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: |
Heidi Stam, 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 31, 2016 – June 30, 2016 | ||
Item 1: Reports to Shareholders |
Semiannual Report | June 30, 2016
Vanguard Developed Markets Index Fund
Vanguards Principles for Investing Success
We want to give you the best chance of investment success. These principles, grounded in Vanguards research and experience, can put you on the right path.
Goals. Create clear, appropriate investment goals.
Balance. Develop a suitable asset allocation using broadly diversified funds. Cost. Minimize cost.
Discipline. Maintain perspective and long-term discipline.
A single theme unites these principles: Focus on the things you can control.
We believe there is no wiser course for any investor.
Contents | |
Your Funds Total Returns. | 1 |
Chairmans Letter. | 2 |
Fund Profile. | 7 |
Performance Summary. | 9 |
Financial Statements. | 10 |
About Your Funds Expenses. | 30 |
Trustees Approve Advisory Arrangement. | 32 |
Glossary. | 33 |
Please note: The opinions expressed in this report are just thatinformed opinions. They should not be considered promises or advice.
Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the
risks of investing in your fund are spelled out in the prospectus.
See the Glossary for definitions of investment terms used in this report.
About the cover: Pictured is a sailing block on the Brilliant, a 1932 schooner docked in Mystic, Connecticut. A type of pulley, the
sailing block helps coordinate the setting of the sails. At Vanguard, the intricate coordination of technology and people allows
us to help millions of clients around the world reach their financial goals.
Your Funds Total Returns
Six Months Ended June 30, 2016 | |
Total | |
Returns | |
Vanguard Developed Markets Index Fund | |
Investor Shares | -2.34% |
FTSE Developed Markets ETF Shares | |
Market Price | -1.93 |
Net Asset Value | -2.23 |
Admiral Shares | -2.31 |
Institutional Shares | -2.21 |
Institutional Plus Shares | -2.24 |
Spliced Developed ex US Index | -3.29 |
International Funds Average | -2.70 |
For a benchmark description, see the Glossary.
International Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
Admiral Shares carry lower expenses and are available to investors who meet certain account-balance requirements. Institutional Shares and
Institutional Plus Shares are available to certain institutional investors who meet specific administrative, service, and account-size criteria.
The Vanguard ETF® Shares shown are traded on the NYSE Arca exchange and are available only through brokers. The table provides ETF
returns based on both the NYSE Arca market price and the net asset value for a share. U.S. Pat. Nos. 6,879,964; 7,337,138; 7,720,749;
7,925,573; 8,090,646; and 8,417,623.
For the ETF Shares, the market price is determined by the midpoint of the bid-offer spread as of the closing time of the New York Stock
Exchange (generally 4 p.m., Eastern time). The net asset value is also determined as of the NYSE closing time. For more information about
how the ETF Shares' market prices have compared with their net asset value, visit vanguard.com, select your ETF, and then select the Price
and Performance tab. The ETF premium/discount analysis there shows the percentages of days on which the ETF Shares' market price was
above or below the NAV.
Your Funds Performance at a Glance | ||||
December 31, 2015, Through June 30, 2016 | ||||
Distributions Per Share | ||||
Starting | Ending | Income | Capital | |
Share Price | Share Price | Dividends | Gains | |
Vanguard Developed Markets Index Fund | ||||
Investor Shares | $9.15 | $8.78 | $0.155 | $0.000 |
FTSE Developed Markets ETF Shares | 36.75 | 35.28 | 0.639 | 0.000 |
Admiral Shares | 11.82 | 11.34 | 0.206 | 0.000 |
Institutional Shares | 11.83 | 11.36 | 0.207 | 0.000 |
Institutional Plus Shares | 18.49 | 17.75 | 0.324 | 0.000 |
1
Chairmans Letter
Dear Shareholder,
Posting slightly negative returns, stocks outside the United States fared worse than the U.S. market for the six months ended June 30, 2016. European stocks in particular slumped as the lead-up to Britains referendum on leaving the European Union and subsequent uncertainty hit closer to home. Developed Pacific markets also retreated, but less so. Canada and emerging-market stocks were bright spots.
Vanguard Developed Markets Index Fund returned 2.34% for Investor Shares. The return diverged from that of the funds benchmark because of temporary price differences arising from fair-value pricing policies (see the box on page 5 for more detail). The fund declined less than the average return of its peers.
As we noted in our previous two reports to you, your fund has switched to a new benchmark index, the FTSE Developed All Cap ex US Index. This index expands the funds reach to include small-capitalization stocks as well as the large- and mid-cap stocks it already invests in. It also includes Canadian stocks. The transition to the new index, which was completed by June 1, was made gradually to reduce the costs associated with trading large amounts of securities in a short period.
2
Stocks waxed and waned through periods of turbulence
Toward the end of the half year, global stock markets dropped sharply, then rose after the momentous decision by United Kingdom voters to leave the European Union (EU). The markets already were jittery before the June 23 Brexit vote. But volatility spiked afterward, as investors digested the significant global economic implications and the likelihood of extended uncertainty while the separation is carried out.
The broad U.S. stock market returned roughly 4% for the six months. U.S. stocks plunged on news of the referendums outcome but quickly reversed course. Worries about Brexits effect on trade
and global growth seemed to diminish as expectations increased that major central banks would be responsive to any fallout.
International stocks had a rougher time, returning about 1%, and European stocks in particular tumbled.
Bonds rolled to strong returns as investors weighed options
The broad U.S. bond market returned 5.31% as investors sought safe-haven assets amid concerns about the global growth pace, low inflation, and stock market volatility. Exceptionally low or negative yields abroad attracted foreign investors to U.S. Treasury debt. The yield of the 10-year Treasury note closed at 1.47%
Market Barometer | |||
Total Returns | |||
Periods Ended June 30, 2016 | |||
Six | One | Five Years | |
Months | Year | (Annualized) | |
Stocks | |||
Russell 1000 Index (Large-caps) | 3.74% | 2.93% | 11.88% |
Russell 2000 Index (Small-caps) | 2.22 | -6.73 | 8.35 |
Russell 3000 Index (Broad U.S. market) | 3.62 | 2.14 | 11.60 |
FTSE All-World ex US Index (International) | -0.92 | -9.75 | 0.49 |
Bonds | |||
Barclays U.S. Aggregate Bond Index (Broad taxable market) | 5.31% | 6.00% | 3.76% |
Barclays Municipal Bond Index (Broad tax-exempt market) | 4.33 | 7.65 | 5.33 |
Citigroup Three-Month U.S. Treasury Bill Index | 0.11 | 0.14 | 0.05 |
CPI | |||
Consumer Price Index | 1.91% | 1.01% | 1.32% |
3
at the end of June, down from 2.30% at the end of December. (Bond prices and yields move in opposite directions.)
The Federal Reserve has held its target for short-term interest rates steady since raising it a quarter percentage point in December. The still historically low 0.25%0.5% rate continued to curb returns for money market funds and savings accounts.
International bond markets (as measured by the Barclays Global Aggregate Index ex USD) returned 11.94%. Counter to recent trends, a number of foreign currencies strengthened against the dollar, but returns were solid even without this currency benefit.
European and Japanese stocks lost ground for several reasons
Your fund provides broad exposure to developed markets outside the United States, with stocks in Europe and the Pacific region accounting for the lions share of its holdings.
Developed markets in Europe, which make up more than half of the funds assets, were the funds biggest detractor, returning about 5%. The United Kingdom, the funds largest market in the region, also posted a 5% result as the Brexit outcome clouded the nations economic and political future.
Brexit worries also hurt Germany (7%), France (3%), and Spain (10%). Italy (22%) also contended with a potential
Expense Ratios | ||||||
Your Fund Compared With Its Peer Group | ||||||
FTSE | ||||||
Developed | ||||||
Markets | ||||||
Investor | ETF | Admiral | Institutional | Institutional | Peer Group | |
Shares | Shares | Shares | Shares | Plus Shares | Average | |
Developed Markets Index Fund | 0.20% | 0.09% | 0.09% | 0.07% | 0.06% | 1.37% |
The fund expense ratios shown are from the prospectus dated April 8, 2016, and represent estimated costs for the current fiscal year. For the
six months ended June 30, 2016, the funds annualized expense ratios were 0.18% for Investor Shares, 0.08% for FTSE Developed Markets
ETF Shares, 0.08% for Admiral Shares, 0.07% for Institutional Shares, and 0.06% for Institutional Plus Shares. The peer-group expense ratio
is derived from data provided by Lipper, a Thomson Reuters Company, and captures information through year-end 2015.
Peer group: International Funds.
4
banking crisis as several large Italian banks struggled with bad loans on their books. Europes financial sector was beset as well by negative interest rates, which can crimp bank profits. European banks sank 27%, and financial services slid 13%.
One of the few positive results came from oil exporter Norway (+6%), which was helped by a 36% jump in oil prices (as measured by the Brent Crude benchmark). Norway is not a full EU member and has its own currency, so it was viewed as somewhat insulated from the Brexit tumult.
Developed markets in the Pacific region (3%) were dragged down primarily by Japan (5%), the largest allocation in the fund. The Bank of Japans aggressive stimulus efforts were somewhat
overshadowed by a rising yen that threatened to slow down exports. In an example of the concern, auto-related stocks returned 19%. On the other hand, Australia (+3%) was a leading contributor as a turnaround in commodity prices sparked some optimism.
The commodity comeback also helped Canada and emerging markets. Canada, which made up more than 8% of fund assets after the index transition was completed, returned about 17%. Canadian mining and energy-related stocks soared.
A dose of discipline is crucial when markets become volatile
The heightened volatility in capital markets that surrounded the Brexit vote reminds us that nobody can control the direction of the
A note on fair-value pricing |
The reported return of a fund that tracks an index sometimes diverges from the indexs return |
a bit more than would be expected. This may be the result of a fair-value pricing adjustment. |
These adjustments, which are required by the Securities and Exchange Commission, address |
pricing discrepancies that may arise because of time-zone differences among global stock |
markets. Foreign stocks may trade on exchanges that close many hours before a funds |
closing share price is calculated in the United States, generally at 4 p.m., Eastern time. In |
the hours between the foreign close and the U.S. close, the value of these foreign securities |
may changebecause of company-specific announcements or market-wide developments, |
for example. Such price changes are not immediately reflected in international index values. |
Fair-value pricing takes such changes into account in calculating the funds daily net asset |
value, thus ensuring that the NAV doesnt include stale prices. The result can be a temporary |
divergence between the return of the fund and that of its benchmark indexa difference that |
usually corrects itself when the foreign markets reopen. |
5
markets or reliably predict where theyll go in the short term. However, investors can control how they react to unstable and turbulent markets.
During periods of market adversity, its more important than ever to keep sight of one of Vanguards key principles: Maintain perspective and long-term discipline. Whether youre investing for yourself or on behalf of clients, your success is affected greatly by how you respondor dont respondduring turbulent markets. (You can read
Vanguards Principles for Investing Success at vanguard.com/research.)
As Ive written in the past, the best course for long-term investors is generally to ignore daily market moves and not make decisions based on emotion. This is also
a good time to evaluate your portfolio and make sure your asset allocation is aligned with your time horizon, goals, and risk tolerance.
The markets are unpredictable and often confounding. Keeping your long-term plans clearly in focus can help you weather these periodic storms.
As always, thank you for investing with Vanguard.
Sincerely,
F. William McNabb III
Chairman and Chief Executive Officer
July 19, 2016
6
Developed Markets Index Fund
Fund Profile
As of June 30, 2016
Share-Class Characteristics | |||||
Investor | Admiral | Institutional | Institutional | ||
Shares | ETF Shares | Shares | Shares | Plus Shares | |
Ticker Symbol | VDVIX | VEA | VTMGX | VTMNX | VDIPX |
Expense Ratio1 | 0.20% | 0.09% | 0.09% | 0.07% | 0.06% |
Portfolio Characteristics | |||
FTSE | FTSE | ||
Developed Global | |||
All Cap | All Cap | ||
ex US | ex US | ||
Fund | Index | Index | |
Number of Stocks | 3,782 | 3,720 | 5,747 |
Median Market Cap | $23.0B | $23.0B | $20.7B |
Price/Earnings Ratio | 19.5x | 19.6x | 19.3x |
Price/Book Ratio | 1.5x | 1.5x | 1.5x |
Return on Equity | 14.1% | 14.1% | 14.6% |
Earnings Growth | |||
Rate | 6.6% | 6.6% | 7.1% |
Dividend Yield | 3.3% | 3.3% | 3.2% |
Turnover Rate | |||
(Annualized) | 20% | | |
Short-Term | |||
Reserves | -0.5% | | |
Sector Diversification (% of equity exposure) | |||
FTSE | FTSE | ||
Developed | Global | ||
All Cap | All Cap | ||
ex US | ex US | ||
Fund | Index | Index | |
Basic Materials | 7.4% | 7.4% | 7.3% |
Consumer Goods | 18.2 | 18.2 | 16.7 |
Consumer Services | 9.0 | 8.9 | 8.8 |
Financials | 22.9 | 22.8 | 23.9 |
Health Care | 10.1 | 10.1 | 8.8 |
Industrials | 14.8 | 14.9 | 14.2 |
Oil & Gas | 6.1 | 6.2 | 6.5 |
Technology | 3.8 | 3.8 | 5.5 |
Telecommunications | 4.1 | 4.1 | 4.6 |
Utilities | 3.6 | 3.6 | 3.7 |
Volatility Measures | ||
Spliced | ||
Developed | FTSE Global | |
ex US | All Cap ex US | |
Index | Index | |
R-Squared | 0.98 | 0.95 |
Beta | 0.96 | 0.96 |
These measures show the degree and timing of the funds | ||
fluctuations compared with the indexes over 36 months. |
Ten Largest Holdings (% of total net assets) | ||
Nestle SA | Food Products | 1.5% |
Royal Dutch Shell plc | Integrated Oil & Gas | 1.4 |
Novartis AG | Pharmaceuticals | 1.3 |
Roche Holding AG | Pharmaceuticals | 1.2 |
Samsung Electronics Co. Consumer | ||
Ltd. | Electronics | 0.9 |
Toyota Motor Corp. | Automobiles | 0.9 |
Unilever | Personal Products | 0.8 |
HSBC Holdings plc | Banks | 0.8 |
British American | ||
Tobacco plc | Tobacco | 0.8 |
BP plc | Integrated Oil & Gas | 0.7 |
Top Ten | 10.3% | |
The holdings listed exclude any temporary cash investments and | ||
equity index products. |
Allocation by Region (% of portfolio)
1 The expense ratios shown are from the prospectus dated April 8, 2016, and represent estimated costs for the current fiscal year. For the six months
ended June 30, 2016, the annualized expense ratios were 0.18% for Investor Shares, 0.08% for FTSE Developed Markets ETF Shares, 0.08% for
Admiral Shares, 0.07% for Institutional Shares, and 0.06% for Institutional Plus Shares.
7
Developed Markets Index Fund
Market Diversification (% of equity exposure) | |||
FTSE | FTSE | ||
Developed | Global | ||
All Cap | All Cap ex | ||
ex US | US | ||
Fund | Index | Index | |
Europe | |||
United Kingdom | 17.1% | 17.1% | 13.9% |
Switzerland | 7.5 | 7.6 | 6.2 |
France | 7.5 | 7.4 | 6.0 |
Germany | 7.2 | 7.2 | 5.8 |
Sweden | 2.6 | 2.7 | 2.1 |
Netherlands | 2.5 | 2.5 | 2.1 |
Spain | 2.5 | 2.5 | 2.0 |
Italy | 1.9 | 1.9 | 1.5 |
Denmark | 1.7 | 1.7 | 1.4 |
Belgium | 1.3 | 1.3 | 1.1 |
Finland | 1.0 | 1.0 | 0.8 |
Other | 1.3 | 1.3 | 1.1 |
Subtotal | 54.1% | 54.2% | 44.0% |
Pacific | |||
Japan | 21.5% | 21.4% | 17.4% |
Australia | 6.4 | 6.3 | 5.1 |
South Korea | 4.2 | 4.2 | 3.4 |
Hong Kong | 3.1 | 3.2 | 2.6 |
Singapore | 1.3 | 1.3 | 1.0 |
Other | 0.3 | 0.3 | 0.3 |
Subtotal | 36.8% | 36.7% | 29.8% |
Emerging Markets | 0.0% | 0.0% | 18.8% |
North America | |||
Canada | 8.5% | 8.5% | 6.9% |
Subtotal | 8.5% | 8.5% | 6.9% |
Middle East | |||
Other | 0.6 | 0.6 | 0.5 |
8
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 investors shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Fiscal-Year Total Returns (%): July 20, 2007, Through June 30, 2016
For a benchmark description, see the Glossary.
Note: For 2016, performance data reflect the six months ended June 30, 2016.
Average Annual Total Returns: Periods Ended June 30, 2016 | ||||
Inception | One | Five | Ten | |
Date | Year | Years | Years | |
Investor Shares | 12/19/2013 | -8.66% | | -2.08%1 |
FTSE Developed Markets ETF | ||||
Shares | 7/20/2007 | |||
Market Price | -8.22 | 2.00% | -0.771 | |
Net Asset Value | -8.50 | 2.06 | -0.771 | |
Admiral Shares | 8/17/1999 | -8.55 | 2.05 | 1.92 |
Institutional Shares | 1/4/2001 | -8.45 | 2.10 | 1.98 |
Institutional Plus Shares | 4/1/2014 | -8.51 | | -4.091 |
1 Return since inception. |
9
Developed Markets Index Fund
Financial Statements (unaudited)
Statement of Net AssetsInvestments Summary
As of June 30, 2016
This Statement summarizes the funds holdings by asset type. Details are reported for each of the funds 50 largest individual holdings and for investments that, in total for any issuer, represent more than 1% of the funds net assets. The total value of smaller holdings is reported as a single amount within each category.
The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the complete listing of the funds holdings is available electronically on vanguard.com and on the Securities and Exchange Commissions website (sec.gov), or you can have it mailed to you without charge by calling 800-662-7447. For the first and third fiscal quarters, the fund files the lists with the SEC on Form N-Q. Shareholders can look up the funds Forms N-Q on the SECs website. Forms N-Q may also be reviewed and copied at the SECs Public Reference Room (see the back cover of this report for further information).
Market | Percentage | ||
Value | of Net | ||
Shares | ($000) | Assets | |
Common Stocks | |||
Australia | |||
Commonwealth Bank of Australia | 6,435,248 | 361,133 | 0.6% |
Westpac Banking Corp. | 12,589,026 | 279,565 | 0.5% |
Australia & New Zealand Banking Group Ltd. | 11,012,279 | 200,787 | 0.3% |
National Australia Bank Ltd. | 10,022,726 | 192,540 | 0.3% |
BHP Billiton Ltd. | 12,160,283 | 173,198 | 0.3% |
1 AustraliaOther | 2,506,461 | 4.3% | |
3,713,684 | 6.3% | ||
Austria | 139,672 | 0.2% | |
Belgium | |||
Anheuser-Busch InBev SA/NV | 3,022,261 | 397,277 | 0.7% |
BelgiumOther | 372,184 | 0.6% | |
769,461 | 1.3% | ||
Canada | |||
Royal Bank of Canada | 5,592,856 | 330,476 | 0.6% |
Toronto-Dominion Bank | 6,987,261 | 300,053 | 0.5% |
^ Bank of Nova Scotia | 4,576,138 | 224,247 | 0.4% |
1 CanadaOther | 4,123,237 | 7.0% | |
4,978,013 | 8.5% | ||
Denmark | |||
Novo Nordisk A/S Class B | 6,987,340 | 375,759 | 0.7% |
1 DenmarkOther | 601,515 | 1.0% | |
977,274 | 1.7% | ||
Finland | 563,434 | 1.0% |
10
Developed Markets Index Fund | |||
Market | Percentage | ||
Value | of Net | ||
Shares | ($000) | Assets | |
France | |||
TOTAL SA | 8,062,789 | 388,803 | 0.7% |
Sanofi | 4,229,265 | 355,505 | 0.6% |
1 FranceOther | 3,577,098 | 6.1% | |
4,321,406 | 7.4% | ||
Germany | |||
Bayer AG | 3,133,098 | 315,229 | 0.5% |
Siemens AG | 2,879,129 | 294,934 | 0.5% |
BASF SE | 3,490,670 | 266,294 | 0.5% |
SAP SE | 3,386,861 | 253,161 | 0.4% |
Allianz SE | 1,724,576 | 245,705 | 0.4% |
Daimler AG | 3,619,442 | 215,849 | 0.4% |
Deutsche Telekom AG | 11,993,519 | 204,065 | 0.3% |
1 GermanyOther | 2,384,609 | 4.1% | |
4,179,846 | 7.1% | ||
Hong Kong | |||
AIA Group Ltd. | 45,613,518 | 274,861 | 0.4% |
1 Hong KongOther | 1,567,524 | 2.7% | |
1,842,385 | 3.1% | ||
Ireland | 153,109 | 0.3% | |
Israel | |||
Teva Pharmaceutical Industries Ltd. | 3,751,344 | 189,887 | 0.3% |
IsraelOther | 167,058 | 0.3% | |
356,945 | 0.6% | ||
1Italy | 1,117,284 | 1.9% | |
Japan | |||
Toyota Motor Corp. | 10,415,374 | 520,736 | 0.9% |
Mitsubishi UFJ Financial Group Inc. | 52,039,717 | 231,958 | 0.4% |
KDDI Corp. | 7,118,322 | 216,691 | 0.3% |
SoftBank Group Corp. | 3,422,552 | 193,631 | 0.3% |
Japan Tobacco Inc. | 4,532,070 | 181,557 | 0.3% |
Honda Motor Co. Ltd. | 6,785,393 | 171,323 | 0.3% |
Chugai Pharmaceutical Co. Ltd. | 828,027 | 29,420 | 0.1% |
JapanOther | 10,919,609 | 18.6% | |
12,464,925 | 21.2% | ||
Malta | | 0.0% | |
Netherlands | |||
Unilever NV | 5,892,965 | 274,726 | 0.5% |
1 NetherlandsOther | 1,202,135 | 2.0% | |
1,476,861 | 2.5% | ||
New Zealand | 187,068 | 0.3% | |
1Norway | 371,858 | 0.6% |
11
Developed Markets Index Fund | |||
Market | Percentage | ||
Value | of Net | ||
Shares | ($000) | Assets | |
Portugal | 93,610 | 0.2% | |
1Singapore | 748,499 | 1.3% | |
South Korea | |||
Samsung Electronics Co. Ltd. | 333,682 | 415,387 | 0.7% |
Hankook Shell Oil Co. Ltd. | 2,307 | 892 | 0.0% |
South KoreaOther | 2,025,422 | 3.5% | |
2,441,701 | 4.2% | ||
Spain | |||
Banco Santander SA | 54,521,797 | 212,277 | 0.4% |
1 SpainOther | 1,244,662 | 2.1% | |
1,456,939 | 2.5% | ||
1Sweden | 1,546,563 | 2.6% | |
Switzerland | |||
Nestle SA | 11,685,675 | 901,383 | 1.5% |
Novartis AG | 8,942,285 | 735,626 | 1.3% |
Roche Holding AG | 2,665,041 | 703,652 | 1.2% |
UBS Group AG | 13,709,088 | 177,376 | 0.3% |
Roche Holding AG (Bearer) | 99,535 | 26,427 | 0.0% |
1 SwitzerlandOther | 1,884,314 | 3.2% | |
4,428,778 | 7.5% | ||
United Kingdom | |||
HSBC Holdings plc | 75,031,022 | 468,725 | 0.8% |
British American Tobacco plc | 7,059,984 | 459,399 | 0.8% |
Royal Dutch Shell plc Class A | 16,041,293 | 437,984 | 0.7% |
BP plc | 70,013,741 | 408,836 | 0.7% |
GlaxoSmithKline plc | 18,414,628 | 395,885 | 0.7% |
Royal Dutch Shell plc Class B | 14,085,933 | 387,355 | 0.7% |
Vodafone Group plc | 100,629,750 | 306,338 | 0.5% |
AstraZeneca plc | 4,779,879 | 284,543 | 0.5% |
Diageo plc | 9,539,950 | 266,941 | 0.4% |
Reckitt Benckiser Group plc | 2,381,798 | 239,623 | 0.4% |
Unilever plc | 4,569,781 | 219,200 | 0.4% |
SABMiller plc | 3,619,697 | 211,018 | 0.4% |
National Grid plc | 14,288,728 | 210,124 | 0.4% |
Imperial Brands plc | 3,649,136 | 198,094 | 0.3% |
Lloyds Banking Group plc | 242,530,137 | 178,341 | 0.3% |
BT Group plc | 31,672,075 | 174,889 | 0.3% |
1 United KingdomOther | 5,076,406 | 8.6% | |
9,923,701 | 16.9% | ||
United States | 5,497 | 0.0% | |
Total Common Stocks (Cost $58,412,544) | 58,258,513 | 99.2%2 |
12
Developed Markets Index Fund
Market | Percentage | |||
Value | of Net | |||
Coupon | Shares | ($000) | Assets | |
Temporary Cash Investments | ||||
Money Market Fund | ||||
3,4 Vanguard Market Liquidity Fund | 0.538% | 1,469,750,535 | 1,469,751 | 2.5% |
5,6U.S. Government and Agency Obligations | 49,677 | 0.1% | ||
Total Temporary Cash Investments (Cost $1,519,415) | 1,519,428 | 2.6%2 | ||
Total Investments (Cost $59,931,959) | 59,777,941 | 101.8% | ||
Amount | ||||
($000) | ||||
Other Assets and Liabilities | ||||
Other Assets | ||||
Investment in Vanguard | 4,801 | |||
Receivables for Investment Securities Sold | 24,870 | |||
Receivables for Accrued Income | 214,258 | |||
Receivables for Capital Shares Issued | 54,047 | |||
Other Assets | 57,108 | |||
Total Other Assets | 355,084 | 0.6% | ||
Liabilities | ||||
Payables for Investment Securities Purchased | (8,933) | |||
Collateral for Securities on Loan | (1,365,062) | |||
Payables for Capital Shares Redeemed | (21,524) | |||
Payables to Vanguard | (20,361) | |||
Other Liabilities | (14,841) | |||
Total Liabilities | (1,430,721) | (2.4%) | ||
Net Assets | 58,702,304 | 100.0% |
At June 30, 2016, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 61,807,405 |
Undistributed Net Investment Income | 96,181 |
Accumulated Net Realized Losses | (3,042,139) |
Unrealized Appreciation (Depreciation) | |
Investment Securities | (154,018) |
Futures Contracts | 5,133 |
Forward Currency Contracts | (2,721) |
Foreign Currencies | (7,537) |
Net Assets | 58,702,304 |
Investor SharesNet Assets | |
Applicable to 102,653,919 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 901,449 |
Net Asset Value Per ShareInvestor Shares | $8.78 |
13
Developed Markets Index Fund | |
Amount | |
($000) | |
ETF SharesNet Assets | |
Applicable to 936,526,812 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 33,040,524 |
Net Asset Value Per ShareETF Shares | $35.28 |
Admiral SharesNet Assets | |
Applicable to 769,844,116 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 8,732,082 |
Net Asset Value Per ShareAdmiral Shares | $11.34 |
Institutional SharesNet Assets | |
Applicable to 756,023,827 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 8,585,867 |
Net Asset Value Per ShareInstitutional Shares | $11.36 |
Institutional Plus SharesNet Assets | |
Applicable to 419,206,461 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 7,442,382 |
Net Asset Value Per ShareInstitutional Plus Shares | $17.75 |
See Note A in Notes to Financial Statements.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $1,295,913,000.
Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent
1% or less of net assets.
1 Certain of the funds securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in
transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2016, the aggregate value of these securities
was $316,533,000, representing 0.5% of net assets.
2 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures
investments, the funds effective common stock and temporary cash investment positions represent 100.0% and 1.8%, respectively, of
net assets.
3 Includes $1,365,062,000 of collateral received for securities on loan.
4 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the
7-day yield.
5 Securities with a value of $33,682,000 have been segregated as initial margin for open futures contracts.
6 Securities with a value of $5,326,000 have been segregated as collateral for open forward currency contracts.
See accompanying Notes, which are an integral part of the Financial Statements.
14
Developed Markets Index Fund
Statement of Operations
Six Months Ended | |
June 30, 2016 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 1,139,958 |
Interest2 | 1,116 |
Securities Lending | 32,514 |
Total Income | 1,173,588 |
Expenses | |
The Vanguard GroupNote B | |
Investment Advisory Services | 2,018 |
Management and AdministrativeInvestor Shares | 621 |
Management and AdministrativeETF Shares | 8,185 |
Management and AdministrativeAdmiral Shares | 2,067 |
Management and AdministrativeInstitutional Shares | 1,714 |
Management and AdministrativeInstitutional Plus Shares | 1,162 |
Marketing and DistributionInvestor Shares | 113 |
Marketing and DistributionETF Shares | 969 |
Marketing and DistributionAdmiral Shares | 448 |
Marketing and DistributionInstitutional Shares | 111 |
Marketing and DistributionInstitutional Plus Shares | 66 |
Custodian Fees | 3,935 |
Shareholders ReportsInvestor Shares | 15 |
Shareholders ReportsETF Shares | 271 |
Shareholders ReportsAdmiral Shares | 48 |
Shareholders ReportsInstitutional Shares | 14 |
Shareholders ReportsInstitutional Plus Shares | 2 |
Trustees Fees and Expenses | 15 |
Total Expenses | 21,774 |
Net Investment Income | 1,151,814 |
Realized Net Gain (Loss) | |
Investment Securities Sold | (1,919,445) |
Futures Contracts | (11,666) |
Foreign Currencies and Forward Currency Contracts | 4,744 |
Realized Net Gain (Loss) | (1,926,367) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities | (361,843) |
Futures Contracts | (5,012) |
Foreign Currencies and Forward Currency Contracts | 1,910 |
Change in Unrealized Appreciation (Depreciation) | (364,945) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (1,139,498) |
1 Dividends are net of foreign withholding taxes of $113,258,000.
2 Interest income from an affiliated company of the fund was $970,000.
See accompanying Notes, which are an integral part of the Financial Statements.
