | 1,655 | 1,704 | ||
| JEA FL Electric System Revenue | 4.000% | 10/1/36 | 3,000 | 3,053 | ||
| JEA FL Electric System Revenue | 5.000% | 10/1/37 | 2,000 | 2,001 | ||
| 3 | JEA FL Electric System Revenue VRDO | 3.950% | 1/2/24 | 2,400 | 2,400 | |
| Key West FL Utility Board Electricity Revenue | 5.000% | 10/1/37 | 1,030 | 1,114 | ||
| Lakeland FL Energy System Revenue | 4.000% | 10/1/37 | 1,000 | 1,054 | ||
| Lakeland FL Hospital Revenue (Lakeland Regional Health Systems) | 5.000% | 11/15/26 | 1,475 | 1,551 | ||
| Lee County FL Housing Finance Authority Multifamily Revenue | 4.550% | 1/1/40 | 1,000 | 1,019 | ||
| Lee County FL Industrial Development Authority Healthcare Facilities Revenue | 4.000% | 11/15/30 | 465 | 460 | ||
| Lee Memorial Health System Florida Hospital Revenue | 5.000% | 4/1/36 | 1,750 | 1,891 | ||
| Lee Memorial Health System Florida Hospital Revenue | 5.000% | 4/1/39 | 1,655 | 1,756 | ||
| Miami Beach FL Health Facilities Authority Revenue (Mount Sinai Medical Center) | 5.000% | 11/15/27 | 1,000 | 1,011 | ||
| Miami Beach FL Resort Tax Revenue | 5.000% | 9/1/34 | 1,020 | 1,049 | ||
| Miami Beach FL Water & Sewer Revenue | 5.000% | 10/1/30 | 1,500 | 1,546 | ||
| Miami Beach FL Water & Sewer Revenue | 5.000% | 10/1/38 | 1,000 | 1,083 | ||
| Miami FL SO Non-AD Valorem Revenue (New Administrative Building) | 5.000% | 3/1/39 | 3,500 | 3,997 | ||
| 5,6 | Miami FL SO Street & Sidewalk Improvement Program Revenue | 5.000% | 1/1/30 | 1,325 | 1,457 | |
| 5,6 | Miami FL SO Street & Sidewalk Improvement Program Revenue | 5.000% | 1/1/35 | 1,000 | 1,085 | |
| Miami-Dade County FL Aviation Revenue (Miami International Airport) | 5.000% | 10/1/33 | 1,850 | 1,927 | ||
| Miami-Dade County FL Aviation Revenue (Miami International Airport) | 5.000% | 10/1/34 | 1,000 | 1,041 | ||
| Miami-Dade County FL Aviation Revenue (Miami International Airport) | 4.000% | 10/1/36 | 1,000 | 1,047 | ||
| Miami-Dade County FL Building Better Communities GO | 5.000% | 7/1/36 | 1,160 | 1,211 | ||
| Miami-Dade County FL Educational Facilities Authority Revenue (University of Miami Issue) | 5.000% | 4/1/34 | 705 | 716 | ||
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Miami-Dade County FL Expressway Authority Toll System Revenue | 5.000% | 7/1/24 | 860 | 866 | ||
| Miami-Dade County FL Expressway Authority Toll System Revenue | 5.000% | 7/1/25 | 830 | 837 | ||
| Miami-Dade County FL Health Facilities Authority Hospital Revenue (Niklaus Children's Hospital Project) | 4.000% | 8/1/33 | 1,290 | 1,326 | ||
| Miami-Dade County FL Multi-Family Housing Revenue PUT | 5.000% | 9/1/25 | 1,500 | 1,532 | ||
| Miami-Dade County FL Public Facilities Revenue | 5.000% | 6/1/30 | 1,000 | 1,061 | ||
| Miami-Dade County FL School Board COP | 5.000% | 2/1/26 | 3,035 | 3,159 | ||
| Miami-Dade County FL Seaport Revenue | 4.000% | 10/1/39 | 395 | 407 | ||
| Miami-Dade County FL Seaport Revenue | 4.000% | 10/1/40 | 1,605 | 1,641 | ||
| Miami-Dade County FL SO Revenue | 0.000% | 10/1/34 | 1,000 | 695 | ||
| Miami-Dade County FL SO Revenue | 5.000% | 4/1/37 | 1,255 | 1,384 | ||
| Miami-Dade County FL SO Revenue | 0.000% | 10/1/38 | 2,265 | 1,285 | ||
| Miami-Dade County FL SO Revenue | 0.000% | 10/1/39 | 1,750 | 943 | ||
| Miami-Dade County FL Transit System Sales Surtax Revenue | 4.000% | 7/1/31 | 1,400 | 1,438 | ||
| Miami-Dade County FL Transit System Sales Surtax Revenue | 4.000% | 7/1/38 | 2,155 | 2,185 | ||
| North Brevard County FL Hospital District Revenue | 5.000% | 1/1/34 | 1,000 | 1,061 | ||
| North Sumter County FL Utility Dependent District Solid Waste Revenue | 4.000% | 10/1/33 | 1,965 | 2,006 | ||
| North Sumter County FL Utility Dependent District Utility Revenue | 4.000% | 10/1/35 | 2,125 | 2,133 | ||
| North Sumter County FL Utility Dependent District Utility Revenue | 5.000% | 10/1/37 | 2,505 | 2,810 | ||
| North Sumter County FL Utility Dependent District Utility Revenue | 5.000% | 10/1/43 | 1,000 | 1,084 | ||
| Okaloosa County FL School Board COP | 5.000% | 10/1/26 | 785 | 835 | ||
| Orange County FL Health Facilities Authority Hospital Revenue (Orlando Health Inc.) | 5.000% | 10/1/30 | 1,510 | 1,583 | ||
| Orange County FL School Board COP | 5.000% | 8/1/33 | 6,105 | 6,353 | ||
| Orange County FL Water & Wastewater Utility Revenue | 5.000% | 10/1/26 | 1,400 | 1,495 | ||
| Orange County FL Water & Wastewater Utility Revenue | 5.000% | 10/1/36 | 750 | 858 | ||
| 5 | Orlando FL Tourist Development Tax Revenue | 5.000% | 11/1/28 | 1,535 | 1,647 | |
| Orlando FL Utilities Commission System Revenue | 5.000% | 10/1/28 | 1,100 | 1,234 | ||
| Orlando FL Utilities Commission System Revenue PUT | 1.250% | 10/1/28 | 1,335 | 1,166 | ||
| Osceola County FL Transportation Revenue | 5.000% | 10/1/28 | 500 | 531 | ||
| Osceola County FL Transportation Revenue | 0.000% | 10/1/34 | 2,000 | 1,238 | ||
| Palm Beach County FL Health Facilities Authority Hospital Revenue (BRRH Corp. Obligated Group) Prere. | 5.000% | 12/1/24 | 560 | 569 | ||
| Palm Beach County FL Health Facilities Authority Hospital Revenue (Jupiter Medical Center Project) | 5.000% | 11/1/33 | 360 | 395 | ||
| Palm Beach County FL Public Improvement Revenue | 5.000% | 5/1/33 | 1,245 | 1,304 | ||
| Palm Beach County FL School Board COP | 5.000% | 8/1/29 | 1,540 | 1,583 | ||
| Palm Beach County FL School Board COP | 5.000% | 8/1/32 | 1,500 | 1,537 | ||
| Palm Beach County Health Facilities Authority Revenue (Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion) | 4.000% | 6/1/36 | 260 | 230 | ||
19
Tax-Managed Balanced Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Panama City Beach FL Capital Improvement Revenue | 5.000% | 11/1/32 | 375 | 431 | ||
| 6 | Pasco County FL Revenue | 5.000% | 7/1/30 | 2,500 | 2,799 | |
| 5 | Pasco County FL Revenue | 5.500% | 9/1/41 | 2,500 | 2,888 | |
| Reedy Creek FL Improvement District GO | 4.000% | 6/1/34 | 1,190 | 1,220 | ||
| Reedy Creek FL Improvement District GO | 4.000% | 6/1/35 | 1,000 | 1,020 | ||
| Sarasota County FL School Board COP | 5.000% | 7/1/25 | 2,500 | 2,583 | ||
| Sarasota County FL Utility System Revenue | 5.000% | 10/1/40 | 2,500 | 2,718 | ||
| Sarasota County FL Utility System Revenue | 5.250% | 10/1/42 | 1,685 | 1,938 | ||
| South Broward FL Hospital District Revenue | 4.000% | 5/1/33 | 1,020 | 1,039 | ||
| South Broward FL Hospital District Revenue | 3.000% | 5/1/40 | 1,960 | 1,708 | ||
| South Miami FL Health Facilities Authority Hospital Revenue (Baptist Health South Florida Obligated Group) | 5.000% | 8/15/30 | 500 | 533 | ||
| South Miami FL Health Facilities Authority Hospital Revenue (Baptist Health South Florida Obligated Group) | 4.000% | 8/15/33 | 1,180 | 1,213 | ||
| South Miami FL Health Facilities Authority Hospital Revenue (Baptist Health South Florida Obligated Group) | 4.000% | 8/15/42 | 2,500 | 2,467 | ||
| St. Johns County FL Industrial Development Authority Revenue (Vicars Landing Project) | 4.000% | 12/15/36 | 1,000 | 862 | ||
| St. Johns County FL Water & Sewer Revenue | 0.000% | 6/1/24 | 1,110 | 1,095 | ||
| Tallahassee FL Energy System Revenue | 5.000% | 10/1/35 | 1,000 | 1,010 | ||
| Tallahassee FL Utility System Revenue | 5.000% | 10/1/29 | 1,015 | 1,027 | ||
| Tallahassee FL Utility System Revenue | 5.000% | 10/1/30 | 750 | 759 | ||
| Tallahassee FL Utility System Revenue | 5.000% | 10/1/34 | 1,265 | 1,279 | ||
| Tampa Bay FL Water Utility System Revenue | 5.000% | 10/1/37 | 2,040 | 2,140 | ||
| Tampa FL Non-AD Valorem Improvement Revenue (Sustainable Bonds) | 3.000% | 10/1/35 | 2,000 | 1,963 | ||
| Tampa-Hillsborough County FL Expressway Authority Revenue | 5.000% | 7/1/30 | 200 | 220 | ||
| Tampa-Hillsborough County FL Expressway Authority Revenue | 5.000% | 7/1/31 | 250 | 275 | ||
| Tohopekaliga FL Water Authority Utility System Revenue | 4.000% | 10/1/32 | 1,000 | 1,026 | ||
| Village Community FL Development District No. 13 Florida Special Assessment Revenue | 2.850% | 5/1/36 | 1,000 | 828 | ||
| 6 | Village Community FL Development District No.15 Florida Special Assessment Revenue | 4.850% | 5/1/38 | 500 | 499 | |
| Volusia County FL Educational Facilities Authority Revenue (Embry-Riddle Aeronautical University Inc.) | 5.000% | 10/15/29 | 860 | 922 | ||
| Volusia County FL School Board COP | 5.000% | 8/1/25 | 1,650 | 1,705 | ||
| 8 | Wildwood FL Utility Dependent District Revenue (South Sumter Utility Project) | 5.000% | 10/1/34 | 1,410 | 1,646 | |
| 203,263 | ||||||
| Georgia (1.8%) | ||||||
| Albany-Dougherty County GA Hospital Authority Revenue | 5.000% | 9/1/39 | 1,500 | 1,616 | ||
| Athens-Clarke County GA Unified Government Water & Sewerage Revenue | 4.000% | 1/1/32 | 1,000 | 1,008 | ||
| Atlanta GA Airport Passenger Facility Charge Subordinate Lien General Revenue | 5.000% | 7/1/40 | 1,500 | 1,708 | ||
| Atlanta GA Airport Revenue | 5.000% | 1/1/33 | 2,000 | 2,000 | ||
| Atlanta GA Airport Revenue | 5.000% | 7/1/40 | 1,015 | 1,170 | ||
| Atlanta GA Airport Revenue | 4.000% | 7/1/41 | 2,015 | 2,064 | ||
| Atlanta GA GO | 5.000% | 12/1/40 | 5,500 | 6,318 | ||
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Atlanta GA Water & Wastewater Revenue | 5.000% | 11/1/25 | 1,290 | 1,327 | ||
| Atlanta GA Water & Wastewater Revenue | 4.000% | 11/1/36 | 500 | 514 | ||
| Atlanta GA Water & Wastewater Revenue | 5.000% | 11/1/36 | 1,320 | 1,420 | ||
| Augusta Development Authority Revenue (AU Health System Inc. Project) | 5.000% | 7/1/24 | 500 | 503 | ||
| Bartow County GA Development Authority Pollution Control Revenue PUT | 3.950% | 3/8/28 | 1,000 | 1,017 | ||
| Burke County GA Development Authority Pollution Control Revenue Bonds (Georgia Power Co. Plant Vogtle Project) PUT | 3.875% | 3/6/26 | 215 | 217 | ||
| Cobb County GA Kennestone Hospital Authority Revenue | 5.000% | 4/1/24 | 400 | 401 | ||
| Cobb County GA Kennestone Hospital Authority Revenue | 5.000% | 4/1/42 | 1,000 | 1,095 | ||
| Coweta County GA Development Authority Revenue (Piedmont Healthcare Inc. Project) | 5.000% | 7/1/36 | 1,060 | 1,148 | ||
| Dahlonega GA Downtown Development Authority Revenue (North Georgia MAC LLC Project) | 5.000% | 7/1/31 | 810 | 863 | ||
| Dalton GA Utilities Revenue | 4.000% | 3/1/37 | 1,450 | 1,493 | ||
| Fulton County GA Development Authority Revenue (Children's Healthcare of Atlanta Obligated Group) | 5.000% | 7/1/38 | 1,500 | 1,644 | ||
| 6 | Fulton County GA Residential Care Facilities for the Elderly Authority Revenue (Canterbury Court Project) | 4.000% | 4/1/41 | 1,050 | 837 | |
| Gainesville & Hall County GA Hospital Authority Revenue (Northeast Georgia Health System Inc. Project) | 4.000% | 2/15/40 | 1,000 | 1,009 | ||
| Georgia GO | 5.000% | 7/1/24 | 1,500 | 1,517 | ||
| Georgia GO | 5.000% | 7/1/25 | 1,100 | 1,139 | ||
| Georgia GO | 5.000% | 2/1/26 | 4,280 | 4,494 | ||
| Georgia GO | 5.000% | 7/1/26 | 1,340 | 1,422 | ||
| Georgia GO | 5.000% | 7/1/28 | 1,080 | 1,206 | ||
| Georgia GO | 5.000% | 7/1/28 | 5,000 | 5,582 | ||
| Georgia GO | 5.000% | 7/1/31 | 5,000 | 5,573 | ||
| Georgia Municipal Electric Power Authority Revenue | 5.000% | 1/1/33 | 1,335 | 1,510 | ||
| Georgia Ports Authority Revenue | 5.000% | 7/1/38 | 1,250 | 1,447 | ||
| Georgia State Ports Authority Revenue | 4.000% | 7/1/37 | 1,100 | 1,176 | ||
| Griffin-Spalding County GA Hospital Authority Revenue (WellStar Health System Obligated Group) | 5.000% | 4/1/25 | 600 | 614 | ||
| Griffin-Spalding County GA Hospital Authority Revenue (WellStar Health System Obligated Group) | 5.000% | 4/1/31 | 350 | 370 | ||
| Griffin-Spalding County GA Hospital Authority Revenue (WellStar Health System Obligated Group) | 5.000% | 4/1/33 | 1,575 | 1,664 | ||
| Gwinnett County GA School District GO | 5.000% | 8/1/26 | 2,000 | 2,130 | ||
| Gwinnett County GA School District GO | 5.000% | 2/1/28 | 500 | 512 | ||
| Main Street Natural Gas Inc. GA Gas Supply Revenue | 5.000% | 5/15/36 | 250 | 275 | ||
| Main Street Natural Gas Inc. GA Gas Supply Revenue PUT | 4.000% | 12/1/29 | 1,965 | 1,980 | ||
| Main Street Natural Gas Inc. GA Gas Supply Revenue PUT | 5.000% | 3/1/30 | 12,690 | 13,529 | ||
| Main Street Natural Gas Inc. GA Gas Supply Revenue PUT | 5.000% | 6/1/30 | 7,745 | 8,213 | ||
| Main Street Natural Gas Inc. GA Gas Supply Revenue PUT | 5.000% | 9/1/30 | 8,145 | 8,714 | ||
| Main Street Natural Gas Inc. GA Gas Supply Revenue PUT | 5.000% | 12/1/30 | 6,285 | 6,684 | ||
| Main Street Natural Gas Inc. GA Gas Supply Revenue PUT | 5.000% | 6/1/31 | 7,575 | 8,152 | ||
| Main Street Natural Gas Inc. Georgia Gas Project Revenue | 5.000% | 5/15/38 | 675 | 732 | ||
| Main Street Natural Gas Inc. Georgia Gas Project Revenue | 4.000% | 5/15/39 | 350 | 341 | ||
20
Tax-Managed Balanced Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Main Street Natural Gas Inc. Georgia Gas Project Revenue PUT | 4.000% | 12/2/24 | 1,225 | 1,228 | ||
| Main Street Natural Gas Inc. Georgia Gas Project Revenue PUT | 4.000% | 9/1/26 | 3,195 | 3,210 | ||
| Main Street Natural Gas Inc. Georgia Gas Project Revenue PUT | 4.000% | 12/1/28 | 7,085 | 7,133 | ||
| Main Street Natural Gas Inc. Georgia Gas Project Revenue PUT | 5.000% | 6/1/29 | 3,825 | 4,037 | ||
| Main Street Natural Gas Inc. Georgia Gas Supply Revenue PUT | 4.000% | 9/1/27 | 650 | 654 | ||
| Metropolitan Atlanta Rapid Transit Authority Georgia Sales Tax Revenue | 3.000% | 7/1/41 | 2,665 | 2,390 | ||
| Metropolitan Atlanta Rapid Transportation Authority Georgia Sales Tax Revenue | 5.000% | 7/1/31 | 1,410 | 1,492 | ||
| Metropolitan Atlanta Rapid Transportation Authority Georgia Sales Tax Revenue | 4.000% | 7/1/33 | 1,835 | 1,901 | ||
| Metropolitan Atlanta Rapid Transportation Authority Georgia Sales Tax Revenue | 3.000% | 7/1/39 | 2,050 | 1,881 | ||
| Metropolitan Atlanta Rapid Transportation Authority Georgia Sales Tax Revenue | 3.000% | 7/1/40 | 2,500 | 2,261 | ||
| Milledgeville & Baldwin County GA Development Authority Revenue (Georgia College & State University Projects) | 5.000% | 6/15/31 | 600 | 687 | ||
| Monroe County GA Development Authority Pollution Control Revenue Bonds (Georgia Power Co. Plant Scherer Project) PUT | 3.875% | 3/6/26 | 1,000 | 1,008 | ||
| Municipal Electric Authority Georgia Revenue | 5.000% | 1/1/26 | 1,510 | 1,572 | ||
| Municipal Electric Authority Georgia Revenue | 5.000% | 1/1/27 | 1,150 | 1,220 | ||
| 8 | Municipal Electric Authority Georgia Revenue | 5.000% | 1/1/28 | 1,495 | 1,574 | |
| Municipal Electric Authority Georgia Revenue | 5.000% | 1/1/29 | 1,795 | 1,933 | ||
| Municipal Electric Authority Georgia Revenue | 5.000% | 1/1/30 | 1,000 | 1,045 | ||
| Municipal Electric Authority Georgia Revenue | 5.000% | 1/1/35 | 1,715 | 1,738 | ||
| Municipal Electric Authority Georgia Revenue | 5.000% | 1/1/38 | 1,000 | 1,110 | ||
| Municipal Electric Authority Georgia Revenue | 5.000% | 1/1/39 | 1,215 | 1,286 | ||
| 3,6,8 | Municipal Electric Authority Georgia Revenue TOB VRDO | 4.420% | 1/2/24 | 3,200 | 3,200 | |
| Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project J) | 5.000% | 1/1/34 | 1,100 | 1,173 | ||
| 5 | Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project J) | 5.000% | 7/1/35 | 500 | 577 | |
| 5 | Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project M) | 5.000% | 7/1/39 | 500 | 557 | |
| Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project P) | 5.000% | 1/1/28 | 580 | 617 | ||
| Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project P) | 5.000% | 1/1/30 | 810 | 865 | ||
| Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project P) | 5.000% | 1/1/34 | 800 | 853 | ||
| Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project) | 5.000% | 1/1/32 | 500 | 538 | ||
| Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project) | 5.000% | 1/1/33 | 180 | 194 | ||
| Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project) | 5.000% | 1/1/36 | 600 | 642 | ||
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project) | 5.000% | 7/1/41 | 1,190 | 1,276 | ||
| 6 | Private Colleges & University Authority of Georgia Revenue (Emory University) | 5.000% | 9/1/33 | 2,500 | 2,951 | |
| Private Colleges & University Authority of Georgia Revenue (Emory University) | 5.000% | 9/1/36 | 795 | 888 | ||
| Private Colleges & University Authority of Georgia Revenue (Savannah College of Art & Design Projects) | 5.000% | 4/1/30 | 550 | 618 | ||
| Walton County GA Development Authority Revenue (Piedmont Healthcare Inc. Project) | 4.000% | 7/1/38 | 1,145 | 1,162 | ||
| 163,819 | ||||||
| Guam (0.1%) | ||||||
| Guam Government Business Privilege Tax Revenue | 5.000% | 11/15/26 | 735 | 750 | ||
| Guam Government Business Privilege Tax Revenue | 5.000% | 11/15/29 | 865 | 883 | ||
| Guam Government Business Privilege Tax Revenue | 4.000% | 1/1/36 | 650 | 657 | ||
| Guam Government Business Privilege Tax Revenue | 4.000% | 1/1/42 | 750 | 718 | ||
| Guam Power Authority Revenue | 5.000% | 10/1/30 | 2,060 | 2,266 | ||
| Guam Power Authority Revenue | 5.000% | 10/1/32 | 1,000 | 1,121 | ||
| Guam Power Authority Revenue | 5.000% | 10/1/35 | 150 | 166 | ||
| 6,561 | ||||||
| Hawaii (0.3%) | ||||||
| Hawaii Airports System Revenue | 5.000% | 7/1/29 | 1,785 | 2,018 | ||
| Hawaii Airports System Revenue | 4.000% | 7/1/38 | 2,500 | 2,575 | ||
| Hawaii GO | 5.000% | 10/1/25 | 1,575 | 1,638 | ||
| Hawaii GO | 5.000% | 8/1/29 | 595 | 601 | ||
| Hawaii GO | 5.000% | 1/1/36 | 4,115 | 4,485 | ||
| Hawaii GO Prere. | 5.000% | 8/1/24 | 1,500 | 1,518 | ||
| Honolulu HI City & County GO | 5.000% | 7/1/28 | 895 | 995 | ||
| Honolulu HI City & County GO | 5.000% | 10/1/28 | 1,000 | 1,036 | ||
| Honolulu HI City & County GO | 5.000% | 10/1/29 | 4,000 | 4,140 | ||
| Honolulu HI City & County Multifamily Revenue PUT | 5.000% | 6/1/26 | 245 | 255 | ||
| Honolulu HI City & County Wastewater System Revenue Prere. | 5.000% | 7/1/25 | 2,000 | 2,067 | ||
| Honolulu HI City & County Wastewater System Revenue Prere. | 5.000% | 7/1/25 | 1,000 | 1,033 | ||
| Kauai County HI Community Facilities District Special Tax Revenue | 4.375% | 5/15/42 | 1,100 | 999 | ||
| Maui County HI GO | 2.000% | 3/1/41 | 1,000 | 728 | ||
| 24,088 | ||||||
| Idaho (0.1%) | ||||||
| Canyon County School District No. 139 Vallivue GO | 5.000% | 9/15/41 | 2,000 | 2,279 | ||
| Idaho Health Facilities Authority Revenue (St. Luke's Health System Project) | 5.000% | 3/1/28 | 1,595 | 1,710 | ||
| Idaho Housing & Finance Association Sales Tax Revenue | 5.000% | 8/15/31 | 585 | 688 | ||
| Idaho Housing & Finance Association Sales Tax Revenue | 5.000% | 8/15/34 | 550 | 655 | ||
| 5,332 | ||||||
| Illinois (3.4%) | ||||||
| Chicago IL Board of Education Dedicated Capital Improvement Tax Revenue | 6.100% | 4/1/36 | 500 | 532 | ||
| Chicago IL Board of Education Dedicated Capital Improvement Tax Revenue | 5.250% | 4/1/39 | 1,000 | 1,084 | ||
| Chicago IL Board of Education Dedicated Capital Improvement Tax Revenue | 5.000% | 4/1/41 | 500 | 528 | ||
| Chicago IL Board of Education Dedicated Capital Improvement Tax Revenue | 5.500% | 4/1/43 | 1,000 | 1,091 | ||
| Chicago IL Board of Education GO | 5.000% | 12/1/24 | 700 | 705 | ||
| Chicago IL Board of Education GO | 5.000% | 12/1/24 | 1,500 | 1,511 | ||
| Chicago IL Board of Education GO | 7.000% | 12/1/26 | 500 | 529 | ||
| 11 | Chicago IL Board of Education GO | 0.000% | 12/1/28 | 1,000 | 828 | |
21
Tax-Managed Balanced Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Chicago IL Board of Education GO | 5.000% | 12/1/28 | 1,150 | 1,205 | ||
| 11 | Chicago IL Board of Education GO | 0.000% | 12/1/29 | 520 | 414 | |
| 11 | Chicago IL Board of Education GO | 0.000% | 12/1/30 | 1,350 | 1,030 | |
| 5 | Chicago IL Board of Education GO | 5.000% | 12/1/30 | 1,250 | 1,334 | |
| Chicago IL Board of Education GO | 5.000% | 12/1/30 | 500 | 523 | ||
| 11 | Chicago IL Board of Education GO | 0.000% | 12/1/31 | 1,550 | 1,133 | |
| Chicago IL Board of Education GO | 5.500% | 12/1/31 | 1,600 | 1,766 | ||
| Chicago IL Board of Education GO | 5.000% | 12/1/32 | 1,000 | 1,058 | ||
| Chicago IL Board of Education GO | 5.250% | 12/1/35 | 1,225 | 1,226 | ||
| Chicago IL Board of Education GO | 4.000% | 12/1/37 | 1,000 | 974 | ||
| Chicago IL Board of Education GO | 5.500% | 12/1/37 | 1,200 | 1,305 | ||
| Chicago IL Board of Education GO | 4.000% | 12/1/38 | 1,000 | 965 | ||
| Chicago IL Board of Education GO | 5.500% | 12/1/38 | 1,400 | 1,511 | ||
| Chicago IL Board of Education GO | 4.000% | 12/1/42 | 2,000 | 1,823 | ||
| Chicago IL Board of Education Revenue | 5.000% | 4/1/36 | 1,270 | 1,319 | ||
| Chicago IL GO | 5.000% | 1/1/24 | 520 | 520 | ||
| Chicago IL GO | 5.000% | 1/1/26 | 120 | 121 | ||
| Chicago IL GO | 5.000% | 1/1/28 | 930 | 983 | ||
| Chicago IL GO | 5.000% | 1/1/29 | 1,500 | 1,611 | ||
| Chicago IL GO | 5.000% | 1/1/31 | 1,500 | 1,623 | ||
| Chicago IL GO | 5.750% | 1/1/34 | 390 | 410 | ||
| Chicago IL GO | 4.000% | 1/1/35 | 500 | 493 | ||
| Chicago IL GO | 5.250% | 1/1/38 | 1,000 | 1,087 | ||
| Chicago IL GO | 6.000% | 1/1/38 | 500 | 525 | ||
| 11 | Chicago IL GO | 0.000% | 1/1/39 | 1,600 | 798 | |
| Chicago IL GO | 5.500% | 1/1/39 | 1,000 | 1,098 | ||
| Chicago IL GO | 5.500% | 1/1/40 | 1,000 | 1,093 | ||
| Chicago IL GO ETM | 5.000% | 1/1/28 | 160 | 175 | ||
| Chicago IL GO Prere. | 5.000% | 1/1/25 | 215 | 219 | ||
| Chicago IL Housing Authority Revenue | 5.000% | 1/1/33 | 1,000 | 1,070 | ||
| Chicago IL Metropolitan Water Reclamation District GO | 5.000% | 12/1/26 | 2,500 | 2,667 | ||
| Chicago IL Metropolitan Water Reclamation District GO | 5.000% | 12/1/30 | 620 | 719 | ||
| Chicago IL Midway Airport Revenue | 5.000% | 1/1/26 | 240 | 240 | ||
| Chicago IL O'Hare International Airport Revenue | 5.000% | 1/1/25 | 1,010 | 1,029 | ||
| Chicago IL O'Hare International Airport Revenue | 5.000% | 1/1/29 | 3,330 | 3,387 | ||
| Chicago IL O'Hare International Airport Revenue | 5.000% | 1/1/29 | 1,140 | 1,186 | ||
| Chicago IL O'Hare International Airport Revenue | 5.000% | 1/1/30 | 1,000 | 1,038 | ||
| Chicago IL O'Hare International Airport Revenue | 5.000% | 1/1/31 | 1,060 | 1,077 | ||
| Chicago IL O'Hare International Airport Revenue | 5.000% | 1/1/32 | 500 | 500 | ||
| Chicago IL O'Hare International Airport Revenue | 5.000% | 1/1/33 | 1,000 | 1,016 | ||
| Chicago IL O'Hare International Airport Revenue | 5.000% | 1/1/34 | 2,430 | 2,759 | ||
| Chicago IL O'Hare International Airport Revenue | 4.000% | 1/1/35 | 3,000 | 3,155 | ||
| Chicago IL O'Hare International Airport Revenue | 4.000% | 1/1/35 | 3,500 | 3,681 | ||
| Chicago IL O'Hare International Airport Revenue | 5.000% | 1/1/35 | 1,855 | 1,921 | ||
| Chicago IL O'Hare International Airport Revenue | 5.000% | 1/1/35 | 2,835 | 3,212 | ||
| Chicago IL O'Hare International Airport Revenue | 5.000% | 1/1/35 | 2,000 | 2,123 | ||
| Chicago IL O'Hare International Airport Revenue | 5.000% | 1/1/36 | 1,000 | 1,166 | ||
| 8 | Chicago IL O'Hare International Airport Revenue | 5.000% | 1/1/36 | 1,000 | 1,134 | |
| Chicago IL O'Hare International Airport Revenue | 4.000% | 1/1/38 | 1,000 | 1,026 | ||
| Chicago IL O'Hare International Airport Revenue | 5.000% | 1/1/38 | 1,080 | 1,168 | ||
| Chicago IL O'Hare International Airport Revenue | 5.000% | 1/1/39 | 1,000 | 1,077 | ||
| Chicago IL O'Hare International Airport Revenue | 4.000% | 1/1/43 | 1,000 | 1,017 | ||
| 8 | Chicago IL Park District GO | 5.000% | 1/1/29 | 1,000 | 1,095 | |
| 8 | Chicago IL Park District GO | 5.000% | 1/1/32 | 1,225 | 1,272 | |
| 8 | Chicago IL Park District GO | 5.000% | 1/1/33 | 1,000 | 1,073 | |
| 5 | Chicago IL Revenue | 5.000% | 11/1/32 | 1,000 | 1,181 | |
| Chicago IL Wastewater Transmission Revenue | 5.000% | 1/1/28 | 1,000 | 1,053 | ||
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Chicago IL Wastewater Transmission Revenue | 5.000% | 1/1/29 | 1,580 | 1,582 | ||
| 11 | Chicago IL Wastewater Transmission Revenue | 5.500% | 1/1/30 | 1,210 | 1,316 | |
| Chicago IL Waterworks Revenue | 5.000% | 11/1/30 | 1,000 | 1,013 | ||
| Chicago Park District GO | 5.000% | 1/1/31 | 460 | 461 | ||
| Chicago Park District GO Prere. | 5.000% | 1/1/24 | 540 | 540 | ||
| Cook County IL Community College District GO | 5.250% | 12/1/32 | 1,000 | 1,000 | ||
| 5 | Cook County IL GO | 5.000% | 11/15/26 | 1,545 | 1,646 | |
| Cook County IL GO | 5.000% | 11/15/30 | 1,635 | 1,731 | ||
| Cook County IL Sales Tax Revenue | 5.000% | 11/15/38 | 1,665 | 1,824 | ||
| 5 | Cook County IL School District No. 87 Berkeley GO | 3.000% | 12/1/37 | 500 | 450 | |
| Cook Kane Lake & McHenry Counties IL Community College District No. 512 (William Rainey Harper College) GO | 3.000% | 12/15/35 | 2,500 | 2,439 | ||
| Illinois Finance Authority Revenue | 5.000% | 10/1/35 | 1,060 | 1,090 | ||
| Illinois Finance Authority Revenue | 4.000% | 7/1/37 | 2,040 | 2,058 | ||
| Illinois Finance Authority Revenue | 4.000% | 7/1/42 | 2,350 | 2,260 | ||
| Illinois Finance Authority Revenue (Advocate Health Care Network) Prere. | 5.000% | 8/1/24 | 1,550 | 1,567 | ||
| Illinois Finance Authority Revenue (Advocate Health Care Network) Prere. | 5.000% | 8/1/24 | 2,550 | 2,577 | ||
| Illinois Finance Authority Revenue (Benedictine University) | 4.000% | 10/1/33 | 500 | 449 | ||
| Illinois Finance Authority Revenue (Centegra Health System) Prere. | 5.000% | 9/1/24 | 1,300 | 1,316 | ||
| Illinois Finance Authority Revenue (Clean Water Initiative) | 5.000% | 1/1/26 | 1,580 | 1,652 | ||
| Illinois Finance Authority Revenue (Clean Water Initiative) | 5.000% | 1/1/31 | 1,000 | 1,040 | ||
| Illinois Finance Authority Revenue (Clean Water Initiative) | 5.000% | 7/1/31 | 1,000 | 1,071 | ||
| Illinois Finance Authority Revenue (DePaul University) | 5.000% | 10/1/33 | 1,000 | 1,050 | ||
| Illinois Finance Authority Revenue (DePaul University) | 5.000% | 10/1/34 | 1,000 | 1,049 | ||
| Illinois Finance Authority Revenue (Edward Elmhurst Obligated Group) Prere. | 5.000% | 1/1/27 | 1,000 | 1,068 | ||
| Illinois Finance Authority Revenue (Franciscan Communities Inc.) | 5.000% | 5/15/37 | 1,000 | 999 | ||
| Illinois Finance Authority Revenue (Lake Forest College) | 5.000% | 10/1/35 | 500 | 533 | ||
| Illinois Finance Authority Revenue (Lake Zurick Community Unit School District No. 95 Project) | 4.000% | 1/15/27 | 1,745 | 1,819 | ||
| Illinois Finance Authority Revenue (Mercy Health System) | 4.000% | 12/1/28 | 1,000 | 1,022 | ||
| Illinois Finance Authority Revenue (Northshore-Edward-Elmhurst Health Credit Group) | 5.000% | 8/15/41 | 4,000 | 4,396 | ||
| 3 | Illinois Finance Authority Revenue (Northshore-Edward-Elmhurst Health Credit Group) VRDO | 3.870% | 1/2/24 | 4,100 | 4,100 | |
| Illinois Finance Authority Revenue (Northwest Community Hospital) Prere. | 5.000% | 7/1/26 | 1,000 | 1,057 | ||
| Illinois Finance Authority Revenue (Northwestern Memorial Healthcare) | 3.000% | 7/15/40 | 1,000 | 883 | ||
| 3 | Illinois Finance Authority Revenue (Northwestern Memorial Healthcare) VRDO | 4.000% | 1/2/24 | 23,940 | 23,940 | |
| Illinois Finance Authority Revenue (OSF Healthcare System) | 4.000% | 11/15/33 | 1,000 | 1,003 | ||
| Illinois Finance Authority Revenue (Rush University Medical Center) | 5.000% | 11/15/33 | 1,050 | 1,067 | ||
| Illinois Finance Authority Revenue (University of Chicago) | 5.000% | 10/1/33 | 1,500 | 1,821 | ||
| Illinois Finance Authority Revenue (University of Chicago) | 5.000% | 10/1/35 | 1,000 | 1,009 | ||
| Illinois GO | 4.000% | 3/1/24 | 750 | 751 | ||
| Illinois GO | 5.000% | 10/1/24 | 1,470 | 1,489 | ||
| Illinois GO | 5.000% | 11/1/24 | 1,785 | 1,811 | ||
| Illinois GO | 5.000% | 7/1/26 | 1,000 | 1,048 | ||
| Illinois GO | 5.000% | 6/1/27 | 1,070 | 1,111 | ||
| Illinois GO | 5.000% | 7/1/27 | 1,000 | 1,068 | ||
| Illinois GO | 5.000% | 10/1/27 | 1,640 | 1,757 | ||
22
Tax-Managed Balanced Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Illinois GO | 5.000% | 2/1/28 | 1,690 | 1,791 | ||
| Illinois GO | 5.000% | 7/1/28 | 1,000 | 1,087 | ||
| Illinois GO | 5.000% | 10/1/28 | 2,000 | 2,180 | ||
| Illinois GO | 5.000% | 11/1/28 | 1,050 | 1,127 | ||
| Illinois GO | 5.000% | 7/1/29 | 1,000 | 1,102 | ||
| Illinois GO | 5.000% | 11/1/29 | 1,105 | 1,183 | ||
| Illinois GO | 5.250% | 2/1/30 | 1,900 | 1,902 | ||
| Illinois GO | 5.000% | 5/1/30 | 1,000 | 1,115 | ||
| Illinois GO | 5.000% | 5/1/31 | 1,305 | 1,472 | ||
| Illinois GO | 5.000% | 10/1/31 | 475 | 513 | ||
| Illinois GO | 5.000% | 5/1/32 | 1,500 | 1,709 | ||
| Illinois GO | 5.000% | 5/1/34 | 1,500 | 1,695 | ||
| Illinois GO | 4.000% | 11/1/34 | 1,250 | 1,276 | ||
| Illinois GO | 5.000% | 5/1/35 | 500 | 530 | ||
| Illinois GO | 5.000% | 5/1/35 | 2,150 | 2,418 | ||
| Illinois GO | 4.125% | 10/1/36 | 500 | 513 | ||
| Illinois GO | 5.000% | 5/1/37 | 1,085 | 1,204 | ||
| Illinois GO | 4.000% | 10/1/38 | 1,000 | 1,010 | ||
| Illinois GO | 5.500% | 5/1/39 | 500 | 554 | ||
| Illinois GO | 5.250% | 5/1/40 | 1,110 | 1,235 | ||
| Illinois GO | 4.000% | 10/1/40 | 1,825 | 1,828 | ||
| Illinois GO | 5.250% | 5/1/42 | 2,125 | 2,342 | ||
| Illinois GO | 5.125% | 10/1/43 | 1,000 | 1,090 | ||
| Illinois GO | 5.000% | 12/1/47 | 2,000 | 2,140 | ||
| 6 | Illinois Housing Development Authority Multifamily Revenue TOB | 6.000% | 10/5/40 | 1,000 | 1,022 | |
| Illinois Housing Development Authority Revenue | 3.000% | 10/1/50 | 3,615 | 3,520 | ||
| Illinois Housing Development Authority Revenue | 4.500% | 10/1/52 | 1,875 | 1,911 | ||
| Illinois Housing Development Authority Revenue | 5.250% | 10/1/52 | 1,030 | 1,082 | ||
| 8 | Illinois Sales Tax Revenue | 5.000% | 6/15/28 | 1,000 | 1,037 | |
| Illinois Sales Tax Revenue | 5.000% | 6/15/36 | 1,000 | 1,037 | ||
| Illinois Sales Tax Revenue | 5.000% | 6/15/37 | 1,000 | 1,031 | ||
| Illinois Sports Facilities Authority Revenue (State Tax Supported) | 5.000% | 6/15/29 | 1,075 | 1,137 | ||
| 15 | Illinois State Toll Highway Authority Revenue | 5.000% | 1/1/38 | 2,500 | 2,957 | |
| Illinois State Toll Highway Authority Revenue | 4.000% | 1/1/40 | 2,800 | 2,876 | ||
| Illinois State Toll Highway Authority Revenue | 5.000% | 1/1/42 | 1,180 | 1,339 | ||
| Illinois State Toll Highway Authority Revenue | 5.000% | 1/1/42 | 3,195 | 3,387 | ||
| Illinois State Toll Highway Authority Revenue | 5.000% | 1/1/44 | 1,150 | 1,295 | ||
| Illinois Toll Highway Authority Revenue | 5.000% | 1/1/30 | 1,000 | 1,005 | ||
| Illinois Toll Highway Authority Revenue | 5.000% | 1/1/31 | 1,600 | 1,786 | ||
| Illinois Toll Highway Authority Revenue | 5.000% | 1/1/32 | 500 | 502 | ||
| Illinois Toll Highway Authority Revenue | 5.000% | 1/1/34 | 1,200 | 1,249 | ||
| Illinois Toll Highway Authority Revenue | 5.000% | 1/1/37 | 1,200 | 1,281 | ||
| Illinois Toll Highway Authority Revenue | 5.000% | 1/1/37 | 2,500 | 2,560 | ||
| Illinois Toll Highway Authority Revenue | 5.000% | 1/1/41 | 3,365 | 3,727 | ||
| Illinois Toll Highway Authority Revenue | 4.000% | 1/1/42 | 2,705 | 2,737 | ||
| 8 | Joliet IL GO | 5.250% | 12/15/39 | 1,500 | 1,712 | |
| 8 | Joliet IL GO | 5.500% | 12/15/42 | 1,000 | 1,143 | |
| 5 | Kane County IL School District No. 131 (Aurora East Side) GO | 4.000% | 12/1/33 | 250 | 262 | |
| 5 | Kendall Kane & Will Counties IL Community Unit School District No. 308 GO | 0.000% | 2/1/28 | 5,090 | 4,471 | |
| Lake County IL GO | 4.000% | 11/30/27 | 2,620 | 2,765 | ||
| 5 | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue | 0.000% | 6/15/26 | 910 | 840 | |
| 5 | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue | 0.000% | 6/15/27 | 1,195 | 1,071 | |
| 11 | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue | 5.500% | 6/15/29 | 2,505 | 2,628 | |
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| 11 | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue | 0.000% | 12/15/29 | 2,205 | 1,817 | |
| 11 | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue | 0.000% | 6/15/38 | 2,075 | 1,187 | |
| Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | 5.000% | 12/15/27 | 710 | 763 | ||
| 5,10 | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | 5.500% | 6/15/29 | 400 | 427 | |
| 11 | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | 0.000% | 6/15/31 | 1,540 | 1,203 | |
| 11 | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | 0.000% | 12/15/31 | 360 | 276 | |
| 11 | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | 0.000% | 6/15/32 | 1,215 | 917 | |
| 11 | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | 0.000% | 6/15/33 | 2,130 | 1,554 | |
| 11 | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | 0.000% | 12/15/33 | 6,790 | 4,868 | |
| 11 | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | 0.000% | 6/15/35 | 3,500 | 2,367 | |
| 11 | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | 0.000% | 12/15/37 | 830 | 493 | |
| Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | 0.000% | 12/15/37 | 1,000 | 586 | ||
| Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | 0.000% | 6/15/38 | 1,000 | 564 | ||
| Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | 4.000% | 12/15/42 | 2,500 | 2,498 | ||
| Metropolitan Pier & Exposition Authority Illinois Revenue | 5.250% | 6/15/39 | 1,100 | 1,108 | ||
| 8 | Metropolitan Pier & Exposition Authority Illinois Revenue | 4.000% | 12/15/42 | 1,000 | 1,006 | |
| 15 | Metropolitan Pier & Exposition Authority Illinois Revenue | 5.250% | 6/15/44 | 1,000 | 993 | |
| Northern Illinois Municipal Power Agency Project Revenue | 5.000% | 12/1/26 | 1,070 | 1,140 | ||
| 8 | Northern Illinois University Auxiliary Facilities System Revenue | 4.000% | 10/1/34 | 500 | 518 | |
| Railsplitter Tobacco Settlement Authority Illinois Tobacco Settlement Revenue ETM | 5.000% | 6/1/26 | 1,570 | 1,654 | ||
| Regional Transportation Authority IL Revenue | 5.000% | 6/1/40 | 1,525 | 1,626 | ||
| Regional Transportation Authority Illinois Revenue | 5.000% | 6/1/31 | 1,785 | 1,875 | ||
| Romeoville IL Revenue (Lewis University Project) | 5.000% | 10/1/28 | 1,000 | 1,014 | ||
| Sales Tax Securitization Corp. Illinois Revenue | 5.000% | 1/1/29 | 1,500 | 1,666 | ||
| Sales Tax Securitization Corp. Illinois Revenue | 5.000% | 1/1/33 | 3,000 | 3,522 | ||
| Sales Tax Securitization Corp. Illinois Revenue | 5.000% | 1/1/34 | 1,340 | 1,550 | ||
| Sales Tax Securitization Corp. Illinois Revenue | 5.000% | 1/1/44 | 3,425 | 3,653 | ||
| 8 | Southern Illinois University Housing & Auxiliary Facilities System Revenue | 5.000% | 4/1/29 | 360 | 392 | |
23
Tax-Managed Balanced Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| 8 | Southern Illinois University Housing & Auxiliary Facilities System Revenue | 5.000% | 4/1/30 | 425 | 468 | |
| 8 | Southern Illinois University Housing & Auxiliary Facilities System Revenue | 5.000% | 4/1/31 | 625 | 697 | |
| 8 | Southern Illinois University Housing & Auxiliary Facilities System Revenue | 5.000% | 4/1/32 | 550 | 619 | |
| Southwestern Illinois Development Authority Health Facilities Revenue (Hospital Sisters Services Inc.) | 5.000% | 2/15/28 | 1,000 | 1,068 | ||
| Southwestern Illinois Development Authority Revenue | 5.000% | 4/15/30 | 1,275 | 1,452 | ||
| 8 | Southwestern Illinois Development Authority Revenue | 5.500% | 12/1/37 | 2,850 | 3,312 | |
| University of Illinois Auxiliary Facilities System Revenue | 4.000% | 4/1/31 | 120 | 121 | ||
| University of Illinois Auxiliary Facilities System Revenue | 4.000% | 4/1/33 | 10 | 10 | ||
| 8 | University of Illinois Auxiliary Facilities System Revenue | 3.000% | 4/1/39 | 3,935 | 3,519 | |
| 8 | Will County IL Community High School District No. 210 (Lincoln-Way) GO | 0.000% | 1/1/29 | 1,000 | 846 | |
| 8 | Winnebago & Boone Counties IL School District No. 205 GO | 5.000% | 2/1/31 | 1,305 | 1,473 | |
| 304,333 | ||||||
| Indiana (0.6%) | ||||||
| Ball State University Student Fee Indiana Revenue | 5.000% | 7/1/32 | 425 | 457 | ||
| Ball State University Student Fee Indiana Revenue | 5.000% | 7/1/34 | 1,110 | 1,193 | ||
| Ball State University Student Fee Indiana Revenue | 5.000% | 7/1/35 | 1,450 | 1,556 | ||
| Carmel IN Local Public Improvement Bond Bank Revenue (Special Program Bonds) | 4.000% | 1/15/35 | 1,000 | 1,031 | ||
| Crown Point IN Multi School Building Corp. Revenue | 5.000% | 7/15/28 | 490 | 540 | ||
| Duneland IN School Building Corp. Ad Valorem Property Tax First Mortgage Bonds Revenue | 5.000% | 1/15/24 | 495 | 495 | ||
| Duneland IN School Building Corp. Ad Valorem Property Tax First Mortgage Bonds Revenue | 5.000% | 7/15/24 | 850 | 859 | ||
| 8 | Evansville IN Waterworks District Revenue | 5.000% | 7/1/39 | 1,000 | 1,124 | |
| Hammond IN Multi-School Building Corp. Revenue | 5.000% | 1/15/29 | 790 | 851 | ||
| Indiana Finance Authority Health System Revenue (Indiana University Health) PUT | 5.000% | 7/1/28 | 1,420 | 1,539 | ||
| Indiana Finance Authority Health System Revenue (Indiana University Health) PUT | 5.000% | 7/1/32 | 1,500 | 1,725 | ||
| Indiana Finance Authority Hospital Revenue (Indiana University Health Obligated Group) | 5.000% | 12/1/33 | 1,390 | 1,433 | ||
| Indiana Finance Authority Hospital Revenue (Parkview Health Systems Obligated Group) | 5.000% | 5/1/27 | 700 | 748 | ||
| Indiana Finance Authority Hospital Revenue (Parkview Health Systems Obligated Group) | 5.000% | 5/1/30 | 450 | 509 | ||
| Indiana Finance Authority Midwestern Disaster Relief Revenue (Ohio Valley Electric Corp.) | 4.250% | 11/1/30 | 500 | 506 | ||
| Indiana Finance Authority Revenue (Butler University Project) | 5.000% | 2/1/29 | 1,020 | 1,115 | ||
| Indiana Finance Authority Revenue (Franciscan Alliance Inc.) | 5.000% | 11/1/29 | 1,175 | 1,280 | ||
| Indiana Finance Authority Revenue (Franciscan Alliance Inc.) | 5.000% | 11/1/30 | 1,520 | 1,655 | ||
| Indiana Finance Authority Revenue (Franciscan Alliance Inc.) | 5.000% | 11/1/31 | 1,130 | 1,224 | ||
| Indiana Finance Authority Revenue (Franciscan Alliance Inc.) | 4.000% | 11/1/35 | 1,685 | 1,730 | ||
| Indiana Finance Authority Revenue (Marquette Project) | 5.000% | 3/1/24 | 1,645 | 1,646 | ||
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Indiana Finance Authority Revenue (Marquette Project) | 5.000% | 3/1/25 | 650 | 653 | ||
| Indiana Finance Authority Revenue (Stadium Project) | 5.250% | 2/1/30 | 1,075 | 1,110 | ||
| Indiana Finance Authority Revenue (Stadium Project) | 4.000% | 2/1/34 | 1,000 | 1,074 | ||
| 15 | Indiana Finance Authority Wastewater Utility Revenue (CWA Authority Project) | 5.000% | 10/1/39 | 1,270 | 1,414 | |
| Indiana Finance Authority Wastewater Utility Revenue (CWA Authority Project) | 3.000% | 10/1/41 | 1,000 | 889 | ||
| 15 | Indiana Finance Authority Wastewater Utility Revenue (CWA Authority Project) | 5.000% | 10/1/41 | 250 | 276 | |
| Indiana Municipal Power Agency Revenue | 5.000% | 1/1/34 | 1,415 | 1,478 | ||
| Indiana Municipal Power Agency Revenue | 5.000% | 1/1/36 | 1,000 | 1,082 | ||
| Indiana Municipal Power Agency Revenue | 5.000% | 1/1/39 | 4,575 | 4,715 | ||
| Indianapolis Department of Public Utilities Water System Revenue | 5.000% | 10/1/35 | 1,460 | 1,601 | ||
| Indianapolis Local Public Improvement Bond Bank Revenue (Cityway 1 Project) | 5.000% | 2/1/32 | 1,345 | 1,346 | ||
| Indianapolis Local Public Improvement Bond Revenue | 5.000% | 6/1/31 | 1,000 | 1,144 | ||
| Indianapolis Public School GO | 5.000% | 1/15/27 | 500 | 537 | ||
| IPS Multi-School Building Corp. IN Revenue | 5.000% | 7/15/28 | 1,390 | 1,417 | ||
| IPS Multi-School Building Corp. IN Revenue | 5.000% | 7/15/37 | 1,050 | 1,194 | ||
| Ivy IN Tech Community College Revenue | 5.000% | 7/1/32 | 870 | 949 | ||
| Ivy IN Tech Community College Revenue | 5.000% | 7/1/33 | 880 | 958 | ||
| Merrillville Multi School Building Corp. Revenue | 5.000% | 1/15/42 | 3,890 | 4,317 | ||
| Richmond IN Hospital Authority Revenue (Reid Hospital & Health Care Services Inc.) | 5.000% | 1/1/24 | 720 | 720 | ||
| Seymour IN Elementary School Building Corp. Ad Valorem Property Tax First Mortgage Bonds Revenue | 5.000% | 7/15/35 | 750 | 887 | ||
| Silver Creek IN School Building Corp. Revenue (Valorem Property) | 3.000% | 1/15/35 | 1,200 | 1,196 | ||
| Tippecanoe County IN School Building Corp. Revenue | 4.000% | 7/15/32 | 1,070 | 1,135 | ||
| 53,308 | ||||||
| Iowa (0.2%) | ||||||
| Iowa Board of Regents Hospital Revenue (University of Iowa Hospitals & Clinics) | 3.000% | 9/1/39 | 2,000 | 1,794 | ||
| Iowa City IA Community School District GO | 3.000% | 6/1/30 | 3,725 | 3,689 | ||
| Iowa Finance Authority Health Facilities Revenue (Mercy Medical Center Project) | 5.000% | 8/15/27 | 1,435 | 1,436 | ||
| Iowa Finance Authority Midwestern Disaster Area Revenue (Iowa Fertilizer Company Project) PUT | 4.000% | 12/1/32 | 1,000 | 1,013 | ||
| Iowa Finance Authority Midwestern Disaster Area Revenue (Iowa Fertilizer Company Project) PUT | 5.000% | 12/1/42 | 2,500 | 2,604 | ||
| Iowa Higher Education Loan Authority Revenue (Des Moines University Projects) | 5.000% | 10/1/35 | 1,250 | 1,346 | ||
| Iowa Tobacco Settlement Authority Revenue | 4.000% | 6/1/36 | 1,000 | 1,026 | ||
| Iowa Tobacco Settlement Authority Revenue | 4.000% | 6/1/49 | 3,135 | 3,152 | ||
| Xenia IA Rural Water District Revenue | 5.000% | 12/1/28 | 1,000 | 1,064 | ||
| 17,124 | ||||||
| Kansas (0.2%) | ||||||
| 5 | Ellis County KS Unified School District No. 489 Hays GO | 5.000% | 9/1/42 | 1,500 | 1,657 | |
24
Tax-Managed Balanced Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Johnson County KS Public Building Commission (Courthouse & Medical Examiners Facilities) Revenue | 4.000% | 9/1/27 | 1,000 | 1,034 | ||
| Johnson County KS Unified School District No. 512 (Shawnee Mission) GO | 4.000% | 10/1/42 | 5,115 | 5,202 | ||
| Johnson County KS Unified School District No. 512 (Shawnee Mission) GO | 4.000% | 10/1/43 | 1,475 | 1,498 | ||
| Kansas Department of Transportation Highway Revenue | 5.000% | 9/1/26 | 700 | 709 | ||
| Kansas Development Finance Authority Hospital Revenue (Adventhealth Obligated Group) Prere. | 5.000% | 11/15/28 | 70 | 78 | ||
| Kansas Development Finance Authority Hospital Revenue (Adventhealth Obligated Group) PUT | 5.000% | 11/15/28 | 505 | 552 | ||
| Kansas Development Finance Authority Hospital Revenue (Adventhealth Obligated Group) PUT | 5.000% | 11/15/31 | 1,000 | 1,145 | ||
| Lyon County KS Unified School District No 253. GO | 4.000% | 9/1/32 | 350 | 363 | ||
| Shawnee County KS Unified School District No. 437 (Auburn - Washburn) GO | 5.000% | 9/1/39 | 1,500 | 1,712 | ||
| Wyandotte County KS Unified School District No. 500 GO Prere. | 4.000% | 9/1/26 | 4,000 | 4,155 | ||
| 18,105 | ||||||
| Kentucky (0.7%) | ||||||
| Carroll County KY Pollution Control Revenue (Kentucky Utilities Co. Project) PUT | 1.550% | 9/1/26 | 1,000 | 929 | ||
| Kentucky Bond Development Corp. Educational Facilities Revenue (Centre College) | 4.000% | 6/1/34 | 225 | 235 | ||
| Kentucky Bond Development Corp. Transient Room Tax Revenue (Lexington Center Corp. Project) | 5.000% | 9/1/29 | 1,980 | 2,188 | ||
| 11 | Kentucky Economic Development Finance Authority Health System Revenue (Norton Healthcare Inc. & Affiliates) | 0.000% | 10/1/25 | 1,220 | 1,141 | |
| Kentucky Economic Development Finance Authority Hospital Revenue (Baptist Healthcare System Obligated Group) | 5.000% | 8/15/31 | 1,575 | 1,672 | ||
| 11 | Kentucky Municipal Power Agency Power System Revenue | 5.000% | 9/1/29 | 1,000 | 1,025 | |
| 8 | Kentucky Property & Building Commission Revenue | 5.000% | 5/1/34 | 1,000 | 1,089 | |
| Kentucky Public Energy Authority Gas Supply Revenue | 4.000% | 4/1/48 | 9,220 | 9,243 | ||
| Kentucky Public Energy Authority Gas Supply Revenue PUT | 4.000% | 1/1/25 | 6,655 | 6,657 | ||
| Kentucky Public Energy Authority Gas Supply Revenue PUT | 4.000% | 6/1/25 | 895 | 897 | ||
| Kentucky Public Energy Authority Gas Supply Revenue PUT | 4.000% | 6/1/25 | 3,095 | 3,101 | ||
| Kentucky Public Energy Authority Gas Supply Revenue PUT | 4.000% | 6/1/26 | 1,895 | 1,885 | ||
| Kentucky Public Energy Authority Gas Supply Revenue PUT | 4.000% | 2/1/28 | 8,880 | 8,904 | ||
| Kentucky Public Energy Authority Gas Supply Revenue PUT | 4.000% | 8/1/30 | 5,065 | 5,084 | ||
| Kentucky Public Energy Authority Gas Supply Revenue PUT | 5.250% | 2/1/32 | 5,480 | 5,972 | ||
| 4 | Kentucky Public Energy Authority Gas Supply Revenue PUT, SOFR + 1.200% | 4.811% | 8/1/30 | 2,000 | 1,940 | |
| Kentucky State Property & Building Commission Revenue | 5.000% | 11/1/27 | 155 | 168 | ||
| Kentucky State Property & Building Commission Revenue | 5.000% | 11/1/28 | 215 | 237 | ||
| Kentucky Turnpike Authority Economic Development Road Revenue (Revitalization Projects) | 5.000% | 7/1/31 | 250 | 290 | ||
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Louisville & Jefferson County KY Metropolitan Government Health System Revenue (Norton Healthcare Inc.) PUT | 5.000% | 10/1/29 | 2,180 | 2,371 | ||
| Louisville & Jefferson County KY Metropolitan Government Revenue (Gas & Electric Co. Project) | 2.000% | 10/1/33 | 1,500 | 1,284 | ||
| Owen County KY Revenue (American Water Capital Corp.) PUT | 2.450% | 10/1/29 | 500 | 470 | ||
| Owen County KY Revenue (American Water Capital Corp.) PUT | 2.450% | 10/1/29 | 1,000 | 940 | ||
| University of Kentucky Revenue | 3.500% | 4/1/30 | 1,380 | 1,437 | ||
| 59,159 | ||||||
| Louisiana (0.4%) | ||||||
| East Baton Rouge LA Sewerage Commission Revenue PUT | 1.300% | 2/1/28 | 1,000 | 891 | ||
| Lafayette Parish LA School Board Sale Tax Revenue | 5.000% | 4/1/35 | 500 | 595 | ||
| Louisiana Gasoline & Fuel Tax Revenue | 5.000% | 5/1/35 | 1,065 | 1,141 | ||
| Louisiana Gasoline & Fuel Tax Revenue | 3.000% | 5/1/41 | 500 | 444 | ||
| Louisiana Gasoline & Fuel Tax Revenue Prere. | 4.500% | 5/1/25 | 2,000 | 2,042 | ||
| 4 | Louisiana Gasoline & Fuel Tax Revenue PUT, SOFR + 0.500% | 4.273% | 5/1/26 | 490 | 480 | |
| Louisiana GO | 5.000% | 2/1/27 | 2,000 | 2,149 | ||
| Louisiana GO | 5.000% | 2/1/28 | 1,500 | 1,651 | ||
| Louisiana Local Government Environmental Facilities & Community Development Authority Insurance Assessment Revenue | 5.000% | 8/15/32 | 2,315 | 2,461 | ||
| 6 | Louisiana Local Government Environmental Facilities & Community Development Authority Insurance Assessment Revenue | 4.250% | 8/15/34 | 1,250 | 1,254 | |
| Louisiana Local Government Environmental Facilities & Community Development Authority Insurance Assessment Revenue | 5.000% | 8/15/34 | 1,885 | 1,994 | ||
| Louisiana Local Government Environmental Facilities & Community Development Authority Insurance Assessment Revenue | 5.000% | 8/15/36 | 3,930 | 4,131 | ||
| Louisiana Local Government Environmental Facilities & Community Development Authority Insurance Assessment Revenue | 5.000% | 8/15/37 | 3,970 | 4,153 | ||
| 8 | Louisiana Local Government Environmental Facilities & Community Development Authority Revenue | 5.000% | 10/1/29 | 1,315 | 1,448 | |
| Louisiana Offshore Terminal Authority Deepwater Port Revenue PUT | 4.200% | 9/1/28 | 1,000 | 1,033 | ||
| Louisiana Public Facilities Authority Hospital Revenue (Louisiana Children's Medical Center) | 5.000% | 6/1/36 | 1,250 | 1,323 | ||
| Louisiana Public Facilities Authority Hospital Revenue (Tulane University of Louisiana) | 5.000% | 10/15/34 | 350 | 412 | ||
| Louisiana Public Facilities Authority Hospital Revenue (Tulane University of Louisiana) | 5.000% | 4/1/37 | 1,270 | 1,411 | ||
| Louisiana Public Facilities Authority Hospital Revenue (Tulane University of Louisiana) | 5.000% | 10/15/39 | 275 | 312 | ||
| Louisiana Public Facilities Authority Revenue (Ochsner Clinic Projects) PUT | 5.000% | 5/15/25 | 460 | 469 | ||
| Louisiana Stadium & Exposition District Revenue | 5.000% | 7/1/38 | 1,000 | 1,136 | ||
| Louisiana Stadium & Exposition District Revenue | 5.000% | 7/1/40 | 1,000 | 1,124 | ||
25
Tax-Managed Balanced Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| 5 | New Orleans LA Aviation Board Revenue | 5.000% | 10/1/27 | 875 | 949 | |
| St. John the Baptish Parish LA Revenue (Marathon Oil Corp. Project) PUT | 2.125% | 7/1/24 | 715 | 705 | ||
| St. John the Baptish Parish LA Revenue (Marathon Oil Corp. Project) PUT | 2.375% | 7/1/26 | 725 | 689 | ||
| St. John the Baptist Parish LA Revenue (Marathon Oil Corp. Project) PUT | 4.050% | 7/1/26 | 530 | 524 | ||
| St. John the Baptist Parish LA School District No. 1 GO | 5.250% | 3/1/33 | 3,170 | 3,606 | ||
| Tangipahoa Parish LA Hospital Service District No. 1 Revenue (North Oaks Health System Project) | 4.000% | 2/1/36 | 2,000 | 2,039 | ||
| 40,566 | ||||||
| Maine (0.1%) | ||||||
| Maine Health & Higher Educational Facilities Authority Revenue (Mainehealth) | 5.000% | 7/1/29 | 445 | 481 | ||
| Maine Health & Higher Educational Facilities Authority Revenue (Mainehealth) | 5.000% | 7/1/30 | 600 | 645 | ||
| 5 | Maine Health & Higher Educational Facilities Authority Revenue (Mainehealth) | 4.000% | 7/1/36 | 150 | 157 | |
| 5 | Maine Health & Higher Educational Facilities Authority Revenue (Mainehealth) | 5.500% | 7/1/38 | 500 | 579 | |
| 5 | Maine Health & Higher Educational Facilities Authority Revenue (Mainehealth) | 5.500% | 7/1/42 | 750 | 850 | |
| Maine Municipal Bond Bank Revenue | 4.000% | 11/1/38 | 800 | 837 | ||
| Maine Turnpike Authority Revenue | 4.000% | 7/1/38 | 1,145 | 1,194 | ||
| Portland ME General Airport Revenue | 4.000% | 1/1/39 | 820 | 824 | ||
| Portland ME General Airport Revenue | 4.000% | 1/1/40 | 1,155 | 1,157 | ||
| 6,724 | ||||||
| Maryland (0.7%) | ||||||
| Anne Arundel County MD GO | 5.000% | 10/1/27 | 1,455 | 1,514 | ||
| Anne Arundel County MD GO | 5.000% | 4/1/28 | 1,075 | 1,193 | ||
| Baltimore County MD GO | 4.000% | 3/1/30 | 1,200 | 1,253 | ||
| Baltimore MD Project Revenue | 5.000% | 7/1/24 | 2,095 | 2,116 | ||
| Harford County MD GO | 5.000% | 10/1/25 | 2,000 | 2,084 | ||
| Howard County MD Housing Commission General Revenue (Columbia Landing Apartments) | 1.600% | 6/1/29 | 1,000 | 918 | ||
| Maryland Community Development Administration Department of Housing & Community Development Residential Revenue | 2.100% | 9/1/41 | 1,350 | 988 | ||
| Maryland Community Development Administration Residential Revenue | 5.000% | 9/1/52 | 975 | 1,012 | ||
| Maryland Department of Transportation Revenue | 5.000% | 12/1/25 | 60 | 63 | ||
| Maryland Department of Transportation Revenue | 5.000% | 12/1/29 | 65 | 75 | ||
| Maryland Department of Transportation Revenue | 4.000% | 12/15/29 | 1,365 | 1,365 | ||
| Maryland Department of Transportation Revenue | 3.000% | 10/1/30 | 2,620 | 2,610 | ||
| Maryland Economic Development Corp. Student Housing Revenue | 5.375% | 7/1/38 | 1,250 | 1,351 | ||
| Maryland GO | 5.000% | 8/1/25 | 9,380 | 9,732 | ||
| Maryland GO | 4.000% | 8/1/26 | 1,970 | 1,970 | ||
| Maryland GO | 5.000% | 8/1/26 | 2,110 | 2,244 | ||
| Maryland GO | 5.000% | 3/15/28 | 4,280 | 4,617 | ||
| Maryland GO | 3.250% | 8/1/30 | 1,000 | 1,000 | ||
| Maryland Health & Higher Educational Facilities Authority Revenue PUT | 5.000% | 7/1/27 | 1,000 | 1,058 | ||
| Maryland Health & Higher Educational Facilities Authority Revenue (Adventist Healthcare Obligated Group) | 5.500% | 1/1/31 | 1,950 | 2,079 | ||
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Maryland Health & Higher Educational Facilities Authority Revenue (Adventist Healthcare) | 5.000% | 1/1/28 | 165 | 175 | ||
| Maryland Health & Higher Educational Facilities Authority Revenue (Anne Arundel Health System) | 5.000% | 7/1/31 | 750 | 788 | ||
| Maryland Health & Higher Educational Facilities Authority Revenue (Frederick Health System) | 5.000% | 7/1/27 | 500 | 532 | ||
| 4,6 | Maryland Health & Higher Educational Facilities Authority Revenue (Maryland Medical System) PUT, SIFMA Municipal Swap Index Yield + 0.540% | 4.410% | 12/8/27 | 3,470 | 3,470 | |
| Maryland Health & Higher Educational Facilities Authority Revenue (Meritus Medical Center Inc.) | 5.000% | 7/1/33 | 1,215 | 1,243 | ||
| Maryland Health & Higher Educational Facilities Authority Revenue (Stevenson University) | 5.000% | 6/1/29 | 270 | 290 | ||
| Maryland Health & Higher Educational Facilities Authority Revenue (University of Pittsburgh Medical Center) | 4.000% | 4/15/38 | 1,000 | 1,017 | ||
| Maryland State Stadium Authority Built Learn Revenue | 5.000% | 6/1/32 | 1,000 | 1,181 | ||
| Maryland State Stadium Authority Built Learn Revenue | 4.000% | 6/1/36 | 1,000 | 1,050 | ||
| Maryland State Stadium Authority Built Learn Revenue | 4.000% | 6/1/40 | 1,200 | 1,234 | ||
| Maryland State Stadium Authority Hagerstown Multi-Use Sports & Events Facility Lease Revenue | 5.000% | 6/1/39 | 1,885 | 2,141 | ||
| Maryland State Stadium Authority Revenue | 5.000% | 3/1/29 | 1,000 | 1,120 | ||
| Maryland State Stadium Authority Revenue Prere. | 5.000% | 5/1/26 | 3,390 | 3,577 | ||
| Maryland Transportation Authority Facilities Projects Revenue | 2.000% | 7/1/35 | 1,500 | 1,257 | ||
| Montgomery County MD GO | 4.000% | 11/1/28 | 2,390 | 2,518 | ||
| Montgomery County MD GO Prere. | 4.000% | 11/1/24 | 1,000 | 1,009 | ||
| Montgomery County MD GO Prere. | 5.000% | 11/1/24 | 1,000 | 1,018 | ||
| Washington MD Suburban Sanitary Commission Revenue | 4.000% | 6/15/33 | 1,000 | 1,037 | ||
| 63,899 | ||||||
| Massachusetts (1.0%) | ||||||
| Massachusetts Bay Transportation Authority Revenue | 5.000% | 7/1/27 | 2,635 | 2,805 | ||
| 11 | Massachusetts Bay Transportation Authority Sales Tax Revenue | 5.500% | 7/1/25 | 2,530 | 2,635 | |
| 11 | Massachusetts Bay Transportation Authority Sales Tax Revenue | 5.500% | 7/1/26 | 410 | 439 | |
| Massachusetts Bay Transportation Authority Sales Tax Revenue | 5.000% | 7/1/31 | 955 | 1,134 | ||
| Massachusetts Bay Transportation Authority Sales Tax Revenue | 5.000% | 7/1/38 | 3,290 | 3,550 | ||
| Massachusetts Bay Transportation Authority Sales Tax Revenue | 5.000% | 7/1/40 | 1,125 | 1,206 | ||
| Massachusetts Clean Water Trust Revolving Fund Refunding Revenue | 5.000% | 2/1/27 | 1,000 | 1,080 | ||
| 16 | Massachusetts Development Finance Agency Revenue (Agawam Village Issue) PUT | 5.000% | 11/1/25 | 500 | 512 | |
| Massachusetts Development Finance Agency Revenue (Beth Israel Lahey Health Inc.) | 5.000% | 7/1/31 | 1,500 | 1,650 | ||
| Massachusetts Development Finance Agency Revenue (Beth Israel Lahey Health Inc.) | 5.000% | 7/1/32 | 1,665 | 1,929 | ||
| Massachusetts Development Finance Agency Revenue (Beth Israel Lahey Health Inc.) | 5.000% | 7/1/34 | 1,415 | 1,644 | ||
| Massachusetts Development Finance Agency Revenue (Boston College) | 5.000% | 7/1/37 | 1,750 | 1,873 | ||
| Massachusetts Development Finance Agency Revenue (CareGroup Inc.) | 5.000% | 7/1/29 | 1,225 | 1,328 | ||
26
Tax-Managed Balanced Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Massachusetts Development Finance Agency Revenue (CareGroup Inc.) | 5.000% | 7/1/38 | 1,085 | 1,150 | ||
| 4,6 | Massachusetts Development Finance Agency Revenue (General Brigham Inc.) PUT, SIFMA Municipal Swap Index Yield + 0.600% | 4.470% | 1/29/26 | 1,000 | 991 | |
| Massachusetts Development Finance Agency Revenue (Green Bonds) | 5.000% | 11/15/32 | 1,625 | 1,990 | ||
| Massachusetts Development Finance Agency Revenue (Lahey Clinic Obligated Group) | 5.000% | 7/1/34 | 500 | 548 | ||
| Massachusetts Development Finance Agency Revenue (Lesley University) | 5.000% | 7/1/38 | 385 | 397 | ||
| Massachusetts Development Finance Agency Revenue (Merrimack College) | 5.000% | 7/1/37 | 800 | 859 | ||
| Massachusetts Development Finance Agency Revenue (Simmons University) | 5.000% | 10/1/33 | 1,000 | 1,052 | ||
| Massachusetts Development Finance Agency Revenue (Southcoast Health System) | 5.000% | 7/1/28 | 200 | 216 | ||
| Massachusetts Development Finance Agency Revenue (UMass Memorial Medical Center) | 5.000% | 7/1/25 | 1,275 | 1,302 | ||
| Massachusetts Development Finance Agency Revenue (UMass Student Housing Project) | 5.000% | 10/1/32 | 525 | 533 | ||
| Massachusetts Development Finance Agency Revenue (Wellforce Inc.) | 5.000% | 7/1/34 | 2,000 | 2,061 | ||
| Massachusetts Development Finance Agency Revenue (Western New England University) | 5.000% | 9/1/32 | 1,105 | 1,143 | ||
| Massachusetts GO | 5.000% | 9/1/25 | 3,850 | 4,000 | ||
| Massachusetts GO | 5.000% | 9/1/28 | 5,530 | 6,198 | ||
| Massachusetts GO | 5.000% | 10/1/30 | 6,000 | 7,034 | ||
| Massachusetts GO | 5.000% | 5/1/31 | 1,675 | 1,676 | ||
| Massachusetts GO | 5.250% | 1/1/34 | 2,665 | 3,020 | ||
| Massachusetts GO | 5.000% | 7/1/35 | 1,000 | 1,031 | ||
| Massachusetts GO | 5.000% | 5/1/37 | 1,000 | 1,191 | ||
| Massachusetts GO | 5.000% | 9/1/38 | 3,500 | 3,801 | ||
| Massachusetts GO | 5.000% | 5/1/40 | 2,255 | 2,457 | ||
| Massachusetts GO | 2.000% | 3/1/41 | 1,000 | 721 | ||
| Massachusetts GO | 5.000% | 11/1/43 | 2,500 | 2,831 | ||
| Massachusetts Housing Finance Agency Revenue | 4.000% | 12/1/27 | 1,000 | 1,017 | ||
| Massachusetts Housing Finance Agency Revenue | 4.050% | 12/1/28 | 1,000 | 1,027 | ||
| Massachusetts Port Authority Revenue | 5.000% | 7/1/35 | 2,400 | 2,687 | ||
| Massachusetts School Building Authority Dedicated Sales Tax Revenue | 5.000% | 8/15/31 | 610 | 631 | ||
| Massachusetts School Building Authority Dedicated Sales Tax Revenue | 4.750% | 8/15/32 | 1,335 | 1,367 | ||
| Massachusetts School Building Authority Dedicated Sales Tax Revenue | 5.000% | 8/15/37 | 1,860 | 1,909 | ||
| Massachusetts School Building Authority Dedicated Sales Tax Revenue Prere. | 5.000% | 2/15/24 | 1,500 | 1,503 | ||
| Massachusetts School Building Authority Dedicated Sales Tax Revenue Prere. | 5.000% | 8/15/25 | 1,010 | 1,047 | ||
| Massachusetts School Building Authority Dedicated Sales Tax Revenue Prere. | 5.000% | 8/15/25 | 355 | 367 | ||
| Massachusetts School Building Authority Dedicated Sales Tax Revenue Prere. | 5.000% | 8/15/25 | 890 | 922 | ||
| 11 | Massachusetts SO Dedicated Tax Revenue | 5.500% | 1/1/26 | 510 | 538 | |
| Massachusetts Transportation Fund Revenue | 4.000% | 6/1/35 | 1,040 | 1,085 | ||
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| 11 | Massachusetts Turnpike Authority Revenue (Metropolitan Highway System) | 0.000% | 1/1/29 | 890 | 764 | |
| Massachusetts Water Resources Authority Revenue Prere. | 4.000% | 8/1/24 | 1,000 | 1,007 | ||
| Massachusetts Water Resources Authority Revenue Prere. | 5.000% | 8/1/26 | 3,000 | 3,188 | ||
| 87,046 | ||||||
| Michigan (1.2%) | ||||||
| 17 | Alpena MI Public Schools Unlimited Tax GO | 4.250% | 5/1/44 | 1,000 | 1,023 | |
| 17 | Battle Creek MI School District GO | 5.000% | 5/1/25 | 535 | 550 | |
| Bloomfield Hills MI School District GO | 5.000% | 5/1/41 | 500 | 565 | ||
| 17 | Chippewa Valley MI Schools GO | 5.000% | 5/1/33 | 1,000 | 1,030 | |
| 5,17 | Detroit MI City School District GO | 5.250% | 5/1/28 | 615 | 681 | |
| 5 | Detroit MI Downtown Development Authority Tax Allocation Revenue | 5.000% | 7/1/35 | 1,120 | 1,127 | |
| Detroit MI Unlimited Tax GO | 6.000% | 5/1/43 | 25 | 28 | ||
| 5 | Downriver MI Utility Wastewater Authority Revenue | 5.000% | 4/1/34 | 1,050 | 1,136 | |
| 5 | Grand Rapids Public Schools GO | 5.000% | 11/1/36 | 1,000 | 1,082 | |
| Great Lakes MI Water Authority Sewage Disposal System Revenue | 5.000% | 7/1/37 | 1,000 | 1,185 | ||
| Great Lakes MI Water Authority Sewer Disposal System Revenue | 5.000% | 7/1/27 | 1,840 | 1,987 | ||
| Great Lakes MI Water Authority Sewer Disposal System Revenue | 5.000% | 7/1/28 | 1,205 | 1,331 | ||
| Great Lakes MI Water Authority Sewer Disposal System Revenue | 5.000% | 7/1/29 | 1,200 | 1,312 | ||
| Great Lakes MI Water Authority Sewer Disposal System Revenue | 5.000% | 7/1/31 | 1,645 | 1,727 | ||
| Great Lakes MI Water Authority Sewer Disposal System Revenue | 5.000% | 7/1/37 | 1,000 | 1,079 | ||
| Great Lakes MI Water Authority Sewer Disposal System Revenue | 5.250% | 7/1/41 | 2,400 | 2,757 | ||
| Great Lakes MI Water Authority Water Supply System Revenue | 5.000% | 7/1/28 | 1,030 | 1,085 | ||
| Great Lakes MI Water Authority Water Supply System Revenue | 5.000% | 7/1/29 | 1,420 | 1,583 | ||
| 5 | Great Lakes MI Water Authority Water Supply System Revenue | 4.000% | 7/1/33 | 1,000 | 1,021 | |
| Great Lakes MI Water Authority Water Supply System Revenue | 5.000% | 7/1/33 | 1,310 | 1,486 | ||
| Great Lakes MI Water Authority Water Supply System Revenue | 5.000% | 7/1/36 | 1,000 | 1,041 | ||
| Great Lakes MI Water Authority Water Supply System Revenue | 5.000% | 7/1/37 | 1,000 | 1,159 | ||
| Great Lakes MI Water Authority Water Supply System Revenue | 5.000% | 7/1/38 | 1,250 | 1,443 | ||
| Great Lakes MI Water Authority Water Supply System Revenue | 5.000% | 7/1/40 | 500 | 554 | ||
| 17 | Hudsonville MI Public Schools GO | 5.000% | 5/1/31 | 420 | 453 | |
| Ingham County MI Building Authority Revenue | 3.000% | 5/1/34 | 3,900 | 3,718 | ||
| Karegnondi Water Authority Michigan Water Supply System Revenue (Karegnondi Water Pipeline) | 5.000% | 11/1/29 | 970 | 1,035 | ||
| 17 | Lake Orion MI Community School District GO | 5.000% | 5/1/38 | 4,070 | 4,451 | |
| 17 | L'Anse Creuse MI Public Schools GO (Unlimited Tax) | 5.000% | 5/1/27 | 450 | 486 | |
| 17 | L'Anse Creuse MI Public Schools GO (Unlimited Tax) | 5.000% | 5/1/28 | 515 | 569 | |
| 5 | Lansing MI GO | 4.000% | 6/1/39 | 1,000 | 1,038 | |
| 5,17 | Lincoln MI Consolidated School District GO | 5.000% | 5/1/24 | 1,000 | 1,007 | |
| 17 | Marysville MI Public Schools District GO | 5.000% | 5/1/28 | 1,630 | 1,716 | |
| Michigan Building Authority Revenue | 5.000% | 4/15/33 | 1,000 | 1,038 | ||
| Michigan Building Authority Revenue | 5.000% | 4/15/36 | 1,235 | 1,296 | ||
| Michigan Building Authority Revenue | 5.000% | 10/15/41 | 200 | 228 | ||
| Michigan Environmental Program GO | 4.000% | 5/1/28 | 1,000 | 1,035 | ||
27
Tax-Managed Balanced Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Michigan Finance Authority Hospital Revenue Bonds (Beaumont-Spectrum Consolidation) | 5.000% | 4/15/29 | 1,000 | 1,109 | ||
| Michigan Finance Authority Hospital Revenue Bonds (Beaumont-Spectrum Consolidation) | 5.000% | 4/15/31 | 2,000 | 2,285 | ||
| Michigan Finance Authority Hospital Revenue Bonds (Beaumont-Spectrum Consolidation) | 5.000% | 4/15/36 | 1,000 | 1,147 | ||
| Michigan Finance Authority Hospital Revenue Bonds (Beaumont-Spectrum Consolidation) | 5.000% | 4/15/37 | 1,000 | 1,138 | ||
| Michigan Finance Authority Hospital Revenue Bonds (Trinity Health Credit Group) | 5.000% | 12/1/31 | 1,000 | 1,067 | ||
| Michigan Finance Authority Hospital Revenue Bonds (Trinity Health Credit Group) | 5.000% | 12/1/35 | 2,250 | 2,559 | ||
| 4 | Michigan Finance Authority Hospital Revenue Bonds (Trinity Health Credit Group) PUT, SIFMA Municipal Swap Index Yield + 0.850% | 4.720% | 12/1/24 | 1,500 | 1,502 | |
| 4 | Michigan Finance Authority Hospital Revenue Bonds (Trinity Health Credit Group) PUT, SIFMA Municipal Swap Index Yield + 0.900% | 4.770% | 12/1/25 | 500 | 501 | |
| Michigan Finance Authority Revenue | 5.000% | 11/1/28 | 1,055 | 1,170 | ||
| Michigan Finance Authority Revenue | 4.000% | 11/1/32 | 1,740 | 1,871 | ||
| Michigan Finance Authority Revenue | 5.000% | 10/1/34 | 2,565 | 2,851 | ||
| Michigan Finance Authority Revenue (Calvin University) | 5.000% | 9/1/35 | 605 | 668 | ||
| Michigan Finance Authority Revenue (Detroit Water & Sewer) | 5.000% | 7/1/28 | 750 | 768 | ||
| Michigan Finance Authority Revenue (Detroit Water & Sewer) | 5.000% | 7/1/29 | 1,500 | 1,507 | ||
| Michigan Finance Authority Revenue (Detroit Water & Sewer) | 5.000% | 7/1/33 | 1,000 | 1,005 | ||
| Michigan Finance Authority Revenue (Henry Ford Health System Obligated Group) | 5.000% | 11/15/26 | 1,210 | 1,273 | ||
| Michigan Finance Authority Revenue (Kalamazoo College Project) | 5.000% | 12/1/26 | 850 | 895 | ||
| Michigan Finance Authority Revenue (Kalamazoo College Project) | 5.000% | 12/1/27 | 965 | 1,034 | ||
| Michigan Finance Authority Revenue (McLaren Health Care Corp.) | 5.000% | 2/15/34 | 1,700 | 1,861 | ||
| Michigan Finance Authority Revenue (State Clean Water Revolving Fund) | 5.000% | 10/1/36 | 2,000 | 2,201 | ||
| Michigan Finance Authority Revenue (Tobacco Settlement Asset-Backed) | 5.000% | 6/1/33 | 1,000 | 1,101 | ||
| Michigan Finance Authority Revenue (Tobacco Settlement Asset-Backed) | 4.000% | 6/1/37 | 1,000 | 1,014 | ||
| Michigan State Hospital Finance Authority Revenue (Ascension Health Credit Group) | 4.000% | 11/15/32 | 1,000 | 1,036 | ||
| Michigan State Housing Development Authority Revenue (Single-Family Mortgage) | 3.500% | 12/1/50 | 4,175 | 4,121 | ||
| Michigan State Housing Development Authority Revenue (Single-Family Mortgage) | 5.000% | 6/1/53 | 900 | 938 | ||
| Michigan State Housing Development Authority Revenue (Single-Family Mortgage) | 5.500% | 12/1/53 | 1,090 | 1,179 | ||
| Michigan Trunk Line Fund Bonds Revenue (Rebuilding Michigan Program) | 4.000% | 11/15/40 | 2,005 | 2,080 | ||
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Michigan Trunk Line Fund Bonds Revenue (Rebuilding Michigan Program) | 5.000% | 11/15/41 | 1,695 | 1,964 | ||
| Michigan Trunk Line Fund Bonds Revenue (Rebuilding Michigan Program) | 5.000% | 11/15/43 | 2,210 | 2,538 | ||
| Michigan Trunk Line Fund Bonds Revenue (Rebuilding Michigan Program) | 5.000% | 11/15/45 | 3,180 | 3,499 | ||
| Northville MI Public School GO | 5.000% | 5/1/39 | 1,025 | 1,158 | ||
| Northville MI Public Schools GO (Unlimited Tax) | 4.000% | 5/1/28 | 375 | 397 | ||
| Northville MI Public Schools Unlimited Tax GO | 4.000% | 5/1/26 | 500 | 516 | ||
| Northville MI Public Schools Unlimited Tax GO | 4.000% | 5/1/27 | 325 | 340 | ||
| Oakland University MI Revenue | 5.000% | 3/1/30 | 1,250 | 1,303 | ||
| Oakland University MI Revenue | 5.000% | 3/1/31 | 1,000 | 1,149 | ||
| Oakland University MI Revenue | 5.000% | 3/1/35 | 1,475 | 1,670 | ||
| Portage MI Public Schools GO | 5.000% | 11/1/34 | 1,250 | 1,300 | ||
| 17 | Roseville MI School District GO Prere. | 5.000% | 5/1/25 | 1,665 | 1,713 | |
| Royal Oak MI Hospital Finance Authority Hospital Revenue (William Beaumont Hospital) Prere. | 5.000% | 3/1/24 | 1,450 | 1,454 | ||
| 17 | Saginaw City School District GO | 4.000% | 5/1/34 | 1,030 | 1,102 | |
| University of Michigan Revenue | 5.000% | 4/1/25 | 35 | 36 | ||
| University of Michigan Revenue | 5.000% | 4/1/29 | 20 | 21 | ||
| University of Michigan Revenue | 5.000% | 4/1/29 | 20 | 22 | ||
| University of Michigan Revenue | 5.000% | 4/1/30 | 25 | 26 | ||
| University of Michigan Revenue | 5.000% | 4/1/31 | 30 | 32 | ||
| University of Michigan Revenue | 5.000% | 4/1/32 | 2,050 | 2,205 | ||
| 5 | University of Michigan Revenue | 5.000% | 11/15/33 | 200 | 229 | |
| University of Michigan Revenue Prere. | 5.000% | 4/1/26 | 25 | 26 | ||
| University of Michigan Revenue Prere. | 5.000% | 4/1/26 | 40 | 42 | ||
| University of Michigan Revenue Prere. | 5.000% | 4/1/26 | 30 | 32 | ||
| Wayne County MI Airport Authority Revenue | 5.000% | 12/1/25 | 870 | 903 | ||
| Wayne County MI Airport Authority Revenue | 5.000% | 12/1/30 | 1,300 | 1,341 | ||
| 110,941 | ||||||
| Minnesota (0.8%) | ||||||
| Duluth MN Independent School District No. 709 COP | 5.000% | 2/1/27 | 365 | 389 | ||
| Duluth MN Independent School District No. 709 COP | 5.000% | 2/1/28 | 350 | 380 | ||
| Gibbon MN Independent School District No. 2365 GO | 5.000% | 2/1/38 | 400 | 454 | ||
| Hennepin County MN GO | 5.000% | 12/1/43 | 2,410 | 2,754 | ||
| Hennepin County MN GO Sales Tax GO | 5.000% | 12/15/37 | 2,000 | 2,198 | ||
| Hennepin County MN GO Sales Tax GO | 5.000% | 12/15/38 | 2,205 | 2,416 | ||
| Minneapolis & St. Paul MN Metropolitan Airports Commission Revenue | 5.000% | 1/1/26 | 450 | 470 | ||
| Minneapolis MN GO | 5.000% | 12/1/33 | 2,000 | 2,293 | ||
| Minneapolis MN Health Care System Revenue | 4.000% | 11/15/36 | 1,000 | 1,044 | ||
| Minneapolis MN Health Care System Revenue PUT | 5.000% | 11/15/28 | 1,085 | 1,178 | ||
| Minneapolis MN Health Care System Revenue PUT | 5.000% | 11/15/30 | 1,785 | 1,980 | ||
| Minnesota GO | 5.000% | 8/1/25 | 1,500 | 1,555 | ||
| Minnesota GO | 5.000% | 8/1/25 | 2,170 | 2,249 | ||
| Minnesota GO | 5.000% | 8/1/27 | 1,005 | 1,042 | ||
| Minnesota GO | 5.000% | 8/1/29 | 5,000 | 5,711 | ||
| Minnesota GO | 5.000% | 9/1/30 | 5,000 | 5,836 | ||
| Minnesota GO | 5.000% | 8/1/31 | 5,000 | 5,932 | ||
| Minnesota GO | 5.000% | 8/1/33 | 1,440 | 1,607 | ||
| Minnesota GO | 5.000% | 10/1/33 | 3,235 | 3,537 | ||
| Minnesota GO | 4.000% | 8/1/41 | 2,000 | 2,061 | ||
| Minnesota Higher Education Facilities Authority Revenue (Hamline University) | 5.000% | 10/1/35 | 595 | 612 | ||
| Minnesota Higher Education Facilities Authority Revenue (University of St. Thomas) | 4.000% | 10/1/40 | 1,000 | 1,006 | ||
28
Tax-Managed Balanced Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Minnesota Housing Finance Agency Residential Housing Revenue | 2.800% | 12/1/47 | 631 | 565 | ||
| Minnesota Housing Finance Agency Residential Housing Revenue | 3.500% | 7/1/50 | 465 | 460 | ||
| Minnesota Housing Finance Agency Revenue (Housing Infrastructure) | 4.000% | 8/1/36 | 1,500 | 1,569 | ||
| 3 | Minnesota Municipal Gas Agency Commodity Supply Revenue PUT | 4.000% | 12/1/27 | 2,205 | 2,219 | |
| 3,4 | Minnesota Municipal Gas Agency Commodity Supply Revenue PUT, SOFR + 1.000% | 4.611% | 12/1/27 | 1,000 | 990 | |
| Minnesota Public Facilities Authority Revolving Fund Revenue | 5.000% | 3/1/31 | 8,000 | 8,367 | ||
| Osseo MN Independent School District No. 279 GO | 5.000% | 2/1/28 | 1,000 | 1,081 | ||
| Owatonna MN Independent School District No. 761 GO | 3.000% | 2/1/32 | 1,190 | 1,191 | ||
| Rochester Independent School District No. 535 GO | 3.000% | 2/1/35 | 1,000 | 952 | ||
| Rosemount MN Independent School District No. 196 GO | 4.000% | 2/1/41 | 5,000 | 5,155 | ||
| University of Minnesota Revenue | 5.000% | 4/1/38 | 2,000 | 2,196 | ||
| West St. Paul MN Independent School District No. 197 GO (Mendota Heights-Eagan) | 4.000% | 2/1/28 | 1,000 | 1,050 | ||
| White Bear Lake MN Independent School District No. 624 GO | 3.000% | 2/1/30 | 1,150 | 1,157 | ||
| 73,656 | ||||||
| Mississippi (0.2%) | ||||||
| Lowndes County MS Solid Waste Disposal & Pollution Control Revenue PUT | 2.650% | 4/1/27 | 1,000 | 956 | ||
| Mississippi Development Bank SO Revenue (Marshall County Industrial Development Highway Refunding Project) | 5.000% | 1/1/26 | 1,335 | 1,392 | ||
| Mississippi Development Bank SO Revenue (Rankin County School District) | 5.000% | 6/1/27 | 500 | 537 | ||
| Mississippi Development Bank SO Revenue (Rankin County School District) | 5.000% | 6/1/30 | 1,765 | 1,887 | ||
| Mississippi Gaming Tax Revenue | 5.000% | 10/15/29 | 1,000 | 1,088 | ||
| Mississippi Gaming Tax Revenue | 5.000% | 10/15/36 | 1,500 | 1,605 | ||
| Mississippi GO Prere. | 5.000% | 11/1/25 | 1,000 | 1,042 | ||
| Mississippi Hospital Equipment & Facilities Authority Revenue (Forrest General Hospital Inc.) | 5.000% | 1/1/29 | 830 | 897 | ||
| Mississippi Hospital Equipment & Facilities Authority Revenue (Forrest General Hospital Inc.) | 5.000% | 1/1/30 | 625 | 681 | ||
| Mississippi Hospital Equipment & Facilities Authority Revenue (Forrest General Hospital Inc.) | 5.000% | 1/1/30 | 260 | 284 | ||
| Mississippi Hospital Equipment & Facilities Authority Revenue (North Mississippi Health Services) | 5.000% | 10/1/27 | 1,000 | 1,068 | ||
| Mississippi Institutions of Higher Learning Revenue (University of Mississippi Medical Center) | 4.000% | 6/1/34 | 1,000 | 1,027 | ||
| Mississippi State Gaming Tax Revenue | 5.000% | 10/15/32 | 2,800 | 3,026 | ||
| Mississippi State University Educational Building Corp. Revenue | 5.000% | 8/1/30 | 575 | 617 | ||
| Mississippi State University Educational Building Corp. Revenue | 5.000% | 8/1/31 | 515 | 553 | ||
| 16,660 | ||||||
| Missouri (0.6%) | ||||||
| Bi-State Development Agency MO Illinois Metropolitan District Sales Tax Appropriation Revenue | 4.000% | 10/1/35 | 1,790 | 1,867 | ||
| Cape Girardeau County MO Industrial Development Authority Health Care Facilities Revenue (St. Francis Healthcare System) | 4.000% | 6/1/37 | 1,680 | 1,731 | ||
| Clay County MO Public Schools District GO | 5.000% | 3/1/39 | 1,375 | 1,561 | ||
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Greene County MO Reorganized School District No. 3 GO | 4.000% | 3/1/39 | 1,100 | 1,143 | ||
| Jackson County MO Reorganized School District No. 7 GO (Lee's Summit) | 3.000% | 3/1/40 | 3,000 | 2,694 | ||
| Jackson County MO School District No. 4 GO (Blue Springs) | 6.000% | 3/1/38 | 1,000 | 1,163 | ||
| Jackson County MO SO Revenue (Truman Sports Complex Project) | 5.000% | 12/1/26 | 1,215 | 1,235 | ||
| Jackson County MO SO Revenue (Truman Sports Complex Project) | 5.000% | 12/1/31 | 1,500 | 1,520 | ||
| Kansas City MO GO | 4.000% | 2/1/26 | 615 | 633 | ||
| Kansas City MO Sanitary Sewer System Revenue | 5.000% | 1/1/32 | 1,020 | 1,120 | ||
| Kansas City MO SO Bonds Revenue (Missouri Projects) | 5.000% | 9/1/35 | 3,215 | 3,727 | ||
| Little Blue Valley MO Sewer District Revenue | 3.000% | 9/1/33 | 1,505 | 1,464 | ||
| Metropolitan St. Louis MO Sewer District Wastewater System Revenue | 5.000% | 5/1/34 | 525 | 566 | ||
| Metropolitan St. Louis MO Sewer District Wastewater System Revenue | 4.000% | 5/1/41 | 4,145 | 4,247 | ||
| Missouri Health & Educational Facilities Authority Health Facilities Revenue (SSM Health System) Prere. | 5.000% | 6/1/24 | 1,480 | 1,492 | ||
| Missouri Health & Educational Facilities Authority Health Facilities Revenue (SSM Health System) PUT | 5.000% | 6/1/28 | 1,000 | 1,080 | ||
| Missouri Health & Educational Facilities Authority Health Facilities Revenue (St. Luke's Health System) | 5.000% | 12/1/31 | 1,050 | 1,138 | ||
| Missouri Health & Educational Facilities Authority Revenue | 4.000% | 7/1/37 | 1,000 | 1,045 | ||
| Missouri Health & Educational Facilities Authority Revenue PUT | 4.000% | 5/1/26 | 1,500 | 1,529 | ||
| Missouri Health & Educational Facilities Authority Revenue PUT | 5.000% | 5/1/28 | 2,425 | 2,628 | ||
| Missouri Health & Educational Facilities Authority Revenue (Children's Mercy Hospital) | 5.000% | 5/15/36 | 1,100 | 1,139 | ||
| Missouri Health & Educational Facilities Authority Revenue (Mercy Health) | 5.000% | 11/15/34 | 1,500 | 1,524 | ||
| Missouri Health & Educational Facilities Authority Revenue (Mercy Health) | 5.500% | 12/1/41 | 2,000 | 2,316 | ||
| Missouri Highway & Transportation Commission Revenue | 5.000% | 5/1/26 | 5,000 | 5,280 | ||
| Missouri Housing Development Commission Revenue | 3.500% | 11/1/50 | 415 | 410 | ||
| Missouri Housing Development Commission Revenue | 5.000% | 5/1/53 | 965 | 1,005 | ||
| Missouri Housing Development Commission Revenue | 5.750% | 5/1/53 | 200 | 214 | ||
| Missouri Joint Municipal Electric Utility Commission Power Project Revenue (Iatan 2 Project) | 5.000% | 12/1/34 | 1,425 | 1,452 | ||
| Missouri Joint Municipal Electric Utility Commission Power Project Revenue (Prairie Project) | 5.000% | 12/1/34 | 1,010 | 1,050 | ||
| Missouri Joint Municipal Electric Utility Commission Power Project Revenue (Prairie Project) | 5.000% | 12/1/40 | 1,655 | 1,700 | ||
| St. Louis County Industrial Development Authority Revenue | 4.910% | 1/1/42 | 1,000 | 1,052 | ||
| St. Louis County MO Industrial Development Authority Senior Living Facilities Revenue | 5.000% | 9/1/38 | 1,500 | 1,411 | ||
| 6,12 | St. Louis MO Municipal Finance Corp. Leasehold Revenue | 0.000% | 7/15/26 | 1,260 | 1,155 | |
| 6,12 | St. Louis MO Municipal Finance Corp. Leasehold Revenue | 0.000% | 7/15/26 | 1,455 | 1,334 | |
| 5 | St. Louis MO Municipal Finance Corp. Leasehold Revenue | 0.000% | 7/15/33 | 1,000 | 709 | |
| St. Louis MO Sewer & Wastewater Revenue | 5.000% | 5/1/36 | 1,000 | 1,027 | ||
| 56,361 | ||||||
29
Tax-Managed Balanced Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Montana (0.0%) | ||||||
| Forsyth MT Pollution Control Revenue | 3.875% | 7/1/28 | 1,000 | 1,021 | ||
| 16 | Montana Board of Housing Multifamily Revenue PUT | 5.000% | 5/1/25 | 2,444 | 2,483 | |
| Montana Facility Finance Authority Hospital Revenue (Benefis Health System) | 5.000% | 2/15/32 | 825 | 861 | ||
| 4,365 | ||||||
| Multiple States (0.2%) | ||||||
| 18 | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | 2.650% | 9/15/30 | 1,475 | 1,326 | |
| 6,18 | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | 2.600% | 9/15/33 | 1,900 | 1,607 | |
| 6,18 | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | 2.625% | 6/15/35 | 1,865 | 1,584 | |
| 6,18 | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | 2.650% | 6/15/35 | 1,340 | 1,129 | |
| 6,18 | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | 2.750% | 11/25/35 | 4,834 | 4,203 | |
| 18 | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | 3.400% | 1/25/36 | 463 | 424 | |
| 6,18 | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | 2.650% | 6/15/36 | 1,245 | 1,025 | |
| 18 | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | 3.996% | 12/25/36 | 4,994 | 4,835 | |
| 18 | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | 4.141% | 1/25/40 | 1,493 | 1,348 | |
| 18 | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | 4.548% | 8/25/40 | 2,000 | 1,978 | |
| 18 | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | 2.990% | 4/25/43 | 2,996 | 2,518 | |
| 21,977 | ||||||
| Nebraska (0.4%) | ||||||
| Central Plains Energy Project Nebraska Gas Project Revenue (Project No. 3) | 5.000% | 9/1/27 | 1,000 | 1,041 | ||
| Central Plains Energy Project Nebraska Gas Project Revenue (Project No. 3) | 5.000% | 9/1/42 | 1,315 | 1,444 | ||
| Central Plains Energy Project Nebraska Gas Project Revenue (Project No. 4) PUT | 5.000% | 11/1/29 | 10,260 | 10,876 | ||
| Central Plains Energy Project Nebraska Gas Project Revenue (Project No. 5) PUT | 5.000% | 10/1/29 | 2,030 | 2,140 | ||
| 3 | Central Plains Energy Project Nebraska Gas Supply Revenue PUT | 4.000% | 8/1/25 | 8,015 | 8,059 | |
| Nebraska Public Power District Revenue | 5.000% | 7/1/28 | 1,000 | 1,096 | ||
| Omaha NE Public Power District Electric Revenue | 5.000% | 2/1/29 | 1,420 | 1,487 | ||
| Omaha NE Sewer Revenue | 5.000% | 11/15/29 | 2,500 | 2,544 | ||
| Public Power Generation Agency Revenue (Whelan Energy Center Unit 2) | 5.000% | 1/1/35 | 1,000 | 1,042 | ||
| Sarpy County NE Schools District GO | 5.000% | 12/15/27 | 1,000 | 1,041 | ||
| Scotts Bluff County NE Hospital Authority Revenue (Regional West Medical Center) | 5.000% | 2/1/24 | 1,785 | 1,786 | ||
| 32,556 | ||||||
| Nevada (0.5%) | ||||||
| Carson City NV Hospital Revenue (Carson Tahoe Regional Medical Center) | 5.000% | 9/1/26 | 560 | 582 | ||
| Carson City NV Hospital Revenue (Carson Tahoe Regional Medical Center) | 5.000% | 9/1/28 | 1,220 | 1,274 | ||
| Clark County NV Airport System Revenue | 5.000% | 7/1/42 | 1,000 | 1,087 | ||
| Clark County NV GO | 4.000% | 6/1/32 | 1,505 | 1,563 | ||
| Clark County NV GO | 4.000% | 7/1/32 | 2,190 | 2,274 | ||
| Clark County NV GO | 4.000% | 6/1/33 | 1,000 | 1,062 | ||
| Clark County NV Highway Improvement Motor Vehicle Fuel Tax Revenue | 5.000% | 7/1/31 | 1,575 | 1,587 | ||
| Clark County NV Highway Improvement Motor Vehicle Fuel Tax Revenue | 5.000% | 7/1/36 | 1,075 | 1,147 | ||
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| 5 | Clark County NV Highway Improvement Revenue | 4.000% | 7/1/40 | 1,000 | 1,023 | |
| Clark County NV Passenger Facility Charge Revenue | 5.000% | 7/1/32 | 1,000 | 1,130 | ||
| Clark County NV Pollution Control Refunding Revenue (Southern California Edison Co.) | 2.100% | 6/1/31 | 1,500 | 1,292 | ||
| 5 | Clark County NV School District GO | 4.000% | 6/15/33 | 1,820 | 1,879 | |
| 8 | Clark County NV School District GO | 3.000% | 6/15/34 | 1,000 | 980 | |
| 8 | Clark County NV School District GO | 3.000% | 6/15/37 | 1,000 | 925 | |
| Clark County NV School District GO | 3.000% | 6/15/38 | 1,000 | 901 | ||
| Clark County NV School District GO | 3.000% | 6/15/40 | 1,600 | 1,378 | ||
| 5 | Clark County NV School District GO | 4.000% | 6/15/40 | 850 | 869 | |
| Las Vegas NV Convention & Visitors Authority Revenue | 5.000% | 7/1/37 | 1,100 | 1,280 | ||
| Las Vegas Valley NV Water District GO | 5.000% | 6/1/26 | 1,000 | 1,057 | ||
| Las Vegas Valley Water District Nevada GO | 5.000% | 6/1/24 | 1,190 | 1,200 | ||
| Las Vegas Valley Water District Nevada GO | 5.000% | 12/1/27 | 1,990 | 2,049 | ||
| Las Vegas Valley Water District Nevada GO | 5.000% | 6/1/35 | 1,870 | 1,953 | ||
| Las Vegas Valley Water District Nevada GO | 5.000% | 6/1/38 | 1,000 | 1,101 | ||
| Las Vegas Valley Water District Nevada GO | 5.000% | 6/1/41 | 3,045 | 3,145 | ||
| Nevada GO | 5.000% | 11/1/25 | 1,015 | 1,045 | ||
| Nevada Highway Improvement Revenue (Motor Vehicle Fuel Tax) | 4.000% | 12/1/32 | 1,660 | 1,716 | ||
| 3,6 | Nevada Housing Divisional Custodial Receipts Revenue TOB VRDO | 4.470% | 1/2/24 | 10,000 | 10,000 | |
| 6 | North Las Vegas NV Local Improvement Special Bonds | 5.500% | 6/1/37 | 750 | 763 | |
| Reno NV Sales Tax Revenue (Reno Transportation Rail Access) | 5.000% | 6/1/27 | 250 | 264 | ||
| Reno NV Sales Tax Revenue (Reno Transportation Rail Access) | 5.000% | 6/1/28 | 250 | 268 | ||
| Reno NV Sales Tax Revenue (Reno Transportation Rail Access) | 5.000% | 6/1/32 | 250 | 270 | ||
| Reno NV Sales Tax Revenue (Reno Transportation Rail Access) | 5.000% | 6/1/33 | 250 | 270 | ||
| Truckee Meadows NV Water Authority Water Revenue Prere. | 5.000% | 7/1/26 | 1,510 | 1,596 | ||
| 48,930 | ||||||
| New Hampshire (0.2%) | ||||||
| National Finance Authority NH Revenue | 5.000% | 8/15/30 | 1,500 | 1,668 | ||
| National Finance Authority NH Revenue | 4.125% | 1/20/34 | 5,272 | 5,212 | ||
| National Finance Authority NH Revenue | 3.875% | 1/20/38 | 2,608 | 2,525 | ||
| National Finance Authority NH Revenue (Dickinson College Project) | 5.000% | 11/1/42 | 1,475 | 1,603 | ||
| National NH Finance Authority Municipal Certificates Revenue | 4.375% | 9/20/36 | 981 | 991 | ||
| New Hampshire Business Finance Authority Pollution Control Refunding Revenue | 4.500% | 10/1/33 | 1,000 | 1,077 | ||
| New Hampshire Health & Education Facilities Authority Revenue (Dartmouth College) | 4.000% | 8/1/43 | 2,355 | 2,308 | ||
| 15,384 | ||||||
| New Jersey (1.7%) | ||||||
| Camden County NJ Improvement Authority Health Care Redevelopment Project Revenue (Cooper Health System Obligated Group) Prere. | 5.000% | 2/15/24 | 1,400 | 1,403 | ||
| Cape May County NJ GO | 2.000% | 9/15/30 | 2,605 | 2,414 | ||
| Cherry Hill Township NJ School District Board of Education GO | 3.000% | 8/1/32 | 3,000 | 2,971 | ||
| 5 | Clifton NJ Board of Education School Bonds GO | 2.000% | 8/15/34 | 1,500 | 1,282 | |
| Hudson County NJ General Improvement Bonds GO | 3.000% | 11/15/31 | 2,615 | 2,602 | ||
| Hudson County NJ General Improvement Bonds GO | 2.125% | 11/15/36 | 1,000 | 832 | ||
| 8 | Lindenwold Boro NJ School District Bonds GO | 3.125% | 2/1/36 | 1,390 | 1,330 | |
30
Tax-Managed Balanced Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| 3,6 | Mercer County NJ GO TOB VRDO | 4.060% | 1/2/24 | 200 | 200 | |
| 8 | Montclair NJ Township Board of Education Schools GO | 3.125% | 1/15/35 | 965 | 948 | |
| New Jersey Covid 19 Emergency Bonds GO | 5.000% | 6/1/25 | 1,000 | 1,032 | ||
| New Jersey Covid 19 Emergency Bonds GO | 4.000% | 6/1/30 | 4,115 | 4,451 | ||
| New Jersey Covid 19 Emergency Bonds GO | 4.000% | 6/1/31 | 3,500 | 3,818 | ||
| New Jersey Covid 19 Emergency Bonds GO | 3.000% | 6/1/32 | 3,000 | 2,962 | ||
| New Jersey Economic Development Authority Revenue | 5.250% | 6/15/27 | 260 | 268 | ||
| New Jersey Economic Development Authority Revenue | 5.000% | 6/15/33 | 1,100 | 1,255 | ||
| New Jersey Economic Development Authority Revenue | 4.000% | 7/1/34 | 1,105 | 1,119 | ||
| New Jersey Economic Development Authority Revenue | 4.000% | 6/15/35 | 500 | 519 | ||
| New Jersey Economic Development Authority Revenue | 5.000% | 6/15/35 | 2,000 | 2,134 | ||
| New Jersey Economic Development Authority Revenue Prere. | 5.250% | 6/15/25 | 300 | 310 | ||
| New Jersey Economic Development Authority Revenue Prere. | 5.500% | 12/15/26 | 2,000 | 2,173 | ||
| 11 | New Jersey Economic Development Authority Revenue (Motor Vehicle Surcharge) | 5.250% | 7/1/26 | 405 | 425 | |
| New Jersey Economic Development Authority Revenue (Portal North Bridge Project) | 5.250% | 11/1/40 | 4,000 | 4,574 | ||
| New Jersey Economic Development Authority Revenue (Portal North Bridge Project) | 5.250% | 11/1/41 | 5,000 | 5,685 | ||
| New Jersey Economic Development Authority Revenue (School Facilities Construction) | 5.000% | 3/1/25 | 1,725 | 1,766 | ||
| New Jersey Economic Development Authority Revenue (School Facilities Construction) | 5.000% | 3/1/26 | 1,325 | 1,386 | ||
| 11 | New Jersey Economic Development Authority Revenue (School Facilities Construction) | 5.500% | 9/1/27 | 1,000 | 1,096 | |
| New Jersey Economic Development Authority Revenue (School Facilities Construction) | 5.000% | 3/1/28 | 1,400 | 1,530 | ||
| 15 | New Jersey Economic Development Authority Revenue (School Facilities Construction) | 5.000% | 6/15/34 | 1,000 | 1,172 | |
| New Jersey Economic Development Authority Revenue (School Facilities Construction) | 5.000% | 6/15/35 | 700 | 776 | ||
| New Jersey Educational Facilities Authority Revenue (Princeton University) | 2.000% | 3/1/37 | 1,000 | 820 | ||
| 5 | New Jersey Educational Facilities Authority Revenue (Ramapo College) | 5.000% | 7/1/35 | 400 | 466 | |
| New Jersey GO | 2.000% | 6/1/31 | 1,295 | 1,169 | ||
| New Jersey GO | 2.000% | 6/1/32 | 1,230 | 1,089 | ||
| New Jersey GO | 2.000% | 6/1/35 | 1,000 | 842 | ||
| New Jersey Health Care Facilities Financing Authority Lease Revenue (Greystone Park Psychiatric Hospital Project) | 5.000% | 9/15/24 | 500 | 501 | ||
| New Jersey Health Care Facilities Financing Authority Revenue | 5.000% | 7/1/34 | 500 | 540 | ||
| New Jersey Health Care Facilities Financing Authority Revenue (Atlanticare Health System) | 3.000% | 7/1/40 | 145 | 123 | ||
| New Jersey Health Care Facilities Financing Authority Revenue (Barnabas Health) | 4.000% | 7/1/38 | 1,000 | 1,036 | ||
| New Jersey Health Care Facilities Financing Authority Revenue (St. Joseph's Healthcare System) | 5.000% | 7/1/27 | 1,000 | 1,030 | ||
| New Jersey Health Care Facilities Financing Authority Revenue (St. Peter's University Hospitals) | 5.000% | 7/1/31 | 1,000 | 1,082 | ||
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| New Jersey Health Care Facilities Financing Authority Revenue (Valley Health System) | 5.000% | 7/1/29 | 1,385 | 1,541 | ||
| New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue | 5.000% | 6/15/25 | 1,300 | 1,339 | ||
| New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue | 5.000% | 6/15/28 | 2,380 | 2,502 | ||
| New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue | 5.000% | 6/15/28 | 620 | 652 | ||
| New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue | 5.000% | 6/15/29 | 1,400 | 1,472 | ||
| New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue | 5.000% | 6/15/30 | 1,000 | 1,051 | ||
| New Jersey Transportation Trust Fund Authority Program Bonds Revenue | 5.000% | 6/15/31 | 1,000 | 1,161 | ||
| New Jersey Transportation Trust Fund Authority Program Bonds Revenue | 5.000% | 6/15/34 | 600 | 700 | ||
| New Jersey Transportation Trust Fund Authority Program Bonds Revenue | 5.000% | 6/15/35 | 1,000 | 1,167 | ||
| New Jersey Transportation Trust Fund Authority Program Bonds Revenue | 5.000% | 6/15/39 | 1,000 | 1,146 | ||
| New Jersey Transportation Trust Fund Authority Program Bonds Revenue | 5.000% | 6/15/40 | 1,000 | 1,127 | ||
| New Jersey Transportation Trust Fund Authority Program Bonds Revenue | 5.000% | 6/15/40 | 565 | 640 | ||
| New Jersey Transportation Trust Fund Authority Program Bonds Revenue | 5.000% | 6/15/41 | 1,000 | 1,132 | ||
| New Jersey Transportation Trust Fund Authority Program Bonds Revenue | 4.000% | 6/15/42 | 1,750 | 1,767 | ||
| New Jersey Transportation Trust Fund Authority Program Bonds Revenue | 5.000% | 6/15/42 | 1,000 | 1,125 | ||
| New Jersey Transportation Trust Fund Authority Revenue | 5.000% | 12/15/27 | 1,000 | 1,091 | ||
| New Jersey Transportation Trust Fund Authority Revenue | 5.000% | 6/15/28 | 1,000 | 1,102 | ||
| 5 | New Jersey Transportation Trust Fund Authority Revenue | 0.000% | 12/15/29 | 1,700 | 1,421 | |
| New Jersey Transportation Trust Fund Authority Revenue | 5.000% | 12/15/30 | 1,285 | 1,421 | ||
| New Jersey Transportation Trust Fund Authority Revenue | 5.000% | 6/15/31 | 1,000 | 1,105 | ||
| New Jersey Transportation Trust Fund Authority Revenue | 5.000% | 12/15/33 | 1,115 | 1,226 | ||
| New Jersey Transportation Trust Fund Authority Revenue | 5.000% | 12/15/34 | 1,115 | 1,221 | ||
| New Jersey Transportation Trust Fund Authority Revenue | 5.000% | 12/15/35 | 1,015 | 1,106 | ||
| New Jersey Transportation Trust Fund Authority System Bonds Revenue | 5.000% | 6/15/30 | 2,000 | 2,285 | ||
| 11 | New Jersey Transportation Trust Fund Authority System Bonds Revenue | 0.000% | 12/15/30 | 1,420 | 1,141 | |
| New Jersey Transportation Trust Fund Authority System Bonds Revenue | 5.000% | 6/15/31 | 1,000 | 1,161 | ||
| 11,19 | New Jersey Transportation Trust Fund Authority System Bonds Revenue | 0.000% | 12/15/31 | 265 | 207 | |
| 5 | New Jersey Transportation Trust Fund Authority System Bonds Revenue | 0.000% | 12/15/32 | 1,000 | 759 | |
| New Jersey Transportation Trust Fund Authority System Bonds Revenue | 5.000% | 12/15/32 | 1,000 | 1,102 | ||
| New Jersey Transportation Trust Fund Authority System Bonds Revenue | 0.000% | 12/15/34 | 1,000 | 692 | ||
31
Tax-Managed Balanced Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| New Jersey Transportation Trust Fund Authority System Bonds Revenue | 0.000% | 12/15/34 | 1,310 | 907 | ||
| New Jersey Transportation Trust Fund Authority System Bonds Revenue | 4.000% | 6/15/35 | 500 | 525 | ||
| 12 | New Jersey Transportation Trust Fund Authority System Bonds Revenue | 0.000% | 12/15/35 | 1,490 | 997 | |
| 12 | New Jersey Transportation Trust Fund Authority System Bonds Revenue | 0.000% | 12/15/36 | 2,905 | 1,852 | |
| New Jersey Transportation Trust Fund Authority System Bonds Revenue | 0.000% | 12/15/36 | 1,000 | 631 | ||
| New Jersey Transportation Trust Fund Authority System Bonds Revenue | 0.000% | 12/15/38 | 3,000 | 1,704 | ||
| New Jersey Transportation Trust Fund Authority Transportation Program Revenue | 5.250% | 6/15/33 | 1,500 | 1,543 | ||
| New Jersey Transportation Trust Fund Authority Transportation System Revenue | 5.000% | 12/15/24 | 1,000 | 1,019 | ||
| 12 | New Jersey Transportation Trust Fund Authority Transportation System Revenue | 0.000% | 12/15/26 | 2,000 | 1,818 | |
| New Jersey Transportation Trust Fund Authority Transportation System Revenue | 5.000% | 12/15/27 | 5,260 | 5,736 | ||
| 11 | New Jersey Transportation Trust Fund Authority Transportation System Revenue | 0.000% | 12/15/31 | 2,000 | 1,551 | |
| New Jersey Transportation Trust Fund Authority Transportation System Revenue | 5.000% | 6/15/32 | 700 | 708 | ||
| New Jersey Transportation Trust Fund Authority Transportation System Revenue | 5.000% | 6/15/38 | 1,500 | 1,725 | ||
| New Jersey Transportation Trust Fund Authority Transportation System Revenue | 0.000% | 12/15/39 | 3,175 | 1,705 | ||
| New Jersey Turnpike Authority Revenue | 5.000% | 1/1/28 | 500 | 527 | ||
| New Jersey Turnpike Authority Revenue | 5.000% | 1/1/31 | 4,245 | 4,536 | ||
| New Jersey Turnpike Authority Revenue | 5.000% | 1/1/32 | 1,000 | 1,091 | ||
| New Jersey Turnpike Authority Revenue | 4.000% | 1/1/33 | 1,070 | 1,115 | ||
| New Jersey Turnpike Authority Revenue | 4.000% | 1/1/34 | 2,500 | 2,604 | ||
| New Jersey Turnpike Authority Revenue | 5.000% | 1/1/35 | 1,000 | 1,056 | ||
| New Jersey Turnpike Authority Revenue | 5.000% | 1/1/37 | 1,000 | 1,079 | ||
| New Jersey Turnpike Authority Revenue | 4.000% | 1/1/42 | 2,000 | 2,027 | ||
| 8 | Newark NJ Board of Education School Energy Savings Obligation Refunding Bonds GO | 5.000% | 7/15/29 | 375 | 416 | |
| 5 | North Hudson Sewerage Authority Revenue ETM | 5.000% | 6/1/36 | 1,320 | 1,643 | |
| 3 | Rutgers State University New Jersey Revenue VRDO | 4.060% | 1/2/24 | 3,000 | 3,000 | |
| South Jersey Transportation Authority New Jersey Transportation System Revenue | 5.000% | 11/1/39 | 525 | 528 | ||
| Tobacco Settlement Financing Corp. New Jersey Revenue | 5.000% | 6/1/26 | 1,825 | 1,896 | ||
| Tobacco Settlement Financing Corp. New Jersey Revenue | 5.000% | 6/1/27 | 3,200 | 3,385 | ||
| Tobacco Settlement Financing Corp. New Jersey Revenue | 5.000% | 6/1/30 | 1,555 | 1,670 | ||
| Tobacco Settlement Financing Corp. New Jersey Revenue | 5.000% | 6/1/31 | 1,000 | 1,073 | ||
| Tobacco Settlement Financing Corp. New Jersey Revenue | 5.000% | 6/1/32 | 1,000 | 1,073 | ||
| Tobacco Settlement Financing Corp. New Jersey Revenue | 5.000% | 6/1/35 | 1,570 | 1,676 | ||
| Tobacco Settlement Financing Corp. New Jersey Revenue | 5.000% | 6/1/36 | 1,500 | 1,593 | ||
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Tobacco Settlement Financing Corp. New Jersey Revenue | 5.000% | 6/1/37 | 1,000 | 1,056 | ||
| Toms River NJ Board of Education GO | 3.000% | 7/15/30 | 3,000 | 2,988 | ||
| Toms River NJ General Improvement Bonds GO | 4.000% | 6/1/39 | 1,760 | 1,827 | ||
| 156,973 | ||||||
| New Mexico (0.2%) | ||||||
| Albuquerque NM GO | 5.000% | 7/1/26 | 4,035 | 4,276 | ||
| Farmington NM Pollution Control Revenue (Edison Co. Four Corners Project) | 1.800% | 4/1/29 | 1,000 | 894 | ||
| Farmington NM Pollution Control Revenue (Edison Co. Four Corners Project) | 1.800% | 4/1/29 | 1,550 | 1,387 | ||
| Farmington NM Pollution Control Revenue (San Juan & Four Corners Projects) | 2.150% | 4/1/33 | 2,675 | 2,210 | ||
| Farmington NM Pollution Control Revenue (San Juan Project) PUT | 3.900% | 6/1/28 | 495 | 501 | ||
| Farmington NM Pollution Control Revenue (Southern California Edison Co.) | 1.800% | 4/1/29 | 1,000 | 895 | ||
| New Mexico Finance Authority Transportation Revenue | 5.000% | 6/15/27 | 1,045 | 1,053 | ||
| New Mexico Hospital Equipment Loan Council Hospital System Revenue (Presbyterian Healthcare Services) Prere. | 5.000% | 8/1/25 | 1,520 | 1,566 | ||
| New Mexico Mortgage Finance Authority Revenue | 3.000% | 1/1/52 | 975 | 945 | ||
| 3 | New Mexico Municipal Energy Acquisition Authority Gas Supply Revenue PUT | 5.000% | 5/1/25 | 805 | 818 | |
| 14,545 | ||||||
| New York (6.9%) | ||||||
| Battery Park City NY Authority Revenue | 5.000% | 11/1/38 | 750 | 832 | ||
| Brooklyn Arena Local Development Corp. NY Pilot Revenue (Barclays Center Project) | 5.000% | 7/15/30 | 700 | 718 | ||
| Brooklyn Arena Local Development Corp. NY Pilot Revenue (Barclays Center Project) | 0.000% | 7/15/32 | 1,430 | 991 | ||
| Brooklyn Arena Local Development Corp. NY Pilot Revenue (Barclays Center Project) | 0.000% | 7/15/33 | 1,500 | 992 | ||
| Brooklyn Arena Local Development Corp. NY Pilot Revenue (Barclays Center Project) | 0.000% | 7/15/35 | 470 | 281 | ||
| 5 | Broome County NY Local Development Corp. Revenue (United Health Services Hospitals Inc. Project) | 5.000% | 4/1/29 | 2,100 | 2,292 | |
| Build NY Resource Corp. Revenue | 5.000% | 7/1/32 | 325 | 351 | ||
| Build NY Resource Corp. Revenue | 5.000% | 7/1/34 | 415 | 460 | ||
| Build NY Resource Corp. Revenue | 5.000% | 7/1/35 | 550 | 608 | ||
| Dutchess County NY Local Development Corp. Revenue | 5.000% | 7/1/32 | 1,110 | 1,179 | ||
| Dutchess County NY Local Development Corp. Revenue (Culinary Institute of America Project) | 5.000% | 7/1/31 | 425 | 464 | ||
| Dutchess County NY Local Development Corp. Revenue (Culinary Institute of America Project) | 5.000% | 7/1/33 | 200 | 206 | ||
| Dutchess County NY Local Development Corp. Revenue (Culinary Institute of America Project) | 5.000% | 7/1/34 | 240 | 247 | ||
| Dutchess County NY Local Development Corp. Revenue (Culinary Institute of America Project) | 4.000% | 7/1/37 | 555 | 544 | ||
| Dutchess County NY Local Development Corp. Revenue (Culinary Institute of America Project) | 4.000% | 7/1/41 | 650 | 604 | ||
| Erie County NY Fiscal Stability Authority Revenue | 5.000% | 9/1/30 | 500 | 545 | ||
32
Tax-Managed Balanced Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Genesee County NY Funding Corp. Revenue (Rochester Regional Health Project) | 5.000% | 12/1/35 | 700 | 757 | ||
| 5 | Hempstead NY GO | 4.000% | 4/1/29 | 1,420 | 1,443 | |
| Hudson Yards Infrastructure Corp. New York Revenue | 5.000% | 2/15/31 | 1,550 | 1,656 | ||
| Hudson Yards Infrastructure Corp. New York Revenue | 5.000% | 2/15/36 | 1,500 | 1,589 | ||
| Hudson Yards Infrastructure Corp. New York Revenue | 5.000% | 2/15/37 | 520 | 549 | ||
| Hudson Yards Infrastructure Corp. New York Revenue | 4.000% | 2/15/42 | 1,000 | 1,020 | ||
| Long Island NY Power Authority Electric System Revenue | 5.000% | 9/1/38 | 1,465 | 1,706 | ||
| Long Island Power Authority NY Electric System Revenue | 5.000% | 9/1/35 | 1,095 | 1,208 | ||
| Long Island Power Authority NY Electric System Revenue PUT | 1.500% | 9/1/26 | 1,360 | 1,285 | ||
| Metropolitan Transportation Authority NY Revenue | 5.000% | 11/15/27 | 1,000 | 1,045 | ||
| Metropolitan Transportation Authority NY Revenue | 5.000% | 11/15/28 | 2,075 | 2,132 | ||
| Metropolitan Transportation Authority NY Revenue | 5.000% | 11/15/29 | 1,115 | 1,164 | ||
| Metropolitan Transportation Authority NY Revenue | 5.000% | 11/15/30 | 1,675 | 1,816 | ||
| Metropolitan Transportation Authority NY Revenue | 5.250% | 11/15/30 | 3,440 | 3,644 | ||
| Metropolitan Transportation Authority NY Revenue | 5.000% | 11/15/33 | 1,500 | 1,684 | ||
| Metropolitan Transportation Authority NY Revenue | 5.000% | 11/15/34 | 2,500 | 2,694 | ||
| Metropolitan Transportation Authority NY Revenue | 4.000% | 11/15/40 | 810 | 809 | ||
| 5 | Metropolitan Transportation Authority NY Revenue | 5.000% | 11/15/40 | 1,000 | 1,068 | |
| Metropolitan Transportation Authority NY Revenue | 4.000% | 11/15/41 | 1,370 | 1,361 | ||
| Metropolitan Transportation Authority NY Revenue | 4.000% | 11/15/42 | 1,500 | 1,488 | ||
| Metropolitan Transportation Authority NY Revenue | 4.000% | 11/15/42 | 800 | 794 | ||
| Metropolitan Transportation Authority NY Revenue | 5.000% | 11/15/43 | 500 | 532 | ||
| Metropolitan Transportation Authority NY Revenue PUT | 5.000% | 5/15/24 | 7,000 | 7,033 | ||
| 4,5 | Metropolitan Transportation Authority NY Revenue PUT, SOFR + 0.550% | 4.161% | 4/1/24 | 500 | 500 | |
| Monroe County NY Industrial Development Agency School Facility Revenue (Rochester Schools Modernization Project) | 5.000% | 5/1/31 | 1,970 | 2,128 | ||
| Monroe County NY Industrial Development Corp. Revenue (Rochester Regional Health) | 4.000% | 12/1/39 | 2,120 | 2,041 | ||
| Monroe County NY Industrial Development Corp. Revenue (University of Rochester Project) | 5.000% | 7/1/37 | 1,540 | 1,640 | ||
| Monroe County NY Industrial Development Corp. Revenue (University of Rochester Projects) | 5.000% | 12/1/28 | 555 | 592 | ||
| New York City NY GO | 5.000% | 8/1/24 | 1,000 | 1,012 | ||
| New York City NY GO | 5.000% | 8/1/25 | 1,245 | 1,290 | ||
| New York City NY GO | 5.000% | 8/1/25 | 1,310 | 1,358 | ||
| New York City NY GO | 5.000% | 8/1/25 | 1,000 | 1,036 | ||
| New York City NY GO | 5.000% | 6/1/26 | 2,450 | 2,524 | ||
| New York City NY GO | 5.000% | 8/1/27 | 1,000 | 1,088 | ||
| New York City NY GO | 5.000% | 8/1/32 | 1,000 | 1,201 | ||
| New York City NY GO | 5.000% | 12/1/32 | 1,755 | 1,864 | ||
| New York City NY GO | 5.000% | 12/1/32 | 1,000 | 1,110 | ||
| New York City NY GO | 5.000% | 10/1/34 | 1,940 | 2,198 | ||
| New York City NY GO | 4.000% | 8/1/35 | 1,000 | 1,082 | ||
| New York City NY GO | 5.000% | 12/1/35 | 1,120 | 1,184 | ||
| New York City NY GO | 4.000% | 8/1/36 | 1,000 | 1,071 | ||
| New York City NY GO | 5.000% | 10/1/36 | 3,875 | 4,179 | ||
| New York City NY GO | 4.000% | 8/1/37 | 2,000 | 2,089 | ||
| New York City NY GO | 4.000% | 10/1/37 | 6,640 | 6,936 | ||
| New York City NY GO | 5.000% | 4/1/39 | 1,000 | 1,160 | ||
| New York City NY GO | 5.000% | 4/1/39 | 2,260 | 2,425 | ||
| New York City NY GO | 5.000% | 9/1/39 | 5,000 | 5,754 | ||
| New York City NY GO | 3.000% | 3/1/41 | 1,210 | 1,072 | ||
| New York City NY GO | 5.000% | 4/1/41 | 3,000 | 3,443 | ||
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| New York City NY GO | 5.250% | 5/1/41 | 1,250 | 1,441 | ||
| New York City NY GO | 4.000% | 4/1/42 | 3,000 | 3,062 | ||
| New York City NY GO | 5.250% | 10/1/42 | 1,000 | 1,154 | ||
| New York City NY GO | 5.250% | 4/1/43 | 1,000 | 1,156 | ||
| New York City NY GO | 5.000% | 8/1/44 | 2,430 | 2,754 | ||
| New York City NY GO | 5.000% | 8/1/45 | 2,500 | 2,818 | ||
| 3 | New York City NY GO VRDO | 4.000% | 1/2/24 | 7,400 | 7,400 | |
| 3 | New York City NY GO VRDO | 4.100% | 1/2/24 | 1,070 | 1,070 | |
| 3 | New York City NY GO VRDO | 3.800% | 1/4/24 | 200 | 200 | |
| New York City NY Housing Development Corp. Multi-Family Housing Revenue | 3.700% | 11/1/38 | 1,915 | 1,875 | ||
| 16 | New York City NY Housing Development Corp. Multi-Family Housing Revenue | 2.350% | 11/1/40 | 2,000 | 1,512 | |
| 16 | New York City NY Housing Development Corp. Multi-Family Housing Revenue PUT | 0.700% | 5/1/25 | 400 | 382 | |
| 16 | New York City NY Housing Development Corp. Multi-Family Housing Revenue PUT | 0.600% | 7/1/25 | 1,965 | 1,861 | |
| 16 | New York City NY Housing Development Corp. Multi-Family Housing Revenue PUT | 0.900% | 1/1/26 | 1,000 | 932 | |
| New York City NY Housing Development Corp. Multi-Family Housing Revenue PUT | 2.950% | 2/1/26 | 1,000 | 992 | ||
| New York City NY Housing Development Corp. Multi-Family Housing Revenue PUT | 4.300% | 11/1/28 | 1,000 | 1,026 | ||
| 16 | New York City NY Housing Development Corp. Multi-Family Housing Revenue (Sustainable Development Bonds) PUT | 3.400% | 12/22/26 | 1,000 | 1,002 | |
| 16 | New York City NY Housing Development Corp. Multi-Family Housing Revenue (Sustainable Development Bonds) PUT | 3.400% | 12/22/26 | 1,000 | 997 | |
| New York City NY Housing Development Corp. Multi-Family Housing Revenue (Sustainable Development Bonds) PUT | 3.700% | 12/30/27 | 2,000 | 2,015 | ||
| New York City NY Housing Development Corp. Multi-Family Housing Revenue (Sustainable Development Bonds) PUT | 3.730% | 12/29/28 | 1,000 | 1,005 | ||
| New York City NY Housing Development Corp. Multi-Family Housing Revenue (Sustainable Neighborhood Bonds) | 3.000% | 11/1/39 | 785 | 704 | ||
| 5 | New York City NY Industrial Development Agency Revenue (Yankee Stadium Project) | 4.000% | 3/1/31 | 1,250 | 1,321 | |
| 5 | New York City NY Industrial Development Agency Revenue (Yankee Stadium Project) | 3.000% | 3/1/38 | 2,000 | 1,773 | |
| 5 | New York City NY Industrial Development Agency Revenue (Yankee Stadium Projects) | 3.000% | 3/1/36 | 2,000 | 1,870 | |
| New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | 5.000% | 6/15/27 | 4,560 | 4,761 | ||
| New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | 5.250% | 6/15/33 | 1,000 | 1,090 | ||
| New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | 5.000% | 6/15/36 | 2,000 | 2,058 | ||
| New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | 5.250% | 6/15/37 | 3,140 | 3,376 | ||
| New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | 5.000% | 6/15/38 | 1,000 | 1,072 | ||
| New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | 5.000% | 6/15/39 | 2,075 | 2,111 | ||
| New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | 5.000% | 6/15/39 | 2,500 | 2,749 | ||
| New York City NY Municipal Water Finance Authority Water & Sewer System Revenue | 5.000% | 6/15/43 | 215 | 247 | ||
33
Tax-Managed Balanced Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| New York City NY Municipal Water Finance Authority Water & Sewer System Revenue Prere. | 5.000% | 6/15/25 | 1,350 | 1,395 | ||
| 3 | New York City NY Municipal Water Finance Authority Water & Sewer System Revenue VRDO | 4.000% | 1/2/24 | 3,640 | 3,640 | |
| New York City NY Transitional Finance Authority Building AID Revenue | 5.000% | 7/15/28 | 1,730 | 1,786 | ||
| New York City NY Transitional Finance Authority Building AID Revenue | 5.000% | 7/15/29 | 2,000 | 2,063 | ||
| New York City NY Transitional Finance Authority Building AID Revenue | 5.000% | 7/15/30 | 1,045 | 1,087 | ||
| New York City NY Transitional Finance Authority Building AID Revenue | 5.000% | 7/15/35 | 1,635 | 1,799 | ||
| New York City NY Transitional Finance Authority Building AID Revenue | 5.250% | 7/15/35 | 1,525 | 1,701 | ||
| New York City NY Transitional Finance Authority Building AID Revenue | 4.000% | 7/15/38 | 1,750 | 1,786 | ||
| New York City NY Transitional Finance Authority Building AID Revenue | 5.000% | 7/15/43 | 1,000 | 1,069 | ||
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 11/1/28 | 1,325 | 1,377 | ||
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 5/1/29 | 1,000 | 1,134 | ||
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 5/1/29 | 1,000 | 1,134 | ||
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 5/1/30 | 1,500 | 1,735 | ||
| 15 | New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 5/1/30 | 1,000 | 1,156 | |
| 15 | New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 11/1/30 | 1,000 | 1,167 | |
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 2/1/31 | 2,445 | 2,543 | ||
| 15 | New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 5/1/32 | 1,800 | 2,158 | |
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 8/1/32 | 1,370 | 1,380 | ||
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 11/1/32 | 1,500 | 1,557 | ||
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 5/1/33 | 1,000 | 1,219 | ||
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 8/1/34 | 1,450 | 1,459 | ||
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 8/1/34 | 1,710 | 1,794 | ||
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 11/1/34 | 1,565 | 1,623 | ||
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 2/1/35 | 4,000 | 4,078 | ||
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 8/1/35 | 1,525 | 1,633 | ||
| New York City NY Transitional Finance Authority Future Tax Revenue | 4.000% | 11/1/35 | 2,500 | 2,689 | ||
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 11/1/35 | 1,745 | 1,807 | ||
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.250% | 11/1/35 | 1,000 | 1,220 | ||
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 5/1/36 | 1,580 | 1,679 | ||
| New York City NY Transitional Finance Authority Future Tax Revenue | 4.000% | 8/1/36 | 1,235 | 1,268 | ||
| New York City NY Transitional Finance Authority Future Tax Revenue | 4.000% | 11/1/36 | 1,000 | 1,052 | ||
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 8/1/37 | 1,680 | 1,788 | ||
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 8/1/38 | 8,000 | 8,036 | ||
| New York City NY Transitional Finance Authority Future Tax Revenue | 4.000% | 11/1/38 | 1,250 | 1,301 | ||
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 5/1/39 | 2,740 | 2,943 | ||
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 8/1/40 | 1,485 | 1,595 | ||
| 15 | New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 11/1/40 | 1,000 | 1,174 | |
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.500% | 5/1/41 | 1,000 | 1,208 | ||
| 15 | New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 11/1/41 | 1,000 | 1,166 | |
| New York City NY Transitional Finance Authority Future Tax Revenue | 4.000% | 5/1/42 | 2,195 | 2,228 | ||
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.500% | 5/1/42 | 1,000 | 1,202 | ||
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 8/1/42 | 1,500 | 1,506 | ||
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.500% | 5/1/44 | 1,000 | 1,192 | ||
| New York City NY Transitional Finance Authority Future Tax Secured Revenue | 5.000% | 11/1/25 | 2,230 | 2,325 | ||
| New York City NY Transitional Finance Authority Future Tax Secured Revenue | 5.000% | 11/1/28 | 1,600 | 1,796 | ||
| New York City NY Transitional Finance Authority Future Tax Secured Revenue | 5.000% | 8/1/34 | 2,895 | 3,189 | ||
| New York City NY Transitional Finance Authority Future Tax Secured Revenue | 5.000% | 8/1/35 | 2,015 | 2,215 | ||
| New York City NY Transitional Finance Authority Future Tax Secured Revenue | 5.000% | 8/1/35 | 1,200 | 1,411 | ||
| New York City NY Transitional Finance Authority Future Tax Secured Revenue | 5.000% | 2/1/36 | 110 | 130 | ||
| New York City NY Transitional Finance Authority Future Tax Secured Revenue | 4.000% | 8/1/36 | 1,000 | 1,074 | ||
| New York City NY Transitional Finance Authority Future Tax Secured Revenue | 5.000% | 8/1/36 | 2,325 | 2,546 | ||
| New York City NY Transitional Finance Authority Future Tax Secured Revenue | 4.000% | 11/1/36 | 2,800 | 3,007 | ||
| New York City NY Transitional Finance Authority Future Tax Secured Revenue | 4.000% | 8/1/37 | 250 | 265 | ||
| New York City NY Transitional Finance Authority Future Tax Secured Revenue | 4.000% | 2/1/38 | 200 | 212 | ||
| New York City NY Transitional Finance Authority Future Tax Secured Revenue | 4.000% | 8/1/38 | 5,000 | 5,091 | ||
| New York City NY Transitional Finance Authority Future Tax Secured Revenue | 4.000% | 2/1/39 | 2,500 | 2,624 | ||
34
Tax-Managed Balanced Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| New York City NY Transitional Finance Authority Future Tax Secured Revenue | 5.000% | 2/1/39 | 1,020 | 1,169 | ||
| New York City NY Transitional Finance Authority Future Tax Secured Revenue | 4.000% | 5/1/39 | 2,000 | 2,095 | ||
| New York City NY Transitional Finance Authority Future Tax Secured Revenue | 5.000% | 11/1/39 | 1,330 | 1,453 | ||
| New York City NY Transitional Finance Authority Future Tax Secured Revenue | 5.000% | 2/1/40 | 545 | 622 | ||
| New York City NY Transitional Finance Authority Future Tax Secured Revenue | 3.000% | 8/1/40 | 1,500 | 1,335 | ||
| New York City NY Transitional Finance Authority Future Tax Secured Revenue | 5.000% | 8/1/40 | 3,500 | 3,701 | ||
| New York City NY Transitional Finance Authority Future Tax Secured Revenue | 5.000% | 11/1/40 | 1,540 | 1,654 | ||
| New York City NY Transitional Finance Authority Future Tax Secured Revenue | 5.000% | 2/1/41 | 1,545 | 1,752 | ||
| New York City NY Transitional Finance Authority Future Tax Secured Revenue | 3.000% | 8/1/41 | 1,000 | 877 | ||
| New York City NY Transitional Finance Authority Future Tax Secured Revenue | 5.250% | 11/1/41 | 8,000 | 9,328 | ||
| New York City NY Transitional Finance Authority Future Tax Secured Revenue | 5.000% | 2/1/42 | 510 | 575 | ||
| New York City NY Transitional Finance Authority Future Tax Secured Revenue | 5.000% | 2/1/42 | 2,000 | 2,283 | ||
| New York City NY Transitional Finance Authority Future Tax Secured Revenue | 5.000% | 5/1/42 | 1,570 | 1,797 | ||
| New York City NY Transitional Finance Authority Future Tax Secured Revenue | 4.000% | 11/1/43 | 1,000 | 1,011 | ||
| 3 | New York City NY Transitional Finance Authority Future Tax Secured Revenue VRDO | 4.100% | 1/2/24 | 1,050 | 1,050 | |
| New York City NY Transitional Finance Authority Revenue | 5.000% | 8/1/35 | 1,500 | 1,649 | ||
| New York City NY Transitional Finance Authority Revenue | 5.000% | 8/1/36 | 5,710 | 6,253 | ||
| New York City NY Transitional Finance Authority Revenue | 5.000% | 5/1/38 | 1,675 | 1,806 | ||
| New York City NY Transitional Finance Authority Revenue | 5.000% | 5/1/39 | 1,335 | 1,458 | ||
| New York City NY Trust for Cultural Resources Revenue (Lincoln Center for the Performing Arts Inc.) | 5.000% | 12/1/26 | 1,350 | 1,438 | ||
| New York City NY Trust for Cultural Resources Revenue (Lincoln Center for the Performing Arts Inc.) | 4.000% | 12/1/33 | 1,000 | 1,062 | ||
| New York Liberty Development Corp. Revenue (1 World Trade Center Project) | 3.000% | 2/15/42 | 500 | 438 | ||
| 8 | New York Liberty Development Corp. Revenue (1 World Trade Center Project) | 3.000% | 2/15/42 | 2,000 | 1,781 | |
| New York Liberty Development Corp. Revenue (1 World Trade Center Project) | 4.000% | 2/15/43 | 1,000 | 1,008 | ||
| New York Liberty Development Corp. Revenue (4 World Trade Center Project) | 1.900% | 11/15/31 | 1,500 | 1,334 | ||
| New York Liberty Development Corp. Revenue (4 World Trade Center Project) | 2.100% | 11/15/32 | 1,900 | 1,676 | ||
| New York Liberty Development Corp. Revenue (4 World Trade Center Project) | 2.200% | 11/15/33 | 1,440 | 1,270 | ||
| New York Liberty Development Corp. Revenue (4 World Trade Center Project) | 2.300% | 11/15/34 | 1,500 | 1,323 | ||
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| New York Liberty Development Corp. Revenue (4 World Trade Center Project) | 2.400% | 11/15/35 | 1,400 | 1,229 | ||
| New York Liberty Development Corp. Revenue (4 World Trade Center Project) | 2.500% | 11/15/36 | 950 | 827 | ||
| New York Liberty Development Corp. Revenue (4 World Trade Center Project) | 2.750% | 11/15/41 | 3,050 | 2,471 | ||
| New York Liberty Development Corp. Revenue (7 World Trade Center Project) | 3.000% | 9/15/43 | 405 | 344 | ||
| New York Liberty Development Corp. Revenue (Bank of America Tower at One Bryant Park Project) | 2.800% | 9/15/69 | 1,815 | 1,650 | ||
| New York Liberty Development Corp. Revenue (Goldman Sachs Headquarters) | 5.250% | 10/1/35 | 760 | 904 | ||
| New York Metropolitan Transportation Authority Revenue | 5.000% | 11/15/24 | 2,180 | 2,218 | ||
| New York Metropolitan Transportation Authority Revenue | 5.000% | 11/15/25 | 1,135 | 1,179 | ||
| New York Metropolitan Transportation Authority Revenue | 4.000% | 11/15/31 | 1,445 | 1,483 | ||
| New York Metropolitan Transportation Authority Revenue PUT | 5.000% | 5/15/30 | 2,500 | 2,710 | ||
| New York Metropolitan Transportation Authority Revenue (Dedicated Tax Fund) | 0.000% | 11/15/32 | 1,000 | 767 | ||
| New York Metropolitan Transportation Authority Revenue (Dedicated Tax Fund) | 4.000% | 11/15/33 | 1,545 | 1,595 | ||
| 5 | New York Power Authority Green Transmission Revenue | 5.000% | 11/15/28 | 1,000 | 1,116 | |
| 5 | New York Power Authority Green Transmission Revenue | 4.000% | 11/15/41 | 3,540 | 3,583 | |
| 5 | New York Power Authority Green Transmission Revenue | 5.000% | 11/15/48 | 1,000 | 1,119 | |
| 12 | New York State Dormitory Authority Lease Revenue (City of New York Court Facilities) | 5.500% | 5/15/24 | 500 | 505 | |
| 12 | New York State Dormitory Authority Lease Revenue (City of New York Court Facilities) | 5.500% | 5/15/27 | 500 | 547 | |
| 8 | New York State Dormitory Authority Revenue | 5.000% | 10/1/31 | 1,000 | 1,164 | |
| New York State Dormitory Authority Revenue | 5.000% | 7/1/32 | 2,000 | 2,162 | ||
| New York State Dormitory Authority Revenue | 3.000% | 10/1/32 | 1,000 | 963 | ||
| New York State Dormitory Authority Revenue | 5.000% | 7/1/33 | 730 | 840 | ||
| 5 | New York State Dormitory Authority Revenue | 5.000% | 10/1/37 | 2,500 | 2,891 | |
| New York State Dormitory Authority Revenue | 4.000% | 5/1/40 | 1,260 | 1,257 | ||
| New York State Dormitory Authority Revenue (Icahn School of Medicine at Mount Sinai) | 5.000% | 7/1/28 | 1,000 | 1,021 | ||
| New York State Dormitory Authority Revenue (Icahn School of Medicine at Mount Sinai) | 5.000% | 7/1/32 | 1,000 | 1,015 | ||
| New York State Dormitory Authority Revenue (Montefiore Obligated Group) | 5.000% | 9/1/27 | 1,895 | 1,968 | ||
| New York State Dormitory Authority Revenue (Montefiore Obligated Group) | 5.000% | 8/1/29 | 550 | 577 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 3/15/29 | 1,085 | 1,109 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 2/15/30 | 2,000 | 2,148 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 3/15/30 | 2,000 | 2,007 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 2/15/31 | 2,445 | 2,492 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 2/15/31 | 2,000 | 2,145 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 3/15/31 | 2,000 | 2,349 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 4.000% | 2/15/33 | 1,975 | 2,048 | ||
35
Tax-Managed Balanced Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 4.000% | 2/15/34 | 1,895 | 1,965 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 3/15/34 | 2,000 | 2,006 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 3/15/34 | 8,000 | 8,231 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 4.000% | 2/15/35 | 1,000 | 1,035 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 2/15/35 | 3,000 | 3,423 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 2/15/35 | 5,000 | 5,085 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 2/15/37 | 3,000 | 3,201 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 4.000% | 3/15/37 | 2,270 | 2,440 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 3.000% | 3/15/38 | 3,400 | 3,148 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 4.000% | 3/15/38 | 1,000 | 1,051 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 4.000% | 3/15/38 | 3,500 | 3,702 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 4.000% | 2/15/39 | 2,000 | 2,070 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 2/15/39 | 2,000 | 2,124 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 3.000% | 3/15/39 | 3,000 | 2,725 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 4.000% | 3/15/39 | 3,000 | 3,116 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 4.000% | 3/15/39 | 2,235 | 2,332 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 3/15/39 | 1,000 | 1,152 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 3.000% | 3/15/40 | 3,000 | 2,689 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 4.000% | 3/15/40 | 1,250 | 1,287 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 4.000% | 3/15/40 | 1,000 | 1,030 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 4.000% | 3/15/43 | 1,120 | 1,131 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 4.000% | 3/15/43 | 2,000 | 2,020 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) ETM | 5.000% | 2/15/25 | 1,500 | 1,536 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) Prere. | 5.000% | 2/15/25 | 5 | 5 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) Prere. | 5.000% | 2/15/25 | 10 | 10 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) Prere. | 5.000% | 2/15/25 | 2,035 | 2,084 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) Prere. | 4.000% | 9/15/25 | 1,700 | 1,738 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) Prere. | 4.000% | 2/15/27 | 10 | 10 | ||
| New York State Dormitory Authority Revenue (Teachers College) | 5.000% | 7/1/29 | 195 | 219 | ||
| New York State Dormitory Authority Revenue (Teachers College) | 5.000% | 7/1/30 | 205 | 234 | ||
| New York State Dormitory Authority Revenue (Teachers College) | 5.000% | 7/1/31 | 225 | 261 | ||
| New York State Dormitory Authority Revenue (Teachers College) | 5.000% | 7/1/32 | 235 | 272 | ||
| New York State Dormitory Authority Revenue (Teachers College) | 5.000% | 7/1/33 | 255 | 294 | ||
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 9/15/30 | 4,000 | 4,630 | ||
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/32 | 1,230 | 1,269 | ||
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/32 | 1,480 | 1,589 | ||
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/33 | 1,795 | 1,892 | ||
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/35 | 1,420 | 1,462 | ||
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/35 | 2,000 | 2,103 | ||
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/36 | 1,500 | 1,634 | ||
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/37 | 2,160 | 2,337 | ||
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/40 | 2,000 | 2,219 | ||
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/41 | 2,970 | 3,100 | ||
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/42 | 2,000 | 2,202 | ||
| New York State Dormitory Authority Sales Tax Revenue | 5.250% | 3/15/44 | 2,000 | 2,218 | ||
| New York State Dormitory Authority Sales Tax Revenue ETM | 5.000% | 3/15/25 | 1,295 | 1,329 | ||
| New York State Energy Research & Development Authority Pollution Control Revenue (New York State Electric & Gas Corp.) | 3.500% | 10/1/29 | 1,000 | 992 | ||
| New York State Energy Research & Development Authority Pollution Control Revenue (New York State Electric & Gas Corp.) | 4.000% | 4/1/34 | 1,250 | 1,294 | ||
| New York State Environmental Facilities Corp. Revenue (State Clean Water & Drinking Water Revolving Funds) | 5.000% | 6/15/34 | 1,500 | 1,624 | ||
| New York State Homeowner Mortgage Agency Revenue | 2.200% | 4/1/36 | 1,550 | 1,327 | ||
| New York State Housing Finance Agency Revenue | 2.200% | 11/1/36 | 875 | 759 | ||
| New York State Housing Finance Agency Revenue PUT | 2.500% | 5/1/27 | 1,510 | 1,452 | ||
| New York State Housing Finance Agency Revenue PUT | 2.500% | 5/1/27 | 900 | 866 | ||
| 16 | New York State Housing Finance Agency Revenue PUT | 3.100% | 11/1/27 | 1,500 | 1,500 | |
| New York State Housing Finance Agency Revenue PUT | 4.500% | 11/1/28 | 1,000 | 1,022 | ||
| New York State Housing Finance Agency Revenue PUT | 3.800% | 5/1/29 | 2,425 | 2,434 | ||
| New York State Liberty Development Corp. Liberty Revenue (Bank of America Tower at One Bryant Park Project) | 2.450% | 9/15/69 | 5,700 | 5,299 | ||
| New York State Liberty Development Corp. Liberty Revenue (Bank of America Tower at One Bryant Park Project) | 2.625% | 9/15/69 | 2,505 | 2,315 | ||
| New York State Mortgage Agency Homeowner Revenue | 3.250% | 10/1/50 | 1,890 | 1,860 | ||
| 8 | New York State Thruway Authority General Revenue | 4.000% | 1/1/39 | 1,000 | 1,021 | |
| New York State Thruway Authority General Revenue | 4.000% | 1/1/41 | 1,000 | 1,014 | ||
| New York State Thruway Authority General Revenue | 4.000% | 1/1/42 | 2,000 | 2,025 | ||
| New York State Thruway Authority General Revenue | 4.000% | 1/1/42 | 1,000 | 1,011 | ||
| New York State Thruway Authority Revenue | 5.000% | 1/1/35 | 1,130 | 1,161 | ||
| New York State Thruway Authority Revenue | 5.000% | 1/1/36 | 1,045 | 1,171 | ||
| New York State Thruway Authority Revenue | 5.000% | 3/15/40 | 1,325 | 1,523 | ||
| New York State Urban Development Corp. Revenue (Personal Income Tax) | 5.000% | 3/15/31 | 1,420 | 1,463 | ||
| New York State Urban Development Corp. Revenue (Personal Income Tax) | 5.000% | 3/15/33 | 2,010 | 2,099 | ||
| New York State Urban Development Corp. Revenue (Personal Income Tax) | 4.000% | 3/15/34 | 5,000 | 5,317 | ||
| New York State Urban Development Corp. Revenue (Personal Income Tax) | 5.000% | 3/15/36 | 2,000 | 2,124 | ||
| New York State Urban Development Corp. Revenue (Personal Income Tax) | 5.000% | 3/15/37 | 2,000 | 2,117 | ||
36
Tax-Managed Balanced Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| New York State Urban Development Corp. Revenue (Personal Income Tax) | 5.000% | 3/15/38 | 3,325 | 3,754 | ||
| New York State Urban Development Corp. Revenue (Personal Income Tax) | 4.000% | 3/15/39 | 5,000 | 5,179 | ||
| New York State Urban Development Corp. Revenue (Personal Income Tax) | 4.000% | 3/15/40 | 1,590 | 1,639 | ||
| New York State Urban Development Corp. Revenue (Personal Income Tax) | 4.000% | 3/15/41 | 1,000 | 1,027 | ||
| New York State Urban Development Corp. Revenue (Personal Income Tax) | 4.000% | 3/15/42 | 1,490 | 1,521 | ||
| New York State Urban Development Corp. Revenue (Personal Income Tax) | 4.000% | 3/15/42 | 2,000 | 2,039 | ||
| New York State Urban Development Corp. Revenue (Personal Income Tax) ETM | 5.000% | 3/15/25 | 2,810 | 2,884 | ||
| New York State Urban Development Corp. Revenue (Personal Income Tax) ETM | 5.000% | 3/15/25 | 20 | 21 | ||
| New York State Urban Development Corp. Revenue (Personal Income Tax) Prere. | 5.000% | 3/15/24 | 1,930 | 1,938 | ||
| New York State Urban Development Corp. Sales Tax Revenue | 5.000% | 3/15/30 | 1,015 | 1,171 | ||
| New York State Urban Development Corp. Sales Tax Revenue | 4.000% | 3/15/39 | 3,000 | 3,119 | ||
| New York State Urban Development Corp. Sales Tax Revenue | 3.000% | 3/15/41 | 3,000 | 2,661 | ||
| New York State Urban Development Corp. Sales Tax Revenue | 5.000% | 3/15/41 | 5,000 | 5,746 | ||
| New York State Urban Development Corp. Sales Tax Revenue | 3.000% | 3/15/42 | 4,000 | 3,492 | ||
| New York State Urban Development Corp. Sales Tax Revenue | 4.000% | 3/15/43 | 225 | 229 | ||
| New York Transportation Development Corp. Special Facility Revenue (Terminal 4 John F. Kennedy International Airport Project) | 4.000% | 12/1/42 | 1,400 | 1,399 | ||
| 3,6 | Niagara County NY Industrial Development Agency Multifamily Revenue TOB VRDO | 4.470% | 1/2/24 | 2,600 | 2,600 | |
| Onondaga NY Civic Development Corp. Revenue (Le Moyne College Project) | 5.000% | 7/1/33 | 350 | 380 | ||
| Port Authority of New York & New Jersey Revenue | 3.000% | 12/1/32 | 2,000 | 2,033 | ||
| Port Authority of New York & New Jersey Revenue | 5.000% | 9/1/36 | 1,230 | 1,339 | ||
| Port Authority of New York & New Jersey Revenue | 5.000% | 11/1/36 | 2,295 | 2,586 | ||
| Port Authority of New York & New Jersey Revenue | 5.000% | 7/15/40 | 1,000 | 1,154 | ||
| Suffolk County NY Economic Development Corp. Revenue (Catholic Health Services) | 5.000% | 7/1/27 | 1,370 | 1,380 | ||
| Tobacco Settlement Financing Corp. New York Revenue | 5.000% | 6/1/29 | 1,870 | 1,951 | ||
| Tobacco Settlement Financing Corp. New York Revenue | 5.000% | 6/1/34 | 2,245 | 2,331 | ||
| Tompkins County NY Development Corp. Continuing Care Retirement Community Revenue (Kendal at Ithaca Inc. Project) | 4.000% | 7/1/30 | 450 | 438 | ||
| Tompkins County NY Development Corp. Continuing Care Retirement Community Revenue (Kendal at Ithaca Inc. Project) | 4.000% | 7/1/31 | 460 | 446 | ||
| Tompkins County NY Development Corp. Continuing Care Retirement Community Revenue (Kendal at Ithaca Inc. Project) | 4.000% | 7/1/32 | 285 | 275 | ||
| Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue | 5.000% | 5/15/27 | 5,000 | 5,435 | ||
| Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue | 5.000% | 11/15/27 | 1,000 | 1,089 | ||
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue | 5.000% | 5/15/29 | 2,000 | 2,280 | ||
| Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue | 5.000% | 5/15/30 | 2,000 | 2,323 | ||
| Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue | 3.000% | 5/15/32 | 490 | 489 | ||
| Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue | 5.000% | 11/15/32 | 1,000 | 1,205 | ||
| Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue | 5.000% | 11/15/34 | 1,000 | 1,231 | ||
| Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue | 0.000% | 11/15/36 | 1,000 | 617 | ||
| Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue | 5.000% | 5/15/40 | 1,000 | 1,137 | ||
| Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue | 5.250% | 11/15/40 | 1,000 | 1,187 | ||
| Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue PUT | 2.000% | 5/15/26 | 1,000 | 962 | ||
| Triborough Bridge & Tunnel Authority New York Payroll Mobility Bonds Revenue PUT | 2.000% | 5/15/28 | 1,500 | 1,404 | ||
| Triborough Bridge & Tunnel Authority New York Revenue | 5.000% | 11/15/29 | 1,000 | 1,150 | ||
| Triborough Bridge & Tunnel Authority New York Revenue | 0.000% | 11/15/32 | 1,130 | 829 | ||
| Triborough Bridge & Tunnel Authority New York Revenue | 5.000% | 11/15/34 | 2,000 | 2,076 | ||
| Triborough Bridge & Tunnel Authority New York Revenue | 5.000% | 11/15/34 | 1,900 | 2,033 | ||
| Triborough Bridge & Tunnel Authority New York Revenue | 5.000% | 11/15/36 | 1,000 | 1,063 | ||
| Triborough Bridge & Tunnel Authority New York Revenue | 5.000% | 11/15/37 | 2,000 | 2,119 | ||
| Triborough Bridge & Tunnel Authority NY Payroll Mobility Revenue | 5.000% | 11/15/28 | 2,000 | 2,225 | ||
| Triborough Bridge & Tunnel Authority Sales Tax Revenue | 5.000% | 5/15/40 | 1,835 | 2,117 | ||
| Troy NY Capital Resource Corp. Revenue (Rensselaer Polytechnic Institute Project) | 5.000% | 9/1/37 | 1,320 | 1,434 | ||
| Troy NY Capital Resource Corp. Revenue (Rensselaer Polytechnic Institute Project) | 4.000% | 9/1/40 | 1,000 | 1,007 | ||
| Utility Debt Securitization Authority NY Revenue | 5.000% | 12/15/29 | 2,000 | 2,201 | ||
| Utility Debt Securitization Authority NY Revenue | 5.000% | 12/15/31 | 1,000 | 1,004 | ||
| Utility Debt Securitization Authority NY Revenue | 5.000% | 12/15/35 | 1,945 | 2,019 | ||
| Utility Debt Securitization Authority NY Revenue | 5.000% | 12/15/36 | 2,450 | 2,536 | ||
| Utility Debt Securitization Authority NY Revenue | 5.000% | 12/15/38 | 5,000 | 5,878 | ||
| Utility Debt Securitization Authority NY Revenue | 5.000% | 12/15/40 | 1,000 | 1,183 | ||
| 6 | Westchester County NY Local Development Corp. Revenue (Purchase Senior Learning Community Inc.) | 3.200% | 7/1/28 | 250 | 242 | |
| 6 | Westchester County NY Local Development Corp. Revenue (Purchase Senior Learning Community Inc.) | 5.000% | 7/1/36 | 700 | 661 | |
| Westchester County NY Local Development Corp. Revenue (Westchester Medical Center) | 5.000% | 11/1/31 | 1,085 | 1,092 | ||
| 5 | Westchester County NY Local Development Corp. Revenue (Westchester Medical Center) | 5.250% | 11/1/32 | 1,000 | 1,162 | |
| 5 | Westchester County NY Local Development Corp. Revenue (Westchester Medical Center) | 5.250% | 11/1/33 | 1,250 | 1,468 | |
| Westchester NY Tobacco Asset Securitization Revenue | 5.000% | 6/1/28 | 1,400 | 1,464 | ||
37
Tax-Managed Balanced Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Westchester NY Tobacco Asset Securitization Revenue | 5.000% | 6/1/33 | 1,500 | 1,558 | ||
| 8 | Yonkers NY GO | 5.000% | 11/15/38 | 500 | 579 | |
| 619,158 | ||||||
| North Carolina (0.4%) | ||||||
| Charlotte NC Airport Revenue | 5.000% | 7/1/41 | 2,000 | 2,295 | ||
| Charlotte NC GO | 4.000% | 7/1/34 | 4,260 | 4,364 | ||
| Charlotte NC GO | 5.000% | 7/1/42 | 2,950 | 3,409 | ||
| Charlotte-Mecklenburg NC Hospital Authority Health Care System Revenue | 5.000% | 1/15/34 | 1,500 | 1,568 | ||
| Charlotte-Mecklenburg NC Hospital Authority Health Care System Revenue PUT | 1.950% | 11/1/29 | 1,625 | 1,487 | ||
| North Carolina GAN Revenue | 5.000% | 3/1/25 | 1,055 | 1,082 | ||
| North Carolina GAN Revenue | 5.000% | 3/1/27 | 1,015 | 1,041 | ||
| North Carolina Housing Finance Agency Homeownership Revenue | 5.500% | 1/1/54 | 1,000 | 1,082 | ||
| North Carolina Ltd. Obligation Revenue | 3.000% | 5/1/33 | 1,000 | 984 | ||
| North Carolina Medical Care Commission Health Care Facilities Revenue (Presbyterian Homes Obligated) | 4.000% | 10/1/40 | 800 | 751 | ||
| North Carolina State Ltd. Obligation Revenue | 5.000% | 5/1/25 | 3,590 | 3,698 | ||
| 9 | North Carolina Turnpike Authority Revenue | 0.000% | 1/1/34 | 1,000 | 707 | |
| 5 | North Carolina Turnpike Authority Revenue | 5.000% | 1/1/38 | 30 | 32 | |
| North Carolina Turnpike Authority Revenue | 4.000% | 1/1/39 | 2,000 | 2,007 | ||
| Raleigh NC Combined Enterprise System Revenue | 5.000% | 9/1/28 | 325 | 364 | ||
| Union County NC GO | 5.000% | 9/1/28 | 1,520 | 1,704 | ||
| University of North Carolina at Charlotte Revenue | 4.000% | 10/1/35 | 400 | 420 | ||
| University of North Carolina at Charlotte Revenue | 3.000% | 10/1/36 | 1,600 | 1,508 | ||
| University of North Carolina at Charlotte Revenue | 4.000% | 10/1/37 | 1,000 | 1,039 | ||
| University of North Carolina at Charlotte Revenue | 4.000% | 10/1/40 | 325 | 331 | ||
| Wake County NC GO | 5.000% | 2/1/26 | 1,300 | 1,365 | ||
| Wake County NC GO | 5.000% | 5/1/29 | 1,250 | 1,423 | ||
| Western California University General Revenue | 3.000% | 4/1/36 | 1,480 | 1,407 | ||
| Winston-Salem State University NC General Revenue | 5.000% | 4/1/29 | 440 | 485 | ||
| Winston-Salem State University NC General Revenue | 4.000% | 4/1/33 | 530 | 557 | ||
| 35,110 | ||||||
| North Dakota (0.0%) | ||||||
| Grand Forks ND Health Care System Revenue (Altru Health System Obligated Group) | 5.000% | 12/1/25 | 1,210 | 1,228 | ||
| Grand Forks ND Health Care System Revenue (Altru Health System) | 5.000% | 12/1/29 | 445 | 469 | ||
| 5 | Grand Forks ND Health Care System Revenue (Altru Health System) | 3.000% | 12/1/39 | 1,000 | 833 | |
| 5 | Grand Forks ND Health Care System Revenue (Altru Health System) | 5.000% | 12/1/39 | 475 | 528 | |
| North Dakota Housing Finance Agency Program Mortgage Bonds Revenue | 5.750% | 7/1/53 | 1,000 | 1,072 | ||
| 4,130 | ||||||
| Ohio (1.1%) | ||||||
| Allen County OH Hospital Facilities Revenue (Mercy Health) | 5.000% | 8/1/29 | 1,300 | 1,411 | ||
| Allen County OH Hospital Facilities Revenue (Mercy Health) | 4.000% | 8/1/37 | 2,200 | 2,241 | ||
| Allen County OH Hospital Facilities Revenue (Mercy Health) | 4.000% | 12/1/40 | 1,200 | 1,213 | ||
| American Municipal Power Ohio Inc. Revenue (Fremont Energy Center Project) | 4.000% | 2/15/38 | 1,045 | 1,069 | ||
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| American Municipal Power Ohio Inc. Revenue (Hydroelectric Projects) | 5.000% | 2/15/26 | 1,025 | 1,068 | ||
| American Municipal Power Ohio Inc. Revenue (Hydroelectric Projects) PUT | 1.000% | 8/15/24 | 385 | 379 | ||
| American Municipal Power Ohio Inc. Revenue (Prairie State Energy Campus Projects) | 5.000% | 2/15/29 | 1,250 | 1,390 | ||
| Bowling Green State University Ohio Revenue | 5.000% | 6/1/26 | 400 | 420 | ||
| Bowling Green State University Ohio Revenue | 5.000% | 6/1/27 | 260 | 279 | ||
| Buckeye OH Tobacco Settlement Financing Authority Revenue | 5.000% | 6/1/35 | 1,150 | 1,252 | ||
| Buckeye OH Tobacco Settlement Financing Authority Revenue | 4.000% | 6/1/39 | 1,000 | 999 | ||
| Butler County OH Hospital Facilities Revenue | 5.000% | 11/15/32 | 2,015 | 2,082 | ||
| Centerville OH Health Care Revenue (Graceworks Lutheran Services) | 5.000% | 11/1/26 | 725 | 723 | ||
| Centerville OH Health Care Revenue (Graceworks Lutheran Services) | 5.000% | 11/1/27 | 380 | 378 | ||
| Cleveland Ohio Income Tax Revenue | 3.000% | 10/1/34 | 335 | 330 | ||
| Cleveland-Cuyahoga County OH Port Authority Cultural Facilities Revenue (Cleveland Museum of Natural History Project) | 4.000% | 7/1/38 | 365 | 376 | ||
| Cleveland-Cuyahoga County OH Port Authority Revenue (Euclid Avenue) | 5.000% | 8/1/37 | 1,000 | 1,086 | ||
| 5 | Columbus OH City School District GO | 0.000% | 12/1/29 | 1,000 | 842 | |
| Columbus OH GO | 5.000% | 4/1/25 | 1,200 | 1,235 | ||
| Columbus OH GO | 4.000% | 8/15/26 | 1,730 | 1,762 | ||
| Columbus OH GO | 5.000% | 4/1/30 | 4,500 | 5,201 | ||
| Columbus OH Metropolitan Housing Authority Revenue | 4.000% | 8/1/36 | 1,000 | 1,016 | ||
| Columbus OH Metropolitan Housing Authority Revenue | 4.625% | 8/1/36 | 1,100 | 1,148 | ||
| Columbus OH Sewer Revenue Prere. | 5.000% | 12/1/24 | 4,000 | 4,069 | ||
| Copley Fairlawn OH City School District Facilities Construction Improvement Unlimited Tax GO | 5.000% | 12/1/37 | 300 | 325 | ||
| Cuyahoga County OH Hospital Revenue (Metro Health System) | 5.000% | 2/15/32 | 1,000 | 1,032 | ||
| Fairfield County OH Hospital Facilities Revenue (Fairfield Medical Center) | 5.125% | 6/15/33 | 615 | 599 | ||
| Franklin County OH Convention Facilities Authority Revenue | 5.000% | 12/1/28 | 1,680 | 1,707 | ||
| Franklin County OH Convention Facilities Authority Revenue | 5.000% | 12/1/30 | 680 | 696 | ||
| Franklin County OH Revenue (Trinity Health Corp.) | 5.000% | 12/1/31 | 1,100 | 1,229 | ||
| Franklin County OH Sales Tax Revenue | 5.000% | 6/1/28 | 830 | 921 | ||
| Hamilton County OH Health Care Facilities Revenue | 5.000% | 6/1/34 | 1,000 | 1,095 | ||
| Hamilton County OH Hospital Facilities Revenue (TriHealth Obligated Group) | 5.000% | 8/15/36 | 1,000 | 1,053 | ||
| Hamilton County OH Hospital Facilities Revenue (UC Health) | 5.000% | 9/15/28 | 625 | 658 | ||
| 3 | Lancaster OH Port Authority Gas Supply Revenue PUT | 5.000% | 2/1/25 | 400 | 405 | |
| 3,6 | Lucas Country OH GO TOB VRDO | 4.250% | 1/2/24 | 200 | 200 | |
| Miami Valley OH Career Technology Center GO | 5.000% | 12/1/25 | 880 | 919 | ||
| Montgomery County OH Hospital Facilities Improvement & Refunding Revenue (Kettering Health Network) | 3.000% | 8/1/34 | 900 | 860 | ||
| Montgomery County OH Hospital Facilities Improvement & Refunding Revenue (Kettering Health Network) | 3.000% | 8/1/40 | 1,000 | 834 | ||
38
Tax-Managed Balanced Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Montgomery County OH Hospital Facilities Revenue (Premier Health Partners Obligated Group) | 4.000% | 11/15/38 | 1,000 | 969 | ||
| Montgomery County OH Hospital Facilities Revenue (Premier Health Partners Obligated Group) | 4.000% | 11/15/42 | 1,000 | 936 | ||
| Montgomery County OH Hospital Revenue (Premier Health Partners) | 5.000% | 11/15/31 | 2,290 | 2,431 | ||
| Montgomery County OH Hospital Revenue (Premier Health Partners) | 5.000% | 11/15/37 | 2,590 | 2,677 | ||
| North Royalton OH City School District GO | 5.000% | 12/1/26 | 300 | 309 | ||
| North Royalton OH City School District GO | 5.000% | 12/1/28 | 1,400 | 1,441 | ||
| Ohio Air Quality Development Authority Revenue PUT | 4.000% | 6/1/27 | 500 | 504 | ||
| Ohio Air Quality Development Authority Revenue (Duke Energy Corp.) PUT | 4.000% | 6/1/27 | 730 | 742 | ||
| Ohio Capital Facilities Lease-Appropriation Revenue (Adult Correctional Building Fund Projects) | 5.000% | 10/1/33 | 1,605 | 1,729 | ||
| Ohio Capital Facilities Lease-Appropriation Revenue (Transportation Building Fund Projects) | 5.000% | 4/1/30 | 1,155 | 1,181 | ||
| Ohio Community Learning Centers Income Tax Revenue | 4.000% | 12/1/26 | 375 | 388 | ||
| Ohio GO | 5.000% | 8/1/24 | 500 | 506 | ||
| Ohio GO | 5.000% | 11/1/24 | 1,675 | 1,706 | ||
| Ohio GO | 5.000% | 2/1/27 | 1,000 | 1,047 | ||
| Ohio GO | 5.000% | 5/1/33 | 1,010 | 1,117 | ||
| Ohio GO | 5.000% | 3/1/35 | 1,000 | 1,068 | ||
| Ohio GO | 5.000% | 5/1/35 | 770 | 912 | ||
| Ohio GO | 5.000% | 3/15/36 | 1,005 | 1,009 | ||
| Ohio GO | 5.000% | 5/1/36 | 600 | 706 | ||
| Ohio GO | 5.000% | 5/1/37 | 600 | 700 | ||
| Ohio GO | 5.000% | 3/1/38 | 2,000 | 2,107 | ||
| Ohio Higher Education GO | 5.000% | 5/1/30 | 5,015 | 5,155 | ||
| Ohio Housing Finance Agency Residential Mortgage Revenue | 5.500% | 3/1/53 | 1,000 | 1,066 | ||
| Ohio Major New State Infrastructure Project Revenue | 5.000% | 12/15/25 | 2,450 | 2,558 | ||
| Ohio Major New State Infrastructure Project Revenue | 5.000% | 12/15/28 | 1,020 | 1,075 | ||
| Ohio Parks & Recreation Capital Facilities Revenue | 5.000% | 12/1/35 | 1,320 | 1,454 | ||
| Ohio Parks & Recreation Capital Facilities Revenue | 5.000% | 12/1/37 | 2,240 | 2,441 | ||
| Ohio Revenue (Transportation Building Fund Projects) | 5.000% | 4/1/26 | 925 | 972 | ||
| Ohio State Higher Educational Facility Commission Revenue | 5.000% | 1/15/33 | 1,260 | 1,311 | ||
| Ohio State Higher Educational Facility Commission Revenue | 4.000% | 12/1/37 | 1,050 | 1,021 | ||
| Ohio State Hospital Revenue (Cleveland Clinic Health System Obligated Group) PUT | 2.750% | 5/1/28 | 1,000 | 995 | ||
| Ohio State Hospital Revenue (Premier Health Partners Obligated Group) | 5.000% | 11/15/33 | 105 | 113 | ||
| Ohio State Hospital Revenue (University Hospitals Health System) | 5.000% | 1/15/35 | 500 | 540 | ||
| Ohio Turnpike Commission Revenue | 5.000% | 2/15/43 | 2,500 | 2,648 | ||
| Ohio Turnpike Commission Turnpike Revenue | 5.000% | 2/15/35 | 1,310 | 1,426 | ||
| Ohio Turnpike Commission Turnpike Revenue | 0.000% | 2/15/43 | 1,000 | 453 | ||
| Ohio Water Development Authority Water Pollution Control Loan Fund Revenue | 5.000% | 12/1/26 | 1,850 | 1,985 | ||
| Ohio Water Development Authority Water Pollution Control Loan Fund Revenue | 5.000% | 6/1/27 | 1,485 | 1,613 | ||
| 95,513 | ||||||
| Oklahoma (0.2%) | ||||||
| Edmond OK Public Works Authority Sales Tax & Utility System Revenue | 4.000% | 7/1/25 | 1,160 | 1,179 | ||
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Norman OK Regional Hospital Authority Revenue | 5.000% | 9/1/28 | 1,245 | 1,295 | ||
| Oklahoma Capitol Improvement Authority Facilities Revenue | 5.000% | 7/1/26 | 1,145 | 1,153 | ||
| Oklahoma Capitol Improvement Authority Facilities Revenue | 4.000% | 7/1/38 | 985 | 1,006 | ||
| Oklahoma Capitol Improvement Authority Facilities Revenue Prere. | 4.000% | 7/1/28 | 15 | 16 | ||
| Oklahoma City OK GO | 5.000% | 3/1/24 | 525 | 526 | ||
| Oklahoma City OK GO | 4.000% | 3/1/28 | 5,605 | 5,930 | ||
| Oklahoma Development Finance Authority Health System Revenue (OU Medicine) | 5.000% | 8/15/28 | 1,500 | 1,509 | ||
| Oklahoma Development Finance Authority Health System Revenue (OU Medicine) | 5.000% | 8/15/33 | 1,000 | 1,001 | ||
| Oklahoma State University Agricultural Mechanical Revenue | 4.000% | 9/1/35 | 460 | 481 | ||
| Oklahoma Turnpike Authority Revenue | 4.000% | 1/1/35 | 1,450 | 1,477 | ||
| Oklahoma Turnpike Authority Revenue | 5.000% | 1/1/37 | 2,020 | 2,075 | ||
| Tulsa County OK Industrial Authority Educational Facilities Lease Revenue | 4.000% | 9/1/31 | 1,500 | 1,596 | ||
| 19,244 | ||||||
| Oregon (0.5%) | ||||||
| Clackamas County School District No. 12 North GO | 0.000% | 6/15/38 | 1,500 | 797 | ||
| Clatsop County OR School District No. 10 Seaside GO | 5.000% | 6/15/33 | 1,140 | 1,227 | ||
| Deschutes & Jefferson Counties OR School District No. 2J GO | 0.000% | 6/15/31 | 750 | 598 | ||
| Hospital Facilities Authority of Multnomah County Oregon Revenue | 4.000% | 12/1/36 | 1,000 | 858 | ||
| Multnomah County OR School District GO | 5.000% | 6/15/29 | 1,015 | 1,047 | ||
| Oregon Department of Transportation Highway User Tax Revenue | 5.000% | 11/15/40 | 1,050 | 1,180 | ||
| Oregon Department of Transportation Highway User Tax Revenue | 5.000% | 11/15/42 | 5,125 | 5,617 | ||
| Oregon Facilities Authority Revenue (Legacy Health Project) | 5.000% | 6/1/33 | 1,000 | 1,038 | ||
| Oregon Facilities Authority Revenue (Reed College Projects) Prere. | 4.000% | 7/1/27 | 450 | 472 | ||
| Oregon Facilities Authority Revenue (Reed College Projects) Prere. | 4.000% | 7/1/27 | 450 | 472 | ||
| Oregon GO | 5.000% | 5/1/30 | 4,215 | 4,432 | ||
| Oregon Housing & Community Services Department Mortgage Revenue | 4.000% | 7/1/51 | 905 | 907 | ||
| Oregon Housing & Community Services Department Mortgage Revenue | 5.500% | 7/1/53 | 1,670 | 1,808 | ||
| Oregon State Business Development Commission Revenue PUT | 3.800% | 6/15/28 | 1,950 | 1,991 | ||
| Oregon State Department Administrative Services Lottery Revenue | 5.000% | 4/1/39 | 5,625 | 6,422 | ||
| Oregon State Facilities Authority Revenue (Legacy Health Project) | 5.000% | 6/1/30 | 1,535 | 1,705 | ||
| Port of Portland OR International Airport Passenger Facility Charge Revenue | 5.000% | 7/1/31 | 500 | 585 | ||
| Portland OR Tax GO (Portland Building Project) | 5.000% | 6/15/40 | 1,880 | 2,022 | ||
| Portland OR Water System Revenue | 2.000% | 5/1/42 | 2,000 | 1,418 | ||
| Salem OR Hospital Facilities Authority Revenue (Capital Manor Inc.) | 5.000% | 5/15/33 | 540 | 544 | ||
| Salem OR Hospital Facilities Authority Revenue (Capital Manor Inc.) | 5.000% | 5/15/38 | 500 | 491 | ||
| Tri-County Metropolitan Transportation District of Oregon Revenue | 3.000% | 9/1/36 | 1,000 | 975 | ||
39
Tax-Managed Balanced Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Tri-County Metropolitan Transportation District of Oregon Revenue Prere. | 4.000% | 9/1/25 | 2,750 | 2,809 | ||
| Union County OR Hospital Facility Authority Revenue | 5.000% | 7/1/38 | 1,580 | 1,664 | ||
| Washington County OR School District No. 48J Beaverton GO | 5.000% | 6/15/36 | 1,305 | 1,394 | ||
| Washington County OR School District No. 48J Beaverton GO | 0.000% | 6/15/37 | 2,443 | 1,432 | ||
| 43,905 | ||||||
| Pennsylvania (2.8%) | ||||||
| Adams County PA General Authority College Revenue | 5.000% | 8/15/33 | 1,000 | 1,108 | ||
| Allegheny County PA GO | 4.000% | 11/1/30 | 1,025 | 1,060 | ||
| 4 | Allegheny County PA Higher Education Building Authority Revenue (Carnegie Mellon University) PUT, SOFR + 0.290% | 4.063% | 8/1/27 | 500 | 494 | |
| 3 | Allegheny County PA Higher Education Building Authority Revenue (Carnegie Mellon University) VRDO | 4.150% | 1/2/24 | 400 | 400 | |
| Allegheny County PA Higher Education Building Authority Revenue (Chatham University) | 5.250% | 9/1/34 | 550 | 562 | ||
| Allegheny County PA Hospital Development Authority Revenue | 5.000% | 4/1/27 | 1,010 | 1,069 | ||
| Allegheny County PA Hospital Development Authority Revenue | 5.000% | 4/1/32 | 1,000 | 1,073 | ||
| Allegheny County PA Hospital Development Authority Revenue | 5.000% | 4/1/33 | 1,000 | 1,073 | ||
| Allegheny County PA Hospital Development Authority Revenue | 4.000% | 4/1/38 | 500 | 508 | ||
| 4 | Allegheny County PA Hospital Development Authority Revenue PUT, SIFMA Municipal Swap Index Yield + 0.700% | 4.570% | 5/15/27 | 3,630 | 3,584 | |
| Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh Medical Center) | 5.000% | 7/15/27 | 1,000 | 1,074 | ||
| Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh) | 5.000% | 10/15/29 | 1,470 | 1,646 | ||
| Allegheny County PA Sanitary Authority Sewer Revenue | 4.000% | 6/1/39 | 470 | 485 | ||
| 6 | Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue | 5.000% | 5/1/27 | 250 | 255 | |
| Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue | 5.000% | 5/1/29 | 300 | 320 | ||
| Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue | 5.000% | 5/1/30 | 1,260 | 1,352 | ||
| Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue | 5.000% | 5/1/31 | 500 | 540 | ||
| Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue | 5.000% | 5/1/32 | 450 | 489 | ||
| Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue | 5.000% | 5/1/35 | 1,035 | 1,119 | ||
| 6 | Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue | 5.375% | 5/1/42 | 2,000 | 2,017 | |
| 8 | Allentown PA School District GO | 5.000% | 6/1/31 | 1,000 | 1,047 | |
| 8 | Armstrong PA School District GO | 5.000% | 3/15/27 | 995 | 1,068 | |
| Bethel Park PA School District GO | 4.000% | 8/1/34 | 1,100 | 1,166 | ||
| 4 | Bethlehem PA Area School District Authority Revenue (Northampton & Lehigh Counties) PUT, SOFR + 0.350% | 3.961% | 11/1/25 | 100 | 98 | |
| 4 | Bethlehem PA Area School District Authority Revenue (Northampton & Lehigh Counties) PUT, SOFR + 0.350% | 3.961% | 11/1/25 | 95 | 94 | |
| 4 | Bethlehem PA Area School District Authority Revenue (Northampton & Lehigh Counties) PUT, SOFR + 0.350% | 3.961% | 11/1/25 | 100 | 98 | |
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Bucks County PA Industrial Development Authority Revenue (Delaware Valley University Project) | 5.000% | 11/1/30 | 1,735 | 1,814 | ||
| Bucks County PA Industrial Development Authority Revenue (Grand View Hospital Project) | 5.000% | 7/1/30 | 750 | 728 | ||
| Centennial PA School District Bucks County GO | 5.000% | 12/15/29 | 1,445 | 1,640 | ||
| Chester County Industrial Development Authority Revenue | 4.000% | 12/1/39 | 3,000 | 3,109 | ||
| 3,6 | Chester County PA Industrial Development Authority Student Housing Revenue TOB VRDO | 4.580% | 1/2/24 | 13,100 | 13,100 | |
| 8 | Coatesville PA Area School District Building GO | 0.000% | 10/1/34 | 450 | 301 | |
| 8 | Coatesville PA Area School District GO | 4.250% | 11/15/39 | 2,000 | 2,040 | |
| 8 | Coatesville PA School District Building Authority Lease Revenue | 5.000% | 12/1/26 | 335 | 335 | |
| 8 | Coatesville PA School District Building Authority Lease Revenue | 5.000% | 12/1/27 | 365 | 365 | |
| Commonwealth Financing Authority Pennsylvania Revenue | 5.000% | 6/1/26 | 500 | 521 | ||
| 6 | Dauphin County PA General Authority Revenue (Harrisburg University of Science & Technology) | 5.000% | 10/15/30 | 840 | 766 | |
| Delaware River PA Joint Toll Bridge Commission System Revenue | 5.000% | 7/1/34 | 225 | 239 | ||
| 12 | Delaware Valley PA Regional Finance Authority Revenue | 5.500% | 8/1/28 | 395 | 440 | |
| 4 | Delaware Valley PA Regional Finance Authority Revenue PUT, SOFR + 0.490% | 4.101% | 3/1/27 | 1,000 | 968 | |
| East Hempfield Township PA Industrial Development Authority Revenue (Millersville University Student Housing Project) Prere. | 5.000% | 7/1/24 | 1,000 | 1,009 | ||
| 8,12 | Erie PA Sewer Authority Revenue | 0.000% | 12/1/25 | 85 | 80 | |
| 8,12 | Erie PA Sewer Authority Revenue ETM | 0.000% | 12/1/25 | 1,165 | 1,103 | |
| 8 | Gateway PA School District Alleghany County GO | 3.000% | 10/15/37 | 1,000 | 902 | |
| Geisinger Authority PA Health System Revenue (Geisinger Health System) | 5.000% | 4/1/35 | 1,000 | 1,105 | ||
| Geisinger Authority PA Health System Revenue (Geisinger Health System) | 4.000% | 4/1/39 | 1,500 | 1,514 | ||
| Geisinger Authority PA Health System Revenue (Geisinger Health System) PUT | 5.000% | 2/15/27 | 1,000 | 1,044 | ||
| 5 | Hempfield PA Area School District (Westmoreland Country) GO | 5.000% | 3/15/36 | 1,610 | 1,872 | |
| 5 | Hempfield PA Area School District (Westmoreland Country) GO | 4.000% | 3/15/37 | 3,400 | 3,571 | |
| Lancaster County PA Hospital Authority Revenue (Penn State Health) | 5.000% | 11/1/41 | 1,000 | 1,062 | ||
| Lancaster County PA Hospital Authority Revenue (St. Anne's Retirement Community Incorporated Project) | 5.000% | 3/1/29 | 1,085 | 1,048 | ||
| Lancaster County PA Hospital Authority Revenue (University of Pennsylvania Health System) | 5.000% | 8/15/36 | 845 | 886 | ||
| Lancaster PA Higher Education Authority Revenue (Elizabethtown College Project) | 5.000% | 10/1/37 | 3,000 | 3,102 | ||
| Latrobe PA Industrial Development Authority University Revenue (Siton Hill University) | 4.000% | 3/1/40 | 225 | 199 | ||
| Lehigh County PA General Purpose Hospital Authority Revenue (Lehigh Valley Health Network) | 5.000% | 7/1/29 | 1,220 | 1,279 | ||
| Lehigh County PA General Purpose Hospital Authority Revenue (Lehigh Valley Health Network) | 5.000% | 7/1/29 | 2,400 | 2,655 | ||
| 5 | Luzerne County PA Industrial Development Authority Lease Revenue | 5.000% | 12/15/25 | 1,000 | 1,040 | |
| Manheim Township PA School District GO | 4.000% | 5/1/35 | 550 | 573 | ||
40
Tax-Managed Balanced Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Manheim Township PA School District GO Prere. | 5.000% | 8/1/25 | 830 | 858 | ||
| Monroeville PA Finance Authority Revenue (UPMC Health System) | 4.000% | 2/15/40 | 1,250 | 1,263 | ||
| Monroeville PA Finance Authority Revenue (UPMC Health System) | 4.000% | 2/15/41 | 2,000 | 2,009 | ||
| Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) | 5.000% | 9/1/32 | 1,515 | 1,654 | ||
| Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) | 4.000% | 5/1/35 | 700 | 720 | ||
| Montgomery County PA Industrial Development Authority Health Services Revenue (Albert Einstein Healthcare Network) ETM | 5.000% | 1/15/25 | 1,000 | 1,019 | ||
| Montgomery County PA Industrial Development Authority Revenue PUT | 4.100% | 4/3/28 | 2,885 | 2,940 | ||
| Mount Lebanon PA Hospital Authority Revenue (St. Clair Memorial Hospital Project) | 5.000% | 7/1/38 | 1,000 | 1,060 | ||
| Northampton County PA General Purpose Authority Hospital Revenue (St. Luke's Hospital Project) | 5.000% | 8/15/25 | 1,275 | 1,304 | ||
| Pennsylvania COP | 5.000% | 7/1/26 | 500 | 529 | ||
| Pennsylvania COP | 5.000% | 7/1/27 | 500 | 542 | ||
| Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | 5.000% | 3/15/29 | 1,060 | 1,117 | ||
| Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | 5.000% | 11/15/30 | 1,510 | 1,604 | ||
| Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | 5.000% | 5/15/31 | 500 | 570 | ||
| Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | 5.000% | 2/15/32 | 740 | 854 | ||
| Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | 4.000% | 4/15/37 | 1,400 | 1,438 | ||
| Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | 4.000% | 4/15/38 | 1,000 | 1,017 | ||
| Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | 4.000% | 5/15/42 | 775 | 777 | ||
| 4 | Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) PUT, SIFMA Municipal Swap Index Yield + 0.700% | 4.570% | 5/15/27 | 1,000 | 988 | |
| Pennsylvania Economic Development Financing Authority Revenue (Waste Management Project) PUT | 0.950% | 12/1/26 | 1,000 | 913 | ||
| Pennsylvania GO | 5.000% | 8/15/24 | 500 | 507 | ||
| Pennsylvania GO | 5.000% | 1/1/26 | 3,295 | 3,451 | ||
| Pennsylvania GO | 5.000% | 9/15/26 | 1,500 | 1,597 | ||
| Pennsylvania GO | 5.000% | 9/1/28 | 2,500 | 2,781 | ||
| Pennsylvania GO | 4.000% | 1/1/29 | 3,000 | 3,098 | ||
| 5 | Pennsylvania GO | 4.000% | 8/15/30 | 1,000 | 1,017 | |
| Pennsylvania GO | 5.000% | 9/1/30 | 2,500 | 2,888 | ||
| Pennsylvania GO | 5.000% | 3/15/32 | 8,000 | 8,157 | ||
| Pennsylvania GO | 5.000% | 10/15/32 | 1,000 | 1,004 | ||
| 5 | Pennsylvania GO | 4.000% | 3/1/33 | 1,110 | 1,165 | |
| 5 | Pennsylvania GO | 4.000% | 3/1/34 | 1,670 | 1,744 | |
| Pennsylvania GO | 5.000% | 10/1/35 | 2,500 | 2,938 | ||
| Pennsylvania GO | 4.000% | 3/1/36 | 1,000 | 1,036 | ||
| Pennsylvania GO | 3.000% | 5/15/36 | 1,000 | 985 | ||
| Pennsylvania GO | 4.000% | 3/1/37 | 1,000 | 1,030 | ||
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| 8 | Pennsylvania GO | 4.000% | 3/1/37 | 1,000 | 1,032 | |
| Pennsylvania GO | 2.000% | 5/15/38 | 1,390 | 1,080 | ||
| Pennsylvania GO | 2.000% | 5/15/39 | 1,000 | 749 | ||
| Pennsylvania GO | 2.000% | 5/15/40 | 1,540 | 1,105 | ||
| Pennsylvania GO | 2.000% | 5/15/41 | 1,430 | 1,004 | ||
| Pennsylvania GO | 4.000% | 9/1/41 | 1,500 | 1,547 | ||
| Pennsylvania GO | 4.000% | 9/1/42 | 1,500 | 1,538 | ||
| Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) | 4.000% | 8/15/38 | 650 | 675 | ||
| Pennsylvania Housing Finance Agency Revenue | 4.000% | 10/1/37 | 2,205 | 2,210 | ||
| Pennsylvania Housing Finance Agency Revenue | 2.450% | 10/1/41 | 1,500 | 1,196 | ||
| Pennsylvania Housing Finance Agency Revenue | 5.125% | 10/1/41 | 1,500 | 1,631 | ||
| Pennsylvania Housing Finance Agency Revenue | 4.250% | 10/1/52 | 1,135 | 1,147 | ||
| Pennsylvania Housing Finance Agency Revenue | 5.500% | 10/1/53 | 2,125 | 2,271 | ||
| Pennsylvania Housing Finance Agency Revenue | 5.750% | 10/1/53 | 990 | 1,061 | ||
| Pennsylvania Housing Finance Agency Revenue | 6.250% | 10/1/53 | 2,050 | 2,269 | ||
| Pennsylvania State University Revenue | 5.000% | 9/1/44 | 1,255 | 1,364 | ||
| Pennsylvania Turnpike Commission Motor License Fund Revenue | 5.000% | 12/1/32 | 1,000 | 1,075 | ||
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | 5.000% | 12/1/24 | 1,050 | 1,052 | ||
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | 5.000% | 12/1/28 | 630 | 669 | ||
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | 4.000% | 12/1/41 | 1,000 | 1,018 | ||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/24 | 1,980 | 1,996 | ||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/25 | 1,690 | 1,763 | ||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/26 | 1,960 | 2,031 | ||
| 5 | Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/26 | 1,635 | 1,723 | |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/26 | 750 | 798 | ||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/27 | 2,255 | 2,369 | ||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/29 | 1,100 | 1,140 | ||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/32 | 1,500 | 1,600 | ||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/32 | 1,250 | 1,409 | ||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/32 | 2,000 | 2,403 | ||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/33 | 1,760 | 2,071 | ||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/34 | 1,000 | 1,176 | ||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/35 | 1,500 | 1,555 | ||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/35 | 1,000 | 1,078 | ||
| Pennsylvania Turnpike Commission Revenue | 4.000% | 12/1/36 | 1,650 | 1,746 | ||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/36 | 1,060 | 1,228 | ||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/37 | 1,000 | 1,102 | ||
| Pennsylvania Turnpike Commission Revenue | 4.000% | 12/1/39 | 1,250 | 1,290 | ||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/39 | 1,520 | 1,695 | ||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/40 | 1,060 | 1,206 | ||
| Philadelphia PA Airport Revenue | 5.000% | 7/1/34 | 1,500 | 1,697 | ||
| Philadelphia PA Authority for Industrial Development City Service Agreement Revenue | 5.000% | 5/1/32 | 1,000 | 1,080 | ||
| Philadelphia PA Authority for Industrial Development Hospital Revenue | 4.000% | 7/1/35 | 2,000 | 2,050 | ||
41
Tax-Managed Balanced Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Philadelphia PA Authority for Industrial Development Revenue (Charter School Project) | 4.000% | 6/1/31 | 1,035 | 984 | ||
| Philadelphia PA Authority for Industrial Development Revenue (Science University) | 5.000% | 11/1/42 | 1,000 | 1,024 | ||
| Philadelphia PA Authority for Industrial Development Revenue (Temple University) | 5.000% | 4/1/24 | 1,015 | 1,020 | ||
| Philadelphia PA Authority for Industrial Development Revenue (Temple University) | 5.000% | 4/1/27 | 1,000 | 1,025 | ||
| Philadelphia PA Authority for Industrial Development Revenue (Thomas Jefferson University) | 5.000% | 9/1/36 | 1,000 | 1,034 | ||
| Philadelphia PA Gas Works Revenue | 5.000% | 10/1/25 | 1,625 | 1,681 | ||
| Philadelphia PA Gas Works Revenue | 5.000% | 10/1/26 | 1,000 | 1,056 | ||
| Philadelphia PA Gas Works Revenue | 5.000% | 8/1/36 | 1,300 | 1,368 | ||
| Philadelphia PA GO | 4.000% | 5/1/39 | 3,000 | 3,026 | ||
| Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Temple University Health System Obligated Group) | 5.000% | 7/1/24 | 1,000 | 1,005 | ||
| Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Temple University Health System Obligated Group) | 5.000% | 7/1/25 | 1,000 | 1,017 | ||
| Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Temple University Health System Obligated Group) | 5.000% | 7/1/32 | 1,610 | 1,667 | ||
| Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Temple University Health System Obligated Group) | 5.000% | 7/1/34 | 1,000 | 1,033 | ||
| 5 | Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Temple University Health System Obligated Group) | 5.000% | 7/1/37 | 1,000 | 1,111 | |
| 5 | Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Temple University Health System Obligated Group) | 4.000% | 7/1/39 | 1,000 | 1,019 | |
| Philadelphia PA Redevelopment Authority Revenue | 5.000% | 9/1/42 | 1,000 | 1,088 | ||
| Philadelphia PA School District GO | 5.000% | 9/1/31 | 940 | 965 | ||
| Philadelphia PA Water & Wastewater Revenue | 5.000% | 10/1/34 | 1,000 | 1,082 | ||
| Philadelphia PA Water & Wastewater Revenue | 5.000% | 6/1/38 | 1,500 | 1,686 | ||