15
Developed Markets Index Fund
Statement of Changes in Net Assets
Six Months Ended | Year Ended | |
June 30, | December 31, | |
2016 | 2015 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 1,151,814 | 1,453,520 |
Realized Net Gain (Loss) | (1,926,367) | 573,191 |
Change in Unrealized Appreciation (Depreciation) | (364,945) | (2,519,734) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (1,139,498) | (493,023) |
Distributions | ||
Net Investment Income | ||
Investor Shares | (16,373) | (31,768) |
ETF Shares | (580,328) | (765,004) |
Admiral Shares | (154,802) | (202,028) |
Institutional Shares | (153,843) | (226,831) |
Institutional Plus Shares | (131,727) | (199,383) |
Realized Capital Gain | ||
Investor Shares | | |
ETF Shares | | |
Admiral Shares | | |
Institutional Shares | | |
Institutional Plus Shares | | |
Total Distributions | (1,037,073) | (1,425,014) |
Capital Share Transactions | ||
Investor Shares | (97,716) | (268,886) |
ETF Shares | 4,977,521 | 6,197,663 |
Admiral Shares | 1,118,214 | 2,148,455 |
Institutional Shares | 811,239 | 623,195 |
Institutional Plus Shares | 474,419 | 1,597,860 |
Net Increase (Decrease) from Capital Share Transactions | 7,283,677 | 10,298,287 |
Total Increase (Decrease) | 5,107,106 | 8,380,250 |
Net Assets | ||
Beginning of Period | 53,595,198 | 45,214,948 |
End of Period1 | 58,702,304 | 53,595,198 |
1 Net AssetsEnd of Period includes undistributed (overdistributed) net investment income of $96,181,000 and ($28,115,000). |
See accompanying Notes, which are an integral part of the Financial Statements.
16
Developed Markets Index Fund
Financial Highlights
Investor Shares | ||||
Six Months | Dec. 19, | |||
Year Ended | ||||
Ended | 20131 to | |||
Dec. 31, | ||||
June 30, | Dec. 31, | |||
For a Share Outstanding Throughout Each Period | 2016 | 2015 | 2014 | 2013 |
Net Asset Value, Beginning of Period | $9.15 | $9.42 | $10.34 | $10.00 |
Investment Operations | ||||
Net Investment Income | .172 | . 261 | . 337 | . 008 |
Net Realized and Unrealized Gain (Loss) on Investments | (. 387) | (. 276) | (. 919) | . 332 |
Total from Investment Operations | (. 215) | (. 015) | (. 582) | . 340 |
Distributions | ||||
Dividends from Net Investment Income | (.155) | (. 255) | (. 338) | |
Distributions from Realized Capital Gains | | | | |
Total Distributions | (.155) | (. 255) | (. 338) | |
Net Asset Value, End of Period | $8.78 | $9.15 | $9.42 | $10.34 |
Total Return2 | -2.34% | -0.29% | -5.82% | 3.40% |
Ratios/Supplemental Data | ||||
Net Assets, End of Period (Millions) | $901 | $1,040 | $1,331 | $0.1 |
Ratio of Total Expenses to Average Net Assets | 0.18% | 0.20% | 0.20% | 0.20%3 |
Ratio of Net Investment Income to Average Net Assets | 3.97% | 2.73% | 3.22% | 2.80%3 |
Portfolio Turnover Rate 4 | 20% | 3% | 4% | 13% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
1 Inception.
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 Annualized.
4 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the funds capital shares,
including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
17
Developed Markets Index Fund
Financial Highlights
FTSE Developed Markets ETF Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
Net Asset Value, Beginning of Period | $36.75 | $37.85 | $41.53 | $35.02 | $30.44 | $36.04 |
Investment Operations | ||||||
Net Investment Income | .711 | 1.096 | 1.395 | 1.099 | 1.035 | 1.067 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | (1.542) | (1.125) | (3.681) | 6.494 | 4.591 | (5.609) |
Total from Investment Operations | (.831) | (.029) | (2.286) | 7.593 | 5.626 | (4.542) |
Distributions | ||||||
Dividends from Net Investment Income | (.639) | (1.071) | (1.394) | (1.083) | (1.046) | (1.058) |
Distributions from Realized Capital Gains | | | | | | |
Total Distributions | (.639) | (1.071) | (1.394) | (1.083) | (1.046) | (1.058) |
Net Asset Value, End of Period | $35.28 | $36.75 | $37.85 | $41.53 | $35.02 | $30.44 |
Total Return | -2.23% | -0.21% | -5.71% | 22.12% | 18.60% | -12.57% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $33,041 | $29,288 | $24,155 | $19,021 | $10,979 | $6,435 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.08% | 0.09% | 0.09% | 0.09% | 0.10% | 0.12% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 4.07% | 2.84% | 3.33% | 2.91% | 3.40% | 3.31% |
Portfolio Turnover Rate1 | 20% | 3% | 4% | 13% | 7% | 5% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
1 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the funds capital shares,
including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
18
Developed Markets Index Fund
Financial Highlights
Admiral Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
Net Asset Value, Beginning of Period | $11.82 | $12.17 | $13.35 | $11.26 | $9.79 | $11.58 |
Investment Operations | ||||||
Net Investment Income | .228 | .352 | .450 | .353 | .332 | .342 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | (.502) | (.358) | (1.180) | 2.085 | 1.474 | (1.794) |
Total from Investment Operations | (.274) | (.006) | (.730) | 2.438 | 1.806 | (1.452) |
Distributions | ||||||
Dividends from Net Investment Income | (. 206) | (. 344) | (. 450) | (. 348) | (. 336) | (. 338) |
Distributions from Realized Capital Gains | | | | | | |
Total Distributions | (. 206) | (. 344) | (. 450) | (. 348) | (. 336) | (. 338) |
Net Asset Value, End of Period | $11.34 | $11.82 | $12.17 | $13.35 | $11.26 | $9.79 |
Total Return1 | -2.31% | -0.18% | -5.66% | 22.06% | 18.56% | -12.51% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $8,732 | $7,921 | $6,068 | $2,060 | $1,425 | $1,229 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.08% | 0.09% | 0.09% | 0.09% | 0.10% | 0.12% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 4.07% | 2.84% | 3.33% | 2.91% | 3.40% | 3.31% |
Portfolio Turnover Rate2 | 20% | 3% | 4% | 13% | 7% | 5% |
The funds original Investor Shares were renamed Admiral Shares as of the close of business on May 13, 2011. The Investor Shares
recommenced on December 19, 2013, and are presented separately.
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
1 Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide
information about any applicable transaction and account service fees.
2 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the funds capital shares,
including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
19
Developed Markets Index Fund
Financial Highlights
Institutional Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
Net Asset Value, Beginning of Period | $11.83 | $12.18 | $13.37 | $11.27 | $9.79 | $11.60 |
Investment Operations | ||||||
Net Investment Income | .230 | .354 | .452 | .356 | .336 | .347 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | (.493) | (.358) | (1.190) | 2.094 | 1.483 | (1.813) |
Total from Investment Operations | (.263) | (.004) | (.738) | 2.450 | 1.819 | (1.466) |
Distributions | ||||||
Dividends from Net Investment Income | (. 207) | (. 346) | (. 452) | (. 350) | (. 339) | (. 344) |
Distributions from Realized Capital Gains | | | | | | |
Total Distributions | (. 207) | (. 346) | (. 452) | (. 350) | (. 339) | (. 344) |
Net Asset Value, End of Period | $11.36 | $11.83 | $12.18 | $13.37 | $11.27 | $9.79 |
Total Return1 | -2.21% | -0.17% | -5.72% | 22.15% | 18.70% | -12.62% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $8,586 | $8,093 | $7,743 | $482 | $332 | $294 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.07% | 0.07% | 0.07% | 0.07% | 0.07% | 0.08% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 4.08% | 2.86% | 3.35% | 2.93% | 3.43% | 3.35% |
Portfolio Turnover Rate 2 | 20% | 3% | 4% | 13% | 7% | 5% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
1 Total returns do not include transaction fees that may have applied in the periods shown. Fund prospectuses provide information about any
applicable transaction fees.
2 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the funds capital shares,
including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
20
Developed Markets Index Fund
Financial Highlights
Institutional Plus Shares | |||
Six Months | Year | April 1, | |
Ended | Ended | 20141 to | |
June 30, | Dec. 31, | Dec. 31, | |
For a Share Outstanding Throughout Each Period | 2016 | 2015 | 2014 |
Net Asset Value, Beginning of Period | $18.49 | $19.05 | $20.90 |
Investment Operations | |||
Net Investment Income | . 360 | . 558 | . 438 |
Net Realized and Unrealized Gain (Loss) on Investments | (.776) | (.573) | (1.798) |
Total from Investment Operations | (. 416) | (. 015) | (1.360) |
Distributions | |||
Dividends from Net Investment Income | (. 324) | (. 545) | (. 490) |
Distributions from Realized Capital Gains | | | |
Total Distributions | (. 324) | (. 545) | (. 490) |
Net Asset Value, End of Period | $17.75 | $18.49 | $19.05 |
Total Return | -2.24% | -0.21% | -6.67% |
Ratios/Supplemental Data | |||
Net Assets, End of Period (Millions) | $7,442 | $7,253 | $5,918 |
Ratio of Total Expenses to Average Net Assets | 0.06% | 0.06% | 0.06%2 |
Ratio of Net Investment Income to Average Net Assets | 4.09% | 2.87% | 2.92%2 |
Portfolio Turnover Rate 3 | 20% | 3% | 4% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
1 Inception.
2 Annualized.
3 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the funds capital shares,
including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
21
Developed Markets Index Fund
Notes to Financial Statements
Vanguard Developed Markets Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in securities of foreign issuers, which may subject it to investment risks not normally associated with investing in securities of U.S. corporations. The fund offers five classes of shares: Investor Shares, ETF Shares, Admiral Shares, Institutional Shares, and Institutional Plus Shares. Investor Shares are available to any investor who meets the funds minimum purchase requirements. ETF Shares are listed for trading on NYSE Arca; they can be purchased and sold through a broker. Admiral Shares, Institutional Shares, and Institutional Plus Shares are designed for investors who meet certain administrative, service, and account-size criteria.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the funds pricing time but after the close of the securities primary markets, are valued at their fair values calculated according to procedures adopted by the board of trustees. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the funds 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 funds net asset value. Temporary cash investments acquired over 60 days to maturity 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. Other temporary cash investments are valued at amortized cost, which approximates market 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 funds pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).
3. Futures and Forward Currency Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, enhancing returns, 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
22
Developed Markets Index Fund
fully invested position in the underlying index while maintaining a cash balance for liquidity. The fund may seek to enhance returns by using futures contracts instead of the underlying securities when futures are believed to be priced more attractively than the underlying securities. 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 clearing-house, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the funds performance and requires daily settlement of variation margin representing changes in the market value of each contract.
The fund also enters into forward currency contracts to provide the appropriate currency exposure related to any open futures contracts. The funds risks in using these contracts include movement in the values of the foreign currencies relative to the U.S. dollar and the ability of the counterparties to fulfill their obligations under the contracts. The fund mitigates its counterparty risk by entering into forward currency contracts only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. The master netting arrangements provide that, in the event of a counterpartys 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 funds net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any assets pledged as collateral for open contracts are noted in the Statement of Net Assets. The value of collateral received or pledged is compared daily to the value of the forward currency contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
Futures contracts are valued at their quoted daily settlement prices. Forward currency contracts are valued at their quoted daily prices obtained from an independent third party, adjusted for currency risk based on the expiration date of each contract. The aggregate settlement values and notional amounts of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures or forward currency contracts.
During the six months ended June 30, 2016, the funds average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of aggregate settlement values at each quarter-end during the period. The funds average investment in forward currency contracts represented 2% of net assets, based on the average of notional amounts at each quarter-end during the period.
23
Developed Markets Index Fund
4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the funds tax positions taken for all open federal income tax years (December 31, 20122015), and for the period ended June 30, 2016, and has concluded that no provision for federal income tax is required in the funds financial statements.
5. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
6. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterpartys 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 absence of a default the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Net Assets for the return of the collateral, during the period the securities are on loan. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan.
7. Credit Facility: The fund and certain other funds managed by The Vanguard Group (Vanguard) participate in a $3.1 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the funds regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the funds board of trustees and included in Management and Administrative expenses on the funds Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
The fund had no borrowings outstanding at June 30, 2016, or at any time during the period then ended.
8. Other: Dividend income is recorded on the ex-dividend date. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
24
Developed Markets Index Fund
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 Vanguards cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the funds liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At June 30, 2016, the fund had contributed to Vanguard capital in the amount of $4,801,000, representing 0.01% of the funds net assets and 1.92% of Vanguards capitalization. The funds trustees and officers are also directors and employees, respectively, of Vanguard.
C. Various inputs may be used to determine the value of the funds investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1Quoted prices in active markets for identical securities.
Level 2Other significant observable inputs (including quoted prices for similar securities, interest
rates, prepayment speeds, credit risk, etc.).
Level 3Significant unobservable inputs (including the funds own assumptions used to determine
the fair value of investments).
The following table summarizes the market value of the funds investments as of June 30, 2016, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 5,088,016 | 53,155,033 | 15,464 |
Temporary Cash Investments | 1,469,751 | 49,677 | |
Futures ContractsAssets1 | 4,913 | | |
Forward Currency ContractsAssets | | 4,125 | |
Forward Currency ContractsLiabilities | | (6,846) | |
Total | 6,562,680 | 53,201,989 | 15,464 |
1 Represents variation margin on the last day of the reporting period. |
25
Developed Markets Index Fund
D. At June 30, 2016, the fair values of derivatives were reflected in the Statement of Net Assets as follows:
Foreign | |||
Equity | Exchange | ||
Contracts | Contracts | Total | |
Statement of Net Assets Caption | ($000) | ($000) | ($000) |
Other Assets | 4,913 | 4,125 | 9,038 |
Other Liabilities | | (6,846) | (6,846) |
Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the six months ended June 30, 2016, were:
Foreign | |||
Equity | Exchange | ||
Contracts | Contracts | Total | |
Realized Net Gain (Loss) on Derivatives | ($000) | ($000) | ($000) |
Futures Contracts | (11,666) | | (11,666) |
Forward Currency Contracts | | (4,811) | (4,811) |
Realized Net Gain (Loss) on Derivatives | (11,666) | (4,811) | (16,477) |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | (5,012) | | (5,012) |
Forward Currency Contracts | | 3,638 | 3,638 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | (5,012) | 3,638 | (1,374) |
At June 30, 2016, the aggregate settlement value of open futures contracts and the related unrealized appreciation (depreciation) were:
($000) | ||||
Aggregate | ||||
Number of | Settlement | Unrealized | ||
Long (Short) | Value | Appreciation | ||
Futures Contracts | Expiration | Contracts | Long (Short) | (Depreciation) |
Dow Jones EURO STOXX 50 Index | September 2016 | 5,840 | 185,231 | 3,055 |
Topix Index | September 2016 | 926 | 112,422 | (5,702) |
FTSE 100 Index | September 2016 | 993 | 85,256 | 6,503 |
S&P ASX 200 Index | September 2016 | 429 | 41,335 | 1,119 |
S&P TSX 200 Index | September 2016 | 42 | 5,277 | 158 |
5,133 |
Unrealized appreciation (depreciation) on open Dow Jones EURO STOXX 50 Index and FTSE 100 Index futures contracts is required to be treated as realized gain (loss) for tax purposes.
26
Developed Markets Index Fund
At June 30, 2016, the fund had open forward currency contracts to receive and deliver currencies as follows. Unrealized appreciation (depreciation) on open forward currency contracts is treated as realized gain (loss) for tax purposes.
Unrealized | ||||||
Contract | Appreciation | |||||
Contract Amount (000) | ||||||
Settlement | (Depreciation) | |||||
Counterparty | Date | Receive | Deliver | ($000) | ||
BNP Paribas | 9/21/16 | EUR | 118,393 | USD | 133,134 | (1,337) |
BNP Paribas | 9/21/16 | GBP | 49,262 | USD | 69,515 | (3,880) |
Citibank, N.A. | 9/13/16 | JPY | 5,934,290 | USD | 55,714 | 1,902 |
Deutsche Bank AG | 9/20/16 | AUD | 42,351 | USD | 31,057 | 433 |
Barclays Bank plc | 9/13/16 | JPY | 3,037,500 | USD | 28,494 | 997 |
BNP Paribas | 9/21/16 | EUR | 22,781 | USD | 25,282 | 78 |
JPMorgan Chase Bank, N.A. | 9/20/16 | AUD | 21,968 | USD | 16,361 | (27) |
Barclays Bank plc | 9/21/16 | EUR | 12,593 | USD | 14,327 | (308) |
BNP Paribas | 9/13/16 | JPY | 1,464,460 | USD | 13,772 | 447 |
Goldman Sachs International | 9/13/16 | JPY | 1,220,100 | USD | 11,688 | 158 |
Citibank, N.A. | 9/21/16 | EUR | 9,789 | USD | 11,043 | (146) |
Barclays Bank plc | 9/21/16 | GBP | 4,724 | USD | 6,882 | (587) |
Barclays Bank plc | 9/13/16 | JPY | 542,080 | USD | 5,334 | (70) |
Citibank, N.A. | 9/20/16 | CAD | 6,648 | USD | 5,097 | 50 |
UBS AG | 9/20/16 | AUD | 6,652 | USD | 4,933 | 13 |
Citibank, N.A. | 9/21/16 | GBP | 3,257 | USD | 4,640 | (300) |
Citibank, N.A. | 9/20/16 | AUD | 5,074 | USD | 3,731 | 42 |
Goldman Sachs International | 9/21/16 | GBP | 1,526 | USD | 2,028 | 5 |
BNP Paribas | 9/20/16 | USD | 15,197 | AUD | 20,683 | (182) |
JPMorgan Chase Bank, N.A. | 9/20/16 | USD | 650 | AUD | 887 | (9) |
(2,721) |
AUDAustralian dollar.
CADCanadian dollar.
EUREuro.
GBPBritish pound.
JPYJapanese yen.
USDU.S. dollar.
At June 30, 2016, the counterparties had deposited in segregated accounts securities and cash with a value of $2,505,000 in connection with open forward currency contracts.
27
Developed Markets Index Fund
E. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.
During the six months ended June 30, 2016, the fund realized net foreign currency gains of $9,555,000, which increased distributable net income for tax purposes; accordingly, such gains have been reclassified from accumulated net realized losses to undistributed net investment income.
The funds tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 2015, the fund had available capital losses totaling $1,105,283,000 to offset future net capital gains. Of this amount, $781,597,000 is subject to expiration dates; $408,342,000 may be used to offset future net capital gains through December 31, 2016, and $373,255,000 through December 31, 2017. Capital losses of $323,686,000 realized beginning in fiscal 2011 may be carried forward indefinitely under the Regulated Investment Company Modernization Act of 2010, but must be used before any expiring loss carryforwards. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2016; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
At June 30, 2016, the cost of investment securities for tax purposes was $59,998,862,000. Net unrealized depreciation of investment securities for tax purposes was $220,921,000, consisting of unrealized gains of $7,087,396,000 on securities that had risen in value since their purchase and $7,308,317,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the six months ended June 30, 2016, the fund purchased $12,944,778,000 of investment securities and sold $5,443,316,000 of investment securities, other than temporary cash investments. Purchases and sales include $3,683,018,000 and $0, respectively, in connection with in-kind purchases and redemptions of the funds capital shares.
28
Developed Markets Index Fund
G. Capital share transactions for each class of shares were:
Six Months Ended | Year Ended | |||
June 30, 2016 | December 31, 2015 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Investor Shares | ||||
Issued | 90,655 | 10,362 | 268,560 | 27,677 |
Issued in Lieu of Cash Distributions | 13,888 | 1,584 | 27,012 | 2,775 |
Redeemed | (202,259) | (22,985) | (564,458) | (58,066) |
Net Increase (Decrease)Investor Shares | (97,716) | (11,039) | (268,886) | (27,614) |
ETF Shares | ||||
Issued | 4,977,521 | 139,564 | 7,251,525 | 184,779 |
Issued in Lieu of Cash Distributions | | | | |
Redeemed | | | (1,053,862) | (26,000) |
Net Increase (Decrease)ETF Shares | 4,977,521 | 139,564 | 6,197,663 | 158,779 |
Admiral Shares | ||||
Issued | 2,326,035 | 206,878 | 3,752,835 | 302,174 |
Issued in Lieu of Cash Distributions | 126,551 | 11,183 | 169,469 | 13,576 |
Redeemed | (1,334,372) | (118,636) | (1,773,849) | (143,937) |
Net Increase (Decrease)Admiral Shares | 1,118,214 | 99,425 | 2,148,455 | 171,813 |
Institutional Shares | ||||
Issued | 1,592,207 | 140,483 | 2,562,273 | 205,112 |
Issued in Lieu of Cash Distributions | 139,590 | 12,312 | 210,738 | 16,858 |
Redeemed | (920,558) | (80,899) | (2,149,816) | (173,400) |
Net Increase (Decrease)Institutional Shares | 811,239 | 71,896 | 623,195 | 48,570 |
Institutional Plus Shares | ||||
Issued | 696,347 | 39,192 | 2,687,702 | 136,253 |
Issued in Lieu of Cash Distributions | 127,760 | 7,211 | 189,239 | 9,680 |
Redeemed | (349,688) | (19,404) | (1,279,081) | (64,434) |
Net Increase (Decrease)Institutional Plus Shares | 474,419 | 26,999 | 1,597,860 | 81,499 |
H. Management has determined that no material events or transactions occurred subsequent to June 30, 2016, that would require recognition or disclosure in these financial statements.
29
About Your Funds 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 funds gross income, directly reduce the investment return of the fund.
A funds 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 funds 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 funds 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 funds 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 casebecause the return used is not the funds actual returnthe 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 funds 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 funds 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 funds current prospectus.
30
Six Months Ended June 30, 2016 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
Developed Markets Index Fund | 12/31/2015 | 6/30/2016 | Period |
Based on Actual Fund Return | |||
Investor Shares | $1,000.00 | $976.59 | $0.88 |
FTSE Developed Markets ETF Shares | 1,000.00 | 977.72 | 0.39 |
Admiral Shares | 1,000.00 | 976.91 | 0.39 |
Institutional Shares | 1,000.00 | 977.86 | 0.34 |
Institutional Plus Shares | 1,000.00 | 977.59 | 0.30 |
Based on Hypothetical 5% Yearly Return | |||
Investor Shares | $1,000.00 | $1,023.97 | $0.91 |
FTSE Developed Markets ETF Shares | 1,000.00 | 1,024.47 | 0.40 |
Admiral Shares | 1,000.00 | 1,024.47 | 0.40 |
Institutional Shares | 1,000.00 | 1,024.52 | 0.35 |
Institutional Plus Shares | 1,000.00 | 1,024.57 | 0.30 |
The calculations are based on expenses incurred in the most recent six-month period. The funds annualized six-month expense ratios for that
period are 0.18% for Investor Shares, 0.08% for FTSE Developed Markets ETF Shares, 0.08% for Admiral Shares, 0.07% for Institutional
Shares, and 0.06% 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 (182/366).
31
Trustees Approve Advisory Arrangement
The board of trustees of Vanguard Developed Markets Index Fund has renewed the funds investment advisory arrangement with The Vanguard Group, Inc. (Vanguard)through its Equity Index Group. The board determined that continuing the funds internalized management structure was in the best interests of the fund and its shareholders.
The board based its decision upon an evaluation of the advisors investment staff, portfolio management process, and performance. The trustees considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangement. Rather, it was the totality of the circumstances that drove the boards decision.
Nature, extent, and quality of services
The board reviewed the quality of the funds investment management services over both the short and long term, and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than three decades. The Equity Index Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.
The board concluded that Vanguards experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.
Investment performance
The board considered the short- and long-term performance of the fund, including any periods of outperformance or underperformance relative to a benchmark index and peer group. The board concluded that the performance was such that the advisory arrangement should continue. Information about the funds most recent performance can be found in the Performance Summary section of this report.
Cost
The board concluded that the funds expense ratio was well below the average expense ratio charged by funds in its peer group and that the funds advisory fee rate was also well below its peer-group average. Information about the funds expenses appears in the About Your Funds Expenses section of this report as well as in the Financial Statements section.
The board does not conduct a profitability analysis of Vanguard because of Vanguards unique at-cost structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees, and produces profits only in the form of reduced expenses for fund shareholders.
The benefit of economies of scale
The board concluded that the funds at-cost arrangement with Vanguard ensures that the fund will realize economies of scale as it grows, with the cost to shareholders declining as fund assets increase.
The board will consider whether to renew the advisory arrangement again after a one-year period.
32
Glossary
Beta. A measure of the magnitude of a funds past share-price fluctuations in relation to the ups and downs of a given market index. The index is assigned a beta of 1.00. Compared with a given index, a fund with a beta of 1.20 typically would have seen its share price rise or fall by 12% when the index rose or fell by 10%. For this report, beta is based on returns over the past 36 months for both the fund and the index. Note that a funds beta should be reviewed in conjunction with its R-squared (see definition). The lower the R-squared, the less correlation there is between the fund and the index, and the less reliable beta is as an indicator of volatility.
Dividend Yield. Dividend income earned by stocks, expressed as a percentage of the aggregate market value (or of net asset value, for a fund). The yield is determined by dividing the amount of the annual dividends by the aggregate value (or net asset value) at the end of the period. For a fund, the dividend yield is based solely on stock holdings and does not include any income produced by other investments.
Earnings Growth Rate. The average annual rate of growth in earnings over the past five years for the stocks now in a fund.
Equity Exposure. A measure that reflects a funds investments in stocks and stock futures. Any holdings in short-term reserves are excluded.
Expense Ratio. A funds total annual operating expenses expressed as a percentage of the funds average net assets. The expense ratio includes management and administrative expenses, but does not include the transaction costs of buying and selling portfolio securities.
Inception Date. The date on which the assets of a fund (or one of its share classes) are first invested in accordance with the funds investment objective. For funds with a subscription period, the inception date is the day after that period ends. Investment performance is measured from the inception date.
Median Market Cap. An indicator of the size of companies in which a fund invests; the midpoint of market capitalization (market price x shares outstanding) of a funds stocks, weighted by the proportion of the funds assets invested in each stock. Stocks representing half of the funds assets have market capitalizations above the median, and the rest are below it.
Price/Book Ratio. The share price of a stock divided by its net worth, or book value, per share. For a fund, the weighted average price/book ratio of the stocks it holds.
Price/Earnings Ratio. The ratio of a stocks current price to its per-share earnings over the past year. For a fund, the weighted average P/E of the stocks it holds. P/E is an indicator of market expectations about corporate prospects; the higher the P/E, the greater the expectations for a companys future growth.
R-Squared. A measure of how much of a funds past returns can be explained by the returns from the market in general, as measured by a given index. If a funds total returns were precisely synchronized with an indexs returns, its R-squared would be 1.00. If the funds returns bore no relationship to the indexs returns, its R-squared would be 0. For this report, R-squared is based on returns over the past 36 months for both the fund and the index.
33
Return on Equity. The annual average rate of return generated by a company during the past five years for each dollar of shareholders equity (net income divided by shareholders equity). For a fund, the weighted average return on equity for the companies whose stocks it holds.
Short-Term Reserves. The percentage of a fund invested in highly liquid, short-term securities that can be readily converted to cash.
Turnover Rate. An indication of the funds trading activity. Funds with high turnover rates incur higher transaction costs and may be more likely to distribute capital gains (which may be taxable to investors). The turnover rate excludes in-kind transactions, which have minimal impact on costs.
Benchmark Information
Spliced Developed ex US Index: MSCI EAFE Index through May 28, 2013; FTSE Developed ex North America Index through December 20, 2015; FTSE Developed All Cap ex US Transition Index through May 31, 2016; FTSE Developed All Cap ex US Index thereafter. Benchmark returns are adjusted for withholding taxes.
34
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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 funds trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them on an at-cost basis.
A majority of Vanguards 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 198 Vanguard funds.
The following table provides information for each trustee and executive officer of the fund. 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.