| 5 | Pittsburgh & Allegheny County PA Sports & Exhibition Authority Hotel Room Excise Tax Revenue | 5.000% | 2/1/30 | 1,000 | 1,128 | |
| Pittsburgh & Allegheny County PA Sports & Exhibition Authority Parking Revenue | 5.000% | 12/15/33 | 1,465 | 1,559 | ||
| 5 | Pittsburgh & Allegheny County PA Sports & Exhibition Authority Sales Tax Revenue | 5.000% | 2/1/31 | 1,000 | 1,117 | |
| Pittsburgh PA School District GO | 4.000% | 9/1/35 | 1,670 | 1,731 | ||
| 5 | Pittsburgh PA Water & Sewer Authority Revenue | 5.000% | 9/1/33 | 1,000 | 1,121 | |
| 3,5,6 | Pittsburgh PA Water & Sewer Authority System Revenue TOB VRDO | 4.420% | 1/2/24 | 400 | 400 | |
| 3,5,6 | Pittsburgh PA Water & Sewer Authority System Revenue TOB VRDO | 4.420% | 1/2/24 | 1,200 | 1,200 | |
| 5 | Reading PA School District GO | 5.000% | 3/1/25 | 955 | 974 | |
| 5 | River Valley School District PA GO | 4.000% | 3/15/28 | 1,145 | 1,198 | |
| 5 | River Valley School District PA GO | 4.000% | 3/15/33 | 1,810 | 1,920 | |
| Saint Mary PA Hospital Authority Health System Revenue (Trinity Health Corp. Obligated Group) | 5.000% | 11/15/25 | 815 | 847 | ||
| Saint Mary PA Hospital Authority Health System Revenue (Trinity Health Corp. Obligated Group) | 5.000% | 11/15/26 | 770 | 818 | ||
| School District of Philadelphia GO | 5.000% | 9/1/30 | 1,000 | 1,125 | ||
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| School District of Philadelphia GO | 5.000% | 9/1/30 | 1,465 | 1,648 | ||
| School District of Philadelphia GO | 5.000% | 9/1/31 | 1,115 | 1,271 | ||
| School District of Philadelphia GO | 5.250% | 9/1/39 | 2,000 | 2,278 | ||
| Seneca Valley PA School District GO | 3.000% | 4/1/34 | 2,125 | 2,108 | ||
| 20 | Shaler PA Area School District GO | 0.000% | 9/1/31 | 1,195 | 920 | |
| Snyder County PA Higher Education Authority University Revenue (Susquehanna University Project) | 5.000% | 1/1/27 | 1,135 | 1,196 | ||
| Southcentral Pennsylvania General Authority Revenue (WellSpan Health Obligated Group) Prere. | 5.000% | 6/1/24 | 1,085 | 1,094 | ||
| 8 | State Public School Building Authority PA College Revenue (Community College of Allegheny County Project) | 4.000% | 6/15/29 | 1,075 | 1,106 | |
| 8 | State Public School Building Authority PA Lease Revenue (School District of Philadelphia) | 5.000% | 6/1/24 | 1,535 | 1,545 | |
| 5 | State Public School Building Authority PA Lease Revenue (School District of Philadelphia) | 5.000% | 6/1/26 | 1,650 | 1,735 | |
| 5 | State Public School Building Authority PA Lease Revenue (School District of Philadelphia) | 5.000% | 6/1/32 | 1,105 | 1,162 | |
| University of Pittsburgh Pennsylvania of the Commonwealth System of Higher Education Revenue | 5.000% | 2/15/29 | 1,000 | 1,123 | ||
| Westmoreland County PA Industrial Development Authority Revenue | 4.000% | 5/15/41 | 1,000 | 775 | ||
| Wilkes-Barre PA Finance Authority Revenue (University of Scranton) | 4.000% | 11/1/29 | 2,205 | 2,244 | ||
| 251,916 | ||||||
| Puerto Rico (0.7%) | ||||||
| 6 | Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue | 5.000% | 7/1/29 | 250 | 254 | |
| 6 | Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue | 5.000% | 7/1/30 | 1,565 | 1,589 | |
| 6 | Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue | 5.000% | 7/1/33 | 1,810 | 1,836 | |
| 6 | Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue | 5.000% | 7/1/33 | 1,000 | 1,015 | |
| 6 | Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue | 5.000% | 7/1/35 | 1,000 | 1,009 | |
| 6 | Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue | 5.000% | 7/1/37 | 250 | 251 | |
| Puerto Rico Commonwealth GO | 4.000% | 7/1/37 | 371 | 354 | ||
| Puerto Rico GO | 0.000% | 7/1/24 | 364 | 357 | ||
| Puerto Rico GO | 5.375% | 7/1/25 | 5,218 | 5,333 | ||
| Puerto Rico GO | 5.625% | 7/1/27 | 6,312 | 6,675 | ||
| Puerto Rico GO | 5.625% | 7/1/29 | 6,627 | 7,187 | ||
| Puerto Rico GO | 5.750% | 7/1/31 | 3,685 | 4,099 | ||
| Puerto Rico GO | 0.000% | 7/1/33 | 3,380 | 2,107 | ||
| Puerto Rico GO | 4.000% | 7/1/33 | 6,426 | 6,292 | ||
| Puerto Rico GO | 4.000% | 7/1/35 | 1,385 | 1,339 | ||
| Puerto Rico Housing Finance Authority Capital Fund Modernization Program Revenue (Puerto Rico Public Housing Projects) | 5.000% | 12/1/27 | 1,000 | 1,072 | ||
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority Hospital Revenue | 5.000% | 7/1/33 | 215 | 238 | ||
| 9 | Puerto Rico Public Finance Corp. Revenue ETM | 6.000% | 8/1/26 | 1,000 | 1,084 | |
| Puerto Rico Sales Tax Financing Corp. Revenue | 0.000% | 7/1/24 | 54 | 53 | ||
| Puerto Rico Sales Tax Financing Corp. Revenue | 0.000% | 7/1/27 | 1,763 | 1,535 | ||
| Puerto Rico Sales Tax Financing Corp. Revenue | 0.000% | 7/1/29 | 1,853 | 1,482 | ||
| Puerto Rico Sales Tax Financing Corp. Revenue | 0.000% | 7/1/31 | 992 | 726 | ||
| Puerto Rico Sales Tax Financing Corp. Revenue | 0.000% | 7/1/33 | 3,811 | 2,538 | ||
42
Tax-Managed Balanced Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Puerto Rico Sales Tax Financing Corp. Revenue | 4.329% | 7/1/40 | 10,772 | 10,694 | ||
| Puerto Rico Sales Tax Financing Corp. Revenue | 4.329% | 7/1/40 | 2,786 | 2,766 | ||
| Puerto Rico Sales Tax Financing Corp. Revenue | 4.550% | 7/1/40 | 1,565 | 1,573 | ||
| 63,458 | ||||||
| Rhode Island (0.1%) | ||||||
| Narragansett RI Commission Wastewater System Revenue Prere. | 5.000% | 2/1/25 | 1,950 | 1,994 | ||
| Rhode Island Commerce Corp. Airport Revenue | 5.000% | 7/1/30 | 500 | 521 | ||
| Rhode Island Health & Educational Building Corp. Higher Education Facilities Revenue | 5.000% | 11/1/29 | 200 | 226 | ||
| Rhode Island Health & Educational Building Corp. Higher Education Facilities Revenue (University of Rhode Island) | 5.000% | 9/15/25 | 500 | 517 | ||
| Rhode Island Health & Educational Building Corp. Public School Revenue (City of East Providence Issue) | 4.000% | 5/15/37 | 1,200 | 1,255 | ||
| Rhode Island Housing & Mortgage Finance Corp. Homeownership Opportunity Bonds Revenue | 3.750% | 10/1/49 | 680 | 677 | ||
| 5,190 | ||||||
| South Carolina (0.8%) | ||||||
| Charleston County SC Airport District System Revenue | 5.000% | 7/1/34 | 250 | 278 | ||
| Charleston SC Hospitality Tax Revenue | 5.000% | 9/1/30 | 400 | 461 | ||
| Charleston SC Hospitality Tax Revenue | 5.000% | 9/1/35 | 825 | 956 | ||
| Columbia SC Waterworks & Sewer System Revenue | 3.000% | 2/1/35 | 875 | 839 | ||
| Florence County SC Public Facilities Corp. Installment Purchase Revenue | 5.000% | 6/1/28 | 1,000 | 1,100 | ||
| Georgetown County SC School District GO | 3.000% | 3/1/31 | 1,665 | 1,637 | ||
| Greenville County SC Special Source Revenue | 4.000% | 4/1/38 | 250 | 261 | ||
| Greenville SC Housing Authority Multifamily Tax-Exempt Mortgage Backed Revenue | 4.910% | 7/1/43 | 1,000 | 1,043 | ||
| Lancaster County SC School District GO | 4.000% | 3/1/32 | 1,000 | 1,027 | ||
| Lexington County SC Health Services District Inc. Hospital Revenue | 5.000% | 11/1/25 | 1,000 | 1,036 | ||
| Lexington County SC Health Services District Inc. Hospital Revenue | 5.000% | 11/1/34 | 1,500 | 1,557 | ||
| Myrtle Beach SC Hospitality Fee Revenue | 5.000% | 6/1/25 | 1,030 | 1,038 | ||
| Orangeburg County School District Revenue | 5.000% | 6/1/41 | 1,810 | 1,940 | ||
| 3 | Patriots Energy Group Financing Agency SC Gas Supply Revenue | 4.000% | 10/1/48 | 1,895 | 1,896 | |
| Patriots Energy Group Financing Agency SC Gas Supply Revenue PUT | 5.250% | 3/1/31 | 5,290 | 5,761 | ||
| Patriots Energy Group Financing Agency SC Gas Supply Revenue PUT | 5.250% | 8/1/31 | 1,425 | 1,535 | ||
| Patriots Energy Group SC Gas System Improvement & Refunding Revenue | 4.000% | 6/1/36 | 825 | 864 | ||
| 11 | Piedmont SC Municipal Power Agency Revenue | 0.000% | 1/1/24 | 1,600 | 1,600 | |
| Piedmont SC Municipal Power Agency Revenue | 5.000% | 1/1/31 | 2,500 | 2,619 | ||
| Piedmont SC Municipal Power Agency Revenue | 4.000% | 1/1/33 | 4,000 | 4,209 | ||
| Richland County SC School District No.2 GO | 5.000% | 3/1/26 | 4,185 | 4,398 | ||
| South Carolina Association of Governmental Organizations Educational Facilities Corp. Revenue (Pickens School District) | 5.000% | 12/1/26 | 1,420 | 1,460 | ||
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| South Carolina Jobs Economic Development Authority Hospital Revenue (Prisma Health) | 5.000% | 5/1/37 | 1,500 | 1,575 | ||
| South Carolina Jobs-Economic Development Authority Hospital Facilities Revenue | 5.000% | 10/1/35 | 1,000 | 1,142 | ||
| South Carolina Jobs-Economic Development Authority Retirement Community Revenue | 5.250% | 11/15/28 | 500 | 503 | ||
| South Carolina Jobs-Economic Development Authority Revenue | 5.000% | 10/1/37 | 1,000 | 1,123 | ||
| South Carolina Public Service Authority Revenue | 5.000% | 12/1/26 | 1,140 | 1,149 | ||
| South Carolina Public Service Authority Revenue | 5.000% | 12/1/31 | 1,200 | 1,345 | ||
| South Carolina Public Service Authority Revenue | 5.000% | 12/1/31 | 410 | 466 | ||
| South Carolina Public Service Authority Revenue | 4.000% | 12/1/33 | 1,000 | 1,040 | ||
| South Carolina Public Service Authority Revenue | 4.000% | 12/1/34 | 1,000 | 1,037 | ||
| South Carolina Public Service Authority Revenue | 5.250% | 12/1/34 | 1,500 | 1,749 | ||
| South Carolina Public Service Authority Revenue | 4.000% | 12/1/35 | 1,500 | 1,548 | ||
| South Carolina Public Service Authority Revenue | 5.000% | 12/1/35 | 805 | 906 | ||
| South Carolina Public Service Authority Revenue | 4.000% | 12/1/36 | 1,500 | 1,536 | ||
| South Carolina Public Service Authority Revenue | 5.000% | 12/1/36 | 815 | 911 | ||
| South Carolina Public Service Authority Revenue | 4.000% | 12/1/37 | 1,000 | 1,019 | ||
| South Carolina Public Service Authority Revenue | 4.000% | 12/1/38 | 1,000 | 1,017 | ||
| South Carolina Public Service Authority Revenue | 4.000% | 12/1/38 | 1,220 | 1,242 | ||
| South Carolina Public Service Authority Revenue | 4.000% | 12/1/39 | 1,000 | 1,011 | ||
| South Carolina Public Service Authority Revenue | 4.000% | 12/1/42 | 1,000 | 1,001 | ||
| South Carolina Public Service Authority Revenue | 4.000% | 12/1/42 | 6,465 | 6,472 | ||
| South Carolina Transportation Infrastructure Revenue | 5.000% | 10/1/32 | 1,290 | 1,428 | ||
| 5 | Spartanburg SC Regional Health Services District Revenue | 5.000% | 4/15/34 | 510 | 567 | |
| Spartanburg SC Regional Health Services District Revenue | 5.000% | 4/15/35 | 1,160 | 1,304 | ||
| 8 | Sumter Two School Facilities Inc. South Carolina Installment Purchase Revenue | 5.000% | 12/1/26 | 1,000 | 1,040 | |
| 69,646 | ||||||
| South Dakota (0.1%) | ||||||
| Lincoln County SD Economic Development Revenue (Augustana College Association Project) | 4.000% | 8/1/41 | 2,660 | 2,461 | ||
| South Dakota Health & Educational Facilities Authority Revenue (Regional Health System Obligated Group) | 5.000% | 9/1/32 | 2,915 | 3,089 | ||
| South Dakota Health & Educational Facilities Authority Revenue (Regional Health System Obligated Group) | 4.000% | 9/1/34 | 2,125 | 2,170 | ||
| South Dakota Housing Development Authority Homeownership Mortgage Bonds Revenue | 3.000% | 11/1/51 | 920 | 896 | ||
| South Dakota Housing Development Authority Homeownership Mortgage Bonds Revenue | 3.000% | 11/1/52 | 1,440 | 1,394 | ||
| South Dakota Housing Development Authority Homeownership Mortgage Bonds Revenue | 6.000% | 5/1/54 | 185 | 200 | ||
| 10,210 | ||||||
| Tennessee (0.8%) | ||||||
| Chattanooga TN Electric System Revenue | 5.000% | 9/1/31 | 1,000 | 1,032 | ||
43
Tax-Managed Balanced Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Chattanooga TN Health Educational & Housing Facility Board Revenue (Common Spirit Health) | 5.000% | 8/1/29 | 2,880 | 3,143 | ||
| Chattanooga-Hamilton County TN Hospital Authority Hospital Revenue | 5.000% | 10/1/27 | 1,035 | 1,046 | ||
| Greeneville TN Health & Educational Facilities Board Hospital Revenue (Ballad Health) | 5.000% | 7/1/27 | 1,590 | 1,688 | ||
| Greeneville TN Health & Educational Facilities Board Hospital Revenue (Ballad Health) | 5.000% | 7/1/35 | 1,000 | 1,061 | ||
| Jackson TN Hospital Project Revenue | 5.000% | 4/1/38 | 3,620 | 3,776 | ||
| Knox County TN GO | 3.000% | 6/1/37 | 3,580 | 3,408 | ||
| Knox County TN GO | 4.000% | 6/1/38 | 3,645 | 3,830 | ||
| Knox County TN Health Educational & Housing Facilities Board Hospital Facilities Revenue (Covenant Healthcare) | 5.000% | 1/1/36 | 1,000 | 1,043 | ||
| Knox County TN Health Educational & Housing Facilities Board Hospital Facilities Revenue (University Health System Inc.) | 5.000% | 9/1/27 | 925 | 962 | ||
| Memphis TN GO | 4.000% | 6/1/31 | 1,000 | 1,024 | ||
| Memphis TN GO | 4.000% | 5/1/35 | 5,685 | 5,898 | ||
| Memphis-Shelby County TN Airport Authority Revenue | 5.000% | 7/1/34 | 500 | 566 | ||
| Memphis-Shelby County TN Industrial Development Board Revenue | 5.000% | 11/1/27 | 1,000 | 1,065 | ||
| Metropolitan Government of Nashville & Davidson County TN GO | 4.000% | 1/1/36 | 1,525 | 1,651 | ||
| Metropolitan Government of Nashville & Davidson County TN GO | 4.000% | 1/1/42 | 1,450 | 1,485 | ||
| Metropolitan Government of Nashville & Davidson County TN Health & Educational Facilities Board Revenue | 4.000% | 10/1/31 | 215 | 217 | ||
| Metropolitan Government of Nashville & Davidson County TN Health & Educational Facilities Board Revenue | 5.000% | 5/1/39 | 750 | 830 | ||
| Metropolitan Government of Nashville & Davidson County TN Health & Educational Facilities Board Revenue (Vanderbilt University Medical Center) | 5.000% | 7/1/28 | 1,000 | 1,088 | ||
| Metropolitan Government of Nashville & Davidson County TN Health & Educational Facilities Board Revenue (Vanderbilt University Medical Center) | 5.000% | 7/1/31 | 280 | 315 | ||
| Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue | 3.000% | 7/1/39 | 3,500 | 3,163 | ||
| Metropolitan Nashville TN Airport Authority Revenue | 5.000% | 7/1/39 | 1,430 | 1,557 | ||
| Metropolitan Nashville TN Airport Authority Revenue | 5.000% | 7/1/40 | 860 | 979 | ||
| 13 | New Memphis Arena Public Building Authority of Memphis & Shelby County TN Local Government Public Improvement Bonds Revenue (City of Memphis Project), 4.000% coupon rate effective 4/1/2026 | 0.000% | 4/1/31 | 300 | 278 | |
| 3,6 | Sullivan County Health Educational & Housing Facilities Revenue TOB VRDO | 3.990% | 1/2/24 | 385 | 385 | |
| 3 | Tennergy Corp. TN Gas Revenue PUT | 5.000% | 10/1/24 | 5,340 | 5,386 | |
| Tennergy Corp. TN Gas Revenue PUT | 5.500% | 12/1/30 | 3,135 | 3,346 | ||
| Tennessee Energy Acquisition Corp. Commodity Project Revenue PUT | 5.000% | 11/1/31 | 2,060 | 2,204 | ||
| Tennessee Energy Acquisition Corp. Gas Revenue | 5.000% | 2/1/24 | 1,930 | 1,931 | ||
| Tennessee Energy Acquisition Corp. Gas Revenue | 5.000% | 2/1/25 | 915 | 920 | ||
| Tennessee Energy Acquisition Corp. Gas Revenue | 5.250% | 9/1/26 | 1,035 | 1,068 | ||
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Tennessee Energy Acquisition Corp. Gas Revenue | 5.000% | 2/1/27 | 1,185 | 1,208 | ||
| Tennessee Energy Acquisition Corp. Gas Revenue PUT | 4.000% | 11/1/25 | 520 | 522 | ||
| Tennessee Energy Acquisition Corp. Gas Revenue PUT | 5.000% | 5/1/28 | 5,240 | 5,470 | ||
| Tennessee GO | 4.000% | 8/1/28 | 4,850 | 4,938 | ||
| Tennessee GO Prere. | 5.000% | 8/1/25 | 1,000 | 1,036 | ||
| Tennessee Housing Development Agency Finance Program Revenue | 3.750% | 7/1/52 | 1,000 | 992 | ||
| Tennessee Housing Development Agency Residential Finance Program Revenue | 5.750% | 1/1/54 | 1,000 | 1,080 | ||
| Tennessee School Bond Authority Higher Educational Facilities Revenue (2nd Program) Prere. | 5.000% | 11/1/25 | 10 | 10 | ||
| Williamson County TN Industrial Development Board Multifamily housing Revenue PUT | 5.000% | 5/1/27 | 510 | 533 | ||
| 72,134 | ||||||
| Texas (7.3%) | ||||||
| Alamo TX Community College District Maintenance Tax Notes GO | 5.000% | 2/15/28 | 1,000 | 1,102 | ||
| Alamo TX Regional Mobility Authority Revenue | 5.000% | 6/15/27 | 1,280 | 1,325 | ||
| 21 | Allen TX Independent School District GO | 5.000% | 2/15/26 | 1,035 | 1,084 | |
| 21 | Andrews Independent School District GO | 5.000% | 2/15/28 | 1,025 | 1,121 | |
| 21 | Arlington Independent School District GO | 5.000% | 2/15/25 | 1,255 | 1,286 | |
| 21 | Arlington TX Higher Education Finance Corp. Revenue (Riverwalk Education Foundation Inc.) | 4.000% | 8/15/33 | 600 | 623 | |
| 21 | Arlington TX Independent School District (Unlimited Tax) GO | 5.000% | 2/15/26 | 1,090 | 1,113 | |
| 5 | Arlington TX Special Tax Revenue | 5.000% | 2/15/27 | 420 | 448 | |
| 5 | Arlington TX Special Tax Revenue | 5.000% | 2/15/28 | 305 | 332 | |
| 8 | Arlington TX Special Tax Revenue | 5.000% | 2/15/32 | 1,160 | 1,256 | |
| Atascosa County TX Industrial Development Corp. Pollution Control Refunding Revenue Bonds | 5.000% | 12/15/37 | 1,435 | 1,565 | ||
| 21 | Aubrey TX Independent School District GO | 5.000% | 2/15/38 | 2,375 | 2,700 | |
| Austin TX Airport System Revenue | 5.000% | 11/15/26 | 1,120 | 1,197 | ||
| Austin TX Airport System Revenue | 5.000% | 11/15/32 | 1,260 | 1,327 | ||
| Austin TX Community College District GO | 4.000% | 8/1/30 | 1,845 | 1,899 | ||
| Austin TX Community College District Public Facilities Corp. Lease Revenue | 5.000% | 8/1/27 | 1,000 | 1,032 | ||
| Austin TX Electric Utilities Systems Revenue | 5.000% | 11/15/29 | 5,000 | 5,171 | ||
| Austin TX Electric Utilities Systems Revenue | 5.000% | 11/15/44 | 1,000 | 1,084 | ||
| Austin TX Independent School District GO | 5.000% | 8/1/28 | 1,000 | 1,113 | ||
| Austin TX Water & Wastewater System Revenue | 5.000% | 11/15/30 | 4,995 | 5,304 | ||
| Austin TX Water & Wastewater System Revenue | 5.000% | 11/15/36 | 1,000 | 1,172 | ||
| Austin TX Water & Wastewater System Revenue | 5.000% | 11/15/37 | 1,000 | 1,044 | ||
| Austin TX Water & Wastewater System Revenue | 5.000% | 11/15/38 | 1,675 | 1,953 | ||
| 21 | Barbers Hill Independent School District GO | 4.000% | 2/15/41 | 1,690 | 1,752 | |
| 21 | Bastrop Independent School District GO | 5.000% | 2/15/42 | 4,115 | 4,642 | |
| 21 | Belton TX Independent School District GO | 5.000% | 2/15/35 | 1,000 | 1,154 | |
| Bexar County TX GO | 4.000% | 6/15/36 | 3,070 | 3,173 | ||
| Bexar County TX GO Prere. | 5.000% | 6/15/24 | 1,145 | 1,155 | ||
| 21 | Birdville Independent School District GO | 5.000% | 2/15/43 | 2,500 | 2,836 | |
| 21 | Bonham Independent School District GO | 5.000% | 2/15/42 | 1,325 | 1,492 | |
| 21 | Brock TX Independent School District GO | 5.000% | 8/15/39 | 1,000 | 1,137 | |
44
Tax-Managed Balanced Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| 21 | Carrollton-Farmers TX Branch Independent School District GO | 5.000% | 2/15/29 | 1,285 | 1,450 | |
| 21 | Carrollton-Farmers TX Branch Independent School District GO | 3.000% | 2/15/39 | 1,000 | 917 | |
| 21 | Carrollton-Farmers TX Branch Independent School District GO | 5.000% | 2/15/40 | 2,170 | 2,502 | |
| 11 | Cedar Hill TX Independent School District GO | 0.000% | 8/15/26 | 1,000 | 922 | |
| Celina TX Tax & Waterworks & Sewer System GO | 5.000% | 9/1/37 | 500 | 579 | ||
| Central Texas Regional Mobility Authority Revenue | 5.000% | 1/1/24 | 1,015 | 1,015 | ||
| Central Texas Regional Mobility Authority Revenue | 0.000% | 1/1/25 | 100 | 96 | ||
| Central Texas Regional Mobility Authority Revenue | 0.000% | 1/1/26 | 880 | 824 | ||
| Central Texas Regional Mobility Authority Revenue | 5.000% | 1/1/26 | 1,115 | 1,155 | ||
| Central Texas Regional Mobility Authority Revenue | 5.000% | 1/1/31 | 1,230 | 1,400 | ||
| Central Texas Regional Mobility Authority Revenue | 5.000% | 1/1/32 | 1,785 | 1,997 | ||
| Central Texas Regional Mobility Authority Revenue | 4.000% | 1/1/35 | 1,000 | 1,061 | ||
| Central Texas Regional Mobility Authority Revenue | 4.000% | 1/1/36 | 1,115 | 1,146 | ||
| Central Texas Regional Mobility Authority Revenue | 3.375% | 1/1/41 | 445 | 407 | ||
| Central Texas Regional Mobility Authority Revenue Prere. | 5.000% | 7/1/25 | 865 | 892 | ||
| 21 | Clear Creek TX Independent School District GO | 5.000% | 2/15/34 | 910 | 970 | |
| 21 | Clear Creek TX Independent School District GO PUT | 0.280% | 8/15/24 | 500 | 490 | |
| Clifton TX Higher Education Finance Corp. Revenue | 5.000% | 8/15/32 | 1,020 | 1,111 | ||
| 21 | Clifton TX Higher Education Finance Corp. Revenue | 5.000% | 8/15/32 | 600 | 708 | |
| Clifton TX Higher Education Finance Corp. Revenue | 4.000% | 8/15/36 | 1,500 | 1,478 | ||
| 21 | Clifton TX Higher Education Finance Corp. Revenue | 4.000% | 8/15/36 | 700 | 739 | |
| Collin County TX Community College District GO | 4.000% | 8/15/34 | 2,500 | 2,642 | ||
| Collin County TX GO | 5.000% | 2/15/27 | 3,900 | 4,193 | ||
| Collin County TX GO | 5.000% | 2/15/28 | 1,450 | 1,593 | ||
| 3,6 | Collin County TX Housing Finance Corp. Multifamily Revenue TOB VRDO | 4.470% | 1/2/24 | 3,900 | 3,900 | |
| 21 | Comal TX Independent School District GO | 3.000% | 2/1/41 | 1,000 | 887 | |
| 21 | Community TX Independent School District Bonds GO | 5.000% | 2/15/38 | 1,370 | 1,542 | |
| Conroe TX GO | 5.000% | 11/15/41 | 410 | 465 | ||
| 21 | Conroe TX Independent School District Unlimited Tax Building Bonds GO | 2.500% | 2/15/38 | 3,000 | 2,552 | |
| 21 | Conroe TX Independent School District Unlimited Tax Refunding Bonds GO | 5.000% | 2/15/27 | 560 | 603 | |
| Conroe TX Local Government Corp. Hotel & Contract Revenue (Conroe Convention Center Hotel) | 5.000% | 10/1/34 | 260 | 298 | ||
| Corpus Christi TX Utility System Junior Lien Revenue | 5.000% | 7/15/31 | 300 | 349 | ||
| Corpus Christi TX Utility System Junior Lien Revenue | 5.000% | 7/15/34 | 725 | 852 | ||
| Corpus Christi TX Utility System Revenue | 5.000% | 7/15/32 | 500 | 517 | ||
| 21 | Cypress-Fairbanks TX Independent School District GO | 4.000% | 2/15/34 | 1,000 | 1,018 | |
| Dallas County TX Hospital District GO | 4.000% | 8/15/33 | 2,000 | 2,054 | ||
| Dallas TX Area Rapid Transit Sales Tax Revenue | 5.000% | 12/1/32 | 2,065 | 2,355 | ||
| Dallas TX Area Rapid Transit Sales Tax Revenue Prere. | 5.000% | 12/1/25 | 1,670 | 1,740 | ||
| Dallas TX Hotel Occupancy Revenue (Kaufman & Rockall Counties) | 4.000% | 8/15/30 | 1,000 | 1,022 | ||
| 21 | Dallas TX Independent School District GO | 5.000% | 2/15/28 | 1,985 | 2,187 | |
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| 21 | Dallas TX Independent School District GO Prere. | 5.000% | 2/15/25 | 2,200 | 2,247 | |
| Dallas TX Waterworks & Sewer System Revenue | 3.000% | 10/1/37 | 2,145 | 2,017 | ||
| Dallas-Fort Worth TX International Airport Revenue | 4.000% | 11/1/34 | 1,000 | 1,062 | ||
| Dallas-Fort Worth TX International Airport Revenue | 4.000% | 11/1/35 | 2,020 | 2,135 | ||
| Dallas-Fort Worth TX International Airport Revenue | 5.000% | 11/1/38 | 1,000 | 1,172 | ||
| Denton County TX Housing Finance Corp. Multifamily Housing Revenue PUT | 5.000% | 2/1/25 | 500 | 507 | ||
| Denton TX GO | 4.000% | 2/15/42 | 160 | 166 | ||
| 21 | Denton TX Independent School District GO | 5.000% | 8/15/41 | 1,000 | 1,160 | |
| 21 | Eagle Mountain & Saginaw TX Independent School District GO PUT | 2.000% | 8/1/24 | 1,035 | 1,028 | |
| 21 | Eagle Pass TX Independent School District GO | 4.000% | 8/15/33 | 1,185 | 1,202 | |
| El Paso TX Combination Tax GO | 4.000% | 8/15/33 | 455 | 486 | ||
| El Paso TX GO | 5.000% | 8/15/27 | 1,000 | 1,045 | ||
| El Paso TX GO | 5.000% | 8/15/28 | 750 | 831 | ||
| El Paso TX GO | 4.000% | 8/15/34 | 1,000 | 1,056 | ||
| El Paso TX GO | 3.000% | 8/15/37 | 765 | 702 | ||
| 21 | El Paso TX Independent School District GO | 5.000% | 8/15/42 | 5,000 | 5,207 | |
| El Paso TX Municipal Drain Utilities System Revenue | 4.000% | 3/1/43 | 1,670 | 1,687 | ||
| El Paso TX Water & Sewer System Revenue | 5.000% | 3/1/36 | 7,000 | 7,859 | ||
| 8 | Forney TX Independent School District GO | 0.000% | 8/15/42 | 1,000 | 438 | |
| 8 | Fort Bend County TX Municipal Utility District No. 58 (Unlimited Tax Refunding) GO | 3.000% | 4/1/35 | 435 | 418 | |
| Fort Bend County TX Unlimited Tax Road GO | 4.000% | 3/1/33 | 1,000 | 1,033 | ||
| Fort Bend County TX Unlimited Tax Road GO | 5.000% | 3/1/34 | 1,650 | 1,717 | ||
| Fort Worth TX GO | 5.000% | 3/1/25 | 1,115 | 1,142 | ||
| Fort Worth TX GO | 4.000% | 3/1/41 | 2,445 | 2,482 | ||
| Fort Worth TX GO | 4.000% | 3/1/43 | 2,445 | 2,465 | ||
| 21 | Frisco TX Independent School District GO | 0.000% | 8/15/26 | 3,620 | 3,363 | |
| 21 | Frisco TX Independent School District GO | 3.000% | 2/15/37 | 2,500 | 2,431 | |
| Frisco TX Refunding & Improvement GO | 5.000% | 2/15/28 | 1,425 | 1,458 | ||
| Frisco TX Refunding & Improvement GO | 4.000% | 2/15/40 | 1,000 | 1,025 | ||
| 21 | Galveston TX Independent School District GO | 5.000% | 2/1/36 | 1,500 | 1,687 | |
| Garland TX Electric Utility System Revenue | 5.000% | 3/1/30 | 675 | 747 | ||
| 21 | Garland TX Independent School District GO | 5.000% | 2/15/41 | 1,500 | 1,725 | |
| Garland TX Water & Sewer System Revenue | 5.000% | 3/1/38 | 1,140 | 1,224 | ||
| 21 | Georgetown TX Independent School District Unlimited Tax Building Bonds GO | 3.000% | 8/15/39 | 3,000 | 2,754 | |
| 8 | Georgetown TX Utility System Revenue | 5.000% | 8/15/27 | 635 | 685 | |
| 8 | Georgetown TX Utility System Revenue | 5.000% | 8/15/40 | 2,320 | 2,590 | |
| 21 | Goose Creek TX Consolidated Independent School District GO | 5.000% | 2/15/39 | 1,000 | 1,139 | |
| 21 | Goose Creek TX Consolidated Independent School District GO PUT | 0.600% | 8/17/26 | 400 | 377 | |
| Grand Parkway Transportation Corp. Texas System Toll Revenue | 5.050% | 10/1/30 | 1,550 | 1,723 | ||
| Grand Parkway Transportation Corp. Texas System Toll Revenue | 5.000% | 10/1/35 | 1,000 | 1,087 | ||
| Grand Parkway Transportation Corp. Texas System Toll Revenue | 5.000% | 10/1/43 | 2,580 | 2,743 | ||
| Grand Parkway Transportation Corp. Texas System Toll Revenue PUT | 5.000% | 4/1/28 | 1,400 | 1,509 | ||
| 21 | Granger TX Independent School District GO | 5.000% | 2/15/42 | 4,885 | 5,359 | |
45
Tax-Managed Balanced Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Greater Texas Cultural Education Facilities Finance Corp. Revenue | 5.000% | 3/1/32 | 750 | 861 | ||
| 5 | Greater Texoma TX Utility Authority Contract Revenue | 5.000% | 10/1/37 | 1,000 | 1,151 | |
| Guadalupe-Blanco River Authority Revenue | 4.000% | 8/15/38 | 200 | 200 | ||
| Guadalupe-Blanco River Authority Revenue | 4.000% | 8/15/39 | 140 | 140 | ||
| Guadalupe-Blanco River Authority Revenue | 4.000% | 8/15/40 | 130 | 130 | ||
| 8 | Harlandale TX Independent School District GO PUT | 2.000% | 8/15/24 | 90 | 89 | |
| Harris County Flood Control District GO | 4.000% | 9/15/41 | 1,000 | 1,034 | ||
| Harris County TX Cultural Education Facilities Finance Corp. Revenue | 3.000% | 10/1/40 | 1,000 | 896 | ||
| 4 | Harris County TX Cultural Education Facilities Finance Corp. Revenue PUT, SOFR + 0.730% | 4.447% | 7/1/24 | 500 | 500 | |
| Harris County TX Cultural Education Facilities Finance Corp. Thermal Utility Revenue (TECO Project) | 5.000% | 11/15/30 | 1,000 | 1,068 | ||
| Harris County TX Flood Control Improvement GO | 3.000% | 10/1/39 | 1,500 | 1,346 | ||
| Harris County TX Flood Control Improvement GO | 4.000% | 9/15/42 | 3,500 | 3,603 | ||
| Harris County TX GO | 5.000% | 10/1/36 | 1,200 | 1,237 | ||
| Harris County TX GO | 5.000% | 10/1/40 | 2,470 | 2,532 | ||
| Harris County TX GO | 4.000% | 9/15/41 | 1,740 | 1,811 | ||
| Harris County TX Industrial Development Corp. Marine Terminal Revenue (Energy Transfer LP Project) PUT | 4.050% | 6/1/33 | 3,725 | 3,806 | ||
| Harris County TX Toll Road Revenue | 5.000% | 8/15/41 | 1,695 | 1,747 | ||
| 11 | Harris County-Houston TX Sports Authority Revenue | 0.000% | 11/15/28 | 2,950 | 2,491 | |
| 11 | Harris County-Houston TX Sports Authority Revenue | 0.000% | 11/15/31 | 2,500 | 1,877 | |
| Hidalgo County TX Certificates GO | 4.000% | 8/15/37 | 1,000 | 1,033 | ||
| Hidalgo County TX Drain District No. 1 GO | 4.125% | 9/1/39 | 500 | 514 | ||
| Hidalgo County TX Regional Mobility Authority Toll & Vehicle Registration Fee Revenue | 5.000% | 12/1/35 | 840 | 859 | ||
| Hidalgo County TX Regional Mobility Authority Toll & Vehicle Registration Fee Revenue | 4.000% | 12/1/39 | 850 | 779 | ||
| Hidalgo County TX Regional Mobility Authority Toll & Vehicle Registration Fee Revenue | 0.000% | 12/1/44 | 1,000 | 318 | ||
| Houston TX Airport System Revenue | 5.000% | 7/1/26 | 1,160 | 1,228 | ||
| Houston TX Airport System Revenue | 5.000% | 7/1/37 | 1,720 | 1,859 | ||
| Houston TX GO | 5.000% | 3/1/27 | 1,000 | 1,076 | ||
| Houston TX GO | 4.000% | 3/1/35 | 1,500 | 1,546 | ||
| Houston TX GO | 5.250% | 3/1/41 | 1,000 | 1,161 | ||
| Houston TX Hotel Occupancy Tax & Special Convention & Entertainment Facilities Revenue | 3.000% | 9/1/32 | 500 | 499 | ||
| Houston TX Hotel Occupancy Tax & Special Revenue (Convention & Entertainment Facilities) | 5.000% | 9/1/24 | 1,070 | 1,082 | ||
| 16 | Houston TX Housing Finance Corp. Revenue PUT | 4.000% | 10/1/24 | 1,000 | 1,002 | |
| 21 | Houston TX Independent School District GO | 5.000% | 2/15/27 | 1,750 | 1,831 | |
| 21 | Houston TX Independent School District GO PUT | 3.000% | 6/1/24 | 300 | 300 | |
| Houston TX Public Improvement Refunding Bonds GO | 4.000% | 3/1/34 | 580 | 624 | ||
| Houston TX Public Improvement Refunding Bonds GO | 4.000% | 3/1/35 | 660 | 707 | ||
| Houston TX Refunding Public Improvement Bonds GO | 3.000% | 3/1/36 | 1,010 | 946 | ||
| Houston TX Utility System Revenue | 5.000% | 11/15/26 | 1,350 | 1,443 | ||
| Houston TX Utility System Revenue | 5.000% | 11/15/26 | 900 | 959 | ||
| Houston TX Utility System Revenue | 5.000% | 11/15/34 | 1,000 | 1,011 | ||
| Houston TX Utility System Revenue | 5.000% | 11/15/34 | 3,100 | 3,251 | ||
| Houston TX Utility System Revenue | 5.000% | 11/15/35 | 920 | 1,017 | ||
| Houston TX Utility System Revenue | 5.000% | 11/15/36 | 2,500 | 2,602 | ||
| Houston TX Utility System Revenue | 3.000% | 11/15/40 | 1,150 | 1,040 | ||
| Irving TX GO | 5.000% | 9/15/27 | 1,425 | 1,552 | ||
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| 21 | Jacksboro TX Independent School District GO | 5.000% | 2/15/37 | 2,550 | 2,994 | |
| 21 | Katy TX Independent School District GO | 5.000% | 2/15/28 | 2,355 | 2,596 | |
| 21 | Katy TX Independent School District GO | 4.000% | 2/15/42 | 1,020 | 1,044 | |
| 21 | Killeen TX Independent School District Unlimited Tax Building GO | 5.000% | 2/15/32 | 4,550 | 5,093 | |
| 21 | Klein TX Independent School District GO | 5.000% | 8/1/25 | 4,480 | 4,639 | |
| 21 | Klein TX Independent School District GO | 5.000% | 8/1/34 | 1,200 | 1,269 | |
| Lake Houston Redevelopment Authority Tax Increment Contract Revenue | 3.000% | 9/1/37 | 525 | 438 | ||
| 21 | Lamar TX Consolidated Independent School District GO | 5.000% | 2/15/26 | 1,360 | 1,389 | |
| 21 | Lamar TX Consolidated Independent School District GO | 5.000% | 2/15/41 | 1,000 | 1,144 | |
| 21 | Lamar TX Consolidated Independent School District GO | 5.000% | 2/15/43 | 1,000 | 1,135 | |
| Laredo TX Combination Tax GO | 5.000% | 2/15/36 | 1,000 | 1,181 | ||
| Laredo TX Combination Tax GO | 4.125% | 2/15/41 | 1,000 | 1,030 | ||
| Laredo TX Community College District GO Prere. | 5.000% | 8/1/24 | 1,000 | 1,012 | ||
| 21 | Laredo TX Independent School District GO | 4.000% | 8/1/28 | 1,635 | 1,645 | |
| Lewisville TX GO | 5.000% | 2/15/27 | 3,140 | 3,374 | ||
| 21 | Lewisville TX Independent School District (Unlimited Tax Building) GO | 5.000% | 8/15/25 | 3,820 | 3,963 | |
| 21 | Liberty Hill TX Independent School District GO (School Building Bonds) | 5.000% | 2/1/41 | 2,635 | 2,958 | |
| 21 | Llano TX Independent School District GO | 5.000% | 2/15/29 | 1,500 | 1,679 | |
| Lone Star College System TX GO | 5.000% | 2/15/26 | 3,100 | 3,256 | ||
| Lone Star College System TX GO | 5.000% | 2/15/28 | 5,500 | 5,755 | ||
| Lone Star College System TX GO | 5.000% | 2/15/29 | 1,555 | 1,631 | ||
| 5 | Lower Colorado River Authority Texas Revenue | 5.000% | 5/15/41 | 1,470 | 1,629 | |
| Lower Colorado River Authority Texas Revenue PUT | 5.000% | 5/15/28 | 2,000 | 2,133 | ||
| Lower Colorado River Authority Texas Transmission Contract Revenue (LCRA Transmission Services Corp. Project) | 5.000% | 5/15/35 | 1,500 | 1,716 | ||
| 5 | Lower Colorado River Authority Texas Transmission Contract Revenue (LCRA Transmission Services Corp. Project) | 5.000% | 5/15/39 | 1,250 | 1,417 | |
| Lower Colorado River Authority Texas Transmission Contract Revenue (LCRA Transmission Services Corp. Project) | 5.000% | 5/15/41 | 3,095 | 3,407 | ||
| 5 | Lower Colorado River Authority Texas Transmission Contract Revenue (LCRA Transmission Services Corp. Project) | 4.000% | 5/15/43 | 1,600 | 1,590 | |
| Lower Colorado River Authority Texas Transmission Contract Revenue (LCRA Transmission Services Corp.) | 5.000% | 5/15/28 | 1,200 | 1,227 | ||
| Lower Colorado River Authority Texas Transmission Contract Revenue (LCRA Transmission Services Corp.) | 5.000% | 5/15/28 | 1,000 | 1,005 | ||
| Lower Colorado River Authority Texas Transmission Contract Revenue (LCRA Transmission Services Corp.) | 5.000% | 5/15/34 | 1,120 | 1,223 | ||
| Lower Colorado River Authority Texas Transmission Contract Revenue (LCRA Transmission Services Corp.) | 5.000% | 5/15/36 | 1,085 | 1,218 | ||
| Lower Colorado River Authority TX Transmission Contract Revenue (LCRA Transmission Services Corp. Project) | 5.250% | 5/15/41 | 1,000 | 1,131 | ||
| 5 | Lubbock TX Electric Light & Power System Revenue | 5.000% | 4/15/38 | 1,750 | 1,995 | |
| Lubbock TX Electric Light & Power System Revenue | 4.000% | 4/15/39 | 1,685 | 1,718 | ||
46
Tax-Managed Balanced Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Lubbock TX GO | 4.000% | 2/15/42 | 1,490 | 1,520 | ||
| Manor TX Combination Tax GO | 5.000% | 8/15/40 | 2,250 | 2,589 | ||
| Manor TX Combination Tax GO | 5.000% | 8/15/41 | 1,280 | 1,466 | ||
| Manor TX Combination Tax GO | 5.000% | 8/15/42 | 1,200 | 1,366 | ||
| McKinney TX GO | 3.750% | 8/15/36 | 1,090 | 1,121 | ||
| McKinney TX GO | 3.875% | 8/15/38 | 880 | 892 | ||
| McKinney TX GO | 4.000% | 8/15/43 | 1,000 | 1,023 | ||
| McKinney TX Waterworks & Sewer System Revenue | 5.000% | 3/15/31 | 400 | 461 | ||
| McKinney TX Waterworks & Sewer System Revenue | 5.000% | 3/15/41 | 700 | 786 | ||
| 7 | Mesquite TX Health Facilities Development Corp. Retirement Facility Revenue (Christian Care Centers Inc. Project) | 5.000% | 2/15/24 | 74 | 1 | |
| 21 | Midlothian TX Independent School District GO PUT | 2.000% | 8/1/24 | 1,005 | 998 | |
| Montgomery County TX Unlimited Tax GO | 5.000% | 3/1/35 | 5,730 | 6,268 | ||
| New Hope TX Cultural Education Facilities Finance Corp. Retirement Facilities Revenue (Westminster Manor Project) | 5.000% | 11/1/26 | 1,060 | 1,087 | ||
| New Hope TX Cultural Education Facilities Finance Corp. Retirement Facilities Revenue (Westminster Manor Project) | 5.000% | 11/1/27 | 1,000 | 1,027 | ||
| New Hope TX Cultural Education Facilities Finance Corp. Retirement Facilities Revenue (Westminster Manor Project) | 5.000% | 11/1/28 | 870 | 894 | ||
| New Hope TX Cultural Education Facilities Finance Corp. Retirement Facilities Revenue (Windhaven Project) | 4.500% | 10/1/26 | 500 | 491 | ||
| New Hope TX Cultural Education Facilities Finance Corp. Student Housing Revenue (Tarleton State University Project) ETM | 5.000% | 4/1/24 | 210 | 211 | ||
| New Hope TX Cultural Education Facilities Finance Corp. Student Housing Revenue (Tarleton State University Project) ETM | 5.000% | 4/1/25 | 240 | 245 | ||
| North East TX Regional Mobility Authority Revenue | 5.000% | 1/1/30 | 2,390 | 2,464 | ||
| 8 | North Fort Bend Authority TX Water System Revenue | 4.000% | 12/15/33 | 500 | 540 | |
| 8 | North Fort Bend Authority TX Water System Revenue | 3.000% | 12/15/35 | 750 | 716 | |
| 8 | North Fort Bend Authority TX Water System Revenue | 3.000% | 12/15/36 | 585 | 548 | |
| North Texas Municipal Water District Regional Wastewater System Revenue | 4.000% | 6/1/31 | 1,500 | 1,561 | ||
| North Texas Municipal Water District Water System Revenue | 5.000% | 9/1/27 | 6,335 | 6,910 | ||
| North Texas Municipal Water District Water System Revenue | 5.000% | 9/1/33 | 4,000 | 4,117 | ||
| North Texas Municipal Water District Water System Revenue | 5.000% | 9/1/34 | 4,000 | 4,112 | ||
| 9 | North Texas Tollway Authority Revenue | 0.000% | 1/1/31 | 1,000 | 804 | |
| 9 | North Texas Tollway Authority Revenue | 0.000% | 1/1/32 | 3,055 | 2,370 | |
| 9 | North Texas Tollway Authority Revenue | 0.000% | 1/1/33 | 1,000 | 748 | |
| 9 | North Texas Tollway Authority Revenue | 0.000% | 1/1/34 | 1,500 | 1,081 | |
| 9 | North Texas Tollway Authority Revenue | 0.000% | 1/1/35 | 1,500 | 1,039 | |
| 9 | North Texas Tollway Authority Revenue | 0.000% | 1/1/36 | 1,000 | 661 | |
| North Texas Tollway Authority System Revenue | 5.000% | 1/1/26 | 115 | 115 | ||
| North Texas Tollway Authority System Revenue | 5.000% | 1/1/26 | 1,000 | 1,046 | ||
| North Texas Tollway Authority System Revenue | 5.000% | 1/1/27 | 2,625 | 2,625 | ||
| North Texas Tollway Authority System Revenue | 5.000% | 1/1/27 | 1,075 | 1,152 | ||
| 9 | North Texas Tollway Authority System Revenue | 0.000% | 1/1/28 | 1,000 | 887 | |
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| North Texas Tollway Authority System Revenue | 5.000% | 1/1/29 | 1,245 | 1,271 | ||
| North Texas Tollway Authority System Revenue | 5.000% | 1/1/30 | 575 | 575 | ||
| North Texas Tollway Authority System Revenue | 5.000% | 1/1/30 | 1,000 | 1,018 | ||
| North Texas Tollway Authority System Revenue | 5.000% | 1/1/32 | 1,820 | 1,850 | ||
| North Texas Tollway Authority System Revenue | 5.000% | 1/1/32 | 1,200 | 1,407 | ||
| North Texas Tollway Authority System Revenue | 5.000% | 1/1/33 | 1,500 | 1,524 | ||
| North Texas Tollway Authority System Revenue | 5.000% | 1/1/34 | 1,730 | 1,757 | ||
| North Texas Tollway Authority System Revenue | 5.000% | 1/1/35 | 1,060 | 1,076 | ||
| North Texas Tollway Authority System Revenue | 4.000% | 1/1/36 | 1,015 | 1,036 | ||
| 5 | North Texas Tollway Authority System Revenue | 4.000% | 1/1/37 | 1,520 | 1,547 | |
| North Texas Tollway Authority System Revenue | 4.000% | 1/1/37 | 1,030 | 1,054 | ||
| North Texas Tollway Authority System Revenue | 4.000% | 1/1/37 | 1,250 | 1,291 | ||
| North Texas Tollway Authority System Revenue | 5.000% | 1/1/38 | 1,005 | 1,078 | ||
| North Texas Tollway Authority System Revenue | 4.000% | 1/1/39 | 1,000 | 1,024 | ||
| North Texas Tollway Authority System Revenue | 5.000% | 1/1/39 | 1,000 | 1,134 | ||
| North Texas Tollway Authority System Revenue | 4.125% | 1/1/40 | 1,000 | 1,024 | ||
| North Texas Tollway Authority System Revenue | 5.000% | 1/1/40 | 1,000 | 1,126 | ||
| North Texas Tollway Authority System Revenue | 5.000% | 1/1/41 | 1,000 | 1,131 | ||
| North Texas Tollway Authority System Revenue Prere. | 0.000% | 9/1/31 | 1,250 | 639 | ||
| 21 | Northside TX Independent School District GO | 5.000% | 8/15/25 | 1,165 | 1,205 | |
| 21 | Northside TX Independent School District GO | 4.000% | 8/15/32 | 1,305 | 1,331 | |
| 21 | Northside TX Independent School District GO PUT | 0.700% | 6/1/25 | 1,000 | 968 | |
| 21 | Northside TX Independent School District GO PUT | 3.000% | 8/1/26 | 2,855 | 2,840 | |
| 21 | Northside TX Independent School District GO PUT | 2.000% | 6/1/27 | 2,000 | 1,921 | |
| 21 | Northwest Independent School District Texas GO | 5.000% | 2/15/26 | 1,000 | 1,022 | |
| 21 | Northwest Independent School District Texas GO | 4.000% | 2/15/38 | 2,400 | 2,493 | |
| 21 | Northwest Independent School District Texas GO | 5.000% | 2/15/41 | 1,200 | 1,353 | |
| 21 | Northwest Independent School District Texas GO | 4.000% | 2/15/43 | 1,450 | 1,488 | |
| 21 | Northwest Independent School District Texas GO Prere. | 5.000% | 2/15/25 | 1,760 | 1,799 | |
| Odessa TX Combination Tax GO | 3.000% | 3/1/38 | 1,255 | 1,108 | ||
| 21 | Palestine Independent School District GO | 5.000% | 2/15/29 | 1,860 | 1,953 | |
| 21 | Pasadena Independent School District GO | 5.000% | 2/15/42 | 1,000 | 1,139 | |
| Pasadena TX GO | 4.000% | 2/15/28 | 1,000 | 1,015 | ||
| Pearland TX GO | 4.000% | 3/1/32 | 1,095 | 1,121 | ||
| Pearland TX GO | 4.000% | 3/1/33 | 910 | 930 | ||
| 8 | Pearland TX GO | 5.000% | 9/1/33 | 510 | 596 | |
| Pearland TX Waterworks & Sewer System Revenue | 4.000% | 9/1/32 | 240 | 245 | ||
| Pearland TX Waterworks & Sewer System Revenue | 4.000% | 9/1/33 | 340 | 347 | ||
| Pflugerville TX Combination Tax GO | 4.000% | 8/1/40 | 1,280 | 1,325 | ||
| Pflugerville TX GO | 4.000% | 8/1/35 | 1,250 | 1,277 | ||
| 21 | Pflugerville TX Independent School District GO | 5.000% | 2/15/25 | 1,600 | 1,640 | |
| 21 | Plano Independent School District GO | 4.000% | 2/15/34 | 5,620 | 5,724 | |
| Plano TX GO | 5.000% | 9/1/26 | 1,185 | 1,262 | ||
| Plano TX GO | 5.000% | 9/1/28 | 1,305 | 1,455 | ||
| Plano TX GO | 3.200% | 9/1/34 | 1,410 | 1,413 | ||
| Port Authority of Houston of Harris County Texas Revenue | 5.000% | 10/1/28 | 1,350 | 1,503 | ||
47
Tax-Managed Balanced Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Port Authority of Houston of Harris County Texas Revenue | 5.000% | 10/1/42 | 1,000 | 1,126 | ||
| 21 | Prosper TX Independent School District GO | 4.000% | 2/15/38 | 1,580 | 1,651 | |
| 21 | Prosper TX Independent School District GO | 3.000% | 2/15/40 | 3,940 | 3,557 | |
| 21 | Richardson Independent School District GO | 5.000% | 2/15/26 | 3,020 | 3,169 | |
| 21 | Richardson Independent School District GO | 5.000% | 2/15/36 | 1,590 | 1,869 | |
| 21 | Richardson Independent School District GO | 5.000% | 2/15/37 | 1,850 | 2,151 | |
| 21 | Richardson Independent School District GO | 5.000% | 2/15/39 | 4,500 | 5,109 | |
| San Angelo TX Combination Tax Ltd. Surplus GO | 4.000% | 2/15/42 | 2,000 | 2,038 | ||
| San Antonio TX Electric & Gas Systems Revenue | 5.000% | 2/1/24 | 1,000 | 1,001 | ||
| San Antonio TX Electric & Gas Systems Revenue | 5.250% | 2/1/24 | 2,580 | 2,584 | ||
| San Antonio TX Electric & Gas Systems Revenue | 3.000% | 2/1/30 | 535 | 540 | ||
| San Antonio TX Electric & Gas Systems Revenue | 5.000% | 2/1/30 | 1,000 | 1,055 | ||
| San Antonio TX Electric & Gas Systems Revenue | 5.000% | 2/1/30 | 2,500 | 2,860 | ||
| San Antonio TX Electric & Gas Systems Revenue | 3.000% | 2/1/31 | 1,280 | 1,289 | ||
| San Antonio TX Electric & Gas Systems Revenue | 4.000% | 2/1/34 | 1,255 | 1,282 | ||
| San Antonio TX Electric & Gas Systems Revenue | 5.000% | 2/1/34 | 2,000 | 2,273 | ||
| San Antonio TX Electric & Gas Systems Revenue | 5.000% | 2/1/36 | 1,000 | 1,056 | ||
| San Antonio TX Electric & Gas Systems Revenue | 4.000% | 2/1/43 | 1,000 | 1,017 | ||
| San Antonio TX Electric & Gas Systems Revenue | 5.000% | 2/1/46 | 1,500 | 1,632 | ||
| San Antonio TX Electric & Gas Systems Revenue PUT | 1.125% | 12/1/26 | 150 | 137 | ||
| San Antonio TX Electric & Gas Systems Revenue PUT | 3.650% | 12/1/26 | 1,000 | 1,002 | ||
| San Antonio TX Electric & Gas Systems Revenue PUT | 2.000% | 12/1/27 | 1,000 | 940 | ||
| San Antonio TX GO | 5.000% | 2/1/26 | 1,000 | 1,023 | ||
| 21 | San Antonio TX Independent School District GO | 5.000% | 8/1/25 | 1,130 | 1,170 | |
| 21 | San Antonio TX Independent School District GO | 5.000% | 8/15/25 | 1,200 | 1,243 | |
| 21 | San Antonio TX Independent School District GO | 5.000% | 8/15/29 | 1,295 | 1,341 | |
| 21 | San Antonio TX Independent School District GO | 5.000% | 8/15/37 | 2,495 | 2,559 | |
| San Antonio TX Municipal Facilities Corp. Lease Revenue | 5.000% | 9/15/35 | 3,000 | 3,499 | ||
| San Antonio TX Municipal Facilities Corp. Lease Revenue | 5.000% | 9/15/37 | 3,000 | 3,435 | ||
| San Antonio TX Municipal Facilities Corp. Lease Revenue (City Tower Renovation Project) | 3.000% | 8/1/34 | 2,305 | 2,312 | ||
| San Antonio TX Water Revenue | 5.000% | 5/15/34 | 1,000 | 1,058 | ||
| San Antonio TX Water Revenue | 5.000% | 5/15/37 | 1,680 | 1,777 | ||
| San Antonio TX Water Revenue | 5.000% | 5/15/38 | 1,440 | 1,553 | ||
| 21 | Sanger TX Independent School District Unlimited Tax Building Bonds GO | 5.000% | 8/15/37 | 1,755 | 2,011 | |
| 21 | Sherman TX Independent School District GO | 5.000% | 2/15/28 | 270 | 297 | |
| Smith County TX GO | 5.000% | 8/15/43 | 3,000 | 3,362 | ||
| Southwest Higher Education Authority Inc. TX Revenue (Southern Methodist University Project) | 4.000% | 10/1/34 | 1,350 | 1,387 | ||
| Southwest Higher Education Authority Inc. TX Revenue (Southern Methodist University Project) | 5.000% | 10/1/36 | 1,250 | 1,458 | ||
| 21 | Southwest TX Independent School District GO | 3.000% | 2/1/36 | 1,250 | 1,215 | |
| 21 | Spring TX Independent School District GO | 5.000% | 2/1/28 | 1,690 | 1,861 | |
| 21 | Spring TX Independent School District GO | 5.000% | 8/15/32 | 1,000 | 1,033 | |
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| 21 | Spring TX Independent School District GO | 5.000% | 8/15/35 | 1,370 | 1,440 | |
| 21 | Spring TX Independent School District GO | 4.000% | 2/1/43 | 3,070 | 3,126 | |
| Sugar Land TX GO | 5.000% | 2/15/26 | 510 | 533 | ||
| Tarrant County TX Cultural Education Facilities Finance Corp. Hospital Revenue (Baylor Scott & White Health Project) PUT | 5.000% | 5/15/26 | 1,000 | 1,039 | ||
| Tarrant County TX Cultural Education Facilities Finance Corp. Hospital Revenue (Baylor Scott & White Health Project) PUT | 5.000% | 11/15/30 | 1,000 | 1,122 | ||
| Tarrant County TX Cultural Education Facilities Finance Corp. Revenue PUT | 5.000% | 7/1/32 | 2,180 | 2,454 | ||
| Tarrant County TX GO | 5.000% | 7/15/33 | 600 | 707 | ||
| Tarrant County TX GO | 4.000% | 7/15/41 | 1,000 | 1,024 | ||
| Texas A & M University Permanent Fund Revenue | 5.000% | 7/1/26 | 2,680 | 2,846 | ||
| 21 | Texas City TX Independent School District GO | 5.000% | 8/15/26 | 3,365 | 3,484 | |
| Texas Department of Housing & Community Affairs Residential Mortgage Revenue | 5.750% | 1/1/53 | 985 | 1,060 | ||
| Texas Department of Housing & Community Affairs Revenue | 5.500% | 9/1/52 | 985 | 1,053 | ||
| Texas GO | 5.000% | 10/1/36 | 1,225 | 1,259 | ||
| Texas GO Prere. | 5.000% | 4/1/24 | 1,330 | 1,336 | ||
| Texas Municipal Gas Acquisition & Supply Corp. I Revenue | 5.250% | 12/15/24 | 580 | 588 | ||
| Texas Municipal Gas Acquisition & Supply Corp. I Revenue | 6.250% | 12/15/26 | 85 | 89 | ||
| Texas Municipal Gas Acquisition & Supply Corp. III Revenue | 5.000% | 12/15/28 | 2,475 | 2,600 | ||
| Texas Municipal Gas Acquisition & Supply Corp. III Revenue | 5.000% | 12/15/29 | 4,235 | 4,484 | ||
| Texas Municipal Gas Acquisition & Supply Corp. III Revenue | 5.000% | 12/15/30 | 960 | 1,025 | ||
| Texas Municipal Gas Acquisition & Supply Corp. III Revenue | 5.000% | 12/15/31 | 1,390 | 1,495 | ||
| Texas Municipal Gas Acquisition & Supply Corp. IV Revenue PUT | 5.500% | 1/1/30 | 10,000 | 10,782 | ||
| Texas Municipal Gas Acquisition & Supply Corp. IV Revenue PUT | 5.500% | 1/1/34 | 4,000 | 4,445 | ||
| 5 | Texas Municipal Power Agency Revenue | 3.000% | 9/1/31 | 950 | 930 | |
| Texas Private Activity Bond Surface Transportation Corp. Revenue (Infrastructure Group LLC I-635 Managed Lanes Project) | 4.000% | 12/31/31 | 3,000 | 3,111 | ||
| Texas Private Activity Bond Surface Transportation Corp. Revenue (Infrastructure Group LLC I-635 Managed Lanes Project) | 4.000% | 6/30/32 | 2,000 | 2,075 | ||
| Texas Private Activity Bond Surface Transportation Corp. Revenue (Infrastructure Group LLC I-635 Managed Lanes Project) | 4.000% | 12/31/35 | 1,000 | 1,024 | ||
| Texas Private Activity Bond Surface Transportation Corp. Revenue (Infrastructure Group LLC I-635 Managed Lanes Project) | 4.000% | 6/30/40 | 2,000 | 2,012 | ||
| Texas Private Activity Bond Surface Transportation Corp. Revenue (Infrastructure Group LLC I-635 Managed Lanes Projects) | 4.000% | 6/30/38 | 1,200 | 1,223 | ||
| Texas Private Activity Bond Surface Transportation Corp. Revenue (Infrastructure Group LLC I-635 Managed Lanes Projects) | 4.000% | 12/31/38 | 1,000 | 1,019 | ||
| Texas Private Activity Bond Surface Transportation Corp. Revenue (NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project) | 5.000% | 12/31/31 | 1,000 | 1,093 | ||
| Texas Private Activity Bond Surface Transportation Corp. Revenue (NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project) | 5.000% | 12/31/34 | 1,000 | 1,089 | ||
| 8 | Texas Public Finance Authority Revenue | 5.250% | 5/1/37 | 500 | 565 | |
48
Tax-Managed Balanced Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| 12 | Texas State Turnpike Authority Central System Revenue | 0.000% | 8/15/28 | 1,800 | 1,554 | |
| Texas State University System Financing System Revenue | 5.000% | 3/15/32 | 1,625 | 1,738 | ||
| Texas State Water Financial Assistance GO | 5.000% | 8/1/29 | 3,695 | 3,980 | ||
| Texas Transportation Commission GO | 5.000% | 10/1/29 | 1,500 | 1,554 | ||
| Texas Transportation Commission GO | 5.000% | 4/1/32 | 2,000 | 2,099 | ||
| Texas Transportation Commission GO | 5.000% | 10/1/36 | 4,900 | 5,228 | ||
| Texas Transportation Commission GO PUT | 0.650% | 4/1/26 | 1,575 | 1,464 | ||
| Texas Transportation Commission Mobility Fund GO | 5.000% | 10/1/34 | 1,705 | 1,831 | ||
| Texas Transportation Commission Turnpike System Revenue | 5.000% | 8/15/33 | 525 | 526 | ||
| Texas Transportation Commission Turnpike System Revenue | 5.000% | 8/15/37 | 2,460 | 2,479 | ||
| Texas Transportation Commission Turnpike System Revenue | 5.000% | 8/15/39 | 1,000 | 1,081 | ||
| Texas Water Development Board Revenue | 5.000% | 10/15/28 | 1,500 | 1,679 | ||
| Texas Water Development Board Revenue | 4.000% | 10/15/32 | 1,125 | 1,175 | ||
| Texas Water Development Board Revenue | 4.000% | 10/15/34 | 1,305 | 1,363 | ||
| Texas Water Development Board Revenue | 4.000% | 10/15/35 | 2,895 | 2,985 | ||
| Texas Water Development Board Revenue | 5.000% | 8/1/38 | 5,000 | 5,311 | ||
| Texas Water Development Board State Implementation Revenue Fund (Master Trust) | 5.000% | 10/15/32 | 2,070 | 2,294 | ||
| Texas Water Development Board State Implementation Revenue Fund (Master Trust) | 4.000% | 10/15/33 | 2,000 | 2,044 | ||
| Texas Water Development Board State Implementation Revenue Fund (Master Trust) | 5.000% | 10/15/34 | 2,500 | 2,637 | ||
| Texas Water Development Board State Implementation Revenue Fund (Master Trust) | 4.450% | 10/15/36 | 2,250 | 2,524 | ||
| Texas Water Development Board State Implementation Revenue Fund (Master Trust) | 3.000% | 10/15/39 | 3,045 | 2,782 | ||
| Texas Water Development Board State Implementation Revenue Fund (Master Trust) | 5.000% | 10/15/43 | 3,535 | 3,777 | ||
| Tomball TX Combination Tax GO | 4.500% | 2/15/42 | 1,290 | 1,355 | ||
| 21 | Tomball TX Independent School District Unlimited Tax Building Bonds GO | 3.875% | 2/15/43 | 1,000 | 998 | |
| Travis TX GO | 5.000% | 3/1/27 | 1,545 | 1,618 | ||
| Trinity River Authority of Texas Regional Wastewater System Revenue | 5.000% | 8/1/27 | 1,000 | 1,056 | ||
| Trinity River Authority of Texas Regional Wastewater System Revenue | 4.000% | 8/1/32 | 250 | 270 | ||
| Trinity River Authority of Texas Regional Wastewater System Revenue | 5.000% | 8/1/37 | 1,235 | 1,348 | ||
| Trinity River Authority Revenue (Tarrant County Water Project) | 5.000% | 2/1/37 | 625 | 734 | ||
| Tyler TX Water & Sewer System Revenue | 5.000% | 9/1/29 | 1,190 | 1,348 | ||
| University of Houston Texas Revenue | 5.000% | 2/15/28 | 5,000 | 5,261 | ||
| University of Houston Texas Revenue | 3.000% | 2/15/31 | 3,090 | 3,099 | ||
| University of Houston Texas Revenue | 4.000% | 2/15/33 | 1,840 | 1,875 | ||
| University of Houston Texas Revenue | 5.000% | 2/15/33 | 1,500 | 1,564 | ||
| University of Houston Texas Revenue | 5.000% | 2/15/35 | 4,500 | 4,685 | ||
| University of North Texas Revenue | 4.000% | 4/15/34 | 1,110 | 1,150 | ||
| University of North Texas Revenue | 5.000% | 4/15/36 | 1,275 | 1,353 | ||
| University of Texas Financing System Bonds Revenue | 2.000% | 8/15/36 | 750 | 620 | ||
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| University of Texas Financing System Bonds Revenue | 5.000% | 8/15/40 | 1,500 | 1,844 | ||
| University of Texas Permanent University Fund Revenue | 5.000% | 7/1/40 | 3,200 | 3,689 | ||
| 21 | Waco TX Independent School District GO | 4.000% | 8/15/42 | 915 | 930 | |
| 8 | West Travis County TX Public Utility Agency Revenue | 5.000% | 8/15/27 | 1,235 | 1,334 | |
| 8 | West Travis County TX Public Utility Agency Revenue | 4.000% | 8/15/32 | 270 | 277 | |
| 21 | Whitehouse TX Independent School District GO | 5.000% | 2/15/42 | 1,250 | 1,308 | |
| Williamson County TX GO | 5.000% | 2/15/28 | 2,000 | 2,199 | ||
| 654,563 | ||||||
| Utah (0.4%) | ||||||
| Central Utah Water Conservancy District GO | 5.000% | 4/1/28 | 6,050 | 6,697 | ||
| Central Utah Water Conservancy District Revenue | 4.000% | 10/1/32 | 1,000 | 1,037 | ||
| Duchesne School District UT Municipal Building Authority Lease Revenue | 5.000% | 6/1/37 | 1,400 | 1,517 | ||
| Granite UT School District Salt Lake County GO | 5.000% | 6/1/28 | 2,490 | 2,702 | ||
| Intermountain UT Power Agency Supply Revenue | 4.000% | 7/1/36 | 2,310 | 2,476 | ||
| Intermountain UT Power Agency Supply Revenue | 5.000% | 7/1/38 | 2,000 | 2,288 | ||
| Intermountain UT Power Agency Supply Revenue | 5.000% | 7/1/40 | 2,000 | 2,287 | ||
| Intermountain UT Power Agency Supply Revenue | 5.000% | 7/1/42 | 2,500 | 2,798 | ||
| Jordan Valley UT Water Conservancy District Revenue | 4.000% | 10/1/32 | 750 | 781 | ||
| Nebo UT School District GO | 5.000% | 7/1/28 | 5,000 | 5,568 | ||
| Utah County UT Hospital Revenue (IHC Health Services) | 5.000% | 5/15/34 | 750 | 822 | ||
| Utah County UT Hospital Revenue (IHC Health Services) | 5.000% | 5/15/35 | 850 | 928 | ||
| Utah Transit Authority Sales Tax Revenue | 5.000% | 12/15/36 | 1,000 | 1,095 | ||
| Utah Transit Authority Sales Tax Revenue | 5.000% | 12/15/41 | 1,000 | 1,154 | ||
| Utah Transit Authority Sales Tax Revenue Prere. | 5.000% | 6/15/25 | 1,000 | 1,032 | ||
| Utah Transit Authority Sales Tax Revenue Prere. | 5.000% | 6/15/25 | 1,285 | 1,326 | ||
| 5 | Vineyard UT Redevelopment Agency Tax Increment Revenue | 4.000% | 5/1/33 | 150 | 161 | |
| 5 | Vineyard UT Redevelopment Agency Tax Increment Revenue | 4.000% | 5/1/34 | 125 | 134 | |
| Weber School District UT GO | 5.000% | 6/15/26 | 1,050 | 1,111 | ||
| 35,914 | ||||||
| Vermont (0.0%) | ||||||
| University of Vermont & State Agricultural College Revenue | 5.000% | 10/1/38 | 1,000 | 1,201 | ||
| University of Vermont Educational & Health Buildings Financing Agency Revenue | 5.000% | 12/1/28 | 1,010 | 1,055 | ||
| Vermont Economic Development Authority Mortgage Revenue | 4.000% | 5/1/33 | 1,000 | 948 | ||
| Vermont GO | 4.000% | 8/15/42 | 1,000 | 1,026 | ||
| 4,230 | ||||||
| Virgin Islands (0.0%) | ||||||
| Matching Fund Special Purpose Securitization Corp. Revenue | 5.000% | 10/1/25 | 45 | 45 | ||
| Matching Fund Special Purpose Securitization Corp. Revenue | 5.000% | 10/1/26 | 115 | 116 | ||
| Matching Fund Special Purpose Securitization Corp. Revenue | 5.000% | 10/1/27 | 385 | 391 | ||
| 552 | ||||||
| Virginia (0.6%) | ||||||
| Arlington County Industrial Development Authority Hospital Facilities Revenue PUT | 5.000% | 7/1/31 | 1,000 | 1,112 | ||
| Arlington County VA GO | 4.000% | 8/1/39 | 1,195 | 1,247 | ||
| 6 | Cutalong II Community Development Authority VA Special Assessment (Cutalong II Project) | 4.000% | 3/1/32 | 817 | 747 | |
| Danville VA GO | 4.000% | 9/1/27 | 1,540 | 1,622 | ||
49
Tax-Managed Balanced Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Fairfax County Industrial Development Authority Health Care Revenue | 5.000% | 5/15/36 | 1,000 | 1,163 | ||
| Fairfax County VA GO | 4.000% | 10/1/40 | 2,665 | 2,801 | ||
| Hampton Roads VA Transportation Accountability Commission Revenue | 5.000% | 7/1/27 | 2,000 | 2,161 | ||
| Hampton Roads VA Transportation Accountability Commission Revenue ETM | 5.000% | 7/1/26 | 1,045 | 1,100 | ||
| 6 | Hanover County VA Economic Development Authority Revenue (Covenant Woods) | 4.000% | 7/1/30 | 260 | 238 | |
| 5 | Isle of Wight County VA Economic Development Authority Health System Revenue | 5.000% | 7/1/37 | 500 | 559 | |
| James City County VA Economic Development Authority Revenue (Williamsburg Landing) | 4.000% | 12/1/35 | 225 | 204 | ||
| Mosaic VA District Community Development Authority Revenue | 4.000% | 3/1/33 | 750 | 784 | ||
| Norfolk VA GO Prere. | 5.000% | 9/1/24 | 1,090 | 1,105 | ||
| Norfolk VA GO Prere. | 5.000% | 9/1/24 | 1,345 | 1,364 | ||
| Norfolk VA Redevelopment & Housing Authority Multifamily Housing Revenue PUT | 5.000% | 5/1/26 | 1,500 | 1,548 | ||
| Norfolk VA Water Revenue | 5.000% | 11/1/34 | 1,155 | 1,263 | ||
| Richmond VA Public Utility Revenue Prere. | 5.000% | 1/15/26 | 1,000 | 1,046 | ||
| Spotsylvania County VA Public Improvement GO | 5.000% | 1/15/25 | 1,150 | 1,176 | ||
| Stafford County VA Economic Development Authority Hospital Facilities Revenue (Mary Washington Healthcare Obligated Group) | 5.000% | 6/15/24 | 1,120 | 1,128 | ||
| Virginia Beach VA Development Authority Residential Care Facility Revenue (Westminster-Canterbury on Chesapeake Bay) | 5.000% | 9/1/30 | 600 | 609 | ||
| Virginia Beach VA Development Authority Residential Care Facility Revenue (Westminster-Canterbury on Chesapeake Bay) | 5.750% | 9/1/30 | 1,000 | 1,025 | ||
| Virginia Beach VA Development Authority Residential Care Facility Revenue (Westminster-Canterbury on Chesapeake Bay) | 5.000% | 9/1/33 | 425 | 429 | ||
| Virginia College Building Authority Educational Facilities Revenue (21st Century College & Equipment Programs) | 5.000% | 2/1/26 | 5,000 | 5,257 | ||
| Virginia College Building Authority Educational Facilities Revenue (21st Century College & Equipment Programs) | 3.000% | 2/1/35 | 1,500 | 1,458 | ||
| Virginia College Building Authority Educational Facilities Revenue (21st Century College & Equipment Programs) | 5.000% | 2/1/37 | 1,000 | 1,195 | ||
| Virginia College Building Authority Educational Facilities Revenue (21st Century College & Equipment Programs) | 5.000% | 2/1/42 | 1,000 | 1,129 | ||
| Virginia College Building Authority Educational Facilities Revenue (Public Higher Education Financing Program) | 4.000% | 9/1/36 | 2,130 | 2,219 | ||
| Virginia Commonwealth Transportation Board Revenue | 5.000% | 5/15/26 | 1,405 | 1,484 | ||
| Virginia Commonwealth Transportation Board Revenue | 4.000% | 5/15/33 | 5,000 | 5,194 | ||
| Virginia Commonwealth Transportation Board Revenue | 4.000% | 5/15/35 | 1,280 | 1,325 | ||
| Virginia Commonwealth Transportation Board Revenue | 4.000% | 5/15/35 | 1,750 | 1,821 | ||
| Virginia Port Authority Commonwealth Port Fund Revenue | 5.000% | 7/1/43 | 1,000 | 1,147 | ||
| Virginia Public Building Authority Public Facilities Revenue | 5.000% | 8/1/36 | 5,035 | 5,983 | ||
| Virginia Public Building Authority Revenue | 5.000% | 11/1/31 | 95 | 95 | ||
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Virginia Small Business Financing Authority Residential Care Facilities Revenue | 4.000% | 12/1/31 | 500 | 490 | ||
| Wise County VA Industrial development Authority Solid Waste & Sewage Disposal Revenue (Virginia Electric & Power Co. Project) PUT | 0.750% | 9/2/25 | 575 | 535 | ||
| York County VA Economic Development Authority Pollution Control Revenue PUT | 3.650% | 10/1/27 | 385 | 387 | ||
| 54,150 | ||||||
| Washington (1.7%) | ||||||
| Central Puget Sound WA Regional Transit Authority Sales & Use Tax Revenue | 5.000% | 11/1/26 | 795 | 850 | ||
| Energy Northwest Washington Electric Revenue | 5.000% | 7/1/25 | 3,115 | 3,219 | ||
| Energy Northwest Washington Electric Revenue (Columbia Generating Station) | 5.000% | 7/1/31 | 1,225 | 1,264 | ||
| Energy Northwest Washington Electric Revenue (Columbia Generating Station) | 5.000% | 7/1/36 | 1,000 | 1,193 | ||
| Energy Northwest Washington Electric Revenue (Columbia Generating Station) | 5.000% | 7/1/38 | 5,895 | 6,614 | ||
| Energy Northwest Washington Electric Revenue (Columbia Generating Station) | 4.000% | 7/1/42 | 1,640 | 1,677 | ||
| Energy Northwest Washington Electric Revenue (Project No. 3) | 5.000% | 7/1/25 | 7,200 | 7,441 | ||
| Franklin County WA Pasco School District No. 1 GO | 4.000% | 12/1/27 | 1,000 | 1,058 | ||
| Grant County Public Hospital District No. 1 GO | 5.500% | 12/1/41 | 2,605 | 2,849 | ||
| Highline WA King County School District No. 401 GO | 5.000% | 12/1/37 | 1,250 | 1,470 | ||
| King & Pierce Counties WA Wash School District No. 408 Auburn Unlimited Tax GO | 3.000% | 12/1/38 | 1,230 | 1,119 | ||
| King County WA GO | 4.000% | 12/1/32 | 1,500 | 1,534 | ||
| King County WA GO | 4.000% | 12/1/34 | 2,150 | 2,182 | ||
| King County WA Housing Authority Revenue | 4.500% | 1/1/40 | 1,000 | 1,046 | ||
| King County WA Housing Authority Revenue | 3.000% | 6/1/40 | 1,000 | 812 | ||
| King County WA School District No. 403 Renton GO | 4.000% | 12/1/40 | 1,000 | 1,034 | ||
| Pierce County WA Fire Protection District No. 5 GO | 4.000% | 12/1/41 | 3,275 | 3,351 | ||
| Pierce County WA Puyallup School District No. 3 GO | 5.000% | 12/1/33 | 2,600 | 2,792 | ||
| Port of Seattle WA Revenue | 4.000% | 6/1/37 | 3,000 | 3,151 | ||
| Seattle WA Ltd Tax GO | 5.000% | 11/1/27 | 2,180 | 2,389 | ||
| Seattle WA Water System Improvement Revenue | 4.000% | 8/1/32 | 3,020 | 3,128 | ||
| Snohomish County WA School District No. 103 (Monroe) GO | 5.000% | 12/1/31 | 1,000 | 1,026 | ||
| Snoqualmie Valley WA King County School District No. 410 GO | 5.000% | 12/1/33 | 3,150 | 3,221 | ||
| University of Washington Revenue PUT | 4.000% | 8/1/27 | 2,435 | 2,516 | ||
| Washington (Motor Vehicle Fuel Tax) GO | 4.000% | 7/1/26 | 5,000 | 5,185 | ||
| Washington (Motor Vehicle Fuel Tax) GO | 5.000% | 6/1/27 | 1,000 | 1,087 | ||
| Washington (Motor Vehicle Fuel Tax) GO | 5.000% | 7/1/27 | 1,000 | 1,022 | ||
| Washington (Motor Vehicle Fuel Tax) GO | 5.000% | 7/1/27 | 1,245 | 1,356 | ||
| Washington (Motor Vehicle Fuel Tax) GO | 4.000% | 7/1/31 | 1,500 | 1,518 | ||
| Washington (Motor Vehicle Fuel Tax) GO | 5.000% | 6/1/40 | 2,630 | 2,895 | ||
| Washington GO | 5.000% | 8/1/26 | 5,105 | 5,428 | ||
| Washington GO | 5.000% | 8/1/27 | 1,000 | 1,034 | ||
| Washington GO | 5.000% | 8/1/27 | 2,745 | 2,995 | ||
| Washington GO | 4.000% | 7/1/28 | 5,000 | 5,345 | ||
| Washington GO | 5.000% | 7/1/28 | 2,000 | 2,042 | ||
| Washington GO | 5.000% | 8/1/28 | 2,185 | 2,438 | ||
| Washington GO | 5.000% | 7/1/30 | 1,100 | 1,122 | ||
50
Tax-Managed Balanced Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Washington GO | 5.000% | 7/1/32 | 1,250 | 1,274 | ||
| Washington GO | 5.000% | 8/1/34 | 1,750 | 1,801 | ||
| Washington GO | 5.000% | 2/1/35 | 5,000 | 5,331 | ||
| Washington GO | 5.000% | 8/1/35 | 1,000 | 1,075 | ||
| Washington GO | 5.000% | 8/1/36 | 2,150 | 2,361 | ||
| Washington GO | 5.000% | 8/1/38 | 2,070 | 2,250 | ||
| Washington GO | 5.000% | 2/1/39 | 2,000 | 2,181 | ||
| Washington GO | 5.000% | 8/1/42 | 5,015 | 5,677 | ||
| Washington GO | 5.000% | 8/1/43 | 2,000 | 2,145 | ||
| Washington GO | 5.000% | 8/1/43 | 1,460 | 1,612 | ||
| Washington Health Care Facilities Authority Revenue (Central Washington Health Services Association) | 5.000% | 7/1/30 | 1,760 | 1,795 | ||
| Washington Health Care Facilities Authority Revenue (CommonSpirit Health) | 5.000% | 8/1/32 | 1,750 | 1,915 | ||
| Washington Health Care Facilities Authority Revenue (CommonSpirit Health) | 5.000% | 8/1/36 | 1,690 | 1,822 | ||
| Washington Health Care Facilities Authority Revenue (CommonSpirit Health) PUT | 5.000% | 8/1/24 | 1,000 | 1,001 | ||
| Washington Health Care Facilities Authority Revenue (MultiCare Health System) | 5.000% | 8/15/31 | 2,505 | 2,555 | ||
| Washington Health Care Facilities Authority Revenue (MultiCare Health System) | 5.000% | 8/15/32 | 1,000 | 1,057 | ||
| Washington Health Care Facilities Authority Revenue (MultiCare Health System) | 5.000% | 8/15/32 | 3,000 | 3,058 | ||
| Washington Health Care Facilities Authority Revenue (Providence Health & Services) | 5.000% | 10/1/33 | 880 | 880 | ||
| Washington Higher Education Facilities Authority Revenue (Seattle University Project) | 5.000% | 10/1/35 | 1,000 | 1,045 | ||
| Washington Higher Education Facilities Authority Revenue (Whitman College Project) | 4.000% | 1/1/36 | 1,685 | 1,783 | ||
| Washington Higher Education Facilities Authority Revenue (Whitworth University Project) | 4.000% | 10/1/34 | 725 | 736 | ||
| Washington State Convention Center Public Facilities District Revenue (Lodging Tax Bonds) | 4.000% | 7/1/30 | 925 | 952 | ||
| Washington State Convention Center Public Facilities District Revenue (Lodging Tax Bonds) | 4.000% | 7/1/31 | 4,025 | 4,006 | ||
| Washington State Convention Center Public Facilities District Revenue (Lodging Tax Bonds) | 3.000% | 7/1/34 | 290 | 274 | ||
| Washington State Convention Center Public Facilities District Revenue (Lodging Tax Bonds) | 5.000% | 7/1/37 | 855 | 929 | ||
| Washington State Health Care Facilities Authority Revenue PUT | 4.000% | 10/1/30 | 5,000 | 5,076 | ||
| Washington State Housing Finance Commission Municipal Certificates Revenue | 3.500% | 12/20/35 | 5,954 | 5,678 | ||
| Washington State Housing Finance Commission Municipal Certificates Revenue | 3.375% | 4/20/37 | 1,998 | 1,805 | ||
| 6 | Washington State Housing Finance Commission Nonprofit Revenue | 5.125% | 7/1/33 | 740 | 817 | |
| Washington State Motor Vehicle Fuel Tax Related Fees GO | 5.000% | 7/1/28 | 1,580 | 1,759 | ||
| Whitman County WA School District No. 267 Pullman GO | 5.000% | 12/1/29 | 715 | 817 | ||
| 155,870 | ||||||
| West Virginia (0.2%) | ||||||
| West Virginia Commissioner of Highways Revenue (Surface Transportation Improvements) | 5.000% | 9/1/33 | 1,170 | 1,262 | ||
| West Virginia Economic Development Authority Lottery Revenue | 4.000% | 6/15/37 | 1,545 | 1,584 | ||
| West Virginia GO | 5.000% | 12/1/35 | 1,000 | 1,095 | ||
| West Virginia GO | 5.000% | 6/1/36 | 1,000 | 1,091 | ||
| West Virginia GO | 5.000% | 6/1/38 | 2,500 | 2,753 | ||
| West Virginia GO | 5.000% | 12/1/43 | 3,920 | 4,259 | ||
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| West Virginia Higher Education Policy Commission Revenue | 5.000% | 7/1/37 | 1,315 | 1,390 | ||
| West Virginia Hospital Finance Authority Hospital Revenue | 5.000% | 6/1/39 | 1,300 | 1,436 | ||
| West Virginia Hospital Finance Authority Hospital Revenue (Cabell Huntington Hospital Inc.) | 5.000% | 1/1/29 | 865 | 894 | ||
| West Virginia Hospital Finance Authority Revenue | 5.000% | 1/1/34 | 1,180 | 1,212 | ||
| West Virginia Hospital Finance Authority Revenue | 5.750% | 9/1/43 | 1,000 | 1,120 | ||
| West Virginia Parkways Authority Turnpike Toll Revenue | 5.000% | 6/1/33 | 845 | 930 | ||
| 19,026 | ||||||
| Wisconsin (0.7%) | ||||||
| Madison WI Area Technical College GO | 4.000% | 3/1/25 | 1,835 | 1,857 | ||
| Madison WI GO | 4.000% | 10/1/26 | 1,500 | 1,560 | ||
| Milwaukee WI GO | 5.000% | 4/1/26 | 1,935 | 2,003 | ||
| 8 | Milwaukee WI GO | 5.000% | 4/1/27 | 1,000 | 1,063 | |
| Milwaukee WI GO | 5.000% | 4/1/29 | 1,110 | 1,213 | ||
| Oshkosh WI GO | 4.250% | 6/1/41 | 1,000 | 1,041 | ||
| Public Finance Authority Health Care Facilities Revenue (Appalachian Regional Healthcare System Obligated Group) | 5.000% | 7/1/35 | 300 | 319 | ||
| Public Finance Authority Health Care System Revenue (Cone Health) | 5.000% | 10/1/28 | 1,000 | 1,103 | ||
| Public Finance Authority Revenue PUT | 4.000% | 7/1/26 | 1,600 | 1,585 | ||
| 6 | Public Finance Authority Revenue (Clover Garden School) | 5.000% | 6/15/32 | 360 | 355 | |
| Public Finance Authority Revenue (Duke Energy Progress Project) PUT | 3.300% | 10/1/26 | 1,000 | 1,001 | ||
| Public Finance Authority Revenue (Duke Energy Progress Project) PUT | 3.700% | 10/1/30 | 1,160 | 1,186 | ||
| 8 | Public Finance Authority Revenue (Eastern Michigan University Student Housing Project) | 5.250% | 7/1/34 | 1,000 | 1,174 | |
| Public Finance Authority Revenue (Providence St. Joseph Health) PUT | 4.000% | 10/1/30 | 2,345 | 2,381 | ||
| Public Finance Authority Revenue (Texas Biomedical Research Institute Project) | 5.000% | 6/1/34 | 650 | 711 | ||
| Waunakee WI Community School District GO | 3.250% | 4/1/28 | 4,000 | 4,001 | ||
| 5 | Wisconsin Center District Tax Revenue | 0.000% | 12/15/34 | 1,250 | 854 | |
| 5 | Wisconsin Center District Tax Revenue | 0.000% | 12/15/39 | 1,250 | 662 | |
| Wisconsin GO | 5.000% | 5/1/24 | 1,000 | 1,007 | ||
| Wisconsin GO | 4.000% | 5/1/33 | 1,665 | 1,739 | ||
| Wisconsin GO | 5.000% | 5/1/34 | 3,880 | 4,296 | ||
| Wisconsin GO | 5.000% | 5/1/36 | 5,000 | 6,005 | ||
| Wisconsin GO | 5.000% | 5/1/38 | 1,740 | 1,845 | ||
| 6 | Wisconsin Health & Educational Facilities Authority Revenue | 5.000% | 2/15/26 | 1,000 | 1,018 | |
| Wisconsin Health & Educational Facilities Authority Revenue | 4.000% | 4/1/38 | 2,245 | 2,301 | ||
| 3 | Wisconsin Health & Educational Facilities Authority Revenue VRDO | 3.950% | 1/2/24 | 1,500 | 1,500 | |
| Wisconsin Health & Educational Facilities Authority Revenue (Advocate Health & Hospitals Corp.) PUT | 5.000% | 6/24/26 | 1,100 | 1,148 | ||
| Wisconsin Health & Educational Facilities Authority Revenue (Advocate Health & Hospitals Corp.) PUT | 5.000% | 7/29/26 | 1,005 | 1,050 | ||
| Wisconsin Health & Educational Facilities Authority Revenue (Agnesian HealthCare Inc.) | 5.000% | 7/1/31 | 1,065 | 1,128 | ||
| Wisconsin Health & Educational Facilities Authority Revenue (Ascension Health Alliance Credit Group) | 4.000% | 11/15/34 | 1,540 | 1,566 | ||
51
Tax-Managed Balanced Fund
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Wisconsin Health & Educational Facilities Authority Revenue (Ascension Health Alliance Credit Group) | 5.000% | 11/15/36 | 2,265 | 2,345 | ||
| Wisconsin Health & Educational Facilities Authority Revenue (Aspirus Inc. Obligated Group) | 5.000% | 8/15/25 | 1,670 | 1,672 | ||
| Wisconsin Health & Educational Facilities Authority Revenue (Bellin Memorial Hospital Inc.) | 5.000% | 12/1/37 | 600 | 658 | ||
| Wisconsin Health & Educational Facilities Authority Revenue (Bellin Memorial Hospital Inc.) | 5.000% | 12/1/41 | 1,875 | 2,012 | ||
| Wisconsin Health & Educational Facilities Authority Revenue (Children's Hospital of Wisconsin Inc.) | 4.000% | 8/15/31 | 1,010 | 1,041 | ||
| Wisconsin Health & Educational Facilities Authority Revenue (Oakwood Lutheran Senior Ministries) | 4.000% | 1/1/29 | 390 | 350 | ||
| Wisconsin Health & Educational Facilities Authority Revenue (ThedaCare Inc. Obligated Group) | 4.000% | 12/15/39 | 1,595 | 1,608 | ||
| Wisconsin Housing & Economic Development Authority Housing Revenue PUT | 3.750% | 11/1/26 | 1,365 | 1,371 | ||
| Wisconsin Public Finance Authority Exempt Facilities Revenue (Wingate University) | 5.250% | 10/1/32 | 740 | 768 | ||
| Wisconsin Public Finance Authority Hospital Revenue (Renown Regional Medical Center) | 5.000% | 6/1/28 | 750 | 799 | ||
| Wisconsin Public Finance Authority Hospital Revenue (Renown Regional Medical Center) | 5.000% | 6/1/30 | 1,085 | 1,120 | ||
| Wisconsin Public Finance Authority Hospital Revenue (Renown Regional Medical Center) | 4.000% | 6/1/39 | 1,000 | 985 | ||
| Wisconsin Public Finance Authority Retirement Facilities First Mortgage Revenue (United Methodist Retirement Homes) | 4.000% | 10/1/34 | 390 | 368 | ||
| Wisconsin Public Finance Authority Retirement Facilities First Mortgage Revenue (United Methodist Retirement Homes) | 4.000% | 10/1/35 | 285 | 267 | ||
| Wisconsin Public Finance Authority Retirement Facilities First Mortgage Revenue (United Methodist Retirement Homes) | 4.000% | 10/1/36 | 435 | 402 | ||
| Wisconsin Transportation Revenue Prere. | 5.000% | 7/1/24 | 2,755 | 2,783 | ||
| 67,221 | ||||||
| Wyoming (0.0%) | ||||||
| Laramie County WY Hospital Revenue (Cheyenne Regional Medical Center Project) | 4.000% | 5/1/29 | 130 | 137 | ||
| Coupon | Maturity Date | Face Amount ($000) | Market Value• ($000) | |||
| Wyoming Community Development Authority Housing Revenue | 5.750% | 6/1/53 | 185 | 198 | ||
| 8 | Wyoming Municipal Power Agency Power Supply Revenue Prere. | 5.000% | 1/1/27 | 1,000 | 1,074 | |
| 1,409 | ||||||
| Total Tax-Exempt Municipal Bonds (Cost $4,692,463) | 4,670,527 | |||||
| Total Investments (99.5%) (Cost $6,163,466) | 8,976,786 | |||||
| Other Assets and Liabilities—Net (0.5%) | 42,179 | |||||
| Net Assets (100%) | 9,018,965 | |||||
| Cost is in $000. |
| • | See Note A in Notes to Financial Statements. |
| * | Non-income-producing security. |
| 1 | Security value determined using significant unobservable inputs. |
| 2 | Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group. |
| 3 | Scheduled principal and interest payments are guaranteed by bank letter of credit. |
| 4 | Variable-rate security; rate shown is effective rate at period end. Certain variable-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. |
| 5 | Scheduled principal and interest payments are guaranteed by Assured Guaranty Municipal Corp. |
| 6 | 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, 2023, the aggregate value was $132,421,000, representing 1.5% of net assets. |
| 7 | Non-income-producing security—security in default. |
| 8 | Scheduled principal and interest payments are guaranteed by Build America Mutual Assurance Co. |
| 9 | Scheduled principal and interest payments are guaranteed by Assured Guaranty Corp. |
| 10 | Scheduled principal and interest payments are guaranteed by Financial Guaranty Insurance Co. |
| 11 | Scheduled principal and interest payments are guaranteed by National Public Finance Guarantee Corp. |
| 12 | Scheduled principal and interest payments are guaranteed by Ambac Assurance Corp. |
| 13 | Step bond. |
| 14 | Securities with a value of $289,000 have been segregated as initial margin for open futures contracts. |
| 15 | Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of December 31, 2023. |
| 16 | Scheduled principal and interest payments are guaranteed by Federal Housing Authority. |
| 17 | Scheduled principal and interest payments are guaranteed by Michigan School Board Loan Fund. |
| 18 | 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. |
| 19 | Scheduled principal and interest payments are guaranteed by Berkshire Hathaway Assurance Corp. |
| 20 | Scheduled principal and interest payments are guaranteed by XL Capital Assurance Inc. |
| 21 | Scheduled principal and interest payments are guaranteed by Texas Permanent School Fund. |
| COP—Certificate of Participation. | |
| ETM—Escrowed to Maturity. | |
| GAN—Grant Anticipation Note. | |
| GO—General Obligation Bond. | |
| Prere.—Prerefunded. | |
| PUT—Put Option Obligation. | |
| SIFMA—Securities Industry and Financial Markets Association. | |
| SO—Special Obligation. | |
| SOFR—Secured Overnight Financing Rate. | |
| TOB—Tender Option Bond. | |
| VRDO—Variable Rate Demand Obligation. |
52
Tax-Managed Balanced Fund
Derivative Financial Instruments Outstanding as of Period End
| Futures Contracts | ||||
| ($000) | ||||
| Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
| Long Futures Contracts | ||||
| 2-Year U.S. Treasury Note | March 2024 | 70 | 14,414 | 143 |
| 5-Year U.S. Treasury Note | March 2024 | 209 | 22,733 | 502 |
| E-mini S&P 500 Index | March 2024 | 62 | 14,942 | 172 |
| 817 | ||||
| Short Futures Contracts | ||||
| Ultra Long U.S. Treasury Bond | March 2024 | (41) | (5,477) | (530) |
| 287 | ||||
See accompanying Notes, which are an integral part of the Financial Statements.
53
Tax-Managed Balanced Fund
Statement of Assets and Liabilities
As of December 31, 2023
| ($000s, except shares, footnotes, and per-share amounts) | Amount |
| Assets | |
| Investments in Securities, at Value | |
| Unaffiliated Issuers (Cost $6,138,932) | 8,951,638 |
| Affiliated Issuers (Cost $24,534) | 25,148 |
| Total Investments in Securities | 8,976,786 |
| Investment in Vanguard | 287 |
| Cash | 4,900 |
| Cash Collateral Pledged—Futures Contracts | 740 |
| Receivables for Investment Securities Sold | 43 |
| Receivables for Accrued Income | 57,441 |
| Receivables for Capital Shares Issued | 7,452 |
| Variation Margin Receivable—Futures Contracts | 333 |
| Total Assets | 9,047,982 |
| Liabilities | |
| Payables for Investment Securities Purchased | 22,706 |
| Payables for Capital Shares Redeemed | 5,934 |
| Payables to Vanguard | 354 |
| Variation Margin Payable—Futures Contracts | 23 |
| Total Liabilities | 29,017 |
| Net Assets | 9,018,965 |
At December 31, 2023, net assets consisted of: | |
| Paid-in Capital | 6,421,861 |
| Total Distributable Earnings (Loss) | 2,597,104 |
| Net Assets | 9,018,965 |
| Net Assets | |
| Applicable to 218,958,335 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 9,018,965 |
| Net Asset Value Per Share | $41.19 |
See accompanying Notes, which are an integral part of the Financial Statements.
54
Tax-Managed Balanced Fund
Statement of Operations
| Year Ended December 31, 2023 | |
| ($000) | |
| Investment Income | |
| Income | |
| Dividends1,2 | 58,638 |
| Interest | 122,853 |
| Total Income | 181,491 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 158 |
| Management and Administrative | 6,780 |
| Marketing and Distribution | 384 |
| Custodian Fees | 27 |
| Auditing Fees | 30 |
| Shareholders’ Reports | 73 |
| Trustees’ Fees and Expenses | 5 |
| Other Expenses | 17 |
| Total Expenses | 7,474 |
| Net Investment Income | 174,017 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold1 | (42,746) |
| Futures Contracts | 7,110 |
| Realized Net Gain (Loss) | (35,636) |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities1 | 1,064,639 |
| Futures Contracts | 1,322 |
| Change in Unrealized Appreciation (Depreciation) | 1,065,961 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 1,204,342 |
| 1 | Dividend income, realized net gain (loss), and change in unrealized appreciation (depreciation) from affiliated company of the fund were $1,065,000, ($890,000), and $437,000, respectively. Purchases and sales were $158,658,000 and $142,955,000, respectively. |
| 2 | Dividends are net of foreign withholding taxes of $2,000. |
See accompanying Notes, which are an integral part of the Financial Statements.
55
Tax-Managed Balanced Fund
Statement of Changes in Net Assets
| Year Ended December 31, | ||
| 2023 ($000) | 2022 ($000) | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 174,017 | 142,431 |
| Realized Net Gain (Loss) | (35,636) | (111,796) |
| Change in Unrealized Appreciation (Depreciation) | 1,065,961 | (1,171,271) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 1,204,342 | (1,140,636) |
| Distributions | ||
| Total Distributions | (172,284) | (142,355) |
| Capital Share Transactions | ||
| Issued | 980,337 | 1,244,824 |
| Issued in Lieu of Cash Distributions | 141,689 | 116,995 |
| Redeemed | (864,033) | (1,165,577) |
| Net Increase (Decrease) from Capital Share Transactions | 257,993 | 196,242 |
| Total Increase (Decrease) | 1,290,051 | (1,086,749) |
| Net Assets | ||
| Beginning of Period | 7,728,914 | 8,815,663 |
| End of Period | 9,018,965 | 7,728,914 |
See accompanying Notes, which are an integral part of the Financial Statements.
56
Tax-Managed Balanced Fund
Financial Highlights
| For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
| 2023 | 2022 | 2021 | 2020 | 2019 | |
| Net Asset Value, Beginning of Period | $36.39 | $42.43 | $38.06 | $34.25 | $29.65 |
| Investment Operations | |||||
| Net Investment Income1 | .808 | .673 | .620 | .658 | .701 |
| Net Realized and Unrealized Gain (Loss) on Investments | 4.790 | (6.040) | 4.335 | 3.808 | 4.603 |
| Total from Investment Operations | 5.598 | (5.367) | 4.955 | 4.466 | 5.304 |
| Distributions | |||||
| Dividends from Net Investment Income2 | (.798) | (.673) | (.585) | (.656) | (.704) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (.798) | (.673) | (.585) | (.656) | (.704) |
| Net Asset Value, End of Period | $41.19 | $36.39 | $42.43 | $38.06 | $34.25 |
| Total Return3 | 15.53% | -12.66% | 13.10% | 13.30% | 18.01% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $9,019 | $7,729 | $8,816 | $6,859 | $5,809 |
| Ratio of Total Expenses to Average Net Assets | 0.09% | 0.09% | 0.09% | 0.09% | 0.09% |
| Ratio of Net Investment Income to Average Net Assets | 2.09% | 1.78% | 1.53% | 1.90% | 2.16% |
| Portfolio Turnover Rate | 23% | 22%4 | 6%4 | 20%4 | 12%4 |
| 1 | Calculated based on average shares outstanding. |
| 2 | For tax purposes, nontaxable dividends represent 68%, 63%, 63%, 62%, and 61% 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.
57
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. Many municipalities insure repayment of their bonds. The insurance does not guarantee the market value of the municipal bonds.
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 other 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 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 valuation designee to represent fair value and subject to oversight by the board of trustees.
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 or 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 securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.
During the year ended December 31, 2023, the fund’s average investments in long and short futures contracts represented 1% and less than 1% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund’s tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state income tax years, and has concluded that no provision for 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 at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
5. Credit Facilities and Interfund Lending Program: 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 and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the
58
Tax-Managed Balanced Fund
committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which 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 either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the year ended December 31, 2023, the fund did not utilize the credit facilities or the Interfund Lending Program.
6. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. 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 and 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, 2023, the fund had contributed to Vanguard capital in the amount of $287,000, representing less than 0.01% of the fund’s net assets and 0.11% 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 and derivatives. 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 and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
59
Tax-Managed Balanced Fund
The following table summarizes the market value of the fund's investments and derivatives as of December 31, 2023, based on the inputs used to value them:
| Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
| Investments | ||||
| Assets | ||||
| Common Stocks | 4,306,259 | — | — | 4,306,259 |
| Tax-Exempt Municipal Bonds | — | 4,670,527 | — | 4,670,527 |
| Total | 4,306,259 | 4,670,527 | — | 8,976,786 |
| Derivative Financial Instruments | ||||
| Assets | ||||
| Futures Contracts1 | 817 | — | — | 817 |
| Liabilities | ||||
| Futures Contracts1 | 530 | — | — | 530 |
| 1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
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 amortization were reclassified between the individual components of total distributable earnings (loss).
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 capital loss carryforwards; the deferral of losses from wash sales; the recognition of unrealized gains or losses from certain derivative contracts; the recognition of unrealized gains from passive foreign investment companies; and the treatment of amortization adjustments from certain fixed income securities. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:
| Amount ($000) | |
| Undistributed Tax-Exempt Income | 1,623 |
| Undistributed Ordinary Income | 865 |
| Undistributed Long-Term Gains | — |
| Net Unrealized Gains (Losses) | 2,814,569 |
| Capital Loss Carryforwards | (219,953) |
| Qualified Late-Year Losses | — |
| Other Temporary Differences | — |
| Total | 2,597,104 |
The tax character of distributions paid was as follows:
| Year Ended December 31, | ||
| 2023 Amount ($000) | 2022 Amount ($000) | |
| Tax-Exempt Income | 116,969 | 90,007 |
| Ordinary Income* | 55,315 | 52,348 |
| Long-Term Capital Gains | — | — |
| Total | 172,284 | 142,355 |
| * | Includes short-term capital gains, if any. |
60
Tax-Managed Balanced Fund
As of December 31, 2023, 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 | 6,162,217 |
| Gross Unrealized Appreciation | 2,915,370 |
| Gross Unrealized Depreciation | (100,801) |
| Net Unrealized Appreciation (Depreciation) | 2,814,569 |
E. During the year ended December 31, 2023, the fund purchased $2,225,568,000 of investment securities and sold $1,857,658,000 of investment securities, other than temporary cash investments.
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, 2023, such purchases were $123,605,000 and sales were $170,320,000, resulting in net realized gain of $1,340,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.
F. Capital shares issued and redeemed were:
| Year Ended December 31, | ||
| 2023 Shares (000) | 2022 Shares (000) | |
| Issued | 25,347 | 32,460 |
| Issued in Lieu of Cash Distributions | 3,642 | 3,174 |
| Redeemed | (22,438) | (31,005) |
| Net Increase (Decrease) in Shares Outstanding | 6,551 | 4,629 |
G. Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war (e.g., Russia’s invasion of Ukraine), acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance.
To the extent the fund’s investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.
Credit risk is the risk that a counterparty to a transaction or an issuer of a financial instrument will fail to pay interest and principal when due, or that perceptions of the issuer’s ability to make such payments will cause the price of an investment to decline. Investment in debt securities will generally increase credit risk.
The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund’s use of derivative(s) and the specific risks associated is described under significant accounting policies.
H. Management has determined that no events or transactions occurred subsequent to December 31, 2023, that would require recognition or disclosure in these financial statements.
61
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, 2013, Through December 31, 2023
Initial Investment of $10,000
| Average Annual Total Returns Periods Ended December 31, 2023 | |||||
| One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
| Tax-Managed Capital Appreciation Fund Admiral Shares | 26.64% | 15.66% | 11.93% | $30,852 |
| Russell 1000 Index | 26.53 | 15.52 | 11.80 | 30,522 |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 11.40 | 29,422 |
| One Year | Five Years | Ten Years | Final Value of a $5,000,000 Investment | ||
| Tax-Managed Capital Appreciation Fund Institutional Shares | 26.67% | 15.69% | 11.96% | $15,471,277 | |
| Russell 1000 Index | 26.53 | 15.52 | 11.80 | 15,260,804 | |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 11.40 | 14,710,990 | |
See Financial Highlights for dividend and capital gains information.
62
Tax-Managed Capital Appreciation Fund
Fund Allocation
As of December 31, 2023
| Basic Materials | 1.8% |
| Consumer Discretionary | 14.9 |
| Consumer Staples | 4.8 |
| Energy | 4.0 |
| Financials | 10.4 |
| Health Care | 11.9 |
| Industrials | 13.2 |
| Real Estate | 2.8 |
| Technology | 32.0 |
| Telecommunications | 1.8 |
| Utilities | 2.4 |
The table reflects the fund’s investments, except for short-term investments and derivatives. 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.
63
Tax-Managed Capital Appreciation Fund
Financial Statements
Schedule of Investments
As of December 31, 2023
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.
| Shares | Market Value• ($000) | |||||
| Common Stocks (99.2%) | ||||||
| Basic Materials (1.8%) | ||||||
| Linde plc | 205,547 | 84,420 | ||||
| Freeport-McMoRan Inc. | 587,143 | 24,995 | ||||
| Ecolab Inc. | 113,298 | 22,473 | ||||
| Air Products and Chemicals Inc. | 63,253 | 17,319 | ||||
| Fastenal Co. | 261,986 | 16,969 | ||||
| Celanese Corp. Class A | 91,133 | 14,159 | ||||
| Albemarle Corp. | 97,961 | 14,153 | ||||
| Southern Copper Corp. | 151,825 | 13,068 | ||||
| Newmont Corp. | 314,138 | 13,002 | ||||
| Nucor Corp. | 73,100 | 12,722 | ||||
| Reliance Steel & Aluminum Co. | 44,502 | 12,446 | ||||
| Alcoa Corp. | 363,851 | 12,371 | ||||
| LyondellBasell Industries NV Class A | 122,525 | 11,650 | ||||
| Mosaic Co. | 259,163 | 9,260 | ||||
| FMC Corp. | 138,121 | 8,708 | ||||
| Steel Dynamics Inc. | 61,902 | 7,311 | ||||
| Dow Inc. | 121,066 | 6,639 | ||||
| * | Cleveland-Cliffs Inc. | 242,507 | 4,952 | |||
| Element Solutions Inc. | 178,298 | 4,126 | ||||
| * | RBC Bearings Inc. | 12,972 | 3,696 | |||
| CF Industries Holdings Inc. | 45,426 | 3,611 | ||||
| International Flavors & Fragrances Inc. | 41,799 | 3,384 | ||||
| Scotts Miracle-Gro Co. | 48,965 | 3,121 | ||||
| Hexcel Corp. | 34,752 | 2,563 | ||||
| Westlake Corp. | 18,022 | 2,522 | ||||
| Eastman Chemical Co. | 18,581 | 1,669 | ||||
| Avery Dennison Corp. | 7,027 | 1,421 | ||||
| International Paper Co. | 35,745 | 1,292 | ||||
| * | MP Materials Corp. | 63,880 | 1,268 | |||
| United States Steel Corp. | 24,784 | 1,206 | ||||
| Royal Gold Inc. | 7,388 | 894 | ||||
| Ashland Inc. | 2,950 | 249 | ||||
| Sylvamo Corp. | 3,516 | 173 | ||||
| NewMarket Corp. | �� 39 | 21 | ||||
| * | Valvoline Inc. | 549 | 21 | |||
| Timken Co. | 248 | 20 | ||||
| Olin Corp. | 307 | 16 | ||||
| Chemours Co. | 273 | 9 | ||||
| Huntsman Corp. | 376 | 9 | ||||
| 337,908 | ||||||
| Consumer Discretionary (14.7%) | ||||||
| * | Amazon.com Inc. | 3,790,932 | 575,994 | |||
| * | Tesla Inc. | 1,161,727 | 288,666 | |||
| Home Depot Inc. | 401,901 | 139,279 | ||||
| Costco Wholesale Corp. | 187,416 | 123,710 | ||||
| Walmart Inc. | 601,663 | 94,852 | ||||
| * | Netflix Inc. | 188,458 | 91,756 | |||
| McDonald's Corp. | 277,959 | 82,418 | ||||
| Walt Disney Co. | 789,801 | 71,311 | ||||
| Lowe's Cos. Inc. | 281,040 | 62,545 | ||||
| * | Booking Holdings Inc. | 15,001 | 53,212 | |||
| * | Copart Inc. | 1,059,800 | 51,930 | |||
| * | Uber Technologies Inc. | 826,441 | 50,884 | |||
| NIKE Inc. Class B | 457,419 | 49,662 | ||||
| Starbucks Corp. | 477,271 | 45,823 | ||||
| Shares | Market Value• ($000) | |||||
| * | O'Reilly Automotive Inc. | 42,777 | 40,642 | |||
| Marriott International Inc. Class A | 177,639 | 40,059 | ||||
| TJX Cos. Inc. | 413,488 | 38,789 | ||||
| * | AutoZone Inc. | 14,267 | 36,889 | |||
| DR Horton Inc. | 216,890 | 32,963 | ||||
| Ross Stores Inc. | 206,421 | 28,567 | ||||
| * | Chipotle Mexican Grill Inc. Class A | 10,692 | 24,452 | |||
| * | NVR Inc. | 3,473 | 24,313 | |||
| Target Corp. | 161,353 | 22,980 | ||||
| PulteGroup Inc. | 218,687 | 22,573 | ||||
| * | Airbnb Inc. Class A | 157,970 | 21,506 | |||
| General Motors Co. | 576,445 | 20,706 | ||||
| Lennar Corp. Class A | 132,676 | 19,774 | ||||
| Tempur Sealy International Inc. | 387,514 | 19,752 | ||||
| * | Lululemon Athletica Inc. | 37,140 | 18,989 | |||
| Yum! Brands Inc. | 140,313 | 18,333 | ||||
| * | Dollar Tree Inc. | 127,742 | 18,146 | |||
| Estee Lauder Cos. Inc. Class A | 118,061 | 17,266 | ||||
| Hilton Worldwide Holdings Inc. | 85,474 | 15,564 | ||||
| Electronic Arts Inc. | 113,009 | 15,461 | ||||
| eBay Inc. | 348,246 | 15,190 | ||||
| * | Trade Desk Inc. Class A | 204,010 | 14,681 | |||
| * | Capri Holdings Ltd. | 274,026 | 13,767 | |||
| PVH Corp. | 111,051 | 13,562 | ||||
| * | Spotify Technology SA | 68,431 | 12,859 | |||
| Dollar General Corp. | 92,610 | 12,590 | ||||
| * | Royal Caribbean Cruises Ltd. | 97,212 | 12,588 | |||
| Delta Air Lines Inc. | 307,256 | 12,361 | ||||
| * | Take-Two Interactive Software Inc. | 74,618 | 12,010 | |||
| * | Warner Bros Discovery Inc. | 1,025,390 | 11,669 | |||
| * | AutoNation Inc. | 76,111 | 11,430 | |||
| Darden Restaurants Inc. | 69,471 | 11,414 | ||||
| * | CarMax Inc. | 146,898 | 11,273 | |||
| * | Live Nation Entertainment Inc. | 119,200 | 11,157 | |||
| * | ROBLOX Corp. Class A | 238,783 | 10,917 | |||
| * | Expedia Group Inc. | 68,774 | 10,439 | |||
| Hyatt Hotels Corp. Class A | 77,726 | 10,136 | ||||
| Gentex Corp. | 304,013 | 9,929 | ||||
| Toll Brothers Inc. | 95,872 | 9,855 | ||||
| * | Aptiv plc | 106,195 | 9,528 | |||
| Interpublic Group of Cos. Inc. | 260,110 | 8,490 | ||||
| Southwest Airlines Co. | 282,052 | 8,146 | ||||
| * | Ulta Beauty Inc. | 16,005 | 7,842 | |||
| Las Vegas Sands Corp. | 157,379 | 7,745 | ||||
| * | Coupang Inc. | 459,276 | 7,436 | |||
| * | MGM Resorts International | 166,296 | 7,430 | |||
| Omnicom Group Inc. | 83,383 | 7,213 | ||||
| * | Liberty Media Corp.-Liberty Formula One Class C | 102,072 | 6,444 | |||
| * | Floor & Decor Holdings Inc. Class A | 53,322 | 5,949 | |||
| * | United Airlines Holdings Inc. | 142,403 | 5,876 | |||
| * | Rivian Automotive Inc. Class A | 247,082 | 5,796 | |||
| * | Burlington Stores Inc. | 28,282 | 5,500 | |||
| * | BJ's Wholesale Club Holdings Inc. | 81,409 | 5,427 | |||
| * | Deckers Outdoor Corp. | 7,986 | 5,338 | |||
| * | Norwegian Cruise Line Holdings Ltd. | 265,895 | 5,328 | |||
| * | American Airlines Group Inc. | 356,238 | 4,895 | |||
| Tractor Supply Co. | 22,460 | 4,830 | ||||
| * | Five Below Inc. | 20,096 | 4,284 | |||
64
Tax-Managed Capital Appreciation Fund
| Shares | Market Value• ($000) | |||||
| * | Coty Inc. Class A | 334,341 | 4,152 | |||
| BorgWarner Inc. | 113,602 | 4,073 | ||||
| * | Skechers USA Inc. Class A | 64,614 | 4,028 | |||
| Hasbro Inc. | 77,134 | 3,938 | ||||
| * | DraftKings Inc. Class A | 111,122 | 3,917 | |||
| Wynn Resorts Ltd. | 42,329 | 3,857 | ||||
| News Corp. Class A | 153,012 | 3,756 | ||||
| Fox Corp. Class A | 123,624 | 3,668 | ||||
| * | Liberty Media Corp.-Liberty Formula One Class A | 60,489 | 3,507 | |||
| Ralph Lauren Corp. Class A | 24,166 | 3,485 | ||||
| Lear Corp. | 24,522 | 3,463 | ||||
| Best Buy Co. Inc. | 43,840 | 3,432 | ||||
| * | Liberty Media Corp.-Liberty SiriusXM | 116,571 | 3,355 | |||
| New York Times Co. Class A | 68,276 | 3,345 | ||||
| * | SiteOne Landscape Supply Inc. | 20,508 | 3,333 | |||
| Vail Resorts Inc. | 15,007 | 3,203 | ||||
| * | Planet Fitness Inc. Class A | 40,472 | 2,954 | |||
| Sirius XM Holdings Inc. | 530,118 | 2,900 | ||||
| Pool Corp. | 7,246 | 2,889 | ||||
| * | TripAdvisor Inc. | 133,925 | 2,883 | |||
| * | Bright Horizons Family Solutions Inc. | 30,211 | 2,847 | |||
| LKQ Corp. | 59,159 | 2,827 | ||||
| U-Haul Holding Co. (XNYS) | 39,075 | 2,752 | ||||
| * | Mattel Inc. | 144,751 | 2,733 | |||
| Advance Auto Parts Inc. | 44,269 | 2,702 | ||||
| * | Carnival Corp. | 140,667 | 2,608 | |||
| RB Global Inc. | 38,717 | 2,590 | ||||
| * | Caesars Entertainment Inc. | 53,285 | 2,498 | |||
| * | Grand Canyon Education Inc. | 18,705 | 2,470 | |||
| * | Ollie's Bargain Outlet Holdings Inc. | 31,452 | 2,387 | |||
| * | Lyft Inc. Class A | 152,335 | 2,283 | |||
| Nexstar Media Group Inc. Class A | 14,455 | 2,266 | ||||
| Genuine Parts Co. | 15,989 | 2,214 | ||||
| Polaris Inc. | 23,114 | 2,190 | ||||
| * | GameStop Corp. Class A | 123,369 | 2,163 | |||
| * | Liberty Media Corp.-Liberty SiriusXM Class A | 71,554 | 2,056 | |||
| Harley-Davidson Inc. | 54,931 | 2,024 | ||||
| Domino's Pizza Inc. | 4,900 | 2,020 | ||||
| Paramount Global Class B | 133,603 | 1,976 | ||||
| Churchill Downs Inc. | 14,559 | 1,964 | ||||
| * | Etsy Inc. | 24,195 | 1,961 | |||
| Avis Budget Group Inc. | 10,041 | 1,780 | ||||
| * | Liberty Media Corp.-Liberty Live Class C | 46,770 | 1,749 | |||
| * | Alaska Air Group Inc. | 43,637 | 1,705 | |||
| TKO Group Holdings Inc. Class A | 20,218 | 1,649 | ||||
| Fox Corp. Class B | 59,280 | 1,639 | ||||
| Thor Industries Inc. | 13,531 | 1,600 | ||||
| Williams-Sonoma Inc. | 7,893 | 1,593 | ||||
| Lithia Motors Inc. Class A | 4,830 | 1,590 | ||||
| Lennar Corp. Class B | 10,972 | 1,471 | ||||
| * | Madison Square Garden Sports Corp. | 7,890 | 1,435 | |||
| * | Lucid Group Inc. | 323,493 | 1,362 | |||
| Aramark | 46,461 | 1,306 | ||||
| News Corp. Class B | 50,143 | 1,290 | ||||
| * | Under Armour Inc. Class C | 151,921 | 1,268 | |||
| * | Liberty Media Corp.-Liberty Live Class A | 34,301 | 1,254 | |||
| Carter's Inc. | 15,864 | 1,188 | ||||
| Rollins Inc. | 26,651 | 1,164 | ||||
| Ford Motor Co. | 89,431 | 1,090 | ||||
| * | Wayfair Inc. Class A | 15,694 | 968 | |||
| * | Playtika Holding Corp. | 105,131 | 917 | |||
| * | Under Armour Inc. Class A | 94,297 | 829 | |||
| * | Hertz Global Holdings Inc. | 78,842 | 819 | |||
| * | Mister Car Wash Inc. | 91,549 | 791 | |||
| * | Victoria's Secret & Co. | 29,192 | 775 | |||
| Phinia Inc. | 22,720 | 688 | ||||
| * | YETI Holdings Inc. | 13,095 | 678 | |||
| Shares | Market Value• ($000) | |||||
| Copa Holdings SA Class A | 5,903 | 628 | ||||
| * | U-Haul Holding Co. | 8,480 | 609 | |||
| Nordstrom Inc. | 28,246 | 521 | ||||
| Garmin Ltd. | 3,130 | 402 | ||||
| * | Driven Brands Holdings Inc. | 25,754 | 367 | |||
| * | Penn Entertainment Inc. | 13,132 | 342 | |||
| * | Peloton Interactive Inc. Class A | 55,956 | 341 | |||
| * | RH | 1,078 | 314 | |||
| * | Cava Group Inc. | 7,222 | 310 | |||
| * | QuantumScape Corp. Class A | 42,833 | 298 | |||
| * | Crocs Inc. | 3,148 | 294 | |||
| Service Corp. International | 3,239 | 222 | ||||
| Wendy's Co. | 9,127 | 178 | ||||
| Boyd Gaming Corp. | 720 | 45 | ||||
| Dick's Sporting Goods Inc. | 200 | 29 | ||||
| Choice Hotels International Inc. | 227 | 26 | ||||
| Penske Automotive Group Inc. | 140 | 22 | ||||
| Columbia Sportswear Co. | 235 | 19 | ||||
| Wyndham Hotels & Resorts Inc. | 241 | 19 | ||||
| Gap Inc. | 674 | 14 | ||||
| H&R Block Inc. | 250 | 12 | ||||
| Tapestry Inc. | 268 | 10 | ||||
| Marriott Vacations Worldwide Corp. | 109 | 9 | ||||
| Travel + Leisure Co. | 213 | 8 | ||||
| Whirlpool Corp. | 49 | 6 | ||||
| Leggett & Platt Inc. | 188 | 5 | ||||
| 2,788,407 | ||||||
| Consumer Staples (4.7%) | ||||||
| Procter & Gamble Co. | 995,689 | 145,908 | ||||
| PepsiCo Inc. | 557,663 | 94,714 | ||||
| Coca-Cola Co. | 1,448,534 | 85,362 | ||||
| Philip Morris International Inc. | 553,688 | 52,091 | ||||
| Mondelez International Inc. Class A | 593,003 | 42,951 | ||||
| CVS Health Corp. | 442,664 | 34,953 | ||||
| * | Monster Beverage Corp. | 605,979 | 34,910 | |||
| McKesson Corp. | 67,291 | 31,154 | ||||
| Colgate-Palmolive Co. | 371,028 | 29,575 | ||||
| Cencora Inc. | 108,183 | 22,219 | ||||
| Constellation Brands Inc. Class A | 79,903 | 19,317 | ||||
| Kroger Co. | 412,774 | 18,868 | ||||
| Archer-Daniels-Midland Co. | 232,468 | 16,789 | ||||
| Church & Dwight Co. Inc. | 170,662 | 16,138 | ||||
| Hershey Co. | 78,828 | 14,697 | ||||
| Altria Group Inc. | 355,660 | 14,347 | ||||
| Corteva Inc. | 285,638 | 13,688 | ||||
| Kenvue Inc. | 628,337 | 13,528 | ||||
| Sysco Corp. | 180,105 | 13,171 | ||||
| Keurig Dr Pepper Inc. | 363,913 | 12,126 | ||||
| Kimberly-Clark Corp. | 98,134 | 11,924 | ||||
| McCormick & Co. Inc. (Non-Voting) | 173,197 | 11,850 | ||||
| General Mills Inc. | 175,548 | 11,435 | ||||
| Brown-Forman Corp. Class B | 185,294 | 10,580 | ||||
| Clorox Co. | 69,726 | 9,942 | ||||
| Tyson Foods Inc. Class A | 161,658 | 8,689 | ||||
| Lamb Weston Holdings Inc. | 71,576 | 7,737 | ||||
| Casey's General Stores Inc. | 27,851 | 7,652 | ||||
| Spectrum Brands Holdings Inc. | 92,440 | 7,374 | ||||
| Hormel Foods Corp. | 209,953 | 6,742 | ||||
| * | US Foods Holding Corp. | 144,093 | 6,543 | |||
| * | Performance Food Group Co. | 91,007 | 6,293 | |||
| Ingredion Inc. | 55,014 | 5,971 | ||||
| J M Smucker Co. | 46,718 | 5,904 | ||||
| Bunge Global SA | 56,862 | 5,740 | ||||
| * | Darling Ingredients Inc. | 105,389 | 5,253 | |||
| * | Celsius Holdings Inc. | 93,450 | 5,095 | |||
| Campbell Soup Co. | 103,939 | 4,493 | ||||
| Molson Coors Beverage Co. Class B | 72,858 | 4,460 | ||||
65
Tax-Managed Capital Appreciation Fund
| Shares | Market Value• ($000) | |||||
| * | Freshpet Inc. | 49,275 | 4,275 | |||
| * | Post Holdings Inc. | 44,212 | 3,893 | |||
| * | Boston Beer Co. Inc. Class A | 8,986 | 3,106 | |||
| Kraft Heinz Co. | 83,527 | 3,089 | ||||
| * | Grocery Outlet Holding Corp. | 104,048 | 2,805 | |||
| WK Kellogg Co. | 191,879 | 2,521 | ||||
| * | Pilgrim's Pride Corp. | 89,820 | 2,484 | |||
| Kellanova | 27,247 | 1,523 | ||||
| Walgreens Boots Alliance Inc. | 53,586 | 1,399 | ||||
| Brown-Forman Corp. Class A | 18,956 | 1,130 | ||||
| Seaboard Corp. | 111 | 396 | ||||
| Flowers Foods Inc. | 8,974 | 202 | ||||
| Conagra Brands Inc. | 4,077 | 117 | ||||
| Reynolds Consumer Products Inc. | 413 | 11 | ||||
| 897,134 | ||||||
| Energy (3.9%) | ||||||
| Exxon Mobil Corp. | 1,621,417 | 162,109 | ||||
| Chevron Corp. | 745,570 | 111,209 | ||||
| ConocoPhillips | 515,928 | 59,884 | ||||
| Occidental Petroleum Corp. | 533,473 | 31,854 | ||||
| Schlumberger NV | 596,664 | 31,050 | ||||
| EOG Resources Inc. | 247,024 | 29,878 | ||||
| Cheniere Energy Inc. | 173,517 | 29,621 | ||||
| Marathon Petroleum Corp. | 193,281 | 28,675 | ||||
| Devon Energy Corp. | 503,073 | 22,789 | ||||
| Phillips 66 | 160,889 | 21,421 | ||||
| Pioneer Natural Resources Co. | 91,866 | 20,659 | ||||
| Valero Energy Corp. | 155,896 | 20,267 | ||||
| EQT Corp. | 497,639 | 19,239 | ||||
| Hess Corp. | 118,201 | 17,040 | ||||
| Halliburton Co. | 395,337 | 14,291 | ||||
| NOV Inc. | 690,587 | 14,005 | ||||
| Diamondback Energy Inc. | 89,953 | 13,950 | ||||
| Baker Hughes Co. Class A | 397,451 | 13,585 | ||||
| Williams Cos. Inc. | 279,777 | 9,745 | ||||
| Marathon Oil Corp. | 390,226 | 9,428 | ||||
| Coterra Energy Inc. | 364,433 | 9,300 | ||||
| * | First Solar Inc. | 50,632 | 8,723 | |||
| Targa Resources Corp. | 91,406 | 7,940 | ||||
| * | Enphase Energy Inc. | 56,247 | 7,432 | |||
| APA Corp. | 206,479 | 7,408 | ||||
| Texas Pacific Land Corp. | 2,411 | 3,791 | ||||
| * | Southwestern Energy Co. | 512,425 | 3,356 | |||
| Range Resources Corp. | 108,753 | 3,310 | ||||
| HF Sinclair Corp. | 56,712 | 3,152 | ||||
| Ovintiv Inc. | 70,964 | 3,117 | ||||
| * | Antero Resources Corp. | 134,495 | 3,050 | |||
| DT Midstream Inc. | 40,621 | 2,226 | ||||
| ONEOK Inc. | 18,367 | 1,290 | ||||
| Antero Midstream Corp. | 96,938 | 1,215 | ||||
| * | Fluence Energy Inc. | 15,959 | 381 | |||
| Vitesse Energy Inc. | 11,247 | 246 | ||||
| * | ChargePoint Holdings Inc. | 50,520 | 118 | |||
| * | Plug Power Inc. | 5,509 | 25 | |||
| Kinder Morgan Inc. | 312 | 6 | ||||
| 746,785 | ||||||
| Financials (10.4%) | ||||||
| * | Berkshire Hathaway Inc. Class B | 774,051 | 276,073 | |||
| JPMorgan Chase & Co. | 1,154,087 | 196,310 | ||||
| Bank of America Corp. | 3,083,888 | 103,835 | ||||
| Wells Fargo & Co. | 1,571,233 | 77,336 | ||||
| Morgan Stanley | 780,182 | 72,752 | ||||
| S&P Global Inc. | 136,371 | 60,074 | ||||
| Goldman Sachs Group Inc. | 131,448 | 50,709 | ||||
| Charles Schwab Corp. | 633,859 | 43,609 | ||||
| Progressive Corp. | 273,358 | 43,540 | ||||
| Shares | Market Value• ($000) | |||||
| MSCI Inc. Class A | 73,052 | 41,322 | ||||
| Citigroup Inc. | 778,874 | 40,065 | ||||
| BlackRock Inc. | 48,984 | 39,765 | ||||
| Marsh & McLennan Cos. Inc. | 185,643 | 35,174 | ||||
| Aon plc Class A | 119,279 | 34,713 | ||||
| Chubb Ltd. | 148,830 | 33,636 | ||||
| Intercontinental Exchange Inc. | 255,235 | 32,780 | ||||
| Moody's Corp. | 76,633 | 29,930 | ||||
| Ameriprise Financial Inc. | 78,718 | 29,899 | ||||
| Aflac Inc. | 302,125 | 24,925 | ||||
| Brown & Brown Inc. | 341,058 | 24,253 | ||||
| CME Group Inc. | 109,349 | 23,029 | ||||
| * | Arch Capital Group Ltd. | 309,231 | 22,967 | |||
| American International Group Inc. | 310,158 | 21,013 | ||||
| Arthur J Gallagher & Co. | 89,279 | 20,077 | ||||
| Discover Financial Services | 176,147 | 19,799 | ||||
| Nasdaq Inc. | 319,797 | 18,593 | ||||
| KKR & Co. Inc. | 222,095 | 18,401 | ||||
| PNC Financial Services Group Inc. | 116,652 | 18,064 | ||||
| Travelers Cos. Inc. | 94,766 | 18,052 | ||||
| W R Berkley Corp. | 239,930 | 16,968 | ||||
| US Bancorp | 389,971 | 16,878 | ||||
| Allstate Corp. | 108,743 | 15,222 | ||||
| Prudential Financial Inc. | 140,884 | 14,611 | ||||
| Raymond James Financial Inc. | 129,707 | 14,462 | ||||
| * | Coinbase Global Inc. Class A | 76,480 | 13,301 | |||
| Assurant Inc. | 76,527 | 12,894 | ||||
| Popular Inc. | 153,668 | 12,612 | ||||
| Truist Financial Corp. | 340,772 | 12,581 | ||||
| Globe Life Inc. | 102,186 | 12,438 | ||||
| SLM Corp. | 646,586 | 12,363 | ||||
| Broadridge Financial Solutions Inc. | 57,129 | 11,754 | ||||
| Apollo Global Management Inc. | 125,719 | 11,716 | ||||
| State Street Corp. | 146,577 | 11,354 | ||||
| Blackstone Inc. | 84,743 | 11,095 | ||||
| Fifth Third Bancorp | 314,536 | 10,848 | ||||
| MetLife Inc. | 160,593 | 10,620 | ||||
| * | Markel Group Inc. | 7,439 | 10,563 | |||
| T. Rowe Price Group Inc. | 90,620 | 9,759 | ||||
| East West Bancorp Inc. | 134,007 | 9,642 | ||||
| M&T Bank Corp. | 69,907 | 9,583 | ||||
| Reinsurance Group of America Inc. | 59,104 | 9,562 | ||||
| Commerce Bancshares Inc. | 166,524 | 8,894 | ||||
| * | NU Holdings Ltd. Class A | 1,039,346 | 8,658 | |||
| Principal Financial Group Inc. | 109,328 | 8,601 | ||||
| Bank of New York Mellon Corp. | 154,389 | 8,036 | ||||
| White Mountains Insurance Group Ltd. | 5,215 | 7,849 | ||||
| SEI Investments Co. | 122,255 | 7,769 | ||||
| FactSet Research Systems Inc. | 16,164 | 7,711 | ||||
| Zions Bancorp NA | 171,375 | 7,518 | ||||
| Willis Towers Watson plc | 31,075 | 7,495 | ||||
| Voya Financial Inc. | 97,876 | 7,141 | ||||
| Loews Corp. | 97,510 | 6,786 | ||||
| Citizens Financial Group Inc. | 203,567 | 6,746 | ||||
| First Citizens BancShares Inc. Class A | 4,710 | 6,683 | ||||
| * | Brighthouse Financial Inc. | 123,132 | 6,516 | |||
| LPL Financial Holdings Inc. | 27,341 | 6,223 | ||||
| KeyCorp | 411,095 | 5,920 | ||||
| Hanover Insurance Group Inc. | 48,707 | 5,914 | ||||
| Hartford Financial Services Group Inc. | 71,498 | 5,747 | ||||
| Wintrust Financial Corp. | 61,743 | 5,727 | ||||
| Cullen/Frost Bankers Inc. | 46,483 | 5,043 | ||||
| Interactive Brokers Group Inc. Class A | 55,424 | 4,595 | ||||
| * | SoFi Technologies Inc. | 435,600 | 4,334 | |||
| MGIC Investment Corp. | 202,775 | 3,912 | ||||
| Huntington Bancshares Inc. | 295,471 | 3,758 | ||||
| Webster Financial Corp. | 73,560 | 3,734 | ||||
66
Tax-Managed Capital Appreciation Fund
| Shares | Market Value• ($000) | |||||
| RenaissanceRe Holdings Ltd. | 18,039 | 3,536 | ||||
| American Financial Group Inc. | 29,602 | 3,519 | ||||
| Jefferies Financial Group Inc. | 86,956 | 3,514 | ||||
| BOK Financial Corp. | 38,778 | 3,321 | ||||
| MarketAxess Holdings Inc. | 9,103 | 2,666 | ||||
| CNA Financial Corp. | 62,286 | 2,635 | ||||
| Pinnacle Financial Partners Inc. | 29,964 | 2,613 | ||||
| Stifel Financial Corp. | 37,286 | 2,578 | ||||
| Morningstar Inc. | 8,784 | 2,514 | ||||
| * | Credit Acceptance Corp. | 4,676 | 2,491 | |||
| Northern Trust Corp. | 29,195 | 2,463 | ||||
| Cboe Global Markets Inc. | 11,618 | 2,075 | ||||
| First Horizon Corp. | 139,824 | 1,980 | ||||
| FNB Corp. | 141,348 | 1,946 | ||||
| Lincoln National Corp. | 71,718 | 1,934 | ||||
| Affiliated Managers Group Inc. | 11,087 | 1,679 | ||||
| Everest Group Ltd. | 4,732 | 1,673 | ||||
| * | Rocket Cos. Inc. Class A | 106,677 | 1,545 | |||
| Fidelity National Financial Inc. | 29,762 | 1,518 | ||||
| Western Alliance Bancorp | 22,469 | 1,478 | ||||
| Tradeweb Markets Inc. Class A | 15,134 | 1,375 | ||||
| Primerica Inc. | 6,531 | 1,344 | ||||
| Ally Financial Inc. | 38,372 | 1,340 | ||||
| Assured Guaranty Ltd. | 13,487 | 1,009 | ||||
| Lazard Ltd. Class A | 18,791 | 654 | ||||
| * | Robinhood Markets Inc. Class A | 44,574 | 568 | |||
| New York Community Bancorp Inc. | 50,648 | 518 | ||||
| * | Ryan Specialty Holdings Inc. Class A | 6,435 | 277 | |||
| Kemper Corp. | 4,492 | 219 | ||||
| Erie Indemnity Co. Class A | 316 | 106 | ||||
| F&G Annuities & Life Inc. | 2,023 | 93 | ||||
| Corebridge Financial Inc. | 2,779 | 60 | ||||
| Evercore Inc. Class A | 113 | 19 | ||||
| Ares Management Corp. Class A | 140 | 17 | ||||
| Bank OZK | 264 | 13 | ||||
| Cincinnati Financial Corp. | 125 | 13 | ||||
| Unum Group | 264 | 12 | ||||
| First American Financial Corp. | 166 | 11 | ||||
| Old Republic International Corp. | 371 | 11 | ||||
| Prosperity Bancshares Inc. | 163 | 11 | ||||
| Axis Capital Holdings Ltd. | 190 | 11 | ||||
| Carlyle Group Inc. | 269 | 11 | ||||
| Regions Financial Corp. | 466 | 9 | ||||
| Synovus Financial Corp. | 234 | 9 | ||||
| Franklin Resources Inc. | 280 | 8 | ||||
| Invesco Ltd. | 453 | 8 | ||||
| First Hawaiian Inc. | 319 | 7 | ||||
| Virtu Financial Inc. Class A | 339 | 7 | ||||
| Columbia Banking System Inc. | 232 | 6 | ||||
| Janus Henderson Group plc | 213 | 6 | ||||
| 1,958,261 | ||||||
| Health Care (11.8%) | ||||||
| Eli Lilly & Co. | 350,302 | 204,198 | ||||
| UnitedHealth Group Inc. | 385,951 | 203,192 | ||||
| Johnson & Johnson | 917,275 | 143,774 | ||||
| Merck & Co. Inc. | 982,793 | 107,144 | ||||
| AbbVie Inc. | 626,702 | 97,120 | ||||
| Thermo Fisher Scientific Inc. | 155,650 | 82,617 | ||||
| Abbott Laboratories | 693,260 | 76,307 | ||||
| Amgen Inc. | 236,310 | 68,062 | ||||
| Pfizer Inc. | 2,097,770 | 60,395 | ||||
| Danaher Corp. | 259,597 | 60,055 | ||||
| * | Intuitive Surgical Inc. | 145,826 | 49,196 | |||
| Zoetis Inc. Class A | 245,316 | 48,418 | ||||
| Elevance Health Inc. | 101,321 | 47,779 | ||||
| * | Vertex Pharmaceuticals Inc. | 117,029 | 47,618 | |||
| Cigna Group | 156,932 | 46,993 | ||||
| Shares | Market Value• ($000) | |||||
| Bristol-Myers Squibb Co. | 892,947 | 45,817 | ||||
| * | Boston Scientific Corp. | 752,639 | 43,510 | |||
| * | Regeneron Pharmaceuticals Inc. | 44,487 | 39,072 | |||
| Medtronic plc | 472,509 | 38,925 | ||||
| Stryker Corp. | 125,199 | 37,492 | ||||
| Gilead Sciences Inc. | 454,489 | 36,818 | ||||
| Becton Dickinson & Co. | 124,469 | 30,349 | ||||
| Humana Inc. | 62,904 | 28,798 | ||||
| Agilent Technologies Inc. | 201,648 | 28,035 | ||||
| HCA Healthcare Inc. | 85,223 | 23,068 | ||||
| * | Edwards Lifesciences Corp. | 252,493 | 19,253 | |||
| * | IDEXX Laboratories Inc. | 33,737 | 18,726 | |||
| * | Dexcom Inc. | 147,899 | 18,353 | |||
| * | Biogen Inc. | 69,832 | 18,070 | |||
| * | Charles River Laboratories International Inc. | 76,292 | 18,035 | |||
| * | IQVIA Holdings Inc. | 76,161 | 17,622 | |||
| * | Centene Corp. | 235,154 | 17,451 | |||
| Cooper Cos. Inc. | 40,909 | 15,482 | ||||
| Laboratory Corp. of America Holdings | 66,721 | 15,165 | ||||
| Cardinal Health Inc. | 137,780 | 13,888 | ||||
| Bio-Techne Corp. | 179,780 | 13,872 | ||||
| * | Moderna Inc. | 134,056 | 13,332 | |||
| Bruker Corp. | 164,181 | 12,064 | ||||
| GE HealthCare Technologies Inc. | 151,457 | 11,711 | ||||
| Zimmer Biomet Holdings Inc. | 95,477 | 11,620 | ||||
| Revvity Inc. | 106,266 | 11,616 | ||||
| * | Alnylam Pharmaceuticals Inc. | 57,833 | 11,070 | |||
| * | Veeva Systems Inc. Class A | 55,146 | 10,617 | |||
| * | QIAGEN NV | 237,140 | 10,299 | |||
| * | Hologic Inc. | 135,866 | 9,708 | |||
| Quest Diagnostics Inc. | 69,413 | 9,571 | ||||
| * | Henry Schein Inc. | 125,538 | 9,504 | |||
| * | Molina Healthcare Inc. | 25,632 | 9,261 | |||
| Teleflex Inc. | 36,695 | 9,150 | ||||
| Universal Health Services Inc. Class B | 59,942 | 9,138 | ||||
| * | Illumina Inc. | 63,723 | 8,873 | |||
| * | ICON plc | 31,078 | 8,797 | |||
| ResMed Inc. | 45,887 | 7,893 | ||||
| * | Align Technology Inc. | 28,518 | 7,814 | |||
| * | BioMarin Pharmaceutical Inc. | 75,166 | 7,248 | |||
| Baxter International Inc. | 176,974 | 6,842 | ||||
| STERIS plc | 31,012 | 6,818 | ||||
| West Pharmaceutical Services Inc. | 17,994 | 6,336 | ||||
| * | Avantor Inc. | 267,339 | 6,103 | |||
| * | Incyte Corp. | 96,150 | 6,037 | |||
| * | Insulet Corp. | 27,682 | 6,006 | |||
| * | Exact Sciences Corp. | 77,836 | 5,758 | |||
| * | United Therapeutics Corp. | 23,805 | 5,234 | |||
| * | Ionis Pharmaceuticals Inc. | 95,957 | 4,854 | |||
| * | Sarepta Therapeutics Inc. | 49,506 | 4,774 | |||
| * | Penumbra Inc. | 18,571 | 4,671 | |||
| * | Neurocrine Biosciences Inc. | 32,932 | 4,339 | |||
| * | Bio-Rad Laboratories Inc. Class A | 12,885 | 4,160 | |||
| * | Repligen Corp. | 23,004 | 4,136 | |||
| * | Acadia Healthcare Co. Inc. | 51,806 | 4,028 | |||
| * | Karuna Therapeutics Inc. | 12,649 | 4,004 | |||
| * | DaVita Inc. | 36,758 | 3,851 | |||
| * | Tenet Healthcare Corp. | 50,862 | 3,844 | |||
| * | Exelixis Inc. | 150,917 | 3,621 | |||
| * | Natera Inc. | 53,259 | 3,336 | |||
| DENTSPLY SIRONA Inc. | 89,184 | 3,174 | ||||
| * | Jazz Pharmaceuticals plc | 25,276 | 3,109 | |||
| * | Catalent Inc. | 66,875 | 3,005 | |||
| * | Fortrea Holdings Inc. | 80,501 | 2,809 | |||
| * | Elanco Animal Health Inc. | 176,019 | 2,623 | |||
| * | Shockwave Medical Inc. | 13,364 | 2,547 | |||
| * | Masimo Corp. | 20,256 | 2,374 | |||
67
Tax-Managed Capital Appreciation Fund
| Shares | Market Value• ($000) | |||||
| * | Azenta Inc. | 36,109 | 2,352 | |||
| * | Apellis Pharmaceuticals Inc. | 38,288 | 2,292 | |||
| Viatris Inc. | 206,750 | 2,239 | ||||
| * | Inspire Medical Systems Inc. | 10,733 | 2,183 | |||
| * | Ultragenyx Pharmaceutical Inc. | 41,476 | 1,983 | |||
| * | QuidelOrtho Corp. | 25,878 | 1,907 | |||
| * | Envista Holdings Corp. | 76,814 | 1,848 | |||
| * | Integra LifeSciences Holdings Corp. | 40,994 | 1,785 | |||
| * | Teladoc Health Inc. | 80,678 | 1,739 | |||
| * | Amedisys Inc. | 17,685 | 1,681 | |||
| * | Globus Medical Inc. Class A | 30,413 | 1,621 | |||
| * | Enovis Corp. | 28,715 | 1,609 | |||
| Encompass Health Corp. | 21,067 | 1,406 | ||||
| Royalty Pharma plc Class A | 49,228 | 1,383 | ||||
| Organon & Co. | 87,914 | 1,268 | ||||
| Chemed Corp. | 1,985 | 1,161 | ||||
| * | Ginkgo Bioworks Holdings Inc. Class A | 579,049 | 979 | |||
| * | agilon health Inc. | 77,134 | 968 | |||
| * | Zimvie Inc. | 49,062 | 871 | |||
| * | Mirati Therapeutics Inc. | 13,856 | 814 | |||
| * | ICU Medical Inc. | 7,728 | 771 | |||
| Premier Inc. Class A | 23,831 | 533 | ||||
| * | Sotera Health Co. | 28,426 | 479 | |||
| * | Certara Inc. | 26,232 | 461 | |||
| * | 10X Genomics Inc. Class A | 5,356 | 300 | |||
| * | Medpace Holdings Inc. | 947 | 290 | |||
| * | Doximity Inc. Class A | 9,884 | 277 | |||
| * | Roivant Sciences Ltd. | 22,945 | 258 | |||
| * | R1 RCM Inc. | 18,057 | 191 | |||
| Perrigo Co. plc | 4,469 | 144 | ||||
| * | Tandem Diabetes Care Inc. | 1,826 | 54 | |||
| * | Maravai LifeSciences Holdings Inc. Class A | 3,556 | 23 | |||
| 2,224,218 | ||||||
| Industrials (13.1%) | ||||||
| Visa Inc. Class A | 683,104 | 177,846 | ||||
| Mastercard Inc. Class A | 355,268 | 151,525 | ||||
| Accenture plc Class A | 258,904 | 90,852 | ||||
| Union Pacific Corp. | 254,904 | 62,609 | ||||
| * | Boeing Co. | 233,628 | 60,897 | |||
| General Electric Co. | 454,373 | 57,992 | ||||
| Caterpillar Inc. | 169,239 | 50,039 | ||||
| American Express Co. | 260,066 | 48,721 | ||||
| Honeywell International Inc. | 229,942 | 48,221 | ||||
| Old Dominion Freight Line Inc. | 106,305 | 43,089 | ||||
| * | Fiserv Inc. | 316,479 | 42,041 | |||
| TransDigm Group Inc. | 41,082 | 41,559 | ||||
| Cintas Corp. | 65,348 | 39,383 | ||||
| Sherwin-Williams Co. | 123,560 | 38,538 | ||||
| RTX Corp. | 457,310 | 38,478 | ||||
| Deere & Co. | 95,500 | 38,188 | ||||
| United Parcel Service Inc. Class B | 230,234 | 36,200 | ||||
| Illinois Tool Works Inc. | 133,372 | 34,935 | ||||
| CSX Corp. | 943,154 | 32,699 | ||||
| Northrop Grumman Corp. | 67,694 | 31,690 | ||||
| Verisk Analytics Inc. Class A | 132,233 | 31,585 | ||||
| Eaton Corp. plc | 129,381 | 31,158 | ||||
| * | PayPal Holdings Inc. | 489,994 | 30,091 | |||
| Parker-Hannifin Corp. | 64,817 | 29,861 | ||||
| General Dynamics Corp. | 110,221 | 28,621 | ||||
| Norfolk Southern Corp. | 116,015 | 27,424 | ||||
| FedEx Corp. | 107,576 | 27,213 | ||||
| Global Payments Inc. | 213,540 | 27,120 | ||||
| Automatic Data Processing Inc. | 115,159 | 26,829 | ||||
| * | Mettler-Toledo International Inc. | 21,779 | 26,417 | |||
| Lockheed Martin Corp. | 56,668 | 25,684 | ||||
| AMETEK Inc. | 151,988 | 25,061 | ||||
| Martin Marietta Materials Inc. | 46,278 | 23,089 | ||||
| Shares | Market Value• ($000) | |||||
| PACCAR Inc. | 217,746 | 21,263 | ||||
| 3M Co. | 192,318 | 21,024 | ||||
| * | Waters Corp. | 63,290 | 20,837 | |||
| * | Keysight Technologies Inc. | 126,368 | 20,104 | |||
| Vulcan Materials Co. | 87,751 | 19,920 | ||||
| WW Grainger Inc. | 22,697 | 18,809 | ||||
| * | Block Inc. Class A | 238,287 | 18,431 | |||
| Jacobs Solutions Inc. | 140,325 | 18,214 | ||||
| Eagle Materials Inc. | 87,864 | 17,822 | ||||
| Equifax Inc. | 71,898 | 17,780 | ||||
| Carrier Global Corp. | 307,603 | 17,672 | ||||
| Carlisle Cos. Inc. | 56,053 | 17,513 | ||||
| Lennox International Inc. | 38,471 | 17,217 | ||||
| IDEX Corp. | 76,994 | 16,716 | ||||
| Expeditors International of Washington Inc. | 131,032 | 16,667 | ||||
| L3Harris Technologies Inc. | 78,249 | 16,481 | ||||
| Emerson Electric Co. | 161,076 | 15,678 | ||||
| JB Hunt Transport Services Inc. | 77,704 | 15,521 | ||||
| Landstar System Inc. | 77,810 | 15,068 | ||||
| Owens Corning | 100,139 | 14,844 | ||||
| Fidelity National Information Services Inc. | 244,766 | 14,703 | ||||
| United Rentals Inc. | 24,859 | 14,255 | ||||
| Otis Worldwide Corp. | 154,499 | 13,823 | ||||
| Quanta Services Inc. | 63,452 | 13,693 | ||||
| Toro Co. | 140,216 | 13,459 | ||||
| Capital One Financial Corp. | 101,944 | 13,367 | ||||
| Trane Technologies plc | 53,740 | 13,107 | ||||
| AGCO Corp. | 104,696 | 12,711 | ||||
| Crown Holdings Inc. | 137,555 | 12,667 | ||||
| Cummins Inc. | 51,256 | 12,279 | ||||
| Ball Corp. | 211,487 | 12,165 | ||||
| DuPont de Nemours Inc. | 153,582 | 11,815 | ||||
| Textron Inc. | 138,654 | 11,151 | ||||
| Huntington Ingalls Industries Inc. | 42,737 | 11,096 | ||||
| BWX Technologies Inc. | 144,342 | 11,075 | ||||
| Fortive Corp. | 148,709 | 10,949 | ||||
| * | Zebra Technologies Corp. Class A | 38,549 | 10,537 | |||
| Xylem Inc. | 89,582 | 10,245 | ||||
| Ingersoll Rand Inc. | 127,975 | 9,898 | ||||
| * | Teledyne Technologies Inc. | 21,521 | 9,605 | |||
| Westinghouse Air Brake Technologies Corp. | 72,508 | 9,201 | ||||
| * | Builders FirstSource Inc. | 54,216 | 9,051 | |||
| Armstrong World Industries Inc. | 91,138 | 8,961 | ||||
| * | FleetCor Technologies Inc. | 31,032 | 8,770 | |||
| Oshkosh Corp. | 79,990 | 8,672 | ||||
| Graco Inc. | 99,359 | 8,620 | ||||
| Rockwell Automation Inc. | 27,534 | 8,549 | ||||
| Jack Henry & Associates Inc. | 51,317 | 8,386 | ||||
| ITT Inc. | 69,239 | 8,262 | ||||
| Robert Half Inc. | 91,429 | 8,038 | ||||
| * | Fair Isaac Corp. | 6,737 | 7,842 | |||
| Synchrony Financial | 203,945 | 7,789 | ||||
| * | Axon Enterprise Inc. | 29,285 | 7,565 | |||
| Veralto Corp. | 90,032 | 7,406 | ||||
| PPG Industries Inc. | 46,985 | 7,027 | ||||
| Genpact Ltd. | 194,732 | 6,759 | ||||
| Donaldson Co. Inc. | 101,876 | 6,658 | ||||
| Johnson Controls International plc | 110,027 | 6,342 | ||||
| Dover Corp. | 40,038 | 6,158 | ||||
| Valmont Industries Inc. | 26,229 | 6,125 | ||||
| Howmet Aerospace Inc. | 108,701 | 5,883 | ||||
| * | Saia Inc. | 11,725 | 5,138 | |||
| HEICO Corp. | 28,466 | 5,092 | ||||
| Paychex Inc. | 40,215 | 4,790 | ||||
| Packaging Corp. of America | 27,608 | 4,498 | ||||
| * | XPO Inc. | 51,261 | 4,490 | |||
| * | Affirm Holdings Inc. Class A | 87,707 | 4,310 | |||
68
Tax-Managed Capital Appreciation Fund
| Shares | Market Value• ($000) | |||||
| EMCOR Group Inc. | 19,710 | 4,246 | ||||
| MSC Industrial Direct Co. Inc. Class A | 41,833 | 4,236 | ||||
| ManpowerGroup Inc. | 52,638 | 4,183 | ||||
| * | Trex Co. Inc. | 49,832 | 4,126 | |||
| * | WillScot Mobile Mini Holdings Corp. | 92,628 | 4,122 | |||
| AECOM | 42,351 | 3,914 | ||||
| * | Trimble Inc. | 72,177 | 3,840 | |||
| * | Axalta Coating Systems Ltd. | 109,313 | 3,713 | |||
| Allison Transmission Holdings Inc. | 63,742 | 3,707 | ||||
| Tetra Tech Inc. | 22,037 | 3,679 | ||||
| Advanced Drainage Systems Inc. | 26,160 | 3,679 | ||||
| * | Generac Holdings Inc. | 28,341 | 3,663 | |||
| Flowserve Corp. | 88,132 | 3,633 | ||||
| * | Mohawk Industries Inc. | 34,649 | 3,586 | |||
| Curtiss-Wright Corp. | 16,014 | 3,568 | ||||
| Berry Global Group Inc. | 52,116 | 3,512 | ||||
| Woodward Inc. | 24,846 | 3,382 | ||||
| Sealed Air Corp. | 92,139 | 3,365 | ||||
| WESCO International Inc. | 18,606 | 3,235 | ||||
| * | Paylocity Holding Corp. | 19,019 | 3,135 | |||
| * | GXO Logistics Inc. | 49,423 | 3,023 | |||
| CH Robinson Worldwide Inc. | 34,925 | 3,017 | ||||
| Stanley Black & Decker Inc. | 29,402 | 2,884 | ||||
| * | BILL Holdings Inc. | 32,369 | 2,641 | |||
| * | TopBuild Corp. | 6,987 | 2,615 | |||
| * | Euronet Worldwide Inc. | 25,337 | 2,571 | |||
| * | FTI Consulting Inc. | 12,884 | 2,566 | |||
| Nordson Corp. | 9,571 | 2,528 | ||||
| Crane Co. | 20,174 | 2,383 | ||||
| * | WEX Inc. | 11,991 | 2,333 | |||
| * | Shift4 Payments Inc. Class A | 30,365 | 2,257 | |||
| * | Middleby Corp. | 15,011 | 2,209 | |||
| * | MasTec Inc. | 28,849 | 2,184 | |||
| Vontier Corp. | 59,035 | 2,040 | ||||
| * | AZEK Co. Inc. Class A | 53,067 | 2,030 | |||
| * | Spirit AeroSystems Holdings Inc. Class A | 59,896 | 1,903 | |||
| * | Knife River Corp. | 28,170 | 1,864 | |||
| Esab Corp. | 21,096 | 1,827 | ||||
| * | Kirby Corp. | 23,122 | 1,815 | |||
| Acuity Brands Inc. | 8,642 | 1,770 | ||||
| Hubbell Inc. Class B | 5,281 | 1,737 | ||||
| Sensata Technologies Holding plc | 45,484 | 1,709 | ||||
| MDU Resources Group Inc. | 80,878 | 1,601 | ||||
| Allegion plc | 12,560 | 1,591 | ||||
| Pentair plc | 21,676 | 1,576 | ||||
| Lincoln Electric Holdings Inc. | 6,990 | 1,520 | ||||
| Fortune Brands Innovations Inc. | 19,846 | 1,511 | ||||
| Regal Rexnord Corp. | 9,368 | 1,387 | ||||
| * | NCR Atleos Corp. | 55,897 | 1,358 | |||
| nVent Electric plc | 22,427 | 1,325 | ||||
| TransUnion | 18,646 | 1,281 | ||||
| A O Smith Corp. | 15,254 | 1,258 | ||||
| Cognex Corp. | 29,135 | 1,216 | ||||
| Knight-Swift Transportation Holdings Inc. Class A | 20,258 | 1,168 | ||||
| Booz Allen Hamilton Holding Corp. Class A | 8,916 | 1,140 | ||||
| MSA Safety Inc. | 6,608 | 1,116 | ||||
| * | Mercury Systems Inc. | 30,070 | 1,100 | |||
| Vestis Corp. | 40,556 | 857 | ||||
| Graphic Packaging Holding Co. | 33,842 | 834 | ||||
| * | Gates Industrial Corp. plc | 55,612 | 746 | |||
| RPM International Inc. | 5,644 | 630 | ||||
| MKS Instruments Inc. | 5,873 | 604 | ||||
| Silgan Holdings Inc. | 11,464 | 519 | ||||
| Littelfuse Inc. | 1,812 | 485 | ||||
| * | Core & Main Inc. Class A | 11,478 | 464 | |||
| AptarGroup Inc. | 3,262 | 403 | ||||
| Brunswick Corp. | 3,917 | 379 | ||||
| Shares | Market Value• ($000) | |||||
| * | RXO Inc. | 15,723 | 366 | |||
| * | Hayward Holdings Inc. | 23,777 | 323 | |||
| * | Masterbrand Inc. | 21,413 | 318 | |||
| CNH Industrial NV | 16,031 | 195 | ||||
| Sonoco Products Co. | 2,778 | 155 | ||||
| HEICO Corp. Class A | 992 | 141 | ||||
| Schneider National Inc. Class B | 995 | 25 | ||||
| Louisiana-Pacific Corp. | 303 | 21 | ||||
| Watsco Inc. | 47 | 20 | ||||
| Masco Corp. | 287 | 19 | ||||
| Air Lease Corp. Class A | 423 | 18 | ||||
| Snap-on Inc. | 60 | 17 | ||||
| Ryder System Inc. | 128 | 15 | ||||
| Westrock Co. | 333 | 14 | ||||
| ADT Inc. | 2,106 | 14 | ||||
| Crane NXT Co. | 164 | 9 | ||||
| Amcor plc | 685 | 7 | ||||
| Western Union Co. | 339 | 4 | ||||
| *,1 | GCI Liberty Inc. | 58,613 | — | |||
| 2,468,398 | ||||||
| Real Estate (2.8%) | ||||||
| Prologis Inc. | 403,489 | 53,785 | ||||
| American Tower Corp. | 205,690 | 44,404 | ||||
| Equinix Inc. | 39,638 | 31,924 | ||||
| SBA Communications Corp. Class A | 104,615 | 26,540 | ||||
| * | CBRE Group Inc. Class A | 266,615 | 24,819 | |||
| Public Storage | 66,240 | 20,203 | ||||
| Welltower Inc. | 210,933 | 19,020 | ||||
| Crown Castle Inc. | 164,987 | 19,005 | ||||
| * | CoStar Group Inc. | 194,245 | 16,975 | |||
| Extra Space Storage Inc. | 105,773 | 16,959 | ||||
| Digital Realty Trust Inc. | 110,826 | 14,915 | ||||
| Equity LifeStyle Properties Inc. | 192,195 | 13,557 | ||||
| Weyerhaeuser Co. | 354,822 | 12,337 | ||||
| American Homes 4 Rent Class A | 342,614 | 12,320 | ||||
| AvalonBay Communities Inc. | 62,823 | 11,762 | ||||
| Simon Property Group Inc. | 82,364 | 11,748 | ||||
| VICI Properties Inc. Class A | 348,140 | 11,099 | ||||
| Invitation Homes Inc. | 301,513 | 10,285 | ||||
| Realty Income Corp. | 177,321 | 10,182 | ||||
| * | Jones Lang LaSalle Inc. | 50,679 | 9,572 | |||
| Alexandria Real Estate Equities Inc. | 70,540 | 8,942 | ||||
| Equity Residential | 146,175 | 8,940 | ||||
| Ventas Inc. | 168,878 | 8,417 | ||||
| Mid-America Apartment Communities Inc. | 62,574 | 8,414 | ||||
| Essex Property Trust Inc. | 32,068 | 7,951 | ||||
| Sun Communities Inc. | 52,146 | 6,969 | ||||
| * | Howard Hughes Holdings Inc. | 76,106 | 6,511 | |||
| * | Zillow Group Inc. Class C | 108,338 | 6,268 | |||
| Host Hotels & Resorts Inc. | 299,986 | 5,841 | ||||
| Lamar Advertising Co. Class A | 49,778 | 5,290 | ||||
| * | Zillow Group Inc. Class A | 91,767 | 5,205 | |||
| Rexford Industrial Realty Inc. | 87,828 | 4,927 | ||||
| EastGroup Properties Inc. | 26,627 | 4,887 | ||||
| Americold Realty Trust Inc. | 157,485 | 4,767 | ||||
| Vornado Realty Trust | 167,394 | 4,729 | ||||
| UDR Inc. | 116,501 | 4,461 | ||||
| Camden Property Trust | 43,841 | 4,353 | ||||
| First Industrial Realty Trust Inc. | 82,530 | 4,347 | ||||
| Kimco Realty Corp. | 183,756 | 3,916 | ||||
| CubeSmart | 76,750 | 3,557 | ||||
| Park Hotels & Resorts Inc. | 144,355 | 2,209 | ||||
| Apartment Income REIT Corp. Class A | 62,841 | 2,182 | ||||
| Rayonier Inc. | 62,009 | 2,072 | ||||
| Iron Mountain Inc. | 23,721 | 1,660 | ||||
| EPR Properties | 30,812 | 1,493 | ||||
| Cousins Properties Inc. | 58,986 | 1,436 | ||||
69
Tax-Managed Capital Appreciation Fund
| Shares | Market Value• ($000) | |||||
| Federal Realty Investment Trust | 8,239 | 849 | ||||
| Douglas Emmett Inc. | 5,620 | 82 | ||||
| Regency Centers Corp. | 135 | 9 | ||||
| Brixmor Property Group Inc. | 356 | 8 | ||||
| NNN REIT Inc. | 158 | 7 | ||||
| Gaming & Leisure Properties Inc. | 124 | 6 | ||||
| Healthpeak Properties Inc. | 291 | 6 | ||||
| Spirit Realty Capital Inc. | 144 | 6 | ||||
| Omega Healthcare Investors Inc. | 127 | 4 | ||||
| 522,132 | ||||||
| Technology (31.8%) | ||||||
| Apple Inc. | 6,305,598 | 1,214,017 | ||||
| Microsoft Corp. | 3,147,464 | 1,183,572 | ||||
| NVIDIA Corp. | 1,004,904 | 497,649 | ||||
| * | Alphabet Inc. Class A | 2,544,544 | 355,447 | |||
| * | Meta Platforms Inc. Class A | 947,619 | 335,419 | |||
| * | Alphabet Inc. Class C | 2,164,034 | 304,977 | |||
| Broadcom Inc. | 147,518 | 164,667 | ||||
| * | Adobe Inc. | 197,259 | 117,685 | |||
| * | Salesforce Inc. | 401,975 | 105,776 | |||
| * | Advanced Micro Devices Inc. | 666,448 | 98,241 | |||
| Applied Materials Inc. | 482,341 | 78,173 | ||||
| Intel Corp. | 1,551,541 | 77,965 | ||||
| Intuit Inc. | 123,342 | 77,092 | ||||
| * | Cadence Design Systems Inc. | 272,735 | 74,285 | |||
| Oracle Corp. | 657,786 | 69,350 | ||||
| * | Synopsys Inc. | 133,608 | 68,796 | |||
| Lam Research Corp. | 84,650 | 66,303 | ||||
| QUALCOMM Inc. | 456,665 | 66,047 | ||||
| Texas Instruments Inc. | 356,982 | 60,851 | ||||
| * | ServiceNow Inc. | 80,960 | 57,197 | |||
| KLA Corp. | 90,136 | 52,396 | ||||
| International Business Machines Corp. | 263,114 | 43,032 | ||||
| * | Palo Alto Networks Inc. | 121,042 | 35,693 | |||
| Analog Devices Inc. | 179,001 | 35,542 | ||||
| Micron Technology Inc. | 414,454 | 35,370 | ||||
| Amphenol Corp. Class A | 346,011 | 34,300 | ||||
| * | Autodesk Inc. | 135,214 | 32,922 | |||
| Roper Technologies Inc. | 52,739 | 28,752 | ||||
| * | Fortinet Inc. | 446,803 | 26,151 | |||
| * | Snowflake Inc. Class A | 129,361 | 25,743 | |||
| Teradyne Inc. | 218,782 | 23,742 | ||||
| * | Workday Inc. Class A | 81,034 | 22,370 | |||
| * | Crowdstrike Holdings Inc. Class A | 84,151 | 21,485 | |||
| * | Gartner Inc. | 45,952 | 20,729 | |||
| Marvell Technology Inc. | 330,308 | 19,921 | ||||
| Cognizant Technology Solutions Corp. Class A | 235,083 | 17,756 | ||||
| * | ON Semiconductor Corp. | 184,064 | 15,375 | |||
| Corning Inc. | 449,200 | 13,678 | ||||
| * | Atlassian Corp. Class A | 56,213 | 13,371 | |||
| * | Datadog Inc. Class A | 108,847 | 13,212 | |||
| * | Arrow Electronics Inc. | 106,525 | 13,023 | |||
| * | DoorDash Inc. Class A | 125,673 | 12,428 | |||
| Hewlett Packard Enterprise Co. | 712,810 | 12,104 | ||||
| NetApp Inc. | 137,113 | 12,088 | ||||
| * | ANSYS Inc. | 32,359 | 11,742 | |||
| Microchip Technology Inc. | 126,882 | 11,442 | ||||
| * | Pinterest Inc. Class A | 301,952 | 11,184 | |||
| * | MongoDB Inc. Class A | 27,282 | 11,154 | |||
| * | Palantir Technologies Inc. Class A | 645,640 | 11,086 | |||
| * | HubSpot Inc. | 18,865 | 10,952 | |||
| Dolby Laboratories Inc. Class A | 116,172 | 10,012 | ||||
| Monolithic Power Systems Inc. | 15,563 | 9,817 | ||||
| HP Inc. | 314,733 | 9,470 | ||||
| * | Splunk Inc. | 60,602 | 9,233 | |||
| * | PTC Inc. | 50,661 | 8,864 | |||
| * | VeriSign Inc. | 42,734 | 8,802 | |||
| Shares | Market Value• ($000) | |||||
| * | Cloudflare Inc. Class A | 97,703 | 8,135 | |||
| * | Manhattan Associates Inc. | 34,884 | 7,511 | |||
| * | Zscaler Inc. | 33,533 | 7,430 | |||
| * | Akamai Technologies Inc. | 62,535 | 7,401 | |||
| * | Western Digital Corp. | 140,480 | 7,357 | |||
| * | GoDaddy Inc. Class A | 67,059 | 7,119 | |||
| Vertiv Holdings Co. Class A | 140,567 | 6,751 | ||||
| Gen Digital Inc. | 267,673 | 6,108 | ||||
| * | Zoom Video Communications Inc. Class A | 83,704 | 6,019 | |||
| * | EPAM Systems Inc. | 19,928 | 5,925 | |||
| Dell Technologies Inc. Class C | 75,945 | 5,810 | ||||
| SS&C Technologies Holdings Inc. | 92,885 | 5,676 | ||||
| * | Match Group Inc. | 155,301 | 5,668 | |||
| Jabil Inc. | 42,664 | 5,435 | ||||
| Avnet Inc. | 106,031 | 5,344 | ||||
| Entegris Inc. | 43,689 | 5,235 | ||||
| * | Dynatrace Inc. | 95,407 | 5,218 | |||
| * | F5 Inc. | 28,229 | 5,052 | |||
| * | Qorvo Inc. | 41,818 | 4,709 | |||
| * | Ceridian HCM Holding Inc. | 65,458 | 4,394 | |||
| Paycom Software Inc. | 20,709 | 4,281 | ||||
| * | Guidewire Software Inc. | 38,275 | 4,174 | |||
| * | Tyler Technologies Inc. | 9,957 | 4,163 | |||
| * | Lattice Semiconductor Corp. | 59,941 | 4,135 | |||
| CDW Corp. | 17,522 | 3,983 | ||||
| * | ZoomInfo Technologies Inc. Class A | 212,915 | 3,937 | |||
| Skyworks Solutions Inc. | 31,988 | 3,596 | ||||
| KBR Inc. | 56,846 | 3,150 | ||||
| * | Okta Inc. Class A | 34,545 | 3,127 | |||
| * | IAC Inc. | 58,528 | 3,066 | |||
| * | Aspen Technology Inc. | 13,804 | 3,039 | |||
| Universal Display Corp. | 15,466 | 2,958 | ||||
| * | CACI International Inc. Class A | 9,052 | 2,932 | |||
| Leidos Holdings Inc. | 25,301 | 2,739 | ||||
| * | Globant SA | 11,484 | 2,733 | |||
| * | DocuSign Inc. Class A | 45,951 | 2,732 | |||
| * | Pure Storage Inc. Class A | 74,044 | 2,640 | |||
| * | Teradata Corp. | 60,048 | 2,613 | |||
| * | Twilio Inc. Class A | 33,140 | 2,514 | |||
| * | Nutanix Inc. Class A | 51,287 | 2,446 | |||
| * | Wolfspeed Inc. | 51,526 | 2,242 | |||
| * | Unity Software Inc. | 53,786 | 2,199 | |||
| * | DXC Technology Co. | 96,014 | 2,196 | |||
| * | Clarivate plc | 228,828 | 2,119 | |||
| * | AppLovin Corp. Class A | 47,775 | 1,904 | |||
| * | NCR Voyix Corp. | 111,794 | 1,890 | |||
| Concentrix Corp. | 18,459 | 1,813 | ||||
| * | Kyndryl Holdings Inc. | 86,691 | 1,801 | |||
| * | Alteryx Inc. Class A | 34,365 | 1,621 | |||
| * | IPG Photonics Corp. | 14,686 | 1,594 | |||
| * | DoubleVerify Holdings Inc. | 42,402 | 1,560 | |||
| * | Toast Inc. Class A | 77,884 | 1,422 | |||
| * | Five9 Inc. | 17,180 | 1,352 | |||
| Bentley Systems Inc. Class B | 24,059 | 1,255 | ||||
| Science Applications International Corp. | 9,890 | 1,230 | ||||
| Dun & Bradstreet Holdings Inc. | 104,194 | 1,219 | ||||
| Amdocs Ltd. | 12,261 | 1,078 | ||||
| * | Allegro MicroSystems Inc. | 34,019 | 1,030 | |||
| * | Elastic NV | 8,536 | 962 | |||
| * | Dropbox Inc. Class A | 30,238 | 891 | |||
| * | Coherent Corp. | 19,507 | 849 | |||
| * | Vimeo Inc. | 190,444 | 747 | |||
| * | Smartsheet Inc. Class A | 14,447 | 691 | |||
| * | RingCentral Inc. Class A | 18,401 | 625 | |||
| * | Informatica Inc. Class A | 17,729 | 503 | |||
| * | Cirrus Logic Inc. | 5,892 | 490 | |||
| * | nCino Inc. | 12,371 | 416 | |||
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Tax-Managed Capital Appreciation Fund
| Shares | Market Value• ($000) | |||||
| * | GLOBALFOUNDRIES Inc. | 6,712 | 407 | |||
| * | Procore Technologies Inc. | 5,779 | 400 | |||
| * | SentinelOne Inc. Class A | 13,155 | 361 | |||
| * | UiPath Inc. Class A | 12,564 | 312 | |||
| * | Gitlab Inc. Class A | 4,460 | 281 | |||
| * | Klaviyo Inc. Class A | 10,075 | 280 | |||
| * | Paycor HCM Inc. | 11,937 | 258 | |||
| * | HashiCorp Inc. Class A | 9,923 | 235 | |||
| * | CCC Intelligent Solutions Holdings Inc. | 17,949 | 204 | |||
| Pegasystems Inc. | 4,160 | 203 | ||||
| * | Confluent Inc. Class A | 6,964 | 163 | |||
| TD SYNNEX Corp. | 281 | 30 | ||||
| * | Maplebear Inc. | 89 | 2 | |||
| 6,004,540 | ||||||
| Telecommunications (1.8%) | ||||||
| Cisco Systems Inc. | 1,586,308 | 80,140 | ||||
| Comcast Corp. Class A | 1,748,872 | 76,688 | ||||
| T-Mobile US Inc. | 410,818 | 65,867 | ||||
| * | Arista Networks Inc. | 102,481 | 24,135 | |||
| AT&T Inc. | 1,376,174 | 23,092 | ||||
| * | Charter Communications Inc. Class A | 46,263 | 17,982 | |||
| Verizon Communications Inc. | 412,446 | 15,549 | ||||
| Motorola Solutions Inc. | 40,433 | 12,659 | ||||
| Juniper Networks Inc. | 274,434 | 8,090 | ||||
| * | Roku Inc. Class A | 72,660 | 6,660 | |||
| * | Liberty Broadband Corp. Class C | 57,723 | 4,652 | |||
| * | Frontier Communications Parent Inc. | 172,525 | 4,372 | |||
| * | Ciena Corp. | 57,527 | 2,589 | |||
| * | Lumentum Holdings Inc. | 38,928 | 2,041 | |||
| * | Viasat Inc. | 58,595 | 1,638 | |||
| * | Liberty Broadband Corp. Class A | 19,220 | 1,550 | |||
| Cable One Inc. | 2,422 | 1,348 | ||||
| Ubiquiti Inc. | 102 | 14 | ||||
| 349,066 | ||||||
| Utilities (2.4%) | ||||||
| NextEra Energy Inc. | 845,361 | 51,347 | ||||
| Waste Management Inc. | 171,073 | 30,639 | ||||
| Duke Energy Corp. | 309,026 | 29,988 | ||||
| PG&E Corp. | 1,641,280 | 29,592 | ||||
| Southern Co. | 338,705 | 23,750 | ||||
| Sempra | 266,060 | 19,883 | ||||
| WEC Energy Group Inc. | 199,959 | 16,831 | ||||
| Constellation Energy Corp. | 141,884 | 16,585 | ||||
| American Water Works Co. Inc. | 123,293 | 16,273 | ||||
| Dominion Energy Inc. | 324,271 | 15,241 | ||||
| Atmos Energy Corp. | 129,145 | 14,968 | ||||
| Xcel Energy Inc. | 232,918 | 14,420 | ||||
| Exelon Corp. | 386,906 | 13,890 | ||||
| CMS Energy Corp. | 212,061 | 12,314 | ||||
| Consolidated Edison Inc. | 133,236 | 12,120 | ||||
| American Electric Power Co. Inc. | 135,933 | 11,040 | ||||
| Shares | Market Value• ($000) | |||||
| Eversource Energy | 172,448 | 10,644 | ||||
| Edison International | 139,937 | 10,004 | ||||
| Public Service Enterprise Group Inc. | 151,716 | 9,277 | ||||
| DTE Energy Co. | 80,769 | 8,906 | ||||
| Ameren Corp. | 110,785 | 8,014 | ||||
| FirstEnergy Corp. | 215,613 | 7,904 | ||||
| CenterPoint Energy Inc. | 266,739 | 7,621 | ||||
| AES Corp. | 385,856 | 7,428 | ||||
| NiSource Inc. | 277,058 | 7,356 | ||||
| Essential Utilities Inc. | 194,378 | 7,260 | ||||
| Republic Services Inc. Class A | 32,062 | 5,287 | ||||
| NRG Energy Inc. | 99,120 | 5,125 | ||||
| Alliant Energy Corp. | 92,022 | 4,721 | ||||
| Entergy Corp. | 43,203 | 4,372 | ||||
| * | Clean Harbors Inc. | 22,369 | 3,904 | |||
| Evergy Inc. | 67,666 | 3,532 | ||||
| PPL Corp. | 123,450 | 3,346 | ||||
| * | Stericycle Inc. | 44,875 | 2,224 | |||
| IDACORP Inc. | 21,330 | 2,097 | ||||
| UGI Corp. | 83,440 | 2,053 | ||||
| National Fuel Gas Co. | 36,286 | 1,820 | ||||
| * | Sunrun Inc. | 71,004 | 1,394 | |||
| Vistra Corp. | 10,465 | 403 | ||||
| Pinnacle West Capital Corp. | 1,103 | 79 | ||||
| Brookfield Renewable Corp. Class A | 262 | 8 | ||||
| OGE Energy Corp. | 211 | 7 | ||||
| Avangrid Inc. | 198 | 6 | ||||
| 453,673 | ||||||
| Total Common Stocks (Cost $6,041,115) | 18,750,522 | |||||
| Preferred Stocks (0.0%) | ||||||
| Qurate Retail Inc. Pfd., 8.000%, 9/15/25 (Cost $697) | 24,579 | 884 | ||||
| Temporary Cash Investments (0.7%) | ||||||
| Money Market Fund (0.7%) | ||||||
| 2 | Vanguard Market Liquidity Fund, 5.435% (Cost $129,633) | 1,296,552 | 129,629 | |||
| Total Investments (99.9%) (Cost $6,171,445) | 18,881,035 | |||||
| Other Assets and Liabilities—Net (0.1%) | 24,125 | |||||
| Net Assets (100%) | 18,905,160 | |||||
| Cost is in $000. |
| • | See Note A in Notes to Financial Statements. |
| * | Non-income-producing security. |
| 1 | Security value determined using significant unobservable inputs. |
| 2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| REIT—Real Estate Investment Trust. |
Derivative Financial Instruments Outstanding as of Period End
| Futures Contracts | ||||
| ($000) | ||||
| Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
| Long Futures Contracts | ||||
| E-mini S&P 500 Index | March 2024 | 638 | 153,758 | 3,693 |
See accompanying Notes, which are an integral part of the Financial Statements.
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Tax-Managed Capital Appreciation Fund
Statement of Assets and Liabilities
As of December 31, 2023
| ($000s, except shares, footnotes, and per-share amounts) | Amount |
| Assets | |
| Investments in Securities, at Value | |
| Unaffiliated Issuers (Cost $6,041,812) | 18,751,406 |
| Affiliated Issuers (Cost $129,633) | 129,629 |
| Total Investments in Securities | 18,881,035 |
| Investment in Vanguard | 597 |
| Cash | 15 |
| Cash Collateral Pledged—Futures Contracts | 7,412 |
| Receivables for Investment Securities Sold | 74 |
| Receivables for Accrued Income | 15,320 |
| Receivables for Capital Shares Issued | 11,891 |
| Total Assets | 18,916,344 |
| Liabilities | |
| Payables for Investment Securities Purchased | 493 |
| Payables for Capital Shares Redeemed | 9,600 |
| Payables to Vanguard | 707 |
| Variation Margin Payable—Futures Contracts | 384 |
| Total Liabilities | 11,184 |
| Net Assets | 18,905,160 |
At December 31, 2023, net assets consisted of: | |
| Paid-in Capital | 6,679,539 |
| Total Distributable Earnings (Loss) | 12,225,621 |
| Net Assets | 18,905,160 |
| Admiral Shares—Net Assets | |
| Applicable to 65,404,115 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 16,162,344 |
| Net Asset Value Per Share—Admiral Shares | $247.12 |
| Institutional Shares—Net Assets | |
| Applicable to 22,340,388 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 2,742,816 |
| Net Asset Value Per Share—Institutional Shares | $122.77 |
See accompanying Notes, which are an integral part of the Financial Statements.
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Tax-Managed Capital Appreciation Fund
Statement of Operations
| Year Ended December 31, 2023 | |
| ($000) | |
| Investment Income | |
| Income | |
| Dividends1 | 246,191 |
| Interest2 | 2,762 |
| Total Income | 248,953 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 343 |
| Management and Administrative—Admiral Shares | 12,029 |
| Management and Administrative—Institutional Shares | 1,319 |
| Marketing and Distribution—Admiral Shares | 542 |
| Marketing and Distribution—Institutional Shares | 41 |
| Custodian Fees | 15 |
| Auditing Fees | 31 |
| Shareholders’ Reports—Admiral Shares | 68 |
| Shareholders’ Reports—Institutional Shares | 1 |
| Trustees’ Fees and Expenses | 10 |
| Other Expenses | 16 |
| Total Expenses | 14,415 |
| Net Investment Income | 234,538 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold2,3 | 119,795 |
| Futures Contracts | 7,062 |
| Realized Net Gain (Loss) | 126,857 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities2 | 3,608,775 |
| Futures Contracts | 5,151 |
| Change in Unrealized Appreciation (Depreciation) | 3,613,926 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 3,975,321 |
| 1 | Dividends are net of foreign withholding taxes of $41,000. |
| 2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $2,606,000, ($12,000), $1,000, and ($14,000), respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $162,609,000 of net gain (loss) resulting from in-kind redemptions. |
See accompanying Notes, which are an integral part of the Financial Statements.
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Tax-Managed Capital Appreciation Fund
Statement of Changes in Net Assets
| Year Ended December 31, | ||
| 2023 ($000) | 2022 ($000) | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 234,538 | 218,338 |
| Realized Net Gain (Loss) | 126,857 | (121,291) |
| Change in Unrealized Appreciation (Depreciation) | 3,613,926 | (3,622,172) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 3,975,321 | (3,525,125) |
| Distributions | ||
| Admiral Shares | (200,554) | (188,047) |
| Institutional Shares | (33,752) | (31,245) |
| Total Distributions | (234,306) | (219,292) |
| Capital Share Transactions | ||
| Admiral Shares | 104,430 | 219,518 |
| Institutional Shares | 131,619 | 57,468 |
| Net Increase (Decrease) from Capital Share Transactions | 236,049 | 276,986 |
| Total Increase (Decrease) | 3,977,064 | (3,467,431) |
| Net Assets | ||
| Beginning of Period | 14,928,096 | 18,395,527 |
| End of Period | 18,905,160 | 14,928,096 |
See accompanying Notes, which are an integral part of the Financial Statements.
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Tax-Managed Capital Appreciation Fund
Financial Highlights
| Admiral Shares | |||||
| For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
| 2023 | 2022 | 2021 | 2020 | 2019 | |
| Net Asset Value, Beginning of Period | $197.82 | $247.92 | $197.63 | $165.93 | $128.29 |
| Investment Operations | |||||
| Net Investment Income1 | 3.079 | 2.900 | 2.542 | 2.666 | 2.557 |
| Net Realized and Unrealized Gain (Loss) on Investments | 49.291 | (50.089) | 50.328 | 31.640 | 37.603 |
| Total from Investment Operations | 52.370 | (47.189) | 52.870 | 34.306 | 40.160 |
| Distributions | |||||
| Dividends from Net Investment Income | (3.070) | (2.911) | (2.580) | (2.606) | (2.520) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (3.070) | (2.911) | (2.580) | (2.606) | (2.520) |
| Net Asset Value, End of Period | $247.12 | $197.82 | $247.92 | $197.63 | $165.93 |
| Total Return2 | 26.64% | -19.06% | 26.87% | 21.07% | 31.46% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $16,162 | $12,846 | $15,850 | $12,543 | $10,579 |
| Ratio of Total Expenses to Average Net Assets | 0.09% | 0.09%3 | 0.09% | 0.09% | 0.09% |
| Ratio of Net Investment Income to Average Net Assets | 1.39% | 1.37% | 1.13% | 1.60% | 1.70% |
| Portfolio Turnover Rate4 | 2% | 2% | 0% | 6% | 5% |
| 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 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.09%. |
| 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. |
| Institutional Shares | |||||
| For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
| 2023 | 2022 | 2021 | 2020 | 2019 | |
| Net Asset Value, Beginning of Period | $98.28 | $123.18 | $98.19 | $82.46 | $63.75 |
| Investment Operations | |||||
| Net Investment Income1 | 1.566 | 1.473 | 1.304 | 1.360 | 1.292 |
| Net Realized and Unrealized Gain (Loss) on Investments | 24.482 | (24.895) | 25.002 | 15.690 | 18.693 |
| Total from Investment Operations | 26.048 | (23.422) | 26.306 | 17.050 | 19.985 |
| Distributions | |||||
| Dividends from Net Investment Income | (1.558) | (1.478) | (1.316) | (1.320) | (1.275) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (1.558) | (1.478) | (1.316) | (1.320) | (1.275) |
| Net Asset Value, End of Period | $122.77 | $98.28 | $123.18 | $98.19 | $82.46 |
| Total Return | 26.67% | -19.04% | 26.91% | 21.08% | 31.51% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $2,743 | $2,082 | $2,546 | $1,627 | $1,223 |
| Ratio of Total Expenses to Average Net Assets | 0.06% | 0.06%2 | 0.06% | 0.06% | 0.06% |
| Ratio of Net Investment Income to Average Net Assets | 1.42% | 1.40% | 1.17% | 1.63% | 1.73% |
| Portfolio Turnover Rate3 | 2% | 2% | 0% | 6% | 5% |
| 1 | Calculated based on average shares outstanding. |
| 2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.06%. |
| 3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares. |
See accompanying Notes, which are an integral part of the Financial Statements.
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Tax-Managed Capital Appreciation Fund
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 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 valuation designee to represent fair value and subject to oversight by the board of trustees. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.
2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.
During the year ended December 31, 2023, 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 virtually all of its taxable income. The fund’s tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state income tax years, and has concluded that no provision for 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 at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
5. Credit Facilities and Interfund Lending Program: 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 and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which 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 either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the
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Tax-Managed Capital Appreciation Fund
overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the year ended December 31, 2023, the fund did not utilize the credit facilities or the Interfund Lending Program.
6. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. 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 and 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, 2023, the fund had contributed to Vanguard capital in the amount of $597,000, representing less than 0.01% of the fund’s net assets and 0.24% 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 and derivatives. 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 and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
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Tax-Managed Capital Appreciation Fund
The following table summarizes the market value of the fund's investments and derivatives as of December 31, 2023, based on the inputs used to value them:
| Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
| Investments | ||||
| Assets | ||||
| Common Stocks | 18,750,522 | — | — | 18,750,522 |
| Preferred Stocks | 884 | — | — | 884 |
| Temporary Cash Investments | 129,629 | — | — | 129,629 |
| Total | 18,881,035 | — | — | 18,881,035 |
| Derivative Financial Instruments | ||||
| Assets | ||||
| Futures Contracts1 | 3,693 | — | — | 3,693 |
| 1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. | |||
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 applicable in-kind redemptions were reclassified between the following accounts:
| Amount ($000) | |
| Paid-in Capital | 162,609 |
| Total Distributable Earnings (Loss) | (162,609) |
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 capital loss carryforwards; the deferral of losses from wash sales; the recognition of unrealized gains or losses from certain derivative contracts; and the classification of securities for tax purposes. 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 | 7,777 |
| Undistributed Long-Term Gains | — |
| Net Unrealized Gains (Losses) | 12,709,654 |
| Capital Loss Carryforwards | (491,810) |
| Qualified Late-Year Losses | — |
| Other Temporary Differences | — |
| Total | 12,225,621 |
The tax character of distributions paid was as follows:
| Year Ended December 31, | ||
| 2023 Amount ($000) | 2022 Amount ($000) | |
| Ordinary Income* | 234,306 | 219,292 |
| Long-Term Capital Gains | — | — |
| Total | 234,306 | 219,292 |
| * | Includes short-term capital gains, if any. |
78
Tax-Managed Capital Appreciation Fund
As of December 31, 2023, 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 | 6,171,381 |
| Gross Unrealized Appreciation | 12,931,422 |
| Gross Unrealized Depreciation | (221,768) |
| Net Unrealized Appreciation (Depreciation) | 12,709,654 |
E. During the year ended December 31, 2023, the fund purchased $582,585,000 of investment securities and sold $449,967,000 of investment securities, other than temporary cash investments. Purchases and sales include $0 and $185,887,000, 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, 2023, such purchases were $0 and sales were $8,140,000, resulting in net realized gain of $3,445,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.
F. Capital share transactions for each class of shares were:
| Year Ended December 31, | |||||
| 2023 | 2022 | ||||
| Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
| Admiral Shares | |||||
| Issued | 1,021,525 | 4,581 | 1,139,209 | 5,394 | |
| Issued in Lieu of Cash Distributions | 138,820 | 617 | 129,200 | 638 | |
| Redeemed | (1,055,915) | (4,731) | (1,048,891) | (5,025) | |
| Net Increase (Decrease)—Admiral Shares | 104,430 | 467 | 219,518 | 1,007 | |
| Institutional Shares | |||||
| Issued | 159,252 | 1,412 | 121,221 | 1,138 | |
| Issued in Lieu of Cash Distributions | 16,533 | 148 | 14,834 | 147 | |
| Redeemed | (44,166) | (404) | (78,587) | (769) | |
| Net Increase (Decrease)—Institutional Shares | 131,619 | 1,156 | 57,468 | 516 | |
G. Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war (e.g., Russia’s invasion of Ukraine), acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance.
To the extent the fund’s investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.
The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund’s use of derivative(s) and the specific risks associated is described under significant accounting policies.
H. Management has determined that no events or transactions occurred subsequent to December 31, 2023, that would require recognition or disclosure in these financial statements.
79
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, 2013, Through December 31, 2023
Initial Investment of $10,000
| Average Annual Total Returns Periods Ended December 31, 2023 | |||||
| One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
| Tax-Managed Small-Cap Fund Admiral Shares | 15.95% | 11.09% | 8.64% | $22,907 |
| S&P SmallCap 600 Index | 16.05 | 11.03 | 8.66 | 22,941 |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 11.40 | 29,422 |
| One Year | Five Years | Ten Years | Final Value of a $5,000,000 Investment | ||
| Tax-Managed Small-Cap Fund Institutional Shares | 15.99% | 11.12% | 8.68% | $11,489,770 | |
| S&P SmallCap 600 Index | 16.05 | 11.03 | 8.66 | 11,470,394 | |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 11.40 | 14,710,990 | |
See Financial Highlights for dividend and capital gains information.
80
Tax-Managed Small-Cap Fund
Fund Allocation
As of December 31, 2023
| Communication Services | 2.8% |
| Consumer Discretionary | 14.8 |
| Consumer Staples | 4.4 |
| Energy | 4.2 |
| Financials | 18.5 |
| Health Care | 10.5 |
| Industrials | 17.4 |
| Information Technology | 12.1 |
| Materials | 5.7 |
| Real Estate | 7.6 |
| Utilities | 2.0 |
The table reflects the fund’s investments, except for short-term investments and derivatives. 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.