InterestedTrustee1 | Rajiv L. Gupta |
Born 1945. Trustee Since December 2001.2 Principal | |
F. William McNabb III | Occupation(s) During the Past Five Years and Other |
Born 1957. Trustee Since July 2009. Chairman of | Experience: Chairman and Chief Executive Officer |
the Board. Principal Occupation(s) During the Past | (retired 2009) and President (20062008) of |
Five Years and Other Experience: Chairman of the | Rohm and Haas Co. (chemicals); Director of Tyco |
Board of The Vanguard Group, Inc., and of each of | International plc (diversified manufacturing and |
the investment companies served by The Vanguard | services), HP Inc. (printer and personal computer |
Group, since January 2010; Director of The Vanguard | manufacturing), and Delphi Automotive plc |
Group since 2008; Chief Executive Officer and | (automotive components); Senior Advisor at |
President of The Vanguard Group, and of each of | New Mountain Capital. |
the investment companies served by The Vanguard | |
Group, since 2008; Director of Vanguard Marketing | Amy Gutmann |
Corporation; Managing Director of The Vanguard | Born 1949. Trustee Since June 2006. Principal |
Group (19952008). | Occupation(s) During the Past Five Years and |
Other Experience: President of the University of | |
IndependentTrustees | Pennsylvania; Christopher H. Browne Distinguished |
Professor of Political Science, School of Arts and | |
Emerson U. Fullwood | Sciences, and Professor of Communication, Annenberg |
Born 1948. Trustee Since January 2008. Principal | School for Communication, with secondary faculty |
Occupation(s) During the Past Five Years and Other | appointments in the Department of Philosophy, School |
Experience: Executive Chief Staff and Marketing | of Arts and Sciences, and at the Graduate School of |
Officer for North America and Corporate Vice President | Education, University of Pennsylvania; Trustee of the |
(retired 2008) of Xerox Corporation (document manage- | National Constitution Center; Chair of the Presidential |
ment products and services); Executive in Residence | Commission for the Study of Bioethical Issues. |
and 20092010 Distinguished Minett Professor at | |
the Rochester Institute of Technology; Lead Director | JoAnn Heffernan Heisen |
of SPX FLOW, Inc. (multi-industry manufacturing); | Born 1950. Trustee Since July 1998. Principal |
Director of the United Way of Rochester, the University | Occupation(s) During the Past Five Years and |
of Rochester Medical Center, Monroe Community | Other Experience: Corporate Vice President and |
College Foundation, North Carolina A&T University, | Chief Global Diversity Officer (retired 2008) and |
and Roberts Wesleyan College. | Member of the Executive Committee (19972008) |
of Johnson & Johnson (pharmaceuticals/medical | |
devices/consumer products); Director of Skytop | |
Lodge Corporation (hotels) and the Robert Wood | |
Johnson Foundation; Member of the Advisory | |
Board of the Institute for Womens Leadership | |
at Rutgers University. |
F. Joseph Loughrey | Executive Officers | |
Born 1949. Trustee Since October 2009. Principal | ||
Occupation(s) During the Past Five Years and Other | Glenn Booraem | |
Experience: President and Chief Operating Officer | Born 1967. Treasurer Since May 2015. Principal | |
(retired 2009) of Cummins Inc. (industrial machinery); | Occupation(s) During the Past Five Years and | |
Chairman of the Board of Hillenbrand, Inc. (specialized | Other Experience: Principal of The Vanguard Group, | |
consumer services), and of Oxfam America; Director | Inc.; Treasurer of each of the investment companies | |
of SKF AB (industrial machinery), Hyster-Yale Materials | served by The Vanguard Group; Controller of each of | |
Handling, Inc. (forklift trucks), the Lumina Foundation | the investment companies served by The Vanguard | |
for Education, and the V Foundation for Cancer | Group (20102015); Assistant Controller of each of | |
Research; Member of the Advisory Council for the | the investment companies served by The Vanguard | |
College of Arts and Letters and of the Advisory Board | Group (20012010). | |
to the Kellogg Institute for International Studies, both | Thomas J. Higgins | |
at the University of Notre Dame. | Born 1957. Chief Financial Officer Since September | |
Mark Loughridge | 2008. Principal Occupation(s) During the Past Five | |
Born 1953. Trustee Since March 2012. Principal | Years and Other Experience: Principal of The Vanguard | |
Occupation(s) During the Past Five Years and Other | Group, Inc.; Chief Financial Officer of each of the | |
Experience: Senior Vice President and Chief Financial | investment companies served by The Vanguard Group; | |
Officer (retired 2013) at IBM (information technology | Treasurer of each of the investment companies served | |
services); Fiduciary Member of IBMs Retirement Plan | by The Vanguard Group (19982008). | |
Committee (20042013); Director of the Dow Chemical | Peter Mahoney | |
Company; Member of the Council on Chicago Booth. | Born 1974. Controller Since May 2015. Principal | |
Scott C. Malpass | Occupation(s) During the Past Five Years and | |
Born 1962. Trustee Since March 2012. Principal | Other Experience: Head of Global Fund Accounting | |
Occupation(s) During the Past Five Years and Other | at The Vanguard Group, Inc.; Controller of each of the | |
Experience: Chief Investment Officer and Vice | investment companies served by The Vanguard Group; | |
President at the University of Notre Dame; Assistant | Head of International Fund Services at The Vanguard | |
Professor of Finance at the Mendoza College of | Group (20082014). | |
Business at Notre Dame; Member of the Notre Dame | Heidi Stam | |
403(b) Investment Committee, the Board of Advisors | Born 1956. Secretary Since July 2005. Principal | |
for Spruceview Capital Partners, and the Investment | Occupation(s) During the Past Five Years and Other | |
Advisory Committee of Major League Baseball; Board | Experience: Managing Director of The Vanguard | |
Member of TIFF Advisory Services, Inc., and Catholic | Group, Inc.; General Counsel of The Vanguard Group; | |
Investment Services, Inc. (investment advisors). | Secretary of The Vanguard Group and of each of the | |
André F. Perold | investment companies served by The Vanguard Group; | |
Born 1952. Trustee Since December 2004. Principal | Director and Senior Vice President of Vanguard | |
Occupation(s) During the Past Five Years and Other | Marketing Corporation. | |
Experience: George Gund Professor of Finance and | ||
Banking, Emeritus at the Harvard Business School | Vanguard Senior ManagementTeam | |
(retired 2011); Chief Investment Officer and Managing | Mortimer J. Buckley | James M. Norris |
Partner of HighVista Strategies LLC (private investment | Kathleen C. Gubanich | Thomas M. Rampulla |
firm); Director of Rand Merchant Bank; Overseer of | Martha G. King | Glenn W. Reed |
the Museum of Fine Arts Boston. | John T. Marcante | Karin A. Risi |
Peter F. Volanakis | Chris D. McIsaac | Michael Rollings |
Born 1955. Trustee Since July 2009. Principal | ||
Occupation(s) During the Past Five Years and Other | Chairman Emeritus and Senior Advisor | |
Experience: President and Chief Operating Officer | ||
John J. Brennan | ||
(retired 2010) of Corning Incorporated (communications | ||
Chairman, 19962009 | ||
equipment); Trustee of Colby-Sawyer College and | ||
Chief Executive Officer and President, 19962008 | ||
Chairman of its Finance and Enrollment Committee; | ||
Member of the Advisory Board of the Norris Cotton | ||
Cancer Center. | Founder | |
John C. Bogle | ||
Chairman and Chief Executive Officer, 19741996 |
1 Mr. McNabb is considered an interested person, as defined in the Investment Company Act of 1940, because he is an officer of the
Vanguard funds.
2 December 2002 for Vanguard Equity Income Fund, the Vanguard Municipal Bond Funds, and the Vanguard State Tax-Exempt Funds.
Valley Forge, PA 19482-2600 | |
Connect with Vanguard® > vanguard.com | |
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Q1272 082016 |
Semiannual Report | June 30, 2016
Vanguard Tax-Managed Funds®
Vanguard Tax-Managed Balanced Fund
Vanguard Tax-Managed Capital Appreciation Fund
Vanguard Tax-Managed Small-Cap Fund
Vanguard’s Principles for Investing Success
We want to give you the best chance of investment success. These principles, grounded in Vanguard’s research and experience, can put you on the right path.
Goals. Create clear, appropriate investment goals.
Balance. Develop a suitable asset allocation using broadly diversified funds. Cost. Minimize cost.
Discipline. Maintain perspective and long-term discipline.
A single theme unites these principles: Focus on the things you can control.
We believe there is no wiser course for any investor.
Contents | |
Your Fund’s Total Returns. | 1 |
Chairman’s Letter. | 2 |
Tax-Managed Balanced Fund. | 7 |
Tax-Managed Capital Appreciation Fund. | 74 |
Tax-Managed Small-Cap Fund. | 97 |
About Your Fund’s Expenses. | 117 |
Trustees Approve Advisory Arrangements. | 119 |
Glossary. | 120 |
Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice.
Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the
risks of investing in your fund are spelled out in the prospectus.
See the Glossary for definitions of investment terms used in this report.
About the cover: Pictured is a sailing block on the Brilliant, a 1932 schooner docked in Mystic, Connecticut. A type of pulley, the
sailing block helps coordinate the setting of the sails. At Vanguard, the intricate coordination of technology and people allows
us to help millions of clients around the world reach their financial goals.
Your Fund’s Total Returns
Six Months Ended June 30, 2016 | |
Total | |
Returns | |
Vanguard Tax-Managed Balanced Fund | 3.85% |
Tax-Managed Balanced Composite Index | 3.75 |
Mixed-Asset Target Allocation Moderate Funds Average | 3.38 |
For a benchmark description, see the Glossary. | |
Mixed-Asset Target Allocation Moderate Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
Vanguard Tax-Managed Capital Appreciation Fund | |
Admiral™ Shares | 3.37% |
Institutional Shares | 3.38 |
Russell 1000 Index | 3.74 |
Multi-Cap Core Funds Average | 1.64 |
Multi-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company. | |
Vanguard Tax-Managed Small-Cap Fund | |
Admiral Shares | 5.81% |
Institutional Shares | 5.84 |
S&P SmallCap 600 Index | 6.23 |
Small-Cap Core Funds Average | 3.06 |
Small-Cap Core Funds Average: Derived from data provided by Lipper, a Thomson Reuters Company.
Admiral Shares carry lower expenses and are available to investors who meet certain account-balance requirements. Institutional Shares are
available to certain institutional investors who meet specific administrative, service, and account-size criteria.
1
Chairman’s Letter
Dear Shareholder,
U.S. stocks overcame several hurdles en route to gains over the six months ended June 30, 2016. Generally speaking, value stocks outperformed growth stocks, while small-capitalization stocks bested their larger-cap counterparts. U.S. bonds produced impressive results for the period.
In this investment environment, returns for the Vanguard Tax-Managed Funds ranged from about 3% for the Tax-Managed Capital Appreciation Fund to almost 6% for the Tax-Managed Small-Cap Fund.
The Tax-Managed Balanced Fund fell in between, returning nearly 4%.
The performance of the Tax-Managed Balanced Fund closely tracked that of its benchmark index. The Tax-Managed Small-Cap and Tax-Managed Capital Appreciation Funds ended a bit behind their benchmarks. All three funds outpaced the average returns of their peer groups.
Stocks waxed and waned through periods of turbulence
Toward the end of the half year, global stock markets dropped sharply and then rose after the momentous decision by United Kingdom voters to leave the European Union. The markets already were jittery before the June 23 “Brexit” referendum. Volatility spiked afterward, however, as investors digested the significant global economic implications and the likelihood of extended uncertainty while the separation is carried out.
2
The broad U.S. stock market returned roughly 4% for the six months. U.S. stocks plunged on news of the referendum’s outcome but quickly reversed course. Worries about Brexit’s effect on trade and global economic growth seemed to diminish as expectations increased that major central banks would be responsive to any fallout.
International stocks had a rougher time, returning about –1%. European stocks in particular slumped as the lead-up to the referendum and subsequent uncertainty hit closer to home. Developed Pacific markets also retreated. Emerging-market stocks were a bright spot, returning nearly 8%.
Bonds rolled to strong returns as investors weighed options
The broad U.S. bond market returned 5.31% as investors sought safe-haven assets amid concerns about the global growth pace, low inflation, and stock market volatility. Exceptionally low or negative yields abroad attracted foreign investors to U.S. Treasury debt. The yield of the 10-year Treasury note closed at 1.47% at the end of June, down from 2.30% at the end of December. (Bond prices and yields move in opposite directions.)
The Federal Reserve has held its target for short-term interest rates steady since raising it a quarter percentage point in
Market Barometer | |||
Total Returns | |||
Periods Ended June 30, 2016 | |||
Six | One | Five Years | |
Months | Year | (Annualized) | |
Stocks | |||
Russell 1000 Index (Large-caps) | 3.74% | 2.93% | 11.88% |
Russell 2000 Index (Small-caps) | 2.22 | -6.73 | 8.35 |
Russell 3000 Index (Broad U.S. market) | 3.62 | 2.14 | 11.60 |
FTSE All-World ex US Index (International) | -0.92 | -9.75 | 0.49 |
Bonds | |||
Barclays U.S. Aggregate Bond Index (Broad taxable market) | 5.31% | 6.00% | 3.76% |
Barclays Municipal Bond Index (Broad tax-exempt market) | 4.33 | 7.65 | 5.33 |
Citigroup Three-Month U.S. Treasury Bill Index | 0.11 | 0.14 | 0.05 |
CPI | |||
Consumer Price Index | 1.91% | 1.01% | 1.32% |
3
December. The still historically low 0.25%–0.5% rate continued to curb returns for money market funds and savings accounts.
International bond markets (as measured by the Barclays Global Aggregate Index ex USD) returned 11.94%. Counter to recent trends, a number of foreign currencies strengthened against the dollar, but returns were solid even without this currency benefit.
Small-cap stocks and bonds were the period’s top performers
Vanguard’s trio of tax-managed funds comprise the Tax-Managed Capital Appreciation Fund, which invests in mid- and large-cap U.S. stocks; the Tax-Managed Small-Cap Fund, which primarily holds stocks of smaller companies; and the Tax-Managed Balanced Fund, which is invested about 50% in mid- and large-caps and about 50% in tax-exempt municipal bonds.
The three funds share a tax-efficient objective, while offering investors exposure to different areas of the U.S. financial markets. The funds’ advisors—Vanguard’s Equity Index and Fixed Income Groups—use various portfolio management strategies to keep the funds’ taxable gains to a minimum.
Expense Ratios | |||
Your Fund Compared With Its Peer Group | |||
Admiral | Institutional | Peer Group | |
Shares | Shares | Average | |
Tax-Managed Balanced Fund | 0.11% | — | 0.87% |
Tax-Managed Capital Appreciation Fund | 0.11 | 0.07% | 1.17 |
Tax-Managed Small-Cap Fund | 0.11 | 0.07 | 1.25 |
The fund expense ratios shown are from the prospectus dated April 8, 2016, and represent estimated costs for the current fiscal year. For the
six months ended June 30, 2016, the funds’ annualized expense ratios were: for the Tax-Managed Balanced Fund, 0.11%; for the
Tax-Managed Capital Appreciation Fund, 0.11% for Admiral Shares and 0.07% for Institutional Shares; and for the Tax-Managed Small-Cap
Fund, 0.11% for Admiral Shares and 0.07% for Institutional Shares. Peer-group expense ratios are derived from data provided by Lipper, a
Thomson Reuters Company, and capture information through year-end 2015.
Peer groups: For the Tax-Managed Balanced Fund, Mixed-Asset Target Allocation Moderate Funds; for the Tax-Managed Capital Appreciation
Fund, Multi-Cap Core Funds; and for the Tax-Managed Small-Cap Fund, Small-Cap Core Funds.
4
As I mentioned, smaller-cap stocks trumped larger ones for the six months. Not surprisingly, the Tax-Managed Small-Cap Fund was the trio’s top performer, returning nearly 6%. The fund, which tracks the S&P SmallCap 600 Index, posted gains in nine of its ten market sectors. Stocks in technology, industrial, and utilities sectors led the way in the small-cap market. Health care was the only sector that lost ground.
The Tax-Managed Balanced Fund was next in line, returning nearly 4%. The Tax-Managed Capital Appreciation Fund returned about 3%.
The Tax-Managed Balanced Fund’s fixed income portfolio, which tracks the Barclays 1–15 Year Municipal Bond Index, posted strong results. Municipal bonds benefited from overall strength in the bond market.
Results for the Tax-Managed Capital Appreciation Fund and the equity portion of the Tax-Managed Balanced Fund, both of which track the Russell 1000 Index, were quite similar. Utilities, energy, and consumer staples stocks contributed significantly to returns, while financials and health care detracted.
A dose of discipline is crucial when markets become volatile
The heightened volatility in capital markets that surrounded the Brexit vote reminds us that nobody can control the direction of the markets or reliably predict where they’ll go in the short term. However, investors can control how they react to unstable and turbulent markets.
During periods of market adversity, it’s more important than ever to keep sight of one of Vanguard’s key principles: Maintain perspective and long-term discipline. Whether you’re investing for yourself or on behalf of clients, your success is affected greatly by how you respond—or don’t respond—during turbulent markets. (You can read Vanguard’s Principles for Investing Success at vanguard.com/research.)
As I’ve written in the past, the best course for long-term investors is generally to ignore daily market moves and not make decisions based on emotion. This is also a good time to evaluate your portfolio and make sure your asset allocation is aligned with your time horizon, goals, and risk tolerance.
The markets are unpredictable and often confounding. Keeping your long-term plans clearly in focus can help you weather these periodic storms.
As always, thank you for investing with Vanguard.
Sincerely,
F. William McNabb III
Chairman and Chief Executive Officer
July 18, 2016
5
Your Fund’s Performance at a Glance | ||||
December 31, 2015, Through June 30, 2016 | ||||
Distributions Per Share | ||||
Starting | Ending | Income | Capital | |
Share Price | Share Price | Dividends | Gains | |
Vanguard Tax-Managed Balanced Fund | $26.86 | $27.62 | $0.269 | $0.000 |
Vanguard Tax-Managed Capital Appreciation Fund | ||||
Admiral Shares | $103.75 | $106.31 | $0.907 | $0.000 |
Institutional Shares | 51.55 | 52.82 | 0.460 | 0.000 |
Vanguard Tax-Managed Small-Cap Fund | ||||
Admiral Shares | $44.37 | $46.71 | $0.229 | $0.000 |
Institutional Shares | 44.47 | 46.82 | 0.237 | 0.000 |
6
Tax-Managed Balanced Fund
Fund Profile
As of June 30, 2016
Equity and Portfolio Characteristics | |||
DJ | |||
U.S. | |||
Total | |||
Russell | Market | ||
1000 | FA | ||
Fund | Index | Index | |
Number of Stocks | 818 | 1,001 | 3,863 |
Median Market Cap | $60.7B | $60.7B | $53.0B |
Price/Earnings Ratio | 21.8x | 21.5x | 22.0x |
Price/Book Ratio | 2.8x | 2.8x | 2.7x |
Return on Equity | 17.0% | 16.9% | 16.5% |
Earnings Growth | |||
Rate | 7.4% | 7.3% | 7.3% |
Dividend Yield | 2.0% | 2.1% | 2.1% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | |||
(Annualized) | 11% | — | — |
Ticker Symbol | VTMFX | — | — |
Expense Ratio1 | 0.11% | — | — |
30-Day SEC Yield | 1.60% | — | — |
Short-Term | |||
Reserves | 0.1% | — | — |
Fixed Income Characteristics | |||
Barclays | Barclays | ||
1-15 Year | Municipal | ||
Municipal | Bond | ||
Fund | Index | Index | |
Number of Bonds | 1,507 | 39,973 | 49,372 |
Yield to Maturity | |||
(before expenses) | 1.4% | 1.4% | 1.6% |
Average Coupon | 4.6% | 4.8% | 4.8% |
Average Duration | 4.8 years | 4.6 years | 5.6 years |
Average Stated | |||
Maturity | 8.7 years | 8.0 years | 13.1 years |
Total Fund Volatility Measures | ||
DJ | ||
Tax-Managed | U.S. Total | |
Balanced | Market | |
Comp Index | FA Index | |
R-Squared | 1.00 | 0.95 |
Beta | 0.98 | 0.46 |
These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months.
Ten Largest Stocks (% of equity portfolio) | ||
Apple Inc. | Computer | |
Technology | 2.6% | |
Alphabet Inc. | Computer Services | |
Software & Systems | 2.0 | |
Microsoft Corp. | Computer Services | |
Software & Systems | 2.0 | |
Exxon Mobil Corp. | Oil: Integrated | 1.9 |
Johnson & Johnson | Pharmaceuticals | 1.7 |
General Electric Co. | Diversified | |
Manufacturing | ||
Operations | 1.4 | |
Berkshire Hathaway Inc. Insurance: Multi-Line | 1.4 | |
Amazon.com Inc. | Diversified Retail | 1.3 |
AT&T Inc. | Utilities: | |
Telecommunications | 1.3 | |
Facebook Inc. | Computer Services | |
Software & Systems | 1.3 | |
Top Ten | 16.9% | |
Top Ten as % of Total Net Assets | 8.0% |
The holdings listed exclude any temporary cash investments and equity index products.
Fund Asset Allocation
1 The expense ratio shown is from the prospectus dated April 8, 2016, and represents estimated costs for the current fiscal year. For the six months
ended June 30, 2016, the annualized expense ratio was 0.11%.
7
Tax-Managed Balanced Fund
Sector Diversification (% of equity exposure) | |||
DJ | |||
Russell | U.S. Total | ||
1000 | Market | ||
Fund | Index | FA Index | |
Consumer | |||
Discretionary | 14.2% | 14.1% | 14.2% |
Consumer Staples | 8.8 | 8.9 | 8.4 |
Energy | 7.1 | 7.1 | 6.8 |
Financial Services | 18.8 | 18.9 | 19.4 |
Health Care | 14.0 | 14.1 | 14.0 |
Materials & | |||
Processing | 3.6 | 3.6 | 3.8 |
Producer Durables | 10.4 | 10.5 | 10.8 |
Technology | 16.6 | 16.4 | 16.3 |
Utilities | 6.5 | 6.4 | 6.3 |
Distribution by Credit Quality (% of fixed | |
income portfolio) | |
AAA | 21.6% |
AA | 53.2 |
A | 17.0 |
BBB | 6.7 |
BB | 0.3 |
B | 0.4 |
Not Rated | 0.8 |
Credit-quality ratings are obtained from Moody's and S&P, and the higher rating for each issue is shown. "Not Rated" is used to
classify securities for which a rating is not available. For more information about these ratings, see the Glossary entry for Credit
Quality.
Equity Investment Focus
Fixed Income Investment Focus
Distribution by Stated Maturity | |
(% of fixed income portfolio) | |
Under 1 Year | 6.9% |
1 - 3 Years | 12.7 |
3 - 5 Years | 12.5 |
5 - 10 Years | 26.9 |
10 - 20 Years | 39.9 |
20 - 30 Years | 1.1 |
Largest Area Concentrations (% of fixed income | |
portfolio) | |
New York | 15.6% |
California | 13.7 |
Texas | 10.3 |
Pennsylvania | 5.5 |
Illinois | 5.0 |
Florida | 4.1 |
Maryland | 3.4 |
New Jersey | 3.1 |
Massachusetts | 3.0 |
Washington | 2.9 |
Top Ten | 66.6% |
"Largest Area Concentration" figures exclude any fixed income futures contracts. |
8
Tax-Managed Balanced Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Fiscal-Year Total Returns (%): December 31, 2005, Through June 30, 2016
Average Annual Total Returns: Periods Ended June 30, 2016 | ||||||
Ten Years | ||||||
Inception Date | One Year | Five Years | Income | Capital | Total | |
Admiral Shares | 9/6/1994 | 5.01% | 8.22% | 2.63% | 3.90% | 6.53% |
See Financial Highlights for dividend and capital gains information.
9
Tax-Managed Balanced Fund
Financial Statements (unaudited)
Statement of Net Assets
As of June 30, 2016
The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
Market | |||
Value• | |||
Shares | ($000) | ||
Common Stocks (48.3%) | |||
Consumer Discretionary (6.9%) | |||
* | Amazon.com Inc. | 25,908 | 18,540 |
Home Depot Inc. | 87,099 | 11,122 | |
Walt Disney Co. | 112,466 | 11,001 | |
Comcast Corp. Class A | 166,121 | 10,829 | |
Wal-Mart Stores Inc. | 104,149 | 7,605 | |
McDonald’s Corp. | 59,574 | 7,169 | |
Starbucks Corp. | 91,126 | 5,205 | |
NIKE Inc. Class B | 87,228 | 4,815 | |
Costco Wholesale Corp. | 30,493 | 4,789 | |
* | Priceline Group Inc. | 3,654 | 4,562 |
Lowe’s Cos. Inc. | 56,315 | 4,458 | |
Time Warner Inc. | 51,396 | 3,780 | |
TJX Cos. Inc. | 41,786 | 3,227 | |
Ford Motor Co. | 241,300 | 3,033 | |
* | Netflix Inc. | 31,091 | 2,844 |
General Motors Co. | 91,500 | 2,589 | |
Target Corp. | 37,045 | 2,586 | |
* | Charter Communications | ||
Inc. Class A | 11,161 | 2,552 | |
CBS Corp. Class B | 43,013 | 2,342 | |
Newell Brands Inc. | 47,596 | 2,312 | |
* | O’Reilly Automotive Inc. | 8,474 | 2,297 |
* | eBay Inc. | 97,208 | 2,276 |
Johnson Controls Inc. | 47,900 | 2,120 | |
Twenty-First Century Fox | |||
Inc. Class A | 76,951 | 2,081 | |
Dollar General Corp. | 22,000 | 2,068 | |