81
Tax-Managed Small-Cap Fund
Financial Statements
Schedule of Investments
As of December 31, 2023
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.
| Shares | Market Value• ($000) | |||||
| Common Stocks (99.7%) | ||||||
| Communication Services (2.8%) | ||||||
| Cogent Communications Holdings Inc. | 338,085 | 25,715 | ||||
| * | Yelp Inc. Class A | 534,949 | 25,325 | |||
| * | Madison Square Garden Sports Corp. | 130,372 | 23,706 | |||
| * | TripAdvisor Inc. | 844,649 | 18,185 | |||
| * | Cargurus Inc. Class A | 669,377 | 16,172 | |||
| * | Lumen Technologies Inc. | 7,882,034 | 14,424 | |||
| Telephone & Data Systems Inc. | 770,154 | 14,132 | ||||
| * | Cinemark Holdings Inc. | 828,769 | 11,677 | |||
| * | DISH Network Corp. Class A | 1,942,208 | 11,207 | |||
| John Wiley & Sons Inc. Class A | 331,968 | 10,537 | ||||
| * | Cars.com Inc. | 481,194 | 9,128 | |||
| Shutterstock Inc. | 186,935 | 9,025 | ||||
| Shenandoah Telecommunications Co. | 392,695 | 8,490 | ||||
| Scholastic Corp. | 213,323 | 8,042 | ||||
| * | TechTarget Inc. | 201,799 | 7,035 | |||
| * | QuinStreet Inc. | 405,083 | 5,193 | |||
| * | Thryv Holdings Inc. | 241,775 | 4,920 | |||
| * | Gogo Inc. | 483,137 | 4,894 | |||
| * | AMC Networks Inc. Class A | 238,049 | 4,473 | |||
| * | EchoStar Corp. Class A | 258,067 | 4,276 | |||
| * | EW Scripps Co. Class A | 459,998 | 3,675 | |||
| ATN International Inc. | 81,923 | 3,193 | ||||
| Marcus Corp. | 192,321 | 2,804 | ||||
| * | Consolidated Communications Holdings Inc. | 582,452 | 2,534 | |||
| 248,762 | ||||||
| Consumer Discretionary (14.8%) | ||||||
| Meritage Homes Corp. | 290,179 | 50,549 | ||||
| Academy Sports & Outdoors Inc. | 590,658 | 38,983 | ||||
| Signet Jewelers Ltd. | 356,661 | 38,255 | ||||
| * | Asbury Automotive Group Inc. | 160,759 | 36,166 | |||
| * | Abercrombie & Fitch Co. Class A | 398,828 | 35,185 | |||
| Installed Building Products Inc. | 185,702 | 33,950 | ||||
| Group 1 Automotive Inc. | 107,993 | 32,910 | ||||
| American Eagle Outfitters Inc. | 1,450,278 | 30,688 | ||||
| * | M/I Homes Inc. | 217,575 | 29,969 | |||
| Advance Auto Parts Inc. | 464,610 | 28,355 | ||||
| * | Tri Pointe Homes Inc. | 758,230 | 26,841 | |||
| Newell Brands Inc. | 2,977,067 | 25,841 | ||||
| MDC Holdings Inc. | 466,638 | 25,782 | ||||
| LCI Industries | 197,853 | 24,872 | ||||
| Kontoor Brands Inc. | 390,647 | 24,384 | ||||
| Steven Madden Ltd. | 547,826 | 23,009 | ||||
| Kohl's Corp. | 790,880 | 22,682 | ||||
| * | Frontdoor Inc. | 622,016 | 21,907 | |||
| * | Shake Shack Inc. Class A | 292,929 | 21,712 | |||
| * | LGI Homes Inc. | 162,811 | 21,680 | |||
| * | Cavco Industries Inc. | 61,038 | 21,157 | |||
| Century Communities Inc. | 223,882 | 20,405 | ||||
| Foot Locker Inc. | 639,988 | 19,936 | ||||
| Papa John's International Inc. | 255,904 | 19,508 | ||||
| * | Boot Barn Holdings Inc. | 247,376 | 18,989 | |||
| * | Dorman Products Inc. | 221,401 | 18,467 | |||
| * | Stride Inc. | 310,517 | 18,435 | |||
| * | Adtalem Global Education Inc. | 311,158 | 18,343 | |||
| Bloomin' Brands Inc. | 641,146 | 18,048 | ||||
| Shares | Market Value• ($000) | |||||
| * | Sonos Inc. | 1,002,015 | 17,175 | |||
| Winnebago Industries Inc. | 233,630 | 17,027 | ||||
| Patrick Industries Inc. | 165,834 | 16,641 | ||||
| * | Victoria's Secret & Co. | 603,703 | 16,022 | |||
| * | Topgolf Callaway Brands Corp. | 1,109,982 | 15,917 | |||
| Strategic Education Inc. | 171,674 | 15,858 | ||||
| * | Urban Outfitters Inc. | 442,130 | 15,780 | |||
| * | Brinker International Inc. | 345,173 | 14,905 | |||
| Dana Inc. | 1,003,596 | 14,663 | ||||
| * | ODP Corp. | 259,910 | 14,633 | |||
| * | Dave & Buster's Entertainment Inc. | 268,324 | 14,449 | |||
| * | Six Flags Entertainment Corp. | 561,269 | 14,077 | |||
| Worthington Enterprises Inc. | 238,117 | 13,704 | ||||
| * | Gentherm Inc. | 256,219 | 13,416 | |||
| * | Vista Outdoor Inc. | 453,691 | 13,416 | |||
| * | Sabre Corp. | 2,964,713 | 13,045 | |||
| Jack in the Box Inc. | 157,095 | 12,824 | ||||
| * | National Vision Holdings Inc. | 611,299 | 12,794 | |||
| Cheesecake Factory Inc. | 364,930 | 12,776 | ||||
| La-Z-Boy Inc. | 336,347 | 12,418 | ||||
| * | Hanesbrands Inc. | 2,734,852 | 12,197 | |||
| Upbound Group Inc. | 347,834 | 11,816 | ||||
| Cracker Barrel Old Country Store Inc. | 152,000 | 11,716 | ||||
| Oxford Industries Inc. | 114,720 | 11,472 | ||||
| * | Sally Beauty Holdings Inc. | 841,957 | 11,181 | |||
| Buckle Inc. | 232,526 | 11,050 | ||||
| Phinia Inc. | 364,727 | 11,048 | ||||
| * | G-III Apparel Group Ltd. | 317,933 | 10,803 | |||
| * | Green Brick Partners Inc. | 198,537 | 10,312 | |||
| * | Leslie's Inc. | 1,437,544 | 9,933 | |||
| Perdoceo Education Corp. | 513,181 | 9,011 | ||||
| * | XPEL Inc. | 166,206 | 8,950 | |||
| * | iRobot Corp. | 217,704 | 8,425 | |||
| * | American Axle & Manufacturing Holdings Inc. | 914,532 | 8,057 | |||
| Caleres Inc. | 260,994 | 8,020 | ||||
| Hibbett Inc. | 102,311 | 7,368 | ||||
| * | Chico's FAS Inc. | 964,535 | 7,311 | |||
| Monarch Casino & Resort Inc. | 104,279 | 7,211 | ||||
| Sonic Automotive Inc. Class A | 124,685 | 7,009 | ||||
| Golden Entertainment Inc. | 167,680 | 6,695 | ||||
| * | BJ's Restaurants Inc. | 181,540 | 6,537 | |||
| Monro Inc. | 218,784 | 6,419 | ||||
| Sturm Ruger & Co. Inc. | 138,461 | 6,293 | ||||
| * | Mister Car Wash Inc. | 711,566 | 6,148 | |||
| * | MarineMax Inc. | 155,770 | 6,059 | |||
| Dine Brands Global Inc. | 121,492 | 6,032 | ||||
| Standard Motor Products Inc. | 145,990 | 5,812 | ||||
| Ethan Allen Interiors Inc. | 178,587 | 5,701 | ||||
| * | Chuy's Holdings Inc. | 135,573 | 5,183 | |||
| Guess? Inc. | 213,517 | 4,924 | ||||
| Wolverine World Wide Inc. | 522,648 | 4,646 | ||||
| Shoe Carnival Inc. | 141,080 | 4,262 | ||||
| Haverty Furniture Cos. Inc. | 104,211 | 3,700 | ||||
| * | America's Car-Mart Inc. | 45,374 | 3,438 | |||
| Designer Brands Inc. Class A | 342,573 | 3,032 | ||||
| Movado Group Inc. | 93,945 | 2,832 | ||||
| 1,329,151 | ||||||
82
Tax-Managed Small-Cap Fund
| Shares | Market Value• ($000) | |||||
| Consumer Staples (4.4%) | ||||||
| * | elf Beauty Inc. | 431,246 | 62,246 | |||
| * | Simply Good Foods Co. | 708,140 | 28,042 | |||
| WD-40 Co. | 105,915 | 25,321 | ||||
| J & J Snack Foods Corp. | 120,545 | 20,148 | ||||
| Inter Parfums Inc. | 139,879 | 20,144 | ||||
| Cal-Maine Foods Inc. | 317,571 | 18,225 | ||||
| Energizer Holdings Inc. | 519,389 | 16,454 | ||||
| * | TreeHouse Foods Inc. | 392,987 | 16,289 | |||
| * | Central Garden & Pet Co. Class A | 341,502 | 15,040 | |||
| PriceSmart Inc. | 195,582 | 14,821 | ||||
| Edgewell Personal Care Co. | 397,000 | 14,542 | ||||
| Andersons Inc. | 247,870 | 14,262 | ||||
| Universal Corp. | 191,874 | 12,917 | ||||
| MGP Ingredients Inc. | 122,121 | 12,031 | ||||
| Vector Group Ltd. | 1,035,525 | 11,681 | ||||
| * | National Beverage Corp. | 182,336 | 9,066 | |||
| * | Chefs' Warehouse Inc. | 275,799 | 8,117 | |||
| * | Hain Celestial Group Inc. | 700,882 | 7,675 | |||
| * | United Natural Foods Inc. | 464,125 | 7,533 | |||
| John B Sanfilippo & Son Inc. | 70,107 | 7,224 | ||||
| Fresh Del Monte Produce Inc. | 263,182 | 6,909 | ||||
| Nu Skin Enterprises Inc. Class A | 337,400 | 6,552 | ||||
| SpartanNash Co. | 270,499 | 6,208 | ||||
| WK Kellogg Co. | 435,000 | 5,716 | ||||
| B&G Foods Inc. | 532,562 | 5,592 | ||||
| Medifast Inc. | 72,737 | 4,889 | ||||
| * | USANA Health Sciences Inc. | 86,700 | 4,647 | |||
| Tootsie Roll Industries Inc. | 134,975 | 4,487 | ||||
| Calavo Growers Inc. | 138,768 | 4,081 | ||||
| * | Central Garden & Pet Co. | 77,826 | 3,900 | |||
| 394,759 | ||||||
| Energy (4.2%) | ||||||
| SM Energy Co. | 926,099 | 35,859 | ||||
| Helmerich & Payne Inc. | 785,088 | 28,436 | ||||
| California Resources Corp. | 503,926 | 27,555 | ||||
| Patterson-UTI Energy Inc. | 2,510,203 | 27,110 | ||||
| Northern Oil & Gas Inc. | 714,541 | 26,488 | ||||
| CONSOL Energy Inc. | 224,206 | 22,539 | ||||
| Liberty Energy Inc. Class A | 1,198,693 | 21,744 | ||||
| * | Oceaneering International Inc. | 786,915 | 16,746 | |||
| Archrock Inc. | 1,072,903 | 16,523 | ||||
| * | Par Pacific Holdings Inc. | 434,841 | 15,815 | |||
| * | Callon Petroleum Co. | 434,168 | 14,067 | |||
| * | Green Plains Inc. | 464,928 | 11,725 | |||
| Dorian LPG Ltd. | 266,493 | 11,691 | ||||
| * | Helix Energy Solutions Group Inc. | 1,106,779 | 11,378 | |||
| * | Talos Energy Inc. | 785,184 | 11,173 | |||
| World Kinect Corp. | 470,312 | 10,714 | ||||
| * | Vital Energy Inc. | 193,602 | 8,807 | |||
| * | US Silica Holdings Inc. | 602,742 | 6,817 | |||
| Core Laboratories Inc. | 365,032 | 6,446 | ||||
| * | Nabors Industries Ltd. | 78,103 | 6,375 | |||
| Comstock Resources Inc. | 717,827 | 6,353 | ||||
| * | Dril-Quip Inc. | 266,994 | 6,213 | |||
| * | REX American Resources Corp. | 118,972 | 5,627 | |||
| * | ProPetro Holding Corp. | 663,148 | 5,557 | |||
| * | Bristow Group Inc. Class A | 187,572 | 5,303 | |||
| RPC Inc. | 664,659 | 4,839 | ||||
| CVR Energy Inc. | 126,756 | 3,841 | ||||
| * | Oil States International Inc. | 499,121 | 3,389 | |||
| 379,130 | ||||||
| Financials (18.4%) | ||||||
| Lincoln National Corp. | 1,325,482 | 35,748 | ||||
| * | Mr Cooper Group Inc. | 527,401 | 34,344 | |||
| Radian Group Inc. | 1,196,553 | 34,162 | ||||
| Shares | Market Value• ($000) | |||||
| Assured Guaranty Ltd. | 442,137 | 33,085 | ||||
| Moelis & Co. Class A | 520,823 | 29,234 | ||||
| Walker & Dunlop Inc. | 261,327 | 29,010 | ||||
| Jackson Financial Inc. Class A | 552,768 | 28,302 | ||||
| * | American Equity Investment Life Holding Co. | 487,724 | 27,215 | |||
| United Community Banks Inc. | 929,531 | 27,198 | ||||
| Ameris Bancorp | 507,101 | 26,902 | ||||
| Blackstone Mortgage Trust Inc. Class A | 1,229,005 | 26,141 | ||||
| ServisFirst Bancshares Inc. | 382,748 | 25,503 | ||||
| Cathay General Bancorp | 567,569 | 25,297 | ||||
| * | Genworth Financial Inc. Class A | 3,717,040 | 24,830 | |||
| Hannon Armstrong Sustainable Infrastructure Capital Inc. | 868,494 | 23,953 | ||||
| First Bancorp | 1,415,441 | 23,284 | ||||
| First Hawaiian Inc. | 996,965 | 22,791 | ||||
| Independent Bank Corp. | 342,599 | 22,546 | ||||
| Bank of Hawaii Corp. | 310,556 | 22,503 | ||||
| Arbor Realty Trust Inc. | 1,472,674 | 22,355 | ||||
| * | Axos Financial Inc. | 401,346 | 21,913 | |||
| Pacific Premier Bancorp Inc. | 749,219 | 21,810 | ||||
| WSFS Financial Corp. | 474,471 | 21,792 | ||||
| Community Bank System Inc. | 417,079 | 21,734 | ||||
| Atlantic Union Bankshares Corp. | 586,064 | 21,415 | ||||
| Fulton Financial Corp. | 1,282,738 | 21,114 | ||||
| Piper Sandler Cos. | 120,556 | 21,082 | ||||
| EVERTEC Inc. | 514,024 | 21,044 | ||||
| BankUnited Inc. | 644,161 | 20,890 | ||||
| CVB Financial Corp. | 1,034,151 | 20,880 | ||||
| Artisan Partners Asset Management Inc. Class A | 445,943 | 19,702 | ||||
| Simmons First National Corp. Class A | 977,878 | 19,401 | ||||
| Seacoast Banking Corp. of Florida | 665,236 | 18,933 | ||||
| * | NMI Holdings Inc. Class A | 633,433 | 18,800 | |||
| PJT Partners Inc. Class A | 174,226 | 17,748 | ||||
| First Financial Bancorp | 743,133 | 17,649 | ||||
| WaFd Inc. | 505,755 | 16,670 | ||||
| * | Bancorp Inc. | 419,192 | 16,164 | |||
| * | StoneX Group Inc. | 209,576 | 15,473 | |||
| NBT Bancorp Inc. | 367,874 | 15,418 | ||||
| Park National Corp. | 112,056 | 14,888 | ||||
| Renasant Corp. | 438,604 | 14,772 | ||||
| * | Goosehead Insurance Inc. Class A | 191,015 | 14,479 | |||
| Banner Corp. | 268,341 | 14,372 | ||||
| Virtus Investment Partners Inc. | 59,259 | 14,326 | ||||
| Independent Bank Group Inc. | 280,595 | 14,277 | ||||
| * | Enova International Inc. | 251,593 | 13,928 | |||
| OFG Bancorp | 367,645 | 13,779 | ||||
| Banc of California Inc. | 1,021,818 | 13,723 | ||||
| * | Triumph Financial Inc. | 169,233 | 13,569 | |||
| * | Customers Bancorp Inc. | 234,515 | 13,513 | |||
| Trustmark Corp. | 477,103 | 13,302 | ||||
| Lakeland Financial Corp. | 198,688 | 12,947 | ||||
| City Holding Co. | 115,874 | 12,776 | ||||
| Hilltop Holdings Inc. | 361,753 | 12,737 | ||||
| * | NCR Atleos Corp. | 522,695 | 12,696 | |||
| Bread Financial Holdings Inc. | 385,397 | 12,695 | ||||
| Stewart Information Services Corp. | 213,761 | 12,558 | ||||
| Northwest Bancshares Inc. | 992,980 | 12,392 | ||||
| First Commonwealth Financial Corp. | 797,738 | 12,317 | ||||
| Navient Corp. | 661,322 | 12,314 | ||||
| * | Donnelley Financial Solutions Inc. | 193,244 | 12,053 | |||
| Apollo Commercial Real Estate Finance Inc. | 1,016,027 | 11,928 | ||||
| First Bancorp (XNGS) | 321,023 | 11,881 | ||||
| Westamerica Bancorp | 208,192 | 11,744 | ||||
| Hope Bancorp Inc. | 938,329 | 11,335 | ||||
| BancFirst Corp. | 113,167 | 11,015 | ||||
| National Bank Holdings Corp. Class A | 295,004 | 10,971 | ||||
| FB Financial Corp. | 274,473 | 10,938 | ||||
| Pathward Financial Inc. | 204,514 | 10,825 | ||||
83
Tax-Managed Small-Cap Fund
| Shares | Market Value• ($000) | |||||
| * | PROG Holdings Inc. | 349,399 | 10,800 | |||
| * | Palomar Holdings Inc. | 193,211 | 10,723 | |||
| Provident Financial Services Inc. | 590,149 | 10,640 | ||||
| * | Payoneer Global Inc. | 2,035,174 | 10,603 | |||
| Ready Capital Corp. | 1,027,769 | 10,535 | ||||
| Horace Mann Educators Corp. | 319,008 | 10,432 | ||||
| Stellar Bancorp Inc. | 366,173 | 10,194 | ||||
| PennyMac Mortgage Investment Trust | 677,804 | 10,133 | ||||
| S&T Bancorp Inc. | 298,707 | 9,983 | ||||
| Veritex Holdings Inc. | 424,386 | 9,875 | ||||
| * | Encore Capital Group Inc. | 183,822 | 9,329 | |||
| Berkshire Hills Bancorp Inc. | 375,128 | 9,314 | ||||
| Two Harbors Investment Corp. | 640,714 | 8,925 | ||||
| Safety Insurance Group Inc. | 115,556 | 8,781 | ||||
| * | Trupanion Inc. | 279,130 | 8,516 | |||
| * | SiriusPoint Ltd. | 706,971 | 8,201 | |||
| * | PRA Group Inc. | 306,597 | 8,033 | |||
| Employers Holdings Inc. | 200,927 | 7,917 | ||||
| Mercury General Corp. | 207,641 | 7,747 | ||||
| Brookline Bancorp Inc. | 694,255 | 7,574 | ||||
| Dime Community Bancshares Inc. | 272,959 | 7,351 | ||||
| Preferred Bank | 97,626 | 7,132 | ||||
| Eagle Bancorp Inc. | 233,794 | 7,047 | ||||
| Southside Bancshares Inc. | 224,114 | 7,019 | ||||
| AMERISAFE Inc. | 150,028 | 7,018 | ||||
| Redwood Trust Inc. | 926,845 | 6,868 | ||||
| Capitol Federal Financial Inc. | 987,652 | 6,370 | ||||
| Franklin BSP Realty Trust Inc. | 447,423 | 6,045 | ||||
| New York Mortgage Trust Inc. | 708,463 | 6,043 | ||||
| KKR Real Estate Finance Trust Inc. | 454,867 | 6,018 | ||||
| WisdomTree Inc. | 862,682 | 5,978 | ||||
| Tompkins Financial Corp. | 97,513 | 5,873 | ||||
| Heritage Financial Corp. | 272,658 | 5,832 | ||||
| * | Ambac Financial Group Inc. | 353,058 | 5,818 | |||
| ProAssurance Corp. | 398,178 | 5,491 | ||||
| Brightsphere Investment Group Inc. | 252,935 | 4,846 | ||||
| ARMOUR Residential REIT Inc. | 243,597 | 4,706 | ||||
| HCI Group Inc. | 53,329 | 4,661 | ||||
| TrustCo Bank Corp. | 148,616 | 4,615 | ||||
| Hanmi Financial Corp. | 237,444 | 4,606 | ||||
| Central Pacific Financial Corp. | 211,271 | 4,158 | ||||
| Northfield Bancorp Inc. | 309,049 | 3,888 | ||||
| * | EZCORP Inc. Class A | 407,035 | 3,557 | |||
| * | Green Dot Corp. Class A | 352,410 | 3,489 | |||
| Ellington Financial Inc. | 272,824 | 3,468 | ||||
| * | World Acceptance Corp. | 26,551 | 3,466 | |||
| United Fire Group Inc. | 165,790 | 3,336 | ||||
| B. Riley Financial Inc. | 129,024 | 2,708 | ||||
| 1,654,747 | ||||||
| Health Care (10.4%) | ||||||
| * | Cytokinetics Inc. | 766,052 | 63,958 | |||
| Ensign Group Inc. | 441,030 | 49,488 | ||||
| * | Alkermes plc | 1,303,758 | 36,166 | |||
| * | Merit Medical Systems Inc. | 451,173 | 34,271 | |||
| * | Glaukos Corp. | 380,627 | 30,256 | |||
| CONMED Corp. | 240,252 | 26,310 | ||||
| * | Integer Holdings Corp. | 260,368 | 25,797 | |||
| Organon & Co. | 1,750,000 | 25,235 | ||||
| * | Fortrea Holdings Inc. | 693,749 | 24,212 | |||
| * | Prestige Consumer Healthcare Inc. | 387,645 | 23,732 | |||
| * | AMN Healthcare Services Inc. | 305,927 | 22,908 | |||
| * | Corcept Therapeutics Inc. | 705,011 | 22,899 | |||
| Premier Inc. Class A | 934,923 | 20,905 | ||||
| Select Medical Holdings Corp. | 866,078 | 20,353 | ||||
| * | Privia Health Group Inc. | 802,469 | 18,481 | |||
| * | Amphastar Pharmaceuticals Inc. | 291,820 | 18,049 | |||
| * | CorVel Corp. | 70,830 | 17,510 | |||
| Shares | Market Value• ($000) | |||||
| * | RadNet Inc. | 472,084 | 16,414 | |||
| * | NeoGenomics Inc. | 995,831 | 16,113 | |||
| * | ICU Medical Inc. | 158,418 | 15,801 | |||
| * | Schrodinger Inc. | 427,318 | 15,298 | |||
| * | Tandem Diabetes Care Inc. | 508,423 | 15,039 | |||
| * | Certara Inc. | 836,689 | 14,717 | |||
| * | Dynavax Technologies Corp. | 1,009,850 | 14,118 | |||
| * | Omnicell Inc. | 355,228 | 13,367 | |||
| * | Vericel Corp. | 372,857 | 13,277 | |||
| * | Myriad Genetics Inc. | 692,731 | 13,259 | |||
| * | Catalyst Pharmaceuticals Inc. | 782,924 | 13,161 | |||
| * | Apollo Medical Holdings Inc. | 324,601 | 12,432 | |||
| * | Supernus Pharmaceuticals Inc. | 426,926 | 12,355 | |||
| * | Ironwood Pharmaceuticals Inc. Class A | 1,073,403 | 12,280 | |||
| * | Pacira BioSciences Inc. | 362,795 | 12,241 | |||
| * | STAAR Surgical Co. | 381,385 | 11,903 | |||
| * | Addus HomeCare Corp. | 126,678 | 11,762 | |||
| * | Owens & Minor Inc. | 597,666 | 11,517 | |||
| US Physical Therapy Inc. | 117,085 | 10,905 | ||||
| * | Xencor Inc. | 475,363 | 10,092 | |||
| National HealthCare Corp. | 105,359 | 9,737 | ||||
| * | UFP Technologies Inc. | 54,906 | 9,446 | |||
| * | Ligand Pharmaceuticals Inc. | 128,045 | 9,145 | |||
| * | Veradigm Inc. | 853,605 | 8,954 | |||
| LeMaitre Vascular Inc. | 154,800 | 8,786 | ||||
| Embecta Corp. | 447,688 | 8,475 | ||||
| * | Harmony Biosciences Holdings Inc. | 256,252 | 8,277 | |||
| * | Avanos Medical Inc. | 365,624 | 8,201 | |||
| * | Arcus Biosciences Inc. | 421,070 | 8,042 | |||
| * | Collegium Pharmaceutical Inc. | 254,770 | 7,842 | |||
| * | Innoviva Inc. | 440,992 | 7,074 | |||
| * | Cytek Biosciences Inc. | 773,037 | 7,050 | |||
| * | Vir Biotechnology Inc. | 672,611 | 6,766 | |||
| * | ANI Pharmaceuticals Inc. | 117,779 | 6,494 | |||
| * | Varex Imaging Corp. | 316,639 | 6,491 | |||
| * | Pediatrix Medical Group Inc. | 647,084 | 6,018 | |||
| * | Cross Country Healthcare Inc. | 258,139 | 5,844 | |||
| * | REGENXBIO Inc. | 316,202 | 5,676 | |||
| Simulations Plus Inc. | 124,618 | 5,577 | ||||
| * | Artivion Inc. | 304,670 | 5,448 | |||
| HealthStream Inc. | 186,919 | 5,052 | ||||
| * | OraSure Technologies Inc. | 574,100 | 4,708 | |||
| * | AdaptHealth Corp. Class A | 639,327 | 4,661 | |||
| * | Fulgent Genetics Inc. | 157,423 | 4,551 | |||
| * | BioLife Solutions Inc. | 271,756 | 4,416 | |||
| * | ModivCare Inc. | 96,428 | 4,242 | |||
| Mesa Laboratories Inc. | 40,017 | 4,193 | ||||
| * | Enhabit Inc. | 391,640 | 4,053 | |||
| * | Agiliti Inc. | 273,907 | 2,169 | |||
| Phibro Animal Health Corp. Class A | 158,886 | 1,840 | ||||
| *,1 | OmniAb Inc. 12.5 Earnout | 60,640 | — | |||
| *,1 | OmniAb Inc. 15 Earnout | 60,640 | — | |||
| 935,809 | ||||||
| Industrials (17.4%) | ||||||
| Applied Industrial Technologies Inc. | 302,243 | 52,194 | ||||
| Mueller Industries Inc. | 885,386 | 41,746 | ||||
| Boise Cascade Co. | 308,720 | 39,936 | ||||
| * | Alaska Air Group Inc. | 998,543 | 39,013 | |||
| AAON Inc. | 525,815 | 38,842 | ||||
| Federal Signal Corp. | 475,050 | 36,455 | ||||
| * | SPX Technologies Inc. | 355,897 | 35,949 | |||
| Armstrong World Industries Inc. | 344,401 | 33,862 | ||||
| Moog Inc. Class A | 224,105 | 32,446 | ||||
| Arcosa Inc. | 380,039 | 31,406 | ||||
| Franklin Electric Co. Inc. | 309,159 | 29,880 | ||||
| * | Verra Mobility Corp. Class A | 1,296,073 | 29,849 | |||
| Matson Inc. | 272,279 | 29,842 | ||||
84
Tax-Managed Small-Cap Fund
| Shares | Market Value• ($000) | |||||
| * | Dycom Industries Inc. | 228,731 | 26,325 | |||
| Encore Wire Corp. | 123,019 | 26,277 | ||||
| * | GMS Inc. | 316,518 | 26,091 | |||
| Hillenbrand Inc. | 545,184 | 26,087 | ||||
| * | AeroVironment Inc. | 205,001 | 25,838 | |||
| Enpro Inc. | 163,023 | 25,552 | ||||
| John Bean Technologies Corp. | 248,248 | 24,688 | ||||
| Korn Ferry | 410,905 | 24,387 | ||||
| Albany International Corp. Class A | 243,179 | 23,885 | ||||
| ESCO Technologies Inc. | 200,984 | 23,521 | ||||
| ABM Industries Inc. | 510,863 | 22,902 | ||||
| * | Hub Group Inc. Class A | 242,479 | 22,294 | |||
| ArcBest Corp. | 184,860 | 22,222 | ||||
| Vestis Corp. | 1,021,286 | 21,590 | ||||
| UniFirst Corp. | 118,006 | 21,584 | ||||
| * | Resideo Technologies Inc. | 1,140,632 | 21,467 | |||
| * | RXO Inc. | 914,072 | 21,261 | |||
| Brady Corp. Class A | 350,131 | 20,549 | ||||
| Griffon Corp. | 319,948 | 19,501 | ||||
| * | MYR Group Inc. | 130,546 | 18,881 | |||
| * | Gibraltar Industries Inc. | 237,787 | 18,780 | |||
| * | PGT Innovations Inc. | 445,460 | 18,130 | |||
| Rush Enterprises Inc. Class A | 350,000 | 17,605 | ||||
| Granite Construction Inc. | 343,223 | 17,456 | ||||
| Trinity Industries Inc. | 639,617 | 17,007 | ||||
| Alamo Group Inc. | 80,667 | 16,955 | ||||
| * | SkyWest Inc. | 319,723 | 16,690 | |||
| * | AAR Corp. | 261,955 | 16,346 | |||
| Kennametal Inc. | 621,903 | 16,039 | ||||
| MillerKnoll Inc. | 574,085 | 15,317 | ||||
| HNI Corp. | 363,899 | 15,222 | ||||
| * | Mercury Systems Inc. | 407,530 | 14,903 | |||
| Standex International Corp. | 92,970 | 14,725 | ||||
| * | Masterbrand Inc. | 990,343 | 14,707 | |||
| * | JetBlue Airways Corp. | 2,603,815 | 14,451 | |||
| Tennant Co. | 145,940 | 13,527 | ||||
| * | Hayward Holdings Inc. | 985,028 | 13,396 | |||
| Enerpac Tool Group Corp. Class A | 424,914 | 13,211 | ||||
| Barnes Group Inc. | 395,897 | 12,918 | ||||
| * | CoreCivic Inc. | 887,530 | 12,896 | |||
| Forward Air Corp. | 200,486 | 12,605 | ||||
| * | OPENLANE Inc. | 843,887 | 12,498 | |||
| * | American Woodmark Corp. | 128,292 | 11,912 | |||
| CSG Systems International Inc. | 221,888 | 11,807 | ||||
| AZZ Inc. | 195,916 | 11,381 | ||||
| Lindsay Corp. | 86,016 | 11,110 | ||||
| * | NV5 Global Inc. | 99,350 | 11,040 | |||
| Greenbrier Cos. Inc. | 242,986 | 10,735 | ||||
| * | GEO Group Inc. | 953,410 | 10,325 | |||
| * | Triumph Group Inc. | 600,442 | 9,955 | |||
| Allegiant Travel Co. | 117,881 | 9,738 | ||||
| Marten Transport Ltd. | 451,005 | 9,462 | ||||
| * | NOW Inc. | 830,719 | 9,404 | |||
| Wabash National Corp. | 360,056 | 9,225 | ||||
| Apogee Enterprises Inc. | 172,439 | 9,210 | ||||
| Matthews International Corp. Class A | 238,030 | 8,724 | ||||
| * | Vicor Corp. | 176,304 | 7,923 | |||
| Quanex Building Products Corp. | 257,715 | 7,878 | ||||
| * | Proto Labs Inc. | 201,460 | 7,849 | |||
| Deluxe Corp. | 341,345 | 7,322 | ||||
| * | 3D Systems Corp. | 1,042,467 | 6,620 | |||
| Astec Industries Inc. | 177,651 | 6,609 | ||||
| Powell Industries Inc. | 71,348 | 6,307 | ||||
| * | Healthcare Services Group Inc. | 576,935 | 5,983 | |||
| * | Viad Corp. | 163,429 | 5,916 | |||
| * | Titan International Inc. | 395,273 | 5,882 | |||
| Insteel Industries Inc. | 151,991 | 5,820 | ||||
| Shares | Market Value• ($000) | |||||
| Interface Inc. Class A | 453,959 | 5,729 | ||||
| * | Enviri Corp. | 623,702 | 5,613 | |||
| Kelly Services Inc. Class A | 249,635 | 5,397 | ||||
| Kaman Corp. | 220,466 | 5,280 | ||||
| Pitney Bowes Inc. | 1,198,522 | 5,273 | ||||
| Heartland Express Inc. | 358,081 | 5,106 | ||||
| * | Sun Country Airlines Holdings Inc. | 304,504 | 4,790 | |||
| Heidrick & Struggles International Inc. | 157,198 | 4,642 | ||||
| * | TrueBlue Inc. | 243,276 | 3,732 | |||
| Resources Connection Inc. | 250,088 | 3,544 | ||||
| * | DXP Enterprises Inc. | 103,632 | 3,492 | |||
| National Presto Industries Inc. | 40,942 | 3,287 | ||||
| * | SunPower Corp. | 670,613 | 3,239 | |||
| TTEC Holdings Inc. | 148,196 | 3,211 | ||||
| * | Liquidity Services Inc. | 175,263 | 3,016 | |||
| * | Forrester Research Inc. | 90,181 | 2,418 | |||
| 1,557,612 | ||||||
| Information Technology (12.1%) | ||||||
| * | SPS Commerce Inc. | 287,802 | 55,788 | |||
| * | Fabrinet | 284,095 | 54,072 | |||
| * | SolarEdge Technologies Inc. | 443,834 | 41,543 | |||
| * | DoubleVerify Holdings Inc. | 1,088,980 | 40,053 | |||
| * | Insight Enterprises Inc. | 216,330 | 38,332 | |||
| Badger Meter Inc. | 229,273 | 35,393 | ||||
| * | DXC Technology Co. | 1,512,840 | 34,599 | |||
| * | Axcelis Technologies Inc. | 256,470 | 33,262 | |||
| Advanced Energy Industries Inc. | 291,419 | 31,741 | ||||
| * | Diodes Inc. | 358,884 | 28,897 | |||
| * | Itron Inc. | 355,411 | 26,837 | |||
| * | ACI Worldwide Inc. | 849,401 | 25,992 | |||
| * | FormFactor Inc. | 608,141 | 25,366 | |||
| * | Alarm.com Holdings Inc. | 390,533 | 25,236 | |||
| Kulicke & Soffa Industries Inc. | 441,187 | 24,142 | ||||
| * | Plexus Corp. | 214,691 | 23,215 | |||
| * | Sanmina Corp. | 447,468 | 22,986 | |||
| InterDigital Inc. | 200,806 | 21,795 | ||||
| * | LiveRamp Holdings Inc. | 511,832 | 19,388 | |||
| * | Envestnet Inc. | 388,569 | 19,242 | |||
| Progress Software Corp. | 341,850 | 18,562 | ||||
| * | Perficient Inc. | 271,657 | 17,880 | |||
| * | Extreme Networks Inc. | 1,012,607 | 17,862 | |||
| * | Viavi Solutions Inc. | 1,737,425 | 17,496 | |||
| * | Rogers Corp. | 130,899 | 17,288 | |||
| * | ePlus Inc. | 210,406 | 16,799 | |||
| * | SiTime Corp. | 135,086 | 16,491 | |||
| * | Viasat Inc. | 583,627 | 16,312 | |||
| * | OSI Systems Inc. | 122,100 | 15,757 | |||
| * | Photronics Inc. | 488,865 | 15,336 | |||
| Xerox Holdings Corp. | 755,000 | 13,839 | ||||
| * | MaxLinear Inc. Class A | 579,839 | 13,783 | |||
| * | Veeco Instruments Inc. | 440,164 | 13,658 | |||
| * | Agilysys Inc. | 159,750 | 13,550 | |||
| * | Cohu Inc. | 371,117 | 13,134 | |||
| * | NCR Voyix Corp. | 755,499 | 12,775 | |||
| * | Knowles Corp. | 705,122 | 12,629 | |||
| * | TTM Technologies Inc. | 798,775 | 12,629 | |||
| * | NetScout Systems Inc. | 554,639 | 12,174 | |||
| * | Ultra Clean Holdings Inc. | 350,231 | 11,957 | |||
| * | Harmonic Inc. | 876,482 | 11,429 | |||
| * | Semtech Corp. | 501,355 | 10,985 | |||
| CTS Corp. | 243,413 | 10,647 | ||||
| Adeia Inc. | 837,295 | 10,374 | ||||
| * | ScanSource Inc. | 195,050 | 7,726 | |||
| * | Ichor Holdings Ltd. | 229,524 | 7,719 | |||
| Benchmark Electronics Inc. | 279,014 | 7,712 | ||||
| * | PDF Solutions Inc. | 239,122 | 7,685 | |||
| * | SMART Global Holdings Inc. | 405,607 | 7,678 | |||
85
Tax-Managed Small-Cap Fund
| Shares | Market Value• ($000) | |||||
| * | Digi International Inc. | 281,004 | 7,306 | |||
| * | N-able Inc. | 543,057 | 7,196 | |||
| A10 Networks Inc. | 544,456 | 7,170 | ||||
| * | Arlo Technologies Inc. | 739,303 | 7,038 | |||
| Methode Electronics Inc. | 281,315 | 6,394 | ||||
| * | Cerence Inc. | 315,106 | 6,195 | |||
| PC Connection Inc. | 88,255 | 5,932 | ||||
| * | Digital Turbine Inc. | 712,327 | 4,887 | |||
| * | Corsair Gaming Inc. | 337,906 | 4,764 | |||
| * | Alpha & Omega Semiconductor Ltd. | 175,814 | 4,582 | |||
| * | CEVA Inc. | 184,063 | 4,180 | |||
| ADTRAN Holdings Inc. | 553,336 | 4,061 | ||||
| * | Xperi Inc. | 339,593 | 3,742 | |||
| * | Consensus Cloud Solutions Inc. | 139,166 | 3,648 | |||
| 1,086,840 | ||||||
| Materials (5.7%) | ||||||
| * | ATI Inc. | 996,710 | 45,320 | |||
| Sealed Air Corp. | 1,128,405 | 41,209 | ||||
| Balchem Corp. | 251,885 | 37,468 | ||||
| HB Fuller Co. | 422,042 | 34,358 | ||||
| Alpha Metallurgical Resources Inc. | 92,366 | 31,305 | ||||
| Carpenter Technology Corp. | 385,212 | 27,273 | ||||
| Warrior Met Coal Inc. | 406,259 | 24,770 | ||||
| Innospec Inc. | 194,268 | 23,942 | ||||
| Quaker Chemical Corp. | 108,192 | 23,090 | ||||
| Sensient Technologies Corp. | 330,079 | 21,785 | ||||
| Materion Corp. | 161,231 | 20,981 | ||||
| * | O-I Glass Inc. | 1,211,410 | 19,843 | |||
| Minerals Technologies Inc. | 254,252 | 18,131 | ||||
| Stepan Co. | 166,005 | 15,696 | ||||
| Sylvamo Corp. | 275,946 | 13,552 | ||||
| * | Ingevity Corp. | 263,242 | 12,430 | |||
| Hawkins Inc. | 147,793 | 10,408 | ||||
| Kaiser Aluminum Corp. | 125,116 | 8,907 | ||||
| Koppers Holdings Inc. | 162,684 | 8,333 | ||||
| * | TimkenSteel Corp. | 300,090 | 7,037 | |||
| SunCoke Energy Inc. | 654,388 | 7,028 | ||||
| * | Worthington Steel Inc. | 238,008 | 6,688 | |||
| Compass Minerals International Inc. | 263,660 | 6,676 | ||||
| Mativ Holdings Inc. | 423,452 | 6,483 | ||||
| AdvanSix Inc. | 210,577 | 6,309 | ||||
| Haynes International Inc. | 99,481 | 5,675 | ||||
| Myers Industries Inc. | 287,581 | 5,622 | ||||
| Olympic Steel Inc. | 76,548 | 5,106 | ||||
| * | Century Aluminum Co. | 404,310 | 4,908 | |||
| * | Clearwater Paper Corp. | 129,398 | 4,674 | |||
| Mercer International Inc. | 343,034 | 3,252 | ||||
| 508,259 | ||||||
| Real Estate (7.5%) | ||||||
| Phillips Edison & Co. Inc. | 934,371 | 34,086 | ||||
| Essential Properties Realty Trust Inc. | 1,228,910 | 31,411 | ||||
| Apple Hospitality REIT Inc. | 1,662,422 | 27,613 | ||||
| Macerich Co. | 1,683,203 | 25,972 | ||||
| Tanger Inc. | 854,835 | 23,696 | ||||
| SL Green Realty Corp. | 503,262 | 22,732 | ||||
| LXP Industrial Trust | 2,286,196 | 22,679 | ||||
| Innovative Industrial Properties Inc. | 219,063 | 22,086 | ||||
| CareTrust REIT Inc. | 930,556 | 20,826 | ||||
| SITE Centers Corp. | 1,406,355 | 19,169 | ||||
| Douglas Emmett Inc. | 1,302,643 | 18,888 | ||||
| Four Corners Property Trust Inc. | 707,524 | 17,900 | ||||
| St. Joe Co. | 291,495 | 17,542 | ||||
| Sunstone Hotel Investors Inc. | 1,605,027 | 17,222 | ||||
| Urban Edge Properties | 919,086 | 16,819 | ||||
| Highwoods Properties Inc. | 684,513 | 15,716 | ||||
| DiamondRock Hospitality Co. | 1,637,711 | 15,378 | ||||
| Shares | Market Value• ($000) | |||||
| * | Cushman & Wakefield plc | 1,423,818 | 15,377 | |||
| Pebblebrook Hotel Trust | 941,421 | 15,044 | ||||
| Outfront Media Inc. | 1,076,294 | 15,025 | ||||
| Retail Opportunity Investments Corp. | 984,382 | 13,811 | ||||
| Acadia Realty Trust | 744,853 | 12,655 | ||||
| Global Net Lease Inc. | 1,186,959 | 11,810 | ||||
| JBG SMITH Properties | 680,357 | 11,573 | ||||
| Kennedy-Wilson Holdings Inc. | 925,647 | 11,460 | ||||
| Xenia Hotels & Resorts Inc. | 828,524 | 11,284 | ||||
| Service Properties Trust | 1,295,076 | 11,060 | ||||
| Uniti Group Inc. | 1,864,646 | 10,778 | ||||
| Alexander & Baldwin Inc. | 566,672 | 10,778 | ||||
| Getty Realty Corp. | 365,548 | 10,681 | ||||
| Hudson Pacific Properties Inc. | 1,120,465 | 10,432 | ||||
| LTC Properties Inc. | 323,519 | 10,391 | ||||
| eXp World Holdings Inc. | 650,000 | 10,088 | ||||
| Elme Communities | 686,181 | 10,018 | ||||
| Easterly Government Properties Inc. Class A | 743,739 | 9,996 | ||||
| Veris Residential Inc. | 626,819 | 9,860 | ||||
| Marcus & Millichap Inc. | 208,990 | 9,129 | ||||
| American Assets Trust Inc. | 379,528 | 8,543 | ||||
| * | Anywhere Real Estate Inc. | 1,013,207 | 8,217 | |||
| Safehold Inc. | 349,775 | 8,185 | ||||
| Centerspace | 117,602 | 6,844 | ||||
| Armada Hoffler Properties Inc. | 526,556 | 6,514 | ||||
| NexPoint Residential Trust Inc. | 178,512 | 6,146 | ||||
| Summit Hotel Properties Inc. | 840,450 | 5,648 | ||||
| Community Healthcare Trust Inc. | 198,082 | 5,277 | ||||
| Whitestone REIT | 368,006 | 4,523 | ||||
| Brandywine Realty Trust | 816,862 | 4,411 | ||||
| Universal Health Realty Income Trust | 99,348 | 4,297 | ||||
| Chatham Lodging Trust | 381,694 | 4,092 | ||||
| Saul Centers Inc. | 101,011 | 3,967 | ||||
| 677,649 | ||||||
| Utilities (2.0%) | ||||||
| Otter Tail Corp. | 325,859 | 27,688 | ||||
| California Water Service Group | 450,849 | 23,386 | ||||
| American States Water Co. | 288,895 | 23,233 | ||||
| Avista Corp. | 604,399 | 21,601 | ||||
| Chesapeake Utilities Corp. | 169,187 | 17,871 | ||||
| SJW Group | 227,007 | 14,835 | ||||
| Clearway Energy Inc. Class C | 471,176 | 12,924 | ||||
| Northwest Natural Holding Co. | 287,300 | 11,187 | ||||
| Middlesex Water Co. | 139,111 | 9,129 | ||||
| Clearway Energy Inc. Class A | 330,034 | 8,442 | ||||
| Unitil Corp. | 125,748 | 6,611 | ||||
| 176,907 | ||||||
| Total Common Stocks (Cost $5,951,651) | 8,949,625 | |||||
| Temporary Cash Investments (0.2%) | ||||||
| Money Market Fund (0.2%) | ||||||
| 2 | Vanguard Market Liquidity Fund, 5.435% (Cost $15,442) | 154,452 | 15,442 | |||
| Total Investments (99.9%) (Cost $5,967,093) | 8,965,067 | |||||
| Other Assets and Liabilities—Net (0.1%) | 11,177 | |||||
| Net Assets (100%) | 8,976,244 | |||||
| Cost is in $000. |
| • | See Note A in Notes to Financial Statements. |
| * | Non-income-producing security. |
| 1 | Security value determined using significant unobservable inputs. |
| 2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| REIT—Real Estate Investment Trust. |
86
Tax-Managed Small-Cap Fund
Derivative Financial Instruments Outstanding as of Period End
| Futures Contracts | ||||
| ($000) | ||||
| Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
| Long Futures Contracts | ||||
| E-mini Russell 2000 Index | March 2024 | 277 | 28,361 | 878 |
See accompanying Notes, which are an integral part of the Financial Statements.
87
Tax-Managed Small-Cap Fund
Statement of Assets and Liabilities
As of December 31, 2023
| ($000s, except shares, footnotes, and per-share amounts) | Amount |
| Assets | |
| Investments in Securities, at Value | |
| Unaffiliated Issuers (Cost $5,951,651) | 8,949,625 |
| Affiliated Issuers (Cost $15,442) | 15,442 |
| Total Investments in Securities | 8,965,067 |
| Investment in Vanguard | 265 |
| Cash | 622 |
| Cash Collateral Pledged—Futures Contracts | 1,810 |
| Receivables for Investment Securities Sold | 33,141 |
| Receivables for Accrued Income | 11,428 |
| Receivables for Capital Shares Issued | 2,896 |
| Total Assets | 9,015,229 |
| Liabilities | |
| Payables for Investment Securities Purchased | 34,862 |
| Payables for Capital Shares Redeemed | 2,964 |
| Payables to Vanguard | 341 |
| Variation Margin Payable—Futures Contracts | 818 |
| Total Liabilities | 38,985 |
| Net Assets | 8,976,244 |
At December 31, 2023, net assets consisted of: | |
| Paid-in Capital | 6,854,267 |
| Total Distributable Earnings (Loss) | 2,121,977 |
| Net Assets | 8,976,244 |
| Admiral Shares—Net Assets | |
| Applicable to 91,551,250 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 8,048,425 |
| Net Asset Value Per Share—Admiral Shares | $87.91 |
| Institutional Shares—Net Assets | |
| Applicable to 10,530,196 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 927,819 |
| Net Asset Value Per Share—Institutional Shares | $88.11 |
See accompanying Notes, which are an integral part of the Financial Statements.
88
Tax-Managed Small-Cap Fund
Statement of Operations
| Year Ended December 31, 2023 | |
| ($000) | |
| Investment Income | |
| Income | |
| Dividends1 | 140,516 |
| Interest2 | 1,418 |
| Total Income | 141,934 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 166 |
| Management and Administrative—Admiral Shares | 5,956 |
| Management and Administrative—Institutional Shares | 432 |
| Marketing and Distribution—Admiral Shares | 374 |
| Marketing and Distribution—Institutional Shares | 17 |
| Custodian Fees | 49 |
| Auditing Fees | 31 |
| Shareholders’ Reports—Admiral Shares | 71 |
| Shareholders’ Reports—Institutional Shares | 2 |
| Trustees’ Fees and Expenses | 5 |
| Other Expenses | 17 |
| Total Expenses | 7,120 |
| Net Investment Income | 134,814 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold2,3 | 334,579 |
| Futures Contracts | 106 |
| Realized Net Gain (Loss) | 334,685 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities2 | 775,132 |
| Futures Contracts | 878 |
| Change in Unrealized Appreciation (Depreciation) | 776,010 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 1,245,509 |
| 1 | Dividends are net of foreign withholding taxes of $30,000. |
| 2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $1,324,000, ($4,000), less than $1,000, and less than $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $400,899,000 of net gain (loss) resulting from in-kind redemptions. |
See accompanying Notes, which are an integral part of the Financial Statements.
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Tax-Managed Small-Cap Fund
Statement of Changes in Net Assets
| Year Ended December 31, | ||
| 2023 ($000) | 2022 ($000) | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 134,814 | 118,118 |
| Realized Net Gain (Loss) | 334,685 | 325,316 |
| Change in Unrealized Appreciation (Depreciation) | 776,010 | (1,976,579) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 1,245,509 | (1,533,145) |
| Distributions | ||
| Admiral Shares | (121,201) | (107,517) |
| Institutional Shares | (13,525) | (11,321) |
| Total Distributions | (134,726) | (118,838) |
| Capital Share Transactions | ||
| Admiral Shares | (96,319) | 17,320 |
| Institutional Shares | 59,585 | 16,687 |
| Net Increase (Decrease) from Capital Share Transactions | (36,734) | 34,007 |
| Total Increase (Decrease) | 1,074,049 | (1,617,976) |
| Net Assets | ||
| Beginning of Period | 7,902,195 | 9,520,171 |
| End of Period | 8,976,244 | 7,902,195 |
See accompanying Notes, which are an integral part of the Financial Statements.
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Tax-Managed Small-Cap Fund
Financial Highlights
| Admiral Shares | |||||
| For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
| 2023 | 2022 | 2021 | 2020 | 2019 | |
| Net Asset Value, Beginning of Period | $77.06 | $93.29 | $74.30 | $67.84 | $55.70 |
| Investment Operations | |||||
| Net Investment Income1 | 1.311 | 1.153 | 1.090 | .819 | .772 |
| Net Realized and Unrealized Gain (Loss) on Investments | 10.854 | (16.221) | 18.985 | 6.451 | 12.146 |
| Total from Investment Operations | 12.165 | (15.068) | 20.075 | 7.270 | 12.918 |
| Distributions | |||||
| Dividends from Net Investment Income | (1.315) | (1.162) | (1.085) | (.810) | (.778) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (1.315) | (1.162) | (1.085) | (.810) | (.778) |
| Net Asset Value, End of Period | $87.91 | $77.06 | $93.29 | $74.30 | $67.84 |
| Total Return2 | 15.95% | -16.14% | 27.08% | 11.05% | 23.28% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $8,048 | $7,150 | $8,631 | $6,689 | $6,506 |
| Ratio of Total Expenses to Average Net Assets | 0.09% | 0.09%3 | 0.09% | 0.09% | 0.09% |
| Ratio of Net Investment Income to Average Net Assets | 1.64% | 1.41% | 1.22% | 1.39% | 1.23% |
| Portfolio Turnover Rate4 | 20% | 10% | 9% | 31% | 53% |
| 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 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.09%. |
| 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. |
| Institutional Shares | |||||
| For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
| 2023 | 2022 | 2021 | 2020 | 2019 | |
| Net Asset Value, Beginning of Period | $77.23 | $93.50 | $74.47 | $67.99 | $55.83 |
| Investment Operations | |||||
| Net Investment Income1 | 1.346 | 1.180 | 1.126 | .844 | .794 |
| Net Realized and Unrealized Gain (Loss) on Investments | 10.876 | (16.261) | 19.019 | 6.466 | 12.164 |
| Total from Investment Operations | 12.222 | (15.081) | 20.145 | 7.310 | 12.958 |
| Distributions | |||||
| Dividends from Net Investment Income | (1.342) | (1.189) | (1.115) | (.830) | (.798) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (1.342) | (1.189) | (1.115) | (.830) | (.798) |
| Net Asset Value, End of Period | $88.11 | $77.23 | $93.50 | $74.47 | $67.99 |
| Total Return | 15.99% | -16.12% | 27.11% | 11.10% | 23.30% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $928 | $752 | $889 | $646 | $593 |
| Ratio of Total Expenses to Average Net Assets | 0.06% | 0.06%2 | 0.06% | 0.06% | 0.06% |
| Ratio of Net Investment Income to Average Net Assets | 1.68% | 1.44% | 1.26% | 1.42% | 1.26% |
| Portfolio Turnover Rate3 | 20% | 10% | 9% | 31% | 53% |
| 1 | Calculated based on average shares outstanding. |
| 2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.06%. |
| 3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares. |
See accompanying Notes, which are an integral part of the Financial Statements.
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Tax-Managed 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 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 valuation designee to represent fair value and subject to oversight by the board of trustees. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. Temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.
2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.
During the year ended December 31, 2023, 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 virtually all of its taxable income. The fund’s tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state income tax years, and has concluded that no provision for 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 at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
5. Credit Facilities and Interfund Lending Program: 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 and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management
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Tax-Managed Small-Cap Fund
and Administrative expenses on the fund’s Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the year ended December 31, 2023, the fund did not utilize the credit facilities or the Interfund Lending Program.
6. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. 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 and 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, 2023, the fund had contributed to Vanguard capital in the amount of $265,000, representing less than 0.01% of the fund’s net assets and 0.11% 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 and derivatives. 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 and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
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Tax-Managed Small-Cap Fund
The following table summarizes the market value of the fund's investments and derivatives as of December 31, 2023, based on the inputs used to value them:
| Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
| Investments | ||||
| Assets | ||||
| Common Stocks | 8,949,625 | — | — | 8,949,625 |
| Temporary Cash Investments | 15,442 | — | — | 15,442 |
| Total | 8,965,067 | — | — | 8,965,067 |
| Derivative Financial Instruments | ||||
| Assets | ||||
| Futures Contracts1 | 878 | — | — | 878 |
| 1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. | |||
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 applicable in-kind redemptions were reclassified between the following accounts:
| Amount ($000) | |
| Paid-in Capital | 401,121 |
| Total Distributable Earnings (Loss) | (401,121) |
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 capital loss carryforwards; the deferral of losses from wash sales; and the recognition of unrealized gains or losses from certain derivative 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 | 964 |
| Undistributed Long-Term Gains | — |
| Net Unrealized Gains (Losses) | 2,993,829 |
| Capital Loss Carryforwards | (872,816) |
| Qualified Late-Year Losses | — |
| Other Temporary Differences | — |
| Total | 2,121,977 |
The tax character of distributions paid was as follows:
| Year Ended December 31, | ||
| 2023 Amount ($000) | 2022 Amount ($000) | |
| Ordinary Income* | 134,726 | 118,838 |
| Long-Term Capital Gains | — | — |
| Total | 134,726 | 118,838 |
| * | Includes short-term capital gains, if any. |
94
Tax-Managed Small-Cap Fund
As of December 31, 2023, 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 | 5,971,238 |
| Gross Unrealized Appreciation | 3,473,816 |
| Gross Unrealized Depreciation | (479,987) |
| Net Unrealized Appreciation (Depreciation) | 2,993,829 |
E. During the year ended December 31, 2023, the fund purchased $2,177,554,000 of investment securities and sold $2,224,655,000 of investment securities, other than temporary cash investments. Purchases and sales include $0 and $612,911,000, 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, 2023, such purchases were $547,502,000 and sales were $120,098,000, resulting in net realized gain of $2,084,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.
F. Capital share transactions for each class of shares were:
| Year Ended December 31, | |||||
| 2023 | 2022 | ||||
| Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
| Admiral Shares | |||||
| Issued | 1,070,519 | 13,342 | 1,142,954 | 14,128 | |
| Issued in Lieu of Cash Distributions | 83,991 | 1,039 | 75,203 | 977 | |
| Redeemed | (1,250,829) | (15,618) | (1,200,837) | (14,836) | |
| Net Increase (Decrease)—Admiral Shares | (96,319) | (1,237) | 17,320 | 269 | |
| Institutional Shares | |||||
| Issued | 92,320 | 1,198 | 63,464 | 795 | |
| Issued in Lieu of Cash Distributions | 7,645 | 94 | 6,480 | 84 | |
| Redeemed | (40,380) | (504) | (53,257) | (650) | |
| Net Increase (Decrease)—Institutional Shares | 59,585 | 788 | 16,687 | 229 | |
G. Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war (e.g., Russia’s invasion of Ukraine), acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance.
To the extent the fund’s investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.
The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund’s use of derivative(s) and the specific risks associated is described under significant accounting policies.
H. Management has determined that no events or transactions occurred subsequent to December 31, 2023, that would require recognition or disclosure in these financial statements.
95
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 assets and liabilities, including the schedules of investments, 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, 2023, the related statements of operations for the year ended December 31, 2023, the statements of changes in net assets for each of the two years in the period ended December 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2023 (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, 2023, 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, 2023 and each of the financial highlights for each of the five years in the period ended December 31, 2023 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, 2023 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 15, 2024
Philadelphia, Pennsylvania
February 15, 2024
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
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Tax information (unaudited)
The following percentages, or if subsequently determined to be different, the maximum percentages allowable by law, of ordinary income (dividend income plus short-term gains, if any) for the fiscal year qualified for the dividends-received deduction for corporate shareholders.
| Fund | Percentage |
| Tax-Managed Balanced Fund | 94.5% |
| Tax-Managed Capital Appreciation Fund | 96.8 |
| Tax-Managed Small-Cap Fund | 77.6 |
The following amounts, or if subsequently determined to be different, the maximum amounts allowable by law, are hereby designated as qualified dividend income for individual shareholders for the fiscal year.
| Fund | ($000) |
| Tax-Managed Balanced Fund | 54,414 |
| Tax-Managed Capital Appreciation Fund | 234,306 |
| Tax-Managed Small-Cap Fund | 108,427 |
The following amounts, or if subsequently determined to be different, the maximum amounts allowable by law, are hereby designated as interest earned from obligations of the U.S. government which is generally exempt from state income tax.
| Fund | ($000) |
| Tax-Managed Balanced Fund | — |
| Tax-Managed Capital Appreciation Fund | 1,001 |
| Tax-Managed Small-Cap Fund | 512 |
The Tax-Managed Balanced Fund designates 68% of its income dividends as exempt-interest dividends.
The following amounts, or if subsequently determined to be different, the maximum amounts allowable by law, are hereby designated as qualified business income for individual shareholders for the fiscal year.
| Fund | ($000) |
| Tax-Managed Balanced Fund | 902 |
| Tax-Managed Capital Appreciation Fund | — |
| Tax-Managed Small-Cap Fund | 25,221 |
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"Bloomberg®" and Bloomberg 1–15 Year Municipal Bond Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (BISL), the administrator of the index (collectively, Bloomberg), and have been licensed for use for certain purposes by The Vanguard Group, Inc. (Vanguard).
The Tax-Managed Balanced Fund is not sponsored, endorsed, sold or promoted by Bloomberg. Bloomberg does not make any representation or warranty, express or implied, to the owners of or counterparties to the Tax-Managed Balanced Fund or any member of the public regarding the advisability of investing in securities generally or in the Tax-Managed Balanced Fund particularly. The only relationship of Bloomberg to Vanguard is the licensing of certain trademarks, trade names and service marks and of the Bloomberg 1–15 Year Municipal Bond Index, which is determined, composed and calculated by BISL without regard to Vanguard or the Tax-Managed Balanced Fund. Bloomberg has no obligation to take the needs of Vanguard or the owners of the or the owners of the Tax-Managed Balanced Fund into consideration in determining, composing or calculating the Bloomberg 1–15 Year Municipal Bond Index. Bloomberg is not 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. Bloomberg shall not have any obligation or liability, including, without limitation, to Tax-Managed Balanced Fund customers, in connection with the administration, marketing or trading of the Tax-Managed Balanced Fund.
BLOOMBERG DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE BLOOMBERG 1–15 YEAR MUNICIPAL BOND INDEX OR ANY DATA RELATED THERETO AND SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS THEREIN. BLOOMBERG DOES NOT MAKE ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY VANGUARD, OWNERS OF THE TAX-MANAGED BALANCED FUND OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE BLOOMBERG 1–15 YEAR MUNICIPAL BOND INDEX OR ANY DATA RELATED THERETO. BLOOMBERG DOES NOT MAKE ANY EXPRESS OR IMPLIED WARRANTIES AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE BLOOMBERG 1–15 YEAR MUNICIPAL BOND INDEX OR ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, TO THE MAXIMUM EXTENT ALLOWED BY LAW, BLOOMBERG, ITS LICENSORS, AND ITS AND THEIR RESPECTIVE EMPLOYEES, CONTRACTORS, AGENTS, SUPPLIERS, AND VENDORS SHALL HAVE NO LIABILITY OR RESPONSIBILITY WHATSOEVER FOR ANY INJURY OR DAMAGES— WHETHER DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, PUNITIVE OR OTHERWISE—ARISING IN CONNECTION WITH THE TAX-MANAGED BALANCED FUND OR BLOOMBERG 1–15 YEAR MUNICIPAL BOND INDEX OR ANY DATA OR VALUES RELATING THERETO—WHETHER ARISING FROM THEIR NEGLIGENCE OR OTHERWISE, EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF.
© 2024 Bloomberg.
Used with Permission. Source: Bloomberg Index Services Limited. Copyright 2024, 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 208 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 the Statement of Additional Information, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.
Interested Trustee1
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 (2019–present) of Vanguard and of each of the investment companies served by Vanguard; chief executive officer (2018–present) of Vanguard; chief executive officer, president, and trustee (2018–present) of each of the investment companies served by Vanguard; president and director (2017–present) of Vanguard; and president (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. Member of the board of governors of the Investment Company Institute and the board of governors of FINRA.
Independent Trustees
Tara Bunch
Born in 1962. Trustee since November 2021. Principal occupation(s) during the past five years and other experience: head of global operations at Airbnb (2020–present). Vice president of AppleCare (2012–2020). Member of the board of directors of Out & Equal, the advisory board of the University of California, Berkeley School of Engineering, and the advisory board of Santa Clara University’s Leavey School of Business.
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. Member of the board of directors of the University of Rochester Medical Center, the Monroe Community College Foundation, the United Way of Rochester, North Carolina A&T University, Roberts Wesleyan College, and the Rochester Philharmonic Orchestra. Trustee of the University of Rochester.
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). Director of the V Foundation. Member of the advisory council for the College of Arts and Letters at the University of Notre Dame. Chairman of the board of Saint Anselm College.
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: co-founder and managing partner (2022–present) of Grafton Street Partners (investment advisory firm). Chief investment officer (retired 2020) and vice president (retired 2020) of the University of Notre Dame. Chair of the board of Catholic Investment Services, Inc. (investment advisors). Member of the board of superintendence of the Institute for the Works of Religion, the Notre Dame 403(b) Investment Committee, and the board of directors of Paxos Trust Company (finance).
Deanna Mulligan
Born in 1963. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chief executive officer of Purposeful (advisory firm for CEOs and C-level executives; 2021–present). Board chair (2020), chief executive officer (2011–2020), and president (2010–2019) 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. Director of DuPont. Member of the board of the Economic Club of New York. Trustee of the Partnership for New York City (business leadership), Chief Executives for Corporate Purpose, and the NewYork-Presbyterian Hospital.
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 partner of HighVista Strategies (private investment firm). Member of the board of RIT Capital Partners (investment firm).
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. Colin W. Brown Distinguished Professor of the Practice of Law, Duke Law School (2021–present); Rubenstein Fellow, Duke University (2017–2020); Distinguished Fellow of the Global Financial Markets Center, Duke Law School (2020–2022); and Senior Fellow, Duke Center on Risk (2020–present). Partner of Kaya Partners (climate policy advisory services). Member of the board of directors of Arcadia (energy solution technology).
Grant Reid
Born in 1959. Trustee since July 2023. Principal occupation(s) during the past five years and other experience: chief executive officer and president (2014–2022) and member of the board of directors (2015–2022) of Mars, Incorporated (multinational manufacturer). Member of the board of directors of Marriott International, Inc. Chair of Agribusiness Task Force, Sustainable Markets Initiative.
David Thomas
Born in 1956. Trustee since July 2021. Principal occupation(s) during the past five years and other experience: president of Morehouse College (2018–present). Professor of business administration, emeritus at Harvard University (2017–2018). Dean (2011–2016) and professor of management (2016–2017) at the Georgetown University McDonough School of Business. Director of DTE Energy Company. Trustee of Common Fund.
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
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.
(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). Member of the BMW Group Mobility Council.
Executive Officers
Jacqueline Angell
Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief compliance officer (November 2022–present) of Vanguard and of each of the investment companies served by Vanguard. Chief compliance officer (2018–2022) and deputy chief compliance officer (2017–2019) of State Street.
Christine M. Buchanan
Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief financial officer (2021–present) and treasurer (2017–2022) of each of the investment companies served by Vanguard. Partner (2005–2017) at KPMG (audit, tax, and advisory services).
John Galloway
Born in 1973. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Investment stewardship officer (September
2020–present) of each of the investment companies served by Vanguard. Head of Investor Advocacy (February 2020–present) and head of Marketing Strategy and Planning (2017–2020) at Vanguard. Special assistant to the President of the United States (2015).
Ashley Grim
Born in 1984. Principal occupation(s) during the past five years and other experience: treasurer (February 2022–present) of each of the investment companies served by Vanguard. Fund transfer agent controller (2019–2022) and director of Audit Services (2017–2019) at Vanguard. Senior manager (2015–2017) at PriceWaterhouseCoopers (audit and assurance, consulting, and tax services).
Jodi Miller
Born in 1980. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Finance director (2022–present) of each of the investment companies served by Vanguard. Head of Enterprise Investment Services (2020–present), head of Retail Client Services and Operations (2020–2022), and head of Retail Strategic Support (2018–2020) 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. Nonexecutive director (2022–present) of the board of National Grid (energy).
Michael Rollings
Born in 1963. Principal occupation(s) during the past five years and other experience: finance director (2017–present) and treasurer (2017) of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Chief financial officer (2016–present) of Vanguard. Director (2016–present) of Vanguard Marketing Corporation. Executive vice president and chief financial officer (2006–2016) of MassMutual Financial Group.
Vanguard Senior Management Team
| Matthew Benchener | Thomas M. Rampulla |
| Joseph Brennan | Karin A. Risi |
| Mortimer J. Buckley | Anne E. Robinson |
| Gregory Davis | Michael Rollings |
| John James | Nitin Tandon |
| Chris D. McIsaac | Lauren Valente |
Connect with Vanguard®>vanguard.com
Fund Information > 800-662-7447
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Institutional Investor Services > 800-523-1036
Text Telephone for People
Who Are Deaf or Hard of Hearing > 800-749-7273
Who Are Deaf or Hard of Hearing > 800-749-7273
This material may be used in conjunction with the offering of shares of any Vanguard fund only if preceded or accompanied by the fund’s current prospectus.
All comparative mutual fund data are from 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.
© 2024 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
Q1030 022024
Annual Report | December 31, 2023
Vanguard Developed Markets Index Fund
See the inside front cover for important information about your fund’s annual and semiannual shareholder reports.
Important information about shareholder reports
Beginning in July 2024, amendments adopted by the Securities and Exchange Commission will substantially impact the design, content, and transmission of shareholder reports. Shareholder reports will provide key fund information in a clear and concise format and must be mailed to each shareholder that has not elected to receive the reports electronically. Financial statements will no longer be included in the shareholder report but will be available at vanguard.com, can be mailed upon request, or can be accessed on the SEC’s website at www.sec.gov.
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.
Contents
Your Fund’s Performance at a Glance | 1 |
About Your Fund’s Expenses | 2 |
Performance Summary | 4 |
Financial Statements | 7 |
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.
Your Fund’s Performance at a Glance
| • | The financial markets delivered very robust returns for the 12 months ended December 31, 2023. Returns for Vanguard Developed Markets Index Fund ranged from 17.61% for Investor Shares to 17.84% for Institutional Shares. The fund’s benchmark, the FTSE Developed All Cap ex US Index, returned 17.97%. |
| • | With inflation continuing to ease, several major central banks slowed and eventually stopped hiking interest rates. Global growth, employment, and consumer spending showed resilience, but the prospect of rates remaining high for an extended period spurred volatility at times. Toward year-end, however, global stocks and bonds rallied as falling inflation and softening economic growth raised market expectations for rate cuts in 2024. |
| • | The industrial, financial, and technology sectors contributed most to results. |
| • | Over the past decade, the fund recorded average annual returns of around 4.5%, in line with its spliced benchmark index. |
| • | Returns for the fund differed from that of its benchmark in part because of differences in the prices of securities used by the fund to calculate its net asset value and the quoted or published prices for the same securities.1 |
Market Barometer
| Average Annual Total Returns Periods Ended December 31, 2023 | |||
| One Year | Three Years | Five Years | |
| Stocks | |||
| Russell 1000 Index (Large-caps) | 26.53% | 8.97% | 15.52% |
| Russell 2000 Index (Small-caps) | 16.93 | 2.22 | 9.97 |
| Russell 3000 Index (Broad U.S. market) | 25.96 | 8.54 | 15.16 |
| FTSE All-World ex US Index (International) | 15.82 | 1.98 | 7.52 |
| Bonds | |||
| Bloomberg U.S. Aggregate Float Adjusted Index (Broad taxable market) | 5.60% | -3.33% | 1.17% |
| Bloomberg Municipal Bond Index (Broad tax-exempt market) | 6.40 | -0.40 | 2.25 |
| FTSE Three-Month U.S. Treasury Bill Index | 5.26 | 2.24 | 1.91 |
| CPI | |||
| Consumer Price Index | 3.35% | 5.60% | 4.07% |
1See Note 1 in the Notes to Financial Statements.
1
About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The accompanying table illustrates your fund’s costs in two ways:
| • | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During Period.“
| • | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
2
| Six Months Ended December 31, 2023 | |||
| Beginning Account Value 6/30/2023 | Ending Account Value 12/31/2023 | Expenses Paid During Period | |
| Based on Actual Fund Return | |||
| Developed Markets Index Fund | |||
| Investor Shares | $1,000.00 | $1,059.40 | $0.83 |
| FTSE Developed Markets ETF Shares | 1,000.00 | 1,059.60 | 0.26 |
| Admiral™ Shares | 1,000.00 | 1,059.10 | 0.36 |
| Institutional Shares | 1,000.00 | 1,059.80 | 0.26 |
| Institutional Plus Shares | 1,000.00 | 1,059.60 | 0.21 |
| Based on Hypothetical 5% Yearly Return | |||
| Developed Markets Index Fund | |||
| 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).
3
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, 2013, Through December 31, 2023
Initial Investment of $10,000
| Average Annual Total Returns Periods Ended December 31, 2023 | |||||
| One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
 | FTSE Developed Markets ETF Shares Net Asset Value | 17.77% | 8.40% | 4.55% | $15,609 |
| FTSE Developed Markets ETF Shares Market Price | 18.01 | 8.46 | 4.51 | 15,549 | |
 | Spliced Developed ex US Index | 17.97 | 8.38 | 4.56 | 15,619 |
 | FTSE Global All Cap ex US Index | 15.79 | 7.46 | 4.20 | 15,093 |
Spliced Developed ex US Index: 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.
| One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
| Developed Markets Index Fund Investor Shares | 17.61% | 8.27% | 4.44% | $15,435 | |
| Spliced Developed ex US Index | 17.97 | 8.38 | 4.56 | 15,619 | |
| FTSE Global All Cap ex US Index | 15.79 | 7.46 | 4.20 | 15,093 | |
See Financial Highlights for dividend and capital gains information.
4
Developed Markets Index Fund
| Average Annual Total Returns Periods Ended December 31, 2023 | |||||
| One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
| Developed Markets Index Fund Admiral Shares | 17.67% | 8.36% | 4.54% | $15,587 | |
| Spliced Developed ex US Index | 17.97 | 8.38 | 4.56 | 15,619 | |
| FTSE Global All Cap ex US Index | 15.79 | 7.46 | 4.20 | 15,093 | |
| One Year | Five Years | Ten Years | Final Value of a $5,000,000 Investment | ||
| Developed Markets Index Fund Institutional Shares | 17.84% | 8.41% | 4.56% | $7,808,094 | |
| Spliced Developed ex US Index | 17.97 | 8.38 | 4.56 | 7,809,529 | |
| FTSE Global All Cap ex US Index | 15.79 | 7.46 | 4.20 | 7,546,346 | |
| One Year | Five Years | Since Inception (4/1/2014) | Final Value of a $100,000,000 Investment | ||
| Developed Markets Index Fund Institutional Plus Shares | 17.80% | 8.40% | 4.57% | $154,620,260 | |
| Spliced Developed ex US Index | 17.97 | 8.38 | 4.58 | 154,689,400 | |
| FTSE Global All Cap ex US Index | 15.79 | 7.46 | 4.16 | 148,860,100 | |
“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, 2013, Through December 31, 2023
| One Year | Five Years | Ten Years | |
| FTSE Developed Markets ETF Shares Market Price | 18.01% | 50.10% | 55.49% |
| FTSE Developed Markets ETF Shares Net Asset Value | 17.77 | 49.65 | 56.09 |
| Spliced Developed ex US Index | 17.97 | 49.54 | 56.19 |
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, click on Price, and then scroll down to the Premium/Discount chart. The ETF premium/discount chart there shows the percentage and days on which the ETF Shares’ market price was above or below the NAV.
5
Developed Markets Index Fund
Fund Allocation
As of December 31, 2023
| Japan | 21.1% |
| United Kingdom | 12.8 |
| Canada | 9.6 |
| France | 9.1 |
| Switzerland | 7.7 |
| Australia | 6.9 |
| Germany | 6.8 |
| South Korea | 4.8 |
| Netherlands | 3.6 |
| Sweden | 3.1 |
| Denmark | 2.6 |
| Italy | 2.3 |
| Spain | 2.2 |
| Hong Kong | 1.9 |
| Singapore | 1.1 |
| Other | 4.4 |
The table reflects the fund’s investments, except for short-term investments and derivatives.
The fund may invest in derivatives (such as futures and swap contracts) for various reasons, including, but not limited to, attempting to remain fully invested and tracking its target index as closely as possible.
6
Developed Markets Index Fund
Financial Statements
Schedule of Investments
As of December 31, 2023
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.
| Shares | Market Value• ($000) | ||
| Common Stocks (98.8%) | |||
| Australia (6.8%) | |||
| BHP Group Ltd. | 40,978,059 | 1,400,000 | |
| Commonwealth Bank of Australia | 13,731,175 | 1,046,550 | |
| CSL Ltd. | 3,920,096 | 764,219 | |
| National Australia Bank Ltd. | 25,549,003 | 533,997 | |
| Westpac Banking Corp. | 28,405,403 | 443,195 | |
| ANZ Group Holdings Ltd. | 24,435,377 | 431,725 | |
| Macquarie Group Ltd. | 2,955,458 | 369,970 | |
| Wesfarmers Ltd. | 9,208,612 | 358,113 | |
| Woodside Energy Group Ltd. | 15,389,645 | 324,977 | |
| Rio Tinto Ltd. | 3,022,823 | 279,907 | |
| Goodman Group | 15,026,820 | 258,715 | |
| Fortescue Ltd. | 12,950,434 | 255,348 | |
| Woolworths Group Ltd. | 9,905,133 | 251,293 | |
| Transurban Group | 25,051,593 | 234,092 | |
| Aristocrat Leisure Ltd. | 5,325,139 | 147,951 | |
| * | James Hardie Industries plc GDR | 3,579,858 | 138,025 |
| Santos Ltd. | 26,419,574 | 137,369 | |
| QBE Insurance Group Ltd. | 12,107,075 | 122,676 | |
| Coles Group Ltd. | 10,559,259 | 115,994 | |
| Amcor plc GDR | 11,779,205 | 114,127 | |
| Cochlear Ltd. | 520,702 | 105,935 | |
| Brambles Ltd. | 11,290,688 | 104,652 | |
| Suncorp Group Ltd. | 10,285,250 | 97,395 | |
| Telstra Group Ltd. | 32,846,020 | 88,759 | |
| Scentre Group | 42,135,320 | 85,805 | |
| Northern Star Resources Ltd. | 9,156,510 | 84,955 | |
| South32 Ltd. | 37,092,148 | 83,889 | |
| Computershare Ltd. (XASX) | 4,857,579 | 80,905 | |
| Origin Energy Ltd. | 13,989,021 | 80,726 | |
| Sonic Healthcare Ltd. | 3,631,696 | 79,355 | |
| Shares | Market Value• ($000) | ||
| * | Xero Ltd. | 1,037,318 | 79,135 |
| Insurance Australia Group Ltd. | 19,899,260 | 76,918 | |
| ASX Ltd. | 1,572,809 | 67,573 | |
| WiseTech Global Ltd. | 1,307,829 | 67,032 | |
| Mineral Resources Ltd. | 1,394,934 | 66,446 | |
| 1 | Pilbara Minerals Ltd. | 23,417,521 | 62,856 |
| CAR Group Ltd. | 2,933,453 | 62,164 | |
| APA Group | 10,417,402 | 60,625 | |
| Lottery Corp. Ltd. | 18,070,074 | 59,624 | |
| BlueScope Steel Ltd. | 3,705,283 | 59,071 | |
| Stockland | 19,415,028 | 58,879 | |
| Medibank Pvt Ltd. | 22,347,996 | 54,256 | |
| SEEK Ltd. | 2,845,145 | 51,762 | |
| Ramsay Health Care Ltd. | 1,423,258 | 51,055 | |
| REA Group Ltd. | 408,592 | 50,383 | |
| GPT Group | 15,501,521 | 48,922 | |
| Treasury Wine Estates Ltd. | 6,491,356 | 47,760 | |
| Ampol Ltd. | 1,932,689 | 47,631 | |
| Dexus | 8,750,213 | 45,730 | |
| Mirvac Group | 32,105,397 | 45,674 | |
| Washington H Soul Pattinson & Co. Ltd. | 2,041,645 | 45,610 | |
| Vicinity Ltd. | 30,986,869 | 43,044 | |
| Evolution Mining Ltd. | 15,090,573 | 40,599 | |
| Orica Ltd. | 3,685,579 | 40,063 | |
| Endeavour Group Ltd. | 11,079,264 | 39,346 | |
| * | NEXTDC Ltd. | 4,149,628 | 38,753 |
| Atlas Arteria Ltd. | 9,763,982 | 38,442 | |
| Aurizon Holdings Ltd. | 14,298,647 | 37,018 | |
| * | Lynas Rare Earths Ltd. | 7,576,199 | 36,981 |
| Worley Ltd. | 3,059,239 | 36,465 | |
| ALS Ltd. | 4,002,598 | 35,059 | |
| * | Arcadium Lithium plc GDR | 4,542,381 | 34,700 |
| Cleanaway Waste Management Ltd. | 18,097,252 | 33,177 | |
| Steadfast Group Ltd. | 8,330,761 | 33,089 |
7
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| JB Hi-Fi Ltd. | 886,023 | 32,020 | |
| Charter Hall Group | 3,892,224 | 31,889 | |
| AGL Energy Ltd. | 4,854,388 | 31,380 | |
| IGO Ltd. | 5,054,395 | 31,151 | |
| IDP Education Ltd. | 2,263,818 | 30,881 | |
| Altium Ltd. | 959,102 | 30,574 | |
| Incitec Pivot Ltd. | 15,725,622 | 30,458 | |
| Bendigo & Adelaide Bank Ltd. | 4,589,337 | 30,261 | |
| Qube Holdings Ltd. | 13,598,096 | 30,067 | |
| Seven Group Holdings Ltd. | 1,149,794 | 28,942 | |
| Whitehaven Coal Ltd. | 5,697,640 | 28,914 | |
| Lendlease Corp. Ltd. | 5,583,456 | 28,422 | |
| Pro Medicus Ltd. | 415,013 | 27,081 | |
| Reece Ltd. | 1,729,054 | 26,373 | |
| * | Qantas Airways Ltd. | 6,842,875 | 25,066 |
| Technology One Ltd. | 2,291,239 | 23,983 | |
| Bank of Queensland Ltd. | 5,286,525 | 21,916 | |
| Breville Group Ltd. | 1,159,428 | 21,516 | |
| Champion Iron Ltd. | 3,726,653 | 21,356 | |
| 2 | Viva Energy Group Ltd. | 8,898,316 | 21,172 |
| Domino's Pizza Enterprises Ltd. | 505,400 | 20,288 | |
| nib holdings Ltd. | 3,910,899 | 19,717 | |
| Orora Ltd. | 10,960,039 | 19,440 | |
| Reliance Worldwide Corp. Ltd. | 6,393,035 | 19,313 | |
| Metcash Ltd. | 7,812,855 | 18,588 | |
| * | Sandfire Resources Ltd. | 3,668,649 | 18,352 |
| CSR Ltd. | 3,993,694 | 17,968 | |
| Ansell Ltd. | 1,032,986 | 17,722 | |
| 1 | Flight Centre Travel Group Ltd. | 1,267,368 | 17,575 |
| Challenger Ltd. | 3,712,725 | 16,436 | |
| Downer EDI Ltd. | 5,455,965 | 16,362 | |
| Nine Entertainment Co. Holdings Ltd. | 11,834,001 | 16,283 | |
| * | Paladin Energy Ltd. | 23,686,893 | 15,872 |
| Perpetual Ltd. | 904,817 | 15,723 | |
| National Storage REIT | 10,029,672 | 15,687 | |
| Beach Energy Ltd. | 14,362,807 | 15,681 | |
| Iluka Resources Ltd. | 3,418,568 | 15,378 | |
| Eagers Automotive Ltd. | 1,558,422 | 15,375 | |
| * | Webjet Ltd. | 3,044,662 | 15,230 |
| ARB Corp. Ltd. | 621,087 | 15,190 | |
| * | Neuren Pharmaceuticals Ltd. | 877,162 | 14,924 |
| Region RE Ltd. | 9,697,645 | 14,920 | |
| New Hope Corp. Ltd. | 4,206,885 | 14,805 | |
| * | Liontown Resources Ltd. | 12,944,876 | 14,519 |
| Charter Hall Long Wale REIT | 5,631,723 | 14,425 |
| Shares | Market Value• ($000) | ||
| AMP Ltd. | 22,635,270 | 14,350 | |
| AUB Group Ltd. | 747,943 | 14,158 | |
| Super Retail Group Ltd. | 1,315,534 | 14,137 | |
| Perseus Mining Ltd. | 11,103,619 | 13,966 | |
| Harvey Norman Holdings Ltd. | 4,776,157 | 13,675 | |
| Sims Ltd. | 1,288,675 | 13,674 | |
| Deterra Royalties Ltd. | 3,569,742 | 12,825 | |
| * | Alumina Ltd. | 20,586,479 | 12,698 |
| Premier Investments Ltd. | 661,427 | 12,435 | |
| Ventia Services Group Pty. Ltd. | 5,762,902 | 12,334 | |
| Corporate Travel Management Ltd. | 922,563 | 12,282 | |
| Gold Road Resources Ltd. | 8,739,652 | 11,682 | |
| HomeCo Daily Needs REIT | 14,000,423 | 11,635 | |
| HUB24 Ltd. | 455,956 | 11,186 | |
| Nufarm Ltd. | 3,126,019 | 11,132 | |
| Tabcorp Holdings Ltd. | 18,465,504 | 10,515 | |
| Ramelius Resources Ltd. | 9,115,665 | 10,445 | |
| TPG Telecom Ltd. | 2,956,249 | 10,440 | |
| Charter Hall Retail REIT | 4,226,262 | 10,391 | |
| Bapcor Ltd. | 2,722,020 | 10,278 | |
| Nickel Industries Ltd. | 21,572,185 | 10,212 | |
| * | De Grey Mining Ltd. | 11,965,282 | 10,209 |
| * | Boral Ltd. | 2,744,134 | 10,083 |
| * | Bellevue Gold Ltd. | 8,851,670 | 10,083 |
| Centuria Industrial REIT | 4,552,339 | 10,081 | |
| * | Genesis Minerals Ltd. | 8,183,752 | 9,966 |
| BWP Trust | 4,001,248 | 9,618 | |
| Lifestyle Communities Ltd. | 757,247 | 9,403 | |
| GUD Holdings Ltd. | 1,137,440 | 9,297 | |
| * | Telix Pharmaceuticals Ltd. | 1,343,237 | 9,212 |
| Waypoint REIT Ltd. | 5,481,555 | 9,107 | |
| GrainCorp Ltd. Class A | 1,830,844 | 9,104 | |
| Ingenia Communities Group | 3,003,079 | 9,097 | |
| Brickworks Ltd. | 474,785 | 9,046 | |
| Yancoal Australia Ltd. | 2,638,877 | 8,905 | |
| * | Regis Resources Ltd. | 5,645,441 | 8,372 |
| Insignia Financial Ltd. | 5,247,193 | 8,370 | |
| IRESS Ltd. | 1,499,990 | 8,317 | |
| HMC Capital Ltd. | 1,956,036 | 8,197 |
8
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| * | Capricorn Metals Ltd. | 2,513,259 | 8,057 |
| Inghams Group Ltd. | 2,973,904 | 8,030 | |
| * | PEXA Group Ltd. | 1,058,066 | 7,994 |
| * | Megaport Ltd. | 1,226,614 | 7,670 |
| Kelsian Group Ltd. | 1,584,089 | 7,552 | |
| Helia Group Ltd. | 2,524,934 | 7,489 | |
| * | Adbri Ltd. | 3,655,186 | 7,485 |
| * | Star Entertainment Group Ltd. | 21,341,050 | 7,484 |
| Costa Group Holdings Ltd. | 3,522,597 | 7,479 | |
| * | Boss Energy Ltd. | 2,728,230 | 7,474 |
| Monadelphous Group Ltd. | 733,931 | 7,430 | |
| Centuria Capital Group | 6,159,402 | 7,370 | |
| Lovisa Holdings Ltd. | 440,746 | 7,343 | |
| *,2 | Life360 Inc. GDR | 1,421,257 | 7,297 |
| 2 | Coronado Global Resources Inc. GDR | 6,061,534 | 7,272 |
| Sigma Healthcare Ltd. | 10,532,747 | 7,210 | |
| * | Karoon Energy Ltd. | 5,198,729 | 7,203 |
| Netwealth Group Ltd. | 684,697 | 7,191 | |
| NRW Holdings Ltd. | 3,532,875 | 7,177 | |
| Collins Foods Ltd. | 879,979 | 7,097 | |
| Magellan Financial Group Ltd. | 1,116,717 | 7,059 | |
| EVT Ltd. | 845,880 | 7,054 | |
| Data#3 Ltd. | 1,173,086 | 6,747 | |
| * | Strike Energy Ltd. | 20,566,177 | 6,726 |
| Arena REIT | 2,639,979 | 6,666 | |
| * | Audinate Group Ltd. | 588,020 | 6,473 |
| Elders Ltd. | 1,255,985 | 6,450 | |
| 1 | GQG Partners Inc. GDR | 5,373,325 | 6,240 |
| IPH Ltd. | 1,420,815 | 6,215 | |
| Charter Hall Social Infrastructure REIT | 3,044,150 | 6,199 | |
| Johns Lyng Group Ltd. | 1,483,669 | 6,188 | |
| Link Administration Holdings Ltd. | 4,043,932 | 6,013 | |
| * | Healius Ltd. | 5,327,147 | 5,940 |
| *,1 | SiteMinder Ltd. | 1,698,754 | 5,937 |
| Bega Cheese Ltd. | 2,390,670 | 5,769 | |
| Codan Ltd. | 989,600 | 5,760 | |
| * | Nanosonics Ltd. | 1,891,996 | 5,668 |
| * | West African Resources Ltd. | 8,650,170 | 5,564 |
| * | Silver Lake Resources Ltd. | 6,872,683 | 5,561 |
| * | Red 5 Ltd. | 26,035,012 | 5,489 |
| *,1 | PolyNovo Ltd. | 4,865,690 | 5,481 |
| * | Perenti Ltd. | 7,621,781 | 5,397 |
| Stanmore Resources Ltd. | 1,964,207 | 5,370 |
| Shares | Market Value• ($000) | ||
| Pinnacle Investment Management Group Ltd. | 767,061 | 5,267 | |
| *,1 | Temple & Webster Group Ltd. | 882,572 | 5,238 |
| * | Resolute Mining Ltd. | 17,338,696 | 5,234 |
| G8 Education Ltd. | 6,497,223 | 5,222 | |
| Credit Corp. Group Ltd. | 467,990 | 5,169 | |
| Imdex Ltd. | 4,022,804 | 5,162 | |
| McMillan Shakespeare Ltd. | 471,906 | 5,131 | |
| * | Macquarie Technology Group Ltd. | 105,113 | 4,909 |
| Domain Holdings Australia Ltd. | 2,050,898 | 4,819 | |
| * | Silex Systems Ltd. | 1,598,300 | 4,729 |
| Hansen Technologies Ltd. | 1,361,527 | 4,726 | |
| * | Westgold Resources Ltd. | 3,155,793 | 4,679 |
| Rural Funds Group | 2,992,728 | 4,322 | |
| *,1 | Weebit Nano Ltd. | 1,470,107 | 4,273 |
| *,1 | Imugene Ltd. | 56,608,722 | 4,235 |
| * | Fleetpartners Group Ltd. | 2,034,352 | 4,234 |
| Vulcan Steel Ltd. | 803,169 | 4,184 | |
| SmartGroup Corp. Ltd. | 675,412 | 4,010 | |
| Jumbo Interactive Ltd. | 423,379 | 4,010 | |
| * | Alpha HPA Ltd. | 5,562,815 | 3,976 |
| oOh!media Ltd. | 3,451,990 | 3,892 | |
| Centuria Office REIT | 4,254,946 | 3,878 | |
| Dexus Industria REIT | 2,043,745 | 3,869 | |
| Platinum Asset Management Ltd. | 4,160,478 | 3,769 | |
| Growthpoint Properties Australia Ltd. | 2,374,821 | 3,767 | |
| * | Aussie Broadband Ltd. | 1,414,804 | 3,758 |
| Cromwell Property Group | 12,573,755 | 3,593 | |
| Accent Group Ltd. | 2,708,169 | 3,578 | |
| HealthCo REIT | 3,568,475 | 3,574 | |
| Austal Ltd. | 2,576,033 | 3,559 | |
| * | Tietto Minerals Ltd. | 8,492,013 | 3,530 |
| *,1 | Latin Resources Ltd. | 18,001,577 | 3,488 |
| PWR Holdings Ltd. | 511,775 | 3,405 | |
| Australian Ethical Investment Ltd. | 918,810 | 3,385 | |
| Dicker Data Ltd. | 412,292 | 3,361 | |
| Abacus Storage King | 4,282,758 | 3,291 | |
| Nick Scali Ltd. | 391,260 | 3,286 | |
| 1 | Clinuvel Pharmaceuticals Ltd. | 300,118 | 3,269 |
| GWA Group Ltd. | 2,129,216 | 3,249 | |
| *,1 | Chalice Mining Ltd. | 2,777,185 | 3,204 |
| *,1 | Sayona Mining Ltd. | 66,319,965 | 3,196 |
9
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| * | Cettire Ltd. | 1,612,355 | 3,187 |
| Abacus Group | 4,025,443 | 3,142 | |
| *,1 | Calix Ltd. | 1,325,630 | 3,095 |
| *,1 | Zip Co. Ltd. | 6,920,038 | 2,985 |
| Hotel Property Investments Ltd. | 1,523,451 | 2,979 | |
| * | Judo Capital Holdings Ltd. | 4,179,950 | 2,853 |
| Service Stream Ltd. | 4,438,308 | 2,846 | |
| Infomedia Ltd. | 2,859,293 | 2,807 | |
| Mayne Pharma Group Ltd. | 657,999 | 2,753 | |
| *,1 | Core Lithium Ltd. | 15,963,741 | 2,716 |
| Myer Holdings Ltd. | 6,407,008 | 2,615 | |
| *,3 | Leo Lithium Ltd. | 7,547,085 | 2,597 |
| * | Australian Agricultural Co. Ltd. | 2,585,056 | 2,465 |
| *,3 | AVZ Minerals Ltd. | 18,520,485 | 2,461 |
| *,1 | Syrah Resources Ltd. | 5,467,712 | 2,404 |
| *,1 | Carnarvon Energy Ltd. | 14,823,690 | 2,322 |
| 1 | Regis Healthcare Ltd. | 1,016,749 | 2,253 |
| * | Mount Gibson Iron Ltd. | 5,773,933 | 2,163 |
| * | Nuix Ltd. | 1,599,437 | 2,062 |
| 1 | Australian Clinical Labs Ltd. | 1,001,538 | 1,971 |
| *,1 | Kogan.com Ltd. | 547,988 | 1,953 |
| * | Tyro Payments Ltd. | 2,593,788 | 1,950 |
| *,1 | Select Harvests Ltd. | 985,337 | 1,946 |
| 1 | APM Human Services International Ltd. | 2,327,568 | 1,944 |
| * | Opthea Ltd. | 5,012,258 | 1,942 |
| * | Omni Bridgeway Ltd. | 2,018,839 | 1,865 |
| *,1 | Vulcan Energy Resources Ltd. | 947,699 | 1,840 |
| * | Cooper Energy Ltd. | 20,475,611 | 1,813 |
| MyState Ltd. | 843,776 | 1,805 | |
| Emeco Holdings Ltd. | 3,941,779 | 1,799 | |
| * | OFX Group Ltd. | 1,724,162 | 1,771 |
| Integral Diagnostics Ltd. | 1,303,918 | 1,693 | |
| *,1 | ioneer Ltd. | 16,526,891 | 1,684 |
| * | Bravura Solutions Ltd. | 2,834,682 | 1,649 |
| Australian Finance Group Ltd. | 1,536,988 | 1,633 | |
| * | Alkane Resources Ltd. | 3,626,578 | 1,614 |
| *,1 | Mesoblast Ltd. | 7,568,667 | 1,586 |
| GDI Property Group Partnership | 3,577,001 | 1,584 | |
| Cedar Woods Properties Ltd. | 460,080 | 1,564 | |
| *,1 | Arafura Rare Earths Ltd. | 13,678,880 | 1,537 |
| *,1 | Fineos Corp. Ltd. GDR | 1,133,495 | 1,475 |
| Shares | Market Value• ($000) | ||
| * | Superloop Ltd. | 3,218,749 | 1,469 |
| * | Coast Entertainment Holdings Ltd. | 4,598,736 | 1,442 |
| * | EML Payments Ltd. | 2,593,475 | 1,396 |
| * | Seven West Media Ltd. | 7,289,604 | 1,340 |
| 1 | Baby Bunting Group Ltd. | 980,042 | 1,335 |
| *,1 | 29Metals Ltd. | 3,013,058 | 1,323 |
| SG Fleet Group Ltd. | 824,704 | 1,319 | |
| 1 | Southern Cross Media Group Ltd. | 1,891,003 | 1,283 |
| Solvar Ltd. | 1,338,328 | 1,205 | |
| Navigator Global Investments Ltd. (XASX) | 1,329,992 | 1,152 | |
| * | Aurelia Metals Ltd. | 14,557,973 | 1,088 |
| 1 | PointsBet Holdings Ltd. | 1,642,457 | 1,028 |
| *,1 | Praemium Ltd. | 3,716,078 | 986 |
| *,1 | Lake Resources NL | 10,707,296 | 946 |
| St Barbara Ltd. | 6,363,871 | 907 | |
| *,1 | Argosy Minerals Ltd. | 9,847,470 | 903 |
| 1 | Humm Group Ltd. | 2,670,191 | 901 |
| *,1 | Novonix Ltd. | 1,768,371 | 873 |
| Jupiter Mines Ltd. | 7,668,459 | 863 | |
| * | Pact Group Holdings Ltd. | 1,420,127 | 828 |
| *,1 | BrainChip Holdings Ltd. | 6,871,365 | 792 |
| *,1 | Australian Strategic Materials Ltd. | 911,613 | 788 |
| *,1 | Paradigm Biopharmaceuticals Ltd. | 2,117,667 | 612 |
| *,1 | Jervois Global Ltd. | 20,431,993 | 611 |
| *,1 | Appen Ltd. | 1,339,474 | 573 |
| *,1 | Neometals Ltd. | 3,746,652 | 536 |
| * | Navigator Global Investments Ltd. | 525,896 | 455 |
| *,1 | Bubs Australia Ltd. | 5,079,742 | 449 |
| *,1 | Andromeda Metals Ltd. | 21,412,926 | 365 |
| *,3 | Firefinch Ltd. | 8,031,301 | 328 |
| 12,280,692 | |||
| Austria (0.3%) | |||
| Erste Group Bank AG | 2,492,776 | 100,970 | |
| OMV AG | 1,152,833 | 50,578 | |
| Verbund AG | 538,219 | 49,878 | |
| ANDRITZ AG | 563,282 | 35,043 | |
| 2 | BAWAG Group AG | 649,437 | 34,369 |
| Wienerberger AG | 862,758 | 28,746 | |
| voestalpine AG | 903,055 | 28,434 | |
| Raiffeisen Bank International AG | 1,043,806 | 21,510 | |
| CA Immobilien Anlagen AG | 305,303 | 10,942 | |
| 1 | Mayr Melnhof Karton AG | 70,205 | 9,822 |
| 1 | Oesterreichische Post AG | 271,560 | 9,793 |
10
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| Telekom Austria AG | 1,123,315 | 9,481 | |
| 1 | EVN AG | 292,469 | 9,176 |
| Vienna Insurance Group AG Wiener Versicherung Gruppe | 311,942 | 9,119 | |
| DO & CO AG | 54,512 | 8,097 | |
| UNIQA Insurance Group AG | 914,985 | 7,532 | |
| * | Lenzing AG | 154,754 | 6,067 |
| * | IMMOFINANZ AG | 257,264 | 5,975 |
| 1 | AT&S Austria Technologie & Systemtechnik AG | 202,757 | 5,878 |
| Strabag SE | 100,614 | 4,599 | |
| Schoeller-Bleckmann Oilfield Equipment AG | 85,863 | 4,187 | |
| Palfinger AG | 109,397 | 3,040 | |
| Flughafen Wien AG | 43,609 | 2,452 | |
| Porr AG | 98,955 | 1,387 | |
| Agrana Beteiligungs AG | 84,876 | 1,321 | |
| *,1 | Eurotelesites AG | 273,661 | 1,100 |
| * | S IMMO AG (XWBO) | 41,656 | 574 |
| 460,070 | |||
| Belgium (0.9%) | |||
| Anheuser-Busch InBev SA | 7,040,455 | 454,448 | |
| * | Argenx SE | 481,229 | 183,044 |
| KBC Group NV | 1,999,029 | 129,736 | |
| UCB SA | 983,438 | 85,728 | |
| * | Syensqo SA | 565,359 | 58,830 |
| Ageas SA | 1,337,034 | 58,122 | |
| Groupe Bruxelles Lambert NV | 736,908 | 58,034 | |
| Umicore SA | 1,663,272 | 45,751 | |
| Warehouses De Pauw CVA | 1,362,217 | 42,880 | |
| Elia Group SA | 306,125 | 38,319 | |
| D'ieteren Group | 180,774 | 35,362 | |
| Sofina SA | 139,711 | 34,833 | |
| Ackermans & van Haaren NV | 180,523 | 31,671 | |
| Lotus Bakeries NV | 3,262 | 29,648 | |
| Aedifica SA | 381,475 | 26,811 | |
| Cofinimmo SA | 277,240 | 21,849 | |
| Colruyt Group N.V | 394,207 | 17,782 | |
| Solvay SA | 565,359 | 17,328 | |
| Melexis NV | 164,678 | 16,597 | |
| Euronav NV | 867,698 | 15,324 | |
| Bekaert SA | 290,208 | 14,916 | |
| KBC Ancora | 282,497 | 12,965 | |
| Montea NV | 130,460 | 12,402 | |
| Proximus SADP | 1,144,610 | 10,761 | |
| Barco NV | 574,215 | 10,502 | |
| Shurgard Self Storage Ltd. (XBRU) | 202,946 | 10,053 | |
| VGP NV | 80,923 | 9,377 | |
| Fagron | 472,363 | 8,676 | |
| Shares | Market Value• ($000) | ||
| Xior Student Housing NV | 253,977 | 8,347 | |
| Gimv NV | 161,143 | 7,891 | |
| Retail Estates NV | 99,391 | 7,094 | |
| Deme Group NV | 55,516 | 6,828 | |
| Tessenderlo Group SA | 186,422 | 5,819 | |
| Kinepolis Group NV | 111,662 | 5,515 | |
| * | Ontex Group NV | 509,156 | 4,279 |
| bpost SA | 803,846 | 4,144 | |
| Van de Velde NV | 48,441 | 1,806 | |
| * | AGFA-Gevaert NV | 972,016 | 1,579 |
| Wereldhave Belgium Comm VA | 20,290 | 1,081 | |
| 1,546,132 | |||
| Canada (9.5%) | |||
| Royal Bank of Canada | 11,412,891 | 1,154,166 | |
| Toronto-Dominion Bank | 14,797,394 | 956,155 | |
| * | Shopify Inc. Class A | 9,232,722 | 718,801 |
| Enbridge Inc. | 17,197,050 | 619,070 | |
| Canadian Pacific Kansas City Ltd. | 7,556,861 | 597,910 | |
| Canadian National Railway Co. | 4,736,201 | 595,309 | |
| Bank of Montreal | 5,861,990 | 580,028 | |
| Canadian Natural Resources Ltd. | 8,701,792 | 570,094 | |
| Brookfield Corp. | 12,222,879 | 490,280 | |
| 1 | Bank of Nova Scotia | 9,803,323 | 477,200 |
| Constellation Software Inc. | 161,081 | 399,377 | |
| Alimentation Couche-Tard Inc. | 6,023,496 | 354,714 | |
| Canadian Imperial Bank of Commerce | 7,348,546 | 353,826 | |
| Suncor Energy Inc. | 10,596,158 | 339,464 | |
| Manulife Financial Corp. | 14,887,819 | 328,980 | |
| 1 | TC Energy Corp. | 8,376,683 | 327,216 |
| Waste Connections Inc. | 2,086,350 | 311,539 | |
| Sun Life Financial Inc. | 4,762,678 | 247,003 | |
| Nutrien Ltd. | 4,035,354 | 227,342 | |
| Intact Financial Corp. | 1,444,771 | 222,279 | |
| 1 | National Bank of Canada | 2,727,232 | 207,879 |
| Agnico Eagle Mines Ltd. | 3,723,700 | 204,163 | |
| Restaurant Brands International Inc. | 2,499,991 | 195,332 | |
| Barrick Gold Corp. | 10,708,649 | 193,476 | |
| Thomson Reuters Corp. | 1,269,190 | 185,563 | |
| Wheaton Precious Metals Corp. | 3,674,268 | 181,266 | |
| * | CGI Inc. | 1,680,955 | 180,077 |
| Cenovus Energy Inc. | 10,637,176 | 177,253 | |
| Franco-Nevada Corp. | 1,548,593 | 171,531 | |
11
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| 1 | Fortis Inc. (XTSE) | 3,935,104 | 161,883 |
| Fairfax Financial Holdings Ltd. | 175,427 | 161,851 | |
| Dollarama Inc. | 2,193,001 | 158,039 | |
| Teck Resources Ltd. Class B | 3,686,892 | 155,845 | |
| Pembina Pipeline Corp. | 4,463,792 | 153,683 | |
| Cameco Corp. | 3,512,850 | 151,458 | |
| WSP Global Inc. | 952,328 | 133,493 | |
| Magna International Inc. | 2,160,839 | 127,672 | |
| 1 | Power Corp. of Canada | 4,327,768 | 123,753 |
| Loblaw Cos. Ltd. | 1,224,852 | 118,580 | |
| Tourmaline Oil Corp. | 2,324,441 | 104,534 | |
| RB Global Inc. | 1,467,482 | 98,201 | |
| Metro Inc. | 1,892,842 | 97,981 | |
| BCE Inc. | 2,462,241 | 96,944 | |
| Open Text Corp. | 2,173,938 | 91,368 | |
| TFI International Inc. | 666,372 | 90,643 | |
| Brookfield Asset Management Ltd. Class A | 2,198,094 | 88,285 | |
| Emera Inc. | 2,220,050 | 84,275 | |
| Imperial Oil Ltd. | 1,381,586 | 78,701 | |
| 2 | Hydro One Ltd. | 2,566,226 | 76,887 |
| 1 | ARC Resources Ltd. | 4,939,440 | 73,325 |
| Great-West Lifeco Inc. | 2,204,501 | 72,970 | |
| Stantec Inc. | 904,332 | 72,603 | |
| TELUS Corp. | 3,918,750 | 69,736 | |
| George Weston Ltd. | 546,889 | 67,894 | |
| Barrick Gold Corp. (XLON) | 3,561,990 | 63,793 | |
| Kinross Gold Corp. | 9,962,606 | 60,300 | |
| * | Descartes Systems Group Inc. | 686,179 | 57,652 |
| Toromont Industries Ltd. | 656,148 | 57,491 | |
| iA Financial Corp. Inc. | 836,743 | 57,042 | |
| GFL Environmental Inc. | 1,599,801 | 55,188 | |
| TMX Group Ltd. | 2,251,827 | 54,467 | |
| West Fraser Timber Co. Ltd. | 626,857 | 53,629 | |
| Element Fleet Management Corp. | 3,190,471 | 51,912 | |
| * | CAE Inc. | 2,391,088 | 51,609 |
| FirstService Corp. | 310,226 | 50,255 | |
| 1 | Canadian Apartment Properties REIT | 1,353,028 | 49,830 |
| Pan American Silver Corp. | 2,935,482 | 47,919 | |
| AltaGas Ltd. | 2,258,016 | 47,408 | |
| Gildan Activewear Inc. | 1,412,656 | 46,717 | |
| SNC-Lavalin Group Inc. | 1,423,257 | 45,822 |
| Shares | Market Value• ($000) | ||
| Canadian Tire Corp. Ltd. Class A | 428,261 | 45,481 | |
| Lundin Mining Corp. | 5,545,242 | 45,365 | |
| Keyera Corp. | 1,851,958 | 44,767 | |
| *,1 | Ivanhoe Mines Ltd. Class A | 4,585,201 | 44,466 |
| Alamos Gold Inc. Class A | 3,210,143 | 43,172 | |
| * | MEG Energy Corp. | 2,315,694 | 41,366 |
| Saputo Inc. | 1,978,814 | 40,068 | |
| Onex Corp. | 553,649 | 38,662 | |
| 1 | Northland Power Inc. | 2,053,332 | 37,299 |
| First Quantum Minerals Ltd. | 4,514,979 | 36,970 | |
| 1 | Boyd Group Services Inc. | 173,109 | 36,383 |
| Parkland Corp. | 1,107,578 | 35,700 | |
| Finning International Inc. | 1,218,115 | 35,227 | |
| 1 | Algonquin Power & Utilities Corp. | 5,544,733 | 34,983 |
| 1 | Brookfield Infrastructure Corp. Class A | 964,889 | 34,036 |
| 1 | RioCan REIT | 2,416,125 | 33,952 |
| B2Gold Corp. | 10,421,413 | 32,954 | |
| 1 | Colliers International Group Inc. | 252,661 | 31,958 |
| 1 | Brookfield Renewable Corp. Class A (XTSE) | 1,081,084 | 31,118 |
| 1 | PrairieSky Royalty Ltd. | 1,724,141 | 30,188 |
| Crescent Point Energy Corp. | 4,329,565 | 30,028 | |
| * | Bombardier Inc. Class B | 693,527 | 27,850 |
| Granite REIT | 483,133 | 27,813 | |
| * | ATS Corp. | 644,863 | 27,794 |
| * | Celestica Inc. | 946,203 | 27,714 |
| Stella-Jones Inc. | 474,125 | 27,595 | |
| 1 | Capital Power Corp. | 946,385 | 27,026 |
| Enerplus Corp. | 1,723,614 | 26,419 | |
| 1 | Methanex Corp. | 544,199 | 25,743 |
| * | Kinaxis Inc. | 227,067 | 25,484 |
| * | Lightspeed Commerce Inc. | 1,128,388 | 23,691 |
| 1 | Choice Properties REIT | 2,074,875 | 21,844 |
| 1 | Premium Brands Holdings Corp. | 301,581 | 21,401 |
| 1 | Osisko Gold Royalties Ltd. | 1,497,258 | 21,368 |
| 1 | Dream Industrial REIT | 1,997,518 | 21,045 |
| * | Bausch Health Cos. Inc. | 2,579,672 | 20,695 |
| 1 | BRP Inc. | 282,836 | 20,240 |
| * | Air Canada | 1,424,121 | 20,087 |
| 1 | SmartCentres REIT | 1,059,736 | 19,906 |
| 1 | First Capital REIT | 1,713,475 | 19,837 |
| * | Eldorado Gold Corp. | 1,501,919 | 19,496 |
12
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| Primo Water Corp. | 1,270,983 | 19,146 | |
| TransAlta Corp. | 2,252,348 | 18,732 | |
| 1 | Baytex Energy Corp. | 5,563,022 | 18,389 |
| SSR Mining Inc. | 1,674,146 | 17,966 | |
| 1 | Tricon Residential Inc. | 1,967,430 | 17,907 |
| Atco Ltd. Class I | 608,897 | 17,770 | |
| Canadian Western Bank | 761,474 | 17,740 | |
| 1 | Gibson Energy Inc. | 1,156,631 | 17,571 |
| * | Capstone Copper Corp. | 3,574,350 | 17,399 |
| 1 | IGM Financial Inc. | 658,443 | 17,397 |
| Russel Metals Inc. | 503,554 | 17,113 | |
| Definity Financial Corp. | 597,661 | 16,932 | |
| Chartwell Retirement Residences | 1,904,477 | 16,845 | |
| Boralex Inc. Class A | 658,872 | 16,747 | |
| Linamar Corp. | 344,747 | 16,656 | |
| 1 | Boardwalk REIT | 303,060 | 16,317 |
| 1 | H&R REIT | 2,148,322 | 16,051 |
| 1 | Whitecap Resources Inc. | 2,397,557 | 16,049 |
| Parex Resources Inc. | 841,890 | 15,852 | |
| 1 | Vermilion Energy Inc. | 1,306,494 | 15,746 |
| 1 | Allied Properties REIT | 1,027,259 | 15,645 |
| * | BlackBerry Ltd. | 4,272,539 | 15,155 |
| *,1 | Aritzia Inc. | 729,496 | 15,140 |
| 1 | First Majestic Silver Corp. | 2,314,531 | 14,201 |
| 1 | CI Financial Corp. | 1,238,259 | 13,887 |
| Stelco Holdings Inc. | 349,017 | 13,220 | |
| 2 | Nuvei Corp. | 502,101 | 13,191 |
| * | Shopify Inc. Class A (XTSE) | 165,520 | 12,894 |
| Paramount Resources Ltd. Class A | 612,257 | 11,981 | |
| Maple Leaf Foods Inc. | 602,317 | 11,473 | |
| North West Co. Inc. | 382,398 | 11,333 | |
| Topaz Energy Corp. | 749,598 | 10,964 | |
| OceanaGold Corp. | 5,668,849 | 10,867 | |
| Centerra Gold Inc. | 1,759,684 | 10,505 | |
| Lundin Gold Inc. | 835,632 | 10,431 | |
| 1 | Superior Plus Corp. | 1,434,884 | 10,428 |
| * | Equinox Gold Corp. | 2,129,930 | 10,352 |
| Hudbay Minerals Inc. | 1,859,073 | 10,228 | |
| Quebecor Inc. Class B | 413,979 | 9,848 | |
| * | IAMGOLD Corp. | 3,855,267 | 9,718 |
| Enghouse Systems Ltd. | 355,488 | 9,417 | |
| 1 | Innergex Renewable Energy Inc. | 1,244,026 | 8,628 |
| 1 | Primaris REIT | 775,979 | 8,082 |
| Winpak Ltd. | 248,272 | 7,663 | |
| * | Torex Gold Resources Inc. | 691,275 | 7,627 |
| Shares | Market Value• ($000) | ||
| *,1 | Ballard Power Systems Inc. | 2,046,132 | 7,582 |
| Mullen Group Ltd. | 708,819 | 7,511 | |
| Laurentian Bank of Canada | 351,269 | 7,388 | |
| * | Novagold Resources Inc. | 1,951,050 | 7,289 |
| 1 | Cascades Inc. | 757,120 | 7,274 |
| 1 | NorthWest Healthcare Properties REIT | 1,710,235 | 6,660 |
| 1 | Westshore Terminals Investment Corp. | 317,612 | 6,573 |
| * | Canfor Corp. | 480,977 | 6,479 |
| 1 | Cargojet Inc. | 69,188 | 6,222 |
| 1 | Transcontinental Inc. Class A | 584,657 | 6,045 |
| *,1 | Lithium Americas Corp. | 782,056 | 5,017 |
| *,1 | Lithium Americas Argentina Corp. | 782,056 | 4,928 |
| *,1 | Canada Goose Holdings Inc. | 408,425 | 4,852 |
| 1 | Dye & Durham Ltd. | 377,516 | 4,091 |
| First National Financial Corp. | 135,781 | 3,933 | |
| Cogeco Communications Inc. | 76,544 | 3,428 | |
| *,1 | Cronos Group Inc. | 1,626,883 | 3,401 |
| 17,111,998 | |||
| Denmark (2.6%) | |||
| Novo Nordisk A/S Class B | 25,477,489 | 2,640,262 | |
| * | Vestas Wind Systems A/S | 8,191,765 | 259,202 |
| DSV A/S | 1,420,698 | 249,626 | |
| * | Genmab A/S | 530,967 | 169,300 |
| Danske Bank A/S | 5,389,307 | 144,063 | |
| Coloplast A/S Class B | 1,009,461 | 115,347 | |
| Carlsberg A/S Class B | 752,402 | 94,415 | |
| Pandora A/S | 660,322 | 91,293 | |
| Novozymes A/S Class B | 1,622,945 | 89,219 | |
| 2 | Orsted A/S | 1,532,277 | 84,944 |
| AP Moller - Maersk A/S Class B | 39,665 | 71,398 | |
| Chr Hansen Holding A/S | 834,357 | 69,975 | |
| Tryg A/S | 2,809,219 | 61,135 | |
| AP Moller - Maersk A/S Class A | 22,211 | 39,453 | |
| * | Demant A/S | 788,602 | 34,588 |
| Ringkjoebing Landbobank A/S | 221,877 | 32,587 | |
| * | NKT A/S | 438,797 | 30,164 |
| * | GN Store Nord A/S | 1,181,590 | 30,067 |
| Jyske Bank A/S (Registered) | 375,095 | 26,897 | |
| Royal Unibrew A/S | 402,422 | 26,884 | |
13
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| * | Zealand Pharma A/S | 475,182 | 26,285 |
| ISS A/S | 1,244,263 | 23,765 | |
| * | Ambu A/S Class B | 1,481,321 | 23,077 |
| ROCKWOOL A/S Class B | 71,268 | 20,851 | |
| Sydbank A/S | 457,744 | 19,909 | |
| FLSmidth & Co. A/S | 458,916 | 19,528 | |
| Topdanmark A/S | 346,598 | 16,551 | |
| * | ALK-Abello A/S | 1,069,916 | 16,045 |
| * | Bavarian Nordic A/S | 507,151 | 13,330 |
| Alm Brand A/S | 6,850,651 | 12,111 | |
| H Lundbeck A/S | 2,099,919 | 10,195 | |
| Spar Nord Bank A/S | 641,892 | 10,138 | |
| *,1,2 | Netcompany Group A/S | 268,105 | 8,954 |
| D/S Norden A/S | 178,430 | 8,486 | |
| Schouw & Co. A/S | 100,627 | 8,244 | |
| Dfds A/S | 247,303 | 8,167 | |
| 2 | Scandinavian Tobacco Group A/S | 437,160 | 7,596 |
| Torm plc Class A | 242,440 | 7,338 | |
| Chemometec A/S | 126,988 | 7,297 | |
| * | NTG Nordic Transport Group A/S | 130,324 | 5,677 |
| H Lundbeck A/S Shares A | 448,123 | 1,907 | |
| 4,636,270 | |||
| Finland (0.9%) | |||
| Nordea Bank Abp (XHEL) | 27,790,468 | 345,015 | |
| UPM-Kymmene OYJ | 4,326,798 | 163,210 | |
| Sampo OYJ Class A | 3,649,329 | 159,886 | |
| Nokia OYJ | 42,225,187 | 143,816 | |
| Kone OYJ Class B | 2,651,846 | 132,648 | |
| Neste OYJ | 3,387,715 | 120,433 | |
| Stora Enso OYJ Class R | 4,652,229 | 64,459 | |
| Wartsila OYJ Abp | 3,948,827 | 57,390 | |
| Elisa OYJ | 1,157,894 | 53,528 | |
| Metso OYJ | 5,198,027 | 52,770 | |
| Fortum OYJ | 3,536,148 | 51,077 | |
| Kesko OYJ Class B | 2,202,610 | 43,664 | |
| Valmet OYJ | 1,340,220 | 38,756 | |
| Orion OYJ Class B | 846,852 | 36,695 | |
| Huhtamaki OYJ | 757,142 | 30,732 | |
| Konecranes OYJ | 581,019 | 26,211 | |
| Cargotec OYJ Class B | 357,840 | 20,874 | |
| TietoEVRY OYJ (XHEL) | 826,801 | 19,696 | |
| Kojamo OYJ | 1,404,847 | 18,441 | |
| * | Mandatum OYJ | 3,881,499 | 17,400 |
| Kemira OYJ | 929,821 | 17,248 | |
| Outokumpu OYJ | 2,974,063 | 14,757 | |
| *,1 | QT Group OYJ | 160,789 | 11,478 |
| Metsa Board OYJ Class B | 1,405,242 | 11,182 | |
| Nokian Renkaat OYJ | 999,777 | 9,137 | |
| Tokmanni Group Corp. | 397,281 | 6,419 | |
| Shares | Market Value• ($000) | ||
| Revenio Group OYJ | 191,357 | 5,735 | |
| 2 | Terveystalo OYJ | 630,482 | 5,392 |
| Sanoma OYJ | 608,672 | 4,666 | |
| Citycon OYJ | 625,850 | 3,593 | |
| * | Finnair OYJ | 67,113,073 | 2,952 |
| YIT OYJ | 1,275,049 | 2,791 | |
| Raisio OYJ Class V | 991,296 | 2,164 | |
| F-Secure OYJ | 848,223 | 1,908 | |
| 1,696,123 | |||
| France (9.0%) | |||
| LVMH Moet Hennessy Louis Vuitton SE | 2,013,791 | 1,636,280 | |
| TotalEnergies SE | 17,888,841 | 1,216,424 | |
| Sanofi SA | 8,859,868 | 880,430 | |
| Schneider Electric SE | 4,342,931 | 874,259 | |
| Airbus SE | 4,765,717 | 736,248 | |
| Hermes International SCA | 278,160 | 591,233 | |
| BNP Paribas SA | 8,486,385 | 589,343 | |
| L'Oreal SA Loyalty Shares | 1,077,995 | 537,381 | |
| Vinci SA | 4,027,804 | 506,880 | |
| EssilorLuxottica SA | 2,477,297 | 497,438 | |
| Safran SA | 2,771,680 | 488,676 | |
| AXA SA | 14,444,619 | 471,710 | |
| Air Liquide SA Loyalty Shares | 2,317,116 | 451,132 | |
| Danone SA | 5,070,858 | 328,990 | |
| Pernod Ricard SA | 1,659,103 | 293,200 | |
| L'Oreal SA (XPAR) | 572,950 | 285,616 | |
| Air Liquide SA (XPAR) | 1,462,666 | 284,774 | |
| Cie de Saint-Gobain SA | 3,756,779 | 277,052 | |
| Capgemini SE | 1,309,967 | 273,772 | |
| Dassault Systemes SE | 5,444,420 | 266,490 | |
| STMicroelectronics NV | 5,299,752 | 265,830 | |
| Kering SA | 583,980 | 258,644 | |
| Legrand SA | 2,090,215 | 217,667 | |
| Cie Generale des Etablissements Michelin SCA | 5,690,584 | 204,443 | |
| Orange SA | 15,574,131 | 177,509 | |
| Publicis Groupe SA | 1,857,822 | 172,614 | |
| Veolia Environnement SA | 5,172,124 | 163,474 | |
| Societe Generale SA | 6,044,386 | 160,813 | |
| Engie SA Loyalty Shares | 7,440,768 | 131,079 | |
| Credit Agricole SA | 8,927,756 | 126,923 | |
| Edenred SE | 2,023,381 | 121,089 | |
| Thales SA | 801,946 | 118,746 | |
| Engie SA (XPAR) | 5,424,031 | 95,551 | |
| Carrefour SA | 4,422,485 | 80,996 | |
| L'Oreal SA | 148,958 | 74,256 | |
| Teleperformance SE | 470,397 | 68,870 | |
| Eiffage SA | 630,973 | 67,735 | |
14
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| Eurofins Scientific SE | 994,108 | 64,848 | |
| Bouygues SA | 1,716,555 | 64,764 | |
| Renault SA | 1,555,341 | 63,613 | |
| *,1 | Unibail-Rodamco-Westfield | 836,407 | 61,864 |
| Bureau Veritas SA | 2,317,402 | 58,630 | |
| 2 | Euronext NV | 661,121 | 57,456 |
| Accor SA | 1,494,364 | 57,198 | |
| Vivendi SE | 5,169,014 | 55,334 | |
| Arkema SA | 467,806 | 53,292 | |
| Rexel SA | 1,934,752 | 53,102 | |
| Getlink SE | 2,853,703 | 52,265 | |
| Sartorius Stedim Biotech | 194,869 | 51,676 | |
| Gecina SA | 418,463 | 50,943 | |
| Air Liquide SA PF 2025 | 256,252 | 49,891 | |
| Klepierre SA | 1,669,521 | 45,579 | |
| Bollore SE | 7,061,638 | 44,190 | |
| L'Oreal SA Loyalty Line 2024 | 82,735 | 41,243 | |
| Sodexo SA ACT Loyalty Shares | 372,569 | 41,016 | |
| BioMerieux | 348,815 | 38,809 | |
| Gaztransport Et Technigaz SA | 282,289 | 37,394 | |
| Dassault Aviation SA | 183,885 | 36,433 | |
| * | SOITEC | 201,554 | 36,067 |
| SCOR SE | 1,225,812 | 35,918 | |
| Alten SA | 240,791 | 35,875 | |
| *,2 | Worldline SA | 1,992,749 | 34,654 |
| Aeroports de Paris SA | 259,751 | 33,704 | |
| Ipsen SA | 278,297 | 33,198 | |
| SPIE SA | 1,041,356 | 32,596 | |
| 2 | Amundi SA | 461,470 | 31,477 |
| Alstom SA | 2,316,773 | 31,242 | |
| Elis SA | 1,472,069 | 30,768 | |
| 2 | La Francaise des Jeux SAEM | 808,910 | 29,384 |
| * | Forvia SE | 1,287,793 | 29,172 |
| Air Liquide SA Loyalty Line 2024 | 143,409 | 27,921 | |
| Valeo SE | 1,686,934 | 26,073 | |
| Technip Energies NV | 1,105,042 | 25,794 | |
| Sopra Steria Group SACA | 116,048 | 25,417 | |
| Sodexo SA (XPAR) | 224,462 | 24,711 | |
| Covivio SA | 432,285 | 23,261 | |
| Remy Cointreau SA | 179,363 | 22,879 | |
| Nexans SA | 255,672 | 22,431 | |
| 2 | Verallia SA | 567,461 | 21,862 |
| * | Ubisoft Entertainment SA | 840,123 | 21,476 |
| * | Vallourec SACA | 1,337,758 | 20,780 |
| Wendel SE | 224,557 | 20,037 | |
| IPSOS SA | 309,962 | 19,462 | |
| SES SA | 2,901,760 | 19,108 | |
| Rubis SCA | 760,720 | 18,925 | |
| 2 | Neoen SA | 552,225 | 18,492 |
| Shares | Market Value• ($000) | ||
| SEB SA Loyalty Shares | 126,015 | 15,780 | |
| Eurazeo SE Prime DE Fidelite | 193,320 | 15,372 | |
| Engie SA PF 2025 | 834,909 | 14,708 | |
| Virbac SACA | 35,099 | 13,986 | |
| * | Air France-KLM | 924,434 | 13,911 |
| Societe BIC SA | 195,061 | 13,546 | |
| * | JCDecaux SE | 589,958 | 11,871 |
| 2 | ALD SA | 1,590,934 | 11,360 |
| Coface SA | 855,484 | 11,211 | |
| Trigano SA | 64,908 | 10,656 | |
| ICADE | 263,135 | 10,328 | |
| Eurazeo SE (XPAR) | 126,497 | 10,058 | |
| Imerys SA | 316,697 | 9,986 | |
| Engie SA Loyalty Line 2024 | 553,090 | 9,743 | |
| * | SES-imagotag SA | 62,932 | 9,453 |
| Interparfums SA | 153,425 | 8,544 | |
| Mercialys SA | 716,225 | 7,872 | |
| Carmila SA | 455,556 | 7,846 | |
| ARGAN SA | 80,044 | 7,537 | |
| Metropole Television SA | 522,279 | 7,464 | |
| SEB SA (XPAR) | 56,193 | 7,037 | |
| * | ID Logistics Group SACA | 20,545 | 6,944 |
| Television Francaise 1 SA | 849,576 | 6,696 | |
| Nexity SA | 345,436 | 6,438 | |
| *,1 | Atos SE | 790,128 | 6,171 |
| Eramet SA | 77,842 | 6,167 | |
| Cie Plastic Omnium SE | 438,182 | 5,814 | |
| Quadient SA | 268,493 | 5,707 | |
| 1 | Mersen SA | 137,054 | 5,330 |
| *,1 | Eutelsat Communications SACA | 1,111,783 | 5,227 |
| Cie de L'Odet SE | 3,072 | 4,937 | |
| *,2 | X-Fab Silicon Foundries SE | 429,254 | 4,834 |
| PEUGEOT INVEST | 43,061 | 4,827 | |
| Vicat SACA | 122,025 | 4,432 | |
| Sodexo Prime De Fidelite 2026 | 39,000 | 4,293 | |
| Derichebourg SA | 753,479 | 4,242 | |
| *,1 | Valneva SE | 800,972 | 4,182 |
| Sodexo Prime De Fidelite 2027 | 37,444 | 4,122 | |
| Eurazeo SE PF 2025 | 49,881 | 3,966 | |
| Beneteau SACA | 282,877 | 3,903 | |
| * | CGG SA | 5,889,141 | 3,889 |
| Vetoquinol SA | 30,410 | 3,440 | |
| * | Voltalia SA (Registered) | 296,467 | 3,415 |
| Antin Infrastructure Partners SA | 214,007 | 3,257 | |
| *,1,2 | Elior Group SA | 933,414 | 3,033 |
| Etablissements Maurel et Prom SA | 427,935 | 2,870 |
15
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| Altarea SCA | 32,343 | 2,862 | |
| Fnac Darty SA | 87,396 | 2,657 | |
| Manitou BF SA | 102,096 | 2,617 | |
| Sodexo Inc. | 22,289 | 2,454 | |
| Lagardere SA | 119,252 | 2,422 | |
| * | Euroapi SA | 372,744 | 2,363 |
| Jacquet Metals SACA | 100,866 | 2,185 | |
| *,1 | OVH Groupe SAS | 229,158 | 2,184 |
| GL Events SACA | 99,788 | 2,163 | |
| Lisi SA | 73,787 | 1,926 | |
| Equasens | 28,095 | 1,897 | |
| Boiron SA | 42,518 | 1,894 | |
| 1 | Clariane SE | 576,733 | 1,531 |
| Eurazeo SE Prime Fidelite 2024 | 16,261 | 1,293 | |
| Bonduelle SCA | 104,031 | 1,259 | |
| *,2 | SMCP SA | 329,050 | 1,245 |
| Sodexo SA Loyalty Shares 2025 | 11,102 | 1,222 | |
| * | Believe SA | 102,436 | 1,190 |
| LISI (XPAR) | 38,168 | 996 | |
| 2 | Maisons du Monde SA | 141,135 | 885 |
| *,1,2 | Aramis Group SAS | 146,609 | 705 |
| *,1 | Casino Guichard Perrachon SA | 301,325 | 261 |
| Lisi SA Prime De Fidelite | 3,549 | 93 | |
| 16,210,500 | |||
| Germany (6.5%) | |||
| SAP SE | 8,929,079 | 1,374,378 | |
| Siemens AG (Registered) | 6,067,830 | 1,138,382 | |
| Allianz SE (Registered) | 3,230,777 | 863,397 | |
| Deutsche Telekom AG (Registered) | 27,542,742 | 662,219 | |
| Mercedes-Benz Group AG | 6,991,790 | 482,419 | |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 1,110,931 | 460,830 | |
| Infineon Technologies AG | 10,608,321 | 443,031 | |
| BASF SE | 7,239,826 | 389,843 | |
| Deutsche Post AG | 7,667,347 | 379,504 | |
| Deutsche Boerse AG | 1,495,550 | 307,986 | |
| Bayer AG (Registered) | 8,002,967 | 296,941 | |
| Bayerische Motoren Werke AG (XETR) | 2,531,260 | 281,658 | |
| adidas AG | 1,343,536 | 273,016 | |
| RWE AG | 5,795,246 | 263,758 | |
| E.ON SE | 18,029,783 | 242,231 | |
| Deutsche Bank AG (Registered) | 16,239,426 | 221,686 | |
| 1 | Vonovia SE | 5,664,639 | 177,993 |
| Merck KGaA | 1,051,718 | 167,449 | |
| Shares | Market Value• ($000) | ||
| Daimler Truck Holding AG | 4,317,910 | 162,198 | |
| 2 | Siemens Healthineers AG | 2,251,699 | 130,731 |
| Beiersdorf AG | 811,054 | 121,459 | |
| Hannover Rueck SE | 487,291 | 116,513 | |
| Symrise AG | 1,060,090 | 116,499 | |
| Rheinmetall AG | 353,176 | 112,005 | |
| Fresenius SE & Co. KGaA | 3,348,451 | 103,787 | |
| Heidelberg Materials AG | 1,133,020 | 101,279 | |
| Brenntag SE | 1,097,354 | 100,855 | |
| Commerzbank AG | 8,465,852 | 100,623 | |
| MTU Aero Engines AG | 437,683 | 94,297 | |
| *,2 | Covestro AG | 1,547,613 | 90,182 |
| * | QIAGEN NV | 1,787,308 | 77,706 |
| Continental AG | 878,267 | 74,592 | |
| Fresenius Medical Care AG | 1,652,093 | 69,071 | |
| Henkel AG & Co. KGaA (XTER) | 814,998 | 58,475 | |
| GEA Group AG | 1,398,340 | 58,135 | |
| *,1 | Siemens Energy AG | 4,398,084 | 58,126 |
| * | LEG Immobilien SE (XETR) | 603,558 | 52,817 |
| Puma SE | 810,470 | 45,086 | |
| *,2 | Delivery Hero SE | 1,605,675 | 44,193 |
| * | Deutsche Lufthansa AG (Registered) | 4,870,372 | 43,299 |
| 2 | Scout24 SE | 601,942 | 42,564 |
| *,2 | Zalando SE | 1,774,617 | 42,013 |
| Nemetschek SE | 438,597 | 37,866 | |
| AIXTRON SE | 862,469 | 36,722 | |
| Knorr-Bremse AG | 535,898 | 34,611 | |
| HUGO BOSS AG | 460,990 | 34,344 | |
| Evonik Industries AG | 1,663,507 | 33,984 | |
| Bechtle AG | 666,706 | 33,394 | |
| CTS Eventim AG & Co. KGaA | 478,553 | 33,099 | |
| Carl Zeiss Meditec AG (Bearer) | 299,207 | 32,570 | |
| Talanx AG | 432,713 | 30,924 | |
| Volkswagen AG | 234,192 | 30,645 | |
| * | Evotec SE | 1,281,155 | 30,047 |
| Rational AG | 38,734 | 29,889 | |
| Gerresheimer AG | 281,642 | 29,301 | |
| thyssenkrupp AG | 4,015,424 | 27,933 | |
| Freenet AG | 966,396 | 27,048 | |
| KION Group AG | 586,435 | 25,029 | |
| K&S AG (Registered) | 1,553,412 | 24,524 | |
| LANXESS AG | 705,817 | 22,077 | |
| * | HelloFresh SE | 1,318,909 | 20,795 |
| Aurubis AG | 246,611 | 20,180 | |
| HOCHTIEF AG | 172,458 | 19,099 | |
| Telefonica Deutschland Holding AG | 7,310,714 | 18,992 | |
| * | TAG Immobilien AG | 1,223,052 | 17,782 |
16
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| * | Fraport AG Frankfurt Airport Services Worldwide | 287,088 | 17,323 |
| *,2 | TeamViewer SE | 1,098,527 | 17,063 |
| 1 | Hella GmbH & Co. KGaA | 184,882 | 16,823 |
| United Internet AG (Registered) | 655,162 | 16,662 | |
| Siltronic AG | 168,542 | 16,454 | |
| *,1 | Encavis AG | 892,708 | 15,355 |
| Wacker Chemie AG | 121,291 | 15,292 | |
| Stroeer SE & Co. KGaA | 253,952 | 15,064 | |
| * | Aroundtown SA | 5,514,119 | 15,028 |
| Krones AG | 117,272 | 14,473 | |
| Stabilus SE | 200,605 | 13,661 | |
| Jenoptik AG | 414,298 | 12,994 | |
| *,1 | Nordex SE | 1,129,478 | 12,961 |
| 2 | Befesa SA | 328,741 | 12,747 |
| 2 | DWS Group GmbH & Co. KGaA | 319,027 | 12,262 |
| 1 | RTL Group SA | 310,308 | 11,985 |
| Sixt SE (XETR) | 107,216 | 11,969 | |
| Hensoldt AG | 427,144 | 11,504 | |
| Fielmann Group AG | 196,493 | 10,537 | |
| Deutsche Wohnen SE | 397,376 | 10,490 | |
| *,1 | MorphoSys AG | 277,972 | 10,466 |
| FUCHS SE | 265,038 | 9,498 | |
| Salzgitter AG | 306,992 | 9,477 | |
| Traton SE | 400,833 | 9,438 | |
| *,2 | Redcare Pharmacy NV | 64,982 | 9,430 |
| Duerr AG | 397,586 | 9,375 | |
| CANCOM SE | 285,163 | 9,304 | |
| * | Grand City Properties SA | 794,707 | 8,918 |
| 1 | Kontron AG | 362,605 | 8,611 |
| * | flatexDEGIRO AG | 678,709 | 8,353 |
| 1 | ProSiebenSat.1 Media SE | 1,352,523 | 8,251 |
| CompuGroup Medical SE & Co. KGaA | 196,499 | 8,225 | |
| Bilfinger SE | 208,240 | 8,008 | |
| Suedzucker AG | 484,628 | 7,593 | |
| * | Vitesco Technologies Group Class A | 73,039 | 7,577 |
| * | METRO AG | 1,062,903 | 7,408 |
| 1&1 AG | 368,223 | 7,365 | |
| Atoss Software AG | 31,611 | 7,291 | |
| *,1 | Nagarro SE | 71,771 | 6,916 |
| 1,2 | Deutsche Pfandbriefbank AG | 997,324 | 6,813 |
| * | Hypoport SE | 34,326 | 6,700 |
| * | Synlab AG | 601,008 | 6,568 |
| Dermapharm Holding SE | 136,724 | 6,393 | |
| GRENKE AG | 208,230 | 5,761 | |
| * | Vitesco Technologies Group AG (XETR) | 65,759 | 5,695 |
| Shares | Market Value• ($000) | ||
| Elmos Semiconductor SE | 68,970 | 5,639 | |
| Sartorius AG | 18,725 | 5,468 | |
| 1 | Verbio Vereinigte Bioenergie AG | 164,506 | 5,430 |
| Deutz AG | 1,021,238 | 5,405 | |
| *,1,2 | Auto1 Group SE | 750,533 | 5,361 |
| Hornbach Holding AG & Co. KGaA | 72,253 | 5,262 | |
| 1 | PNE AG | 340,065 | 5,197 |
| Eckert & Ziegler Strahlen- und Medizintechnik AG | 113,654 | 5,176 | |
| *,1 | Thyssenkrupp Nucera AG & Co. KGaa | 244,380 | 4,979 |
| Energiekontor AG | 54,293 | 4,957 | |
| KWS Saat SE & Co. KGaA | 82,882 | 4,918 | |
| *,1 | SMA Solar Technology AG | 72,437 | 4,852 |
| GFT Technologies SE | 138,192 | 4,755 | |
| Norma Group SE | 255,481 | 4,513 | |
| Kloeckner & Co. SE | 576,033 | 4,368 | |
| * | CECONOMY AG | 1,478,120 | 4,040 |
| *,1 | Varta AG | 176,558 | 4,035 |
| Wacker Neuson SE | 194,684 | 3,925 | |
| Indus Holding AG | 158,554 | 3,909 | |
| Takkt AG | 260,970 | 3,892 | |
| BayWa AG | 110,767 | 3,827 | |
| * | Ionos SE | 190,519 | 3,672 |
| Deutsche Beteiligungs AG | 110,988 | 3,598 | |
| * | Hamburger Hafen und Logistik AG | 188,640 | 3,486 |
| Vossloh AG | 72,140 | 3,343 | |
| 1 | Adesso SE | 27,761 | 3,291 |
| * | Adtran Networks SE | 146,114 | 3,225 |
| *,1 | SGL Carbon SE | 404,770 | 2,911 |
| PATRIZIA SE | 320,197 | 2,890 | |
| STRATEC SE | 57,344 | 2,882 | |
| CropEnergies AG | 183,371 | 2,330 | |
| Deutsche EuroShop AG | 91,692 | 2,291 | |
| Wuestenrot & Wuerttembergische AG | 154,294 | 2,270 | |
| Bertrandt AG | 37,572 | 2,131 | |
| Software AG | 52,072 | 2,073 | |
| New Work SE | 21,461 | 1,863 | |
| *,1 | About You Holding SE | 380,329 | 1,817 |
| 1 | Secunet Security Networks AG | 10,672 | 1,721 |
| 1 | BRANICKS Group AG | 410,937 | 1,534 |
| Basler AG | 114,873 | 1,477 | |
| ElringKlinger AG | 229,017 | 1,396 | |
| Draegerwerk AG & Co. KGaA (XETR) | 24,155 | 1,193 | |
| Synlab AG (XETR) | 24,409 | 308 |
17
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| Hamburger Hafen und Logistik AG (XTER) | 9,928 | 184 | |
| 11,725,956 | |||
| Hong Kong (1.9%) | |||
| AIA Group Ltd. | 93,572,756 | 814,353 | |
| Hong Kong Exchanges & Clearing Ltd. | 10,332,499 | 354,407 | |
| Techtronic Industries Co. Ltd. | 10,679,212 | 127,244 | |
| Sun Hung Kai Properties Ltd. | 11,538,003 | 124,857 | |
| Link REIT | 20,776,237 | 116,660 | |
| CK Hutchison Holdings Ltd. | 21,591,514 | 116,003 | |
| CLP Holdings Ltd. | 13,367,721 | 110,446 | |
| Galaxy Entertainment Group Ltd. | 17,566,879 | 98,390 | |
| Lenovo Group Ltd. | 61,270,312 | 85,744 | |
| CK Asset Holdings Ltd. | 15,802,301 | 79,313 | |
| BOC Hong Kong Holdings Ltd. | 29,157,439 | 79,207 | |
| Hang Seng Bank Ltd. | 5,888,815 | 68,755 | |
| Hong Kong & China Gas Co. Ltd. | 88,815,076 | 68,102 | |
| Jardine Matheson Holdings Ltd. | 1,602,824 | 65,977 | |
| Power Assets Holdings Ltd. | 11,126,073 | 64,506 | |
| * | Sands China Ltd. | 19,569,742 | 57,280 |
| MTR Corp. Ltd. | 11,734,336 | 45,545 | |
| Wharf Real Estate Investment Co. Ltd. | 12,594,940 | 42,577 | |
| 2 | WH Group Ltd. | 63,446,417 | 40,974 |
| *,2 | Samsonite International SA | 10,588,499 | 34,934 |
| Henderson Land Development Co. Ltd. | 10,580,969 | 32,583 | |
| 2 | ESR Group Ltd. | 22,876,954 | 31,638 |
| Hongkong Land Holdings Ltd. | 8,950,308 | 31,130 | |
| Sino Land Co. Ltd. | 27,367,785 | 29,762 | |
| Swire Pacific Ltd. Class A | 3,392,894 | 28,737 | |
| CK Infrastructure Holdings Ltd. | 4,789,059 | 26,504 | |
| 1,2 | Budweiser Brewing Co. APAC Ltd. | 13,820,763 | 25,910 |
| 1 | Wharf Holdings Ltd. | 7,793,898 | 25,108 |
| ASMPT Ltd. | 2,523,901 | 24,067 | |
| PRADA SpA | 4,143,949 | 23,695 | |
| Chow Tai Fook Jewellery Group Ltd. | 14,215,512 | 21,178 | |
| Hang Lung Properties Ltd. | 14,765,093 | 20,528 | |
| Shares | Market Value• ($000) | ||
| 1 | Xinyi Glass Holdings Ltd. | 17,120,536 | 19,229 |
| PCCW Ltd. | 33,820,641 | 18,023 | |
| SITC International Holdings Co. Ltd. | 10,419,736 | 17,985 | |
| 1 | New World Development Co. Ltd. | 11,482,367 | 17,804 |
| Swire Properties Ltd. | 8,496,600 | 17,199 | |
| AAC Technologies Holdings Inc. | 5,487,831 | 16,309 | |
| Orient Overseas International Ltd. | 1,062,527 | 14,839 | |
| * | HUTCHMED China Ltd. | 3,978,045 | 14,622 |
| 2 | BOC Aviation Ltd. | 1,703,867 | 13,041 |
| Pacific Basin Shipping Ltd. | 38,814,261 | 12,773 | |
| Swire Pacific Ltd. Class B | 7,659,458 | 10,029 | |
| *,1 | Wynn Macau Ltd. | 11,920,316 | 9,818 |
| Hysan Development Co. Ltd. | 4,926,079 | 9,779 | |
| Hang Lung Group Ltd. | 7,011,993 | 9,555 | |
| Bank of East Asia Ltd. | 7,724,704 | 9,534 | |
| L'Occitane International SA | 3,259,317 | 9,312 | |
| Kerry Properties Ltd. | 4,826,779 | 8,830 | |
| *,1 | Cathay Pacific Airways Ltd. | 8,098,453 | 8,464 |
| Man Wah Holdings Ltd. | 12,339,903 | 8,463 | |
| VTech Holdings Ltd. | 1,328,519 | 8,022 | |
| * | MGM China Holdings Ltd. | 6,038,409 | 7,659 |
| First Pacific Co. Ltd. | 18,376,433 | 7,323 | |
| *,1 | Cowell e Holdings Inc. | 2,476,722 | 7,316 |
| Luk Fook Holdings International Ltd. | 2,723,653 | 7,312 | |
| Fortune REIT | 11,350,182 | 7,208 | |
| United Laboratories International Holdings Ltd. | 7,863,064 | 7,063 | |
| United Energy Group Ltd. | 60,833,098 | 6,625 | |
| Vitasoy International Holdings Ltd. | 6,417,174 | 6,396 | |
| NWS Holdings Ltd. | 6,723,458 | 6,339 | |
| Yue Yuen Industrial Holdings Ltd. | 5,659,366 | 6,272 | |
| *,1 | SJM Holdings Ltd. | 19,239,247 | 6,085 |
| * | Shangri-La Asia Ltd. | 8,792,314 | 6,041 |
| * | MMG Ltd. | 19,763,153 | 5,844 |
| DFI Retail Group Holdings Ltd. | 2,407,905 | 5,774 | |
| * | Haitong International Securities Group Ltd. | 29,843,295 | 5,769 |
18
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| CITIC Telecom International Holdings Ltd. | 12,047,932 | 5,063 | |
| Johnson Electric Holdings Ltd. | 2,987,627 | 4,745 | |
| Champion REIT | 14,649,036 | 4,598 | |
| * | Melco International Development Ltd. | 6,279,627 | 4,398 |
| * | NagaCorp Ltd. | 11,075,386 | 4,357 |
| Nexteer Automotive Group Ltd. | 6,552,777 | 4,140 | |
| Stella International Holdings Ltd. | 3,427,448 | 4,044 | |
| *,1 | Vobile Group Ltd. | 12,422,230 | 3,835 |
| China Travel International Investment Hong Kong Ltd. | 20,086,609 | 3,448 | |
| Jinchuan Group International Resources Co. Ltd. | 38,724,802 | 3,224 | |
| Giordano International Ltd. | 9,381,774 | 3,172 | |
| Cafe de Coral Holdings Ltd. | 2,676,597 | 3,089 | |
| Dah Sing Financial Holdings Ltd. | 1,480,507 | 3,033 | |
| HKBN Ltd. | 6,774,993 | 3,028 | |
| VSTECS Holdings Ltd. | 5,256,750 | 2,962 | |
| Beijing Tong Ren Tang Chinese Medicine Co. Ltd. | 1,883,616 | 2,933 | |
| * | IGG Inc. | 6,720,344 | 2,791 |
| *,1,2 | Sirnaomics Ltd. | 544,587 | 2,495 |
| Sunlight REIT | 8,844,663 | 2,468 | |
| K Wah International Holdings Ltd. | 9,839,489 | 2,457 | |
| 1 | Huabao International Holdings Ltd. | 7,673,172 | 2,447 |
| *,1 | Theme International Holdings Ltd. | 39,278,893 | 2,415 |
| *,1,2 | Everest Medicines Ltd. | 900,509 | 2,413 |
| SUNeVision Holdings Ltd. | 6,022,962 | 2,385 | |
| Kerry Logistics Network Ltd. | 2,136,005 | 2,248 | |
| Chow Sang Sang Holdings International Ltd. | 1,848,991 | 2,127 | |
| Dah Sing Banking Group Ltd. | 3,151,623 | 2,034 | |
| *,1 | Realord Group Holdings Ltd. | 2,813,595 | 1,974 |
| Value Partners Group Ltd. | 7,179,044 | 1,968 | |
| 1 | LK Technology Holdings Ltd. | 3,012,966 | 1,945 |
| 2 | Js Global Lifestyle Co. Ltd. | 9,656,125 | 1,917 |
| Shares | Market Value• ($000) | ||
| *,1 | C-Mer Eye Care Holdings Ltd. | 4,287,601 | 1,890 |
| * | Super Hi International Holding Ltd. | 1,318,000 | 1,756 |
| *,1 | Kingkey Financial International Holdings Ltd. | 27,348,529 | 1,749 |
| Far East Consortium International Ltd. | 9,219,460 | 1,642 | |
| Prosperity REIT | 8,962,983 | 1,594 | |
| *,1,2 | Frontage Holdings Corp. | 5,280,348 | 1,573 |
| SmarTone Telecommunications Holdings Ltd. | 2,943,409 | 1,530 | |
| Guotai Junan International Holdings Ltd. | 19,081,503 | 1,467 | |
| Hutchison Telecommunications Hong Kong Holdings Ltd. | 10,340,014 | 1,416 | |
| *,1 | Hong Kong Technology Venture Co. Ltd. | 4,101,959 | 1,392 |
| *,1,2 | FIT Hon Teng Ltd. | 9,029,481 | 1,366 |
| * | Texhong International Group Ltd. | 2,429,358 | 1,365 |
| *,1,2 | Jacobio Pharmaceuticals Group Co. Ltd. | 2,918,512 | 1,353 |
| Sun Hung Kai & Co. Ltd. | 4,226,130 | 1,321 | |
| * | Shun Tak Holdings Ltd. | 10,039,763 | 1,299 |
| Truly International Holdings Ltd. | 11,368,294 | 1,164 | |
| *,2 | Fosun Tourism Group | 1,540,200 | 1,140 |
| * | Sa Sa International Holdings Ltd. | 8,676,035 | 1,123 |
| Asia Cement China Holdings Corp. | 3,484,794 | 1,091 | |
| *,1 | Esprit Holdings Ltd. | 20,374,718 | 1,058 |
| *,1 | Powerlong Real Estate Holdings Ltd. | 11,003,943 | 1,030 |
| *,1 | Television Broadcasts Ltd. | 2,268,705 | 920 |
| CITIC Resources Holdings Ltd. | 19,533,284 | 875 | |
| 2 | IMAX China Holding Inc. | 830,321 | 712 |
| Singamas Container Holdings Ltd. | 10,297,574 | 685 | |
| EC Healthcare | 3,003,207 | 670 | |
| Texwinca Holdings Ltd. | 5,272,702 | 648 | |
| * | OCI International Holdings Ltd. | 6,235,307 | 323 |
19
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| *,1 | Apollo Future Mobility Group Ltd. | 2,158,761 | 221 |
| * | Chinese Estates Holdings Ltd. | 800,372 | 125 |
| *,2 | JW Cayman Therapeutics Co. Ltd. | 336,309 | 97 |
| * | Renze Harvest International Ltd. | 7,152,196 | 97 |
| Dynam Japan Holdings Co. Ltd. | 122,208 | 60 | |
| * | CMBC Capital Holdings Ltd. | 540,819 | 22 |
| *,3 | Convoy Inc. | 62,200,399 | — |
| 3,397,697 | |||
| Ireland (0.2%) | |||
| Kerry Group plc Class A | 1,252,648 | 108,729 | |
| Kingspan Group plc | 1,227,988 | 106,129 | |
| Bank of Ireland Group plc | 8,597,805 | 78,055 | |
| AIB Group plc | 11,307,120 | 48,426 | |
| Glanbia plc (XDUB) | 1,444,269 | 23,812 | |
| Dalata Hotel Group plc | 1,804,791 | 9,202 | |
| *,3 | Irish Bank Resolution Corp. Ltd. | 257,065 | — |
| 374,353 | |||
| Israel (0.6%) | |||
| * | Nice Ltd. | 517,558 | 102,931 |
| Bank Leumi Le-Israel BM | 12,429,958 | 100,034 | |
| Bank Hapoalim BM | 10,862,370 | 97,583 | |
| * | Teva Pharmaceutical Industries Ltd. | 9,058,758 | 95,137 |
| Israel Discount Bank Ltd. Class A | 10,063,165 | 50,386 | |
| Mizrahi Tefahot Bank Ltd. | 1,116,024 | 43,203 | |
| Elbit Systems Ltd. | 198,757 | 42,155 | |
| * | Nova Ltd. | 233,977 | 32,297 |
| ICL Group Ltd. | 5,881,735 | 29,571 | |
| * | Tower Semiconductor Ltd. | 893,764 | 27,288 |
| Bezeq The Israeli Telecommunication Corp. Ltd. | 16,623,254 | 22,637 | |
| Azrieli Group Ltd. | 297,286 | 19,229 | |
| * | Enlight Renewable Energy Ltd. | 940,259 | 18,222 |
| First International Bank of Israel Ltd. | 432,988 | 17,698 | |
| Melisron Ltd. | 203,415 | 15,761 | |
| * | Camtek Ltd. | 218,285 | 15,268 |
| Mivne Real Estate KD Ltd. | 5,083,610 | 15,122 | |
| Phoenix Holdings Ltd. | 1,376,101 | 13,943 | |
| Shares | Market Value• ($000) | ||
| * | Big Shopping Centers Ltd. | 112,052 | 11,523 |
| * | Perion Network Ltd. | 343,402 | 10,788 |
| Alony Hetz Properties & Investments Ltd. | 1,258,944 | 10,285 | |
| * | Shufersal Ltd. | 2,154,406 | 10,270 |
| * | Airport City Ltd. | 553,490 | 9,450 |
| Amot Investments Ltd. | 1,748,466 | 9,419 | |
| * | Clal Insurance Enterprises Holdings Ltd. | 573,376 | 9,132 |
| Delek Group Ltd. | 63,480 | 8,177 | |
| Energix-Renewable Energies Ltd. | 2,102,633 | 7,715 | |
| * | Strauss Group Ltd. | 396,956 | 7,467 |
| * | Israel Corp. Ltd. | 29,329 | 7,426 |
| * | Shikun & Binui Ltd. | 2,603,406 | 7,366 |
| Shapir Engineering and Industry Ltd. | 1,144,084 | 7,345 | |
| REIT 1 Ltd. | 1,552,370 | 7,197 | |
| Sapiens International Corp. NV | 244,325 | 7,187 | |
| Harel Insurance Investments & Financial Services Ltd. | 869,540 | 6,808 | |
| Paz Oil Co. Ltd. | 78,306 | 6,554 | |
| Electra Ltd. | 15,424 | 6,543 | |
| Oil Refineries Ltd. | 19,270,987 | 6,495 | |
| FIBI Holdings Ltd. | 136,207 | 5,935 | |
| Hilan Ltd. | 111,109 | 5,846 | |
| * | Fattal Holdings 1998 Ltd. | 51,296 | 5,662 |
| Isracard Ltd. | 1,502,847 | 5,323 | |
| Formula Systems 1985 Ltd. | 79,672 | 5,113 | |
| Matrix IT Ltd. | 264,072 | 4,980 | |
| Summit Real Estate Holdings Ltd. | 322,469 | 4,839 | |
| Ashtrom Group Ltd. | 310,858 | 4,823 | |
| Sella Capital Real Estate Ltd. | 1,957,349 | 4,575 | |
| Kenon Holdings Ltd. | 185,647 | 4,488 | |
| * | Equital Ltd. | 142,932 | 4,389 |
| Menora Mivtachim Holdings Ltd. | 170,392 | 4,382 | |
| * | OPC Energy Ltd. | 659,773 | 4,284 |
| One Software Technologies Ltd. | 332,252 | 4,243 | |
| * | Partner Communications Co. Ltd. | 849,749 | 4,205 |
| Maytronics Ltd. | 354,998 | 4,025 | |
| Fox Wizel Ltd. | 55,354 | 3,765 | |
| Mega Or Holdings Ltd. | 157,136 | 3,661 | |
| Israel Canada T.R Ltd. | 1,139,617 | 3,403 |
20
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 60,758 | 3,385 | |
| Migdal Insurance & Financial Holdings Ltd. | 2,916,595 | 3,319 | |
| Danel Adir Yeoshua Ltd. | 39,737 | 3,286 | |
| Delta Galil Ltd. | 71,442 | 3,185 | |
| * | Cellcom Israel Ltd. | 730,759 | 2,997 |
| Delek Automotive Systems Ltd. | 407,427 | 2,618 | |
| AudioCodes Ltd. | 205,002 | 2,494 | |
| * | AFI Properties Ltd. | 55,560 | 2,457 |
| Elco Ltd. | 71,825 | 2,264 | |
| * | G City Ltd. | 676,144 | 2,221 |
| * | Kamada Ltd. | 312,393 | 1,907 |
| Gav-Yam Lands Corp. Ltd. | 234,429 | 1,906 | |
| * | Ashdod Refinery Ltd. | 78,560 | 1,748 |
| IDI Insurance Co. Ltd. | 56,572 | 1,510 | |
| Naphtha Israel Petroleum Corp. Ltd. | 277,708 | 1,425 | |
| * | Gilat Satellite Networks Ltd. | 205,065 | 1,257 |
| 1,041,532 | |||
| Italy (2.3%) | |||
| Enel SpA | 63,201,494 | 470,207 | |
| Stellantis NV | 17,404,703 | 407,804 | |
| UniCredit SpA | 14,097,471 | 383,870 | |
| Intesa Sanpaolo SpA | 126,234,144 | 369,411 | |
| Ferrari NV | 962,134 | 324,823 | |
| Eni SpA | 17,485,076 | 296,571 | |
| Assicurazioni Generali SpA | 10,191,632 | 215,324 | |
| Moncler SpA | 1,661,305 | 102,285 | |
| Prysmian SpA | 2,220,224 | 101,209 | |
| Terna - Rete Elettrica Nazionale | 11,450,699 | 95,529 | |
| Snam SpA | 18,485,639 | 95,107 | |
| FinecoBank Banca Fineco SpA | 4,963,837 | 74,677 | |
| Tenaris SA | 3,802,025 | 66,129 | |
| Mediobanca Banca di Credito Finanziario SpA | 5,233,424 | 64,851 | |
| Banco BPM SpA | 11,124,871 | 58,950 | |
| *,2 | Nexi SpA | 6,698,572 | 54,881 |
| Leonardo SpA | 3,253,536 | 53,759 | |
| Davide Campari-Milano NV | 4,040,013 | 45,623 | |
| Recordati Industria Chimica e Farmaceutica SpA | 790,305 | 42,615 | |
| 1,2 | Poste Italiane SpA | 3,677,621 | 41,803 |
| Shares | Market Value• ($000) | ||
| 2 | Infrastrutture Wireless Italiane SpA | 2,878,634 | 36,446 |
| Amplifon SpA | 1,048,459 | 36,330 | |
| Interpump Group SpA | 645,631 | 33,496 | |
| BPER Banca | 8,580,895 | 28,770 | |
| * | Telecom Italia SpA (MTAA) | 87,488,251 | 28,465 |
| Brunello Cucinelli SpA | 275,952 | 27,008 | |
| A2A SpA | 12,455,261 | 25,584 | |
| Reply SpA | 188,696 | 24,940 | |
| Azimut Holding SpA | 872,574 | 22,809 | |
| Italgas SpA | 3,983,006 | 22,806 | |
| 2 | Pirelli & C SpA | 3,959,460 | 21,604 |
| Buzzi SpA | 695,598 | 21,156 | |
| Hera SpA | 6,226,898 | 20,449 | |
| * | Banca Monte dei Paschi di Siena SpA | 6,047,476 | 20,416 |
| Banca Popolare di Sondrio SpA | 3,082,816 | 19,987 | |
| Unipol Gruppo SpA | 3,501,768 | 19,985 | |
| De' Longhi SpA | 562,665 | 18,986 | |
| Banca Mediolanum SpA | 1,974,826 | 18,652 | |
| DiaSorin SpA | 172,848 | 17,814 | |
| 2 | BFF Bank SpA | 1,498,558 | 17,096 |
| Banca Generali SpA | 442,632 | 16,465 | |
| Brembo SpA | 1,179,171 | 14,476 | |
| ERG SpA | 453,659 | 14,473 | |
| * | Iveco Group NV | 1,597,841 | 14,407 |
| * | Saipem SpA | 8,594,744 | 13,970 |
| Iren SpA | 5,248,463 | 11,457 | |
| 1,2 | Carel Industries SpA | 401,454 | 10,996 |
| 2 | Technogym SpA | 1,089,997 | 10,921 |
| Saras SpA | 5,013,357 | 8,949 | |
| SOL SpA | 290,573 | 8,947 | |
| UnipolSai Assicurazioni SpA | 3,407,084 | 8,514 | |
| Tamburi Investment Partners SpA | 800,040 | 8,223 | |
| Sesa SpA | 57,965 | 7,880 | |
| 2 | Anima Holding SpA | 1,758,466 | 7,787 |
| 2 | Enav SpA | 1,999,468 | 7,595 |
| Salvatore Ferragamo SpA | 520,251 | 7,027 | |
| Maire Tecnimont SpA | 1,290,031 | 7,012 | |
| Ariston Holding NV | 829,378 | 5,759 | |
| * | Lottomatica Group SpA | 522,365 | 5,649 |
| Credito Emiliano SpA | 613,207 | 5,454 | |
| Sanlorenzo SpA | 110,552 | 5,180 | |
| ACEA SpA | 334,388 | 5,111 | |
| 1 | Webuild SpA (MTAA) | 2,458,957 | 4,971 |
| Salcef Group SpA | 168,895 | 4,602 | |
| Gruppo MutuiOnline SpA | 129,031 | 4,553 | |
| Piaggio & C SpA | 1,357,885 | 4,472 | |
| El.En. SpA | 414,863 | 4,464 |
21
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| 2 | RAI Way SpA | 754,177 | 4,258 |
| Cementir Holding NV | 360,165 | 3,797 | |
| MFE-MediaForEurope NV Class A | 1,426,707 | 3,719 | |
| *,2 | GVS SpA | 572,233 | 3,536 |
| Italmobiliare SpA | 112,710 | 3,453 | |
| 1 | Tinexta SpA | 149,401 | 3,346 |
| Banca IFIS SpA | 186,827 | 3,244 | |
| 1 | Danieli & C Officine Meccaniche SpA (MTAA) | 89,621 | 2,907 |
| * | Tod's SpA | 66,232 | 2,499 |
| Zignago Vetro SpA | 150,650 | 2,375 | |
| *,1 | Fincantieri SpA | 3,772,544 | 2,325 |
| MARR SpA | 180,958 | 2,296 | |
| Arnoldo Mondadori Editore SpA | 966,191 | 2,289 | |
| *,1 | Juventus Football Club SpA | 7,129,589 | 2,027 |
| 2 | doValue SpA | 445,272 | 1,686 |
| MFE-MediaForEurope NV Class B | 413,111 | 1,490 | |
| Biesse SpA | 101,247 | 1,421 | |
| Alerion Cleanpower SpA | 46,878 | 1,379 | |
| Datalogic SpA | 134,038 | 1,002 | |
| Rizzoli Corriere Della Sera Mediagroup SpA | 899,703 | 736 | |
| 4,127,326 | |||
| Japan (20.9%) | |||
| Toyota Motor Corp. | 97,225,478 | 1,781,532 | |
| Sony Group Corp. | 10,039,348 | 950,053 | |
| Mitsubishi UFJ Financial Group Inc. | 94,453,278 | 810,611 | |
| Keyence Corp. | 1,585,245 | 696,488 | |
| Shin-Etsu Chemical Co. Ltd. | 15,528,220 | 649,439 | |
| Tokyo Electron Ltd. | 3,574,981 | 635,417 | |
| Hitachi Ltd. | 7,207,937 | 518,465 | |
| Sumitomo Mitsui Financial Group Inc. | 10,361,098 | 504,169 | |
| Recruit Holdings Co. Ltd. | 11,824,607 | 494,400 | |
| Mitsui & Co. Ltd. | 12,063,265 | 451,938 | |
| Nintendo Co. Ltd. | 8,475,490 | 441,013 | |
| Mitsubishi Corp. | 27,587,454 | 439,448 | |
| ITOCHU Corp. | 10,780,819 | 439,209 | |
| Daiichi Sankyo Co. Ltd. | 15,300,209 | 418,870 | |
| Honda Motor Co. Ltd. | 39,512,030 | 407,575 | |
| KDDI Corp. | 12,621,313 | 400,329 | |
| Tokio Marine Holdings Inc. | 15,072,461 | 375,319 | |
| Takeda Pharmaceutical Co. Ltd. | 12,370,632 | 354,766 | |
| Shares | Market Value• ($000) | ||
| Mizuho Financial Group Inc. | 20,639,678 | 352,068 | |
| Daikin Industries Ltd. | 2,157,165 | 349,935 | |
| SoftBank Group Corp. | 7,881,856 | 347,893 | |
| Hoya Corp. | 2,783,128 | 346,609 | |
| Fast Retailing Co. Ltd. | 1,254,232 | 310,145 | |
| Murata Manufacturing Co. Ltd. | 13,682,915 | 289,147 | |
| Oriental Land Co. Ltd. | 7,625,490 | 283,426 | |
| Nippon Telegraph & Telephone Corp. | 231,255,675 | 282,383 | |
| Softbank Corp. | 22,320,691 | 278,154 | |
| Denso Corp. | 16,693,360 | 250,606 | |
| 1 | Japan Tobacco Inc. | 9,620,296 | 248,446 |
| Seven & i Holdings Co. Ltd. | 6,260,118 | 247,585 | |
| SMC Corp. | 452,312 | 241,958 | |
| FANUC Corp. | 7,760,190 | 227,755 | |
| Mitsubishi Electric Corp. | 15,810,714 | 223,628 | |
| Fujitsu Ltd. | 1,445,839 | 217,590 | |
| Advantest Corp. | 5,990,484 | 201,853 | |
| Chugai Pharmaceutical Co. Ltd. | 5,291,552 | 199,906 | |
| 1 | Canon Inc. | 7,668,847 | 196,735 |
| Marubeni Corp. | 12,421,903 | 195,577 | |
| Komatsu Ltd. | 7,448,043 | 193,823 | |
| Sumitomo Corp. | 8,902,378 | 193,730 | |
| * | Renesas Electronics Corp. | 10,778,087 | 192,723 |
| Terumo Corp. | 5,820,736 | 190,344 | |
| Bridgestone Corp. | 4,556,330 | 188,183 | |
| Central Japan Railway Co. | 7,363,930 | 186,899 | |
| ORIX Corp. | 9,502,088 | 178,460 | |
| Mitsui Fudosan Co. Ltd. | 7,256,465 | 177,418 | |
| Astellas Pharma Inc. | 14,632,038 | 174,023 | |
| FUJIFILM Holdings Corp. | 2,880,082 | 172,603 | |
| Panasonic Holdings Corp. | 17,352,204 | 170,877 | |
| Nidec Corp. | 4,205,726 | 169,521 | |
| East Japan Railway Co. | 2,928,407 | 168,567 | |
| Disco Corp. | 678,769 | 167,633 | |
| Dai-ichi Life Holdings Inc. | 7,642,550 | 162,121 | |
| Lasertec Corp. | 616,861 | 161,942 | |
| Ajinomoto Co. Inc. | 4,179,651 | 160,891 | |
| Daiwa House Industry Co. Ltd. | 5,228,219 | 158,051 | |
| Suzuki Motor Corp. | 3,676,959 | 156,699 | |
| Kao Corp. | 3,693,143 | 151,809 | |
| Nippon Steel Corp. | 6,636,901 | 151,612 | |
| Asahi Group Holdings Ltd. | 3,944,615 | 146,883 |
22
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| Otsuka Holdings Co. Ltd. | 3,902,501 | 145,942 | |
| Japan Post Holdings Co. Ltd. | 16,209,530 | 144,710 | |
| MS&AD Insurance Group Holdings Inc. | 3,651,864 | 143,587 | |
| Olympus Corp. | 9,823,977 | 141,802 | |
| Kyocera Corp. | 9,713,312 | 141,426 | |
| TDK Corp. | 2,925,770 | 138,753 | |
| Mitsubishi Heavy Industries Ltd. | 2,322,999 | 135,255 | |
| 1 | Kubota Corp. | 8,713,250 | 130,768 |
| Aeon Co. Ltd. | 5,775,698 | 128,882 | |
| NEC Corp. | 2,081,522 | 122,989 | |
| Mitsubishi Estate Co. Ltd. | 8,908,016 | 122,112 | |
| Sompo Holdings Inc. | 2,490,621 | 121,862 | |
| Japan Post Bank Co. Ltd. | 11,754,229 | 119,622 | |
| Nippon Yusen KK | 3,802,799 | 117,444 | |
| 1 | Unicharm Corp. | 3,138,362 | 113,506 |
| Secom Co. Ltd. | 1,538,702 | 110,695 | |
| Nomura Holdings Inc. | 24,577,324 | 110,686 | |
| Sumitomo Mitsui Trust Holdings Inc. | 5,750,860 | 110,140 | |
| Eisai Co. Ltd. | 2,151,762 | 107,139 | |
| Toyota Tsusho Corp. | 1,808,513 | 106,127 | |
| Toyota Industries Corp. | 1,300,943 | 105,754 | |
| Shionogi & Co. Ltd. | 2,153,197 | 103,629 | |
| Inpex Corp. | 7,496,863 | 100,321 | |
| Nomura Research Institute Ltd. | 3,436,737 | 99,812 | |
| Sekisui House Ltd. | 4,445,582 | 98,542 | |
| Shimano Inc. | 618,862 | 95,332 | |
| Shiseido Co. Ltd. | 3,159,202 | 95,226 | |
| Sumitomo Realty & Development Co. Ltd. | 3,205,788 | 95,000 | |
| Bandai Namco Holdings Inc. | 4,749,146 | 94,975 | |
| Obic Co. Ltd. | 541,521 | 93,171 | |
| Kikkoman Corp. | 1,481,000 | 90,499 | |
| ENEOS Holdings Inc. | 22,789,724 | 90,389 | |
| Japan Exchange Group Inc. | 4,242,852 | 89,547 | |
| Subaru Corp. | 4,892,079 | 89,229 | |
| Kirin Holdings Co. Ltd. | 6,026,700 | 88,232 | |
| Resona Holdings Inc. | 17,286,017 | 87,629 | |
| Yaskawa Electric Corp. | 2,091,709 | 87,061 | |
| Mitsui OSK Lines Ltd. | 2,706,710 | 86,534 | |
| Sysmex Corp. | 1,542,190 | 85,731 | |
| Nitto Denko Corp. | 1,146,924 | 85,589 | |
| Nitori Holdings Co. Ltd. | 607,437 | 81,565 | |
| Kansai Electric Power Co. Inc. | 5,908,999 | 78,425 |
| Shares | Market Value• ($000) | ||
| West Japan Railway Co. | 1,874,555 | 78,110 | |
| Daiwa Securities Group Inc. | 11,554,016 | 77,553 | |
| Sumitomo Electric Industries Ltd. | 6,098,939 | 77,387 | |
| Pan Pacific International Holdings Corp. | 3,250,038 | 77,365 | |
| LY Corp. | 21,174,110 | 74,878 | |
| Tokyo Gas Co. Ltd. | 3,247,878 | 74,502 | |
| Asahi Kasei Corp. | 10,026,008 | 73,995 | |
| JFE Holdings Inc. | 4,777,511 | 73,914 | |
| Chubu Electric Power Co. Inc. | 5,669,681 | 73,203 | |
| 1 | Kawasaki Kisen Kaisha Ltd. | 1,702,038 | 72,841 |
| NTT Data Group Corp. | 5,108,392 | 72,210 | |
| Omron Corp. | 1,471,325 | 68,465 | |
| MINEBEA MITSUMI Inc. | 3,320,598 | 67,966 | |
| Osaka Gas Co. Ltd. | 3,197,776 | 66,752 | |
| Nippon Paint Holdings Co. Ltd. | 8,233,381 | 66,413 | |
| * | Tokyo Electric Power Co. Holdings Inc. | 12,641,057 | 66,152 |
| 1 | Yamaha Motor Co. Ltd. | 7,345,509 | 65,363 |
| Toray Industries Inc. | 12,305,707 | 63,744 | |
| T&D Holdings Inc. | 3,995,734 | 63,434 | |
| Mitsubishi Chemical Group Corp. | 10,355,594 | 63,305 | |
| Nissan Motor Co. Ltd. | 15,684,229 | 61,324 | |
| Daito Trust Construction Co. Ltd. | 525,150 | 60,784 | |
| Shimadzu Corp. | 2,178,054 | 60,731 | |
| Ono Pharmaceutical Co. Ltd. | 3,385,506 | 60,226 | |
| TOPPAN Holdings Inc. | 2,150,672 | 59,895 | |
| Dai Nippon Printing Co. Ltd. | 2,012,929 | 59,444 | |
| Tokyu Corp. | 4,812,557 | 58,680 | |
| Nexon Co. Ltd. | 3,188,315 | 57,993 | |
| Kajima Corp. | 3,442,469 | 57,400 | |
| Sumitomo Metal Mining Co. Ltd. | 1,924,095 | 57,141 | |
| Nissin Foods Holdings Co. Ltd. | 1,636,137 | 57,134 | |
| M3 Inc. | 3,420,507 | 56,446 | |
| Hankyu Hanshin Holdings Inc. | 1,765,641 | 56,112 | |
| Makita Corp. | 1,979,037 | 54,434 | |
| SCREEN Holdings Co. Ltd. | 644,844 | 54,354 | |
| 1 | AGC Inc. | 1,457,273 | 54,013 |
| 1 | Nippon Building Fund Inc. | 12,379 | 53,587 |
| Isuzu Motors Ltd. | 4,167,855 | 53,431 |
23
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| Keisei Electric Railway Co. Ltd. | 1,124,358 | 53,059 | |
| MatsukiyoCocokara & Co. | 2,943,673 | 52,026 | |
| Rohm Co. Ltd. | 2,666,480 | 50,905 | |
| 1 | Rakuten Group Inc. | 11,282,310 | 50,300 |
| MEIJI Holdings Co. Ltd. | 2,092,774 | 49,711 | |
| Mazda Motor Corp. | 4,637,828 | 49,574 | |
| Idemitsu Kosan Co. Ltd. | 9,043,225 | 49,109 | |
| SG Holdings Co. Ltd. | 3,417,071 | 48,987 | |
| Trend Micro Inc. | 917,592 | 48,972 | |
| Aisin Corp. | 1,398,847 | 48,766 | |
| Yamato Holdings Co. Ltd. | 2,625,481 | 48,449 | |
| Ibiden Co. Ltd. | 875,383 | 48,291 | |
| Taisei Corp. | 1,408,561 | 48,099 | |
| Daifuku Co. Ltd. | 2,354,063 | 47,467 | |
| Yakult Honsha Co. Ltd. | 2,105,950 | 47,274 | |
| Obayashi Corp. | 5,463,334 | 47,195 | |
| Capcom Co. Ltd. | 1,435,517 | 46,325 | |
| Kintetsu Group Holdings Co. Ltd. | 1,458,510 | 46,211 | |
| Japan Real Estate Investment Corp. | 10,787 | 44,625 | |
| SBI Holdings Inc. | 1,978,006 | 44,393 | |
| Tobu Railway Co. Ltd. | 1,637,327 | 43,928 | |
| Ebara Corp. | 741,740 | 43,734 | |
| Fuji Electric Co. Ltd. | 1,018,311 | 43,647 | |
| Asics Corp. | 1,388,240 | 43,336 | |
| Mitsubishi HC Capital Inc. (XTKS) | 6,445,041 | 43,181 | |
| 1 | Dentsu Group Inc. | 1,672,392 | 42,819 |
| Nomura Real Estate Master Fund Inc. | 36,431 | 42,607 | |
| Hamamatsu Photonics KK | 1,034,697 | 42,451 | |
| Sojitz Corp. | 1,827,322 | 41,168 | |
| Nissan Chemical Corp. | 1,056,602 | 41,143 | |
| TIS Inc. | 1,854,603 | 40,763 | |
| Mitsui Chemicals Inc. | 1,378,084 | 40,753 | |
| SUMCO Corp. | 2,721,521 | 40,712 | |
| Zensho Holdings Co. Ltd. | 776,856 | 40,649 | |
| Konami Group Corp. | 772,947 | 40,377 | |
| 1 | JSR Corp. | 1,417,750 | 40,341 |
| Japan Metropolitan Fund Investment | 55,678 | 40,188 | |
| Concordia Financial Group Ltd. | 8,796,135 | 40,094 | |
| Nippon Sanso Holdings Corp. | 1,471,601 | 39,296 | |
| BayCurrent Consulting Inc. | 1,096,476 | 38,383 | |
| Nippon Prologis REIT Inc. | 19,911 | 38,285 |
| Shares | Market Value• ($000) | ||
| Sekisui Chemical Co. Ltd. | 2,654,235 | 38,176 | |
| Odakyu Electric Railway Co. Ltd. | 2,498,181 | 38,042 | |
| MISUMI Group Inc. | 2,236,950 | 37,768 | |
| Toyo Suisan Kaisha Ltd. | 730,937 | 37,714 | |
| GLP J-Reit | 37,724 | 37,552 | |
| Yokogawa Electric Corp. | 1,962,789 | 37,309 | |
| Niterra Co. Ltd. | 1,573,676 | 37,271 | |
| KDX Realty Investment Corp. | 31,902 | 36,337 | |
| Kyoto Financial Group Inc. | 2,305,360 | 35,820 | |
| Ricoh Co. Ltd. | 4,639,106 | 35,529 | |
| 1 | Hulic Co. Ltd. | 3,357,902 | 35,077 |
| Chiba Bank Ltd. | 4,843,914 | 34,899 | |
| Kurita Water Industries Ltd. | 891,884 | 34,788 | |
| Kobe Steel Ltd. | 2,676,354 | 34,497 | |
| Otsuka Corp. | 828,739 | 34,107 | |
| Kyowa Kirin Co. Ltd. | 2,021,501 | 33,919 | |
| Azbil Corp. | 1,023,208 | 33,748 | |
| Kobe Bussan Co. Ltd. | 1,138,274 | 33,625 | |
| 1 | Sumitomo Forestry Co. Ltd. | 1,131,421 | 33,616 |
| Hoshizaki Corp. | 918,625 | 33,558 | |
| Suntory Beverage & Food Ltd. | 1,020,417 | 33,551 | |
| Shizuoka Financial Group Inc. | 3,951,763 | 33,416 | |
| USS Co. Ltd. | 1,645,431 | 33,034 | |
| Asahi Intecc Co. Ltd. | 1,588,295 | 32,209 | |
| Ryohin Keikaku Co. Ltd. | 1,915,581 | 31,995 | |
| Rohto Pharmaceutical Co. Ltd. | 1,574,914 | 31,670 | |
| Seiko Epson Corp. | 2,106,385 | 31,450 | |
| NIPPON EXPRESS HOLDINGS Inc. | 553,097 | 31,383 | |
| Tokyu Fudosan Holdings Corp. | 4,858,797 | 30,962 | |
| TOTO Ltd. | 1,171,725 | 30,781 | |
| Isetan Mitsukoshi Holdings Ltd. | 2,831,240 | 30,742 | |
| Daiwa House REIT Investment Corp. | 17,217 | 30,701 | |
| Fukuoka Financial Group Inc. | 1,295,442 | 30,471 | |
| 1 | McDonald's Holdings Co. Japan Ltd. | 701,600 | 30,391 |
| Toho Co. Ltd. | 892,871 | 30,144 | |
| Brother Industries Ltd. | 1,886,880 | 30,049 | |
| Sumitomo Chemical Co. Ltd. | 12,260,311 | 29,802 | |
| Keio Corp. | 931,227 | 29,268 |
24
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| Hirose Electric Co. Ltd. | 258,404 | 29,184 | |
| Hikari Tsushin Inc. | 175,479 | 29,001 | |
| Resonac Holdings Corp. | 1,448,968 | 28,795 | |
| Tosoh Corp. | 2,256,011 | 28,760 | |
| Shimizu Corp. | 4,329,231 | 28,717 | |
| Yamaha Corp. | 1,232,218 | 28,384 | |
| Koito Manufacturing Co. Ltd. | 1,819,274 | 28,269 | |
| Nisshin Seifun Group Inc. | 2,090,819 | 28,157 | |
| Oji Holdings Corp. | 7,205,481 | 27,697 | |
| * | ANA Holdings Inc. | 1,273,388 | 27,589 |
| 1 | Kuraray Co. Ltd. | 2,721,770 | 27,473 |
| Tsuruha Holdings Inc. | 298,954 | 27,367 | |
| * | Kyushu Electric Power Co. Inc. | 3,766,489 | 27,264 |
| Japan Post Insurance Co. Ltd. | 1,534,622 | 27,241 | |
| NH Foods Ltd. | 798,622 | 27,078 | |
| Haseko Corp. | 2,084,262 | 27,031 | |
| Kyushu Railway Co. | 1,221,977 | 26,897 | |
| Santen Pharmaceutical Co. Ltd. | 2,684,102 | 26,705 | |
| Cosmo Energy Holdings Co. Ltd. | 660,923 | 26,487 | |
| NOF Corp. | 533,601 | 26,471 | |
| Amada Co. Ltd. | 2,526,057 | 26,259 | |
| Taiyo Yuden Co. Ltd. | 996,348 | 26,252 | |
| Lixil Corp. | 2,105,968 | 26,250 | |
| 1 | Skylark Holdings Co. Ltd. | 1,790,878 | 26,200 |
| Kawasaki Heavy Industries Ltd. | 1,187,407 | 26,169 | |
| Socionext Inc. | 1,444,590 | 26,119 | |
| Tohoku Electric Power Co. Inc. | 3,839,058 | 26,097 | |
| Kansai Paint Co. Ltd. | 1,502,673 | 25,623 | |
| Nagoya Railroad Co. Ltd. | 1,587,032 | 25,439 | |
| Orix JREIT Inc. | 21,257 | 25,083 | |
| Mebuki Financial Group Inc. | 8,128,931 | 24,665 | |
| Horiba Ltd. | 315,535 | 24,608 | |
| Marui Group Co. Ltd. | 1,470,828 | 24,602 | |
| Yokohama Rubber Co. Ltd. | 1,070,819 | 24,472 | |
| NGK Insulators Ltd. | 2,049,687 | 24,444 | |
| Japan Airport Terminal Co. Ltd. | 553,296 | 24,342 | |
| Nikon Corp. | 2,464,398 | 24,325 | |
| United Urban Investment Corp. | 23,808 | 24,313 | |
| Advance Residence Investment Corp. | 10,848 | 24,292 | |
| Tokyo Tatemono Co. Ltd. | 1,626,532 | 24,288 | |
| Persol Holdings Co. Ltd. | 14,160,870 | 24,228 |
| Shares | Market Value• ($000) | ||
| Credit Saison Co. Ltd. | 1,318,253 | 24,223 | |
| Sanwa Holdings Corp. | 1,582,631 | 23,926 | |
| Invincible Investment Corp. | 54,526 | 23,567 | |
| Kobayashi Pharmaceutical Co. Ltd. | 483,204 | 23,245 | |
| Seibu Holdings Inc. | 1,674,452 | 23,202 | |
| GMO Payment Gateway Inc. | 333,950 | 23,144 | |
| Japan Airlines Co. Ltd. | 1,174,848 | 23,080 | |
| TechnoPro Holdings Inc. | 876,030 | 22,997 | |
| Mitsubishi Gas Chemical Co. Inc. | 1,438,710 | 22,969 | |
| Nomura Real Estate Holdings Inc. | 874,917 | 22,958 | |
| Sumitomo Heavy Industries Ltd. | 910,908 | 22,896 | |
| Stanley Electric Co. Ltd. | 1,210,401 | 22,708 | |
| Hitachi Construction Machinery Co. Ltd. | 859,218 | 22,618 | |
| Square Enix Holdings Co. Ltd. | 627,814 | 22,507 | |
| 1 | Sapporo Holdings Ltd. | 509,099 | 22,427 |
| * | SHIFT Inc. | 88,046 | 22,301 |
| Taisho Pharmaceutical Holdings Co. Ltd. | 364,501 | 22,275 | |
| Yamazaki Baking Co. Ltd. | 972,055 | 22,202 | |
| Alfresa Holdings Corp. | 1,287,340 | 21,854 | |
| Tokyo Century Corp. | 2,018,896 | 21,799 | |
| Electric Power Development Co. Ltd. | 1,341,523 | 21,754 | |
| CyberAgent Inc. | 3,399,137 | 21,291 | |
| MonotaRO Co. Ltd. | 1,902,715 | 20,704 | |
| Shinko Electric Industries Co. Ltd. | 533,859 | 20,665 | |
| Goldwin Inc. | 288,126 | 20,658 | |
| Keihan Holdings Co. Ltd. | 791,229 | 20,650 | |
| Nichirei Corp. | 837,040 | 20,635 | |
| 1 | Aozora Bank Ltd. | 947,900 | 20,551 |
| 1 | Kose Corp. | 272,946 | 20,401 |
| IHI Corp. | 1,042,290 | 20,338 | |
| Lawson Inc. | 393,438 | 20,305 | |
| SCSK Corp. | 1,024,708 | 20,288 | |
| Oracle Corp. Japan | 262,870 | 20,235 | |
| ZOZO Inc. | 891,929 | 20,130 | |
| Sankyo Co. Ltd. | 343,254 | 19,988 | |
| Hachijuni Bank Ltd. | 3,580,949 | 19,908 | |
| JGC Holdings Corp. | 1,717,757 | 19,770 | |
| Air Water Inc. | 1,446,895 | 19,742 |
25
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| Shimamura Co. Ltd. | 176,498 | 19,708 | |
| Tokyo Ohka Kogyo Co. Ltd. | 893,247 | 19,651 | |
| Rinnai Corp. | 847,281 | 19,604 | |
| Macnica Holdings Inc. | 372,133 | 19,550 | |
| Medipal Holdings Corp. | 1,201,056 | 19,443 | |
| Daicel Corp. | 1,994,799 | 19,286 | |
| COMSYS Holdings Corp. | 868,544 | 19,130 | |
| Taiheiyo Cement Corp. | 920,903 | 18,938 | |
| Nihon Kohden Corp. | 597,203 | 18,877 | |
| THK Co. Ltd. | 965,186 | 18,861 | |
| Sanrio Co. Ltd. | 452,422 | 18,828 | |
| Toyo Seikan Group Holdings Ltd. | 1,159,642 | 18,765 | |
| Ulvac Inc. | 393,738 | 18,754 | |
| 1 | Nabtesco Corp. | 920,422 | 18,742 |
| Iwatani Corp. | 410,882 | 18,716 | |
| Tokyo Seimitsu Co. Ltd. | 304,099 | 18,650 | |
| Suzuken Co. Ltd. | 563,356 | 18,631 | |
| Lion Corp. | 2,006,654 | 18,610 | |
| NSK Ltd. | 3,411,579 | 18,436 | |
| 1 | Japan Prime Realty Investment Corp. | 7,420 | 18,395 |
| Keikyu Corp. | 2,014,364 | 18,385 | |
| Japan Hotel REIT Investment Corp. | 37,493 | 18,381 | |
| J Front Retailing Co. Ltd. | 2,007,708 | 18,233 | |
| Sekisui House REIT Inc. | 33,340 | 18,212 | |
| Sega Sammy Holdings Inc. | 1,291,319 | 18,028 | |
| Kamigumi Co. Ltd. | 755,905 | 18,014 | |
| Nankai Electric Railway Co. Ltd. | 883,465 | 17,930 | |
| Internet Initiative Japan Inc. | 871,124 | 17,773 | |
| INFRONEER Holdings Inc. | 1,785,191 | 17,740 | |
| EXEO Group Inc. | 793,744 | 17,620 | |
| Chugoku Electric Power Co. Inc. | 2,459,181 | 17,548 | |
| Mitsubishi Materials Corp. | 1,011,411 | 17,518 | |
| Sundrug Co. Ltd. | 536,737 | 17,228 | |
| Kyushu Financial Group Inc. | 2,982,928 | 17,188 | |
| Nifco Inc. | 666,367 | 17,164 | |
| * | Mercari Inc. | 925,930 | 17,100 |
| Open House Group Co. Ltd. | 576,937 | 17,065 | |
| Kinden Corp. | 996,272 | 16,901 | |
| Iida Group Holdings Co. Ltd. | 1,127,138 | 16,835 | |
| Food & Life Cos. Ltd. | 818,989 | 16,782 |
| Shares | Market Value• ($000) | ||
| Hisamitsu Pharmaceutical Co. Inc. | 542,663 | 16,568 | |
| Fujikura Ltd. | 2,157,566 | 16,536 | |
| Seino Holdings Co. Ltd. | 1,085,190 | 16,436 | |
| BIPROGY Inc. | 522,578 | 16,336 | |
| LaSalle Logiport REIT | 15,138 | 16,300 | |
| Coca-Cola Bottlers Japan Holdings Inc. | 1,134,520 | 16,280 | |
| Nippon Accommodations Fund Inc. | 3,802 | 16,274 | |
| SHO-BOND Holdings Co. Ltd. | 365,434 | 16,218 | |
| Cosmos Pharmaceutical Corp. | 140,454 | 16,210 | |
| Activia Properties Inc. | 5,870 | 16,160 | |
| ADEKA Corp. | 794,640 | 16,129 | |
| Mitsubishi Motors Corp. | 5,052,747 | 15,992 | |
| 1 | DMG Mori Co. Ltd. | 837,381 | 15,980 |
| Sumitomo Rubber Industries Ltd. | 1,455,258 | 15,759 | |
| Miura Co. Ltd. | 791,264 | 15,711 | |
| Sohgo Security Services Co. Ltd. | 2,733,135 | 15,704 | |
| Daiwabo Holdings Co. Ltd. | 717,631 | 15,673 | |
| JTEKT Corp. | 1,840,631 | 15,531 | |
| Gunma Bank Ltd. | 3,179,697 | 15,525 | |
| Industrial & Infrastructure Fund Investment Corp. | 15,663 | 15,488 | |
| Fujitec Co. Ltd. | 603,234 | 15,270 | |
| Zenkoku Hosho Co. Ltd. | 405,243 | 15,257 | |
| Yamaguchi Financial Group Inc. | 1,694,510 | 15,142 | |
| Kadokawa Corp. | 744,944 | 15,132 | |
| Hirogin Holdings Inc. | 2,368,192 | 15,121 | |
| Daido Steel Co. Ltd. | 1,423,755 | 15,103 | |
| Toho Gas Co. Ltd. | 720,153 | 15,029 | |
| Jeol Ltd. | 341,736 | 14,940 | |
| Kewpie Corp. | 847,571 | 14,936 | |
| Takashimaya Co. Ltd. | 1,090,437 | 14,838 | |
| Mitsui Fudosan Logistics Park Inc. | 4,557 | 14,771 | |
| Nippon Shinyaku Co. Ltd. | 417,512 | 14,769 | |
| Hakuhodo DY Holdings Inc. | 1,913,829 | 14,626 | |
| Casio Computer Co. Ltd. | 1,686,066 | 14,600 | |
| Japan Logistics Fund Inc. | 7,190 | 14,571 |
26
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| Mitsubishi Logistics Corp. | 483,876 | 14,545 | |
| Iyogin Holdings Inc. | 2,153,660 | 14,433 | |
| Yamada Holdings Co. Ltd. | 4,639,100 | 14,416 | |
| AEON REIT Investment Corp. | 14,366 | 14,397 | |
| Teijin Ltd. | 1,509,466 | 14,279 | |
| 1 | Fuji Soft Inc. | 339,074 | 14,182 |
| Rakus Co. Ltd. | 766,065 | 14,138 | |
| Sankyu Inc. | 385,606 | 14,134 | |
| Alps Alpine Co. Ltd. | 1,622,837 | 14,106 | |
| Nippon Gas Co. Ltd. | 852,711 | 14,063 | |
| Mitsui Mining & Smelting Co. Ltd. | 458,320 | 14,054 | |
| Yamato Kogyo Co. Ltd. | 267,054 | 14,052 | |
| 77 Bank Ltd. | 569,044 | 14,002 | |
| Welcia Holdings Co. Ltd. | 800,984 | 13,995 | |
| Ito En Ltd. | 460,112 | 13,968 | |
| Sumitomo Bakelite Co. Ltd. | 262,877 | 13,760 | |
| Toyo Tire Corp. | 823,667 | 13,740 | |
| 1 | Kagome Co. Ltd. | 615,746 | 13,697 |
| Maruwa Co. Ltd. | 64,629 | 13,475 | |
| Koei Tecmo Holdings Co. Ltd. | 1,180,648 | 13,450 | |
| 1 | Nippon Electric Glass Co. Ltd. | 626,470 | 13,445 |
| Dowa Holdings Co. Ltd. | 368,247 | 13,422 | |
| * | Park24 Co. Ltd. | 1,041,642 | 13,314 |
| Fuyo General Lease Co. Ltd. | 153,515 | 13,297 | |
| Nagase & Co. Ltd. | 825,689 | 13,206 | |
| 1 | Mabuchi Motor Co. Ltd. | 794,568 | 13,161 |
| Nishi-Nippon Financial Holdings Inc. | 1,136,827 | 13,109 | |
| DIC Corp. | 662,847 | 13,003 | |
| Sugi Holdings Co. Ltd. | 280,480 | 12,876 | |
| UBE Corp. | 792,974 | 12,858 | |
| Penta-Ocean Construction Co. Ltd. | 2,289,651 | 12,832 | |
| House Foods Group Inc. | 577,548 | 12,753 | |
| Kakaku.com Inc. | 1,031,106 | 12,740 | |
| Amano Corp. | 535,648 | 12,681 | |
| Mori Hills REIT Investment Corp. | 12,712 | 12,631 | |
| Nissui Corp. | 2,339,701 | 12,583 | |
| Comforia Residential REIT Inc. | 5,590 | 12,556 | |
| Maruichi Steel Tube Ltd. | 481,327 | 12,494 | |
| Toda Corp. | 1,884,610 | 12,447 | |
| Ushio Inc. | 867,980 | 12,446 |
| Shares | Market Value• ($000) | ||
| MEITEC Group Holdings Inc. | 617,149 | 12,348 | |
| Takara Holdings Inc. | 1,407,196 | 12,343 | |
| Nippon Kayaku Co. Ltd. | 1,294,398 | 12,328 | |
| Daiwa Securities Living Investments Corp. | 16,654 | 12,307 | |
| Kaneka Corp. | 485,144 | 12,297 | |
| Sotetsu Holdings Inc. | 633,825 | 12,290 | |
| Denka Co. Ltd. | 693,097 | 12,247 | |
| *,1 | Sharp Corp. | 1,710,594 | 12,175 |
| NOK Corp. | 908,618 | 12,076 | |
| Frontier Real Estate Investment Corp. | 3,905 | 11,984 | |
| Ezaki Glico Co. Ltd. | 404,116 | 11,961 | |
| Yoshinoya Holdings Co. Ltd. | 518,951 | 11,784 | |
| Kotobuki Spirits Co. Ltd. | 763,745 | 11,674 | |
| Sawai Group Holdings Co. Ltd. | 315,801 | 11,650 | |
| Fuji Corp. | 675,200 | 11,586 | |
| Osaka Soda Co. Ltd. | 168,173 | 11,514 | |
| 1 | Tokai Carbon Co. Ltd. | 1,587,014 | 11,510 |
| 1 | Harmonic Drive Systems Inc. | 390,608 | 11,492 |
| Mizuho Leasing Co. Ltd. | 334,040 | 11,438 | |
| Nihon M&A Center Holdings Inc. | 2,076,684 | 11,428 | |
| Morinaga Milk Industry Co. Ltd. | 589,750 | 11,416 | |
| Calbee Inc. | 564,521 | 11,347 | |
| Rengo Co. Ltd. | 1,701,570 | 11,327 | |
| Kyudenko Corp. | 314,501 | 11,322 | |
| NET One Systems Co. Ltd. | 659,052 | 11,222 | |
| Tomy Co. Ltd. | 706,104 | 11,158 | |
| Seven Bank Ltd. | 5,251,223 | 11,148 | |
| 1 | Canon Marketing Japan Inc. | 368,038 | 11,137 |
| K's Holdings Corp. | 1,187,243 | 11,115 | |
| * | Money Forward Inc. | 363,923 | 11,113 |
| Bic Camera Inc. | 1,164,259 | 11,091 | |
| Toyoda Gosei Co. Ltd. | 591,974 | 11,071 | |
| 1 | Hokuetsu Corp. | 1,099,154 | 11,019 |
| Takasago Thermal Engineering Co. Ltd. | 481,301 | 10,972 | |
| ABC-Mart Inc. | 625,955 | 10,925 | |
| Ship Healthcare Holdings Inc. | 638,045 | 10,877 | |
| Nichias Corp. | 452,474 | 10,854 | |
| Dexerials Corp. | 369,747 | 10,775 | |
| Aeon Mall Co. Ltd. | 855,741 | 10,739 | |
| Hulic REIT Inc. | 10,147 | 10,729 | |
| Kokuyo Co. Ltd. | 660,054 | 10,716 | |
| NSD Co. Ltd. | 555,005 | 10,652 |
27
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| OBIC Business Consultants Co. Ltd. | 232,756 | 10,628 | |
| Mitsubishi Estate Logistics REIT Investment Corp. | 3,993 | 10,597 | |
| Benesse Holdings Inc. | 572,284 | 10,573 | |
| * | Konica Minolta Inc. | 3,617,537 | 10,568 |
| Hanwa Co. Ltd. | 298,522 | 10,541 | |
| 1 | Workman Co. Ltd. | 357,100 | 10,536 |
| Fujimi Inc. | 474,905 | 10,529 | |
| Morinaga & Co. Ltd. | 579,904 | 10,520 | |
| NHK Spring Co. Ltd. | 1,242,638 | 10,516 | |
| Hokuhoku Financial Group Inc. | 975,195 | 10,504 | |
| Mori Trust REIT Inc. | 20,418 | 10,490 | |
| Zeon Corp. | 1,127,041 | 10,451 | |
| Nishi-Nippon Railroad Co. Ltd. | 612,860 | 10,370 | |
| * | Rakuten Bank Ltd. | 690,700 | 10,330 |
| Relo Group Inc. | 856,681 | 10,300 | |
| OKUMA Corp. | 238,701 | 10,253 | |
| Inaba Denki Sangyo Co. Ltd. | 425,808 | 10,248 | |
| Outsourcing Inc. | 830,824 | 10,208 | |
| Daiseki Co. Ltd. | 365,539 | 10,128 | |
| Anritsu Corp. | 1,050,928 | 10,126 | |
| Pigeon Corp. | 876,382 | 10,078 | |
| Daiwa Office Investment Corp. | 2,138 | 10,076 | |
| Tsumura & Co. | 534,242 | 10,053 | |
| Aica Kogyo Co. Ltd. | 415,675 | 10,040 | |
| Citizen Watch Co. Ltd. | 1,680,817 | 9,996 | |
| Wacoal Holdings Corp. | 418,971 | 9,937 | |
| Kanematsu Corp. | 679,806 | 9,933 | |
| Sangetsu Corp. | 452,141 | 9,924 | |
| Hazama Ando Corp. | 1,253,601 | 9,901 | |
| Toridoll Holdings Corp. | 344,476 | 9,883 | |
| Yaoko Co. Ltd. | 170,678 | 9,758 | |
| Towa Corp. | 193,115 | 9,721 | |
| Tokuyama Corp. | 573,929 | 9,711 | |
| NTT UD REIT Investment Corp. | 10,907 | 9,639 | |
| Nippon Shokubai Co. Ltd. | 249,973 | 9,618 | |
| 1 | Mitsui High-Tec Inc. | 184,735 | 9,611 |
| Chugin Financial Group Inc. | 1,338,882 | 9,492 | |
| Nakanishi Inc. | 565,002 | 9,480 | |
| Daiichikosho Co. Ltd. | 639,086 | 9,436 | |
| Okumura Corp. | 283,677 | 9,411 | |
| Fancl Corp. | 558,889 | 9,386 | |
| TS Tech Co. Ltd. | 771,790 | 9,315 | |
| Japan Elevator Service Holdings Co. Ltd. | 561,057 | 9,280 |
| Shares | Market Value• ($000) | ||
| Daishi Hokuetsu Financial Group Inc. | 338,042 | 9,170 | |
| Shiga Bank Ltd. | 370,511 | 9,153 | |
| NEC Networks & System Integration Corp. | 540,244 | 9,100 | |
| Resorttrust Inc. | 524,220 | 9,077 | |
| Toho Holdings Co. Ltd. | 394,735 | 9,011 | |
| Toagosei Co. Ltd. | 925,596 | 8,988 | |
| 1 | Colowide Co. Ltd. | 570,744 | 8,980 |
| Topcon Corp. | 836,023 | 8,980 | |
| Nikkon Holdings Co. Ltd. | 411,378 | 8,972 | |
| Fuji Kyuko Co. Ltd. | 299,358 | 8,941 | |
| Tokyu REIT Inc. | 7,397 | 8,933 | |
| Shikoku Electric Power Co. Inc. | 1,242,223 | 8,923 | |
| Hitachi Zosen Corp. | 1,337,545 | 8,864 | |
| Kureha Corp. | 431,412 | 8,794 | |
| Sanken Electric Co. Ltd. | 160,338 | 8,792 | |
| Japan Petroleum Exploration Co. Ltd. | 236,565 | 8,768 | |
| Mirait One Corp. | 665,472 | 8,762 | |
| Japan Steel Works Ltd. | 505,173 | 8,748 | |
| Kusuri no Aoki Holdings Co. Ltd. | 384,606 | 8,733 | |
| OSG Corp. | 609,189 | 8,713 | |
| Okamura Corp. | 563,639 | 8,692 | |
| 1 | Japan Excellent Inc. | 9,758 | 8,668 |
| AEON Financial Service Co. Ltd. | 967,249 | 8,661 | |
| Organo Corp. | 209,788 | 8,656 | |
| CKD Corp. | 481,552 | 8,650 | |
| Nisshinbo Holdings Inc. | 1,063,991 | 8,621 | |
| San-In Godo Bank Ltd. | 1,223,012 | 8,604 | |
| * | Appier Group Inc. | 658,200 | 8,595 |
| 1 | Pilot Corp. | 288,424 | 8,576 |
| GS Yuasa Corp. | 610,895 | 8,572 | |
| Kyoritsu Maintenance Co. Ltd. | 199,094 | 8,444 | |
| Takeuchi Manufacturing Co. Ltd. | 276,598 | 8,374 | |
| 1 | NIPPON REIT Investment Corp. | 3,514 | 8,368 |
| GMO internet group Inc. | 457,856 | 8,302 | |
| NS Solutions Corp. | 255,340 | 8,276 | |
| DTS Corp. | 331,602 | 8,271 | |
| Rorze Corp. | 77,372 | 8,236 | |
| Izumi Co. Ltd. | 320,481 | 8,211 | |
| Japan Aviation Electronics Industry Ltd. | 358,266 | 8,172 |
28
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| Descente Ltd. | 310,572 | 8,165 | |
| Kandenko Co. Ltd. | 836,372 | 8,159 | |
| SMS Co. Ltd. | 397,089 | 8,141 | |
| Hoshino Resorts REIT Inc. | 2,024 | 8,116 | |
| Furukawa Electric Co. Ltd. | 514,937 | 8,077 | |
| Japan Material Co. Ltd. | 453,588 | 8,048 | |
| Suruga Bank Ltd. | 1,444,604 | 7,965 | |
| ARE Holdings Inc. | 575,226 | 7,951 | |
| Nippon Soda Co. Ltd. | 206,775 | 7,948 | |
| PALTAC Corp. | 251,219 | 7,935 | |
| FP Corp. | 370,838 | 7,800 | |
| H.U. Group Holdings Inc. | 412,553 | 7,785 | |
| Tadano Ltd. | 932,667 | 7,770 | |
| Toyota Boshoku Corp. | 490,695 | 7,759 | |
| 1 | Dentsu Soken Inc. | 186,690 | 7,716 |