* | Dollar Tree Inc. | 20,651 | 1,946 |
Ross Stores Inc. | 33,708 | 1,911 | |
Yum! Brands Inc. | 23,005 | 1,908 | |
* | Tesla Motors Inc. | 8,897 | 1,889 |
* | AutoZone Inc. | 2,377 | 1,887 |
Estee Lauder Cos. Inc. | |||
Class A | 17,818 | 1,622 | |
Advance Auto Parts Inc. | 8,504 | 1,374 | |
* | Liberty Interactive Corp. | ||
QVC Group Class A | 53,593 | 1,360 | |
* | Mohawk Industries Inc. | 6,774 | 1,285 |
* | DISH Network Corp. | ||
Class A | 24,346 | 1,276 | |
* | MGM Resorts International | 55,805 | 1,263 |
Tractor Supply Co. | 13,714 | 1,250 | |
Marriott International Inc. | |||
Class A | 18,383 | 1,222 | |
Expedia Inc. | 11,476 | 1,220 | |
* | Sirius XM Holdings Inc. | 306,168 | 1,209 |
DR Horton Inc. | 37,242 | 1,172 | |
Domino’s Pizza Inc. | 8,920 | 1,172 | |
Fortune Brands Home & | |||
Security Inc. | 19,825 | 1,149 | |
Lennar Corp. Class A | 23,803 | 1,097 | |
Starwood Hotels & Resorts | |||
Worldwide Inc. | 14,307 | 1,058 | |
Lear Corp. | 10,300 | 1,048 | |
Hilton Worldwide | |||
Holdings Inc. | 46,050 | 1,037 | |
Royal Caribbean | |||
Cruises Ltd. | 15,347 | 1,031 | |
Coach Inc. | 24,420 | 995 | |
Lamar Advertising Co. | |||
Class A | 14,900 | 988 | |
* | NVR Inc. | 537 | 956 |
Hanesbrands Inc. | 36,400 | 915 | |
Scripps Networks | |||
Interactive Inc. Class A | 14,568 | 907 | |
News Corp. Class A | 78,367 | 889 | |
Carnival Corp. | 19,950 | 882 | |
CST Brands Inc. | 20,266 | 873 | |
* | Discovery | ||
Communications Inc. | 35,152 | 838 | |
* | Toll Brothers Inc. | 30,541 | 822 |
* | Live Nation | ||
Entertainment Inc. | 34,919 | 821 | |
Wyndham Worldwide Corp. | 11,500 | 819 | |
Thor Industries Inc. | 12,600 | 816 | |
Las Vegas Sands Corp. | 18,400 | 800 | |
* | Ulta Salon Cosmetics & | ||
Fragrance Inc. | 3,264 | 795 |
10
Tax-Managed Balanced Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
Service Corp. International | 29,400 | 795 | |
PVH Corp. | 8,403 | 792 | |
* | JC Penney Co. Inc. | 88,753 | 788 |
Gentex Corp. | 50,770 | 784 | |
Signet Jewelers Ltd. | 9,400 | 775 | |
* | Vista Outdoor Inc. | 15,982 | 763 |
Twenty-First Century | |||
Fox Inc. | 27,500 | 749 | |
* | Starz | 24,498 | 733 |
* | WABCO Holdings Inc. | 7,496 | 686 |
Dunkin’ Brands Group Inc. | 15,292 | 667 | |
L Brands Inc. | 9,900 | 665 | |
Viacom Inc. Class A | 13,401 | 622 | |
Macy’s Inc. | 18,494 | 622 | |
Harley-Davidson Inc. | 12,290 | 557 | |
Wendy’s Co. | 57,670 | 555 | |
Mattel Inc. | 17,700 | 554 | |
* | Chipotle Mexican Grill Inc. | ||
Class A | 1,300 | 524 | |
Visteon Corp. | 7,900 | 520 | |
John Wiley & Sons Inc. | |||
Class A | 9,618 | 502 | |
* | LKQ Corp. | 15,632 | 496 |
Dillard’s Inc. Class A | 8,053 | 488 | |
* | Michael Kors Holdings Ltd. | 9,283 | 459 |
* | CarMax Inc. | 9,301 | 456 |
Harman International | |||
Industries Inc. | 6,307 | 453 | |
Wynn Resorts Ltd. | 4,991 | 452 | |
* | Liberty SiriusXM Group | 14,410 | 445 |
Brinker International Inc. | 9,637 | 439 | |
Bed Bath & Beyond Inc. | 10,100 | 436 | |
Kohl’s Corp. | 11,385 | 432 | |
* | TripAdvisor Inc. | 6,700 | 431 |
* | Under Armour Inc. Class A | 10,701 | 429 |
Polaris Industries Inc. | 5,200 | 425 | |
VF Corp. | 6,800 | 418 | |
* | Liberty SiriusXM Group | 12,657 | 397 |
Omnicom Group Inc. | 4,800 | 391 | |
* | Panera Bread Co. Class A | 1,827 | 387 |
* | Under Armour Inc. | 10,612 | 386 |
Gap Inc. | 17,685 | 375 | |
* | Liberty Broadband Corp. | 5,973 | 358 |
* | Liberty Ventures Class A | 9,636 | 357 |
Hasbro Inc. | 4,200 | 353 | |
* | lululemon athletica Inc. | 3,992 | 295 |
Ralph Lauren Corp. Class A | 3,073 | 275 | |
* | ServiceMaster Global | ||
Holdings Inc. | 6,876 | 274 | |
BorgWarner Inc. | 8,952 | 264 | |
* | Liberty Broadband Corp. | ||
Class A | 4,259 | 253 | |
* | Murphy USA Inc. | 2,740 | 203 |
Viacom Inc. Class B | 4,427 | 184 | |
Staples Inc. | 21,100 | 182 | |
Best Buy Co. Inc. | 5,900 | 181 |
* | Discovery Communications | ||
Inc. Class A | 6,841 | 173 | |
* | Sally Beauty Holdings Inc. | 5,084 | 149 |
* | Norwegian Cruise Line | ||
Holdings Ltd. | 3,529 | 141 | |
H&R Block Inc. | 5,900 | 136 | |
* | Hertz Global Holdings Inc. | 11,243 | 124 |
* | Pandora Media Inc. | 9,798 | 122 |
Delphi Automotive plc | 1,800 | 113 | |
Outfront Media Inc. | 4,615 | 112 | |
Foot Locker Inc. | 2,000 | 110 | |
* | AMC Networks Inc. Class A | 1,528 | 92 |
* | Michaels Cos. Inc. | 3,094 | 88 |
* | Kate Spade & Co. | 3,430 | 71 |
* | Skechers U.S.A. Inc. Class A | 2,374 | 71 |
* | Madison Square Garden Co. | ||
Class A | 366 | 63 | |
Nordstrom Inc. | 1,500 | 57 | |
* | Cabela’s Inc. | 1,083 | 54 |
* | Urban Outfitters Inc. | 1,911 | 53 |
* | AutoNation Inc. | 1,101 | 52 |
* | Tempur Sealy International Inc. 873 | 48 | |
Lennar Corp. Class B | 680 | 25 | |
* | Hyatt Hotels Corp. Class A | 500 | 25 |
Restaurant Brands | |||
International LP | 189 | 8 | |
* | Fitbit Inc. Class A | 583 | 7 |
196,625 | |||
Consumer Staples (4.2%) | |||
Procter & Gamble Co. | 186,749 | 15,812 | |
Coca-Cola Co. | 256,764 | 11,639 | |
Philip Morris | |||
International Inc. | 108,249 | 11,011 | |
Altria Group Inc. | 142,280 | 9,812 | |
PepsiCo Inc. | 89,290 | 9,459 | |
CVS Health Corp. | 69,492 | 6,653 | |
Mondelez International | |||
Inc. Class A | 109,437 | 4,980 | |
Colgate-Palmolive Co. | 63,970 | 4,683 | |
Walgreens Boots | |||
Alliance Inc. | 55,078 | 4,586 | |
Kraft Heinz Co. | 39,059 | 3,456 | |
Kroger Co. | 73,600 | 2,708 | |
Reynolds American Inc. | 45,591 | 2,459 | |
Kimberly-Clark Corp. | 16,852 | 2,317 | |
Constellation Brands Inc. | |||
Class A | 12,887 | 2,131 | |
* | Monster Beverage Corp. | 12,221 | 1,964 |
Tyson Foods Inc. Class A | 28,347 | 1,893 | |
Dr Pepper Snapple | |||
Group Inc. | 16,632 | 1,607 | |
General Mills Inc. | 22,514 | 1,606 | |
Mead Johnson Nutrition Co. | 17,213 | 1,562 | |
Hershey Co. | 13,200 | 1,498 | |
JM Smucker Co. | 9,651 | 1,471 |
11
Tax-Managed Balanced Fund
Market | |||
Value• | |||
Shares | ($000) | ||
McCormick & Co. Inc. | 13,547 | 1,445 | |
Molson Coors Brewing Co. | |||
Class B | 14,200 | 1,436 | |
Archer-Daniels-Midland Co. | 33,373 | 1,431 | |
Clorox Co. | 10,000 | 1,384 | |
Church & Dwight Co. Inc. | 13,255 | 1,364 | |
Ingredion Inc. | 10,086 | 1,305 | |
Brown-Forman Corp. | |||
Class B | 12,088 | 1,206 | |
Hormel Foods Corp. | 31,784 | 1,163 | |
* | WhiteWave Foods Co. | ||
Class A | 21,615 | 1,015 | |
Sysco Corp. | 19,100 | 969 | |
* | Herbalife Ltd. | 16,055 | 940 |
* | Edgewell Personal Care Co. | 10,211 | 862 |
* | Sprouts Farmers Market Inc. | 33,357 | 764 |
* | Rite Aid Corp. | 94,214 | 706 |
Kellogg Co. | 6,600 | 539 | |
Bunge Ltd. | 7,114 | 421 | |
Whole Foods Market Inc. | 12,800 | 410 | |
Energizer Holdings Inc. | 6,965 | 359 | |
* | Blue Buffalo Pet | ||
Products Inc. | 9,549 | 223 | |
Pilgrim’s Pride Corp. | 7,541 | 192 | |
ConAgra Foods Inc. | 1,400 | 67 | |
* | Post Holdings Inc. | 400 | 33 |
121,541 | |||
Energy (3.5%) | |||
Exxon Mobil Corp. | 281,715 | 26,408 | |
Chevron Corp. | 125,732 | 13,180 | |
Schlumberger Ltd. | 98,067 | 7,755 | |
Occidental Petroleum Corp. | 44,504 | 3,363 | |
ConocoPhillips | 74,612 | 3,253 | |
EOG Resources Inc. | 36,156 | 3,016 | |
Halliburton Co. | 59,825 | 2,709 | |
Phillips 66 | 33,106 | 2,627 | |
Kinder Morgan Inc. | 117,314 | 2,196 | |
* | Concho Resources Inc. | 15,180 | 1,811 |
Pioneer Natural | |||
Resources Co. | 11,839 | 1,790 | |
Anadarko Petroleum Corp. | 31,992 | 1,704 | |
EQT Corp. | 20,297 | 1,572 | |
Apache Corp. | 27,914 | 1,554 | |
Valero Energy Corp. | 29,300 | 1,494 | |
* | Continental Resources Inc. | 32,628 | 1,477 |
Spectra Energy Corp. | 37,300 | 1,366 | |
* | Newfield Exploration Co. | 30,018 | 1,326 |
Cimarex Energy Co. | 10,176 | 1,214 | |
Cabot Oil & Gas Corp. | 46,204 | 1,189 | |
Marathon Petroleum Corp. | 28,782 | 1,093 | |
Devon Energy Corp. | 27,854 | 1,010 | |
Williams Cos. Inc. | 45,500 | 984 | |
* | FMC Technologies Inc. | 35,915 | 958 |
Marathon Oil Corp. | 57,682 | 866 | |
World Fuel Services Corp. | 18,200 | 864 |
Hess Corp. | 13,930 | 837 | |
Baker Hughes Inc. | 18,250 | 824 | |
National Oilwell Varco Inc. | 21,529 | 724 | |
Patterson-UTI Energy Inc. | 30,402 | 648 | |
ONEOK Inc. | 13,384 | 635 | |
* | Cheniere Energy Inc. | 16,902 | 635 |
* | Dril-Quip Inc. | 10,056 | 588 |
Energen Corp. | 12,130 | 585 | |
Helmerich & Payne Inc. | 7,915 | 531 | |
* | SolarCity Corp. | 22,129 | 530 |
Noble Energy Inc. | 13,998 | 502 | |
Targa Resources Corp. | 9,700 | 409 | |
Columbia Pipeline Group Inc. | 15,700 | 400 | |
Range Resources Corp. | 8,962 | 387 | |
* | Weatherford | ||
International plc | 64,930 | 360 | |
* | Southwestern Energy Co. | 27,215 | 342 |
* | Antero Resources Corp. | 10,320 | 268 |
Ensco plc Class A | 26,900 | 261 | |
Tesoro Corp. | 3,200 | 240 | |
* | First Solar Inc. | 4,747 | 230 |
* | Chesapeake Energy Corp. | 51,300 | 220 |
CONSOL Energy Inc. | 12,300 | 198 | |
HollyFrontier Corp. | 8,292 | 197 | |
Nabors Industries Ltd. | 16,420 | 165 | |
Noble Corp. plc | 19,600 | 162 | |
Murphy Oil Corp. | 4,700 | 149 | |
* | Whiting Petroleum Corp. | 16,059 | 149 |
* | Diamondback Energy Inc. | 1,510 | 138 |
* | Gulfport Energy Corp. | 3,067 | 96 |
* | SunPower Corp. Class A | 5,514 | 85 |
Rowan Cos. plc Class A | 4,300 | 76 | |
* | WPX Energy Inc. | 7,944 | 74 |
SM Energy Co. | 2,600 | 70 | |
Transocean Ltd. | 5,800 | 69 | |
* | Memorial Resource | ||
Development Corp. | 2,625 | 42 | |
* | Rice Energy Inc. | 1,750 | 39 |
* | Kosmos Energy Ltd. | 6,434 | 35 |
QEP Resources Inc. | 1,900 | 33 | |
* | Laredo Petroleum Inc. | 3,190 | 33 |
98,745 | |||
Financial Services (9.1%) | |||
* | Berkshire Hathaway Inc. | ||
Class B | 132,952 | 19,250 | |
JPMorgan Chase & Co. | 248,901 | 15,467 | |
Wells Fargo & Co. | 309,759 | 14,661 | |
Visa Inc. Class A | 131,515 | 9,754 | |
Bank of America Corp. | 694,380 | 9,214 | |
Citigroup Inc. | 200,498 | 8,499 | |
MasterCard Inc. Class A | 67,000 | 5,900 | |
Simon Property Group Inc. | 23,528 | 5,103 | |
Goldman Sachs Group Inc. | 32,535 | 4,834 | |
American International | |||
Group Inc. | 81,900 | 4,332 |
12
Tax-Managed Balanced Fund
Market | |||
Value• | |||
Shares | ($000) | ||
American Tower Corporation | 33,919 | 3,854 | |
American Express Co. | 60,659 | 3,686 | |
Chubb Ltd. | 25,685 | 3,357 | |
* | PayPal Holdings Inc. | 91,834 | 3,353 |
US Bancorp | 82,400 | 3,323 | |
Public Storage | 11,572 | 2,958 | |
Bank of New York Mellon | |||
Corp. | 73,032 | 2,837 | |
Aon plc | 23,740 | 2,593 | |
Crown Castle International | |||
Corp. | 24,967 | 2,532 | |
BlackRock Inc. | 7,312 | 2,505 | |
Charles Schwab Corp. | 89,405 | 2,263 | |
* | Fiserv Inc. | 19,460 | 2,116 |
Morgan Stanley | 81,060 | 2,106 | |
MetLife Inc. | 52,840 | 2,105 | |
Equinix Inc. | 5,196 | 2,015 | |
Capital One Financial Corp. | 31,592 | 2,006 | |
Allstate Corp. | 28,400 | 1,987 | |
CME Group Inc. | 19,595 | 1,909 | |
PNC Financial Services | |||
Group Inc. | 22,900 | 1,864 | |
Equity Residential | 26,750 | 1,843 | |
AvalonBay Communities Inc. | 10,200 | 1,840 | |
* | Synchrony Financial | 72,663 | 1,837 |
Welltower Inc. | 23,800 | 1,813 | |
Boston Properties Inc. | 12,781 | 1,686 | |
Equifax Inc. | 12,788 | 1,642 | |
Vornado Realty Trust | 16,000 | 1,602 | |
SunTrust Banks Inc. | 38,929 | 1,599 | |
Prologis Inc. | 32,400 | 1,589 | |
Fidelity National | |||
Information Services Inc. | 21,481 | 1,583 | |
Travelers Cos. Inc. | 13,189 | 1,570 | |
Intercontinental | |||
Exchange Inc. | 6,131 | 1,569 | |
Ventas Inc. | 21,400 | 1,558 | |
General Growth | |||
Properties Inc. | 51,800 | 1,545 | |
Hartford Financial Services | |||
Group Inc. | 34,200 | 1,518 | |
Progressive Corp. | 44,997 | 1,507 | |
Marsh & McLennan | |||
Cos. Inc. | 22,000 | 1,506 | |
* | Markel Corp. | 1,571 | 1,497 |
Realty Income Corp. | 21,500 | 1,491 | |
Weyerhaeuser Co. | 48,386 | 1,440 | |
Loews Corp. | 34,975 | 1,437 | |
Essex Property Trust Inc. | 5,973 | 1,362 | |
Moody’s Corp. | 14,200 | 1,331 | |
Discover Financial Services | 24,229 | 1,298 | |
Global Payments Inc. | 18,028 | 1,287 | |
Digital Realty Trust Inc. | 11,800 | 1,286 | |
First Republic Bank | 18,276 | 1,279 | |
* | Alleghany Corp. | 2,311 | 1,270 |
* | Arch Capital Group Ltd. | 17,312 | 1,246 |
Extra Space Storage Inc. | 13,300 | 1,231 | |
Federal Realty | |||
Investment Trust | 7,319 | 1,212 | |
State Street Corp. | 21,369 | 1,152 | |
Torchmark Corp. | 18,622 | 1,151 | |
Equity LifeStyle | |||
Properties Inc. | 14,273 | 1,143 | |
S&P Global Inc. | 10,500 | 1,126 | |
Prudential Financial Inc. | 15,712 | 1,121 | |
SL Green Realty Corp. | 10,359 | 1,103 | |
Total System Services Inc. | 20,700 | 1,099 | |
MSCI Inc. Class A | 14,134 | 1,090 | |
American Homes 4 Rent | |||
Class A | 52,135 | 1,068 | |
HCP Inc. | 29,600 | 1,047 | |
Aflac Inc. | 14,400 | 1,039 | |
WR Berkley Corp. | 17,293 | 1,036 | |
Nasdaq Inc. | 15,873 | 1,027 | |
* | Signature Bank | 8,180 | 1,022 |
T. Rowe Price Group Inc. | 14,000 | 1,022 | |
FactSet Research | |||
Systems Inc. | 6,219 | 1,004 | |
* | Alliance Data Systems Corp. | 5,114 | 1,002 |
SEI Investments Co. | 20,547 | 989 | |
White Mountains Insurance | |||
Group Ltd. | 1,166 | 982 | |
* | CBRE Group Inc. Class A | 36,893 | 977 |
* | Howard Hughes Corp. | 8,540 | 976 |
RenaissanceRe Holdings Ltd. | 8,218 | 965 | |
Ameriprise Financial Inc. | 10,680 | 960 | |
Forest City Realty Trust Inc. | |||
Class A | 42,832 | 956 | |
Assurant Inc. | 11,000 | 949 | |
Douglas Emmett Inc. | 26,334 | 935 | |
KeyCorp | 84,218 | 931 | |
Zions Bancorporation | 36,933 | 928 | |
* | Equity Commonwealth | 31,686 | 923 |
Comerica Inc. | 22,300 | 917 | |
* | E*TRADE Financial Corp. | 38,848 | 913 |
* | SVB Financial Group | 9,475 | 902 |
Reinsurance Group of | |||
America Inc. Class A | 8,970 | 870 | |
Kilroy Realty Corp. | 12,789 | 848 | |
Brown & Brown Inc. | 22,461 | 842 | |
Everest Re Group Ltd. | 4,600 | 840 | |
Commerce Bancshares Inc. | 17,312 | 829 | |
Apartment Investment & | |||
Management Co. | 18,776 | 829 | |
CBOE Holdings Inc. | 12,400 | 826 | |
Unum Group | 25,927 | 824 | |
Huntington Bancshares Inc. | 89,700 | 802 | |
Empire State Realty | |||
Trust Inc. | 41,657 | 791 | |
Regions Financial Corp. | 90,215 | 768 | |
Taubman Centers Inc. | 10,300 | 764 | |
East West Bancorp Inc. | 22,169 | 758 |
13
Tax-Managed Balanced Fund | |||
Market | |||
Value• | |||
Shares | ($000) | ||
Host Hotels & Resorts Inc. | 46,699 | 757 | |
Macerich Co. | 8,800 | 751 | |
Post Properties Inc. | 12,000 | 733 | |
Assured Guaranty Ltd. | 28,594 | 725 | |
Annaly Capital | |||
Management Inc. | 64,800 | 717 | |
Synovus Financial Corp. | 24,642 | 714 | |
Morningstar Inc. | 8,688 | 711 | |
Tanger Factory Outlet | |||
Centers Inc. | 17,300 | 695 | |
Dun & Bradstreet Corp. | 5,700 | 694 | |
First Horizon National Corp. | 49,640 | 684 | |
Interactive Brokers | |||
Group Inc. | 19,320 | 684 | |
* | Affiliated Managers | ||
Group Inc. | 4,784 | 673 | |
Fifth Third Bancorp | 38,275 | 673 | |
Franklin Resources Inc. | 19,575 | 653 | |
Associated Banc-Corp | 37,727 | 647 | |
Hanover Insurance | |||
Group Inc. | 7,614 | 644 | |
Lincoln National Corp. | 16,530 | 641 | |
Popular Inc. | 21,800 | 639 | |
TFS Financial Corp. | 36,600 | 630 | |
TD Ameritrade Holding | |||
Corp. | 21,961 | 625 | |
Kimco Realty Corp. | 19,200 | 602 | |
Raymond James | |||
Financial Inc. | 11,434 | 564 | |
TCF Financial Corp. | 42,000 | 531 | |
DDR Corp. | 29,107 | 528 | |
Brixmor Property Group Inc. | 19,000 | 503 | |
Jones Lang LaSalle Inc. | 5,012 | 488 | |
Allied World Assurance Co. | |||
Holdings AG | 13,344 | 469 | |
* | Ally Financial Inc. | 24,954 | 426 |
Legg Mason Inc. | 14,354 | 423 | |
* | FleetCor Technologies Inc. | 2,491 | 357 |
Retail Properties of | |||
America Inc. | 19,700 | 333 | |
American Capital | |||
Agency Corp. | 14,200 | 281 | |
CNA Financial Corp. | 8,693 | 273 | |
Iron Mountain Inc. | 6,800 | 271 | |
ProAssurance Corp. | 5,000 | 268 | |
National Retail Properties Inc. | 5,100 | 264 | |
BOK Financial Corp. | 4,040 | 253 | |
* | Zillow Group Inc. | 6,539 | 237 |
BB&T Corp. | 5,800 | 207 | |
NorthStar Realty Finance | |||
Corp. | 14,900 | 170 | |
FNF Group | 4,447 | 167 | |
Northern Trust Corp. | 2,400 | 159 | |
UDR Inc. | 4,300 | 159 | |
Leucadia National Corp. | 8,733 | 151 | |
Lazard Ltd. Class A | 5,025 | 150 |
* | Vantiv Inc. Class A | 2,583 | 146 |
* | CoreLogic Inc. | 3,411 | 131 |
* | Credit Acceptance Corp. | 709 | 131 |
* | OneMain Holdings Inc. | ||
Class A | 5,649 | 129 | |
American Campus | |||
Communities Inc. | 2,400 | 127 | |
Communications Sales & | |||
Leasing Inc. | 3,900 | 113 | |
Omega Healthcare | |||
Investors Inc. | 2,800 | 95 | |
Hospitality Properties Trust | 3,122 | 90 | |
* | WEX Inc. | 901 | 80 |
Spirit Realty Capital Inc. | 6,100 | 78 | |
Paramount Group Inc. | 4,666 | 74 | |
* | First Data Corp. Class A | 6,500 | 72 |
* | TransUnion | 1,700 | 57 |
VEREIT Inc. | 5,500 | 56 | |
* | Square Inc. | 4,700 | 43 |
* | SLM Corp. | 6,800 | 42 |
* | Santander Consumer USA | ||
Holdings Inc. | 3,500 | 36 | |
Gaming and Leisure | |||
Properties Inc. | 900 | 31 | |
Cullen/Frost Bankers Inc. | 200 | 13 | |
People’s United Financial Inc. 400 | 6 | ||
259,377 | |||
Health Care (6.8%) | |||
Johnson & Johnson | 188,844 | 22,907 | |
Pfizer Inc. | 412,387 | 14,520 | |
Merck & Co. Inc. | 188,821 | 10,878 | |
Medtronic plc | 99,010 | 8,591 | |
UnitedHealth Group Inc. | 60,413 | 8,530 | |
Bristol-Myers Squibb Co. | 110,860 | 8,154 | |
Gilead Sciences Inc. | 96,242 | 8,029 | |
Amgen Inc. | 51,855 | 7,890 | |
AbbVie Inc. | 111,754 | 6,919 | |
* | Allergan plc | 26,629 | 6,154 |
* | Celgene Corp. | 52,924 | 5,220 |
Eli Lilly & Co. | 63,200 | 4,977 | |
Thermo Fisher Scientific Inc. | 27,567 | 4,073 | |
* | Express Scripts Holding Co. | 48,031 | 3,641 |
Abbott Laboratories | 92,100 | 3,620 | |
* | Biogen Inc. | 14,863 | 3,594 |
* | Boston Scientific Corp. | 117,541 | 2,747 |
Aetna Inc. | 22,455 | 2,742 | |
Stryker Corp. | 22,549 | 2,702 | |
Cigna Corp. | 19,741 | 2,527 | |
McKesson Corp. | 13,436 | 2,508 | |
* | HCA Holdings Inc. | 28,631 | 2,205 |
Anthem Inc. | 16,126 | 2,118 | |
Humana Inc. | 10,600 | 1,907 | |
Zoetis Inc. | 39,980 | 1,897 | |
* | Regeneron | ||
Pharmaceuticals Inc. | 5,214 | 1,821 |
14
Tax-Managed Balanced Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Alexion Pharmaceuticals Inc. | 14,831 | 1,732 |
St. Jude Medical Inc. | 22,035 | 1,719 | |
CR Bard Inc. | 7,165 | 1,685 | |
Zimmer Biomet Holdings Inc. | 13,970 | 1,682 | |
* | Cerner Corp. | 28,528 | 1,672 |
Baxter International Inc. | 35,100 | 1,587 | |
* | Vertex Pharmaceuticals Inc. | 17,755 | 1,527 |
* | DaVita HealthCare | ||
Partners Inc. | 19,545 | 1,511 | |
* | Laboratory Corp. of | ||
America Holdings | 11,372 | 1,481 | |
Universal Health Services | |||
Inc. Class B | 10,847 | 1,455 | |
* | Intuitive Surgical Inc. | 2,144 | 1,418 |
Agilent Technologies Inc. | 30,407 | 1,349 | |
Cooper Cos. Inc. | 7,563 | 1,298 | |
* | Edwards Lifesciences Corp. | 12,966 | 1,293 |
Becton Dickinson and Co. | 7,358 | 1,248 | |
DENTSPLY SIRONA Inc. | 19,508 | 1,210 | |
AmerisourceBergen Corp. | |||
Class A | 14,706 | 1,166 | |
* | Mylan NV | 25,850 | 1,118 |
Cardinal Health Inc. | 13,745 | 1,072 | |
* | Illumina Inc. | 7,500 | 1,053 |
PerkinElmer Inc. | 17,800 | 933 | |
Bio-Techne Corp. | 7,000 | 789 | |
Perrigo Co. plc | 8,200 | 744 | |
* | Varian Medical Systems Inc. | 8,726 | 718 |
* | QIAGEN NV | 32,000 | 698 |
* | Quintiles Transnational | ||
Holdings Inc. | 10,600 | 692 | |
* | Incyte Corp. | 8,500 | 680 |
* | Premier Inc. Class A | 20,435 | 668 |
Hill-Rom Holdings Inc. | 13,022 | 657 | |
Quest Diagnostics Inc. | 8,019 | 653 | |
Patterson Cos. Inc. | 13,300 | 637 | |
* | BioMarin Pharmaceutical Inc. | 7,700 | 599 |
* | Medivation Inc. | 9,746 | 588 |
* | Centene Corp. | 7,463 | 533 |
* | Charles River Laboratories | ||
International Inc. | 5,500 | 453 | |
* | Mallinckrodt plc | 7,075 | 430 |
* | Tenet Healthcare Corp. | 12,517 | 346 |
* | DexCom Inc. | 4,119 | 327 |
* | Alkermes plc | 6,300 | 272 |
* | United Therapeutics Corp. | 2,118 | 224 |
* | IDEXX Laboratories Inc. | 2,255 | 209 |
* | Alere Inc. | 4,900 | 204 |
* | Akorn Inc. | 6,834 | 195 |
* | Endo International plc | 11,800 | 184 |
* | Hologic Inc. | 5,193 | 180 |
* | Alnylam Pharmaceuticals Inc. | 2,964 | 164 |
* | Align Technology Inc. | 1,810 | 146 |
ResMed Inc. | 2,200 | 139 | |
* | athenahealth Inc. | 945 | 130 |
* | Ionis Pharmaceuticals Inc. | 5,383 | 125 |
* | VCA Inc. | 1,809 | 122 |
* | Henry Schein Inc. | 664 | 117 |
* | Intrexon Corp. | 4,638 | 114 |
* | MEDNAX Inc. | 1,373 | 99 |
* | Intercept Pharmaceuticals Inc. | 627 | 89 |
* | Allscripts Healthcare | ||
Solutions Inc. | 6,694 | 85 | |
* | ACADIA Pharmaceuticals Inc. | 2,300 | 75 |
* | OPKO Health Inc. | 7,178 | 67 |
* | Veeva Systems Inc. Class A | 1,938 | 66 |
* | Seattle Genetics Inc. | 1,292 | 52 |
* | LifePoint Health Inc. | 655 | 43 |
* | Envision Healthcare | ||
Holdings Inc. | 1,602 | 41 | |
* | Brookdale Senior Living Inc. | 2,500 | 39 |
* | Neurocrine Biosciences Inc. | 800 | 36 |
Bruker Corp. | 1,500 | 34 | |
* | Juno Therapeutics Inc. | 546 | 21 |
* | Agios Pharmaceuticals Inc. | 419 | 18 |
* | Acadia Healthcare Co. Inc. | 309 | 17 |
193,599 | |||
Materials & Processing (1.7%) | |||
EI du Pont de Nemours | |||
& Co. | 57,228 | 3,708 | |
Dow Chemical Co. | 72,487 | 3,603 | |
Monsanto Co. | 26,933 | 2,785 | |
Newmont Mining Corp. | 63,066 | 2,467 | |
Ecolab Inc. | 17,900 | 2,123 | |
Sherwin-Williams Co. | 6,460 | 1,897 | |
Vulcan Materials Co. | 14,744 | 1,775 | |
Air Products & | |||
Chemicals Inc. | 11,600 | 1,648 | |
PPG Industries Inc. | 15,100 | 1,573 | |
LyondellBasell Industries NV | |||
Class A | 19,638 | 1,461 | |
Praxair Inc. | 12,852 | 1,444 | |
Martin Marietta Materials Inc. | 6,786 | 1,303 | |
Ingersoll-Rand plc | 20,400 | 1,299 | |
Valspar Corp. | 10,800 | 1,167 | |
Ball Corp. | 15,418 | 1,115 | |
Celanese Corp. Class A | 16,040 | 1,050 | |
* | Crown Holdings Inc. | 20,469 | 1,037 |
Sealed Air Corp. | 21,500 | 988 | |
Lennox International Inc. | 6,900 | 984 | |
Eagle Materials Inc. | 12,400 | 957 | |
International Paper Co. | 21,443 | 909 | |
Valmont Industries Inc. | 6,711 | 908 | |
Freeport-McMoRan Inc. | 77,400 | 862 | |
Southern Copper Corp. | 31,500 | 850 | |
Albemarle Corp. | 10,400 | 825 | |
Alcoa Inc. | 84,500 | 783 | |
NewMarket Corp. | 1,820 | 754 | |
WR Grace & Co. | 10,292 | 753 | |
Ashland Inc. | 6,198 | 711 |
15
Tax-Managed Balanced Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Owens Corning | 13,800 | 711 | |
Hexcel Corp. | 16,800 | 700 | |
Reliance Steel & | |||
Aluminum Co. | 7,600 | 584 | |
* | Owens-Illinois Inc. | 30,700 | 553 |
Silgan Holdings Inc. | 10,642 | 548 | |
WestRock Co. | 12,260 | 477 | |
FMC Corp. | 8,798 | 407 | |
* | Armstrong World | ||
Industries Inc. | 10,403 | 407 | |
CF Industries Holdings Inc. | 16,559 | 399 | |
Mosaic Co. | 15,230 | 399 | |
Nucor Corp. | 7,400 | 366 | |
Scotts Miracle-Gro Co. | |||
Class A | 5,042 | 352 | |
Westlake Chemical Corp. | 7,800 | 335 | |
Acuity Brands Inc. | 900 | 223 | |
Fastenal Co. | 4,725 | 210 | |
Royal Gold Inc. | 2,800 | 202 | |
* | Axalta Coating Systems Ltd. | 6,954 | 184 |
Eastman Chemical Co. | 2,640 | 179 | |
Tahoe Resources Inc. | 9,100 | 136 | |
United States Steel Corp. | 8,000 | 135 | |
* | USG Corp. | 5,000 | 135 |
* | Platform Specialty Products | ||
Corp. | 6,726 | 60 | |
49,441 | |||
Producer Durables (5.0%) | |||
General Electric Co. | 615,521 | 19,377 | |
3M Co. | 37,300 | 6,532 | |
United Technologies Corp. | 57,076 | 5,853 | |
Honeywell International Inc. | 47,200 | 5,490 | |
Boeing Co. | 41,320 | 5,366 | |
Union Pacific Corp. | 54,250 | 4,733 | |
Accenture plc Class A | 38,300 | 4,339 | |
United Parcel Service Inc. | |||
Class B | 37,500 | 4,039 | |
Danaher Corp. | 38,251 | 3,863 | |
Lockheed Martin Corp. | 14,943 | 3,708 | |
FedEx Corp. | 21,536 | 3,269 | |
Caterpillar Inc. | 32,975 | 2,500 | |
Automatic Data | |||
Processing Inc. | 26,574 | 2,441 | |
Delta Air Lines Inc. | 59,300 | 2,160 | |
Southwest Airlines Co. | 54,517 | 2,138 | |
Emerson Electric Co. | 34,300 | 1,789 | |
Raytheon Co. | 12,449 | 1,692 | |
Eaton Corp. plc | 26,700 | 1,595 | |
Norfolk Southern Corp. | 17,900 | 1,524 | |
* | Verisk Analytics Inc. Class A | 18,685 | 1,515 |
* | TransDigm Group Inc. | 5,676 | 1,497 |
Roper Technologies Inc. | 8,710 | 1,486 | |
General Dynamics Corp. | 10,191 | 1,419 | |
* | United Continental | ||
Holdings Inc. | 34,459 | 1,414 |
Deere & Co. | 16,300 | 1,321 | |
Huntington Ingalls | |||
Industries Inc. | 7,469 | 1,255 | |
Cintas Corp. | 12,170 | 1,194 | |
Xylem Inc. | 26,439 | 1,180 | |
Textron Inc. | 32,211 | 1,178 | |
* | Stericycle Inc. | 11,211 | 1,167 |
* | Waters Corp. | 8,218 | 1,156 |
CH Robinson Worldwide Inc. | 15,511 | 1,152 | |
Rockwell Collins Inc. | 13,500 | 1,149 | |
* | Mettler-Toledo | ||
International Inc. | 3,020 | 1,102 | |
Cummins Inc. | 9,721 | 1,093 | |
AO Smith Corp. | 12,100 | 1,066 | |
AMETEK Inc. | 22,900 | 1,059 | |
Expeditors International of | |||
Washington Inc. | 21,466 | 1,053 | |
Kansas City Southern | 11,600 | 1,045 | |
Northrop Grumman Corp. | 4,700 | 1,045 | |
Wabtec Corp. | 14,465 | 1,016 | |
* | Jacobs Engineering | ||
Group Inc. | 20,195 | 1,006 | |
Allegion plc | 14,433 | 1,002 | |
Carlisle Cos. Inc. | 9,400 | 993 | |
JB Hunt Transport | |||
Services Inc. | 12,010 | 972 | |
IDEX Corp. | 11,729 | 963 | |
Nordson Corp. | 11,450 | 957 | |
BWX Technologies Inc. | 26,319 | 941 | |
Toro Co. | 10,518 | 928 | |
WW Grainger Inc. | 3,982 | 905 | |
Orbital ATK Inc. | 10,586 | 901 | |
Landstar System Inc. | 13,035 | 895 | |
* | Spirit AeroSystems | ||
Holdings Inc. Class A | 20,628 | 887 | |
Republic Services Inc. | |||
Class A | 16,510 | 847 | |
Oshkosh Corp. | 17,747 | 847 | |
* | Manitowoc Foodservice Inc. | 46,690 | 823 |
Fluor Corp. | 16,458 | 811 | |
* | HD Supply Holdings Inc. | 22,965 | 800 |
FLIR Systems Inc. | 25,500 | 789 | |
* | AECOM | 24,734 | 786 |
CSX Corp. | 29,700 | 775 | |
* | Quanta Services Inc. | 32,695 | 756 |
AGCO Corp. | 15,837 | 746 | |
Illinois Tool Works Inc. | 7,000 | 729 | |
ITT Inc. | 20,469 | 655 | |
Flowserve Corp. | 14,313 | 647 | |
Lincoln Electric Holdings Inc. | 10,723 | 634 | |
Air Lease Corp. Class A | 22,500 | 603 | |
* | United Rentals Inc. | 8,891 | 597 |
Pentair plc | 10,087 | 588 | |
Ryder System Inc. | 9,400 | 575 | |
Paychex Inc. | 9,300 | 553 | |
Robert Half International Inc. | 14,500 | 553 |
16
Tax-Managed Balanced Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Stanley Black & Decker Inc. | 4,927 | 548 | |
* | Copart Inc. | 11,159 | 547 |
Tyco International plc | 12,700 | 541 | |
KBR Inc. | 38,382 | 508 | |
B/E Aerospace Inc. | 10,890 | 503 | |
L-3 Communications | |||
Holdings Inc. | 3,289 | 482 | |
Donaldson Co. Inc. | 13,286 | 457 | |
National Instruments Corp. | 14,511 | 398 | |
* | IHS Inc. Class A | 3,236 | 374 |
MSC Industrial Direct Co. | |||
Inc. Class A | 5,300 | 374 | |
ManpowerGroup Inc. | 5,650 | 364 | |
Trinity Industries Inc. | 19,100 | 355 | |
Xerox Corp. | 36,155 | 343 | |
* | Clean Harbors Inc. | 6,021 | 314 |
Chicago Bridge & Iron Co. NV | 8,688 | 301 | |
* | Keysight Technologies Inc. | 9,503 | 276 |
* | WESCO International Inc. | 5,246 | 270 |
Covanta Holding Corp. | 14,400 | 237 | |
Copa Holdings SA Class A | 4,039 | 211 | |
* | Spirit Airlines Inc. | 4,133 | 185 |
Waste Management Inc. | 2,700 | 179 | |
* | Middleby Corp. | 1,528 | 176 |
Alaska Air Group Inc. | 2,800 | 163 | |
Regal Beloit Corp. | 2,800 | 154 | |
* | Old Dominion Freight | ||
Line Inc. | 2,437 | 147 | |
PACCAR Inc. | 2,800 | 145 | |
* | CoStar Group Inc. | 582 | 127 |
* | Trimble Navigation Ltd. | 4,473 | 109 |
* | Colfax Corp. | 3,531 | 93 |
* | JetBlue Airways Corp. | 5,349 | 89 |
* | Genpact Ltd. | 3,249 | 87 |
* | Zebra Technologies Corp. | 1,282 | 64 |
Terex Corp. | 2,800 | 57 | |
American Airlines Group Inc. | 1,867 | 53 | |
Lexmark International Inc. | |||
Class A | 1,300 | 49 | |
* | Kirby Corp. | 601 | 37 |
* | Genesee & Wyoming Inc. | ||
Class A | 419 | 25 | |
143,776 | |||
Technology (8.0%) | |||
Apple Inc. | 369,015 | 35,278 | |
Microsoft Corp. | 527,756 | 27,005 | |
* | Facebook Inc. Class A | 151,788 | 17,346 |
* | Alphabet Inc. Class A | 20,728 | 14,583 |
* | Alphabet Inc. Class C | 18,924 | 13,097 |
Intel Corp. | 333,500 | 10,939 | |
Cisco Systems Inc. | 339,015 | 9,726 | |
International Business | |||
Machines Corp. | 61,403 | 9,320 | |
Oracle Corp. | 216,590 | 8,865 | |
QUALCOMM Inc. | 95,675 | 5,125 |
EMC Corp. | 150,136 | 4,079 | |
Texas Instruments Inc. | 64,046 | 4,013 | |
* | salesforce.com Inc. | 48,723 | 3,869 |
Broadcom Ltd. | 24,281 | 3,773 | |
* | Adobe Systems Inc. | 37,396 | 3,582 |
* | Yahoo! Inc. | 67,022 | 2,517 |
NVIDIA Corp. | 50,100 | 2,355 | |
* | Cognizant Technology | ||
Solutions Corp. Class A | 39,715 | 2,273 | |
Hewlett Packard | |||
Enterprise Co. | 124,273 | 2,271 | |
Applied Materials Inc. | 91,880 | 2,202 | |
Intuit Inc. | 19,124 | 2,134 | |
Activision Blizzard Inc. | 47,560 | 1,885 | |
Amphenol Corp. Class A | 27,542 | 1,579 | |
* | Electronic Arts Inc. | 19,455 | 1,474 |
Corning Inc. | 71,577 | 1,466 | |
HP Inc. | 113,473 | 1,424 | |
* | LinkedIn Corp. Class A | 7,500 | 1,419 |
* | Citrix Systems Inc. | 16,028 | 1,284 |
Motorola Solutions Inc. | 19,028 | 1,255 | |
Lam Research Corp. | 14,800 | 1,244 | |
* | Autodesk Inc. | 22,567 | 1,222 |
* | Synopsys Inc. | 20,082 | 1,086 |
CDK Global Inc. | 19,458 | 1,080 | |
Analog Devices Inc. | 18,996 | 1,076 | |
* | VeriSign Inc. | 12,392 | 1,071 |
* | Cadence Design | ||
Systems Inc. | 43,738 | 1,063 | |
Xilinx Inc. | 21,429 | 989 | |
Ingram Micro Inc. | 28,100 | 977 | |
Skyworks Solutions Inc. | 15,100 | 956 | |
Juniper Networks Inc. | 41,600 | 936 | |
Dolby Laboratories Inc. | |||
Class A | 19,500 | 933 | |
* | SBA Communications Corp. | ||
Class A | 8,611 | 930 | |
Western Digital Corp. | 19,616 | 927 | |
Symantec Corp. | 42,239 | 868 | |
Amdocs Ltd. | 14,500 | 837 | |
* | Micron Technology Inc. | 60,300 | 830 |
DST Systems Inc. | 7,030 | 819 | |
Teradyne Inc. | 41,000 | 807 | |
Avnet Inc. | 19,900 | 806 | |
* | NCR Corp. | 28,701 | 797 |
* | CommScope Holding | ||
Co. Inc. | 25,509 | 792 | |
Computer Sciences Corp. | 15,000 | 745 | |
Sabre Corp. | 27,200 | 729 | |
* | IMS Health Holdings Inc. | 25,628 | 650 |
* | Twitter Inc. | 38,004 | 643 |
IAC/InterActiveCorp | 11,100 | 625 | |
* | Akamai Technologies Inc. | 10,183 | 570 |
* | ServiceNow Inc. | 8,282 | 550 |
Brocade Communications | |||
Systems Inc. | 55,900 | 513 |
17
Tax-Managed Balanced Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Palo Alto Networks Inc. | 4,064 | 498 |
KLA-Tencor Corp. | 6,700 | 491 | |
* | Qorvo Inc. | 8,229 | 455 |
CSRA Inc. | 15,000 | 351 | |
Linear Technology Corp. | 7,300 | 340 | |
Harris Corp. | 3,900 | 325 | |
NetApp Inc. | 13,071 | 321 | |
* | Workday Inc. Class A | 4,082 | 305 |
* | ON Semiconductor Corp. | 32,701 | 288 |
* | Teradata Corp. | 9,030 | 226 |
* | Splunk Inc. | 4,128 | 224 |
* | Arrow Electronics Inc. | 3,482 | 216 |
Maxim Integrated | |||
Products Inc. | 5,500 | 196 | |
* | Red Hat Inc. | 2,292 | 166 |
CA Inc. | 5,007 | 164 | |
* | F5 Networks Inc. | 1,336 | 152 |
* | Black Knight Financial | ||
Services Inc. Class A | 3,893 | 146 | |
* | VMware Inc. Class A | 2,401 | 137 |
* | Cree Inc. | 5,113 | 125 |
Marvell Technology | |||
Group Ltd. | 11,400 | 109 | |
* | Nuance Communications Inc. | 6,858 | 107 |
* | Fortinet Inc. | 3,338 | 105 |
Microchip Technology Inc. | 2,051 | 104 | |
* | EchoStar Corp. Class A | 2,346 | 93 |
* | Gartner Inc. | 946 | 92 |
* | NetSuite Inc. | 1,246 | 91 |
* | Tableau Software Inc. | ||
Class A | 1,810 | 89 | |
* | Groupon Inc. Class A | 27,039 | 88 |
* | GoDaddy Inc. Class A | 2,639 | 82 |
* | Match Group Inc. | 5,087 | 77 |
* | Ultimate Software Group Inc. | 364 | 77 |
* | Zynga Inc. Class A | 30,672 | 76 |
* | Rackspace Hosting Inc. | 3,357 | 70 |
* | Arista Networks Inc. | 982 | 63 |
* | ANSYS Inc. | 664 | 60 |
* | VeriFone Systems Inc. | 2,782 | 52 |
* | PTC Inc. | 1,365 | 51 |
* | IPG Photonics Corp. | 627 | 50 |
* | Tyler Technologies Inc. | 300 | 50 |
* | ARRIS International plc | 2,011 | 42 |
* | Yelp Inc. Class A | 1,367 | 42 |
* | Atlassian Corp. plc Class A | 1,239 | 32 |
* | FireEye Inc. | 1,440 | 24 |
* | Inovalon Holdings Inc. Class A | 1,184 | 21 |
229,082 | |||
Utilities (3.1%) | |||
AT&T Inc. | 420,889 | 18,187 | |
Verizon | |||
Communications Inc. | 269,513 | 15,050 | |
Duke Energy Corp. | 54,830 | 4,704 |
NextEra Energy Inc. | 35,197 | 4,590 | |
Dominion Resources Inc. | 48,508 | 3,780 | |
Southern Co. | 66,530 | 3,568 | |
American Electric Power | |||
Co. Inc. | 40,500 | 2,839 | |
PG&E Corp. | 40,935 | 2,616 | |
Exelon Corp. | 65,800 | 2,392 | |
Sempra Energy | 19,829 | 2,261 | |
Edison International | 26,617 | 2,067 | |
Consolidated Edison Inc. | 24,700 | 1,987 | |
WEC Energy Group Inc. | 27,832 | 1,817 | |
American Water Works | |||
Co. Inc. | 19,828 | 1,676 | |
* | Level 3 Communications Inc. | 29,575 | 1,523 |
Public Service Enterprise | |||
Group Inc. | 30,200 | 1,408 | |
CMS Energy Corp. | 30,127 | 1,382 | |
* | T-Mobile US Inc. | 28,700 | 1,242 |
NiSource Inc. | 46,200 | 1,225 | |
ITC Holdings Corp. | 25,410 | 1,190 | |
PPL Corp. | 30,900 | 1,166 | |
UGI Corp. | 24,978 | 1,130 | |
AES Corp. | 90,069 | 1,124 | |
Aqua America Inc. | 30,878 | 1,101 | |
Alliant Energy Corp. | 24,226 | 962 | |
Xcel Energy Inc. | 21,000 | 940 | |
OGE Energy Corp. | 26,686 | 874 | |
FirstEnergy Corp. | 23,400 | 817 | |
Telephone & Data | |||
Systems Inc. | 26,130 | 775 | |
AGL Resources Inc. | 11,200 | 739 | |
Questar Corp. | 26,733 | 678 | |
* | United States Cellular Corp. | 16,115 | 633 |
CenturyLink Inc. | 21,600 | 627 | |
TECO Energy Inc. | 14,300 | 395 | |
NRG Energy Inc. | 24,724 | 371 | |
* | Calpine Corp. | 25,010 | 369 |
National Fuel Gas Co. | 5,771 | 328 | |
Ameren Corp. | 5,600 | 300 | |
MDU Resources Group Inc. | 9,950 | 239 | |
Frontier Communications | |||
Corp. | 48,100 | 238 | |
Avangrid Inc. | 4,545 | 209 | |
DTE Energy Co. | 1,700 | 168 | |
Eversource Energy | 2,800 | 168 | |
Entergy Corp. | 800 | 65 | |
* | Sprint Corp. | 11,900 | 54 |
Westar Energy Inc. Class A | 900 | 50 | |
90,024 | |||
Total Common Stocks | |||
(Cost $912,351) | 1,382,210 |
18
Tax-Managed Balanced Fund
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Tax-Exempt Municipal Bonds (52.0%) | ||||
Alabama (0.1%) | ||||
Alabama 21st Century Authority Tobacco | ||||
Settlement Revenue | 5.000% | 6/1/20 | 500 | 571 |
Alabama Incentives Financing Authority Special | ||||
Obligation Revenue | 5.000% | 9/1/32 | 380 | 451 |
Alabama Public School & College Authority | ||||
Capital Improvement Revenue | 5.000% | 12/1/17 (Prere.) | 500 | 531 |
Alabama Public School & College Authority | ||||
Capital Improvement Revenue | 5.000% | 12/1/17 (Prere.) | 500 | 531 |
Black Belt Energy Gas District Alabama Gas | ||||
Supply Revenue PUT | 4.000% | 6/1/21 | 1,000 | 1,126 |
Jefferson County AL Sewer Revenue | 5.000% | 10/1/23 | 500 | 572 |
Jefferson County AL Sewer Revenue | 0.000% | 10/1/25 (4) | 500 | 368 |
4,150 | ||||
Alaska (0.1%) | ||||
Alaska Housing Finance Corp. General | ||||
Housing Revenue | 5.000% | 12/1/29 | 500 | 589 |
Alaska Municipal Bond Bank Authority Revenue | 5.000% | 9/1/21 | 1,650 | 1,965 |
Matanuska-Susitna Borough AK Lease Revenue | ||||
(Goose Creek Correctional Center) GO | 5.000% | 9/1/31 | 1,345 | 1,651 |
4,205 | ||||
Arizona (1.3%) | ||||
Arizona Board of Regents Arizona State University | ||||
System Revenue | 5.000% | 7/1/30 | 675 | 853 |
Arizona Board Regents Arizona State University | ||||
System COP | 5.000% | 7/1/22 (14) | 1,500 | 1,563 |
Arizona Board Regents Arizona State University | ||||
System Revenue | 5.875% | 7/1/18 (Prere.) | 100 | 110 |
Arizona COP | 5.000% | 10/1/18 (4) | 500 | 547 |
Arizona Health Facilities Authority Revenue | ||||
(Banner Health) | 5.000% | 1/1/25 | 500 | 531 |
Arizona School Facilities Board COP | 5.500% | 9/1/18 (Prere.) | 500 | 552 |
Arizona School Facilities Board COP | 5.000% | 9/1/19 | 1,000 | 1,127 |
Arizona Transportation Board Excise Tax Revenue | 5.000% | 7/1/21 | 2,240 | 2,671 |
Arizona Transportation Board Excise Tax Revenue | 5.000% | 7/1/23 | 1,955 | 2,446 |
Arizona Transportation Board Excise Tax Revenue | 5.000% | 7/1/24 | 2,000 | 2,553 |
Arizona Transportation Board Excise Tax Revenue | ||||
(Maricopa County Regional Area) | 5.000% | 7/1/17 (Prere.) | 500 | 522 |
Arizona Transportation Board Excise Tax Revenue | ||||
(Maricopa County Regional Area) | 5.000% | 7/1/20 (Prere.) | 500 | 581 |
Arizona Transportation Board Highway Revenue | 5.000% | 7/1/22 | 2,005 | 2,453 |
Arizona Transportation Board Highway Revenue | 5.000% | 7/1/32 | 500 | 600 |
Chandler AZ GO | 5.000% | 7/1/23 | 1,000 | 1,257 |
Glendale AZ Industrial Development Authority | ||||
Revenue (Midwestern University) | 5.000% | 5/15/30 | 335 | 378 |
Glendale AZ Senior Excise Tax Revenue | 5.000% | 7/1/18 | 1,100 | 1,193 |
Maricopa County AZ School District No. 28 | ||||
(Kyrene Elementary) GO | 4.000% | 7/1/19 | 900 | 986 |
Mesa AZ Excise Tax Revenue | 5.000% | 7/1/27 | 2,500 | 2,603 |
Phoenix AZ Civic Improvement Corp. | ||||
Airport Revenue | 5.000% | 7/1/24 | 300 | 346 |
Phoenix AZ Civic Improvement Corp. | ||||
Water System Revenue | 5.000% | 7/1/26 | 2,500 | 3,166 |
19
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Pima County AZ Sewer Revenue | 5.000% | 7/1/20 | 500 | 581 |
1 Pima County AZ Sewer Revenue | 5.000% | 7/1/24 | 1,000 | 1,271 |
Regional Public Transportation Authority Arizona | ||||
Excise Tax Revenue (Maricopa County Public | ||||
Transportation) | 5.250% | 7/1/24 | 1,000 | 1,293 |
Salt River Project Arizona Agricultural | ||||
Improvement & Power District Revenue | 5.000% | 1/1/28 | 750 | 828 |
Salt River Project Arizona Agricultural | ||||
Improvement & Power District Revenue | 5.000% | 12/1/28 | 500 | 600 |
Salt River Project Arizona Agricultural | ||||
Improvement & Power District Revenue | 5.000% | 12/1/29 | 2,000 | 2,435 |
Salt Verde AZ Financial Corp. Gas Revenue | 5.250% | 12/1/24 | 870 | 1,056 |
Salt Verde AZ Financial Corp. Gas Revenue | 5.250% | 12/1/28 | 510 | 643 |
University Medical Center Corp. Arizona | ||||
Hospital Revenue | 5.000% | 7/1/19 (ETM) | 500 | 562 |
Yavapai County AZ Industrial Development | ||||
Authority Hospital Facility Revenue | ||||
(Northern Arizona Healthcare System) | 5.250% | 10/1/22 | 500 | 598 |
36,905 | ||||
Arkansas (0.1%) | ||||
Rogers AR Sales & Use Tax Revenue | 2.125% | 11/1/29 | 400 | 405 |
University of Arkansas Revenue | 5.000% | 11/1/21 | 750 | 899 |
University of Arkansas Revenue | 5.000% | 11/1/24 | 750 | 958 |
University of Arkansas Revenue | 5.000% | 11/1/30 | 725 | 934 |
3,196 | ||||
California (7.1%) | ||||
ABAG Finance Authority for Nonprofit Corps. | ||||
California Revenue (Episcopal Senior | ||||
Communities) | 5.000% | 7/1/22 | 500 | 590 |
ABAG Finance Authority for Nonprofit Corps. | ||||
California Revenue (Jackson Laboratory) | 5.000% | 7/1/21 | 760 | 889 |
Alameda CA Corridor Transportation Authority | ||||
Revenue | 5.300% | 10/1/17 (Prere.) | 200 | 212 |
Alameda CA Corridor Transportation Authority | ||||
Revenue | 0.000% | 10/1/30 (2) | 740 | 453 |
Alameda CA Corridor Transportation Authority | ||||
Revenue | 0.000% | 10/1/32 (14) | 1,650 | 1,019 |
Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) | 5.000% | 10/1/30 | 500 | 582 |
Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) | 5.000% | 4/1/31 | 1,000 | 1,228 |
Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) | 5.000% | 4/1/31 | 500 | 602 |
Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) PUT | 1.500% | 4/2/18 | 750 | 758 |
2 Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) PUT | 1.010% | 4/1/20 | 1,000 | 993 |
Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) PUT | 1.875% | 4/1/20 | 1,500 | 1,539 |
2 Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) PUT | 1.110% | 4/1/21 | 1,000 | 993 |
2 Bay Area Toll Authority California Toll Bridge | ||||
Revenue (San Francisco Bay Area) PUT | 1.310% | 5/1/23 | 1,000 | 988 |
20
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Brea CA Public Financing Authority Tax Allocation | ||||
Revenue | 7.000% | 9/1/23 | 1,105 | 1,139 |
California Department of Water Resources | ||||
Power Supply Revenue | 5.000% | 5/1/17 | 500 | 519 |
California Department of Water Resources | ||||
Power Supply Revenue | 5.000% | 5/1/18 | 500 | 540 |
California Department of Water Resources | ||||
Power Supply Revenue | 5.000% | 5/1/18 | 165 | 178 |
California Department of Water Resources | ||||
Power Supply Revenue | 5.000% | 5/1/20 | 575 | 667 |
California Department of Water Resources | ||||
Power Supply Revenue | 5.000% | 5/1/20 | 4,500 | 5,220 |
California Department of Water Resources | ||||
Water System Revenue (Central Valley Project) | 5.000% | 6/1/18 (Prere.) | 480 | 521 |
California Economic Recovery GO | 5.000% | 7/1/16 (Prere.) | 500 | 500 |
California Economic Recovery GO | 5.000% | 7/1/18 (ETM) | 390 | 424 |
California Economic Recovery GO | 5.000% | 7/1/18 (ETM) | 110 | 120 |
California Economic Recovery GO | 5.000% | 7/1/19 (Prere.) | 500 | 564 |
California Economic Recovery GO | 5.000% | 7/1/19 (ETM) | 500 | 564 |
California Economic Recovery GO | 5.250% | 7/1/19 (Prere.) | 315 | 358 |
California Economic Recovery GO | 5.250% | 7/1/19 (Prere.) | 185 | 210 |
California Educational Facilities Authority Revenue | ||||
(University of San Francisco) | 6.125% | 10/1/30 | 500 | 625 |
California GO | 4.000% | 9/1/16 | 2,000 | 2,012 |
California GO | 5.000% | 9/1/16 (Prere.) | 500 | 504 |
California GO | 5.000% | 9/1/16 (Prere.) | 500 | 504 |
California GO | 5.000% | 11/1/16 | 350 | 355 |
California GO | 5.000% | 3/1/17 | 500 | 515 |
California GO | 5.000% | 6/1/17 (Prere.) | 195 | 203 |
California GO | 5.000% | 6/1/17 (Prere.) | 185 | 193 |
California GO | 5.000% | 6/1/17 (Prere.) | 185 | 193 |
California GO | 5.000% | 6/1/17 (Prere.) | 500 | 521 |
California GO | 6.000% | 4/1/18 | 500 | 547 |
California GO | 5.000% | 9/1/18 | 1,905 | 2,083 |
California GO | 5.000% | 11/1/18 (14) | 500 | 530 |
California GO | 5.000% | 2/1/20 | 500 | 574 |
California GO | 5.000% | 10/1/20 | 2,000 | 2,345 |
California GO | 5.000% | 9/1/21 | 500 | 601 |
California GO | 5.000% | 10/1/21 | 250 | 253 |
California GO | 5.000% | 12/1/22 | 1,635 | 2,026 |
California GO | 5.000% | 11/1/23 | 1,155 | 1,461 |
California GO | 5.000% | 9/1/25 | 1,560 | 2,028 |
California GO | 5.000% | 12/1/25 | 1,000 | 1,259 |
California GO | 5.500% | 3/1/26 | 500 | 541 |
California GO | 5.000% | 6/1/27 (14) | 305 | 317 |
California GO | 4.500% | 8/1/27 | 85 | 87 |
California GO | 5.000% | 2/1/28 | 690 | 849 |
California GO | 4.500% | 8/1/28 (2) | 725 | 742 |
California GO | 5.750% | 4/1/29 | 500 | 568 |
California GO | 5.000% | 9/1/29 | 495 | 541 |
California GO | 5.000% | 10/1/29 | 3,500 | 3,762 |
California GO | 5.000% | 11/1/29 | 1,700 | 2,135 |
California GO | 5.250% | 3/1/30 | 500 | 581 |
California GO | 5.000% | 9/1/30 | 1,000 | 1,198 |
21
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
California GO | 5.250% | 9/1/30 | 500 | 605 |
California GO | 5.000% | 2/1/32 | 500 | 598 |
California GO | 5.000% | 10/1/32 | 1,875 | 2,366 |
California GO | 4.000% | 9/1/33 | 2,000 | 2,332 |
California GO | 4.000% | 9/1/35 | 1,000 | 1,161 |
California GO PUT | 4.000% | 12/1/17 | 2,400 | 2,475 |
California Health Facilities Financing Authority | ||||
Revenue (Adventist Health System/West) | 5.000% | 3/1/23 | 1,050 | 1,299 |
California Health Facilities Financing Authority | ||||
Revenue (Cedars-Sinai Medical Center) | 5.000% | 8/15/17 | 500 | 525 |
California Health Facilities Financing Authority | ||||
Revenue (Children’s Hospital of Los Angeles) | 5.000% | 11/15/23 | 1,000 | 1,172 |
California Health Facilities Financing Authority | ||||
Revenue (Lucile Salter Packard Children’s | ||||
Hospitalat Stanford) | 5.000% | 8/15/20 | 325 | 381 |
California Health Facilities Financing Authority | ||||
Revenue (Rady Children’s Hospital) | 5.000% | 8/15/31 | 965 | 1,141 |
California Health Facilities Financing Authority | ||||
Revenue (Sutter Health) | 5.500% | 8/15/26 | 500 | 600 |
California Health Facilities Financing Authority | ||||
Revenue (Sutter Health) | 5.000% | 8/15/30 | 110 | 120 |
California Infrastructure & Economic | ||||
Development Bank Revenue | ||||
(Bay Area Toll Bridges Seismic Retrofit) | 5.000% | 1/1/28 (Prere.) | 500 | 664 |
California Municipal Finance Authority Revenue | ||||
(Anaheim Electric Utility Distribution System) | 5.000% | 10/1/30 | 965 | 1,225 |
California Municipal Finance Authority Revenue | ||||
(University of La Verne) | 6.125% | 6/1/30 | 500 | 585 |
California Pollution Control Financing Authority | ||||
Water Furnishing Revenue (San Diego County | ||||
Water Authority Desalination Project Pipeline) | 5.000% | 7/1/37 | 1,000 | 1,034 |
California Public Works Board Lease Revenue | ||||
(Davidson Library) | 5.000% | 3/1/23 (Prere.) | 20 | 25 |
California Public Works Board Lease Revenue | ||||
(Department of Corrections) | 5.000% | 6/1/22 | 1,000 | 1,218 |
California Public Works Board Lease Revenue | ||||
(Department of Corrections) | 5.000% | 6/1/27 | 1,000 | 1,209 |
California Public Works Board Lease Revenue | ||||
(Judicial Council Projects) | 5.000% | 10/1/26 | 1,000 | 1,255 |
California Public Works Board Lease Revenue | ||||
(Judicial Council Projects) | 5.000% | 3/1/28 | 300 | 365 |
California Public Works Board Lease Revenue | ||||
(Judicial Council Projects) | 5.125% | 12/1/29 | 250 | 302 |
California Public Works Board Lease Revenue | ||||
(Regents of The University of California) | 5.000% | 10/1/16 (Prere.) | 100 | 101 |
California Public Works Board Lease Revenue | ||||
(Regents of The University of California) | 5.000% | 10/1/16 (Prere.) | 40 | 40 |
California Public Works Board Lease Revenue | ||||
(Regents of The University of California) | 5.000% | 3/1/18 (Prere.) | 200 | 215 |
California Public Works Board Lease Revenue | ||||
(Regents of The University of California) | 5.000% | 4/1/19 (Prere.) | 70 | 78 |
California Public Works Board Lease Revenue | ||||
(Regents of The University of California) | 5.000% | 4/1/19 (Prere.) | 120 | 134 |
22
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
California Public Works Board Lease Revenue | ||||
(Regents of The University of California) | 5.000% | 12/1/21 (Prere.) | 35 | 42 |
California Public Works Board Lease Revenue | ||||
(Various Capital Projects) | 5.000% | 5/1/19 | 1,000 | 1,117 |
California Public Works Board Lease Revenue | ||||
(Various Capital Projects) | 5.000% | 12/1/21 (Prere.) | 25 | 30 |
California Public Works Board Lease Revenue | ||||
(Various Capital Projects) | 5.375% | 3/1/23 | 1,000 | 1,161 |
California Public Works Board Lease Revenue | ||||
(Various Capital Projects) | 5.000% | 11/1/31 | 1,000 | 1,211 |
California Public Works Board Lease Revenue | ||||
(Various Capital Projects) | 5.000% | 4/1/32 | 350 | 416 |
California State University Systemwide Revenue | 5.250% | 5/1/19 (Prere.) | 300 | 339 |
California State University Systemwide Revenue | 5.750% | 5/1/19 (Prere.) | 500 | 571 |
California State University Systemwide Revenue | 5.000% | 11/1/19 | 1,000 | 1,141 |
California State University Systemwide Revenue | 5.000% | 11/1/30 | 1,000 | 1,210 |
California State University Systemwide Revenue | 5.000% | 11/1/32 | 1,000 | 1,280 |
California State University Systemwide Revenue | 5.000% | 11/1/34 | 2,000 | 2,511 |
California State University Systemwide Revenue | ||||
PUT | 3.000% | 11/1/19 | 1,000 | 1,059 |
California Statewide Communities Development | ||||
Authority Revenue (Buck Institute for Age | ||||
Research) | 3.000% | 11/15/16 | 250 | 252 |
California Statewide Communities Development | ||||
Authority Revenue (Buck Institute for Age | ||||
Research) | 4.000% | 11/15/17 | 275 | 287 |
California Statewide Communities Development | ||||
Authority Revenue (Kaiser Permanente) | 5.250% | 8/1/31 | 1,500 | 1,506 |
California Statewide Communities Development | ||||
Authority Revenue (Loma Linda University | ||||
Medical Center) | 5.000% | 12/1/28 | 400 | 478 |
Chabot-Las Positas CA Community College | ||||
District GO | 5.000% | 8/1/31 | 1,000 | 1,206 |
Chaffey CA Community College District GO | 5.000% | 6/1/23 | 840 | 1,051 |
Chino CA Public Financing Authority Special | ||||
Tax Revenue | 5.000% | 9/1/30 (4) | 800 | 972 |
Chula Vista CA Municipal Financing Authority | ||||
Special Tax Revenue | 5.500% | 9/1/27 | 970 | 1,201 |
Citrus CA Community College District GO | 0.000% | 8/1/34 | 1,000 | 824 |
Contra Costa CA Community College District GO | 5.000% | 8/1/31 | 1,000 | 1,244 |
Contra Costa CA Municipal Water District Revenue | 5.000% | 10/1/33 | 1,000 | 1,240 |
Corona-Norco CA Unified School District Special | ||||
Tax Revenue (Community Facilities District | ||||
No. 98-1) | 5.000% | 9/1/22 | 970 | 1,158 |
Foothill/Eastern Transportation Corridor Agency | ||||
California Toll Road Revenue | 0.000% | 1/15/29 | 1,390 | 1,231 |
Gavilan CA Joint Community College District GO | 5.000% | 8/1/28 | 1,000 | 1,288 |
Golden State Tobacco Securitization Corp. | ||||
California Revenue | 5.000% | 6/1/33 | 1,500 | 1,858 |
La Quinta CA Redevelopment Agency Tax | ||||
Allocation Revenue | 5.000% | 9/1/26 | 1,500 | 1,827 |
La Verne CA (Brethren Hillcrest Homes) COP | 5.000% | 5/15/26 | 350 | 405 |
Long Beach CA Finance Authority Natural Gas | ||||
Purchase Revenue | 5.250% | 11/15/19 | 75 | 83 |
23
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Long Beach CA Finance Authority Natural Gas | ||||
Purchase Revenue | 5.250% | 11/15/23 | 330 | 400 |
Long Beach CA Unified School District GO | 0.000% | 8/1/24 (12) | 1,290 | 1,114 |
Los Angeles CA Community College District GO | 5.000% | 8/1/16 (Prere.) | 1,045 | 1,049 |