| * | PeptiDream Inc. | 733,143 | 7,709 |
| As One Corp. | 194,453 | 7,704 | |
| Toei Co. Ltd. | 53,446 | 7,692 | |
| 1 | Open Up Group Inc. | 460,046 | 7,644 |
| Seria Co. Ltd. | 408,352 | 7,617 | |
| Duskin Co. Ltd. | 320,594 | 7,612 | |
| Heiwa Real Estate REIT Inc. | 7,968 | 7,598 | |
| Acom Co. Ltd. | 3,035,125 | 7,568 | |
| Okasan Securities Group Inc. | 1,542,648 | 7,478 | |
| Glory Ltd. | 390,872 | 7,446 | |
| Tsubakimoto Chain Co. | 259,286 | 7,422 | |
| Mani Inc. | 491,092 | 7,413 | |
| Jaccs Co. Ltd. | 201,523 | 7,401 | |
| Daihen Corp. | 161,534 | 7,371 | |
| Tokyo Steel Manufacturing Co. Ltd. | 600,715 | 7,346 | |
| Lintec Corp. | 376,012 | 7,319 | |
| Fujitsu General Ltd. | 444,501 | 7,299 | |
| Juroku Financial Group Inc. | 275,894 | 7,275 | |
| Benefit One Inc. | 482,855 | 7,250 | |
| Nipro Corp. | 924,333 | 7,245 | |
| Monex Group Inc. | 1,424,241 | 7,236 | |
| Takuma Co. Ltd. | 570,639 | 7,225 | |
| * | Hokuriku Electric Power Co. | 1,381,113 | 7,181 |
| Sakata Seed Corp. | 257,093 | 7,130 | |
| Fukuoka REIT Corp. | 5,866 | 7,123 | |
| Ferrotec Holdings Corp. | 378,642 | 7,107 | |
| EDION Corp. | 636,668 | 7,094 | |
| Japan Securities Finance Co. Ltd. | 646,038 | 7,083 | |
| Saizeriya Co. Ltd. | 198,427 | 7,071 | |
| Ain Holdings Inc. | 223,165 | 7,067 | |
| Max Co. Ltd. | 303,784 | 7,061 | |
| * | Sansan Inc. | 619,495 | 7,003 |
| Shares | Market Value• ($000) | ||
| * | Hino Motors Ltd. | 2,135,107 | 6,992 |
| H2O Retailing Corp. | 640,584 | 6,925 | |
| Micronics Japan Co. Ltd. | 266,705 | 6,918 | |
| C Uyemura & Co. Ltd. | 88,300 | 6,918 | |
| 1 | Monogatari Corp. | 222,462 | 6,910 |
| Sumitomo Warehouse Co. Ltd. | 397,758 | 6,904 | |
| Inabata & Co. Ltd. | 309,735 | 6,883 | |
| Nitto Boseki Co. Ltd. | 211,723 | 6,877 | |
| Kumagai Gumi Co. Ltd. | 268,050 | 6,845 | |
| 1 | Pola Orbis Holdings Inc. | 606,787 | 6,805 |
| * | Nippon Paper Industries Co. Ltd. | 758,647 | 6,789 |
| Senko Group Holdings Co. Ltd. | 832,065 | 6,729 | |
| Menicon Co. Ltd. | 403,477 | 6,704 | |
| Heiwa Real Estate Co. Ltd. | 250,905 | 6,691 | |
| Makino Milling Machine Co. Ltd. | 161,133 | 6,691 | |
| Fukuyama Transporting Co. Ltd. | 232,931 | 6,682 | |
| Digital Garage Inc. | 257,352 | 6,673 | |
| Riken Keiki Co. Ltd. | 136,859 | 6,665 | |
| DeNA Co. Ltd. | 683,305 | 6,664 | |
| DCM Holdings Co. Ltd. | 724,939 | 6,643 | |
| Sumitomo Osaka Cement Co. Ltd. | 250,362 | 6,575 | |
| Star Asia Investment Corp. | 16,000 | 6,531 | |
| Amvis Holdings Inc. | 303,315 | 6,452 | |
| Taikisha Ltd. | 222,724 | 6,438 | |
| Tokai Tokyo Financial Holdings Inc. | 1,727,304 | 6,429 | |
| JVCKenwood Corp. | 1,226,273 | 6,426 | |
| TOKAI Holdings Corp. | 938,387 | 6,404 | |
| Paramount Bed Holdings Co. Ltd. | 326,038 | 6,395 | |
| Hokkaido Electric Power Co. Inc. | 1,444,236 | 6,393 | |
| Ryosan Co. Ltd. | 191,537 | 6,373 | |
| Kaken Pharmaceutical Co. Ltd. | 268,006 | 6,370 | |
| Global One Real Estate Investment Corp. | 8,182 | 6,352 | |
| Nojima Corp. | 509,484 | 6,326 | |
| NTN Corp. | 3,436,339 | 6,317 | |
| Create Restaurants Holdings Inc. | 815,118 | 6,314 | |
| Katitas Co. Ltd. | 407,163 | 6,309 | |
| Justsystems Corp. | 272,160 | 6,304 | |
| Aiful Corp. | 2,341,447 | 6,299 |
29
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| 1 | Nomura Micro Science Co. Ltd. | 59,700 | 6,296 |
| Hyakugo Bank Ltd. | 1,662,774 | 6,281 | |
| TKC Corp. | 234,812 | 6,250 | |
| Nippn Corp. | 396,519 | 6,249 | |
| Tokai Rika Co. Ltd. | 404,441 | 6,217 | |
| Heiwa Corp. | 417,118 | 6,202 | |
| Fuji Oil Holdings Inc. | 360,465 | 6,201 | |
| Nishimatsu Construction Co. Ltd. | 222,698 | 6,196 | |
| UACJ Corp. | 224,098 | 6,099 | |
| Joyful Honda Co. Ltd. | 465,349 | 6,086 | |
| *,1 | Sosei Group Corp. | 604,000 | 6,075 |
| Nihon Parkerizing Co. Ltd. | 751,726 | 6,048 | |
| Aichi Financial Group Inc. | 370,485 | 6,038 | |
| 1 | Royal Holdings Co. Ltd. | 329,980 | 6,031 |
| 1 | Toei Animation Co. Ltd. | 44,500 | 5,962 |
| Kaga Electronics Co. Ltd. | 136,807 | 5,928 | |
| *,1 | Atom Corp. | 911,840 | 5,926 |
| * | Leopalace21 Corp. | 1,943,540 | 5,883 |
| PAL GROUP Holdings Co. Ltd. | 335,380 | 5,847 | |
| Yodogawa Steel Works Ltd. | 216,571 | 5,842 | |
| Infomart Corp. | 1,664,612 | 5,837 | |
| 1 | Seiren Co. Ltd. | 331,369 | 5,812 |
| Nippon Light Metal Holdings Co. Ltd. | 468,098 | 5,809 | |
| Taiyo Holdings Co. Ltd. | 262,759 | 5,789 | |
| Valor Holdings Co. Ltd. | 334,135 | 5,777 | |
| Mitsui-Soko Holdings Co. Ltd. | 173,367 | 5,774 | |
| Tokyo Kiraboshi Financial Group Inc. | 203,840 | 5,726 | |
| Iino Kaiun Kaisha Ltd. | 678,579 | 5,692 | |
| Round One Corp. | 1,436,941 | 5,668 | |
| Kiyo Bank Ltd. | 503,527 | 5,626 | |
| Financial Partners Group Co. Ltd. | 472,208 | 5,618 | |
| TBS Holdings Inc. | 263,562 | 5,595 | |
| Itoham Yonekyu Holdings Inc. | 204,602 | 5,592 | |
| Meidensha Corp. | 323,839 | 5,576 | |
| * | Medley Inc. | 179,100 | 5,574 |
| KYB Corp. | 159,766 | 5,541 | |
| Kitz Corp. | 649,361 | 5,538 | |
| Maruha Nichiro Corp. | 280,388 | 5,519 | |
| North Pacific Bank Ltd. | 2,188,842 | 5,495 | |
| Ichigo Office REIT Investment Corp. | 9,367 | 5,479 |
| Shares | Market Value• ($000) | ||
| Arcs Co. Ltd. | 277,568 | 5,470 | |
| Trusco Nakayama Corp. | 316,084 | 5,469 | |
| Hokkoku Financial Holdings Inc. | 167,153 | 5,465 | |
| 1 | CRE Logistics REIT Inc. | 4,913 | 5,407 |
| Nisshin Oillio Group Ltd. | 177,473 | 5,397 | |
| 1 | Nextage Co. Ltd. | 293,883 | 5,382 |
| Kissei Pharmaceutical Co. Ltd. | 245,258 | 5,363 | |
| Wacom Co. Ltd. | 1,151,835 | 5,355 | |
| Tri Chemical Laboratories Inc. | 209,959 | 5,351 | |
| Eizo Corp. | 151,977 | 5,308 | |
| Shochiku Co. Ltd. | 78,514 | 5,295 | |
| Mixi Inc. | 316,183 | 5,288 | |
| Adastria Co. Ltd. | 214,897 | 5,287 | |
| Nishimatsuya Chain Co. Ltd. | 357,875 | 5,253 | |
| Daiei Kankyo Co. Ltd. | 297,200 | 5,242 | |
| Tokyo Electron Device Ltd. | 145,467 | 5,221 | |
| Kato Sangyo Co. Ltd. | 160,421 | 5,217 | |
| Autobacs Seven Co. Ltd. | 468,563 | 5,180 | |
| Daio Paper Corp. | 650,627 | 5,174 | |
| Hankyu Hanshin REIT Inc. | 5,235 | 5,157 | |
| Kohnan Shoji Co. Ltd. | 184,847 | 5,140 | |
| Noritake Co. Ltd. | 105,648 | 5,123 | |
| Totetsu Kogyo Co. Ltd. | 227,139 | 5,097 | |
| Toyobo Co. Ltd. | 679,815 | 5,090 | |
| Mitsubishi Logisnext Co. Ltd. | 519,113 | 5,074 | |
| Ohsho Food Service Corp. | 88,688 | 5,073 | |
| Nitto Kogyo Corp. | 198,601 | 5,060 | |
| Toyo Ink SC Holdings Co. Ltd. | 271,115 | 5,046 | |
| Senshu Ikeda Holdings Inc. | 2,207,968 | 5,045 | |
| Ichibanya Co. Ltd. | 134,846 | 5,044 | |
| Mitsuboshi Belting Ltd. | 161,861 | 5,023 | |
| Shoei Co. Ltd. | 385,972 | 5,023 | |
| Mitsubishi Pencil Co. Ltd. | 339,876 | 5,021 | |
| Megmilk Snow Brand Co. Ltd. | 332,494 | 4,984 | |
| KOMEDA Holdings Co. Ltd. | 253,906 | 4,938 | |
| JMDC Inc. | 162,900 | 4,913 | |
| San-Ai Obbli Co. Ltd. | 431,787 | 4,904 | |
| Toyo Construction Co. Ltd. | 577,940 | 4,885 | |
| ARCLANDS Corp. | 410,213 | 4,881 |
30
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| Systena Corp. | 2,251,398 | 4,874 | |
| Sanki Engineering Co. Ltd. | 392,966 | 4,871 | |
| Ai Holdings Corp. | 292,482 | 4,838 | |
| Starts Corp. Inc. | 233,037 | 4,831 | |
| Nichiha Corp. | 228,443 | 4,792 | |
| Japan Wool Textile Co. Ltd. | 502,627 | 4,777 | |
| Hosiden Corp. | 391,190 | 4,760 | |
| Bank of Nagoya Ltd. | 123,744 | 4,760 | |
| ASKUL Corp. | 312,702 | 4,756 | |
| Simplex Holdings Inc. | 244,505 | 4,744 | |
| Musashino Bank Ltd. | 251,563 | 4,743 | |
| Ariake Japan Co. Ltd. | 144,130 | 4,740 | |
| KeePer Technical Laboratory Co. Ltd. | 95,833 | 4,726 | |
| Meiko Electronics Co. Ltd. | 160,405 | 4,725 | |
| SKY Perfect JSAT Holdings Inc. | 953,976 | 4,712 | |
| JAFCO Group Co. Ltd. | 403,213 | 4,709 | |
| Raito Kogyo Co. Ltd. | 350,905 | 4,698 | |
| Noevir Holdings Co. Ltd. | 128,884 | 4,693 | |
| Advance Logistics Investment Corp. | 5,213 | 4,684 | |
| SOSiLA Logistics REIT Inc. | 5,501 | 4,682 | |
| Komeri Co. Ltd. | 213,503 | 4,676 | |
| Showa Sangyo Co. Ltd. | 208,457 | 4,674 | |
| Gunze Ltd. | 131,806 | 4,668 | |
| Kanamoto Co. Ltd. | 223,937 | 4,637 | |
| JCU Corp. | 164,136 | 4,620 | |
| MOS Food Services Inc. | 197,569 | 4,600 | |
| Awa Bank Ltd. | 274,599 | 4,580 | |
| Enplas Corp. | 53,690 | 4,551 | |
| Nichicon Corp. | 495,415 | 4,547 | |
| Japan Lifeline Co. Ltd. | 508,419 | 4,544 | |
| Topre Corp. | 341,408 | 4,532 | |
| Tocalo Co. Ltd. | 428,303 | 4,528 | |
| Mitsubishi Shokuhin Co. Ltd. | 132,212 | 4,501 | |
| Mochida Pharmaceutical Co. Ltd. | 194,362 | 4,499 | |
| Shibaura Machine Co. Ltd. | 182,248 | 4,458 | |
| Yamazen Corp. | 527,744 | 4,456 | |
| Arata Corp. | 202,386 | 4,455 | |
| San-A Co. Ltd. | 137,735 | 4,445 | |
| Okinawa Cellular Telephone Co. | 184,663 | 4,433 | |
| KH Neochem Co. Ltd. | 275,345 | 4,420 |
| Shares | Market Value• ($000) | ||
| 1 | Funai Soken Holdings Inc. | 243,232 | 4,413 |
| Fuso Chemical Co. Ltd. | 147,874 | 4,368 | |
| Sumitomo Pharma Co. Ltd. | 1,319,201 | 4,356 | |
| Oki Electric Industry Co. Ltd. | 675,497 | 4,354 | |
| Yokogawa Bridge Holdings Corp. | 242,071 | 4,345 | |
| 1 | Hiday Hidaka Corp. | 214,885 | 4,333 |
| Takara Standard Co. Ltd. | 374,237 | 4,325 | |
| Kumiai Chemical Industry Co. Ltd. | 757,116 | 4,322 | |
| Nanto Bank Ltd. | 249,131 | 4,302 | |
| Exedy Corp. | 233,160 | 4,282 | |
| en japan Inc. | 221,404 | 4,267 | |
| Keiyo Bank Ltd. | 884,978 | 4,262 | |
| Kyorin Pharmaceutical Co. Ltd. | 336,406 | 4,243 | |
| Seiko Group Corp. | 222,365 | 4,237 | |
| GungHo Online Entertainment Inc. | 253,818 | 4,226 | |
| ZERIA Pharmaceutical Co. Ltd. | 295,718 | 4,223 | |
| Chugoku Marine Paints Ltd. | 359,874 | 4,221 | |
| Matsui Securities Co. Ltd. | 810,472 | 4,202 | |
| * | HIS Co. Ltd. | 324,944 | 4,190 |
| Restar Holdings Corp. | 209,727 | 4,184 | |
| Megachips Corp. | 126,365 | 4,183 | |
| Ogaki Kyoritsu Bank Ltd. | 312,940 | 4,176 | |
| Transcosmos Inc. | 194,861 | 4,157 | |
| Tsurumi Manufacturing Co. Ltd. | 158,040 | 4,155 | |
| Mizuno Corp. | 148,361 | 4,124 | |
| Iriso Electronics Co. Ltd. | 157,133 | 4,110 | |
| Elecom Co. Ltd. | 330,048 | 4,102 | |
| JINS Holdings Inc. | 122,934 | 4,093 | |
| Idec Corp. | 201,371 | 4,088 | |
| Nippon Pillar Packing Co. Ltd. | 128,949 | 4,061 | |
| Yamae Group Holdings Co. Ltd. | 150,300 | 4,060 | |
| 1 | Ryobi Ltd. | 215,311 | 4,042 |
| Itochu Enex Co. Ltd. | 370,174 | 4,029 | |
| Toshiba TEC Corp. | 192,988 | 3,990 | |
| Mirai Corp. | 12,937 | 3,983 | |
| Fuji Media Holdings Inc. | 356,233 | 3,954 | |
| Nagawa Co. Ltd. | 78,253 | 3,951 | |
| MCJ Co. Ltd. | 508,526 | 3,950 | |
| Yuasa Trading Co. Ltd. | 117,711 | 3,949 |
31
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| Mitsuuroko Group Holdings Co. Ltd. | 351,614 | 3,946 | |
| Fuji Seal International Inc. | 324,030 | 3,931 | |
| Wakita & Co. Ltd. | 346,068 | 3,918 | |
| 1 | Milbon Co. Ltd. | 149,419 | 3,907 |
| Nippon Densetsu Kogyo Co. Ltd. | 276,755 | 3,899 | |
| Strike Co. Ltd. | 114,306 | 3,894 | |
| Kura Sushi Inc. | 161,130 | 3,893 | |
| West Holdings Corp. | 178,100 | 3,889 | |
| JCR Pharmaceuticals Co. Ltd. | 467,149 | 3,873 | |
| * | UT Group Co. Ltd. | 224,366 | 3,873 |
| Tamron Co. Ltd. | 102,841 | 3,869 | |
| 1 | Kosaido Holdings Co. Ltd. | 718,500 | 3,863 |
| Konishi Co. Ltd. | 402,388 | 3,850 | |
| Okamoto Industries Inc. | 109,278 | 3,848 | |
| Premium Group Co. Ltd. | 296,300 | 3,817 | |
| Takara Leben Real Estate Investment Corp. | 5,337 | 3,812 | |
| Nomura Co. Ltd. | 611,857 | 3,809 | |
| Aoyama Trading Co. Ltd. | 362,272 | 3,798 | |
| Taihei Dengyo Kaisha Ltd. | 120,003 | 3,797 | |
| Prima Meat Packers Ltd. | 227,379 | 3,786 | |
| T Hasegawa Co. Ltd. | 172,126 | 3,779 | |
| Create SD Holdings Co. Ltd. | 174,004 | 3,777 | |
| SAMTY Co. Ltd. | 218,885 | 3,773 | |
| Raiznext Corp. | 348,000 | 3,764 | |
| Toyo Tanso Co. Ltd. | 111,278 | 3,764 | |
| eGuarantee Inc. | 258,975 | 3,751 | |
| 1 | Earth Corp. | 115,435 | 3,737 |
| Token Corp. | 57,356 | 3,736 | |
| Musashi Seimitsu Industry Co. Ltd. | 347,367 | 3,707 | |
| Nishio Holdings Co. Ltd. | 127,685 | 3,706 | |
| Nitta Corp. | 142,358 | 3,703 | |
| Bunka Shutter Co. Ltd. | 372,978 | 3,702 | |
| Zojirushi Corp. | 348,253 | 3,674 | |
| SBI Sumishin Net Bank Ltd. | 334,900 | 3,670 | |
| Shinmaywa Industries Ltd. | 440,711 | 3,668 | |
| Aeon Delight Co. Ltd. | 145,262 | 3,665 | |
| Future Corp. | 290,876 | 3,633 | |
| Life Corp. | 154,402 | 3,613 | |
| One REIT Inc. | 1,917 | 3,603 | |
| Dip Corp. | 158,289 | 3,599 | |
| Usen-Next Holdings Co. Ltd. | 126,044 | 3,589 | |
| Heiwado Co. Ltd. | 237,492 | 3,588 |
| Shares | Market Value• ($000) | ||
| 1 | Tokyotokeiba Co. Ltd. | 114,182 | 3,585 |
| Bando Chemical Industries Ltd. | 326,585 | 3,583 | |
| Chudenko Corp. | 196,146 | 3,583 | |
| Nittetsu Mining Co. Ltd. | 97,176 | 3,579 | |
| Toa Corp. | 141,641 | 3,571 | |
| Ichigo Inc. | 1,493,116 | 3,568 | |
| Sakata INX Corp. | 370,748 | 3,559 | |
| Hogy Medical Co. Ltd. | 138,908 | 3,556 | |
| Mitsui E&S Co. Ltd. | 709,869 | 3,545 | |
| SWCC Corp. | 175,251 | 3,543 | |
| Nachi-Fujikoshi Corp. | 135,926 | 3,534 | |
| Kisoji Co. Ltd. | 194,219 | 3,529 | |
| Ricoh Leasing Co. Ltd. | 102,253 | 3,514 | |
| Noritsu Koki Co. Ltd. | 165,179 | 3,504 | |
| 1 | Toho Titanium Co. Ltd. | 260,844 | 3,493 |
| Fuji Co. Ltd. | 256,818 | 3,492 | |
| Sekisui Jushi Corp. | 198,523 | 3,492 | |
| Shoei Foods Corp. | 101,264 | 3,460 | |
| Orient Corp. | 455,869 | 3,455 | |
| Hamakyorex Co. Ltd. | 122,409 | 3,445 | |
| Maeda Kosen Co. Ltd. | 160,277 | 3,444 | |
| Base Co. Ltd. | 131,806 | 3,442 | |
| Piolax Inc. | 208,381 | 3,434 | |
| AZ-COM Maruwa Holdings Inc. | 317,082 | 3,430 | |
| Hyakujushi Bank Ltd. | 200,998 | 3,422 | |
| Sumitomo Mitsui Construction Co. Ltd. | 1,213,416 | 3,413 | |
| Valqua Ltd. | 116,273 | 3,410 | |
| FCC Co. Ltd. | 275,847 | 3,397 | |
| Uchida Yoko Co. Ltd. | 69,665 | 3,394 | |
| Central Glass Co. Ltd. | 179,190 | 3,379 | |
| Sanyo Special Steel Co. Ltd. | 180,983 | 3,372 | |
| S Foods Inc. | 144,388 | 3,368 | |
| Towa Pharmaceutical Co. Ltd. | 201,562 | 3,357 | |
| Toyo Gosei Co. Ltd. | 56,694 | 3,343 | |
| Shin-Etsu Polymer Co. Ltd. | 281,625 | 3,342 | |
| Maxell Ltd. | 302,591 | 3,341 | |
| Optex Group Co. Ltd. | 263,587 | 3,332 | |
| TOMONY Holdings Inc. | 1,205,004 | 3,332 | |
| Maruzen Showa Unyu Co. Ltd. | 120,246 | 3,328 | |
| *,1 | Raksul Inc. | 370,392 | 3,320 |
| *,1 | euglena Co. Ltd. | 669,925 | 3,306 |
| Riso Kagaku Corp. | 175,578 | 3,299 | |
| I'll Inc. | 145,985 | 3,299 | |
| Furukawa Co. Ltd. | 243,916 | 3,292 |
32
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| Nippon Yakin Kogyo Co. Ltd. | 110,137 | 3,282 | |
| United Super Markets Holdings Inc. | 454,101 | 3,273 | |
| Morita Holdings Corp. | 296,246 | 3,258 | |
| Pacific Industrial Co. Ltd. | 357,341 | 3,247 | |
| Axial Retailing Inc. | 110,319 | 3,245 | |
| 1 | Star Micronics Co. Ltd. | 266,620 | 3,241 |
| WingArc1st Inc. | 148,748 | 3,236 | |
| Fujimori Kogyo Co. Ltd. | 120,820 | 3,232 | |
| MEC Co. Ltd. | 103,894 | 3,228 | |
| Ringer Hut Co. Ltd. | 193,141 | 3,223 | |
| Shizuoka Gas Co. Ltd. | 443,172 | 3,219 | |
| Nissan Shatai Co. Ltd. | 493,797 | 3,217 | |
| Takara Bio Inc. | 362,523 | 3,214 | |
| BML Inc. | 150,830 | 3,204 | |
| Nagaileben Co. Ltd. | 189,681 | 3,198 | |
| Nikkiso Co. Ltd. | 438,186 | 3,193 | |
| Kurabo Industries Ltd. | 155,938 | 3,191 | |
| Konoike Transport Co. Ltd. | 230,760 | 3,184 | |
| Bell System24 Holdings Inc. | 256,903 | 3,183 | |
| Belc Co. Ltd. | 71,902 | 3,182 | |
| Kameda Seika Co. Ltd. | 109,130 | 3,175 | |
| Nissha Co. Ltd. | 304,332 | 3,169 | |
| Doutor Nichires Holdings Co. Ltd. | 205,376 | 3,169 | |
| 1 | Retail Partners Co. Ltd. | 268,335 | 3,166 |
| Tosei Corp. | 223,802 | 3,160 | |
| Procrea Holdings Inc. | 236,436 | 3,142 | |
| Zuken Inc. | 109,866 | 3,140 | |
| Hakuto Co. Ltd. | 81,557 | 3,132 | |
| Roland Corp. | 100,518 | 3,132 | |
| Management Solutions Co. Ltd. | 128,165 | 3,118 | |
| CTI Engineering Co. Ltd. | 83,800 | 3,118 | |
| Fukushima Galilei Co. Ltd. | 89,843 | 3,101 | |
| Kyokuto Kaihatsu Kogyo Co. Ltd. | 223,067 | 3,101 | |
| Hioki EE Corp. | 69,312 | 3,099 | |
| *,1 | RENOVA Inc. | 366,079 | 3,082 |
| 1 | Cybozu Inc. | 199,532 | 3,077 |
| Nippon Seiki Co. Ltd. | 377,950 | 3,070 | |
| Eiken Chemical Co. Ltd. | 252,934 | 3,061 | |
| Daiichi Jitsugyo Co. Ltd. | 218,169 | 3,034 | |
| Oiles Corp. | 216,166 | 3,033 |
| Shares | Market Value• ($000) | ||
| Nippon Signal Company Ltd. | 441,441 | 3,031 | |
| Nichireki Co. Ltd. | 177,202 | 3,031 | |
| Prestige International Inc. | 713,611 | 3,030 | |
| NPR Riken Corp. | 191,926 | 3,029 | |
| Sanyo Denki Co. Ltd. | 68,196 | 3,024 | |
| Argo Graphics Inc. | 116,001 | 3,008 | |
| Onward Holdings Co. Ltd. | 881,370 | 3,000 | |
| * | PKSHA Technology Inc. | 125,666 | 2,999 |
| Japan Pulp & Paper Co. Ltd. | 84,763 | 2,989 | |
| Shikoku Kasei Holdings Corp. | 234,615 | 2,982 | |
| * | Chiyoda Corp. | 1,234,364 | 2,979 |
| Starts Proceed Investment Corp. | 2,086 | 2,976 | |
| * | Nippon Sheet Glass Co. Ltd. | 732,543 | 2,970 |
| 1 | Shibaura Mechatronics Corp. | 70,800 | 2,970 |
| Tokyu Construction Co. Ltd. | 525,366 | 2,965 | |
| IDOM Inc. | 430,895 | 2,960 | |
| TSI Holdings Co. Ltd. | 568,349 | 2,955 | |
| Toho Bank Ltd. | 1,452,082 | 2,950 | |
| 1 | Ryoyo Electro Corp. | 116,053 | 2,949 |
| Hirata Corp. | 66,174 | 2,943 | |
| 1 | Septeni Holdings Co. Ltd. | 787,300 | 2,936 |
| Yellow Hat Ltd. | 234,633 | 2,935 | |
| Digital Arts Inc. | 80,685 | 2,930 | |
| Okinawa Electric Power Co. Inc. | 369,863 | 2,924 | |
| Geo Holdings Corp. | 194,348 | 2,920 | |
| Tsugami Corp. | 337,407 | 2,899 | |
| Sintokogio Ltd. | 384,346 | 2,898 | |
| Sinfonia Technology Co. Ltd. | 195,275 | 2,877 | |
| 1 | Tama Home Co. Ltd. | 103,433 | 2,874 |
| Noritz Corp. | 267,790 | 2,864 | |
| Universal Entertainment Corp. | 175,726 | 2,860 | |
| Shibuya Corp. | 164,721 | 2,847 | |
| Nohmi Bosai Ltd. | 182,281 | 2,842 | |
| 1 | OSAKA Titanium Technologies Co. Ltd. | 148,280 | 2,838 |
| United Arrows Ltd. | 211,136 | 2,822 | |
| Marusan Securities Co. Ltd. | 473,519 | 2,822 | |
| Siix Corp. | 271,574 | 2,807 | |
| Infocom Corp. | 159,965 | 2,805 | |
| Tachibana Eletech Co. Ltd. | 144,106 | 2,801 | |
| Koshidaka Holdings Co. Ltd. | 361,716 | 2,782 | |
| YAMABIKO Corp. | 262,354 | 2,776 |
33
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| Health Care & Medical Investment Corp. | 2,801 | 2,775 | |
| Tachi-S Co. Ltd. | 216,032 | 2,748 | |
| Yonex Co. Ltd. | 290,159 | 2,746 | |
| Futaba Industrial Co. Ltd. | 479,228 | 2,743 | |
| Broadleaf Co. Ltd. | 671,428 | 2,742 | |
| PHC Holdings Corp. | 269,398 | 2,742 | |
| Sinko Industries Ltd. | 144,838 | 2,738 | |
| Mitsui DM Sugar Holdings Co. Ltd. | 129,584 | 2,727 | |
| Pasona Group Inc. | 145,892 | 2,726 | |
| Hosokawa Micron Corp. | 97,586 | 2,725 | |
| * | Modec Inc. | 166,317 | 2,724 |
| Meisei Industrial Co. Ltd. | 358,023 | 2,720 | |
| Takasago International Corp. | 109,991 | 2,718 | |
| Press Kogyo Co. Ltd. | 668,639 | 2,694 | |
| Aeon Hokkaido Corp. | 410,422 | 2,692 | |
| METAWATER Co. Ltd. | 173,835 | 2,691 | |
| Sato Holdings Corp. | 179,358 | 2,686 | |
| Altech Corp. | 142,500 | 2,685 | |
| Komori Corp. | 332,650 | 2,684 | |
| Mitani Sekisan Co. Ltd. | 79,337 | 2,684 | |
| DyDo Group Holdings Inc. | 64,399 | 2,670 | |
| Mimasu Semiconductor Industry Co. Ltd. | 118,073 | 2,670 | |
| Nippon Kanzai Holdings Co. Ltd. | 146,541 | 2,668 | |
| Asanuma Corp. | 97,400 | 2,662 | |
| Samty Residential Investment Corp. | 3,422 | 2,661 | |
| TPR Co. Ltd. | 220,475 | 2,658 | |
| Change Holdings Inc. | 264,289 | 2,652 | |
| Tosei REIT Investment Corp. | 2,757 | 2,652 | |
| Krosaki Harima Corp. | 31,890 | 2,648 | |
| Keihanshin Building Co. Ltd. | 261,962 | 2,636 | |
| Matsuyafoods Holdings Co. Ltd. | 67,483 | 2,635 | |
| Yamanashi Chuo Bank Ltd. | 221,527 | 2,633 | |
| NS United Kaiun Kaisha Ltd. | 77,227 | 2,619 | |
| Sakai Moving Service Co. Ltd. | 135,812 | 2,617 | |
| Tsukishima Holdings Co. Ltd. | 273,806 | 2,601 | |
| Integrated Design & Engineering Holdings Co. Ltd. | 108,304 | 2,597 | |
| Ishihara Sangyo Kaisha Ltd. | 272,197 | 2,593 |
| Shares | Market Value• ($000) | ||
| Saibu Gas Holdings Co. Ltd. | 186,537 | 2,586 | |
| Teikoku Electric Manufacturing Co. Ltd. | 123,368 | 2,572 | |
| Nippon Ceramic Co. Ltd. | 129,415 | 2,569 | |
| ASAHI YUKIZAI Corp. | 95,087 | 2,552 | |
| GLOBERIDE Inc. | 179,731 | 2,552 | |
| 1 | J Trust Co. Ltd. | 785,585 | 2,549 |
| Torishima Pump Manufacturing Co. Ltd. | 159,594 | 2,547 | |
| Warabeya Nichiyo Holdings Co. Ltd. | 105,096 | 2,547 | |
| San ju San Financial Group Inc. | 198,247 | 2,547 | |
| RS Technologies Co. Ltd. | 119,730 | 2,529 | |
| Doshisha Co. Ltd. | 170,936 | 2,522 | |
| Mandom Corp. | 278,641 | 2,521 | |
| Aida Engineering Ltd. | 431,540 | 2,520 | |
| Genky DrugStores Co. Ltd. | 65,060 | 2,517 | |
| * | W-Scope Corp. | 397,880 | 2,517 |
| Bank of the Ryukyus Ltd. | 321,305 | 2,514 | |
| Furuno Electric Co. Ltd. | 190,538 | 2,499 | |
| Eagle Industry Co. Ltd. | 220,049 | 2,491 | |
| Topy Industries Ltd. | 137,851 | 2,491 | |
| Sun Frontier Fudousan Co. Ltd. | 214,357 | 2,477 | |
| Anicom Holdings Inc. | 644,480 | 2,477 | |
| Nippon Fine Chemical Co. Ltd. | 113,601 | 2,476 | |
| Chofu Seisakusho Co. Ltd. | 171,862 | 2,474 | |
| Nippon Carbon Co. Ltd. | 79,388 | 2,466 | |
| Okinawa Financial Group Inc. | 148,498 | 2,466 | |
| Koa Corp. | 224,807 | 2,461 | |
| KFC Holdings Japan Ltd. | 112,981 | 2,459 | |
| Kyoei Steel Ltd. | 173,832 | 2,457 | |
| VT Holdings Co. Ltd. | 670,377 | 2,455 | |
| Avex Inc. | 252,491 | 2,447 | |
| Joshin Denki Co. Ltd. | 142,208 | 2,446 | |
| Furuya Metal Co. Ltd. | 36,200 | 2,445 | |
| Torii Pharmaceutical Co. Ltd. | 96,984 | 2,442 | |
| Sanyo Chemical Industries Ltd. | 81,020 | 2,430 |
34
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| Osaka Organic Chemical Industry Ltd. | 126,562 | 2,428 | |
| Tsuburaya Fields Holdings Inc. | 268,558 | 2,414 | |
| Yokorei Co. Ltd. | 323,168 | 2,402 | |
| Fujicco Co. Ltd. | 174,244 | 2,397 | |
| *,1 | Fujita Kanko Inc. | 57,327 | 2,395 |
| Itochu-Shokuhin Co. Ltd. | 42,613 | 2,387 | |
| Yondoshi Holdings Inc. | 165,159 | 2,372 | |
| Shima Seiki Manufacturing Ltd. | 218,507 | 2,357 | |
| Hibiya Engineering Ltd. | 134,652 | 2,353 | |
| 1 | SBS Holdings Inc. | 135,093 | 2,352 |
| Sankei Real Estate Inc. | 3,606 | 2,352 | |
| Senshu Electric Co. Ltd. | 102,518 | 2,351 | |
| Riken Technos Corp. | 391,919 | 2,346 | |
| Transaction Co. Ltd. | 155,200 | 2,346 | |
| Dai-Dan Co. Ltd. | 231,892 | 2,340 | |
| Sumitomo Seika Chemicals Co. Ltd. | 65,978 | 2,330 | |
| Tamura Corp. | 593,561 | 2,330 | |
| Trancom Co. Ltd. | 45,799 | 2,330 | |
| Comture Corp. | 178,149 | 2,329 | |
| Happinet Corp. | 118,020 | 2,312 | |
| Asahi Diamond Industrial Co. Ltd. | 387,374 | 2,311 | |
| Takamatsu Construction Group Co. Ltd. | 117,882 | 2,311 | |
| France Bed Holdings Co. Ltd. | 244,175 | 2,310 | |
| Teikoku Sen-I Co. Ltd. | 159,631 | 2,309 | |
| Starzen Co. Ltd. | 123,860 | 2,306 | |
| CMK Corp. | 391,039 | 2,295 | |
| Canon Electronics Inc. | 158,603 | 2,295 | |
| Miyazaki Bank Ltd. | 123,729 | 2,294 | |
| Gree Inc. | 568,194 | 2,294 | |
| ESPEC Corp. | 137,372 | 2,291 | |
| Curves Holdings Co. Ltd. | 496,045 | 2,289 | |
| * | Kappa Create Co. Ltd. | 189,239 | 2,285 |
| Sala Corp. | 440,300 | 2,279 | |
| Godo Steel Ltd. | 69,951 | 2,278 | |
| AOKI Holdings Inc. | 281,025 | 2,269 | |
| Fujibo Holdings Inc. | 85,248 | 2,267 | |
| 1 | Seikitokyu Kogyo Co. Ltd. | 193,700 | 2,262 |
| Yurtec Corp. | 282,857 | 2,249 | |
| ASKA Pharmaceutical Holdings Co. Ltd. | 177,205 | 2,239 | |
| Sun Corp. | 140,200 | 2,238 |
| Shares | Market Value• ($000) | ||
| Roland DG Corp. | 86,406 | 2,229 | |
| MARUKA FURUSATO Corp. | 119,379 | 2,223 | |
| Bank of Iwate Ltd. | 125,573 | 2,222 | |
| Kanto Denka Kogyo Co. Ltd. | 364,372 | 2,212 | |
| Oyo Corp. | 152,303 | 2,212 | |
| Komehyo Holdings Co. Ltd. | 80,600 | 2,210 | |
| Kamei Corp. | 182,592 | 2,209 | |
| Sumitomo Riko Co. Ltd. | 295,709 | 2,209 | |
| Sinanen Holdings Co. Ltd. | 74,106 | 2,204 | |
| 1 | Pack Corp. | 91,967 | 2,204 |
| Daiwa Industries Ltd. | 205,518 | 2,194 | |
| Sumitomo Densetsu Co. Ltd. | 113,058 | 2,193 | |
| T-Gaia Corp. | 160,311 | 2,192 | |
| Aisan Industry Co. Ltd. | 262,983 | 2,191 | |
| Nippon Thompson Co. Ltd. | 548,692 | 2,188 | |
| TechMatrix Corp. | 175,758 | 2,180 | |
| Sumida Corp. | 266,273 | 2,169 | |
| Mirarth Holdings Inc. | 659,545 | 2,166 | |
| Halows Co. Ltd. | 71,294 | 2,166 | |
| Tokai Corp. | 146,368 | 2,165 | |
| *,1 | Fujio Food Group Inc. | 216,873 | 2,165 |
| Oriental Shiraishi Corp. | 891,876 | 2,148 | |
| Fukui Bank Ltd. | 183,695 | 2,142 | |
| Nichiden Corp. | 105,183 | 2,138 | |
| Tanseisha Co. Ltd. | 344,879 | 2,132 | |
| Daikokutenbussan Co. Ltd. | 39,968 | 2,130 | |
| Oita Bank Ltd. | 119,222 | 2,123 | |
| Computer Engineering & Consulting Ltd. | 191,104 | 2,118 | |
| Aichi Steel Corp. | 94,185 | 2,113 | |
| Kurimoto Ltd. | 96,444 | 2,095 | |
| Qol Holdings Co. Ltd. | 178,671 | 2,095 | |
| Insource Co. Ltd. | 334,980 | 2,095 | |
| 1 | Abalance Corp. | 89,900 | 2,090 |
| *,1 | giftee Inc. | 162,630 | 2,087 |
| Totech Corp. | 61,800 | 2,086 | |
| Kyokuyo Co. Ltd. | 78,016 | 2,084 | |
| ESCON Japan REIT Investment Corp. | 2,523 | 2,083 | |
| Obara Group Inc. | 77,792 | 2,079 | |
| Chubu Steel Plate Co. Ltd. | 126,200 | 2,075 | |
| Hokuto Corp. | 167,812 | 2,065 | |
| G-Tekt Corp. | 169,201 | 2,053 | |
| Nissei ASB Machine Co. Ltd. | 65,720 | 2,047 | |
| Daikyonishikawa Corp. | 421,988 | 2,041 |
35
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| *,1 | Demae-Can Co. Ltd. | 573,600 | 2,035 |
| Matsuya Co. Ltd. | 305,147 | 2,034 | |
| J-Oil Mills Inc. | 148,119 | 2,029 | |
| Alconix Corp. | 214,329 | 2,018 | |
| JAC Recruitment Co. Ltd. | 438,956 | 2,018 | |
| Mitsubishi Research Institute Inc. | 61,379 | 2,012 | |
| Nippon Road Co. Ltd. | 138,460 | 2,008 | |
| LITALICO Inc. | 137,552 | 2,008 | |
| Unipres Corp. | 294,005 | 1,981 | |
| HI-LEX Corp. | 205,491 | 1,976 | |
| Denyo Co. Ltd. | 120,017 | 1,971 | |
| Ehime Bank Ltd. | 275,670 | 1,967 | |
| Riken Vitamin Co. Ltd. | 124,218 | 1,967 | |
| TRE Holdings Corp. | 252,681 | 1,966 | |
| Sanyo Electric Railway Co. Ltd. | 126,920 | 1,958 | |
| Avant Group Corp. | 194,500 | 1,957 | |
| Goldcrest Co. Ltd. | 124,753 | 1,951 | |
| Ryoden Corp. | 105,576 | 1,947 | |
| Mitsuba Corp. | 280,625 | 1,943 | |
| Icom Inc. | 75,868 | 1,935 | |
| Ines Corp. | 169,350 | 1,933 | |
| TV Asahi Holdings Corp. | 169,603 | 1,929 | |
| Key Coffee Inc. | 130,419 | 1,929 | |
| FULLCAST Holdings Co. Ltd. | 148,718 | 1,928 | |
| Elan Corp. | 243,586 | 1,923 | |
| Shin Nippon Air Technologies Co. Ltd. | 113,853 | 1,922 | |
| Anest Iwata Corp. | 244,865 | 1,921 | |
| ES-Con Japan Ltd. | 287,751 | 1,896 | |
| GMO Financial Holdings Inc. | 355,600 | 1,896 | |
| Mie Kotsu Group Holdings Inc. | 442,137 | 1,889 | |
| Aiphone Co. Ltd. | 98,445 | 1,885 | |
| Nafco Co. Ltd. | 142,900 | 1,885 | |
| Marudai Food Co. Ltd. | 162,443 | 1,872 | |
| Yamagata Bank Ltd. | 247,206 | 1,868 | |
| Vital KSK Holdings Inc. | 252,315 | 1,865 | |
| M&A Capital Partners Co. Ltd. | 107,370 | 1,848 | |
| Sodick Co. Ltd. | 356,787 | 1,840 | |
| Katakura Industries Co. Ltd. | 156,210 | 1,811 | |
| Daiki Aluminium Industry Co. Ltd. | 216,180 | 1,805 | |
| Gakken Holdings Co. Ltd. | 256,474 | 1,793 | |
| *,1 | Oisix ra daichi Inc. | 186,059 | 1,793 |
| Sparx Group Co. Ltd. | 156,987 | 1,790 | |
| 1 | Shin Nippon Biomedical Laboratories Ltd. | 148,621 | 1,785 |
| Shares | Market Value• ($000) | ||
| Yahagi Construction Co. Ltd. | 186,629 | 1,785 | |
| gremz Inc. | 120,155 | 1,784 | |
| Weathernews Inc. | 46,484 | 1,781 | |
| * | Vision Inc. | 204,607 | 1,781 |
| Shinko Shoji Co. Ltd. | 216,046 | 1,779 | |
| Miroku Jyoho Service Co. Ltd. | 143,048 | 1,778 | |
| 1 | Union Tool Co. | 75,041 | 1,775 |
| Toenec Corp. | 54,823 | 1,774 | |
| Shikoku Bank Ltd. | 260,392 | 1,770 | |
| Japan Transcity Corp. | 405,488 | 1,762 | |
| TOC Co. Ltd. | 356,412 | 1,761 | |
| Yokowo Co. Ltd. | 174,224 | 1,755 | |
| Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 97,940 | 1,751 | |
| Matsuda Sangyo Co. Ltd. | 102,737 | 1,743 | |
| Proto Corp. | 181,232 | 1,734 | |
| 1 | Nittoku Co. Ltd. | 121,700 | 1,723 |
| Pressance Corp. | 151,870 | 1,714 | |
| Nippon Denko Co. Ltd. | 873,427 | 1,706 | |
| KPP Group Holdings Co. Ltd. | 353,200 | 1,705 | |
| Sagami Holdings Corp. | 166,467 | 1,699 | |
| 1 | Inageya Co. Ltd. | 188,634 | 1,698 |
| Rock Field Co. Ltd. | 148,605 | 1,698 | |
| Akita Bank Ltd. | 126,125 | 1,697 | |
| 1 | Daikoku Denki Co. Ltd. | 71,000 | 1,683 |
| Tochigi Bank Ltd. | 766,033 | 1,679 | |
| Vector Inc. | 207,090 | 1,661 | |
| Chiyoda Integre Co. Ltd. | 83,747 | 1,659 | |
| Neturen Co. Ltd. | 243,419 | 1,657 | |
| Cosel Co. Ltd. | 170,165 | 1,655 | |
| Cawachi Ltd. | 88,031 | 1,655 | |
| Kawada Technologies Inc. | 35,767 | 1,654 | |
| World Co. Ltd. | 138,847 | 1,651 | |
| Tekken Corp. | 115,988 | 1,648 | |
| Belluna Co. Ltd. | 373,488 | 1,645 | |
| Chori Co. Ltd. | 82,072 | 1,641 | |
| Wellneo Sugar Co. Ltd. | 109,647 | 1,639 | |
| FIDEA Holdings Co. Ltd. | 153,055 | 1,636 | |
| Chilled & Frozen Logistics Holdings Co. Ltd. | 159,384 | 1,633 | |
| Toyo Kanetsu KK | 59,571 | 1,632 | |
| Honeys Holdings Co. Ltd. | 131,390 | 1,623 | |
| Stella Chemifa Corp. | 70,695 | 1,617 | |
| Onoken Co. Ltd. | 131,959 | 1,617 | |
| Aichi Corp. | 208,984 | 1,611 | |
| K&O Energy Group Inc. | 102,552 | 1,609 |
36
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| Rheon Automatic Machinery Co. Ltd. | 150,342 | 1,599 | |
| Tonami Holdings Co. Ltd. | 49,874 | 1,596 | |
| 1 | Carta Holdings Inc. | 168,789 | 1,596 |
| 1 | Tsubaki Nakashima Co. Ltd. | 307,976 | 1,595 |
| Fuji Pharma Co. Ltd. | 129,413 | 1,594 | |
| YAKUODO Holdings Co. Ltd. | 82,672 | 1,594 | |
| Shinnihon Corp. | 197,448 | 1,587 | |
| SRA Holdings | 62,823 | 1,586 | |
| 1 | YA-MAN Ltd. | 222,248 | 1,584 |
| Okabe Co. Ltd. | 303,587 | 1,574 | |
| 1 | Alpen Co. Ltd. | 113,991 | 1,568 |
| ZIGExN Co. Ltd. | 417,130 | 1,567 | |
| 1 | BRONCO BILLY Co. Ltd. | 69,362 | 1,565 |
| Koatsu Gas Kogyo Co. Ltd. | 248,189 | 1,559 | |
| Solasto Corp. | 357,442 | 1,559 | |
| JM Holdings Co. Ltd. | 99,219 | 1,558 | |
| COLOPL Inc. | 371,626 | 1,555 | |
| Osaka Steel Co. Ltd. | 88,526 | 1,551 | |
| Elematec Corp. | 124,883 | 1,549 | |
| Moriroku Holdings Co. Ltd. | 78,303 | 1,543 | |
| Arisawa Manufacturing Co. Ltd. | 207,500 | 1,543 | |
| CI Takiron Corp. | 331,500 | 1,540 | |
| Toyo Corp. | 153,649 | 1,537 | |
| Tokushu Tokai Paper Co. Ltd. | 55,106 | 1,536 | |
| Ichikoh Industries Ltd. | 429,094 | 1,535 | |
| Nippon Parking Development Co. Ltd. | 1,126,331 | 1,532 | |
| Softcreate Holdings Corp. | 125,666 | 1,529 | |
| Daiho Corp. | 57,965 | 1,526 | |
| Zenrin Co. Ltd. | 246,063 | 1,523 | |
| Seikagaku Corp. | 280,759 | 1,513 | |
| Shinwa Co. Ltd. | 90,412 | 1,512 | |
| 1 | Snow Peak Inc. | 230,946 | 1,512 |
| JSB Co. Ltd. | 84,600 | 1,502 | |
| Tenma Corp. | 95,161 | 1,498 | |
| 1 | Macromill Inc. | 269,181 | 1,497 |
| Hoosiers Holdings Co. Ltd. | 198,137 | 1,493 | |
| Fixstars Corp. | 163,650 | 1,493 | |
| SIGMAXYZ Holdings Inc. | 145,392 | 1,491 | |
| 1 | eRex Co. Ltd. | 269,621 | 1,490 |
| Dai Nippon Toryo Co. Ltd. | 206,205 | 1,489 | |
| Sakai Chemical Industry Co. Ltd. | 112,092 | 1,489 | |
| Futaba Corp. | 400,811 | 1,486 |
| Shares | Market Value• ($000) | ||
| Shibusawa Warehouse Co. Ltd. | 71,880 | 1,482 | |
| JP-Holdings Inc. | 466,003 | 1,481 | |
| Mars Group Holdings Corp. | 84,696 | 1,481 | |
| Hodogaya Chemical Co. Ltd. | 56,018 | 1,476 | |
| Seika Corp. | 70,164 | 1,466 | |
| NEC Capital Solutions Ltd. | 61,730 | 1,466 | |
| 1 | Fujiya Co. Ltd. | 84,299 | 1,453 |
| 1 | Raysum Co. Ltd. | 63,800 | 1,448 |
| Giken Ltd. | 112,789 | 1,445 | |
| Nissin Corp. | 84,954 | 1,443 | |
| Hokkaido Gas Co. Ltd. | 92,386 | 1,441 | |
| * | SRE Holdings Corp. | 73,964 | 1,438 |
| LEC Inc. | 195,753 | 1,435 | |
| *,1 | Tatsuta Electric Wire & Cable Co. Ltd. | 288,163 | 1,432 |
| Daito Pharmaceutical Co. Ltd. | 105,400 | 1,422 | |
| 1 | Fukuda Corp. | 39,735 | 1,416 |
| Chubu Shiryo Co. Ltd. | 181,710 | 1,412 | |
| * | Nippon Chemi-Con Corp. | 152,072 | 1,411 |
| Kintetsu Department Store Co. Ltd. | 74,618 | 1,401 | |
| Link & Motivation Inc. | 354,959 | 1,398 | |
| St. Marc Holdings Co. Ltd. | 92,569 | 1,392 | |
| *,1 | Istyle Inc. | 468,567 | 1,375 |
| 1 | S-Pool Inc. | 436,825 | 1,374 |
| Marvelous Inc. | 271,295 | 1,370 | |
| Osaki Electric Co. Ltd. | 300,930 | 1,365 | |
| Toa Corp. (XTKS) | 186,191 | 1,363 | |
| Fudo Tetra Corp. | 85,007 | 1,361 | |
| * | PIA Corp. | 57,053 | 1,357 |
| World Holdings Co. Ltd. | 70,135 | 1,354 | |
| Hochiki Corp. | 109,276 | 1,352 | |
| Bank of Saga Ltd. | 102,957 | 1,348 | |
| Towa Bank Ltd. | 314,177 | 1,347 | |
| 1 | Pharma Foods International Co. Ltd. | 189,650 | 1,344 |
| Ki-Star Real Estate Co. Ltd. | 60,371 | 1,343 | |
| Nagatanien Holdings Co. Ltd. | 88,086 | 1,339 | |
| Daido Metal Co. Ltd. | 341,156 | 1,328 | |
| SB Technology Corp. | 78,834 | 1,325 | |
| V Technology Co. Ltd. | 65,653 | 1,320 | |
| 1 | Midac Holdings Co. Ltd. | 88,256 | 1,315 |
| Nihon Nohyaku Co. Ltd. | 287,263 | 1,313 |
37
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| EM Systems Co. Ltd. | 265,349 | 1,309 | |
| JSP Corp. | 99,924 | 1,297 | |
| Komatsu Matere Co. Ltd. | 228,964 | 1,297 | |
| Studio Alice Co. Ltd. | 86,834 | 1,295 | |
| CMIC Holdings Co. Ltd. | 69,261 | 1,295 | |
| Kyodo Printing Co. Ltd. | 56,296 | 1,288 | |
| m-up Holdings Inc. | 169,100 | 1,288 | |
| Achilles Corp. | 115,946 | 1,267 | |
| Shindengen Electric Manufacturing Co. Ltd. | 59,058 | 1,266 | |
| Ebase Co. Ltd. | 228,612 | 1,265 | |
| Kanaden Corp. | 114,806 | 1,264 | |
| DKK Co. Ltd. | 79,428 | 1,251 | |
| Tayca Corp. | 128,554 | 1,246 | |
| Pronexus Inc. | 132,644 | 1,237 | |
| Maezawa Kyuso Industries Co. Ltd. | 131,454 | 1,234 | |
| 1 | Remixpoint Inc. | 915,438 | 1,232 |
| Intage Holdings Inc. | 107,076 | 1,231 | |
| 1 | Gamecard-Joyco Holdings Inc. | 77,700 | 1,231 |
| Nichiban Co. Ltd. | 100,009 | 1,227 | |
| Ichiyoshi Securities Co. Ltd. | 243,646 | 1,219 | |
| Tokyo Rakutenchi Co. Ltd. | 25,050 | 1,214 | |
| Riso Kyoiku Co. Ltd. | 754,122 | 1,213 | |
| Kyosan Electric Manufacturing Co. Ltd. | 363,004 | 1,213 | |
| 1 | Okura Industrial Co. Ltd. | 66,897 | 1,209 |
| Sankyo Seiko Co. Ltd. | 236,436 | 1,204 | |
| ValueCommerce Co. Ltd. | 115,611 | 1,200 | |
| Akatsuki Inc. | 66,902 | 1,199 | |
| JDC Corp. | 288,219 | 1,196 | |
| 1 | Takatori Corp. | 39,671 | 1,195 |
| Takaoka Toko Co. Ltd. | 79,640 | 1,190 | |
| Tomoku Co. Ltd. | 77,305 | 1,176 | |
| Maxvalu Tokai Co. Ltd. | 55,665 | 1,176 | |
| Xebio Holdings Co. Ltd. | 173,333 | 1,174 | |
| Kyokuto Securities Co. Ltd. | 171,859 | 1,171 | |
| WDB Holdings Co. Ltd. | 74,162 | 1,162 | |
| Okuwa Co. Ltd. | 198,244 | 1,161 | |
| Feed One Co. Ltd. | 200,035 | 1,155 | |
| Nippon Beet Sugar Manufacturing Co. Ltd. | 82,970 | 1,149 | |
| Nitto Kohki Co. Ltd. | 86,600 | 1,145 | |
| WATAMI Co. Ltd. | 156,258 | 1,145 |
| Shares | Market Value• ($000) | ||
| G-7 Holdings Inc. | 134,959 | 1,145 | |
| Sankyo Tateyama Inc. | 205,761 | 1,139 | |
| Central Security Patrols Co. Ltd. | 62,215 | 1,122 | |
| Kenko Mayonnaise Co. Ltd. | 93,001 | 1,120 | |
| 1 | Airtrip Corp. | 85,009 | 1,114 |
| Advan Group Co. Ltd. | 145,032 | 1,100 | |
| Ministop Co. Ltd. | 101,283 | 1,099 | |
| Asahi Co. Ltd. | 122,110 | 1,097 | |
| Kansai Food Market Ltd. | 106,166 | 1,082 | |
| Tokyo Energy & Systems Inc. | 145,980 | 1,081 | |
| CTS Co. Ltd. | 233,828 | 1,077 | |
| 1 | Kojima Co. Ltd. | 193,855 | 1,074 |
| Alpha Systems Inc. | 49,538 | 1,063 | |
| ST Corp. | 97,818 | 1,058 | |
| Artnature Inc. | 186,500 | 1,058 | |
| Nihon Tokushu Toryo Co. Ltd. | 123,720 | 1,052 | |
| 1 | Central Sports Co. Ltd. | 59,929 | 1,041 |
| CAC Holdings Corp. | 84,413 | 1,040 | |
| Nihon Chouzai Co. Ltd. | 103,730 | 1,028 | |
| Kanagawa Chuo Kotsu Co. Ltd. | 47,971 | 1,019 | |
| Chiyoda Co. Ltd. | 167,035 | 1,017 | |
| Hisaka Works Ltd. | 152,459 | 996 | |
| Yukiguni Maitake Co. Ltd. | 149,269 | 989 | |
| 1 | Aeon Fantasy Co. Ltd. | 52,673 | 976 |
| Oro Co. Ltd. | 53,222 | 973 | |
| * | Pacific Metals Co. Ltd. | 111,658 | 959 |
| Tv Tokyo Holdings Corp. | 45,183 | 958 | |
| Sanoh Industrial Co. Ltd. | 170,665 | 949 | |
| Iseki & Co. Ltd. | 123,029 | 941 | |
| Taisei Lamick Co. Ltd. | 45,721 | 939 | |
| Melco Holdings Inc. | 37,690 | 920 | |
| Tsutsumi Jewelry Co. Ltd. | 56,370 | 913 | |
| Optorun Co. Ltd. | 79,205 | 913 | |
| Nippon Rietec Co. Ltd. | 108,697 | 912 | |
| * | Gurunavi Inc. | 469,296 | 907 |
| MTI Ltd. | 194,175 | 892 | |
| Hokkan Holdings Ltd. | 77,129 | 889 | |
| 1 | Digital Holdings Inc. | 99,939 | 886 |
| Nisso Holdings Co. Ltd. | 157,507 | 885 | |
| Fukui Computer Holdings Inc. | 49,444 | 882 | |
| Yorozu Corp. | 149,914 | 879 |
38
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| Shimojima Co. Ltd. | 95,372 | 870 | |
| Toho Zinc Co. Ltd. | 108,446 | 865 | |
| 1 | Rokko Butter Co. Ltd. | 91,786 | 862 |
| * | Optim Corp. | 146,893 | 858 |
| * | Nippon Coke & Engineering Co. Ltd. | 1,013,050 | 839 |
| Nippon Sharyo Ltd. | 57,131 | 833 | |
| Shimizu Bank Ltd. | 75,898 | 827 | |
| Arakawa Chemical Industries Ltd. | 114,549 | 823 | |
| 1 | Taki Chemical Co. Ltd. | 36,067 | 821 |
| *,1 | Taiko Pharmaceutical Co. Ltd. | 380,325 | 816 |
| Airport Facilities Co. Ltd. | 195,162 | 815 | |
| Inaba Seisakusho Co. Ltd. | 78,213 | 813 | |
| Sanshin Electronics Co. Ltd. | 52,811 | 812 | |
| Japan Best Rescue System Co. Ltd. | 114,186 | 808 | |
| IR Japan Holdings Ltd. | 75,174 | 807 | |
| * | Jamco Corp. | 71,580 | 803 |
| Nihon Trim Co. Ltd. | 37,019 | 792 | |
| * | Kourakuen Holdings Corp. | 90,163 | 775 |
| Nakayama Steel Works Ltd. | 133,863 | 772 | |
| BrainPad Inc. | 98,930 | 772 | |
| * | KNT-CT Holdings Co. Ltd. | 84,869 | 771 |
| DKS Co. Ltd. | 54,542 | 758 | |
| Inui Global Logistics Co. Ltd. | 98,653 | 758 | |
| 1 | Kitanotatsujin Corp. | 496,610 | 749 |
| Amuse Inc. | 71,194 | 748 | |
| *,1 | Japan Display Inc. | 4,984,772 | 741 |
| Hito Communications Holdings Inc. | 85,380 | 739 | |
| Yushin Precision Equipment Co. Ltd. | 156,000 | 737 | |
| 1 | GMO GlobalSign Holdings KK | 37,641 | 729 |
| * | TerraSky Co. Ltd. | 57,646 | 726 |
| *,1 | Sourcenext Corp. | 623,888 | 724 |
| Pole To Win Holdings Inc. | 211,751 | 724 | |
| Gecoss Corp. | 95,935 | 720 | |
| Tosho Co. Ltd. | 121,563 | 719 | |
| Tess Holdings Co. Ltd. | 231,161 | 713 | |
| 1 | FAN Communications Inc. | 253,644 | 712 |
| Fuso Pharmaceutical Industries Ltd. | 51,742 | 693 |
| Shares | Market Value• ($000) | ||
| Yamashin-Filter Corp. | 300,744 | 673 | |
| Furukawa Battery Co. Ltd. | 107,297 | 663 | |
| Aruhi Corp. | 113,295 | 660 | |
| Corona Corp. | 97,486 | 659 | |
| Taiho Kogyo Co. Ltd. | 117,011 | 658 | |
| Cleanup Corp. | 135,488 | 657 | |
| * | Atrae Inc. | 125,093 | 651 |
| 1 | I-PEX Inc. | 56,442 | 616 |
| LIFULL Co. Ltd. | 478,903 | 606 | |
| Daisyo Corp. | 67,791 | 593 | |
| MedPeer Inc. | 113,695 | 576 | |
| Sekisui Kasei Co. Ltd. | 166,741 | 574 | |
| *,1 | Gunosy Inc. | 102,774 | 562 |
| Ubicom Holdings Inc. | 47,071 | 556 | |
| * | CHIMNEY Co. Ltd. | 53,904 | 547 |
| * | FDK Corp. | 109,288 | 542 |
| Medical Data Vision Co. Ltd. | 116,903 | 541 | |
| Direct Marketing MiX Inc. | 170,483 | 533 | |
| Chuo Spring Co. Ltd. | 107,880 | 529 | |
| *,1 | Open Door Inc. | 94,896 | 525 |
| 1 | Kamakura Shinsho Ltd. | 133,163 | 521 |
| Tokyo Individualized Educational Institute Inc. | 156,337 | 493 | |
| Takamiya Co. Ltd. | 136,908 | 480 | |
| Japan Medical Dynamic Marketing Inc. | 88,564 | 476 | |
| 1 | Ohara Inc. | 61,097 | 470 |
| * | Net Protections Holdings Inc. | 322,800 | 467 |
| Fibergate Inc. | 70,741 | 461 | |
| 1 | Enigmo Inc. | 171,056 | 444 |
| * | Akebono Brake Industry Co. Ltd. | 542,566 | 430 |
| * | Media Do Co. Ltd. | 42,088 | 430 |
| Kanamic Network Co. Ltd. | 129,606 | 386 | |
| Raccoon Holdings Inc. | 82,790 | 380 | |
| * | RPA Holdings Inc. | 191,370 | 367 |
| Tokyo Base Co. Ltd. | 168,771 | 360 | |
| Wowow Inc. | 35,634 | 270 | |
| Robot Home Inc. | 224,508 | 270 | |
| Linical Co. Ltd. | 68,678 | 258 | |
| * | COOKPAD Inc. | 271,541 | 227 |
| *,1 | Right On Co. Ltd. | 65,911 | 206 |
| 37,641,630 | |||
| Netherlands (3.5%) | |||
| ASML Holding NV | 3,210,449 | 2,423,528 | |
| ING Groep NV | 29,332,178 | 439,823 | |
| Prosus NV | 12,342,091 | 367,354 | |
| *,1,2 | Adyen NV | 239,695 | 309,432 |
| Wolters Kluwer NV | 1,996,192 | 283,997 | |
| Heineken NV | 2,277,219 | 231,364 | |
39
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| Koninklijke Ahold Delhaize NV | 7,895,025 | 227,151 | |
| ASM International NV | 379,831 | 197,692 | |
| Universal Music Group NV | 6,096,723 | 174,044 | |
| Koninklijke Philips NV | 6,397,750 | 149,722 | |
| DSM-Firmenich AG | 1,408,423 | 143,227 | |
| Akzo Nobel NV | 1,385,802 | 114,754 | |
| ArcelorMittal SA | 4,033,210 | 114,463 | |
| BE Semiconductor Industries NV | 617,013 | 93,154 | |
| Koninklijke KPN NV | 26,797,149 | 92,320 | |
| Heineken Holding NV | 1,066,120 | 90,273 | |
| NN Group NV | 2,279,317 | 90,081 | |
| EXOR NV | 827,321 | 82,813 | |
| IMCD NV | 462,638 | 80,575 | |
| Aegon Ltd. | 13,761,761 | 80,011 | |
| Randstad NV | 892,402 | 56,007 | |
| ASR Nederland NV | 1,184,691 | 55,965 | |
| 2 | ABN AMRO Bank NV GDR | 3,109,039 | 46,755 |
| 2 | Signify NV | 1,021,404 | 34,254 |
| Aalberts NV | 781,244 | 33,959 | |
| Arcadis NV | 589,693 | 31,856 | |
| JDE Peet's NV | 979,609 | 26,345 | |
| *,2 | Just Eat Takeaway.com NV | 1,599,023 | 24,380 |
| * | InPost SA | 1,652,354 | 22,878 |
| OCI NV | 786,930 | 22,806 | |
| Allfunds Group plc | 2,739,869 | 19,482 | |
| Koninklijke Vopak NV | 527,145 | 17,740 | |
| SBM Offshore NV | 1,272,618 | 17,484 | |
| * | Fugro NV | 911,080 | 17,469 |
| *,1 | Galapagos NV | 393,157 | 16,045 |
| TKH Group NV | 332,517 | 14,530 | |
| 2 | CTP NV | 828,521 | 13,997 |
| *,1,2 | Basic-Fit NV | 427,888 | 13,322 |
| APERAM SA | 349,910 | 12,728 | |
| *,1,2 | Alfen NV | 178,092 | 11,885 |
| Corbion NV | 481,028 | 10,302 | |
| Eurocommercial Properties NV | 400,703 | 9,826 | |
| Van Lanschot Kempen NV | 305,097 | 9,499 | |
| AMG Critical Materials NV | 260,986 | 6,587 | |
| Koninklijke BAM Groep NV | 2,191,327 | 5,857 | |
| Wereldhave NV | 319,751 | 5,108 | |
| Sligro Food Group NV | 274,380 | 4,814 | |
| 1 | PostNL NV | 2,944,630 | 4,602 |
| Flow Traders Ltd. | 205,612 | 4,074 | |
| * | TomTom NV | 531,537 | 3,753 |
| Vastned Retail NV | 139,291 | 3,093 | |
| NSI NV | 138,374 | 2,865 | |
| 1 | Brunel International NV | 161,212 | 1,993 |
| 2 | B&S Group SARL | 204,477 | 835 |
| Shares | Market Value• ($000) | ||
| *,1 | Ebusco Holding NV | 71,776 | 381 |
| 6,369,254 | |||
| New Zealand (0.3%) | |||
| Fisher & Paykel Healthcare Corp. Ltd. | 4,641,092 | 69,215 | |
| Auckland International Airport Ltd. | 10,603,040 | 58,985 | |
| Spark New Zealand Ltd. | 14,992,963 | 49,084 | |
| Infratil Ltd. | 6,746,135 | 42,762 | |
| Meridian Energy Ltd. | 10,062,818 | 35,237 | |
| Contact Energy Ltd. | 6,365,466 | 32,232 | |
| EBOS Group Ltd. | 1,300,518 | 29,167 | |
| Mainfreight Ltd. | 654,963 | 28,677 | |
| Mercury NZ Ltd. | 5,591,751 | 23,324 | |
| Fletcher Building Ltd. | 6,307,167 | 19,049 | |
| * | Ryman Healthcare Ltd. | 4,896,049 | 18,252 |
| Chorus Ltd. | 3,557,819 | 17,672 | |
| * | a2 Milk Co. Ltd. | 5,816,310 | 16,926 |
| Goodman Property Trust | 9,214,259 | 13,276 | |
| Summerset Group Holdings Ltd. | 1,882,193 | 12,195 | |
| Precinct Properties New Zealand Ltd. | 10,742,741 | 8,587 | |
| Freightways Group Ltd. | 1,370,894 | 7,366 | |
| SKYCITY Entertainment Group Ltd. | 6,161,653 | 7,092 | |
| Kiwi Property Group Ltd. | 12,634,078 | 6,987 | |
| Genesis Energy Ltd. | 4,297,630 | 6,807 | |
| Vital Healthcare Property Trust | 4,247,167 | 5,933 | |
| Air New Zealand Ltd. | 12,311,716 | 4,941 | |
| Argosy Property Ltd. | 6,787,968 | 4,805 | |
| Vector Ltd. | 2,007,207 | 4,733 | |
| Heartland Group Holdings Ltd. | 4,762,132 | 4,455 | |
| Stride Property Group | 3,959,151 | 3,603 | |
| Oceania Healthcare Ltd. | 5,565,484 | 2,674 | |
| SKY Network Television Ltd. | 1,159,530 | 2,022 | |
| Scales Corp. Ltd. | 924,236 | 2,017 | |
| * | Synlait Milk Ltd. | 824,176 | 494 |
| 538,569 | |||
| Norway (0.7%) | |||
| Equinor ASA | 7,249,348 | 229,746 | |
| DNB Bank ASA | 8,304,512 | 176,564 | |
| Norsk Hydro ASA | 10,783,000 | 72,479 | |
| Aker BP ASA | 2,491,797 | 72,381 | |
| Mowi ASA | 3,589,476 | 64,279 | |
| Telenor ASA | 5,090,513 | 58,422 | |
| Orkla ASA | 6,181,627 | 48,005 | |
40
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| Yara International ASA | 1,320,186 | 46,902 | |
| Storebrand ASA | 3,394,708 | 30,099 | |
| Salmar ASA | 515,446 | 28,867 | |
| Subsea 7 SA | 1,916,844 | 27,923 | |
| Kongsberg Gruppen ASA | 601,158 | 27,522 | |
| Gjensidige Forsikring ASA | 1,380,869 | 25,482 | |
| * | Adevinta ASA | 2,222,287 | 24,551 |
| TOMRA Systems ASA | 1,898,022 | 23,012 | |
| Schibsted ASA Class A | 777,263 | 22,377 | |
| Bakkafrost P/F | 415,303 | 21,712 | |
| * | Nordic Semiconductor ASA | 1,521,822 | 18,826 |
| SpareBank 1 SR-Bank ASA | 1,440,135 | 18,264 | |
| Schibsted ASA Class B | 631,693 | 17,194 | |
| SpareBank 1 SMN | 1,099,104 | 15,338 | |
| Var Energi ASA | 4,575,127 | 14,473 | |
| 1 | TGS ASA | 1,062,037 | 13,792 |
| Hafnia Ltd. | 1,996,339 | 13,781 | |
| Borregaard ASA | 804,857 | 13,578 | |
| * | Borr Drilling Ltd. | 1,781,293 | 13,285 |
| Aker ASA Class A | 194,206 | 12,710 | |
| *,2 | AutoStore Holdings Ltd. | 5,807,081 | 11,409 |
| 2 | BW LPG Ltd. | 675,464 | 10,049 |
| 2 | Europris ASA | 1,300,680 | 9,823 |
| Protector Forsikring ASA | 545,198 | 9,652 | |
| Leroy Seafood Group ASA | 2,310,615 | 9,506 | |
| *,1 | NEL ASA | 13,766,400 | 9,297 |
| Aker Solutions ASA | 2,153,893 | 8,895 | |
| Veidekke ASA | 877,270 | 8,822 | |
| Atea ASA | 667,711 | 8,491 | |
| 2 | Scatec ASA | 955,628 | 7,721 |
| Wallenius Wilhelmsen ASA | 830,955 | 7,280 | |
| FLEX LNG Ltd. | 238,794 | 7,015 | |
| DNO ASA | 6,840,346 | 6,765 | |
| 2 | Entra ASA | 575,266 | 6,526 |
| Hoegh Autoliners ASA | 713,163 | 6,470 | |
| Sparebank 1 Oestlandet | 443,894 | 5,793 | |
| *,1,2 | Crayon Group Holding ASA | 671,946 | 5,593 |
| Stolt-Nielsen Ltd. | 173,766 | 5,324 | |
| Austevoll Seafood ASA | 713,974 | 5,207 | |
| 2 | Elkem ASA | 2,208,108 | 4,597 |
| MPC Container Ships ASA | 3,028,372 | 3,969 | |
| Wilh Wilhelmsen Holding ASA Class A | 106,585 | 3,826 |
| Shares | Market Value• ($000) | ||
| Bonheur ASA | 156,568 | 3,729 | |
| * | Aker Carbon Capture ASA | 2,683,301 | 3,579 |
| Grieg Seafood ASA | 455,078 | 3,061 | |
| Hexagon Composites ASA | 996,007 | 2,831 | |
| BW Offshore Ltd. | 702,984 | 1,549 | |
| * | BW Energy Ltd. | 583,196 | 1,547 |
| *,1 | Aker Horizons ASA | 1,705,248 | 730 |
| 1,330,620 | |||
| Poland (0.4%) | |||
| * | Powszechna Kasa Oszczednosci Bank Polski SA | 6,924,392 | 88,590 |
| ORLEN SA | 4,687,242 | 78,043 | |
| Powszechny Zaklad Ubezpieczen SA | 4,555,327 | 54,717 | |
| Bank Polska Kasa Opieki SA | 1,268,443 | 49,042 | |
| *,2 | Dino Polska SA | 390,973 | 45,777 |
| LPP SA | 9,002 | 37,054 | |
| KGHM Polska Miedz SA | 1,118,563 | 34,892 | |
| *,2 | Allegro.eu SA | 4,038,621 | 34,184 |
| Santander Bank Polska SA | 271,607 | 33,823 | |
| KRUK SA | 142,265 | 17,251 | |
| * | PGE Polska Grupa Energetyczna SA | 7,140,546 | 15,752 |
| 1 | CD Projekt SA | 527,221 | 15,414 |
| Grupa Kety SA | 79,370 | 15,034 | |
| * | Alior Bank SA | 748,109 | 14,523 |
| * | mBank SA | 104,929 | 14,267 |
| Orange Polska SA | 5,359,903 | 11,094 | |
| * | Bank Millennium SA | 4,943,914 | 10,500 |
| Asseco Poland SA | 458,017 | 8,508 | |
| * | Pepco Group NV | 1,209,769 | 8,009 |
| * | Tauron Polska Energia SA | 7,761,198 | 7,366 |
| 1 | Bank Handlowy w Warszawie SA | 260,134 | 6,704 |
| *,1 | CCC SA | 372,383 | 5,787 |
| * | Enea SA | 2,063,071 | 4,808 |
| *,1 | Jastrzebska Spolka Weglowa SA | 415,290 | 4,437 |
| * | AmRest Holdings SE | 579,611 | 3,917 |
| * | Cyfrowy Polsat SA | 1,220,416 | 3,825 |
| *,1 | Grupa Azoty SA | 372,022 | 2,336 |
| Warsaw Stock Exchange | 213,298 | 2,304 | |
| 627,958 | |||
| Portugal (0.2%) | |||
| EDP - Energias de Portugal SA | 24,554,552 | 123,583 | |
| Galp Energia SGPS SA | 4,063,024 | 59,782 | |
| Jeronimo Martins SGPS SA | 2,237,149 | 56,937 | |
| EDP Renovaveis SA | 2,413,949 | 49,417 | |
41
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| * | Banco Comercial Portugues SA Class R | 62,818,038 | 19,079 |
| REN - Redes Energeticas Nacionais SGPS SA | 3,128,233 | 8,038 | |
| Navigator Co. SA | 2,031,681 | 7,970 | |
| Sonae SGPS SA | 7,312,464 | 7,306 | |
| NOS SGPS SA | 1,632,168 | 5,768 | |
| *,1 | Greenvolt-Energias Renovaveis SA | 533,246 | 4,823 |
| 1 | Altri SGPS SA | 578,010 | 2,943 |
| CTT-Correios de Portugal SA | 738,537 | 2,851 | |
| Corticeira Amorim SGPS SA | 261,808 | 2,646 | |
| Semapa-Sociedade de Investimento e Gestao | 116,733 | 1,729 | |
| 352,872 | |||
| Singapore (1.1%) | |||
| DBS Group Holdings Ltd. | 14,760,238 | 373,269 | |
| Oversea-Chinese Banking Corp. Ltd. | 28,565,031 | 281,063 | |
| United Overseas Bank Ltd. | 9,880,649 | 213,256 | |
| Singapore Telecommunications Ltd. | 61,234,993 | 114,632 | |
| CapitaLand Ascendas REIT | 28,926,428 | 66,316 | |
| CapitaLand Integrated Commercial Trust | 41,217,337 | 64,249 | |
| Keppel Corp. Ltd. | 11,281,873 | 60,367 | |
| Singapore Airlines Ltd. | 11,190,353 | 55,564 | |
| Capitaland Investment Ltd. | 20,835,930 | 49,816 | |
| Singapore Exchange Ltd. | 6,654,369 | 49,504 | |
| Wilmar International Ltd. | 16,989,200 | 45,894 | |
| Singapore Technologies Engineering Ltd. | 12,388,280 | 36,480 | |
| Genting Singapore Ltd. | 47,018,728 | 35,615 | |
| Mapletree Logistics Trust | 26,836,702 | 35,336 | |
| Mapletree Industrial Trust | 15,982,749 | 30,365 | |
| Sembcorp Industries Ltd. | 7,377,813 | 29,655 | |
| * | Seatrium Ltd. | 330,909,907 | 29,548 |
| Venture Corp. Ltd. | 2,212,736 | 22,801 | |
| Mapletree Pan Asia Commercial Trust | 18,860,382 | 22,407 | |
| Frasers Logistics & Commercial Trust | 23,451,234 | 20,416 | |
| Shares | Market Value• ($000) | ||
| UOL Group Ltd. | 4,139,458 | 19,665 | |
| City Developments Ltd. | 3,785,989 | 19,062 | |
| Jardine Cycle & Carriage Ltd. | 805,318 | 18,150 | |
| ComfortDelGro Corp. Ltd. | 16,702,259 | 17,702 | |
| Suntec REIT | 17,127,081 | 15,949 | |
| Keppel DC REIT | 10,341,572 | 15,267 | |
| NetLink NBN Trust | 23,877,244 | 15,194 | |
| CapitaLand Ascott Trust | 20,180,586 | 15,127 | |
| Frasers Centrepoint Trust | 8,820,083 | 15,089 | |
| * | SATS Ltd. | 7,235,203 | 15,059 |
| Keppel REIT | 19,705,872 | 13,874 | |
| ESR-LOGOS REIT | 51,392,857 | 12,458 | |
| Keppel Infrastructure Trust | 32,511,881 | 12,315 | |
| Parkway Life REIT | 3,124,566 | 8,686 | |
| iFAST Corp. Ltd. | 1,282,169 | 7,968 | |
| Lendlease Global Commercial REIT | 15,143,267 | 7,396 | |
| Olam Group Ltd. | 9,262,110 | 7,281 | |
| Capitaland India Trust | 7,834,094 | 6,764 | |
| 1 | CapitaLand China Trust | 9,139,248 | 6,435 |
| Raffles Medical Group Ltd. | 7,668,994 | 6,273 | |
| Sheng Siong Group Ltd. | 4,993,973 | 6,052 | |
| PARAGON REIT | 8,903,493 | 5,970 | |
| Hutchison Port Holdings Trust | 40,284,724 | 5,959 | |
| CDL Hospitality Trusts | 6,976,712 | 5,865 | |
| 1 | AEM Holdings Ltd. | 2,177,330 | 5,697 |
| AIMS APAC REIT | 4,946,913 | 4,871 | |
| Starhill Global REIT | 11,207,670 | 4,457 | |
| First Resources Ltd. | 4,088,332 | 4,427 | |
| 1 | Singapore Post Ltd. | 11,873,268 | 4,272 |
| Cromwell European REIT | 2,640,526 | 4,137 | |
| Digital Core REIT Management Pte. Ltd. | 6,191,170 | 3,991 | |
| StarHub Ltd. | 4,705,274 | 3,957 | |
| Far East Hospitality Trust | 7,781,059 | 3,920 | |
| OUE Commercial REIT | 17,747,835 | 3,828 | |
| UMS Holdings Ltd. | 3,771,192 | 3,824 | |
| SIA Engineering Co. Ltd. | 1,849,016 | 3,319 | |
| Keppel Pacific Oak US REIT | 7,131,557 | 2,671 | |
| Riverstone Holdings Ltd. | 4,632,573 | 2,472 | |
| Hour Glass Ltd. | 1,686,700 | 2,121 | |
| First REIT | 9,128,516 | 1,832 | |
| Silverlake Axis Ltd. | 6,045,926 | 1,282 | |
| Prime US REIT | 5,337,786 | 1,277 |
42
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| Bumitama Agri Ltd. | 2,741,008 | 1,255 | |
| Manulife US REIT | 13,166,219 | 1,051 | |
| 1 | Nanofilm Technologies International Ltd. | 1,506,479 | 1,042 |
| *,1 | COSCO Shipping International Singapore Co. Ltd. | 7,561,216 | 756 |
| * | Yoma Strategic Holdings Ltd. | 8,964,090 | 489 |
| *,1,3 | Ezra Holdings Ltd. | 10,329,900 | 86 |
| *,3 | Eagle Hospitality Trust | 4,532,200 | — |
| 1,983,147 | |||
| South Korea (4.6%) | |||
| Samsung Electronics Co. Ltd. (XKRX) | 38,521,174 | 2,338,114 | |
| SK Hynix Inc. | 4,383,099 | 478,362 | |
| POSCO Holdings Inc. | 607,513 | 233,583 | |
| NAVER Corp. | 1,165,126 | 201,591 | |
| 1 | Celltrion Inc. | 1,253,482 | 195,741 |
| Hyundai Motor Co. | 1,115,224 | 175,430 | |
| Samsung SDI Co. Ltd. (XKRX) | 424,630 | 154,604 | |
| Kia Corp. | 1,978,456 | 153,001 | |
| LG Chem Ltd. (XKRX) | 383,336 | 147,440 | |
| KB Financial Group Inc. | 3,103,096 | 129,467 | |
| Shinhan Financial Group Co. Ltd. | 4,002,547 | 124,093 | |
| * | LG Energy Solution Ltd. | 323,992 | 106,922 |
| Kakao Corp. | 2,457,217 | 103,080 | |
| Hyundai Mobis Co. Ltd. | 502,767 | 92,113 | |
| *,2 | Samsung Biologics Co. Ltd. | 143,541 | 84,442 |
| 1 | Ecopro BM Co. Ltd. | 371,250 | 82,336 |
| 1 | Ecopro Co. Ltd. | 155,217 | 77,341 |
| Hana Financial Group Inc. | 2,302,683 | 77,243 | |
| LG Electronics Inc. (XKRX) | 869,688 | 68,390 | |
| Samsung C&T Corp. | 678,620 | 68,071 | |
| 1 | POSCO Future M Co. Ltd. | 230,896 | 63,768 |
| KT&G Corp. | 827,043 | 55,716 | |
| Woori Financial Group Inc. | 5,321,069 | 53,557 | |
| Samsung Electro-Mechanics Co. Ltd. | 450,939 | 53,426 | |
| Samsung Fire & Marine Insurance Co. Ltd. | 260,199 | 53,012 | |
| * | SK Innovation Co. Ltd. | 481,931 | 52,153 |
| LG Corp. | 728,917 | 48,440 | |
| * | Doosan Enerbility Co. Ltd. | 3,450,209 | 42,390 |
| Shares | Market Value• ($000) | ||
| SK Inc. | 286,444 | 39,429 | |
| Samsung SDS Co. Ltd. | 296,524 | 38,995 | |
| KakaoBank Corp. | 1,742,695 | 38,374 | |
| Meritz Financial Group Inc. | 811,275 | 37,117 | |
| 1 | HMM Co. Ltd. | 2,360,690 | 35,815 |
| * | Krafton Inc. | 232,780 | 34,870 |
| *,1 | HLB Inc. | 873,111 | 34,207 |
| Korea Zinc Co. Ltd. | 87,443 | 33,660 | |
| Korea Shipbuilding & Offshore Engineering Co. Ltd. | 347,571 | 32,508 | |
| Samsung Life Insurance Co. Ltd. | 597,915 | 31,988 | |
| * | SK Square Co. Ltd. | 787,073 | 31,987 |
| * | Samsung Heavy Industries Co. Ltd. | 5,288,911 | 31,704 |
| L&F Co. Ltd. | 200,152 | 31,417 | |
| HYBE Co. Ltd. | 168,911 | 30,500 | |
| Korea Electric Power Corp. | 2,069,637 | 30,318 | |
| * | Samsung Engineering Co. Ltd. | 1,273,191 | 28,521 |
| Korean Air Lines Co. Ltd. | 1,499,351 | 27,701 | |
| Hanwha Aerospace Co. Ltd. | 280,233 | 27,034 | |
| 1 | Amorepacific Corp. | 235,608 | 26,430 |
| * | Hanwha Solutions Corp. | 843,637 | 25,641 |
| 1 | Posco DX Co. Ltd. | 428,041 | 24,473 |
| NCSoft Corp. | 128,537 | 23,907 | |
| Yuhan Corp. | 445,197 | 23,737 | |
| DB Insurance Co. Ltd. | 358,618 | 23,225 | |
| Hyundai Glovis Co. Ltd. | 148,838 | 22,054 | |
| Korea Aerospace Industries Ltd. | 569,425 | 22,044 | |
| *,1 | Alteogen Inc. | 276,266 | 21,042 |
| 1 | LG Innotek Co. Ltd. | 112,919 | 20,915 |
| Hankook Tire & Technology Co. Ltd. | 591,895 | 20,803 | |
| * | CosmoAM&T Co. Ltd. | 180,829 | 20,505 |
| LG H&H Co. Ltd. (XKRX) | 74,411 | 20,440 | |
| *,1 | Kum Yang Co. Ltd. | 243,450 | 20,421 |
| Industrial Bank of Korea | 2,205,746 | 20,274 | |
| Coway Co. Ltd. | 453,236 | 20,046 | |
| Hyundai Steel Co. | 677,769 | 19,101 | |
| LG Display Co. Ltd. | 1,822,169 | 17,941 | |
| *,1 | SK Biopharmaceuticals Co. Ltd. | 230,889 | 17,929 |
| S-Oil Corp. | 329,456 | 17,740 |
43
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| Posco International Corp. | 366,258 | 17,607 | |
| Lotte Chemical Corp. | 147,341 | 17,457 | |
| 1 | JYP Entertainment Corp. | 222,349 | 17,413 |
| * | Hanmi Semiconductor Co. Ltd. | 357,387 | 16,981 |
| Hanmi Pharm Co. Ltd. | 62,119 | 16,947 | |
| HD Hyundai Co. Ltd. | 337,942 | 16,564 | |
| Hyundai Engineering & Construction Co. Ltd. | 584,838 | 15,787 | |
| Orion Corp.Republic of Korea | 174,644 | 15,673 | |
| Doosan Bobcat Inc. | 399,653 | 15,568 | |
| CJ CheilJedang Corp. (XKRX) | 61,902 | 15,536 | |
| Samsung Securities Co. Ltd. | 519,901 | 15,488 | |
| 1 | Hyundai Heavy Industries Co. Ltd. | 152,458 | 15,209 |
| Korea Investment Holdings Co. Ltd. | 314,816 | 14,911 | |
| 1 | Hanjin Kal Corp. | 259,187 | 14,571 |
| Kumho Petrochemical Co. Ltd. | 135,081 | 13,872 | |
| LG Uplus Corp. | 1,706,159 | 13,531 | |
| 1 | DB HiTek Co. Ltd. | 282,364 | 12,783 |
| Hotel Shilla Co. Ltd. | 248,868 | 12,593 | |
| *,2 | SK IE Technology Co. Ltd. | 206,856 | 12,586 |
| Mirae Asset Securities Co. Ltd. | 2,119,900 | 12,518 | |
| BNK Financial Group Inc. | 2,227,112 | 12,317 | |
| Fila Holdings Corp. | 411,020 | 12,294 | |
| *,1 | Celltrion Pharm Inc. | 172,144 | 12,282 |
| * | Hyundai Rotem Co. Ltd. | 586,225 | 12,066 |
| GS Holdings Corp. | 369,684 | 11,704 | |
| LEENO Industrial Inc. | 74,742 | 11,697 | |
| * | Hanwha Ocean Co. Ltd. | 586,359 | 11,379 |
| Hansol Chemical Co. Ltd. | 64,735 | 11,346 | |
| HD Hyundai Electric Co Ltd. | 177,951 | 11,310 | |
| Hyundai Marine & Fire Insurance Co. Ltd. | 469,343 | 11,261 | |
| 1 | Hyundai Mipo Dockyard Co. Ltd. | 164,582 | 10,800 |
| Kangwon Land Inc. | 859,103 | 10,646 | |
| *,1 | SK Bioscience Co. Ltd. | 190,046 | 10,587 |
| 1 | SKC Co. Ltd. | 149,769 | 10,473 |
| JB Financial Group Co. Ltd. | 1,155,221 | 10,185 |
| Shares | Market Value• ($000) | ||
| *,1 | Hanall Biopharma Co. Ltd. | 294,805 | 10,091 |
| LS Corp. | 137,243 | 9,881 | |
| * | E-MART Inc. | 155,459 | 9,221 |
| 1 | OCI Holdings Co. Ltd. | 111,964 | 9,190 |
| 1 | LIG Nex1 Co. Ltd. | 89,028 | 9,012 |
| 1 | HPSP Co. Ltd. | 260,145 | 8,785 |
| F&F Co. Ltd. | 126,638 | 8,741 | |
| NH Investment & Securities Co. Ltd. | 1,087,569 | 8,698 | |
| Hyundai Autoever Corp. | 53,198 | 8,695 | |
| IsuPetasys Co. Ltd. | 379,284 | 8,576 | |
| *,1 | Rainbow Robotics | 62,987 | 8,564 |
| Youngone Corp. | 241,864 | 8,537 | |
| 1 | CS Wind Corp. | 157,153 | 8,509 |
| Cheil Worldwide Inc. | 574,463 | 8,469 | |
| * | Lunit Inc. | 133,593 | 8,448 |
| 1 | KIWOOM Securities Co. Ltd. | 105,864 | 8,146 |
| Hanwha Corp. (XKRX) | 408,321 | 8,141 | |
| DGB Financial Group Inc. | 1,237,900 | 8,140 | |
| 1 | NongShim Co. Ltd. | 25,670 | 8,099 |
| HL Mando Co. Ltd. | 265,029 | 8,063 | |
| 1 | Soulbrain Co. Ltd. | 33,878 | 7,961 |
| *,1 | Pearl Abyss Corp. | 265,095 | 7,936 |
| Eo Technics Co. Ltd. | 66,099 | 7,795 | |
| *,2 | Netmarble Corp. | 172,944 | 7,760 |
| *,1 | LegoChem Biosciences Inc. | 154,148 | 7,746 |
| 1 | Hyosung Advanced Materials Corp. | 24,893 | 7,682 |
| 1 | Medytox Inc. | 40,653 | 7,594 |
| CJ Corp. | 103,306 | 7,544 | |
| 1 | Shinsegae Inc. | 55,107 | 7,473 |
| 1 | WONIK IPS Co. Ltd. | 281,744 | 7,386 |
| S-1 Corp. | 156,083 | 7,248 | |
| Hanon Systems | 1,284,472 | 7,235 | |
| 1 | Jusung Engineering Co. Ltd. | 272,969 | 7,191 |
| 1 | Dongjin Semichem Co. Ltd. | 239,567 | 7,156 |
| 1 | LS Electric Co. Ltd. | 125,051 | 7,077 |
| Hyundai Doosan Infracore Co. Ltd. | 1,125,670 | 7,068 | |
| Chong Kun Dang Pharmaceutical Corp. | 68,662 | 6,961 | |
| Hyosung TNC Corp. | 23,887 | 6,749 | |
| 1 | Sam Chun Dang Pharm Co. Ltd. | 111,311 | 6,670 |
| * | Hyosung Heavy Industries Corp. | 52,857 | 6,631 |
| Wemade Co. Ltd. | 139,402 | 6,576 | |
| 1 | DL E&C Co. Ltd. | 235,535 | 6,569 |
| 1 | BGF retail Co. Ltd. | 64,638 | 6,565 |
| * | Kakao Games Corp. | 324,814 | 6,492 |
| *,1 | Kakaopay Corp. | 170,687 | 6,489 |
| CJ Logistics Corp. | 64,819 | 6,384 |
44
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| Hanwha Systems Co. Ltd. | 474,148 | 6,376 | |
| 1 | SM Entertainment Co. Ltd. | 89,092 | 6,355 |
| 1 | Hyundai Wia Corp. | 125,988 | 6,340 |
| 1 | Hana Micron Inc. | 282,088 | 6,329 |
| * | Hanwha Life Insurance Co. Ltd. | 2,861,975 | 6,274 |
| 1 | ISC Co. Ltd. | 99,787 | 6,180 |
| *,1 | HLB Life Science Co. Ltd. | 694,172 | 6,144 |
| Samsung Card Co. Ltd. | 244,167 | 6,125 | |
| 1 | Koh Young Technology Inc. | 477,937 | 6,120 |
| TCC Steel | 134,975 | 6,117 | |
| * | Cosmochemical Co. Ltd. | 203,376 | 6,096 |
| 1 | Hyundai Elevator Co. Ltd. | 177,383 | 6,088 |
| 1 | Advanced Nano Products Co. Ltd. | 64,830 | 6,010 |
| *,1 | W Scope Chungju Plant Co. Ltd. | 173,997 | 5,969 |
| *,1 | Hyundai Bioscience Co. Ltd. | 295,942 | 5,968 |
| Classys Inc. | 204,246 | 5,959 | |
| KCC Corp. | 33,685 | 5,949 | |
| Cosmax Inc. | 60,099 | 5,885 | |
| GS Engineering & Construction Corp. | 503,207 | 5,855 | |
| 1 | LX Semicon Co. Ltd. | 87,180 | 5,851 |
| * | SOLUM Co. Ltd. | 275,530 | 5,829 |
| 1 | Hanmi Science Co. Ltd. | 191,416 | 5,799 |
| 1 | People & Technology Inc. | 147,731 | 5,733 |
| GS Retail Co. Ltd. | 314,950 | 5,619 | |
| Pan Ocean Co. Ltd. | 1,941,974 | 5,615 | |
| * | Daeduck Electronics Co. Ltd. | 267,329 | 5,571 |
| 1 | Lotte Energy Materials Corp. | 170,754 | 5,544 |
| LOTTE Fine Chemical Co. Ltd. | 122,347 | 5,493 | |
| *,1 | Chabiotech Co. Ltd. | 356,382 | 5,406 |
| Samyang Foods Co. Ltd. | 32,003 | 5,367 | |
| Dentium Co. Ltd. | 52,329 | 5,308 | |
| Lotte Shopping Co. Ltd. | 91,331 | 5,303 | |
| Sam-A Aluminum Co. Ltd. | 64,454 | 5,295 | |
| Korean Reinsurance Co. | 946,512 | 5,256 | |
| *,1 | Daewoo Engineering & Construction Co. Ltd. | 1,636,794 | 5,253 |
| 1 | Daejoo Electronic Materials Co. Ltd. | 78,643 | 5,238 |
| *,1 | Hugel Inc. | 44,882 | 5,193 |
| Green Cross Corp. | 51,956 | 5,045 |
| Shares | Market Value• ($000) | ||
| 1 | Kolon Industries Inc. | 145,435 | 5,006 |
| 1 | Kolmar Korea Co. Ltd. | 120,622 | 5,003 |
| Park Systems Corp. | 36,972 | 4,961 | |
| Hyundai Department Store Co. Ltd. | 119,482 | 4,789 | |
| 1 | KEPCO Engineering & Construction Co. Inc. | 99,167 | 4,773 |
| Peptron Inc. | 151,513 | 4,731 | |
| AMOREPACIFIC Group | 207,673 | 4,700 | |
| * | Kumho Tire Co. Inc. | 1,111,966 | 4,635 |
| *,1 | Oscotec Inc. | 259,130 | 4,624 |
| KEPCO Plant Service & Engineering Co. Ltd. | 175,128 | 4,623 | |
| 1 | Ecopro HN Co. Ltd. | 86,750 | 4,604 |
| 1 | SIMMTECH Co. Ltd. | 153,694 | 4,568 |
| SK Networks Co. Ltd. | 1,023,654 | 4,556 | |
| SK REITs Co. Ltd. | 1,476,423 | 4,553 | |
| 1 | HDC Hyundai Development Co-Engineering & Construction | 401,018 | 4,538 |
| *,1 | Doosan Fuel Cell Co. Ltd. | 252,522 | 4,532 |
| S&S Tech Corp. | 129,012 | 4,513 | |
| * | CJ ENM Co. Ltd. | 80,385 | 4,492 |
| Lotte Corp. | 211,856 | 4,436 | |
| *,1 | Bioneer Corp. | 170,935 | 4,402 |
| Poongsan Corp. | 144,413 | 4,375 | |
| 1 | Hite Jinro Co. Ltd. | 246,363 | 4,291 |
| 1 | Foosung Co. Ltd. | 459,135 | 4,248 |
| 1 | LX International Corp. | 185,031 | 4,211 |
| 1 | SK Chemicals Co. Ltd. | 77,717 | 4,048 |
| 1 | PharmaResearch Co. Ltd. | 47,384 | 4,008 |
| HK inno N Corp. | 116,264 | 4,007 | |
| * | Mezzion Pharma Co. Ltd. | 132,584 | 3,994 |
| * | Korea Gas Corp. | 208,714 | 3,992 |
| *,1 | Lake Materials Co. Ltd. | 292,187 | 3,904 |
| 1 | SSANGYONG C&E Co. Ltd. | 863,092 | 3,844 |
| *,1 | Paradise Co. Ltd. | 372,930 | 3,842 |
| Seegene Inc. | 213,655 | 3,787 | |
| 1 | DL Holdings Co. Ltd. | 95,288 | 3,786 |
| Hyundai Construction Equipment Co. Ltd. | 93,498 | 3,741 | |
| AfreecaTV Co. Ltd. | 56,409 | 3,732 | |
| Hyosung Corp. | 76,113 | 3,730 | |
| HAESUNG DS Co. Ltd. | 87,196 | 3,723 | |
| *,1 | Creative & Innovative System | 437,132 | 3,711 |
45
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| *,1 | ABLBio Inc. | 193,768 | 3,684 |
| 1 | ST Pharm Co. Ltd. | 69,859 | 3,666 |
| *,1 | Enchem Co. Ltd. | 59,402 | 3,652 |
| 1 | Daewoong Pharmaceutical Co. Ltd. | 40,163 | 3,632 |
| 1 | Doosan Tesna Inc. | 79,967 | 3,615 |
| * | Hana Tour Service Inc. | 89,707 | 3,614 |
| Dongsuh Cos. Inc. | 254,360 | 3,587 | |
| Ottogi Corp. | 11,387 | 3,531 | |
| Jeisys Medical Inc. | 432,544 | 3,511 | |
| * | SK oceanplant Co. Ltd. | 227,391 | 3,478 |
| YG Entertainment Inc. | 86,996 | 3,433 | |
| *,1 | Duk San Neolux Co. Ltd. | 99,290 | 3,419 |
| Doosan Co. Ltd. | 46,510 | 3,376 | |
| Lotte Chilsung Beverage Co. Ltd. | 29,711 | 3,375 | |
| OCI Co. Ltd. | 39,002 | 3,354 | |
| Korea Electric Terminal Co. Ltd. | 57,570 | 3,347 | |
| 1 | SL Corp. | 120,972 | 3,342 |
| Innocean Worldwide Inc. | 200,736 | 3,335 | |
| Eugene Technology Co. Ltd. | 105,937 | 3,335 | |
| *,1 | Sungeel Hitech Co. Ltd. | 39,447 | 3,326 |
| 1 | SFA Engineering Corp. | 140,200 | 3,298 |
| *,1 | Myoung Shin Industrial Co. Ltd. | 223,623 | 3,263 |
| 1 | BH Co. Ltd. | 199,511 | 3,260 |
| *,1 | STCUBE | 354,654 | 3,257 |
| 1 | Intellian Technologies Inc. | 57,678 | 3,233 |
| NEXTIN Inc. | 59,653 | 3,197 | |
| Douzone Bizon Co. Ltd. | 140,873 | 3,158 | |
| JW Pharmaceutical Corp. | 114,506 | 3,152 | |
| i-SENS Inc. | 139,123 | 3,079 | |
| 1 | MegaStudyEdu Co. Ltd. | 63,837 | 2,999 |
| SD Biosensor Inc. | 334,620 | 2,965 | |
| 1 | GC Cell Corp. | 83,531 | 2,940 |
| 1 | Tokai Carbon Korea Co. Ltd. | 34,135 | 2,939 |
| Green Cross Holdings Corp. | 229,310 | 2,903 | |
| JR Global REIT | 907,788 | 2,874 | |
| *,1 | Shin Poong Pharmaceutical Co. Ltd. | 273,693 | 2,865 |
| Han Kuk Carbon Co. Ltd. | 317,748 | 2,864 | |
| ESR Kendall Square REIT Co. Ltd. | 1,007,813 | 2,854 | |
| Com2uSCorp | 74,763 | 2,848 |
| Shares | Market Value• ($000) | ||
| TKG Huchems Co. Ltd. | 169,309 | 2,820 | |
| Sebang Global Battery Co. Ltd. | 62,788 | 2,819 | |
| *,1 | GemVax & Kael Co. Ltd. | 273,794 | 2,816 |
| 1 | Chunbo Co. Ltd. | 32,978 | 2,805 |
| *,1 | SFA Semicon Co. Ltd. | 596,135 | 2,771 |
| *,1 | Amicogen Inc. | 461,654 | 2,704 |
| Shinhan Alpha REIT Co. Ltd. | 533,710 | 2,650 | |
| 1 | DongKook Pharmaceutical Co. Ltd. | 210,088 | 2,629 |
| 1 | Korea Petrochemical Ind Co. Ltd. | 21,999 | 2,605 |
| Daou Technology Inc. | 187,082 | 2,594 | |
| Youngone Holdings Co. Ltd. | 42,817 | 2,590 | |
| 1 | Sungwoo Hitech Co. Ltd. | 354,206 | 2,582 |
| * | Asiana Airlines Inc. | 297,936 | 2,574 |
| *,1 | Eubiologics Co. Ltd. | 288,124 | 2,559 |
| DoubleUGames Co. Ltd. | 69,164 | 2,546 | |
| Daewoong Co. Ltd. | 159,037 | 2,539 | |
| Innox Advanced Materials Co. Ltd. | 102,772 | 2,539 | |
| 1 | Ahnlab Inc. | 47,034 | 2,510 |
| 1 | Caregen Co. Ltd. | 116,592 | 2,483 |
| *,1 | NKMax Co. Ltd. | 512,594 | 2,471 |
| Daesang Corp. | 153,429 | 2,466 | |
| 1 | Hankook & Co. Co. Ltd. | 201,680 | 2,444 |
| * | Dongkuk Steel Mill Co. Ltd. | 261,947 | 2,444 |
| *,1 | Naturecell Co. Ltd. | 393,193 | 2,432 |
| 1 | PI Advanced Materials Co. Ltd. | 102,816 | 2,424 |
| Hanjin Transportation Co. Ltd. | 125,610 | 2,421 | |
| 1 | Youlchon Chemical Co. Ltd. | 98,181 | 2,407 |
| Samyang Holdings Corp. | 44,789 | 2,398 | |
| SK Discovery Co. Ltd. | 78,691 | 2,391 | |
| * | Hanwha Investment & Securities Co. Ltd. | 884,332 | 2,387 |
| KCC Glass Corp. | 74,109 | 2,361 | |
| Solus Advanced Materials Co. Ltd. | 114,162 | 2,342 | |
| * | Jeju Air Co. Ltd. | 257,856 | 2,340 |
| *,1 | Genexine Inc. | 304,777 | 2,335 |
| *,1 | Taihan Electric Wire Co. Ltd. | 299,118 | 2,334 |
| * | NHN Corp. | 128,990 | 2,330 |
| * | IS Dongseo Co. Ltd. | 103,633 | 2,319 |
| *,1 | Cafe24 Corp. | 106,899 | 2,319 |
| LOTTE REIT Co. Ltd. | 944,160 | 2,311 |
46
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| Hanssem Co. Ltd. | 55,645 | 2,303 | |
| 1 | Mcnex Co. Ltd. | 98,169 | 2,298 |
| Seoul Semiconductor Co. Ltd. | 291,480 | 2,291 | |
| Yunsung F&C Co. Ltd. | 25,961 | 2,259 | |
| SK Gas Ltd. | 19,649 | 2,256 | |
| Daishin Securities Co. Ltd. | 200,947 | 2,229 | |
| *,1 | Dawonsys Co. Ltd. | 206,806 | 2,229 |
| *,1 | CJ CGV Co. Ltd. | 496,330 | 2,223 |
| Partron Co. Ltd. | 349,986 | 2,208 | |
| * | Sambu Engineering & Construction Co. Ltd. | 1,226,698 | 2,179 |
| *,1 | Lotte Tour Development Co. Ltd. | 298,302 | 2,160 |
| 1 | L&C Bio Co. Ltd. | 95,248 | 2,137 |
| *,1 | KMW Co. Ltd. | 222,355 | 2,129 |
| *,1 | Seojin System Co. Ltd. | 151,543 | 2,127 |
| 1 | Taekwang Industrial Co. Ltd. | 4,459 | 2,107 |
| *,1 | Vaxcell-Bio Therapeutics Co. Ltd. | 121,364 | 2,107 |
| Dong-A Socio Holdings Co. Ltd. | 26,159 | 2,051 | |
| *,1 | NEPES Corp. | 134,920 | 2,049 |
| *,1 | Wysiwyg Studios Co. Ltd. | 698,692 | 2,044 |
| *,1 | Shinsung E&G Co. Ltd. | 1,285,227 | 2,029 |
| *,1 | Nexon Games Co. Ltd. | 174,329 | 2,023 |
| * | Hanwha General Insurance Co. Ltd. | 640,267 | 2,013 |
| * | Studio Dragon Corp. | 49,538 | 1,978 |
| 1 | INTOPS Co. Ltd. | 93,623 | 1,954 |
| Dong-A ST Co. Ltd. | 36,449 | 1,954 | |
| * | Pharmicell Co. Ltd. | 411,857 | 1,935 |
| 1 | Harim Holdings Co. Ltd. | 318,604 | 1,920 |
| 1 | Boryung | 207,195 | 1,911 |
| LX Holdings Corp. | 347,614 | 1,902 | |
| Lotte Rental Co. Ltd. | 87,338 | 1,880 | |
| 1 | NICE Information Service Co. Ltd. | 254,952 | 1,873 |
| * | Neowiz | 90,712 | 1,869 |
| *,1 | Danal Co. Ltd. | 516,348 | 1,865 |
| * | Korea Line Corp. | 1,113,049 | 1,859 |
| 1 | SNT Motiv Co. Ltd. | 55,100 | 1,843 |
| * | HLB Therapeutics Co. Ltd. | 537,968 | 1,827 |
| Orion Holdings Corp. | 161,210 | 1,824 | |
| 1 | RFHIC Corp. | 129,772 | 1,811 |
| *,1 | Ananti Inc. | 356,731 | 1,802 |
| * | Daea TI Co. Ltd. | 674,686 | 1,790 |
| Solid Inc. | 380,681 | 1,787 |
| Shares | Market Value• ($000) | ||
| * | Il Dong Pharmaceutical Co. Ltd. | 126,493 | 1,781 |
| 1 | ENF Technology Co. Ltd. | 92,589 | 1,770 |
| Namyang Dairy Products Co. Ltd. | 3,679 | 1,734 | |
| Lotte Wellfood Co. Ltd. | 18,040 | 1,731 | |
| Seah Besteel Holdings Corp. | 88,195 | 1,698 | |
| * | Enplus Co. Ltd. | 565,401 | 1,693 |
| Hansae Co. Ltd. | 103,851 | 1,692 | |
| 1 | TES Co. Ltd. | 108,066 | 1,679 |
| Advanced Process Systems Corp. | 95,643 | 1,651 | |
| Nexen Tire Corp. | 264,890 | 1,649 | |
| Handsome Co. Ltd. | 110,768 | 1,641 | |
| *,1 | Insun ENT Co. Ltd. | 287,332 | 1,636 |
| 1 | Young Poong Corp. | 4,090 | 1,632 |
| Webzen Inc. | 128,051 | 1,621 | |
| Seobu T&D | 291,140 | 1,621 | |
| Samwha Capacitor Co. Ltd. | 54,799 | 1,615 | |
| HDC Holdings Co. Ltd. | 302,226 | 1,614 | |
| Binggrae Co. Ltd. | 37,780 | 1,602 | |
| 1 | GOLFZON Co. Ltd. | 22,441 | 1,601 |
| Huons Co. Ltd. | 53,584 | 1,595 | |
| 1 | Soulbrain Holdings Co. Ltd. | 46,034 | 1,576 |
| 1 | Modetour Network Inc. | 132,995 | 1,569 |
| LX Hausys Ltd. | 46,419 | 1,568 | |
| * | DIO Corp. | 89,992 | 1,561 |
| InBody Co. Ltd. | 79,017 | 1,552 | |
| *,1 | Grand Korea Leisure Co. Ltd. | 148,062 | 1,547 |
| 1 | Songwon Industrial Co. Ltd. | 120,402 | 1,526 |
| KC Tech Co. Ltd. | 72,604 | 1,505 | |
| * | CMG Pharmaceutical Co. Ltd. | 793,520 | 1,481 |
| 1 | KH Vatec Co. Ltd. | 127,475 | 1,450 |
| Unid Co. Ltd. | 27,440 | 1,441 | |
| Korea United Pharm Inc. | 68,666 | 1,436 | |
| LF Corp. | 139,267 | 1,435 | |
| NICE Holdings Co. Ltd. | 139,018 | 1,423 | |
| * | Medipost Co. Ltd. | 224,303 | 1,419 |
| Hyundai Home Shopping Network Corp. | 41,524 | 1,384 | |
| *,1 | Humasis Co. Ltd. | 945,724 | 1,379 |
| Eugene Investment & Securities Co. Ltd. | 501,710 | 1,374 | |
| *,1 | iNtRON Biotechnology Inc. | 201,678 | 1,372 |
| 1 | BNC Korea Co. Ltd. | 477,219 | 1,368 |
| HL Holdings Corp. | 52,319 | 1,354 |
47
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| Hancom Inc. | 122,353 | 1,351 | |
| *,1 | Helixmith Co. Ltd. | 279,365 | 1,333 |
| SK Securities Co. Ltd. | 2,674,850 | 1,329 | |
| 1 | Kwang Dong Pharmaceutical Co. Ltd. | 229,423 | 1,322 |
| Bukwang Pharmaceutical Co. Ltd. | 278,657 | 1,317 | |
| * | Namsun Aluminum Co. Ltd. | 723,447 | 1,315 |
| * | Hyundai Green Food | 147,261 | 1,311 |
| TK Corp. | 113,213 | 1,292 | |
| NHN KCP Corp. | 162,276 | 1,291 | |
| 1 | Huons Global Co. Ltd. | 69,834 | 1,282 |
| Hanil Cement Co. Ltd. | 128,948 | 1,278 | |
| * | CrystalGenomics Invites Co. Ltd. | 584,877 | 1,261 |
| KISWIRE Ltd. | 79,825 | 1,258 | |
| Ilyang Pharmaceutical Co. Ltd. | 103,650 | 1,258 | |
| * | AbClon Inc. | 109,361 | 1,256 |
| * | Samchully Co. Ltd. | 16,920 | 1,246 |
| *,1 | UniTest Inc. | 120,023 | 1,243 |
| * | HLB Global Co. Ltd. | 318,524 | 1,237 |
| Humedix Co. Ltd. | 46,672 | 1,220 | |
| Sung Kwang Bend Co. Ltd. | 129,374 | 1,217 | |
| 1 | Zinus Inc. | 96,361 | 1,215 |
| * | GeneOne Life Science Inc. | 549,945 | 1,210 |
| * | Daeduck Co. Ltd. | 242,249 | 1,201 |
| Yuanta Securities Korea Co. Ltd. | 605,566 | 1,196 | |
| 1 | Shinsegae International Inc. | 83,670 | 1,185 |
| * | Com2uS Holdings Corp. | 41,091 | 1,178 |
| *,1 | Binex Co. Ltd. | 169,163 | 1,173 |
| * | Hyosung Chemical Corp. | 17,591 | 1,173 |
| Daol Investment & Securities Co. Ltd. | 384,150 | 1,161 | |
| Tongyang Inc. | 1,450,596 | 1,124 | |
| Dongwon F&B Co. Ltd. | 43,782 | 1,111 | |
| iMarketKorea Inc. | 166,520 | 1,109 | |
| Hansol Technics Co. Ltd. | 205,189 | 1,103 | |
| Vieworks Co. Ltd. | 52,535 | 1,101 | |
| Hyundai GF Holdings | 389,014 | 1,098 | |
| Dongwon Industries Co. Ltd. | 41,589 | 1,072 | |
| Korea Asset In Trust Co. Ltd. | 429,889 | 1,054 | |
| * | Yungjin Pharmaceutical Co. Ltd. | 628,483 | 1,035 |
| Shares | Market Value• ($000) | ||
| *,1 | OliX Pharmaceuticals Inc. | 91,013 | 1,029 |
| * | Samsung Pharmaceutical Co. Ltd. | 600,630 | 1,013 |
| Hansol Paper Co. Ltd. | 122,002 | 1,006 | |
| E1 Corp. | 20,673 | 999 | |
| Korea Real Estate Investment & Trust Co. Ltd. | 1,080,367 | 985 | |
| *,1,3 | Cellivery Therapeutics Inc. | 189,478 | 983 |
| 1 | ITM Semiconductor Co. Ltd. | 48,634 | 970 |
| Chongkundang Holdings Corp. | 21,069 | 968 | |
| *,1 | Komipharm International Co. Ltd. | 296,964 | 964 |
| Namhae Chemical Corp. | 164,723 | 945 | |
| Hankook Shell Oil Co. Ltd. | 5,336 | 936 | |
| * | Hanwha Galleria Corp. | 880,756 | 927 |
| 1 | Nature Holdings Co. Ltd. | 67,977 | 925 |
| * | Tongyang Life Insurance Co. Ltd. | 249,987 | 878 |
| *,1 | MedPacto Inc. | 156,440 | 877 |
| SPC Samlip Co. Ltd. | 18,028 | 875 | |
| 1 | Gradiant Corp. | 84,141 | 869 |
| Toptec Co. Ltd. | 146,200 | 869 | |
| KUMHOE&C Co. Ltd. | 211,991 | 854 | |
| Hyundai Corp. | 58,136 | 851 | |
| Jeil Pharmaceutical Co. Ltd. | 63,980 | 848 | |
| Samyang Corp. | 24,474 | 846 | |
| HS Industries Co. Ltd. | 313,182 | 840 | |
| *,1 | Sangsangin Co. Ltd. | 288,645 | 836 |
| KC Co. Ltd. | 55,206 | 787 | |
| Able C&C Co. Ltd. | 150,097 | 787 | |
| * | Dongkuk CM Co. Ltd. | 139,242 | 766 |
| KISCO Corp. | 148,646 | 758 | |
| Woongjin Thinkbig Co. Ltd. | 374,697 | 742 | |
| * | Wonik Holdings Co. Ltd. | 282,074 | 737 |
| * | HJ Shipbuilding & Construction Co. Ltd. | 211,327 | 729 |
| Daehan Flour Mill Co. Ltd. | 7,283 | 722 | |
| * | Inscobee Inc. | 756,988 | 720 |
| Maeil Dairies Co. Ltd. | 21,677 | 693 | |
| 1 | Cuckoo Homesys Co. Ltd. | 41,570 | 691 |
48
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| Sindoh Co. Ltd. | 27,107 | 688 | |
| Kolon Corp. | 50,498 | 681 | |
| BGF Co. Ltd. | 229,646 | 679 | |
| Aekyung Industrial Co. Ltd. | 46,914 | 676 | |
| Eusu Holdings Co. Ltd. | 150,259 | 675 | |
| * | Ace Technologies Corp. | 419,131 | 663 |
| LOTTE Himart Co. Ltd. | 82,729 | 658 | |
| * | Enzychem Lifesciences Corp. | 466,542 | 657 |
| Hansol Holdings Co. Ltd. | 292,976 | 652 | |
| *,1 | Eoflow Co. Ltd. | 194,584 | 631 |
| CJ Freshway Corp. | 33,406 | 618 | |
| * | Interflex Co. Ltd. | 72,569 | 598 |
| * | Homecast Co. Ltd. | 243,243 | 587 |
| 1 | OptoElectronics Solutions Co. Ltd. | 58,194 | 579 |
| * | Dongsung Pharmaceutical Co. Ltd. | 128,195 | 573 |
| * | Aprogen Biologics | 2,501,421 | 563 |
| Cuckoo Holdings Co. Ltd. | 44,020 | 559 | |
| Hyundai Bioland Co. Ltd. | 71,668 | 554 | |
| ICD Co. Ltd. | 78,844 | 551 | |
| * | Giantstep Inc. | 56,889 | 544 |
| *,1 | Telcon RF Pharmaceutical Inc. | 786,783 | 533 |
| LG HelloVision Co. Ltd. | 193,176 | 513 | |
| TY Holdings Co. Ltd. | 150,277 | 492 | |
| DB Financial Investment Co. Ltd. | 143,404 | 428 | |
| *,1,3 | Kuk-il Paper Manufacturing Co. Ltd. | 665,811 | 414 |
| Dongkuk Holdings Co. Ltd. | 31,876 | 216 | |
| Hanil Holdings Co. Ltd. | 13,284 | 115 | |