Los Angeles CA Community College District GO | 5.000% | 8/1/18 (Prere.) | 500 | 545 |
Los Angeles CA Community College District GO | 5.000% | 8/1/22 | 1,000 | 1,233 |
Los Angeles CA Community College District GO | 5.000% | 8/1/29 | 1,300 | 1,649 |
Los Angeles CA Community College District GO | 4.000% | 8/1/32 | 1,000 | 1,154 |
Los Angeles CA Department of Airports | ||||
International Airport Revenue | 5.000% | 5/15/27 | 500 | 578 |
Los Angeles CA Department of Water & | ||||
Power Revenue | 5.000% | 7/1/24 | 500 | 565 |
Los Angeles CA Department of Water & | ||||
Power Revenue | 5.000% | 7/1/36 | 1,000 | 1,257 |
Los Angeles CA Municipal Improvement Corp. | ||||
Lease Revenue (Police Headquarters Facility) | 4.750% | 1/1/17 (Prere.) | 1,175 | 1,200 |
Los Angeles CA Unified School District GO | 5.000% | 7/1/17 (Prere.) | 1,825 | 1,906 |
Los Angeles CA Unified School District GO | 5.000% | 7/1/19 | 1,000 | 1,129 |
Los Angeles CA Unified School District GO | 5.000% | 7/1/20 | 1,700 | 1,981 |
Los Angeles CA Unified School District GO | 4.500% | 7/1/22 (4) | 1,535 | 1,597 |
Los Angeles CA Unified School District GO | 4.500% | 7/1/24 (4) | 1,500 | 1,561 |
Los Angeles CA Unified School District GO | 5.000% | 7/1/26 | 500 | 562 |
Los Angeles CA Unified School District GO | 4.500% | 1/1/28 (14) | 745 | 774 |
Los Angeles CA Unified School District GO | 5.000% | 7/1/29 | 500 | 561 |
Los Angeles CA Unified School District GO | 5.000% | 7/1/29 | 500 | 561 |
Los Angeles CA Unified School District GO | 4.750% | 7/1/32 (4) | 1,475 | 1,535 |
Los Angeles CA Unified School District GO | 5.000% | 7/1/32 (4) | 650 | 678 |
Los Angeles CA Wastewater System Revenue | 5.000% | 6/1/29 | 500 | 558 |
Los Angeles County CA Metropolitan | ||||
Transportation Authority Sales Tax Revenue | 5.000% | 7/1/19 | 560 | 632 |
Los Angeles County CA Public Works Financing | ||||
Authority Lease Revenue | 5.000% | 9/1/16 (Prere.) | 1,500 | 1,511 |
Los Angeles County CA Public Works Financing | ||||
Authority Lease Revenue | 5.000% | 8/1/26 | 500 | 603 |
Los Angeles County CA Redevelopment Authority | ||||
Tax Allocation Revenue (Hollywood/North | ||||
Hollywood Redevelopment Project) | 5.000% | 7/1/20 | 1,500 | 1,740 |
Marysville CA Revenue (Fremont-Rideout | ||||
Health Group) | 5.250% | 1/1/24 | 600 | 697 |
2 Metropolitan Water District of Southern California | ||||
Revenue PUT | 0.790% | 3/27/18 | 1,585 | 1,584 |
Milpitas CA Redevelopment Agency Successor | ||||
Agency Tax Allocation Revenue | 5.000% | 9/1/31 | 1,130 | 1,413 |
Newport Mesa CA Unified School District GO | 0.000% | 8/1/30 | 630 | 445 |
Oakland CA Redevelopment Agency Tax | ||||
Allocation Revenue (Central District Project) | 5.000% | 9/1/22 | 500 | 602 |
Oakland CA Unified School District GO | 5.000% | 8/1/25 (4) | 1,500 | 1,929 |
Orange County CA Development Agency Tax | ||||
Allocation Revenue (Santa Ana Heights Project) | 5.000% | 3/1/21 | 1,170 | 1,359 |
Otay CA Water District (Capital Project) COP VRDO | 0.420% | 7/6/16 LOC | 4,110 | 4,110 |
Palomar CA Community College District GO | 4.750% | 5/1/17 (Prere.) | 1,600 | 1,657 |
Palomar Pomerado Health California GO | 0.000% | 8/1/22 (14) | 1,000 | 879 |
Palomar Pomerado Health California GO | 0.000% | 8/1/26 (12) | 1,040 | 793 |
Palomar Pomerado Health California GO | 0.000% | 8/1/32 (12) | 700 | 430 |
24
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Perris CA Public Financing Authority Tax | ||||
Allocation Revenue | 5.000% | 10/1/21 | 1,085 | 1,292 |
Poway CA Unified School District GO | 5.000% | 8/1/24 | 1,750 | 2,240 |
Rancho Mirage CA Joint Powers Financing | ||||
Authority Revenue (Eisenhower Medical Center) | 5.000% | 7/1/16 | 100 | 100 |
Riverside County CA Transportation Commission | ||||
Sales Tax Revenue | 5.250% | 6/1/29 | 1,000 | 1,258 |
Riverside County CA Transportation Commission | ||||
Toll Revenue | 0.000% | 6/1/30 | 2,415 | 1,434 |
Roseville CA Natural Gas Financing Authority | ||||
Gas Revenue | 5.000% | 2/15/23 | 140 | 165 |
Roseville CA Natural Gas Financing Authority | ||||
Gas Revenue | 5.000% | 2/15/25 | 245 | 295 |
Sacramento CA City Financing Authority Revenue | 5.000% | 12/1/22 (15) | 750 | 922 |
Sacramento CA Municipal Utility District Financing | ||||
Authority Revenue (Cosumnes Project) | 5.125% | 7/1/16 (Prere.) | 1,000 | 1,000 |
Sacramento CA Municipal Utility District Revenue | 5.000% | 8/15/27 (4) | 500 | 545 |
Sacramento CA Regional Transit District Farebox | ||||
Revenue | 5.000% | 3/1/23 | 500 | 571 |
Sacramento County CA Airport Revenue | 5.625% | 7/1/29 | 500 | 547 |
Sacramento County CA Sanitation Districts | ||||
Financing Authority Revenue | 5.000% | 8/1/25 | 435 | 568 |
Sacramento County CA Sanitation Districts | ||||
Financing Authority Revenue | 5.000% | 8/1/27 | 575 | 738 |
San Bernardino County CA Transportation | ||||
Authority Revenue | 5.000% | 3/1/31 | 500 | 596 |
San Diego CA Community College District GO | 5.000% | 8/1/29 | 1,000 | 1,255 |
San Diego CA Community College District GO | 5.000% | 8/1/31 | 500 | 588 |
San Diego CA Public Facilities Financing Authority | ||||
Sewer Revenue | 5.000% | 5/15/19 (Prere.) | 500 | 562 |
San Diego CA Public Facilities Financing Authority | ||||
Water Revenue | 5.250% | 8/1/20 (Prere.) | 500 | 589 |
San Diego CA Public Facilities Financing Authority | ||||
Water Revenue | 5.000% | 8/1/28 | 1,095 | 1,426 |
San Diego CA Public Facilities Financing Authority | ||||
Water Revenue | 5.000% | 8/1/31 | 1,000 | 1,291 |
San Diego CA Unified School District GO | 0.000% | 7/1/27 | 500 | 385 |
San Diego CA Unified School District GO | 5.000% | 7/1/27 | 1,130 | 1,469 |
San Diego CA Unified School District GO | 5.500% | 7/1/27 (4) | 500 | 686 |
San Diego CA Unified School District GO | 0.000% | 7/1/28 | 500 | 374 |
San Diego CA Unified School District GO | 0.000% | 7/1/29 | 500 | 358 |
San Diego CA Unified School District GO | 0.000% | 7/1/30 | 100 | 69 |
San Diego County CA Regional Airport Authority | ||||
Revenue | 5.000% | 7/1/30 (4) | 500 | 575 |
San Diego County CA Regional Transportation | ||||
Commission Sales Tax Revenue | 5.000% | 4/1/31 | 560 | 669 |
San Diego County CA Water Authority Revenue | 5.000% | 5/1/28 | 1,000 | 1,290 |
San Francisco CA Bay Area Rapid Transit | ||||
District GO | 5.000% | 8/1/30 | 1,520 | 1,951 |
San Francisco CA Bay Area Rapid Transit | ||||
District Sales Tax Revenue | 4.000% | 7/1/21 | 350 | 402 |
San Francisco CA City & County (Earthquake | ||||
Safety & Emergency Response) GO | 5.000% | 6/15/20 (Prere.) | 500 | 582 |
25
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
San Francisco CA City & County International | ||||
Airport Revenue | 5.250% | 5/1/22 | 500 | 564 |
San Francisco CA City & County International | ||||
Airport Revenue | 5.000% | 5/1/27 | 225 | 272 |
San Francisco CA City & County International | ||||
Airport Revenue | 5.000% | 5/1/30 | 500 | 583 |
San Francisco CA City & County Public Utilities | ||||
Commission Water Revenue | 5.500% | 11/1/30 | 500 | 600 |
San Francisco CA City & County Public Utilities | ||||
Commission Water Revenue | 5.000% | 11/1/32 | 1,000 | 1,256 |
San Francisco CA City & County Public Utilities | ||||
Commission Water Revenue | 5.000% | 11/1/34 | 1,245 | 1,494 |
San Francisco CA City & County Redevelopment | ||||
Financing Authority Tax Allocation Revenue | ||||
(Mission Bays Redevelopment Project) | 5.000% | 8/1/16 | 600 | 602 |
San Francisco CA City & County Unified | ||||
School District GO | 4.000% | 6/15/32 | 965 | 1,072 |
San Jose CA Redevelopment Agency Tax | ||||
Allocation Revenue | 5.000% | 8/1/19 (14) | 1,000 | 1,015 |
San Jose CA Redevelopment Agency Tax | ||||
Allocation Revenue | 6.500% | 8/1/28 | 700 | 762 |
Southern California Public Power Authority | ||||
Revenue (Canyon Power Project) | 5.000% | 7/1/22 | 1,105 | 1,328 |
Southern California Public Power Authority | ||||
Revenue (Milford Wind Corridor Phase I Project) | 5.000% | 7/1/26 | 1,000 | 1,139 |
State Center California Community | ||||
College District GO | 5.000% | 8/1/17 (Prere.) | 1,000 | 1,049 |
State Center California Community | ||||
College District GO | 5.000% | 8/1/29 | 1,000 | 1,285 |
State of California Department of | ||||
Water Resources | 5.000% | 12/1/24 | 500 | 650 |
State of California Department of | ||||
Water Resources | 5.000% | 12/1/28 | 20 | 22 |
Turlock CA Public Financing Authority | ||||
Water Revenue | 4.750% | 5/1/32 | 2,000 | 2,137 |
University of California Revenue | 5.000% | 5/15/17 (Prere.) | 500 | 525 |
University of California Revenue | 5.000% | 5/15/23 | 1,000 | 1,197 |
University of California Revenue | 5.000% | 5/15/28 | 1,000 | 1,283 |
University of California Revenue | 5.000% | 5/15/28 | 1,000 | 1,245 |
University of California Revenue | 4.000% | 5/15/33 | 1,000 | 1,137 |
University of California Revenue PUT | 5.000% | 5/15/23 | 3,625 | 4,535 |
203,522 | ||||
Colorado (0.7%) | ||||
Adams & Weld County CO School District | ||||
No. 27J GO | 5.000% | 12/1/34 | 1,435 | 1,795 |
Adams County CO COP | 5.000% | 12/1/31 | 650 | 808 |
Board of Governors of the Colorado State | ||||
University System Enterprise Revenue | 5.000% | 3/1/23 | 300 | 371 |
Colorado (UCDHSC Fitzsimons Academic | ||||
Projects) COP | 5.000% | 11/1/21 | 500 | 593 |
Colorado Educational & Cultural Facilities | ||||
Authority Revenue (Regis University) | 5.000% | 10/1/25 | 1,000 | 1,222 |
Colorado Health Facilities Authority Revenue | ||||
(Catholic Health Initiatives) | 5.250% | 2/1/31 | 2,500 | 2,847 |
26
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Colorado Health Facilities Authority Revenue | ||||
(Covenant Retirement Community Inc.) | 5.000% | 12/1/27 | 500 | 573 |
Colorado Health Facilities Authority Revenue | ||||
(NCMC Inc.) | 4.000% | 5/15/30 | 1,500 | 1,707 |
Colorado Springs CO Utility System Revenue | 5.000% | 11/15/28 | 500 | 616 |
Denver CO City & County Airport Revenue | 5.000% | 11/15/20 | 500 | 584 |
Denver CO City & County Airport Revenue | 5.000% | 11/15/26 | 430 | 502 |
E-470 Public Highway Authority Colorado Revenue | 5.250% | 9/1/18 (14) | 1,500 | 1,628 |
E-470 Public Highway Authority Colorado Revenue | 0.000% | 9/1/23 (14) | 1,000 | 855 |
E-470 Public Highway Authority Colorado Revenue | 5.375% | 9/1/26 | 1,000 | 1,139 |
Garfield, Pitkin, & Eagle County CO School | ||||
District GO | 4.000% | 12/15/34 | 1,000 | 1,151 |
Regional Transportation District of Colorado COP | 5.000% | 6/1/24 | 1,010 | 1,158 |
Regional Transportation District of Colorado COP | 5.000% | 6/1/25 | 1,000 | 1,140 |
University of Colorado Enterprise System Revenue | 5.000% | 6/1/29 | 500 | 598 |
19,287 | ||||
Connecticut (0.5%) | ||||
Connecticut GO | 5.000% | 11/1/16 | 410 | 416 |
Connecticut GO | 5.000% | 4/15/21 | 500 | 584 |
Connecticut GO | 5.000% | 11/15/22 | 1,935 | 2,336 |
Connecticut GO | 5.000% | 4/15/24 | 500 | 596 |
Connecticut GO | 5.000% | 9/1/26 | 1,000 | 1,240 |
Connecticut GO | 5.000% | 4/15/28 | 500 | 592 |
Connecticut GO | 5.000% | 3/1/32 | 2,950 | 3,546 |
Connecticut GO | 5.000% | 10/15/32 | 705 | 840 |
Connecticut Health & Educational Facilities | ||||
Authority Revenue (Hartford Healthcare) | 5.000% | 7/1/26 | 500 | 574 |
Connecticut Special Tax Revenue | ||||
(Transportation Infrastructure) | 5.000% | 9/1/23 | 1,000 | 1,242 |
Connecticut Special Tax Revenue | ||||
(Transportation Infrastructure) | 5.000% | 11/1/25 | 500 | 547 |
Hartford CT GO | 5.000% | 4/1/30 | 435 | 498 |
University of Connecticut GO | 5.000% | 2/15/27 | 635 | 789 |
13,800 | ||||
Delaware (0.1%) | ||||
Delaware GO | 5.000% | 2/1/19 | 600 | 667 |
Delaware GO | 5.000% | 7/1/20 | 600 | 700 |
Delaware GO | 5.000% | 10/1/20 | 700 | 823 |
2,190 | ||||
District of Columbia (0.2%) | ||||
District of Columbia GO | 5.000% | 6/1/21 (4) | 500 | 531 |
District of Columbia Hospital Revenue | ||||
(Children’s Hospital Obligated Group) | 5.000% | 7/15/35 | 1,000 | 1,221 |
District of Columbia Income Tax Revenue | 5.000% | 12/1/26 | 655 | 787 |
District of Columbia Income Tax Revenue | 5.250% | 12/1/27 | 500 | 571 |
District of Columbia Income Tax Revenue | 5.000% | 12/1/30 | 500 | 577 |
District of Columbia Revenue (National Public | ||||
Radio, Inc.) | 5.000% | 4/1/27 | 1,000 | 1,267 |
Metropolitan Washington DC/VA Airports | ||||
Authority Airport System Revenue | 5.000% | 10/1/24 | 500 | 580 |
5,534 |
27
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Florida (2.1%) | ||||
Brevard County FL School Board COP | 5.000% | 7/1/25 | 1,000 | 1,219 |
Broward County FL Airport System Revenue | 5.000% | 10/1/28 | 400 | 474 |
Broward County FL Airport System Revenue | 5.375% | 10/1/29 | 500 | 566 |
Broward County FL Airport System Revenue | 5.500% | 10/1/31 | 1,000 | 1,239 |
Citizens Property Insurance Corp. Florida Revenue | ||||
(Coastal Account) | 5.250% | 6/1/17 | 435 | 453 |
Citizens Property Insurance Corp. Florida Revenue | ||||
(Coastal Account) | 5.500% | 6/1/17 | 1,295 | 1,351 |
Citizens Property Insurance Corp. Florida Revenue | ||||
(Coastal Account) | 5.000% | 6/1/20 | 1,000 | 1,133 |
Citizens Property Insurance Corp. Florida Revenue | ||||
(Personal Lines Account/Commercial Lines | ||||
Account) | 5.000% | 6/1/20 | 450 | 518 |
Florida Board of Education Lottery Revenue | 5.000% | 7/1/16 (2) | 245 | 245 |
Florida Board of Education Lottery Revenue | 5.000% | 7/1/18 | 1,540 | 1,674 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/17 (Prere.) | 500 | 525 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/19 | 220 | 247 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/19 | 1,585 | 1,781 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/21 | 750 | 893 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/21 | 1,000 | 1,191 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/21 | 1,270 | 1,513 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/22 | 500 | 565 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/22 | 1,245 | 1,520 |
Florida Board of Education Public Education | ||||
Capital Outlay GO | 5.000% | 6/1/24 | 600 | 747 |
Florida Department of Transportation GO | 5.000% | 7/1/19 | 545 | 614 |
Florida Department of Transportation GO | 5.000% | 7/1/19 | 1,790 | 2,017 |
Florida Turnpike Authority Revenue | 5.000% | 7/1/18 | 1,400 | 1,522 |
Florida Turnpike Authority Revenue | 5.000% | 7/1/19 | 500 | 563 |
Florida Turnpike Authority Revenue | 5.000% | 7/1/24 | 1,500 | 1,907 |
Florida Turnpike Authority Revenue | 5.000% | 7/1/25 | 1,500 | 1,943 |
Florida Turnpike Authority Revenue | 4.000% | 7/1/34 | 1,000 | 1,119 |
Fort Myers FL Improvement Revenue | 4.750% | 12/1/16 (Prere.) | 70 | 71 |
Fort Myers FL Improvement Revenue | 4.750% | 12/1/31 (14) | 30 | 30 |
Hillsborough County FL Industrial Development | ||||
Authority Hospital Revenue (Tampa General | ||||
Hospital Project) | 5.000% | 10/1/28 | 500 | 600 |
Jacksonville FL Electric Authority Water & | ||||
Sewer Revenue | 5.000% | 10/1/31 | 500 | 586 |
Jacksonville FL Special Revenue | 5.000% | 10/1/32 | 500 | 603 |
Lakeland FL Educational Facilities Revenue | ||||
(Florida Southern College Project) | 5.000% | 9/1/31 | 880 | 1,023 |
Miami Beach FL Health Facilities Authority | ||||
Revenue (Mount Sinai Medical Center) | 5.000% | 11/15/27 | 1,000 | 1,209 |
Miami Beach FL Resort Tax Revenue | 5.000% | 9/1/34 | 1,000 | 1,230 |
28
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Miami-Dade County FL Aviation Revenue | ||||
(Miami International Airport) | 4.875% | 10/1/24 | 500 | 571 |
Miami-Dade County FL Aviation Revenue | ||||
(Miami International Airport) | 5.000% | 10/1/30 | 585 | 674 |
Miami-Dade County FL Building Better | ||||
Communities GO | 5.000% | 7/1/36 | 1,160 | 1,457 |
Miami-Dade County FL Health Facilities Authority | ||||
Hospital Revenue (Miami Children’s Hospital) | 5.000% | 8/1/25 | 1,000 | 1,204 |
Miami-Dade County FL School Board COP | 5.000% | 11/1/16 (Prere.) | 1,300 | 1,320 |
Miami-Dade County FL School Board COP | 5.000% | 11/1/16 (Prere.) | 640 | 650 |
Miami-Dade County FL School Board COP | 5.000% | 11/1/16 (Prere.) | 115 | 117 |
Miami-Dade County FL Seaport Revenue | 5.750% | 10/1/28 | 1,500 | 1,861 |
Miami-Dade County FL Special Obligation Revenue | 5.000% | 10/1/24 | 1,000 | 1,217 |
Miami-Dade County FL Special Obligation Revenue | 5.000% | 10/1/30 | 500 | 601 |
Miami-Dade County FL Water & Sewer Revenue | 5.000% | 10/1/17 (Prere.) | 500 | 527 |
Orange County FL Health Facilities Authority | ||||
Hospital Revenue (Orlando Health Inc.) | 5.000% | 10/1/30 | 1,500 | 1,890 |
Orange County FL Health Facilities Authority | ||||
Revenue (Nemours Foundation Project) | 5.000% | 1/1/19 | 500 | 551 |
Orlando & Orange County FL Expressway | ||||
Authority Revenue | 5.000% | 7/1/30 | 500 | 571 |
Osceola County FL Expressway System Revenue | ||||
(Poinciana Parkway Project) | 0.000% | 10/1/19 | 815 | 746 |
Osceola County FL Expressway System Revenue | ||||
(Poinciana Parkway Project) | 0.000% | 10/1/20 | 1,270 | 1,111 |
Palm Beach County FL Health Facilities Authority | ||||
Hospital Revenue (BRRH Corp. Obligated Group) | 5.000% | 12/1/25 | 540 | 660 |
Palm Beach County FL School Board COP | 5.000% | 8/1/29 | 1,520 | 1,900 |
Palm Beach County FL School Board COP | 5.000% | 8/1/32 | 1,500 | 1,851 |
Polk County FL Constitutional Fuel Tax Revenue | 5.000% | 12/1/16 (Prere.) | 590 | 601 |
St. Johns County FL Water & Sewer Revenue | 0.000% | 6/1/24 | 1,110 | 967 |
Sumter County FL Industrial Development | ||||
Authority Hospital Revenue (Central Florida | ||||
Health Alliance Project) | 4.000% | 7/1/16 | 265 | 265 |
Sunshine State Governmental Financing | ||||
Commission Florida Revenue (Miami Dade | ||||
County Program) | 5.000% | 9/1/26 | 1,000 | 1,218 |
Tampa FL Cigarette Tax Allocation Revenue | ||||
(H. Lee Moffitt Cancer Center Project) | 5.000% | 9/1/26 | 200 | 241 |
Tampa FL Health System Revenue (BayCare | ||||
Health System) | 5.000% | 11/15/33 | 1,535 | 1,808 |
Tampa FL Hospital Revenue | 5.000% | 7/1/23 | 750 | 884 |
Tohopekaliga FL Water Authority Utility System | ||||
Revenue | 4.000% | 10/1/21 | 1,245 | 1,428 |
Tohopekaliga FL Water Authority Utility System | ||||
Revenue | 5.750% | 10/1/21 (Prere.) | 500 | 620 |
60,402 | ||||
Georgia (1.0%) | ||||
Athens-Clarke County GA Unified Government | ||||
Water & Sewerage Revenue | 4.000% | 1/1/32 | 1,000 | 1,138 |
Atlanta GA Airport Revenue | 5.000% | 1/1/33 | 2,000 | 2,430 |
Atlanta GA Development Authority Revenue | 5.000% | 7/1/29 | 1,000 | 1,247 |
Atlanta GA Water & Wastewater Revenue | 5.000% | 11/1/25 | 1,250 | 1,616 |
Atlanta GA Water & Wastewater Revenue | 5.750% | 11/1/27 (4) | 500 | 707 |
29
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Burke County GA Development Authority | ||||
Pollution Control Revenue (Georgia Power | ||||
Co. Plant Vogtle Project) PUT | 1.750% | 6/1/17 | 500 | 504 |
Cobb County GA Kennestone Hospital Authority | ||||
Revenue | 5.000% | 4/1/24 | 400 | 489 |
DeKalb County GA Water & Sewer Revenue | 5.250% | 10/1/31 | 500 | 597 |
Georgia GO | 5.000% | 7/1/16 | 400 | 400 |
Georgia GO | 5.000% | 7/1/16 | 500 | 500 |
Georgia GO | 5.750% | 8/1/17 | 500 | 528 |
Georgia GO | 5.000% | 2/1/20 | 1,375 | 1,583 |
1 Georgia GO | 5.000% | 2/1/21 | 1,155 | 1,368 |
Georgia GO | 5.000% | 7/1/22 | 500 | 563 |
Georgia GO | 5.000% | 5/1/25 | 500 | 558 |
1 Georgia GO | 4.000% | 7/1/25 | 1,135 | 1,394 |
Georgia Road & Tollway Authority Revenue | 5.000% | 6/1/17 | 650 | 676 |
Gwinnett County GA School District GO | 5.000% | 2/1/17 (ETM) | 500 | 513 |
Gwinnett County GA School District GO | 5.000% | 2/1/28 | 500 | 641 |
Main Street Natural Gas Inc. Georgia Gas Project | ||||
Revenue | 5.125% | 9/15/16 | 80 | 81 |
Main Street Natural Gas Inc. Georgia Gas Project | ||||
Revenue | 5.250% | 9/15/18 | 100 | 108 |
Main Street Natural Gas Inc. Georgia Gas Project | ||||
Revenue | 5.000% | 3/15/19 | 395 | 429 |
Main Street Natural Gas Inc. Georgia Gas Project | ||||
Revenue | 5.000% | 3/15/21 | 500 | 569 |
Main Street Natural Gas Inc. Georgia Gas Project | ||||
Revenue | 5.000% | 3/15/22 | 400 | 463 |
Metropolitan Atlanta Rapid Transportation | ||||
Authority Georgia Sales Tax Revenue | 5.000% | 7/1/32 | 1,590 | 2,037 |
Metropolitan Atlanta Rapid Transportation | ||||
Authority Georgia Sales Tax Revenue | 5.000% | 7/1/35 | 1,095 | 1,387 |
Municipal Electric Authority Georgia Revenue | 5.000% | 1/1/19 | 1,000 | 1,104 |
Municipal Electric Authority Georgia Revenue | 5.000% | 1/1/28 | 1,000 | 1,285 |
Municipal Electric Authority Georgia Revenue | 5.000% | 1/1/35 | 1,500 | 1,820 |
Municipal Electric Authority Georgia Revenue | ||||
(Combined Cycle Project) | 5.000% | 11/1/17 | 365 | 386 |
Municipal Electric Authority Georgia Revenue | ||||
(Project One) | 5.250% | 1/1/17 | 525 | 537 |
Private Colleges & University Authority of | ||||
Georgia Revenue (Emory University) | 5.000% | 9/1/28 | 500 | 565 |
28,223 | ||||
Guam (0.1%) | ||||
Guam Government Waterworks Authority Water | ||||
& Waste Water System Revenue | 5.250% | 7/1/23 | 1,000 | 1,220 |
Guam Government Waterworks Authority Water | ||||
& Waste Water System Revenue | 5.250% | 7/1/33 | 1,305 | 1,550 |
Guam International Airport Authority Revenue | 5.000% | 10/1/21 | 350 | 409 |
3,179 | ||||
Hawaii (0.8%) | ||||
Hawaii Department of Budget & Finance Special | ||||
Purpose Revenue (Hawaii Pacific Health | ||||
Obligated Group) | 5.000% | 7/1/19 | 250 | 280 |
Hawaii Department of Budget & Finance Special | ||||
Purpose Revenue (Hawaii Pacific Health | ||||
Obligated Group) | 5.000% | 7/1/20 | 300 | 346 |
30
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Hawaii Department of Budget & Finance Special | ||||
Purpose Revenue (Hawaii Pacific Health | ||||
Obligated Group) | 5.000% | 7/1/21 | 400 | 474 |
Hawaii GO | 5.000% | 4/1/17 (Prere.) | 55 | 57 |
Hawaii GO | 5.000% | 4/1/17 (Prere.) | 445 | 460 |
Hawaii GO | 5.000% | 6/1/19 (Prere.) | 285 | 320 |
Hawaii GO | 5.000% | 6/1/19 (Prere.) | 215 | 241 |
Hawaii GO | 5.000% | 12/1/21 | 375 | 452 |
Hawaii GO | 5.000% | 8/1/24 | 1,765 | 2,253 |
Hawaii GO | 5.000% | 8/1/25 | 1,500 | 1,926 |
Hawaii GO | 5.000% | 10/1/25 | 1,445 | 1,887 |
Hawaii GO | 5.000% | 12/1/29 | 500 | 591 |
Hawaii GO | 4.000% | 4/1/30 | 1,500 | 1,762 |
Hawaii GO | 4.000% | 4/1/31 | 1,000 | 1,166 |
Hawaii Pacific Health Revenue | 5.000% | 7/1/19 | 575 | 640 |
Honolulu HI City & County GO | 5.000% | 7/1/17 (Prere.) | 500 | 522 |
Honolulu HI City & County GO | 5.000% | 10/1/20 | 2,050 | 2,400 |
Honolulu HI City & County GO | 5.000% | 10/1/28 | 1,000 | 1,284 |
Honolulu HI City & County GO | 5.000% | 12/1/30 | 310 | 363 |
Honolulu HI City & County GO | 5.250% | 8/1/31 | 500 | 594 |
Honolulu HI City & County GO | 5.250% | 8/1/33 | 1,245 | 1,477 |
Honolulu HI City & County Wastewater System | ||||
Revenue | 5.000% | 7/1/30 | 2,000 | 2,526 |
University of Hawaii Revenue | 5.000% | 10/1/27 | 500 | 561 |
22,582 | ||||
Idaho (0.0%) | ||||
Idaho Health Facilities Authority Revenue | ||||
(Trinity Health Group) | 6.125% | 12/1/18 (Prere.) | 105 | 119 |
Illinois (2.6%) | ||||
Chicago IL Board of Education GO | 5.250% | 12/1/17 (14) | 775 | 807 |
Chicago IL Board of Education GO | 5.000% | 12/1/18 (2) | 295 | 304 |
Chicago IL Board of Education GO | 5.000% | 12/1/19 (14) | 210 | 225 |
Chicago IL Board of Education GO | 5.250% | 12/1/21 (14) | 500 | 551 |
Chicago IL Board of Education GO | 5.000% | 12/1/22 | 1,500 | 1,410 |
Chicago IL Board of Education GO | 5.000% | 12/1/24 (4) | 100 | 103 |
Chicago IL Board of Education GO | 5.250% | 12/1/24 (4) | 500 | 530 |
Chicago IL Board of Education GO | 5.250% | 12/1/26 (12) | 500 | 530 |
Chicago IL Board of Education GO | 7.000% | 12/1/26 | 500 | 507 |
Chicago IL Board of Education GO | 4.750% | 12/1/29 (4) | 105 | 106 |
Chicago IL Board of Education GO | 4.750% | 12/1/31 (4) | 50 | 50 |
Chicago IL Board of Education GO | 5.250% | 12/1/35 | 1,000 | 907 |
Chicago IL GO | 5.000% | 12/1/16 (2) | 500 | 506 |
Chicago IL GO | 5.500% | 1/1/17 (ETM) | 190 | 195 |
Chicago IL GO | 5.500% | 1/1/17 (4) | 310 | 315 |
Chicago IL GO | 5.000% | 1/1/19 (2) | 500 | 508 |
Chicago IL GO | 5.000% | 1/1/25 | 1,000 | 1,031 |
Chicago IL Metropolitan Water Reclamation | ||||
District GO | 5.000% | 12/1/31 | 500 | 581 |
Chicago IL Motor Fuel Tax Revenue | 5.000% | 1/1/17 | 200 | 202 |
Chicago IL Motor Fuel Tax Revenue | 5.000% | 1/1/18 | 200 | 207 |
Chicago IL Motor Fuel Tax Revenue | 5.000% | 1/1/19 | 250 | 263 |
Chicago IL Motor Fuel Tax Revenue | 5.000% | 1/1/20 | 300 | 321 |
Chicago IL Motor Fuel Tax Revenue | 5.000% | 1/1/22 | 300 | 326 |
31
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Chicago IL O’Hare International Airport Revenue | 5.250% | 1/1/17 (14) | 370 | 379 |
Chicago IL O’Hare International Airport Revenue | 5.000% | 1/1/24 (4) | 500 | 530 |
Chicago IL O’Hare International Airport Revenue | 5.250% | 1/1/24 | 200 | 241 |
Chicago IL O’Hare International Airport Revenue | 5.000% | 1/1/25 | 1,000 | 1,261 |
Chicago IL O’Hare International Airport Revenue | 5.500% | 1/1/26 | 1,000 | 1,221 |
Chicago IL O’Hare International Airport Revenue | 5.000% | 1/1/29 | 1,000 | 1,234 |
Chicago IL O’Hare International Airport Revenue | 5.000% | 1/1/31 | 1,000 | 1,224 |
Chicago IL O’Hare International Airport Revenue | 5.000% | 1/1/32 | 500 | 576 |
Chicago IL O’Hare International Airport Revenue | 5.000% | 1/1/33 (4) | 2,525 | 2,664 |
Chicago IL O’Hare International Airport Revenue | 5.000% | 1/1/33 | 1,000 | 1,217 |
Chicago IL O’Hare International Airport Revenue | 4.750% | 1/1/34 (4) | 50 | 53 |
Chicago IL Park District GO | 5.000% | 1/1/19 | 1,115 | 1,213 |
Chicago IL Park District GO | 5.000% | 1/1/19 | 750 | 816 |
Chicago IL Wastewater Transmission Revenue | 5.000% | 1/1/29 | 1,350 | 1,566 |
Chicago IL Waterworks Revenue | 5.000% | 11/1/30 | 1,000 | 1,184 |
Chicago IL Waterworks Revenue | 5.000% | 11/1/36 (2) | 1,000 | 1,014 |
Cook County IL GO | 5.000% | 11/15/21 | 500 | 550 |
Cook County IL GO | 5.000% | 11/15/28 | 500 | 551 |
Cook County IL GO | 5.250% | 11/15/28 | 500 | 569 |
Cook County IL GO | 4.750% | 11/15/30 (2) | 200 | 200 |
Illinois Finance Authority Revenue (Advocate | ||||
Health Care Network) | 5.000% | 8/1/26 | 1,500 | 1,872 |
Illinois Finance Authority Revenue (Advocate | ||||
Health Care Network) | 5.000% | 8/1/33 | 2,550 | 3,099 |
Illinois Finance Authority Revenue (Ascension | ||||
Health Credit Group) | 5.000% | 11/15/32 | 500 | 588 |
Illinois Finance Authority Revenue (Centegra | ||||
Health System) | 5.000% | 9/1/29 | 1,300 | 1,528 |
Illinois Finance Authority Revenue | ||||
(DePaul University) | 5.000% | 10/1/33 | 1,000 | 1,230 |
Illinois Finance Authority Revenue | ||||
(DePaul University) | 5.000% | 10/1/34 | 1,000 | 1,226 |
Illinois Finance Authority Revenue | ||||
(Mercy Health System) | 4.000% | 12/1/28 | 1,000 | 1,117 |
Illinois Finance Authority Revenue | ||||
(Northwestern Community Hospital) | 5.750% | 8/15/30 | 95 | 110 |
Illinois Finance Authority Revenue | ||||
(Northwestern Community Hospital) | 5.000% | 7/1/35 | 1,000 | 1,211 |
Illinois Finance Authority Revenue | ||||
(Rehabilitation Institute of Chicago) | 5.500% | 7/1/28 | 2,000 | 2,410 |
Illinois Finance Authority Revenue | ||||
(Rush University Medical Center) | 5.000% | 11/15/33 | 1,000 | 1,209 |
Illinois Finance Authority Revenue | ||||
(Trinity Health Corp.) | 5.000% | 12/1/30 | 500 | 581 |
Illinois Finance Authority Revenue | ||||
(University of Chicago) | 5.000% | 7/1/17 (Prere.) | 1,100 | 1,148 |
Illinois Finance Authority Revenue | ||||
(University of Chicago) | 5.000% | 10/1/29 | 500 | 588 |
Illinois Finance Authority Revenue | ||||
(University of Chicago) | 5.000% | 10/1/35 | 1,000 | 1,196 |
Illinois GO | 5.000% | 1/1/17 | 330 | 336 |
Illinois GO | 5.000% | 1/1/18 | 500 | 526 |
Illinois GO | 5.000% | 1/1/20 (4) | 200 | 223 |
Illinois GO | 5.000% | 8/1/20 | 305 | 335 |
32
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Illinois GO | 5.000% | 1/1/21 (4) | 710 | 784 |
Illinois GO | 5.000% | 8/1/21 | 500 | 554 |
Illinois GO | 5.500% | 7/1/24 | 1,000 | 1,160 |
Illinois GO | 5.000% | 8/1/24 | 1,500 | 1,660 |
Illinois GO | 5.000% | 1/1/25 | 1,570 | 1,790 |
Illinois GO | 5.000% | 6/1/26 | 500 | 502 |
Illinois GO | 5.250% | 2/1/30 | 1,900 | 2,140 |
Illinois GO | 5.250% | 7/1/31 | 1,000 | 1,120 |
Illinois GO | 5.000% | 9/1/31 | 3,000 | 3,163 |
Illinois Regional Transportation Authority Revenue | 6.250% | 7/1/23 (4) | 500 | 656 |
Illinois Sales Tax Revenue | 5.500% | 6/15/17 (3) | 500 | 523 |
Illinois Toll Highway Authority Revenue | 5.000% | 7/1/16 (Prere.) | 500 | 500 |
Illinois Toll Highway Authority Revenue | 5.000% | 1/1/28 | 500 | 560 |
Illinois Toll Highway Authority Revenue | 5.000% | 1/1/30 | 1,000 | 1,187 |
Illinois Toll Highway Authority Revenue | 5.000% | 1/1/32 | 500 | 591 |
Kane McHenry Cook & DeKalb County IL Unit | ||||
School District GO | 5.000% | 1/1/18 | 1,000 | 1,061 |
Metropolitan Pier & Exposition Authority Illinois | ||||
Dedicated Sales Tax Revenue | 0.000% | 6/15/19 (14) | 1,120 | 1,057 |
Metropolitan Pier & Exposition Authority Illinois | ||||
Dedicated Sales Tax Revenue | 0.000% | 6/15/21 (14) | 1,000 | 885 |
Metropolitan Pier & Exposition Authority Illinois | ||||
Dedicated Sales Tax Revenue | 0.000% | 6/15/26 (4) | 500 | 371 |
Metropolitan Pier & Exposition Authority Illinois | ||||
Dedicated Sales Tax Revenue | 0.000% | 6/15/27 (4) | 250 | 178 |
Metropolitan Pier & Exposition Authority Illinois | ||||
Dedicated Sales Tax Revenue | 0.000% | 12/15/31 (14) | 290 | 172 |
Railsplitter Tobacco Settlement Authority Illinois | ||||
Tobacco Settlement Revenue | 5.250% | 6/1/20 | 1,215 | 1,400 |
Railsplitter Tobacco Settlement Authority Illinois | ||||
Tobacco Settlement Revenue | 5.500% | 6/1/23 | 1,060 | 1,252 |
Railsplitter Tobacco Settlement Authority Illinois | ||||
Tobacco Settlement Revenue | 6.000% | 6/1/28 | 400 | 482 |
Romeoville IL Revenue (Lewis University Project) | 5.000% | 10/1/28 | 1,000 | 1,192 |
Will County IL Community High School District | ||||
No. 210 (Lincoln-Way) GO | 5.000% | 1/1/30 | 500 | 514 |
74,735 | ||||
Indiana (0.7%) | ||||
Carmel IN Local Public Improvement Bond Bank | ||||
Revenue | 5.000% | 7/15/31 | 1,000 | 1,271 |
Indiana Bond Bank Special Program Gas Revenue | 5.250% | 10/15/16 | 250 | 253 |
Indiana Finance Authority Highway Revenue | 4.500% | 12/1/23 (14) | 2,500 | 2,544 |
Indiana Finance Authority Hospital Revenue | ||||
(Indiana University Health Obligated Group) | 5.000% | 12/1/19 | 1,275 | 1,455 |
Indiana Finance Authority Hospital Revenue | ||||
(Indiana University Health Obligated Group) | 5.000% | 12/1/22 | 1,100 | 1,349 |
Indiana Finance Authority Hospital Revenue | ||||
(Indiana University Health Obligated Group) | 5.000% | 12/1/33 | 1,390 | 1,718 |
Indiana Finance Authority Revenue (Community | ||||
Foundation of Northwest Indiana Obligated Group) | 5.000% | 3/1/25 | 690 | 805 |
Indiana Finance Authority Revenue | ||||
(Marquette Project) | 5.000% | 3/1/24 | 1,645 | 1,940 |
Indiana Finance Authority Revenue | ||||
(Marquette Project) | 5.000% | 3/1/25 | 650 | 775 |
33
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Indiana Finance Authority Revenue | ||||
(Stadium Project) | 5.250% | 2/1/30 | 1,000 | 1,266 |
Indiana Finance Authority Revenue | ||||
(State Revolving Fund) | 5.000% | 2/1/18 | 500 | 535 |
Indiana Finance Authority Revenue | ||||
(State Revolving Fund) | 5.000% | 2/1/32 | 500 | 606 |
Indiana Finance Authority Wastewater Utility | ||||
Revenue (CWA Authority Project) | 5.000% | 10/1/32 | 500 | 599 |
Indiana Municipal Power Agency Revenue | 5.000% | 1/1/34 | 1,415 | 1,766 |
Indiana Office Building Commission Facilities | ||||
Revenue (New Castle Correctional Facility) | 5.250% | 7/1/19 (14) | 500 | 564 |
Indiana University Student Fee Revenue | 5.000% | 8/1/18 (Prere.) | 100 | 109 |
Indiana University Student Fee Revenue | 5.000% | 6/1/19 | 445 | 500 |
Purdue University Indiana University Student | ||||
Facilities System Revenue | 5.000% | 7/1/21 | 845 | 1,010 |
Richmond IN Hospital Authority Revenue | ||||
(Reid Hospital & Health Care Services Inc.) | 5.000% | 1/1/24 | 700 | 858 |
19,923 | ||||
Iowa (0.1%) | ||||
Iowa Finance Authority Midwestern Disaster | ||||
Area Revenue (Iowa Fertilizer Co. Project) | 5.000% | 12/1/19 | 695 | 723 |
Iowa Finance Authority Midwestern Disaster | ||||
Area Revenue (Iowa Fertilizer Co. Project) | 5.500% | 12/1/22 | 1,750 | 1,822 |
1 Iowa Special Obligation Revenue | 5.000% | 6/1/25 | 1,000 | 1,286 |
Iowa Special Obligation Revenue (Ijobs Program) | 5.000% | 6/1/24 | 220 | 246 |
4,077 | ||||
Kansas (0.4%) | ||||
Kansas Department of Transportation Highway | ||||
Revenue | 5.000% | 9/1/18 (Prere.) | 500 | 547 |
Kansas Department of Transportation Highway | ||||
Revenue | 5.000% | 9/1/20 | 1,000 | 1,172 |
Kansas Department of Transportation Highway | ||||
Revenue | 5.000% | 9/1/25 | 500 | 641 |
Kansas Department of Transportation Highway | ||||
Revenue | 5.000% | 9/1/26 | 700 | 900 |
Kansas Development Finance Authority Hospital | ||||
Revenue (Adventist Health System/Sunbelt | ||||
Obligated Group) | 5.000% | 11/15/24 | 100 | 106 |
Kansas Development Finance Authority Revenue | 5.000% | 5/1/25 | 1,335 | 1,651 |
Kansas Development Finance Authority Revenue | 5.000% | 5/1/27 | 1,585 | 1,953 |
Kansas Development Finance Authority Revenue | 5.000% | 4/1/32 | 1,325 | 1,578 |
Leavenworth County KS Unified School District GO | 4.500% | 9/1/19 (12) | 500 | 557 |
University of Kansas Hospital Authority Health | ||||
Facilities Improvement Revenue | 5.000% | 9/1/16 | 1,250 | 1,259 |
University of Kansas Hospital Authority Health | ||||
Facilities Improvement Revenue | 5.000% | 9/1/16 (Prere.) | 45 | 45 |
University of Kansas Hospital Authority Health | ||||
Facilities Improvement Revenue | 5.000% | 9/1/17 | 855 | 862 |
Wichita KS Hospital Facilities Revenue (Via Christi | ||||
Health System Inc.) | 5.000% | 11/15/21 (Prere.) | 500 | 603 |
Wyandotte County/Kansas City KS Unified | ||||
Government Utility System Revenue | 5.000% | 9/1/23 | 500 | 606 |
12,480 |
34
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Kentucky (0.4%) | ||||
Kentucky Economic Development Finance | ||||
Authority Health System Revenue (Norton | ||||
Healthcare Inc. & Affiliates) | 0.000% | 10/1/25 (14) | 1,140 | 885 |
Kentucky Economic Development Finance | ||||
Authority Hospital Revenue (Baptist Healthcare | ||||
System Obligated Group) | 5.625% | 8/15/27 | 1,200 | 1,308 |
Kentucky Municipal Power Agency Power | ||||
System Revenue | 5.000% | 9/1/29 (14) | 1,000 | 1,213 |
Kentucky Property & Building Commission | ||||
Revenue | 5.000% | 11/1/18 (Prere.) | 500 | 550 |
Kentucky Property & Building Commission | ||||
Revenue | 5.375% | 11/1/18 (Prere.) | 440 | 488 |
Kentucky Property & Building Commission | ||||
Revenue | 5.375% | 11/1/23 | 60 | 66 |
Kentucky Public Transportation Infrastructure | ||||
Authority Toll Revenue (Downtown Crossing | ||||
Project) BAN | 0.000% | 7/1/21 | 1,325 | 1,145 |
Kentucky Public Transportation Infrastructure | ||||
Authority Toll Revenue (Downtown Crossing | ||||
Project) BAN | 0.000% | 7/1/22 | 810 | 672 |
Kentucky Turnpike Authority Economic | ||||
Development Road Revenue | ||||
(Revitalization Project) | 4.000% | 7/1/17 | 500 | 517 |
Kentucky Turnpike Authority Economic | ||||
Development Road Revenue | ||||
(Revitalization Project) | 5.000% | 7/1/18 | 2,255 | 2,444 |
Kentucky Turnpike Authority Economic | ||||
Development Road Revenue | ||||
(Revitalization Project) | 5.000% | 7/1/19 (Prere.) | 305 | 343 |
Kentucky Turnpike Authority Economic | ||||
Development Road Revenue | ||||
(Revitalization Project) | 5.000% | 7/1/28 | 1,000 | 1,237 |
10,868 | ||||
Louisiana (0.3%) | ||||
Bossier City LA Utilities Revenue | 5.000% | 10/1/22 | 500 | 609 |
Bossier City LA Utilities Revenue | 5.000% | 10/1/23 | 500 | 622 |
Jefferson Parish LA Environmental Facilities & | ||||
Community Development Authority Revenue | 5.000% | 4/1/18 | 405 | 434 |
2 Louisiana Gasoline & Fuel Tax Revenue PUT | 0.870% | 5/1/18 | 1,000 | 997 |
Louisiana State University Revenue | 5.000% | 7/1/23 | 400 | 491 |
New Orleans LA GO | 5.000% | 12/1/31 | 500 | 578 |
New Orleans LA GO | 5.125% | 12/1/33 (17) | 1,645 | 1,742 |
New Orleans LA Sewage Service Revenue | 5.000% | 6/1/24 | 900 | 1,109 |
New Orleans LA Sewage Service Revenue | 5.000% | 6/1/27 | 500 | 618 |
St. Charles Parish LA Gulf Opportunity Zone | ||||
Revenue (Valero Energy Corp.) PUT | 4.000% | 6/1/22 | 1,000 | 1,104 |
8,304 | ||||
Maine (0.2%) | ||||
Maine Health & Higher Educational Facilities | ||||
Authority Revenue (Bowdoin College) VRDO | 0.420% | 7/7/16 LOC | 4,100 | 4,100 |
Portland ME Airport Revenue | 5.000% | 1/1/20 (4) | 500 | 563 |
4,663 |
35
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Maryland (1.8%) | ||||
Anne Arundel County MD GO | 5.000% | 10/1/19 | 1,455 | 1,654 |
Anne Arundel County MD GO | 5.000% | 10/1/20 | 1,455 | 1,710 |
Anne Arundel County MD GO | 5.000% | 10/1/27 | 1,455 | 1,892 |
Baltimore County MD GO | 5.000% | 8/1/21 | 1,435 | 1,723 |
Baltimore MD Consolidated Public | ||||
Improvement GO | 5.000% | 10/15/28 | 650 | 800 |
Baltimore MD Project Revenue | 5.000% | 7/1/24 | 2,000 | 2,541 |
Howard County MD GO | 5.000% | 2/15/22 | 750 | 891 |
Howard County MD GO | 5.000% | 8/15/24 | 200 | 240 |
Maryland Department of Transportation Revenue | 5.000% | 2/15/18 | 500 | 536 |
Maryland Department of Transportation Revenue | 5.000% | 2/15/19 | 1,955 | 2,176 |
Maryland Department of Transportation Revenue | 5.000% | 2/15/20 | 1,090 | 1,256 |
Maryland Department of Transportation Revenue | 4.000% | 12/15/29 | 1,365 | 1,590 |
Maryland GO | 5.000% | 8/1/16 (Prere.) | 450 | 452 |
Maryland GO | 5.000% | 11/1/16 | 105 | 107 |
Maryland GO | 5.000% | 3/15/17 | 500 | 516 |
Maryland GO | 5.000% | 7/15/17 | 610 | 638 |
Maryland GO | 5.000% | 8/1/17 | 500 | 524 |
Maryland GO | 5.250% | 8/15/17 | 500 | 526 |
Maryland GO | 5.250% | 3/1/18 | 200 | 216 |
Maryland GO | 5.000% | 3/1/19 | 1,200 | 1,338 |
Maryland GO | 5.000% | 3/15/19 (Prere.) | 500 | 557 |
Maryland GO | 5.250% | 8/1/20 | 1,000 | 1,179 |
Maryland GO | 4.000% | 8/1/21 | 1,000 | 1,151 |
Maryland GO | 5.000% | 8/1/21 | 870 | 1,020 |
Maryland GO | 5.000% | 8/1/22 | 1,500 | 1,849 |
Maryland GO | 5.000% | 8/1/22 | 1,500 | 1,849 |
Maryland GO | 4.000% | 8/1/23 | 2,390 | 2,852 |
Maryland GO | 5.000% | 8/1/23 | 1,500 | 1,895 |
Maryland GO | 4.000% | 8/1/26 | 1,970 | 2,326 |
Maryland GO | 4.000% | 6/1/29 | 2,000 | 2,350 |
Maryland GO | 4.000% | 6/1/30 | 2,000 | 2,341 |
Maryland Health & Higher Educational Facilities | ||||
Authority Revenue (Anne Arundel Health System) | 5.000% | 7/1/27 | 500 | 589 |
Maryland Health & Higher Educational Facilities | ||||
Authority Revenue (Johns Hopkins Health System | ||||
Obligated Group) | 5.000% | 7/1/24 | 500 | 606 |
Maryland Health & Higher Educational Facilities | ||||
Authority Revenue (Loyola University) | 5.000% | 10/1/16 | 575 | 581 |
Maryland Health & Higher Educational Facilities | ||||
Authority Revenue (Maryland Institute | ||||
College of Art) | 5.000% | 6/1/20 | 500 | 567 |
Maryland Health & Higher Educational Facilities | ||||
Authority Revenue (Meritus Medical Center, Inc.) | 5.000% | 7/1/33 | 1,215 | 1,447 |
Maryland Transportation Authority Facilities | ||||
Projects Revenue | 5.000% | 7/1/22 | 500 | 563 |
Maryland Transportation Authority GAN | 5.250% | 3/1/18 | 700 | 754 |
Maryland Transportation Authority GAN | 5.250% | 3/1/20 | 500 | 559 |
Maryland Water Quality Financing Administration | ||||
Bay Restoration Revolving Loan Fund Revenue | 5.000% | 3/1/24 | 1,620 | 2,059 |
Montgomery County MD GO | 5.000% | 7/1/17 | 500 | 522 |
Montgomery County MD GO | 5.000% | 11/1/17 | 500 | 530 |
Prince Georges County MD GO | 5.000% | 9/15/23 | 500 | 601 |
50,073 |
36
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Massachusetts (1.5%) | ||||
Boston MA GO | 5.000% | 4/1/20 | 780 | 903 |
Massachusetts Bay Transportation Authority | ||||
Sales Tax Revenue | 5.000% | 7/1/18 (Prere.) | 500 | 543 |
Massachusetts Bay Transportation Authority | ||||
Sales Tax Revenue | 5.250% | 7/1/22 | 480 | 594 |
Massachusetts Bay Transportation Authority | ||||
Sales Tax Revenue | 5.500% | 7/1/26 (14) | 400 | 544 |
Massachusetts Bay Transportation Authority | ||||
Sales Tax Revenue | 5.250% | 7/1/28 | 500 | 685 |
Massachusetts Bay Transportation Authority | ||||
Sales Tax Revenue | 5.000% | 7/1/31 | 915 | 1,259 |
Massachusetts College Building Authority Revenue | 4.000% | 5/1/17 | 650 | 669 |
Massachusetts College Building Authority Revenue | 5.250% | 5/1/19 (Prere.) | 445 | 501 |
Massachusetts Department of Transportation | ||||
Metropolitan Highway System Revenue | 5.000% | 1/1/23 | 500 | 569 |
Massachusetts Development Finance Agency | ||||
Revenue (Emerson College) | 5.500% | 1/1/30 | 450 | 507 |
Massachusetts Development Finance Agency | ||||
Revenue (Harvard University) | 5.000% | 1/1/20 | 355 | 408 |
Massachusetts Development Finance Agency | ||||
Revenue (Lahey Clinic Obligated Group) | 5.000% | 8/15/25 | 750 | 871 |
Massachusetts Development Finance Agency | ||||
Revenue (Lahey Clinic Obligated Group) | 5.000% | 8/15/26 | 500 | 579 |
Massachusetts Development Finance Agency | ||||
Revenue (Lahey Clinic Obligated Group) | 5.000% | 8/15/27 | 600 | 693 |
Massachusetts Development Finance Agency | ||||
Revenue (Milford Regional Medical Center) | 5.000% | 7/15/17 | 300 | 313 |
Massachusetts Development Finance Agency | ||||
Revenue (Milford Regional Medical Center) | 5.000% | 7/15/18 | 200 | 215 |
Massachusetts Development Finance Agency | ||||
Revenue (UMass Memorial Medical Center) | 5.125% | 7/1/26 | 720 | 830 |
Massachusetts Educational Financing Authority | ||||
Education Loan Revenue | 5.500% | 1/1/22 | 300 | 339 |
Massachusetts GO | 4.750% | 8/1/16 (Prere.) | 500 | 502 |
Massachusetts GO | 5.500% | 11/1/16 | 500 | 509 |
Massachusetts GO | 5.250% | 8/1/17 (Prere.) | 800 | 840 |
Massachusetts GO | 5.500% | 10/1/18 | 500 | 554 |
Massachusetts GO | 5.000% | 3/1/19 (Prere.) | 500 | 555 |
Massachusetts GO | 5.000% | 7/1/19 (Prere.) | 500 | 561 |
Massachusetts GO | 5.000% | 8/1/20 | 500 | 583 |
Massachusetts GO | 5.250% | 8/1/20 | 300 | 353 |
Massachusetts GO | 5.500% | 10/1/20 | 500 | 596 |
Massachusetts GO | 5.500% | 10/1/20 (14) | 500 | 596 |
Massachusetts GO | 5.000% | 8/1/22 | 1,000 | 1,225 |
Massachusetts GO | 5.250% | 8/1/23 | 500 | 635 |
Massachusetts GO | 0.977% | 11/1/25 | 1,380 | 1,355 |
Massachusetts GO | 5.000% | 7/1/26 | 1,375 | 1,815 |
Massachusetts GO | 5.000% | 4/1/29 | 500 | 590 |
Massachusetts GO | 4.000% | 11/1/30 | 1,980 | 2,241 |
2 Massachusetts GO PUT | 0.710% | 8/1/17 | 1,000 | 999 |
Massachusetts Health & Educational Facilities | ||||
Authority Revenue (Harvard University) | 5.000% | 12/15/28 | 500 | 575 |
Massachusetts Health & Educational Facilities | ||||
Authority Revenue (Museum of Fine Arts) VRDO | 0.400% | 7/1/16 | 2,000 | 2,000 |
37
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Massachusetts Port Authority Revenue | 5.000% | 7/1/17 | 415 | 433 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 5.000% | 5/15/19 | 500 | 561 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 5.000% | 10/15/20 | 225 | 264 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 5.000% | 5/15/21 | 900 | 1,071 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 5.000% | 8/15/23 | 495 | 610 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 5.000% | 8/15/31 | 1,500 | 1,901 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 4.000% | 8/15/32 | 600 | 693 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 5.000% | 8/15/34 | 1,000 | 1,252 |
Massachusetts School Building Authority | ||||
Dedicated Sales Tax Revenue | 5.000% | 8/15/35 | 2,000 | 2,496 |
Massachusetts Special Obligation Dedicated | ||||
Tax Revenue | 5.500% | 1/1/26 (14) | 500 | 660 |
Massachusetts Transportation Fund Revenue | ||||
(Accelerated Bridge Program) | 5.000% | 6/1/18 | 1,400 | 1,518 |
Massachusetts Turnpike Authority Revenue | ||||
(Metropolitan Highway System) | 0.000% | 1/1/29 (14) | 300 | 238 |
Massachusetts Water Pollution Abatement | ||||
Trust Revenue | 5.000% | 8/1/19 | 240 | 272 |
Massachusetts Water Pollution Abatement | ||||
Trust Revenue | 5.250% | 8/1/20 | 200 | 236 |
Massachusetts Water Pollution Abatement | ||||
Trust Revenue | 5.250% | 8/1/21 | 500 | 606 |
Massachusetts Water Pollution Abatement | ||||
Trust Revenue | 5.250% | 8/1/30 | 625 | 875 |
Massachusetts Water Resources Authority | ||||
Revenue | 5.000% | 8/1/25 | 895 | 1,045 |
Massachusetts Water Resources Authority | ||||
Revenue | 5.000% | 8/1/35 | 1,000 | 1,275 |
44,112 | ||||
Michigan (1.3%) | ||||
Battle Creek MI School District GO | 5.000% | 5/1/25 | 500 | 621 |
Birmingham MI City School District GO | 5.000% | 5/1/22 | 740 | 899 |
Chippewa Valley MI Schools GO | 5.000% | 5/1/33 | 1,000 | 1,224 |
Dearborn MI School District GO | 5.000% | 5/1/34 | 1,200 | 1,430 |
Detroit MI City School District GO | 5.250% | 5/1/28 (4) | 500 | 642 |
Detroit MI Sewage Disposal System Revenue | 7.000% | 7/1/27 (4) | 1,000 | 1,157 |
Detroit MI Water & Sewerage Department | ||||
Sewage Disposal System Revenue | 5.000% | 7/1/22 | 370 | 439 |
Detroit MI Water & Sewerage Department | ||||
Sewage Disposal System Revenue | 5.000% | 7/1/23 | 1,025 | 1,211 |
Detroit MI Water & Sewerage Department | ||||
Sewage Disposal System Revenue | 5.000% | 7/1/32 | 1,000 | 1,139 |
Lincoln MI Consolidated School District GO | 5.000% | 5/1/24 (4) | 1,000 | 1,226 |
Marysville MI Public Schools District GO | 5.000% | 5/1/28 | 1,605 | 2,026 |
Michigan Building Authority Revenue | 5.000% | 10/15/20 (4) | 500 | 568 |
Michigan Finance Authority Hospital Revenue | ||||
Bonds (Trinity Health Credit Group) | 5.000% | 12/1/35 | 920 | 1,088 |
Michigan Finance Authority Revenue | 5.000% | 10/1/22 | 500 | 586 |
38
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Michigan Finance Authority Revenue | ||||
(Detroit Water & Sewer) | 5.000% | 7/1/23 (4) | 1,000 | 1,215 |
Michigan Finance Authority Revenue | ||||
(Detroit Water & Sewer) | 5.000% | 7/1/28 | 750 | 910 |
Michigan Finance Authority Revenue | ||||
(Detroit Water & Sewer) | 5.000% | 7/1/29 | 1,500 | 1,791 |
Michigan Finance Authority Revenue | ||||
(Detroit Water & Sewer) | 5.000% | 7/1/33 | 1,000 | 1,177 |
Michigan Finance Authority Revenue | ||||
(Sparrow Obligated Group) | 5.000% | 11/15/27 | 500 | 587 |
Michigan Finance Authority Revenue | ||||
(State Clean Water Revolving Fund) | 5.000% | 10/1/27 | 1,000 | 1,228 |
Michigan Finance Authority Revenue | ||||
(State Clean Water Revolving Fund) | 5.000% | 10/1/31 | 500 | 610 |
Michigan Finance Authority Revenue | ||||
(Unemployment Obligation Assessment) | 5.000% | 1/1/18 | 500 | 533 |
Michigan Finance Authority Revenue | ||||
(Unemployment Obligation Assessment) | 5.000% | 1/1/22 | 2,000 | 2,130 |
Michigan GO | 5.000% | 5/1/18 | 500 | 540 |
Michigan GO | 5.500% | 5/1/19 (Prere.) | 595 | 674 |
Michigan State University Revenue | 5.000% | 8/15/20 | 1,040 | 1,213 |
Michigan Trunk Line Revenue | 5.000% | 11/1/21 | 500 | 569 |
Oakland University MI Revenue | 5.000% | 3/1/30 | 1,155 | 1,436 |
Portage MI Public Schools GO | 5.000% | 11/1/34 | 1,250 | 1,538 |
Rochester MI Community School District GO | 5.000% | 5/1/18 | 1,800 | 1,940 |
Royal Oak MI Hospital Finance Authority Hospital | ||||
Revenue (William Beaumont Hospital) | 5.000% | 9/1/25 | 1,400 | 1,724 |
2 University of Michigan Revenue PUT | 0.840% | 4/2/18 | 1,000 | 994 |
Wayne County MI Airport Authority Revenue | 5.000% | 12/1/30 | 1,300 | 1,604 |
Wayne County MI Airport Authority Revenue | ||||
(Detroit Metropolitan Wayne County Airport) | 5.000% | 12/1/16 | 500 | 509 |
Wayne County MI Airport Authority Revenue | ||||
(Detroit Metropolitan Wayne County Airport) | 4.500% | 12/1/25 (14) | 1,000 | 1,048 |
38,226 | ||||
Minnesota (0.7%) | ||||
Minneapolis & St. Paul MN Metropolitan | ||||
Council Wastewater GO | 5.000% | 3/1/21 | 1,435 | 1,705 |
Minneapolis & St. Paul MN Metropolitan | ||||
Council Wastewater GO | 5.000% | 3/1/25 | 1,605 | 2,094 |
Minneapolis MN Special School District No. 1 COP | 5.000% | 2/1/26 | 1,855 | 2,278 |
Minnesota GO | 5.000% | 10/1/17 (ETM) | 10 | 11 |
Minnesota GO | 5.000% | 10/1/17 | 490 | 517 |
Minnesota GO | 5.000% | 8/1/19 | 500 | 566 |
Minnesota GO | 5.000% | 11/1/20 | 335 | 382 |
Minnesota GO | 5.000% | 8/1/21 | 500 | 563 |
Minnesota GO | 5.000% | 8/1/22 | 1,305 | 1,606 |
Minnesota GO | 5.000% | 8/1/25 | 1,500 | 1,969 |
Minnesota GO | 5.000% | 8/1/27 | 1,005 | 1,308 |
Southern Minnesota Municipal Power Agency | ||||
Power Supply System Revenue | 5.250% | 1/1/19 (Prere.) | 500 | 556 |
University of Minnesota Revenue | 5.000% | 12/1/18 | 1,000 | 1,104 |
University of Minnesota Revenue | 5.000% | 4/1/19 | 2,775 | 3,099 |
University of Minnesota Revenue | 5.000% | 8/1/19 | 500 | 564 |
University of Minnesota Revenue | 5.250% | 12/1/29 | 500 | 593 |
18,915 |
39
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Mississippi (0.2%) | ||||
DeSoto County MS School District GO | 5.000% | 5/1/19 | 370 | 415 |
Mississippi GO | 5.500% | 12/1/18 | 750 | 836 |
Mississippi GO | 5.000% | 10/1/19 | 2,000 | 2,272 |
Mississippi GO | 5.000% | 11/1/29 | 1,000 | 1,281 |
Mississippi State University Educational Building | ||||
Corp. Revenue | 5.000% | 8/1/32 | 1,000 | 1,228 |
6,032 | ||||
Missouri (0.4%) | ||||
Missouri Board of Public Buildings Special | ||||
Obligation Revenue | 4.000% | 4/1/20 | 1,000 | 1,116 |
Missouri Health & Educational Facilities Authority | ||||
Educational Facilities Revenue (St. Louis College | ||||
of Pharmacy Project) | 5.000% | 5/1/30 | 500 | 570 |
Missouri Health & Educational Facilities Authority | ||||
Educational Facilities Revenue (St. Louis College | ||||