| 8,224,215 | |||
| Spain (2.2%) | |||
| Iberdrola SA (XMAD) | 48,424,448 | 635,173 | |
| Banco Santander SA | 130,341,135 | 545,176 | |
| Banco Bilbao Vizcaya Argentaria SA | 48,648,421 | 443,394 | |
| Industria de Diseno Textil SA | 8,539,770 | 372,625 | |
| Amadeus IT Group SA | 3,662,727 | 263,063 | |
| 2 | Cellnex Telecom SA | 4,554,556 | 179,327 |
| Telefonica SA | 40,761,392 | 159,372 | |
| Repsol SA | 10,448,905 | 154,998 | |
| Ferrovial SE | 4,201,892 | 153,373 | |
| CaixaBank SA | 30,757,172 | 126,668 | |
| Shares | Market Value• ($000) | ||
| 2 | Aena SME SA | 570,796 | 103,606 |
| ACS Actividades de Construccion y Servicios SA | 1,927,900 | 85,627 | |
| Redeia Corp. SA | 3,506,599 | 57,784 | |
| Endesa SA | 2,580,533 | 52,646 | |
| Banco de Sabadell SA | 42,661,740 | 52,515 | |
| * | Grifols SA | 2,554,177 | 43,695 |
| Bankinter SA | 5,563,492 | 35,682 | |
| Enagas SA | 2,018,132 | 34,045 | |
| Naturgy Energy Group SA | 1,111,104 | 33,141 | |
| Merlin Properties Socimi SA | 2,712,559 | 30,118 | |
| Acciona SA | 187,485 | 27,606 | |
| Fluidra SA | 1,105,333 | 23,044 | |
| 1 | Vidrala SA (XMAD) | 184,300 | 19,112 |
| Viscofan SA | 316,196 | 18,731 | |
| Inmobiliaria Colonial Socimi SA | 2,584,943 | 18,706 | |
| Acerinox SA | 1,584,850 | 18,677 | |
| Mapfre SA | 8,031,478 | 17,260 | |
| 1 | Indra Sistemas SA | 1,005,239 | 15,569 |
| Corp. ACCIONA Energias Renovables SA | 464,052 | 14,402 | |
| * | Solaria Energia y Medio Ambiente SA | 670,386 | 13,795 |
| Cia de Distribucion Integral Logista Holdings SA | 508,910 | 13,763 | |
| 2 | Unicaja Banco SA | 12,554,537 | 12,364 |
| Applus Services SA | 1,047,344 | 11,561 | |
| Laboratorios Farmaceuticos Rovi SA | 173,314 | 11,537 | |
| CIE Automotive SA | 384,623 | 10,947 | |
| Sacyr SA | 3,149,109 | 10,890 | |
| Ebro Foods SA | 621,229 | 10,642 | |
| Faes Farma SA | 2,610,782 | 9,112 | |
| Construcciones y Auxiliar de Ferrocarriles SA | 208,420 | 7,509 | |
| Almirall SA | 675,345 | 6,288 | |
| * | Melia Hotels International SA | 842,132 | 5,555 |
| Linea Directa Aseguradora SA Cia de Seguros y Reaseguros | 5,466,404 | 5,140 | |
| Pharma Mar SA | 113,166 | 5,135 | |
| 1 | Fomento de Construcciones y Contratas SA | 306,948 | 4,934 |
| 2 | Gestamp Automocion SA | 1,253,477 | 4,852 |
| 1 | Prosegur Cia de Seguridad SA | 1,942,431 | 3,774 |
| * | Tecnicas Reunidas SA | 352,688 | 3,255 |
49
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| Lar Espana Real Estate Socimi SA | 469,769 | 3,189 | |
| 2 | Global Dominion Access SA | 825,572 | 3,068 |
| Ence Energia y Celulosa SA | 974,227 | 3,054 | |
| Atresmedia Corp. de Medios de Comunicacion SA | 704,979 | 2,801 | |
| 2 | Neinor Homes SA | 208,181 | 2,430 |
| 2 | Prosegur Cash SA | 3,053,987 | 1,814 |
| * | Distribuidora Internacional de Alimentacion SA | 102,880,236 | 1,340 |
| *,1 | NH Hotel Group SA | 198,590 | 920 |
| 3,904,804 | |||
| Sweden (3.0%) | |||
| Atlas Copco AB Class A | 20,566,089 | 354,377 | |
| Volvo AB Class B | 12,137,710 | 315,823 | |
| Investor AB Class B | 13,149,899 | 304,942 | |
| Assa Abloy AB Class B | 7,907,181 | 227,879 | |
| Hexagon AB Class B | 17,179,474 | 206,348 | |
| Sandvik AB | 8,756,313 | 190,234 | |
| Skandinaviska Enskilda Banken AB Class A | 13,230,951 | 182,596 | |
| Atlas Copco AB Class B | 12,284,554 | 182,255 | |
| 2 | Evolution AB | 1,493,073 | 177,841 |
| Swedbank AB Class A | 8,195,828 | 165,700 | |
| Telefonaktiebolaget LM Ericsson Class B | 23,811,547 | 149,850 | |
| Svenska Handelsbanken AB Class A | 11,808,146 | 128,324 | |
| Essity AB Class B | 4,957,589 | 122,860 | |
| Epiroc AB Class A | 5,071,601 | 102,086 | |
| Alfa Laval AB | 2,511,714 | 100,554 | |
| EQT AB | 3,411,654 | 96,596 | |
| Investor AB Class A (XSTO) | 3,790,454 | 87,134 | |
| 1 | H & M Hennes & Mauritz AB Class B | 4,936,758 | 86,591 |
| Nibe Industrier AB Class B | 11,834,956 | 83,110 | |
| Svenska Cellulosa AB SCA Class B | 4,793,317 | 72,007 | |
| Boliden AB | 2,229,400 | 69,779 | |
| SKF AB Class B | 3,130,751 | 62,742 | |
| Trelleborg AB Class B | 1,805,891 | 60,613 | |
| Indutrade AB | 2,225,687 | 58,007 | |
| Epiroc AB Class B | 3,073,539 | 53,903 | |
| Skanska AB Class B | 2,901,653 | 52,571 | |
| Telia Co. AB | 20,020,462 | 51,081 | |
| * | Castellum AB | 3,475,442 | 49,347 |
| Volvo AB Class A | 1,801,832 | 47,806 | |
| Shares | Market Value• ($000) | ||
| Lifco AB Class B | 1,838,940 | 45,148 | |
| Saab AB Class B | 747,564 | 45,051 | |
| * | Swedish Orphan Biovitrum AB | 1,629,983 | 43,269 |
| Industrivarden AB Class A | 1,295,992 | 42,371 | |
| Beijer Ref AB | 3,155,398 | 42,342 | |
| Getinge AB Class B | 1,814,763 | 40,410 | |
| AddTech AB Class B | 1,808,544 | 39,793 | |
| Sagax AB Class B | 1,427,736 | 39,298 | |
| Securitas AB Class B | 3,943,746 | 38,664 | |
| Tele2 AB Class B | 4,451,927 | 38,267 | |
| SSAB AB Class B | 4,828,989 | 36,973 | |
| * | Fastighets AB Balder Class B | 5,074,099 | 35,985 |
| L E Lundbergforetagen AB Class B | 600,143 | 32,682 | |
| AAK AB | 1,410,500 | 31,459 | |
| Industrivarden AB Class C | 948,806 | 30,959 | |
| Investment AB Latour Class B | 1,164,061 | 30,366 | |
| Holmen AB Class B | 663,131 | 28,009 | |
| Hexpol AB | 2,009,117 | 24,342 | |
| Fortnox AB | 4,030,837 | 24,115 | |
| Husqvarna AB Class B | 2,908,663 | 23,992 | |
| Avanza Bank Holding AB | 1,020,254 | 23,700 | |
| Axfood AB | 872,913 | 23,636 | |
| Nordnet AB publ | 1,382,143 | 23,531 | |
| 2 | Dometic Group AB | 2,587,706 | 23,181 |
| Elekta AB Class B | 2,812,683 | 23,036 | |
| Sweco AB Class B | 1,657,095 | 22,240 | |
| 2 | Thule Group AB | 810,551 | 22,102 |
| Sectra AB Class B | 1,230,266 | 21,965 | |
| Fabege AB | 2,038,964 | 21,903 | |
| * | Kinnevik AB Class B | 1,961,366 | 21,082 |
| Lagercrantz Group AB Class B | 1,551,514 | 20,820 | |
| Wihlborgs Fastigheter AB | 2,157,073 | 20,183 | |
| *,1 | Embracer Group AB | 7,225,782 | 19,602 |
| *,2 | Sinch AB | 5,060,334 | 18,882 |
| * | Electrolux AB Class B | 1,755,086 | 18,854 |
| SSAB AB Class A | 2,474,169 | 18,845 | |
| Billerud Aktiebolag | 1,723,067 | 17,560 | |
| 2 | Munters Group AB | 1,051,040 | 17,139 |
| * | Volvo Car AB Class B | 5,159,095 | 16,732 |
| Vitec Software Group AB Class B | 276,252 | 16,064 | |
| Mycronic AB | 561,114 | 16,010 | |
| Hemnet Group AB | 654,457 | 15,705 | |
| Loomis AB | 576,058 | 15,335 | |
| Wallenstam AB Class B | 2,797,111 | 15,172 | |
| Nyfosa AB | 1,474,541 | 14,026 | |
| 2 | Bravida Holding AB | 1,663,628 | 13,377 |
| Bure Equity AB | 445,952 | 12,656 | |
| Catena AB | 266,768 | 12,491 |
50
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| Hufvudstaden AB Class A | 860,753 | 12,116 | |
| Alleima AB | 1,510,259 | 11,501 | |
| HMS Networks AB | 228,873 | 11,304 | |
| AFRY AB | 792,870 | 10,995 | |
| Lindab International AB | 557,035 | 10,993 | |
| Pandox AB | 706,113 | 10,556 | |
| Vitrolife AB | 540,159 | 10,431 | |
| Storskogen Group AB Class B | 11,162,344 | 10,268 | |
| Betsson AB Class B | 930,391 | 10,022 | |
| Electrolux Professional AB Class B | 1,831,590 | 9,990 | |
| Granges AB | 856,085 | 9,858 | |
| AddLife AB Class B | 887,839 | 9,649 | |
| 1 | JM AB | 520,981 | 9,177 |
| Bufab AB | 237,038 | 9,111 | |
| Peab AB Class B | 1,561,268 | 8,869 | |
| * | Camurus AB | 164,071 | 8,752 |
| AddNode Group AB | 982,070 | 8,290 | |
| Atrium Ljungberg AB Class B | 356,937 | 8,176 | |
| Instalco AB | 1,974,512 | 8,009 | |
| NCC AB Class B | 633,107 | 7,895 | |
| Bilia AB Class A | 584,676 | 7,812 | |
| Mips AB | 213,974 | 7,746 | |
| Medicover AB Class B | 519,045 | 7,743 | |
| Nolato AB Class B | 1,428,718 | 7,511 | |
| Troax Group AB | 304,826 | 7,495 | |
| *,1,2 | BioArctic AB | 273,164 | 7,248 |
| Arjo AB Class B | 1,823,247 | 7,137 | |
| * | Modern Times Group MTG AB Class B | 812,972 | 6,956 |
| * | Sdiptech AB Class B | 254,394 | 6,823 |
| Beijer Alma AB | 346,376 | 6,531 | |
| * | OX2 AB | 1,188,849 | 6,469 |
| 1 | Svenska Handelsbanken AB Class B | 497,975 | 6,433 |
| Corem Property Group AB Class B | 5,921,021 | 6,246 | |
| *,2 | Boozt AB | 450,324 | 6,051 |
| Cibus Nordic Real Estate AB publ | 451,868 | 5,996 | |
| Dios Fastigheter AB | 693,057 | 5,952 | |
| Biotage AB | 438,180 | 5,863 | |
| Ratos AB Class B | 1,620,316 | 5,805 | |
| NP3 Fastigheter AB | 251,222 | 5,797 | |
| INVISIO AB | 263,607 | 5,126 | |
| *,1,2 | Scandic Hotels Group AB | 1,078,729 | 4,966 |
| *,1 | Truecaller AB Class B | 1,358,884 | 4,692 |
| Clas Ohlson AB Class B | 286,094 | 4,488 | |
| 1 | Intrum AB | 638,164 | 4,414 |
| * | Stillfront Group AB | 3,600,022 | 4,339 |
| 1 | Samhallsbyggnadsbolaget i Norden AB | 8,634,564 | 4,334 |
| 1 | Hexatronic Group AB | 1,588,627 | 4,309 |
| Shares | Market Value• ($000) | ||
| Platzer Fastigheter Holding AB Class B | 486,490 | 4,050 | |
| Systemair AB | 514,691 | 4,019 | |
| SkiStar AB | 327,008 | 3,885 | |
| MEKO AB | 331,726 | 3,596 | |
| Fagerhult Group AB | 545,548 | 3,574 | |
| *,2 | Attendo AB | 832,069 | 2,976 |
| Cloetta AB Class B | 1,628,089 | 2,960 | |
| 2 | Resurs Holding AB | 1,180,554 | 2,802 |
| * | Norion Bank AB | 644,209 | 2,781 |
| Sagax AB Class D | 998,132 | 2,772 | |
| Investment AB Oresund | 257,730 | 2,734 | |
| Skandinaviska Enskilda Banken AB Class C | 183,338 | 2,526 | |
| Volati AB | 158,191 | 1,743 | |
| Telefonaktiebolaget LM Ericsson Class A | 257,276 | 1,631 | |
| 1 | Samhallsbyggnadsbolaget i Norden AB Class D | 1,571,172 | 940 |
| Svenska Cellulosa AB SCA Class A | 31,965 | 476 | |
| NCC AB Class A | 27,527 | 343 | |
| *,1 | Viaplay Group AB | 599,778 | 309 |
| 5,486,641 | |||
| Switzerland (7.7%) | |||
| Nestle SA (Registered) | 21,748,064 | 2,521,033 | |
| Novartis AG (Registered) | 16,845,223 | 1,701,544 | |
| Roche Holding AG | 5,636,544 | 1,638,507 | |
| UBS Group AG (Registered) | 24,521,921 | 761,690 | |
| Zurich Insurance Group AG | 1,171,710 | 612,602 | |
| Cie Financiere Richemont SA Class A (Registered) | 4,173,359 | 576,442 | |
| ABB Ltd. (Registered) | 12,171,875 | 540,409 | |
| Sika AG (Registered) | 1,185,635 | 386,607 | |
| Holcim AG | 4,221,134 | 331,534 | |
| Alcon Inc. | 4,003,168 | 313,192 | |
| Givaudan SA (Registered) | 64,662 | 268,135 | |
| Swiss Re AG | 2,345,622 | 263,954 | |
| Partners Group Holding AG | 179,136 | 259,022 | |
| Lonza Group AG (Registered) | 603,738 | 254,528 | |
| Geberit AG (Registered) | 269,913 | 173,262 | |
| Swiss Life Holding AG (Registered) | 242,061 | 168,221 | |
| Kuehne & Nagel International AG (Registered) | 409,062 | 141,166 | |
51
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| Straumann Holding AG (Registered) | 868,077 | 140,284 | |
| Sonova Holding AG (Registered) | 411,925 | 134,719 | |
| Swisscom AG (Registered) | 206,744 | 124,433 | |
| Logitech International SA (Registered) | 1,279,594 | 121,675 | |
| * | Sandoz Group AG | 3,511,112 | 112,967 |
| 2 | VAT Group AG | 208,678 | 104,810 |
| SGS SA (Registered) | 1,176,416 | 101,561 | |
| Chocoladefabriken Lindt & Spruengli AG (Registered) | 830 | 100,694 | |
| Chocoladefabriken Lindt & Spruengli AG Ptg. Ctf. | 8,015 | 96,209 | |
| Julius Baer Group Ltd. | 1,661,008 | 93,179 | |
| Schindler Holding AG (XSWX) | 330,179 | 82,662 | |
| Roche Holding AG (Bearer) | 238,887 | 74,228 | |
| Swiss Prime Site AG (Registered) | 615,285 | 65,739 | |
| Swatch Group AG (Bearer) | 238,596 | 64,920 | |
| Adecco Group AG (Registered) | 1,291,431 | 63,427 | |
| SIG Group AG | 2,678,605 | 61,691 | |
| Baloise Holding AG (Registered) | 366,171 | 57,411 | |
| PSP Swiss Property AG (Registered) | 366,340 | 51,218 | |
| Barry Callebaut AG (Registered) | 28,996 | 48,950 | |
| Georg Fischer AG (Registered) | 666,426 | 48,499 | |
| EMS-Chemie Holding AG (Registered) | 57,728 | 46,807 | |
| Temenos AG (Registered) | 492,039 | 45,852 | |
| Tecan Group AG (Registered) | 103,582 | 42,376 | |
| Belimo Holding AG (Registered) | 75,268 | 41,545 | |
| Helvetia Holding AG (Registered) | 282,244 | 38,918 | |
| Schindler Holding AG (Registered) | 155,376 | 36,899 | |
| 2 | Galenica AG | 394,916 | 34,162 |
| Siegfried Holding AG (Registered) | 32,999 | 33,755 | |
| * | Avolta AG | 851,662 | 33,531 |
| Flughafen Zurich AG (Registered) | 153,253 | 32,021 | |
| Banque Cantonale Vaudoise (Registered) | 229,193 | 29,559 |
| Shares | Market Value• ($000) | ||
| Clariant AG (Registered) | 1,829,968 | 27,037 | |
| BKW AG | 146,704 | 26,094 | |
| Accelleron Industries AG | 761,855 | 23,827 | |
| Inficon Holding AG (Registered) | 15,724 | 22,582 | |
| Bucher Industries AG (Registered) | 52,563 | 22,095 | |
| Allreal Holding AG (Registered) | 117,993 | 21,099 | |
| Swatch Group AG (Registered) | 399,454 | 20,943 | |
| DKSH Holding AG | 290,056 | 20,151 | |
| Bachem Holding AG | 254,392 | 19,700 | |
| Softwareone Holding AG | 981,874 | 19,168 | |
| Comet Holding AG (Registered) | 60,630 | 19,157 | |
| *,1 | ams-OSRAM AG | 7,573,310 | 19,090 |
| Emmi AG (Registered) | 17,204 | 18,646 | |
| Cembra Money Bank AG | 237,954 | 18,570 | |
| Mobimo Holding AG (Registered) | 57,800 | 17,924 | |
| SFS Group AG | 141,652 | 17,576 | |
| Swissquote Group Holding SA (Registered) | 70,488 | 17,191 | |
| Landis & Gyr Group AG | 175,430 | 15,861 | |
| 1 | Stadler Rail AG | 430,850 | 15,529 |
| Burckhardt Compression Holding AG | 25,605 | 15,446 | |
| Valiant Holding AG (Registered) | 128,218 | 14,549 | |
| Sulzer AG (Registered) | 141,653 | 14,478 | |
| Vontobel Holding AG (Registered) | 222,985 | 14,466 | |
| * | Aryzta AG | 7,661,278 | 14,150 |
| Interroll Holding AG (Registered) | 4,436 | 14,097 | |
| Daetwyler Holding AG | 59,996 | 13,955 | |
| St Galler Kantonalbank AG (Registered) | 22,930 | 13,403 | |
| dormakaba Holding AG | 24,661 | 13,320 | |
| VZ Holding AG | 107,966 | 12,615 | |
| Kardex Holding AG (Registered) | 47,359 | 12,288 | |
| Huber & Suhner AG (Registered) | 136,875 | 11,076 | |
| Ypsomed Holding AG (Registered) | 27,885 | 10,051 | |
| LEM Holding SA (Registered) | 3,867 | 9,542 |
52
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| Forbo Holding AG (Registered) | 7,470 | 9,376 | |
| EFG International AG | 721,589 | 9,271 | |
| Komax Holding AG (Registered) | 37,852 | 9,033 | |
| *,2 | Sensirion Holding AG | 83,507 | 8,296 |
| SKAN Group AG | 85,953 | 8,251 | |
| 2 | Medacta Group SA | 48,818 | 7,301 |
| OC Oerlikon Corp. AG (Registered) | 1,513,339 | 6,841 | |
| *,1 | Meyer Burger Technology AG | 28,984,441 | 6,759 |
| u-blox Holding AG | 56,027 | 6,658 | |
| Intershop Holding AG | 8,889 | 6,505 | |
| ALSO Holding AG (Registered) | 21,588 | 6,450 | |
| Bystronic AG | 10,850 | 6,153 | |
| * | DocMorris AG | 68,080 | 5,991 |
| Bossard Holding AG (Registered) Class A | 20,552 | 5,411 | |
| Zehnder Group AG | 76,425 | 4,867 | |
| Vetropack Holding AG (Registered) | 101,952 | 4,737 | |
| Schweiter Technologies AG | 7,618 | 4,704 | |
| * | Autoneum Holding AG | 28,926 | 4,696 |
| Bell Food Group AG (Registered) | 15,453 | 4,668 | |
| Arbonia AG | 401,662 | 4,604 | |
| COSMO Pharmaceuticals NV | 75,309 | 4,556 | |
| 2 | Medmix AG | 196,470 | 4,441 |
| Implenia AG (Registered) | 117,995 | 4,283 | |
| * | Basilea Pharmaceutica AG (Registered) | 97,194 | 4,081 |
| PIERER Mobility AG | 71,061 | 3,873 | |
| Hiag Immobilien Holding AG | 39,031 | 3,705 | |
| *,2 | Montana Aerospace AG | 175,699 | 3,691 |
| *,2 | Medartis Holding AG | 36,258 | 3,622 |
| Leonteq AG | 84,283 | 3,448 | |
| Investis Holding SA | 22,336 | 2,591 | |
| Rieter Holding AG (Registered) | 23,372 | 2,507 | |
| *,1 | Idorsia Ltd. | 958,060 | 2,415 |
| *,2 | PolyPeptide Group AG | 114,780 | 2,393 |
| VP Bank AG Class A | 19,068 | 1,987 | |
| APG SGA SA | 8,401 | 1,829 | |
| 13,822,219 | |||
| United Kingdom (12.7%) | |||
| Shell plc (XLON) | 53,813,515 | 1,761,537 | |
| AstraZeneca plc | 12,028,611 | 1,622,538 | |
| HSBC Holdings plc | 158,578,814 | 1,282,897 | |
| Unilever plc (XLON) | 20,399,519 | 987,562 | |
| Shares | Market Value• ($000) | ||
| BP plc | 135,773,832 | 804,877 | |
| Rio Tinto plc | 8,866,289 | 659,485 | |
| Diageo plc | 17,983,760 | 652,724 | |
| RELX plc | 15,419,817 | 611,763 | |
| GSK plc | 32,734,911 | 604,588 | |
| Glencore plc | 100,304,092 | 602,933 | |
| British American Tobacco plc | 18,098,013 | 529,533 | |
| London Stock Exchange Group plc | 3,678,654 | 434,859 | |
| National Grid plc | 29,891,690 | 402,681 | |
| Reckitt Benckiser Group plc | 5,825,174 | 401,957 | |
| CRH plc (SGMX) | 5,760,176 | 396,411 | |
| Compass Group plc | 13,962,365 | 382,057 | |
| BAE Systems plc | 24,802,843 | 351,064 | |
| Ferguson plc | 1,668,539 | 319,571 | |
| Lloyds Banking Group plc | 518,565,516 | 314,529 | |
| Experian plc | 7,455,003 | 304,129 | |
| * | Rolls-Royce Holdings plc | 68,136,862 | 259,899 |
| * | Flutter Entertainment plc (XDUB) | 1,435,410 | 254,787 |
| Prudential plc (XLON) | 22,388,588 | 252,604 | |
| Ashtead Group plc | 3,550,513 | 246,786 | |
| Anglo American plc | 9,825,621 | 245,903 | |
| Barclays plc | 122,730,871 | 240,315 | |
| 3i Group plc | 7,740,011 | 238,234 | |
| Tesco plc | 57,433,196 | 212,774 | |
| SSE plc | 8,869,229 | 209,367 | |
| Haleon plc | 44,799,882 | 183,423 | |
| Imperial Brands plc | 7,315,362 | 168,457 | |
| Vodafone Group plc | 177,711,890 | 155,203 | |
| Legal & General Group plc | 48,197,498 | 154,024 | |
| Standard Chartered plc | 17,933,430 | 152,186 | |
| NatWest Group plc | 44,738,596 | 124,615 | |
| Sage Group plc | 8,330,932 | 124,371 | |
| Aviva plc | 22,166,117 | 122,655 | |
| InterContinental Hotels Group plc | 1,357,228 | 122,389 | |
| Rentokil Initial plc | 20,494,230 | 115,511 | |
| Informa plc | 11,302,504 | 112,419 | |
| Segro plc | 9,926,451 | 111,943 | |
| Bunzl plc | 2,738,973 | 111,300 | |
| Next plc | 985,678 | 101,894 | |
| Smith & Nephew plc | 7,089,835 | 97,394 | |
| Halma plc | 3,073,838 | 89,375 | |
| Admiral Group plc | 2,484,836 | 84,953 | |
| Smurfit Kappa Group plc | 2,114,328 | 83,915 | |
| Associated British Foods plc | 2,761,109 | 83,217 | |
| WPP plc | 8,454,638 | 80,758 | |
| BT Group plc | 51,229,654 | 80,717 | |
| Centrica plc | 44,848,758 | 80,401 |
53
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| Spirax-Sarco Engineering plc | 597,880 | 79,994 | |
| Melrose Industries plc (XLON) | 10,867,789 | 78,557 | |
| Mondi plc (XLON) | 3,936,688 | 77,020 | |
| United Utilities Group plc | 5,539,036 | 74,823 | |
| Whitbread plc | 1,590,734 | 74,060 | |
| Croda International plc | 1,132,481 | 72,846 | |
| Severn Trent plc | 2,207,167 | 72,582 | |
| Pearson plc | 5,799,446 | 71,234 | |
| Intertek Group plc | 1,310,671 | 70,955 | |
| * | Wise plc Class A | 6,104,203 | 67,888 |
| 2 | Auto Trader Group plc | 7,286,638 | 66,940 |
| Entain plc | 5,155,036 | 65,011 | |
| Smiths Group plc | 2,856,796 | 64,122 | |
| Antofagasta plc | 2,819,030 | 60,276 | |
| DCC plc | 802,205 | 59,027 | |
| Barratt Developments plc | 7,936,924 | 56,856 | |
| Marks & Spencer Group plc | 15,952,755 | 55,286 | |
| J Sainsbury plc | 14,101,522 | 54,367 | |
| B&M European Value Retail SA | 7,581,317 | 54,058 | |
| Land Securities Group plc | 5,988,383 | 53,742 | |
| Taylor Wimpey plc | 28,474,613 | 53,302 | |
| Burberry Group plc | 2,944,517 | 53,110 | |
| Berkeley Group Holdings plc | 848,606 | 50,663 | |
| Weir Group plc | 2,100,611 | 50,475 | |
| M&G plc | 17,807,281 | 50,397 | |
| Rightmove plc | 6,622,391 | 48,681 | |
| Diploma plc | 1,062,559 | 48,529 | |
| Intermediate Capital Group plc | 2,251,447 | 48,099 | |
| Kingfisher plc | 15,468,478 | 47,927 | |
| * | Ocado Group plc | 4,928,873 | 47,613 |
| Coca-Cola HBC AG | 1,595,151 | 46,838 | |
| Persimmon plc | 2,584,421 | 45,683 | |
| IMI plc | 2,091,524 | 44,816 | |
| Howden Joinery Group plc | 4,264,489 | 44,149 | |
| Dechra Pharmaceuticals plc | 896,129 | 44,040 | |
| JD Sports Fashion plc | 20,049,793 | 42,312 | |
| 2 | ConvaTec Group plc | 13,246,818 | 41,223 |
| Spectris plc | 846,933 | 40,738 | |
| DS Smith plc | 10,396,255 | 40,681 | |
| Phoenix Group Holdings plc | 5,965,385 | 40,619 | |
| RS Group plc | 3,842,916 | 40,113 | |
| St. James's Place plc | 4,389,327 | 38,188 | |
| British Land Co. plc | 7,508,317 | 38,171 | |
| Schroders plc | 6,836,249 | 37,379 | |
| UNITE Group plc | 2,802,336 | 37,225 |
| Shares | Market Value• ($000) | ||
| Hiscox Ltd. | 2,718,899 | 36,533 | |
| Beazley plc | 5,377,679 | 35,738 | |
| Abrdn plc | 15,610,398 | 35,491 | |
| Investec plc | 5,064,398 | 34,250 | |
| Games Workshop Group plc | 266,653 | 33,511 | |
| Endeavour Mining plc | 1,485,210 | 33,233 | |
| Tritax Big Box REIT plc | 15,393,700 | 33,033 | |
| Vistry Group plc | 2,800,731 | 32,731 | |
| Bellway plc | 982,509 | 32,092 | |
| Johnson Matthey plc | 1,460,889 | 31,596 | |
| IG Group Holdings plc | 3,072,351 | 29,945 | |
| Hikma Pharmaceuticals plc | 1,310,137 | 29,854 | |
| Hargreaves Lansdown plc | 3,074,794 | 28,737 | |
| Rotork plc | 6,960,222 | 28,645 | |
| Man Group plc | 9,573,295 | 28,366 | |
| *,1 | TUI AG | 3,637,698 | 28,343 |
| Inchcape plc | 3,043,938 | 27,715 | |
| Tate & Lyle plc | 3,245,407 | 27,225 | |
| Derwent London plc | 904,502 | 27,204 | |
| Greggs plc | 816,332 | 27,061 | |
| * | Direct Line Insurance Group plc | 10,673,313 | 24,717 |
| ITV plc | 30,194,543 | 24,300 | |
| Big Yellow Group plc | 1,502,292 | 23,387 | |
| Britvic plc | 2,088,904 | 22,360 | |
| LondonMetric Property plc | 8,802,226 | 21,439 | |
| Cranswick plc | 430,427 | 20,851 | |
| Harbour Energy plc | 5,264,771 | 20,685 | |
| Computacenter plc | 574,569 | 20,419 | |
| Pennon Group plc | 2,119,112 | 20,321 | |
| Virgin Money UK plc | 9,564,799 | 19,984 | |
| Grainger plc | 5,883,844 | 19,835 | |
| * | easyJet plc | 3,045,685 | 19,758 |
| * | Carnival plc | 1,189,179 | 19,733 |
| Drax Group plc | 3,157,675 | 19,732 | |
| Shaftesbury Capital plc | 10,980,669 | 19,328 | |
| Safestore Holdings plc | 1,713,068 | 19,293 | |
| OSB Group plc | 3,260,448 | 19,253 | |
| * | International Distributions Services plc | 5,504,542 | 19,066 |
| Balfour Beatty plc | 4,514,605 | 19,016 | |
| Grafton Group plc GDR | 1,630,971 | 18,949 | |
| * | SSP Group plc | 6,333,165 | 18,941 |
| *,2 | Network International Holdings plc | 3,657,341 | 18,205 |
| Serco Group plc | 8,826,382 | 18,186 | |
| Travis Perkins plc | 1,719,621 | 18,123 | |
| Hays plc | 12,920,295 | 17,981 |
54
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| * | International Consolidated Airlines Group SA | 9,001,261 | 17,760 |
| Softcat plc | 1,010,096 | 17,508 | |
| WH Smith plc | 1,020,386 | 17,327 | |
| Redrow plc | 2,172,141 | 17,013 | |
| *,2 | Watches of Switzerland Group plc | 1,870,137 | 16,863 |
| QinetiQ Group plc | 4,176,182 | 16,441 | |
| LXI REIT plc | 12,134,919 | 16,181 | |
| Pets at Home Group plc | 3,942,998 | 16,008 | |
| TP ICAP Group plc | 6,393,012 | 15,894 | |
| Pagegroup plc | 2,559,535 | 15,893 | |
| Paragon Banking Group plc | 1,787,197 | 15,844 | |
| Lancashire Holdings Ltd. | 1,981,254 | 15,735 | |
| Hill & Smith plc | 645,115 | 15,670 | |
| Domino's Pizza Group plc | 3,254,869 | 15,609 | |
| *,2 | Trainline plc | 3,777,692 | 15,501 |
| *,2 | Deliveroo plc | 9,485,075 | 15,428 |
| * | Darktrace plc | 3,300,823 | 15,399 |
| * | Indivior plc | 1,009,883 | 15,249 |
| Moneysupermarket.com Group plc | 4,218,196 | 15,031 | |
| Dowlais Group plc | 10,939,390 | 14,868 | |
| TBC Bank Group plc | 411,882 | 14,851 | |
| Energean plc | 1,115,139 | 14,833 | |
| 2 | Airtel Africa plc | 8,835,747 | 14,657 |
| Genus plc | 530,305 | 14,648 | |
| 2 | Quilter plc | 11,147,553 | 14,579 |
| Assura plc | 23,706,366 | 14,539 | |
| Bank of Georgia Group plc | 285,948 | 14,484 | |
| * | Playtech plc | 2,473,434 | 14,161 |
| Primary Health Properties plc | 10,699,365 | 14,147 | |
| * | IWG plc | 5,839,247 | 14,062 |
| Plus500 Ltd. | 650,011 | 13,804 | |
| Mitie Group plc | 10,752,836 | 13,613 | |
| Victrex plc | 698,762 | 13,557 | |
| Savills plc | 1,089,573 | 13,445 | |
| * | Oxford Nanopore Technologies plc | 4,980,363 | 13,214 |
| 4imprint Group plc | 224,638 | 13,066 | |
| * | Ascential plc | 3,470,666 | 12,961 |
| Bytes Technology Group plc (XLON) | 1,637,389 | 12,751 | |
| Renishaw plc | 279,114 | 12,703 | |
| Dunelm Group plc | 908,732 | 12,681 | |
| Oxford Instruments plc | 433,643 | 12,641 | |
| Coats Group plc | 12,782,695 | 12,593 | |
| Firstgroup plc | 5,586,159 | 12,461 | |
| Close Brothers Group plc | 1,220,362 | 12,327 | |
| 2 | JTC plc | 1,174,343 | 12,201 |
| * | Frasers Group plc | 1,031,669 | 11,964 |
| Shares | Market Value• ($000) | ||
| * | John Wood Group plc | 5,463,733 | 11,942 |
| Centamin plc | 9,373,341 | 11,903 | |
| Bodycote plc | 1,512,716 | 11,442 | |
| Telecom Plus plc | 554,652 | 11,386 | |
| Hammerson plc | 31,265,597 | 11,300 | |
| Fresnillo plc | 1,483,580 | 11,234 | |
| Supermarket Income REIT plc | 10,152,081 | 11,230 | |
| Sirius Real Estate Ltd. | 9,261,104 | 11,143 | |
| Kainos Group plc | 757,623 | 10,799 | |
| Rathbones Group plc | 482,085 | 10,699 | |
| Vesuvius plc | 1,728,056 | 10,597 | |
| Ashmore Group plc | 3,674,603 | 10,413 | |
| Babcock International Group plc | 2,043,524 | 10,274 | |
| Chemring Group plc | 2,287,049 | 10,209 | |
| Future plc | 984,702 | 9,988 | |
| Genuit Group plc | 1,899,130 | 9,735 | |
| Morgan Sindall Group plc | 341,507 | 9,628 | |
| AJ Bell plc | 2,396,761 | 9,562 | |
| Great Portland Estates plc | 1,731,786 | 9,251 | |
| Premier Foods plc | 5,313,408 | 9,185 | |
| Just Group plc | 8,383,786 | 9,161 | |
| IntegraFin Holdings plc | 2,312,733 | 8,933 | |
| Volution Group plc | 1,558,275 | 8,599 | |
| Redde Northgate plc | 1,839,258 | 8,532 | |
| *,1 | THG plc | 7,764,734 | 8,414 |
| Workspace Group plc | 1,162,536 | 8,401 | |
| Morgan Advanced Materials plc | 2,287,774 | 8,242 | |
| Clarkson plc | 203,279 | 8,193 | |
| Senior plc | 3,478,801 | 7,858 | |
| * | J D Wetherspoon plc | 756,032 | 7,811 |
| * | Elementis plc | 4,650,913 | 7,561 |
| Spirent Communications plc | 4,806,820 | 7,537 | |
| 2 | Bridgepoint Group plc | 2,011,233 | 7,122 |
| * | Helios Towers plc | 6,255,392 | 7,104 |
| * | Mitchells & Butlers plc | 2,058,625 | 6,760 |
| *,2 | Aston Martin Lagonda Global Holdings plc | 2,352,847 | 6,738 |
| Rhi Magnesita NV | 151,554 | 6,685 | |
| Hilton Food Group plc | 652,117 | 6,652 | |
| Marshalls plc | 1,851,913 | 6,585 | |
| 2 | Spire Healthcare Group plc | 2,257,803 | 6,511 |
| Keller Group plc | 574,349 | 6,438 | |
| Ninety One plc | 2,754,889 | 6,429 | |
| 1 | C&C Group plc | 3,217,194 | 6,256 |
| IP Group plc | 7,810,428 | 5,789 |
55
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| 2 | Ibstock plc | 2,946,560 | 5,683 |
| Crest Nicholson Holdings plc | 1,998,497 | 5,526 | |
| * | Currys plc | 8,373,227 | 5,386 |
| Diversified Energy Co. plc | 376,942 | 5,343 | |
| Dr. Martens plc | 4,716,234 | 5,313 | |
| Essentra plc | 2,392,202 | 5,168 | |
| *,2 | Trustpilot Group plc | 2,701,025 | 5,103 |
| 2 | TI Fluid Systems plc | 2,547,085 | 4,986 |
| * | PureTech Health plc | 2,024,573 | 4,979 |
| 2 | Petershill Partners plc | 2,298,274 | 4,961 |
| * | Greencore Group plc | 4,001,020 | 4,922 |
| Mobico Group plc | 4,360,797 | 4,698 | |
| * | Auction Technology Group plc | 700,302 | 4,650 |
| *,1 | Tullow Oil plc | 9,345,323 | 4,628 |
| UK Commercial Property REIT Ltd. | 5,831,921 | 4,603 | |
| * | Moonpig Group plc | 2,280,248 | 4,553 |
| AG Barr plc | 673,051 | 4,400 | |
| * | Molten Ventures plc | 1,242,844 | 4,396 |
| Halfords Group plc | 1,731,754 | 4,395 | |
| Liontrust Asset Management plc | 512,671 | 4,116 | |
| Jupiter Fund Management plc | 3,455,699 | 4,111 | |
| FDM Group Holdings plc | 701,348 | 4,087 | |
| Balanced Commercial Property Trust Ltd. | 4,243,269 | 3,921 | |
| Picton Property Income Ltd. | 4,394,109 | 3,871 | |
| NCC Group plc | 2,321,129 | 3,810 | |
| Wickes Group plc | 2,093,441 | 3,782 | |
| * | Capita plc | 13,249,213 | 3,706 |
| * | Alphawave IP Group plc | 2,235,354 | 3,669 |
| PZ Cussons plc | 1,850,121 | 3,606 | |
| * | 888 Holdings plc | 2,847,783 | 3,463 |
| * | AO World plc | 2,753,542 | 3,457 |
| * | Hochschild Mining plc | 2,499,005 | 3,407 |
| Vanquis Banking Group plc | 1,997,705 | 3,290 | |
| *,1 | ASOS plc | 548,479 | 2,973 |
| *,3 | Home REIT plc | 5,987,549 | 2,904 |
| * | S4 Capital plc | 3,978,652 | 2,704 |
| Ferrexpo plc | 2,307,046 | 2,648 | |
| XP Power Ltd. | 150,017 | 2,586 | |
| * | Synthomer plc | 963,923 | 2,325 |
| Helical plc | 824,060 | 2,323 | |
| * | SIG plc | 5,337,895 | 2,264 |
| * | Oxford Biomedica plc | 695,277 | 1,946 |
| Capricorn Energy plc | 785,168 | 1,695 | |
| CLS Holdings plc | 1,305,028 | 1,693 | |
| Ithaca Energy plc | 907,799 | 1,669 | |
| *,1 | Petrofac Ltd. | 3,356,607 | 1,597 |
| * | Rank Group plc | 1,668,997 | 1,589 |
| Shares | Market Value• ($000) | ||
| 2 | Bakkavor Group plc | 1,183,197 | 1,228 |
| 2 | CMC Markets plc | 821,141 | 1,098 |
| *,3 | Evraz plc | 4,134,463 | — |
| *,3 | NMC Health plc | 510,606 | — |
| *,2,3 | Finablr plc | 1,120,022 | — |
| *,3 | Carillion plc | 2,500,529 | — |
| 22,946,891 | |||
| United States (0.0%) | |||
| * | Seadrill Ltd. | 406,420 | 19,131 |
| Gen Digital Inc. | 91 | 2 | |
| 19,133 | |||
| Total Common Stocks (Cost $146,001,677) | 177,856,602 | ||
| Preferred Stocks (0.5%) | |||
| Samsung Electronics Co. Ltd. Preference Shares | 6,698,910 | 322,797 | |
| Volkswagen AG Preference Shares | 1,634,464 | 201,458 | |
| Henkel AG & Co. KGaA Preference Shares | 1,341,613 | 107,922 | |
| 1 | Sartorius AG Preference Shares | 200,735 | 73,714 |
| Bayerische Motoren Werke AG Preference Shares | 463,144 | 46,084 | |
| * | Grifols SA Preference Shares Class B (XMAD) | 2,282,593 | 26,586 |
| Hyundai Motor Co. Preference Shares (XKRX) | 282,676 | 25,029 | |
| FUCHS SE Preference Shares | 555,731 | 24,724 | |
| * | Telecom Italia SpA Preference Shares | 48,928,828 | 16,389 |
| Hyundai Motor Co. Preference Shares | 182,503 | 16,052 | |
| LG Chem Ltd. Preference Shares | 62,276 | 14,946 | |
| Sixt SE Preference Shares | 134,546 | 9,972 | |
| Danieli & C Officine Meccaniche SpA Preference Shares | 288,771 | 6,926 | |
| LG Electronics Inc. Preference Shares | 153,165 | 5,432 | |
| Samsung Fire & Marine Insurance Co. Ltd. (XKRX) Preference Shares | 31,697 | 4,674 | |
| Draegerwerk AG & Co. KGaA Preference Shares | 67,390 | 3,860 | |
| Mirae Asset Securities Co. Ltd. (XKRX) Preference Shares | 1,150,093 | 3,302 | |
56
Developed Markets Index Fund
| Shares | Market Value• ($000) | ||
| Samsung SDI Co. Ltd. Preference Shares | 15,739 | 2,993 | |
| LG H&H Co. Ltd. Preference Shares | 24,174 | 2,961 | |
| Amorepacific Corp. (XKRX) Preference Shares | 98,992 | 2,807 | |
| Daishin Securities Co. Ltd. Preference Shares | 196,338 | 2,076 | |
| CJ CheilJedang Corp. Preference Shares | 18,855 | 1,963 | |
| Corem Property Group AB Preference Shares | 69,669 | 1,386 | |
| Hanwha Corp. Preference Shares | 109,383 | 1,184 | |
| Total Preferred Stocks (Cost $844,935) | 925,237 | ||
| Rights (0.0%) | |||
| *,3 | AHL Strom-Munksjo OYJ (Cost $1,129) | 70,191 | 1,382 |
| Warrants (0.0%) | |||
| *,1,3 | Webuild SpA Exp. 8/2/30 | 196,679 | 187 |
| *,1 | Paradigm Biopharmaceuticals Ltd. Exp. 11/30/24 | 127,344 | 8 |
| *,1 | PointsBet Holdings Ltd. Exp. 7/8/24 | 79,796 | — |
| *,3 | Constellation Software Inc. Exp. 3/31/40 | 152,472 | — |
| Total Warrants (Cost $—) | 195 | ||
| Shares | Market Value• ($000) | ||
| Temporary Cash Investments (1.5%) | |||
| Money Market Fund (1.5%) | |||
| 4,5 | Vanguard Market Liquidity Fund, 5.435% (Cost $2,675,558) | 26,765,030 | 2,675,968 |
| Total Investments (100.8%) (Cost $149,523,299) | 181,459,384 | ||
| Other Assets and Liabilities— Net (-0.8%) | (1,414,223) | ||
| Net Assets (100%) | 180,045,161 | ||
| Cost is in $000. | |||
| • | See Note A in Notes to Financial Statements. |
| * | Non-income-producing security. |
| 1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $1,941,462,000. |
| 2 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2023, the aggregate value was $3,001,088,000, representing 1.7% of net assets. |
| 3 | Security value determined using significant unobservable inputs. |
| 4 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 5 | Collateral of $2,103,965,000 was received for securities on loan, of which $2,103,354,000 is held in Vanguard Market Liquidity Fund and $611,000 is held in cash. |
| GDR—Global Depositary Receipt. | |
| Ptg. Ctf.—Participating Certificates. | |
| REIT—Real Estate Investment Trust. |
Derivative Financial Instruments Outstanding as of Period End
| Futures Contracts | ||||
| ($000) | ||||
| Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
| Long Futures Contracts | ||||
| Euro Stoxx 50 Index | March 2024 | 9,611 | 482,015 | (3,772) |
| FTSE 100 Index | March 2024 | 2,395 | 236,789 | 5,049 |
| S&P ASX 200 Index | March 2024 | 1,455 | 188,015 | 2,957 |
| S&P TSX 60 Index | March 2024 | 919 | 176,219 | 4,709 |
| Topix Index | March 2024 | 2,060 | 345,671 | 3,978 |
| 12,921 | ||||
57
Developed Markets Index Fund
| Forward Currency Contracts | |||||||
| Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | ||||
| Counterparty | Receive | Deliver | |||||
| State Street Bank & Trust Co. | 3/20/24 | AUD | 274,237 | USD | 180,624 | 6,708 | — |
| State Street Bank & Trust Co. | 3/20/24 | CAD | 86,079 | USD | 63,383 | 1,651 | — |
| UBS AG | 3/20/24 | CAD | 86,079 | USD | 63,351 | 1,683 | — |
| The Bank of New York Mellon Corp. | 3/20/24 | CAD | 37,349 | USD | 27,511 | 707 | — |
| State Street Bank & Trust Co. | 3/20/24 | EUR | 157,666 | USD | 170,893 | 3,726 | — |
| JPMorgan Chase Bank, N.A. | 3/20/24 | EUR | 76,285 | USD | 82,719 | 1,770 | — |
| Royal Bank of Canada | 3/20/24 | EUR | 61,918 | USD | 66,981 | 1,595 | — |
| BNP Paribas | 3/20/24 | EUR | 60,704 | USD | 65,798 | 1,433 | — |
| HSBC Bank plc | 3/20/24 | EUR | 60,704 | USD | 65,719 | 1,512 | — |
| UBS AG | 3/20/24 | EUR | 40,602 | USD | 44,807 | 161 | — |
| Barclays Bank plc | 3/20/24 | EUR | 33,724 | USD | 36,624 | 727 | — |
| Morgan Stanley Capital Services Inc. | 3/20/24 | GBP | 101,603 | USD | 127,346 | 2,213 | — |
| Royal Bank of Canada | 3/20/24 | GBP | 39,512 | USD | 49,627 | 757 | — |
| State Street Bank & Trust Co. | 3/20/24 | GBP | 30,640 | USD | 38,604 | 467 | — |
| State Street Bank & Trust Co. | 3/21/24 | JPY | 28,871,712 | USD | 203,682 | 3,714 | — |
| Standard Chartered Bank | 3/21/24 | JPY | 17,013,638 | USD | 118,501 | 3,714 | — |
| Bank of America, N.A. | 3/21/24 | JPY | 8,448,800 | USD | 59,740 | 951 | — |
| The Bank of New York Mellon Corp. | 3/20/24 | USD | 21,906 | AUD | 32,595 | — | (360) |
| Toronto-Dominion Bank | 3/20/24 | USD | 5,752 | AUD | 8,556 | — | (93) |
| The Bank of New York Mellon Corp. | 3/20/24 | USD | 20,012 | CAD | 26,741 | — | (191) |
| Toronto-Dominion Bank | 3/20/24 | USD | 5,385 | CAD | 7,205 | — | (58) |
| Toronto-Dominion Bank | 3/20/24 | USD | 222,203 | CHF | 192,596 | — | (8,704) |
| Royal Bank of Canada | 3/20/24 | USD | 27,689 | DKK | 190,400 | — | (624) |
| Toronto-Dominion Bank | 3/20/24 | USD | 126,141 | EUR | 115,294 | — | (1,551) |
| JPMorgan Chase Bank, N.A. | 3/20/24 | USD | 48,947 | GBP | 38,588 | — | (259) |
| Toronto-Dominion Bank | 3/20/24 | USD | 7,217 | GBP | 5,703 | — | (56) |
| State Street Bank & Trust Co. | 3/20/24 | USD | 10,132 | HKD | 78,968 | 1 | — |
| Barclays Bank plc | 3/20/24 | USD | 3,660 | HKD | 28,545 | — | (2) |
| State Street Bank & Trust Co. | 3/21/24 | USD | 58,870 | JPY | 8,250,000 | — | (392) |
| UBS AG | 3/21/24 | USD | 17,847 | JPY | 2,500,942 | — | (118) |
| Toronto-Dominion Bank | 3/21/24 | USD | 10,831 | JPY | 1,525,260 | — | (126) |
| BNP Paribas | 3/20/24 | USD | 6,534 | KRW | 8,545,239 | — | (133) |
| Toronto-Dominion Bank | 3/20/24 | USD | 14,333 | NOK | 157,024 | — | (1,150) |
| UBS AG | 3/20/24 | USD | 22,395 | SEK | 233,284 | — | (808) |
58
Developed Markets Index Fund
| Forward Currency Contracts (continued) | |||||||
| Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | ||||
| Counterparty | Receive | Deliver | |||||
| The Bank of New York Mellon Corp. | 3/20/24 | USD | 17,709 | SEK | 181,235 | — | (317) |
| State Street Bank & Trust Co. | 3/20/24 | USD | 6,172 | SGD | 8,251 | — | (103) |
| 33,490 | (15,045) | ||||||
| AUD—Australian dollar. |
| CAD—Canadian dollar. |
| CHF—Swiss franc. |
| DKK—Danish krone. |
| EUR—euro. |
| GBP—British pound. |
| HKD—Hong Kong dollar. |
| JPY—Japanese yen. |
| KRW—Korean won. |
| NOK—Norwegian krone. |
| SEK—Swedish krona. |
| SGD—Singapore dollar. |
| USD—U.S. dollar. |
| Over-the-Counter Total Return Swaps | ||||||
| Reference Entity | Termination Date | Counterparty | Notional Amount ($000) | Floating Interest Rate Received (Paid)1 (%) | Value and Unrealized Appreciation ($000) | Value and Unrealized (Depreciation) ($000) |
| Hanwha Ocean Co. | 1/31/24 | GSI | 5,236 | (4.676) | — | (356) |
| 1 | Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly. |
| GSI—Goldman Sachs International. |
At December 31, 2023, the counterparties had deposited in segregated accounts securities with a value of $31,358,000 and cash of $1,900,000 in connection with open forward currency contracts and open over-the-counter swap contracts.
See accompanying Notes, which are an integral part of the Financial Statements.
59
Developed Markets Index Fund
Statement of Assets and Liabilities
As of December 31, 2023
| ($000s, except shares, footnotes, and per-share amounts) | Amount |
| Assets | |
| Investments in Securities, at Value1 | |
| Unaffiliated Issuers (Cost $146,847,741) | 178,783,416 |
| Affiliated Issuers (Cost $2,675,558) | 2,675,968 |
| Total Investments in Securities | 181,459,384 |
| Investment in Vanguard | 5,647 |
| Cash | 611 |
| Cash Collateral Pledged—Futures Contracts | 85,512 |
| Cash Collateral Pledged—Foward Currency Contracts and Over-the-Counter Swap Contracts | 11,783 |
| Foreign Currency, at Value (Cost $94,003) | 94,159 |
| Receivables for Investment Securities Sold | 325,792 |
| Receivables for Accrued Income | 567,788 |
| Receivables for Capital Shares Issued | 45,686 |
| Variation Margin Receivable—Futures Contracts | 1,739 |
| Unrealized Appreciation—Forward Currency Contracts | 33,490 |
| Total Assets | 182,631,591 |
| Liabilities | |
| Due to Custodian | 293,870 |
| Payables for Investment Securities Purchased | 8,744 |
| Collateral for Securities on Loan | 2,103,965 |
| Payables for Capital Shares Redeemed | 156,402 |
| Payables to Vanguard | 8,048 |
| Unrealized Depreciation—Forward Currency Contracts | 15,045 |
| Unrealized Depreciation—Over-the-Counter Swap Contracts | 356 |
| Total Liabilities | 2,586,430 |
| Net Assets | 180,045,161 |
| 1 Includes $1,941,462,000 of securities on loan. | |
60
Developed Markets Index Fund
| Statement of Assets and Liabilities (continued) | |
| At December 31, 2023, net assets consisted of: | |
| ($000s, except shares, footnotes, and per-share amounts) | Amount |
| Paid-in Capital | 156,970,553 |
| Total Distributable Earnings (Loss) | 23,074,608 |
| Net Assets | 180,045,161 |
| Investor Shares—Net Assets | |
| Applicable to 1,863,855 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 22,235 |
| Net Asset Value Per Share—Investor Shares | $11.93 |
| ETF Shares—Net Assets | |
| Applicable to 2,561,217,051 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 122,714,219 |
| Net Asset Value Per Share—ETF Shares | $47.91 |
| Admiral Shares—Net Assets | |
| Applicable to 1,716,588,577 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 26,441,497 |
| Net Asset Value Per Share—Admiral Shares | $15.40 |
| Institutional Shares—Net Assets | |
| Applicable to 920,166,026 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 14,193,596 |
| Net Asset Value Per Share—Institutional Shares | $15.43 |
| Institutional Plus Shares—Net Assets | |
| Applicable to 691,590,556 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 16,673,614 |
| Net Asset Value Per Share—Institutional Plus Shares | $24.11 |
See accompanying Notes, which are an integral part of the Financial Statements.
61
Developed Markets Index Fund
Statement of Operations
| Year Ended December 31, 2023 | |
| ($000) | |
| Investment Income | |
| Income | |
| Dividends1 | 4,930,149 |
| Interest2 | 53,212 |
| Securities Lending—Net | 56,263 |
| Total Income | 5,039,624 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 11,048 |
| Management and Administrative—Investor Shares | 25 |
| Management and Administrative—ETF Shares | 38,102 |
| Management and Administrative—Admiral Shares | 13,060 |
| Management and Administrative—Institutional Shares | 4,993 |
| Management and Administrative—Institutional Plus Shares | 3,866 |
| Marketing and Distribution—Investor Shares | 1 |
| Marketing and Distribution—ETF Shares | 3,739 |
| Marketing and Distribution—Admiral Shares | 1,377 |
| Marketing and Distribution—Institutional Shares | 520 |
| Marketing and Distribution—Institutional Plus Shares | 504 |
| Custodian Fees | 5,101 |
| Auditing Fees | 61 |
| Shareholders’ Reports—Investor Shares | — |
| Shareholders’ Reports—ETF Shares | 2,528 |
| Shareholders’ Reports—Admiral Shares | 280 |
| Shareholders’ Reports—Institutional Shares | 97 |
| Shareholders’ Reports—Institutional Plus Shares | 112 |
| Trustees’ Fees and Expenses | 99 |
| Professional Services | 12,471 |
| Other Expenses | 124 |
| Total Expenses | 98,108 |
| Expenses Paid Indirectly | (122) |
| Net Expenses | 97,986 |
| Net Investment Income | 4,941,638 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold2,3,4 | (1,053,307) |
| Futures Contracts | 216,642 |
| Swap Contracts | (131) |
| Forward Currency Contracts | (41,942) |
| Foreign Currencies | (8) |
| Realized Net Gain (Loss) | (878,746) |
62
Developed Markets Index Fund
| Statement of Operations (continued) | |
| Year Ended December 31, 2023 | |
| ($000) | |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities2 | 22,682,919 |
| Futures Contracts | 68,099 |
| Swap Contracts | (356) |
| Forward Currency Contracts | 4,743 |
| Foreign Currencies | 12,029 |
| Change in Unrealized Appreciation (Depreciation) | 22,767,434 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 26,830,326 |
| 1 | Dividends are net of foreign withholding taxes of $431,161,000. |
| 2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $47,615,000, ($284,000), $4,000, and ($341,000), respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Realized gain (loss) is net of foreign capital gain taxes of $8,000. |
| 4 | Includes $591,747,000 of net gain (loss) resulting from in-kind redemptions. |
See accompanying Notes, which are an integral part of the Financial Statements.
63
Developed Markets Index Fund
Statement of Changes in Net Assets
| Year Ended December 31, | ||
| 2023 ($000) | 2022 ($000) | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 4,941,638 | 4,788,626 |
| Realized Net Gain (Loss) | (878,746) | (1,615,903) |
| Change in Unrealized Appreciation (Depreciation) | 22,767,434 | (29,202,426) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 26,830,326 | (26,029,703) |
| Distributions | ||
| Investor Shares | (742) | (603) |
| ETF Shares | (3,785,156) | (2,812,982) |
| Admiral Shares | (812,549) | (623,390) |
| Institutional Shares | (455,255) | (377,819) |
| Institutional Plus Shares | (504,249) | (394,354) |
| Total Distributions | (5,557,951) | (4,209,148) |
| Capital Share Transactions | ||
| Investor Shares | (2,896) | (9,832) |
| ETF Shares | 7,850,186 | 10,385,991 |
| Admiral Shares | 1,074,990 | 1,899,137 |
| Institutional Shares | (595,082) | 501,738 |
| Institutional Plus Shares | 1,416,031 | (515,210) |
| Net Increase (Decrease) from Capital Share Transactions | 9,743,229 | 12,261,824 |
| Total Increase (Decrease) | 31,015,604 | (17,977,027) |
| Net Assets | ||
| Beginning of Period | 149,029,557 | 167,006,584 |
| End of Period | 180,045,161 | 149,029,557 |
See accompanying Notes, which are an integral part of the Financial Statements.
64
Developed Markets Index Fund
Financial Highlights
| Investor Shares | |||||
| For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
| 2023 | 2022 | 2021 | 2020 | 2019 | |
| Net Asset Value, Beginning of Period | $10.47 | $12.73 | $11.79 | $10.95 | $9.26 |
| Investment Operations | |||||
| Net Investment Income1 | .328 | .333 | .331 | .235 | .361 |
| Net Realized and Unrealized Gain (Loss) on Investments | 1.496 | (2.302) | .996 | .834 | 1.651 |
| Total from Investment Operations | 1.824 | (1.969) | 1.327 | 1.069 | 2.012 |
| Distributions | |||||
| Dividends from Net Investment Income | (.364) | (.291) | (.387) | (.229) | (.322) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (.364) | (.291) | (.387) | (.229) | (.322) |
| Net Asset Value, End of Period | $11.93 | $10.47 | $12.73 | $11.79 | $10.95 |
| Total Return2 | 17.61% | -15.39% | 11.35% | 10.11% | 21.96% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $22 | $22 | $37 | $49 | $59 |
| Ratio of Total Expenses to Average Net Assets | 0.17%3 | 0.16%3 | 0.16% | 0.16% | 0.16% |
| Ratio of Net Investment Income to Average Net Assets | 2.92% | 3.06% | 2.61% | 2.34% | 3.56% |
| Portfolio Turnover Rate4 | 3% | 4% | 3% | 3% | 2% |
| 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 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.17% and 0.16%, respectively. |
| 4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral part of the Financial Statements.
65
Developed Markets Index Fund
Financial Highlights
| FTSE Developed Markets ETF Shares | |||||
| For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
| 2023 | 2022 | 2021 | 2020 | 2019 | |
| Net Asset Value, Beginning of Period | $42.04 | $51.14 | $47.36 | $43.98 | $37.20 |
| Investment Operations | |||||
| Net Investment Income1 | 1.361 | 1.403 | 1.370 | .982 | 1.289 |
| Net Realized and Unrealized Gain (Loss) on Investments | 6.020 | (9.281) | 4.024 | 3.363 | 6.831 |
| Total from Investment Operations | 7.381 | (7.878) | 5.394 | 4.345 | 8.120 |
| Distributions | |||||
| Dividends from Net Investment Income | (1.511) | (1.222) | (1.614) | (.965) | (1.340) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (1.511) | (1.222) | (1.614) | (.965) | (1.340) |
| Net Asset Value, End of Period | $47.91 | $42.04 | $51.14 | $47.36 | $43.98 |
| Total Return | 17.77% | -15.35% | 11.49% | 10.29% | 22.08% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $122,714 | $100,471 | $110,103 | $87,578 | $78,752 |
| Ratio of Total Expenses to Average Net Assets | 0.06%2 | 0.05%2 | 0.05% | 0.05% | 0.05% |
| Ratio of Net Investment Income to Average Net Assets | 3.01% | 3.22% | 2.69% | 2.43% | 3.13% |
| Portfolio Turnover Rate3 | 3% | 4% | 3% | 3% | 2% |
| 1 | Calculated based on average shares outstanding. |
| 2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.06% and 0.05%, respectively. |
| 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.
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Developed Markets Index Fund
Financial Highlights
| Admiral Shares | |||||
| For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
| 2023 | 2022 | 2021 | 2020 | 2019 | |
| Net Asset Value, Beginning of Period | $13.52 | $16.44 | $15.23 | $14.14 | $11.96 |
| Investment Operations | |||||
| Net Investment Income1 | .435 | .448 | .438 | .313 | .410 |
| Net Realized and Unrealized Gain (Loss) on Investments | 1.928 | (2.978) | 1.287 | 1.085 | 2.198 |
| Total from Investment Operations | 2.363 | (2.530) | 1.725 | 1.398 | 2.608 |
| Distributions | |||||
| Dividends from Net Investment Income | (.483) | (.390) | (.515) | (.308) | (.428) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (.483) | (.390) | (.515) | (.308) | (.428) |
| Net Asset Value, End of Period | $15.40 | $13.52 | $16.44 | $15.23 | $14.14 |
| Total Return2 | 17.67% | -15.32% | 11.43% | 10.26% | 22.05% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $26,441 | $22,214 | $24,782 | $21,207 | $20,143 |
| Ratio of Total Expenses to Average Net Assets | 0.08%3 | 0.07%3 | 0.07% | 0.07% | 0.07% |
| Ratio of Net Investment Income to Average Net Assets | 2.99% | 3.21% | 2.68% | 2.41% | 3.10% |
| Portfolio Turnover Rate4 | 3% | 4% | 3% | 3% | 2% |
| 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 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.08% and 0.07%, respectively. |
| 4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral part of the Financial Statements.
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Developed Markets Index Fund
Financial Highlights
| Institutional Shares | |||||
| For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
| 2023 | 2022 | 2021 | 2020 | 2019 | |
| Net Asset Value, Beginning of Period | $13.53 | $16.46 | $15.25 | $14.16 | $11.97 |
| Investment Operations | |||||
| Net Investment Income1 | .442 | .452 | .442 | .315 | .417 |
| Net Realized and Unrealized Gain (Loss) on Investments | 1.944 | (2.989) | 1.287 | 1.086 | 2.205 |
| Total from Investment Operations | 2.386 | (2.537) | 1.729 | 1.401 | 2.622 |
| Distributions | |||||
| Dividends from Net Investment Income | (.486) | (.393) | (.519) | (.311) | (.432) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (.486) | (.393) | (.519) | (.311) | (.432) |
| Net Asset Value, End of Period | $15.43 | $13.53 | $16.46 | $15.25 | $14.16 |
| Total Return | 17.84% | -15.34% | 11.44% | 10.27% | 22.14% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $14,194 | $12,983 | $15,219 | $14,020 | $12,449 |
| Ratio of Total Expenses to Average Net Assets | 0.06%2 | 0.05%2 | 0.05% | 0.05% | 0.05% |
| Ratio of Net Investment Income to Average Net Assets | 3.04% | 3.23% | 2.70% | 2.42% | 3.15% |
| Portfolio Turnover Rate3 | 3% | 4% | 3% | 3% | 2% |
| 1 | Calculated based on average shares outstanding. |
| 2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.06% and 0.05%, respectively. |
| 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.
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Developed Markets Index Fund
Financial Highlights
| Institutional Plus Shares | |||||
| For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
| 2023 | 2022 | 2021 | 2020 | 2019 | |
| Net Asset Value, Beginning of Period | $21.15 | $25.73 | $23.83 | $22.13 | $18.72 |
| Investment Operations | |||||
| Net Investment Income1 | .687 | .717 | .693 | .495 | .647 |
| Net Realized and Unrealized Gain (Loss) on Investments | 3.036 | (4.680) | 2.022 | 1.693 | 3.439 |
| Total from Investment Operations | 3.723 | (3.963) | 2.715 | 2.188 | 4.086 |
| Distributions | |||||
| Dividends from Net Investment Income | (.763) | (.617) | (.815) | (.488) | (.676) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (.763) | (.617) | (.815) | (.488) | (.676) |
| Net Asset Value, End of Period | $24.11 | $21.15 | $25.73 | $23.83 | $22.13 |
| Total Return | 17.80% | -15.33% | 11.49% | 10.27% | 22.07% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $16,674 | $13,339 | $16,866 | $15,531 | $13,790 |
| Ratio of Total Expenses to Average Net Assets | 0.05%2 | 0.04%2 | 0.04% | 0.04% | 0.04% |
| Ratio of Net Investment Income to Average Net Assets | 3.02% | 3.26% | 2.71% | 2.43% | 3.12% |
| Portfolio Turnover Rate3 | 3% | 4% | 3% | 3% | 2% |
| 1 | Calculated based on average shares outstanding. |
| 2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.05% and 0.04%, respectively. |
| 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.
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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 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 by methods deemed by the valuation designee to represent fair value and subject to oversight 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.
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 Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The
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Developed Markets Index Fund
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 securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.
During the year ended December 31, 2023, 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.
4. Forward Currency Contracts: The fund enters into forward currency contracts to protect the value of securities and related receivables and payables against changes in future foreign exchange rates. Risks associated with these types of forward currency 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 securities pledged as collateral for open contracts are noted in the Schedule of Investments. 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.
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 Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on forward currency contracts.
During the year ended December 31, 2023, 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.
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Developed Markets Index Fund
5. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks or indexes in the fund’s target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund generally invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.
A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund’s maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps 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. In the event of a counterparty’s default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, 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 swap 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 securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the swap 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.
The notional amounts of swap contracts are not recorded in the Statement of Assets and Liabilities. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.
During the year ended December 31, 2023, the fund’s average amounts of investments in total return swaps represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period.
6. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund’s tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund’s financial statements.
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Developed Markets Index Fund
7. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
8. 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 Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. 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.
9. Credit Facilities and Interfund Lending Program: 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 and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which 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 either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
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Developed Markets Index Fund
For the year ended December 31, 2023, the fund did not utilize the credit facilities or the Interfund Lending Program.
10. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. 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.
Taxes on foreign dividends and capital gains have been provided for in accordance with the applicable countries' tax rules and rates. Deferred foreign capital gains tax, if any, is accrued daily based upon net unrealized gains. 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. Amounts related to these reclaims are recorded when there are no significant uncertainties as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment. Such tax reclaims and related professional fees, if any, are included in dividend income and other expenses, respectively.
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 and 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, 2023, the fund had contributed to Vanguard capital in the amount of $5,647,000, representing less than 0.01% of the fund’s net assets and 2.26% 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, 2023, custodian fee offset arrangements reduced the fund’s expenses by $122,000 (an annual rate of less than 0.01% of average net assets). |
| D. | Various inputs may be used to determine the value of the fund’s investments and derivatives. 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.).
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Developed Markets Index Fund
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
The following table summarizes the market value of the fund’s investments and derivatives as of December 31, 2023, based on the inputs used to value them:
| Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
| Investments | ||||
| Assets | ||||
| Common Stocks | 17,048,205 | 160,798,624 | 9,773 | 177,856,602 |
| Preferred Stocks | — | 925,237 | — | 925,237 |
| Rights | — | — | 1,382 | 1,382 |
| Warrants | — | 8 | 187 | 195 |
| Temporary Cash Investments | 2,675,968 | — | — | 2,675,968 |
| Total | 19,724,173 | 161,723,869 | 11,342 | 181,459,384 |
| Derivative Financial Instruments | ||||
| Assets | ||||
| Futures Contracts1 | 16,693 | — | — | 16,693 |
| Forward Currency Contracts | — | 33,490 | — | 33,490 |
| Total | 16,693 | 33,490 | — | 50,183 |
| Liabilities | ||||
| Futures Contracts1 | 3,772 | — | — | 3,772 |
| Forward Currency Contracts | — | 15,045 | — | 15,045 |
| Swap Contracts | — | 356 | — | 356 |
| Total | 3,772 | 15,401 | — | 19,173 |
| 1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
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Developed Markets Index Fund
| E. | At December 31, 2023, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows: |
| Statement of Assets and Liabilities | Equity Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
| Unrealized Appreciation—Futures Contracts1 | 16,693 | — | 16,693 |
| Unrealized Appreciation—Forward Currency Contracts | — | 33,490 | 33,490 |
| Total Assets | 16,693 | 33,490 | 50,183 |
| Unrealized Depreciation—Futures Contracts1 | 3,772 | — | 3,772 |
| Unrealized Depreciation—Forward Currency Contracts | — | 15,045 | 15,045 |
| Unrealized Depreciation— Over-the-Counter Swap Contracts | 356 | — | 356 |
| Total Liabilities | 4,128 | 15,045 | 19,173 |
| 1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the year ended December 31, 2023, were:
| Realized Net Gain (Loss) on Derivatives | Equity Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
| Futures Contracts | 216,642 | — | 216,642 |
| Swap Contracts | (131) | — | (131) |
| Forward Currency Contracts | — | (41,942) | (41,942) |
| Realized Net Gain (Loss) on Derivatives | 216,511 | (41,942) | 174,569 |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
| Futures Contracts | 68,099 | — | 68,099 |
| Swap Contracts | (356) | — | (356) |
| Forward Currency Contracts | — | 4,743 | 4,743 |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | 67,743 | 4,743 | 72,486 |
| F. | 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 applicable in-kind redemptions, foreign currency transactions, passive foreign investment companies, swap agreements, and tax expense on capital gains were reclassified between the following accounts: |
| Amount ($000) | |
| Paid-in Capital | 589,562 |
| Total Distributable Earnings (Loss) | (589,562) |
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Developed Markets Index Fund
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 capital loss carryforwards; the deferral of losses from wash sales; the recognition of unrealized gains or losses from certain derivative contracts; the recognition of unrealized gains from passive foreign investment companies; and the classification of securities for tax purposes. 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 | 478,409 |
| Undistributed Long-Term Gains | — |
| Net Unrealized Gains (Losses) | 29,836,666 |
| Capital Loss Carryforwards | (7,281,438) |
| Qualified Late-Year Losses | — |
| Other Temporary Differences | 40,971 |
| Total | 23,074,608 |
The tax character of distributions paid was as follows:
| Year Ended December 31, | ||
| 2023 Amount ($000) | 2022 Amount ($000) | |
| Ordinary Income* | 5,557,951 | 4,209,148 |
| Long-Term Capital Gains | — | — |
| Total | 5,557,951 | 4,209,148 |
| * | Includes short-term capital gains, if any. |
As of December 31, 2023, 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 | 151,650,076 |
| Gross Unrealized Appreciation | 48,480,057 |
| Gross Unrealized Depreciation | (18,659,210) |
| Net Unrealized Appreciation (Depreciation) | 29,820,847 |
| G. | During the year ended December 31, 2023, the fund purchased $15,506,356,000 of investment securities and sold $5,457,124,000 of investment securities, other than temporary cash investments. Purchases and sales include $4,090,739,000 and $1,155,717,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares. |
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Developed Markets Index Fund
| H. | Capital share transactions for each class of shares were: |
| Year Ended December 31, | |||||
| 2023 | 2022 | ||||
| Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
| Investor Shares | |||||
| Issued | 2,817 | 248 | 2,895 | 268 | |
| Issued in Lieu of Cash Distributions | 742 | 65 | 603 | 59 | |
| Redeemed | (6,455) | (560) | (13,330) | (1,097) | |
| Net Increase (Decrease)—Investor Shares | (2,896) | (247) | (9,832) | (770) | |
| ETF Shares | |||||
| Issued | 7,965,686 | 173,908 | 10,385,991 | 236,804 | |
| Issued in Lieu of Cash Distributions | — | — | — | — | |
| Redeemed | (115,500) | (2,500) | — | — | |
| Net Increase (Decrease)—ETF Shares | 7,850,186 | 171,408 | 10,385,991 | 236,804 | |
| Admiral Shares | |||||
| Issued | 4,661,375 | 320,781 | 6,520,144 | 468,045 | |
| Issued in Lieu of Cash Distributions | 648,170 | 43,896 | 492,120 | 37,132 | |
| Redeemed | (4,234,555) | (291,593) | (5,113,127) | (369,023) | |
| Net Increase (Decrease)—Admiral Shares | 1,074,990 | 73,084 | 1,899,137 | 136,154 | |
| Institutional Shares | |||||
| Issued | 2,954,089 | 204,004 | 3,590,404 | 251,178 | |
| Issued in Lieu of Cash Distributions | 413,669 | 27,991 | 344,369 | 25,951 | |
| Redeemed | (3,962,840) | (271,040) | (3,433,035) | (242,312) | |
| Net Increase (Decrease)—Institutional Shares | (595,082) | (39,045) | 501,738 | 34,817 | |
| Institutional Plus Shares | |||||
| Issued | 4,467,377 | 195,295 | 3,667,744 | 161,793 | |
| Issued in Lieu of Cash Distributions | 465,138 | 20,110 | 365,438 | 17,602 | |
| Redeemed | (3,516,484) | (154,375) | (4,548,392) | (204,261) | |
| Net Increase (Decrease)—Institutional Plus Shares | 1,416,031 | 61,030 | (515,210) | (24,866) | |
| I. | Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war (e.g., Russia’s invasion of Ukraine), acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance. |
To the extent the fund’s investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.
The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially
78
Developed Markets Index Fund
larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund’s use of derivative(s) and the specific risks associated is described under significant accounting policies.
| J. | Management has determined that no events or transactions occurred subsequent to December 31, 2023, that would require recognition or disclosure in these financial statements. |
79
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 assets and liabilities, including the schedule of investments 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, 2023, the related statement of operations for the year ended December 31, 2023, the statement of changes in net assets for each of the two years in the period ended December 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2023 (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, 2023, 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, 2023 and the financial highlights for each of the five years in the period ended December 31, 2023 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, 2023 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 opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 16, 2024
Philadelphia, Pennsylvania
February 16, 2024
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
80
Tax information (unaudited)
The fund hereby designates $4,298,586,000, or if subsequently determined to be different, the maximum amount allowable by law, as qualified dividend income for individual shareholders for the fiscal year.
The fund hereby designates $18,793,000, or if subsequently determined to be different, the maximum amount allowable by law, of interest earned from obligations of the U.S. government which is generally exempt from state income tax.
The fund designates to shareholders foreign source income of $5,357,254,000 and foreign taxes paid of $336,984,000 , or if subsequently determined to be different, the maximum amounts allowable by law. Form 1099-DIV reports calendar-year amounts that can be included on the income tax return of shareholders.
81
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 208 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 the Statement of Additional Information, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.
Interested Trustee1
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 (2019–present) of Vanguard and of each of the investment companies served by Vanguard; chief executive officer (2018–present) of Vanguard; chief executive officer, president, and trustee (2018–present) of each of the investment companies served by Vanguard; president and director (2017–present) of Vanguard; and president (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. Member of the board of governors of the Investment Company Institute and the board of governors of FINRA.
Independent Trustees
Tara Bunch
Born in 1962. Trustee since November 2021. Principal occupation(s) during the past five years and other experience: head of global operations at Airbnb (2020–present). Vice president of AppleCare (2012–2020). Member of the board of directors of Out & Equal, the advisory board of the University of California, Berkeley School of Engineering, and the advisory board of Santa Clara University’s Leavey School of Business.
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. Member of the board of directors of the University of Rochester Medical Center, the Monroe Community College Foundation, the United Way of Rochester, North Carolina A&T University, Roberts Wesleyan College, and the Rochester Philharmonic Orchestra. Trustee of the University of Rochester.
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). Director of the V Foundation. Member of the advisory council for the College of Arts and Letters at the University of Notre Dame. Chairman of the board of Saint Anselm College.
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
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.
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: co-founder and managing partner (2022–present) of Grafton Street Partners (investment advisory firm). Chief investment officer (retired 2020) and vice president (retired 2020) of the University of Notre Dame. Chair of the board of Catholic Investment Services, Inc. (investment advisors). Member of the board of superintendence of the Institute for the Works of Religion, the Notre Dame 403(b) Investment Committee, and the board of directors of Paxos Trust Company (finance).
Deanna Mulligan
Born in 1963. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chief executive officer of Purposeful (advisory firm for CEOs and C-level executives; 2021–present). Board chair (2020), chief executive officer (2011–2020), and president (2010–2019) 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. Director of DuPont. Member of the board of the Economic Club of New York. Trustee of the Partnership for New York City (business leadership), Chief Executives for Corporate Purpose, and the NewYork-Presbyterian Hospital.
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 partner of HighVista Strategies (private investment firm). Member of the board of RIT Capital Partners (investment firm).
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. Colin W. Brown Distinguished Professor of the Practice of Law, Duke Law School (2021–present); Rubenstein Fellow, Duke University (2017–2020); Distinguished Fellow of the Global
Financial Markets Center, Duke Law School (2020–2022); and Senior Fellow, Duke Center on Risk (2020–present). Partner of Kaya Partners (climate policy advisory services). Member of the board of directors of Arcadia (energy solution technology).
Grant Reid
Born in 1959. Trustee since July 2023. Principal occupation(s) during the past five years and other experience: chief executive officer and president (2014–2022) and member of the board of directors (2015–2022) of Mars, Incorporated (multinational manufacturer). Member of the board of directors of Marriott International, Inc. Chair of Agribusiness Task Force, Sustainable Markets Initiative.
David Thomas
Born in 1956. Trustee since July 2021. Principal occupation(s) during the past five years and other experience: president of Morehouse College (2018–present). Professor of business administration, emeritus at Harvard University (2017–2018). Dean (2011–2016) and professor of management (2016–2017) at the Georgetown University McDonough School of Business. Director of DTE Energy Company. Trustee of Common Fund.
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). Member of the BMW Group Mobility Council.
Executive Officers
Jacqueline Angell
Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief compliance officer (November 2022–present) of Vanguard and of each of the investment companies served by Vanguard. Chief compliance officer (2018–2022) and deputy chief compliance officer (2017–2019) of State Street.
Christine M. Buchanan
Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief financial officer (2021–present) and treasurer (2017–2022) of each of the investment companies served by Vanguard. Partner (2005–2017) at KPMG (audit, tax, and advisory services).
John Galloway
Born in 1973. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Investment stewardship officer (September 2020–present) of each of the investment companies served by Vanguard. Head of Investor Advocacy (February 2020–present) and head of Marketing Strategy and Planning (2017–2020) at Vanguard. Special assistant to the President of the United States (2015).
Ashley Grim
Born in 1984. Principal occupation(s) during the past five years and other experience: treasurer (February 2022–present) of each of the investment companies served by Vanguard. Fund transfer agent controller (2019–2022) and director of Audit Services (2017–2019) at Vanguard. Senior manager (2015–2017) at PriceWaterhouseCoopers (audit and assurance, consulting, and tax services).
Jodi Miller
Born in 1980. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Finance director (2022–present) of each of the investment companies served by Vanguard. Head of Enterprise Investment Services (2020–present), head of Retail Client Services and Operations (2020–2022), and head of Retail Strategic Support (2018–2020) 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. Nonexecutive director (2022–present) of the board of National Grid (energy).
Michael Rollings
Born in 1963. Principal occupation(s) during the past five years and other experience: finance director (2017–present) and treasurer (2017) of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Chief financial officer (2016–present) of Vanguard. Director (2016–present) of Vanguard Marketing Corporation. Executive vice president and chief financial officer (2006–2016) of MassMutual Financial Group.
Vanguard Senior Management Team
| Matthew Benchener | Thomas M. Rampulla |
| Joseph Brennan | Karin A. Risi |
| Mortimer J. Buckley | Anne E. Robinson |
| Gregory Davis | Michael Rollings |
| John James | Nitin Tandon |
| Chris D. Mclsaac | Lauren Valente |
Connect with Vanguard®>vanguard.com
Fund Information > 800-662-7447
Direct Investor Account Services > 800-662-2739
Institutional Investor Services > 800-523-1036
Text Telephone for People Who Are Deaf or Hard of Hearing > 800-749-7273
This material may be used in conjunction with the offering of shares of any Vanguard fund only if preceded or accompanied by the fund’s current prospectus.
All comparative mutual fund data are from 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 indexes: Bloomberg Index Services Limited. Copyright 2024, Bloomberg. All rights reserved.
© 2024 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
Q1270 022024
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, 2023: $153,000
Fiscal Year Ended December 31, 2022: $144,000
Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.
Fiscal Year Ended December 31, 2023: $9,326,156
Fiscal Year Ended December 31, 2022: $10,494,508
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, 2023: $3,295,934
Fiscal Year Ended December 31, 2022: $2,757,764
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, 2023: $1,678,928
Fiscal Year Ended December 31, 2022: $5,202,689
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, 2023: $25,000
Fiscal Year Ended December 31, 2022: $298,000
Includes fees billed for services related to tax reported information provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(e) (1) Pre-Approval Policies. The policy of the Registrant’s Audit Committee is to consider, and, if appropriate, approve before the principal accountant is engaged for such services, all specific audit and non-audit services provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant. In making a determination, the Audit Committee considers whether the services are consistent with maintaining the principal accountant’s independence.
In the event of a contingency situation in which the principal accountant is needed to provide services in between scheduled Audit Committee meetings, the Chairman of the Audit Committee would be called on to consider and, if appropriate, pre-approve audit or permitted non-audit services in an amount sufficient to complete services through the next Audit Committee meeting, and to determine if such services would be consistent with maintaining the accountant’s independence. At the next scheduled Audit Committee meeting, services and fees would be presented to the Audit Committee for formal consideration, and, if appropriate, approval by the entire Audit Committee. The Audit Committee would again consider whether such services and fees are consistent with maintaining the principal accountant’s independence.
The Registrant’s Audit Committee is informed at least annually of all audit and non-audit services provided by the principal accountant to the Vanguard complex, whether such services are provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., or other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant.
(2) No percentage of the principal accountant’s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) For the most recent fiscal year, over 50% of the hours worked under the principal accountant’s engagement were not performed by persons other than full-time, permanent employees of the principal accountant.
(g) Aggregate Non-Audit Fees.
Fiscal Year Ended December 31, 2023: $1,703,928
Fiscal Year Ended December 31, 2022: $5,500,689
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.
Not applicable. The complete schedule of investments is included as part of the report to shareholders filed under Item 1 of this Form.
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 the Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control during the period covered by this report, 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)(1) | Code of Ethics filed herewith. |
| (a)(2) | Certifications filed herewith. |
| (b) | Certifications filed herewith. |
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 23, 2024
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 23, 2024
| VANGUARD TAX-MANAGED FUNDS | ||
| BY: | /s/ CHRISTINE BUCHANAN* | |
| CHRISTINE BUCHANAN | ||
| CHIEF FINANCIAL OFFICER | ||
Date: February 23, 2024
| * By: | /s/ Anne E. Robinson |
Anne E. Robinson, pursuant to a Power of Attorney filed on July 21, 2023 (see File Number 33-53683) and to a Power of Attorney filed on March 29, 2023 (see File Number 2-11444), Incorporated by Reference.