of Pharmacy Project) | 5.000% | 5/1/34 | 880 | 989 |
Missouri Health & Educational Facilities Authority | ||||
Health Facilities Revenue (SSM Health System) | 5.000% | 6/1/25 | 1,000 | 1,254 |
Missouri Health & Educational Facilities Authority | ||||
Revenue (Mercy Health) | 5.000% | 11/15/34 | 1,500 | 1,788 |
Missouri Health & Educational Facilities Authority | ||||
Revenue (Mercy Health) VRDO | 0.743% | 6/1/31 (2) | 500 | 456 |
Missouri Highways & Transportation Commission | ||||
Road Revenue | 5.000% | 5/1/17 | 500 | 519 |
Missouri Highways & Transportation Commission | ||||
Road Revenue | 5.250% | 5/1/17 (Prere.) | 350 | 364 |
Missouri Highways & Transportation Commission | ||||
Road Revenue | 5.000% | 2/1/23 | 600 | 749 |
Missouri Highways & Transportation Commission | ||||
Road Revenue | 5.000% | 5/1/23 | 500 | 559 |
Missouri Joint Municipal Electric Utility | ||||
Commission Power Project Revenue | ||||
(Iatan 2 Project) | 5.000% | 12/1/34 | 1,400 | 1,703 |
St. Louis MO Parking Revenue | 5.000% | 12/15/23 (4) | 690 | 850 |
St. Louis MO Sewer & Wastewater Revenue | 5.000% | 5/1/36 | 1,000 | 1,249 |
12,166 | ||||
Nebraska (0.3%) | ||||
Central Plains Energy Project Nebraska Gas | ||||
Project Revenue (Project No. 1) | 5.250% | 12/1/18 | 160 | 175 |
Central Plains Energy Project Nebraska Gas | ||||
Supply Revenue PUT | 5.000% | 12/1/19 | 2,000 | 2,270 |
Lincoln County NE Hospital Authority No. 1 | ||||
Hospital Revenue (Great Plains Regional | ||||
Medical Center Project) | 5.000% | 11/1/23 | 750 | 873 |
Lincoln NE Electric System Revenue | 5.000% | 9/1/25 | 400 | 489 |
Municipal Energy Agency of Nebraska Power | ||||
Supply System Revenue | 5.000% | 4/1/31 | 345 | 406 |
Nebraska Public Power District Revenue | 5.000% | 1/1/30 | 1,000 | 1,187 |
Nebraska Public Power District Revenue | 5.000% | 1/1/32 | 1,500 | 1,768 |
7,168 |
40
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Nevada (0.9%) | ||||
Carson City NV Hospital Revenue | ||||
(Carson Tahoe Regional Medical Center) | 5.000% | 9/1/33 | 1,500 | 1,687 |
Clark County NV GO | 5.000% | 12/1/29 | 500 | 565 |
Clark County NV GO | 5.000% | 7/1/33 | 1,000 | 1,208 |
Clark County NV Highway Improvement Motor | ||||
Vehicle Fuel Tax Revenue | 5.000% | 7/1/27 | 500 | 561 |
Clark County NV Passenger Facility Charge | ||||
Revenue (Las Vegas McCarran International | ||||
Airport) | 4.500% | 7/1/20 | 455 | 510 |
Clark County NV School District GO | 5.000% | 12/15/17 (Prere.) | 2,000 | 2,128 |
Clark County NV School District GO | 5.000% | 12/15/17 (Prere.) | 1,175 | 1,250 |
Clark County NV School District GO | 5.000% | 6/15/18 | 1,690 | 1,796 |
Las Vegas NV GO | 5.000% | 6/1/18 | 1,225 | 1,325 |
Las Vegas Valley Water District Nevada GO | 5.000% | 6/1/24 | 1,000 | 1,265 |
Las Vegas Valley Water District Nevada GO | 5.000% | 2/1/35 | 1,000 | 1,063 |
Las Vegas Valley Water District Nevada GO | 5.000% | 6/1/35 | 1,870 | 2,342 |
Nevada Capital Improvement & Cultural Affairs GO | 5.000% | 12/1/17 (Prere.) | 500 | 531 |
Nevada GO | 5.000% | 4/1/22 | 1,710 | 2,075 |
Nevada GO | 5.000% | 11/1/23 | 1,465 | 1,844 |
Nevada GO | 5.000% | 11/1/25 | 1,015 | 1,309 |
Reno NV Health Facility Revenue (Dignity Health | ||||
Obligated Group) | 5.250% | 7/1/31 | 1,100 | 1,140 |
Truckee Meadows NV Water Authority Water | ||||
Revenue | 5.000% | 7/1/34 | 1,500 | 1,895 |
24,494 | ||||
New Hampshire (0.2%) | ||||
Manchester NH General Airport Revenue | 5.000% | 1/1/17 | 500 | 509 |
New Hampshire Health & Education Facilities | ||||
Authority Hospital Revenue (Catholic Medical | ||||
Center of Manchester) | 5.000% | 7/1/16 (Prere.) | 1,885 | 1,885 |
New Hampshire Health & Education Facilities | ||||
Authority Hospital Revenue (Catholic Medical | ||||
Center of Manchester) | 5.000% | 7/1/32 | 855 | 855 |
New Hampshire Health & Education Facilities | ||||
Authority Revenue (Southern New Hampshire | ||||
Medical Center) | 5.000% | 10/1/32 | 1,865 | 1,958 |
New Hampshire Municipal Bond Bank Revenue | 5.000% | 8/15/16 | 115 | 116 |
5,323 | ||||
New Jersey (1.6%) | ||||
Bergen County NJ GO | 5.000% | 10/15/21 | 1,470 | 1,777 |
Garden State Preservation Trust New Jersey | ||||
Revenue (Open Space & Farmland Preservation) | 0.000% | 11/1/21 (4) | 500 | 455 |
Jersey City NJ GO | 5.000% | 3/1/21 | 480 | 553 |
Morris County NJ Improvement Authority School | ||||
District Revenue (Morris Hills Regional | ||||
District Project) | 5.000% | 10/1/23 | 495 | 611 |
New Jersey COP | 5.250% | 6/15/30 | 465 | 510 |
New Jersey Economic Development Authority | ||||
Revenue | 5.000% | 6/15/21 | 1,000 | 1,111 |
New Jersey Economic Development Authority | ||||
Revenue | 5.000% | 6/15/23 | 1,000 | 1,131 |
New Jersey Economic Development Authority | ||||
Revenue (Cigarette Tax) | 5.000% | 6/15/19 | 700 | 758 |
41
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New Jersey Economic Development Authority | ||||
Revenue (Cigarette Tax) | 5.000% | 6/15/26 | 1,500 | 1,679 |
New Jersey Economic Development Authority | ||||
Revenue (Motor Vehicle Surcharges) | 5.250% | 7/1/26 (14) | 500 | 613 |
New Jersey Economic Development Authority | ||||
Revenue (School Facilities Construction) | 5.250% | 9/1/24 | 300 | 333 |
New Jersey Economic Development Authority | ||||
Revenue (School Facilities Construction) | 5.000% | 3/1/28 | 2,095 | 2,324 |
New Jersey Economic Development Authority | ||||
Revenue(New Jersey Transit Light Rail Transit | ||||
System Project) | 5.000% | 5/1/17 | 500 | 516 |
New Jersey Economic Development Authority | ||||
Sublease Revenue (New Jersey Transit Corp. | ||||
Light Rail Transit System Project) | 5.000% | 5/1/18 | 500 | 529 |
New Jersey Economic Development Authority | ||||
Sublease Revenue (New Jersey Transit Corp. | ||||
Light Rail Transit System Project) | 5.000% | 5/1/19 | 500 | 541 |
New Jersey Educational Facilities Authority | ||||
Revenue (University Medical & Dentistry) | 6.500% | 6/1/19 (Prere.) | 195 | 227 |
New Jersey GO | 5.250% | 7/1/16 (14) | 500 | 500 |
New Jersey GO | 5.000% | 8/1/16 | 440 | 442 |
New Jersey GO | 5.250% | 7/15/18 (2) | 500 | 541 |
New Jersey GO | 5.000% | 8/15/19 | 750 | 834 |
New Jersey Health Care Facilities Financing | ||||
Authority Lease Revenue (Greystone Park | ||||
Psychiatric Hospital Project) | 5.000% | 9/15/24 | 500 | 565 |
New Jersey Health Care Facilities Financing | ||||
Authority Revenue (Barnabas Health) | 5.000% | 7/1/18 | 250 | 269 |
New Jersey Health Care Facilities Financing | ||||
Authority Revenue (Barnabas Health) | 5.000% | 7/1/22 | 1,000 | 1,207 |
New Jersey Health Care Facilities Financing | ||||
Authority Revenue (Barnabas Health) | 5.000% | 7/1/25 | 900 | 1,069 |
New Jersey Health Care Facilities Financing | ||||
Authority Revenue (Hackensack University | ||||
Medical Center) | 5.000% | 1/1/18 (4) | 385 | 408 |
New Jersey Health Care Facilities Financing | ||||
Authority Revenue (Hackensack University | ||||
Medical Center) | 5.000% | 1/1/19 | 500 | 547 |
New Jersey Health Care Facilities Financing | ||||
Authority Revenue (Meridian Health System | ||||
Obligated Group) | 5.000% | 7/1/21 | 640 | 754 |
New Jersey Higher Education Assistance | ||||
Authority Student Loan Revenue | 5.000% | 12/1/16 | 245 | 250 |
New Jersey Higher Education Assistance | ||||
Authority Student Loan Revenue | 5.250% | 12/1/28 | 270 | 284 |
New Jersey Sports & Exposition Authority | ||||
Revenue | 5.000% | 9/1/16 | 200 | 201 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation Program Revenue | 5.250% | 6/15/33 | 1,500 | 1,719 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 5.000% | 12/15/16 | 275 | 280 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 5.500% | 12/15/17 (4) | 150 | 159 |
42
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 5.500% | 12/15/18 (4) | 1,135 | 1,250 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 5.000% | 12/15/19 | 650 | 711 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 5.250% | 12/15/19 | 500 | 551 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 5.500% | 12/15/20 (14) | 2,500 | 2,855 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 5.250% | 12/15/21 (14) | 245 | 282 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 5.500% | 12/15/21 (12) | 150 | 176 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 5.500% | 12/15/22 | 1,315 | 1,525 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 5.500% | 12/15/23 | 605 | 707 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 5.000% | 12/15/24 | 1,000 | 1,139 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 0.000% | 12/15/26 (2) | 2,000 | 1,396 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 5.500% | 6/15/31 | 500 | 565 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 5.000% | 6/15/32 | 700 | 789 |
New Jersey Transportation Trust Fund Authority | ||||
Transportation System Revenue | 5.250% | 6/15/32 | 1,000 | 1,146 |
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/22 | 500 | 549 |
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/31 | 1,000 | 1,173 |
New Jersey Turnpike Authority Revenue | 5.000% | 1/1/32 | 1,000 | 1,188 |
South Jersey Transportation Authority New Jersey | ||||
Transportation System Revenue | 5.000% | 11/1/25 | 500 | 578 |
Tobacco Settlement Financing Corp. New Jersey | ||||
Revenue | 5.000% | 6/1/18 | 1,500 | 1,560 |
Tobacco Settlement Financing Corp. New Jersey | ||||
Revenue | 5.000% | 6/1/19 | 850 | 882 |
Tobacco Settlement Financing Corp. New Jersey | ||||
Revenue | 0.000% | 6/1/41 | 1,000 | 262 |
Tobacco Settlement Financing Corp. New Jersey | ||||
Revenue | 0.000% | 6/1/41 | 7,100 | 1,899 |
West Deptford Township NJ GO | 5.000% | 7/1/27 (4) | 635 | 661 |
45,541 | ||||
New Mexico (0.2%) | ||||
Farmington NM Pollution Control Revenue | ||||
(Arizona Public Service Co. Four Corners Project) | 4.700% | 9/1/24 | 1,750 | 1,962 |
New Mexico Educational Assistance Foundation | ||||
Revenue | 5.000% | 12/1/19 | 500 | 570 |
New Mexico Finance Authority Transportation | ||||
Revenue | 5.000% | 6/15/23 | 500 | 579 |
New Mexico Hospital Equipment Loan Council | ||||
Hospital System Revenue (Presbyterian | ||||
Healthcare Services) | 5.000% | 8/1/28 | 1,350 | 1,692 |
4,803 |
43
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York (8.1%) | ||||
1 Dutchess County NY Local Development Corp. | ||||
Revenue (Health Quest Systems Inc. Project) | 5.000% | 7/1/30 | 1,255 | 1,559 |
Erie County NY Industrial Development Agency | ||||
School Facility Revenue (Buffalo City School | ||||
District Project) | 5.000% | 5/1/18 | 500 | 539 |
Erie County NY Industrial Development Agency | ||||
School Facility Revenue (Buffalo City School | ||||
District Project) | 5.000% | 5/1/19 | 500 | 560 |
Erie County NY Industrial Development Agency | ||||
School Facility Revenue (Buffalo City School | ||||
District Project) | 5.250% | 5/1/31 | 500 | 588 |
Long Island NY Power Authority Electric System | ||||
Revenue | 5.000% | 12/1/17 | 630 | 642 |
Long Island NY Power Authority Electric System | ||||
Revenue | 5.000% | 12/1/18 (14) | 400 | 408 |
Long Island NY Power Authority Electric System | ||||
Revenue | 5.250% | 4/1/19 | 325 | 363 |
Long Island NY Power Authority Electric System | ||||
Revenue | 5.250% | 4/1/19 (ETM) | 75 | 84 |
Long Island NY Power Authority Electric System | ||||
Revenue | 5.000% | 5/1/19 (14) | 500 | 508 |
Long Island NY Power Authority Electric System | ||||
Revenue | 5.000% | 4/1/23 | 575 | 626 |
Long Island NY Power Authority Electric System | ||||
Revenue | 5.000% | 9/1/24 | 45 | 55 |
2 Long Island NY Power Authority Electric System | ||||
Revenue PUT | 0.970% | 11/1/18 | 1,000 | 993 |
Monroe County NY Industrial Development | ||||
Corp. Mortgage Revenue (Unity Hospital | ||||
Rochester Project) | 5.500% | 8/15/23 | 800 | 804 |
Nassau County NY GO | 5.000% | 4/1/23 | 1,000 | 1,221 |
New York City NY GO | 5.000% | 8/1/16 (Prere.) | 5 | 5 |
New York City NY GO | 5.000% | 8/1/16 | 500 | 502 |
New York City NY GO | 5.000% | 2/1/17 | 500 | 513 |
New York City NY GO | 5.000% | 2/1/17 (Prere.) | 335 | 343 |
New York City NY GO | 5.250% | 8/1/17 | 700 | 735 |
New York City NY GO | 5.000% | 2/1/18 | 165 | 169 |
New York City NY GO | 5.250% | 8/15/18 (Prere.) | 40 | 44 |
New York City NY GO | 5.500% | 11/15/18 (Prere.) | 300 | 334 |
New York City NY GO | 5.625% | 4/1/19 (Prere.) | 450 | 510 |
New York City NY GO | 5.000% | 8/1/19 | 1,500 | 1,692 |
New York City NY GO | 5.000% | 8/1/19 | 500 | 524 |
New York City NY GO | 5.000% | 8/1/19 | 1,065 | 1,201 |
New York City NY GO | 5.000% | 8/1/20 | 2,935 | 3,414 |
New York City NY GO | 5.250% | 9/1/20 | 1,000 | 1,102 |
New York City NY GO | 5.000% | 8/1/21 | 1,535 | 1,831 |
New York City NY GO | 5.000% | 8/1/21 | 2,000 | 2,386 |
New York City NY GO | 5.000% | 8/1/21 | 515 | 614 |
New York City NY GO | 5.000% | 8/1/22 | 500 | 610 |
New York City NY GO | 5.000% | 10/1/22 | 500 | 606 |
New York City NY GO | 5.000% | 8/1/23 | 1,505 | 1,874 |
New York City NY GO | 5.000% | 8/1/23 | 380 | 463 |
New York City NY GO | 5.250% | 8/15/24 | 460 | 505 |
44
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York City NY GO | 5.000% | 8/1/25 | 750 | 900 |
New York City NY GO | 5.000% | 8/1/25 | 1,010 | 1,307 |
New York City NY GO | 5.000% | 8/1/26 | 500 | 606 |
New York City NY GO | 5.000% | 8/1/26 | 1,000 | 1,233 |
New York City NY GO | 5.000% | 8/15/26 | 475 | 519 |
2 New York City NY GO | 0.810% | 8/1/27 | 2,000 | 1,998 |
New York City NY GO | 5.000% | 5/15/28 | 480 | 535 |
New York City NY GO | 5.000% | 8/1/28 | 1,500 | 1,942 |
New York City NY GO | 5.000% | 8/1/28 | 495 | 497 |
New York City NY GO | 5.000% | 8/1/28 | 400 | 463 |
New York City NY GO | 5.625% | 4/1/29 | 390 | 439 |
New York City NY GO | 5.000% | 5/15/29 | 500 | 557 |
New York City NY GO | 5.000% | 8/1/30 | 1,000 | 1,236 |
New York City NY GO | 5.000% | 3/1/31 | 1,340 | 1,634 |
New York City NY GO | 5.000% | 8/1/31 | 365 | 433 |
New York City NY GO VRDO | 0.390% | 7/1/16 LOC | 1,100 | 1,100 |
New York City NY GO VRDO | 0.400% | 7/1/16 LOC | 4,600 | 4,600 |
New York City NY Health & Hospital Corp. | ||||
Revenue (Health System) | 5.000% | 2/15/24 | 1,500 | 1,715 |
New York City NY Health & Hospital Corp. | ||||
Revenue (Health System) | 5.000% | 2/15/30 | 500 | 565 |
New York City NY Housing Development Corp. | ||||
Multi-Family Housing Revenue | 5.250% | 7/1/29 | 1,000 | 1,228 |
New York City NY Housing Development Corp. | ||||
Multi-Family Housing Revenue PUT | 2.950% | 2/1/26 | 1,000 | 1,063 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 0.000% | 6/15/18 | 750 | 736 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/27 | 1,200 | 1,541 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/27 | 500 | 558 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 4.750% | 6/15/30 | 255 | 273 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/30 | 500 | 577 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue | 5.000% | 6/15/31 | 500 | 595 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue VRDO | 0.370% | 7/1/16 | 2,000 | 2,000 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue VRDO | 0.380% | 7/1/16 | 1,475 | 1,475 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue VRDO | 0.390% | 7/1/16 | 100 | 100 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue VRDO | 0.390% | 7/1/16 | 2,300 | 2,300 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue VRDO | 0.390% | 7/1/16 | 1,000 | 1,000 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue VRDO | 0.400% | 7/1/16 | 1,000 | 1,000 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue VRDO | 0.400% | 7/1/16 | 5,200 | 5,200 |
New York City NY Municipal Water Finance | ||||
Authority Water & Sewer System Revenue VRDO | 0.390% | 7/5/16 | 1,700 | 1,700 |
45
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.000% | 7/15/24 | 500 | 618 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.250% | 1/15/25 | 500 | 558 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.250% | 1/15/26 | 500 | 557 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.000% | 7/15/28 | 1,730 | 2,206 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.125% | 1/15/29 | 1,070 | 1,189 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.000% | 7/15/29 | 2,000 | 2,535 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.000% | 7/15/30 | 1,000 | 1,277 |
New York City NY Transitional Finance Authority | ||||
Building Aid Revenue | 5.000% | 7/15/32 | 250 | 303 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 8/1/16 (Prere.) | 280 | 281 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 5/1/17 (Prere.) | 330 | 342 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 5/1/17 (Prere.) | 660 | 684 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 5/1/17 (Prere.) | 330 | 342 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 5/1/17 (Prere.) | 335 | 347 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 2/1/18 (ETM) | 200 | 214 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/18 | 170 | 176 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/18 | 1,000 | 1,101 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/23 | 165 | 171 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/24 | 170 | 176 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/25 | 340 | 352 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/25 | 400 | 481 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/28 | 1,325 | 1,711 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 5/1/29 | 850 | 1,051 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 2/1/30 | 500 | 613 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.250% | 2/1/30 | 500 | 592 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 2/1/31 | 500 | 584 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 5/1/31 | 300 | 365 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/31 | 500 | 617 |
46
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 8/1/32 | 1,250 | 1,565 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/32 | 500 | 617 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/32 | 1,500 | 1,905 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 8/1/34 | 1,450 | 1,801 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/34 | 1,500 | 1,887 |
New York City NY Transitional Finance Authority | ||||
Future Tax Revenue | 5.000% | 11/1/35 | 1,725 | 2,169 |
New York City NY Transitional Finance Authority | ||||
Recovery Revenue VRDO | 0.390% | 7/1/16 | 4,200 | 4,200 |
New York Liberty Development Corp. Revenue | 5.000% | 11/15/31 | 1,000 | 1,184 |
New York Liberty Development Corp. Revenue | ||||
(7 World Trade Center Project) | 5.000% | 9/15/31 | 1,000 | 1,210 |
New York Liberty Development Corp. Revenue | ||||
(Goldman Sachs Headquarters) | 5.250% | 10/1/35 | 500 | 673 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/17 (Prere.) | 110 | 117 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/17 (Prere.) | 500 | 530 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/21 | 210 | 253 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.250% | 11/15/21 (14) | 300 | 365 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/28 | 1,675 | 2,165 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/28 | 500 | 539 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/30 | 500 | 595 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.250% | 11/15/30 | 500 | 592 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/31 | 300 | 305 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/32 | 500 | 607 |
New York Metropolitan Transportation Authority | ||||
Revenue | 5.000% | 11/15/33 | 1,500 | 1,813 |
New York Metropolitan Transportation Authority | ||||
Revenue (Dedicated Petroleum Tax) | 5.250% | 11/15/19 (Prere.) | 600 | 690 |
New York Metropolitan Transportation Authority | ||||
Revenue (Dedicated Tax Fund) | 5.000% | 11/15/16 (Prere.) | 500 | 509 |
New York Metropolitan Transportation Authority | ||||
Revenue (Dedicated Tax Fund) | 5.250% | 11/15/29 | 1,665 | 2,213 |
New York Metropolitan Transportation Authority | ||||
Revenue (Dedicated Tax Fund) | 5.000% | 11/15/32 | 1,455 | 1,873 |
New York Metropolitan Transportation Authority | ||||
Revenue (Dedicated Tax Fund) | 5.000% | 11/15/35 | 2,000 | 2,545 |
New York Metropolitan Transportation Authority | ||||
Revenue (Service Contract) | 5.750% | 1/1/17 (14) | 560 | 575 |
47
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York Metropolitan Transportation Authority | ||||
Revenue (Transit Revenue) | 5.500% | 11/15/18 | 375 | 398 |
New York Metropolitan Transportation Authority | ||||
Revenue (Transit Revenue) | 5.000% | 11/15/31 | 1,165 | 1,385 |
2 New York Metropolitan Transportation Authority | ||||
Revenue PUT | 0.770% | 11/15/17 | 1,500 | 1,498 |
New York Metropolitan Transportation Authority | ||||
Revenue VRDO | 0.390% | 7/1/16 LOC | 2,900 | 2,900 |
New York State Dormitory Authority Lease | ||||
Revenue (City of New York Court Facilities) | 5.500% | 5/15/24 (2) | 500 | 647 |
New York State Dormitory Authority Lease | ||||
Revenue (City of New York Court Facilities) | 5.500% | 5/15/27 (2) | 500 | 675 |
New York State Dormitory Authority Lease | ||||
Revenue (Mental Health Services Facilities) | 5.000% | 8/15/21 | 500 | 582 |
New York State Dormitory Authority Revenue | 5.000% | 10/1/19 (Prere.) | 1,200 | 1,365 |
New York State Dormitory Authority Revenue | 5.000% | 10/1/20 | 75 | 85 |
New York State Dormitory Authority Revenue | ||||
(City University System) | 5.000% | 7/1/24 | 400 | 464 |
New York State Dormitory Authority Revenue | ||||
(Fordham University) | 5.000% | 7/1/18 (Prere.) | 250 | 272 |
New York State Dormitory Authority Revenue | ||||
(Icahn School of Medicine at Mount Sinai) | 5.000% | 7/1/28 | 1,000 | 1,244 |
New York State Dormitory Authority Revenue | ||||
(Icahn School of Medicine at Mount Sinai) | 5.000% | 7/1/32 | 1,000 | 1,226 |
New York State Dormitory Authority Revenue | ||||
(Memorial Sloan-Kettering Cancer Center) | 5.000% | 7/1/30 | 500 | 502 |
New York State Dormitory Authority Revenue | ||||
(Mount Sinai Hospital Obligated Group) | 5.000% | 7/1/23 | 500 | 580 |
New York State Dormitory Authority Revenue | ||||
(Mount Sinai School of Medicine of New York | ||||
University) | 5.000% | 7/1/17 (Prere.) | 500 | 522 |
New York State Dormitory Authority Revenue | ||||
(New York University Hospitals Center) | 5.000% | 7/1/20 | 1,735 | 1,735 |
New York State Dormitory Authority Revenue | ||||
(New York University) | 6.000% | 7/1/19 (14) | 500 | 575 |
New York State Dormitory Authority Revenue | ||||
(New York University) | 5.000% | 7/1/28 | 1,500 | 1,958 |
New York State Dormitory Authority Revenue | ||||
(North Shore - Long Island Jewish Obligated | ||||
Group) | 5.000% | 5/1/26 | 500 | 587 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 2/15/17 | 500 | 514 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/20 | 200 | 223 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 12/15/20 | 1,815 | 2,139 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 2/15/22 (Prere.) | 170 | 207 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 2/15/22 (Prere.) | 160 | 195 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 2/15/23 | 830 | 1,008 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 2/15/24 | 840 | 1,019 |
48
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 12/15/26 | 500 | 619 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/28 | 500 | 535 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/30 | 2,000 | 2,496 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/32 | 500 | 605 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 2/15/33 | 300 | 363 |
New York State Dormitory Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/34 | 2,000 | 2,455 |
New York State Dormitory Authority Revenue | ||||
(School Districts Financing Program) | 5.000% | 10/1/20 | 500 | 585 |
New York State Dormitory Authority Revenue | ||||
(School Districts Financing Program) | 5.000% | 10/1/21 (4) | 390 | 466 |
New York State Dormitory Authority Revenue | ||||
(Service Contract) | 5.000% | 7/1/16 | 275 | 275 |
New York State Dormitory Authority Revenue | ||||
(Service Contract) | 5.000% | 7/1/22 | 500 | 561 |
New York State Dormitory Authority Revenue | ||||
(The New School) | 5.250% | 7/1/30 | 500 | 574 |
New York State Dormitory Authority Sales | ||||
Tax Revenue | 5.000% | 3/15/21 | 1,135 | 1,353 |
New York State Dormitory Authority Sales | ||||
Tax Revenue | 5.000% | 3/15/24 | 1,320 | 1,689 |
New York State Dormitory Authority Sales | ||||
Tax Revenue | 5.000% | 3/15/25 | 1,270 | 1,657 |
New York State Dormitory Authority Sales | ||||
Tax Revenue | 5.000% | 3/15/35 | 1,420 | 1,786 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Clean Water & Drinking Water | ||||
Revolving Funds) | 5.000% | 6/15/22 | 500 | 522 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Clean Water & Drinking Water | ||||
Revolving Funds) | 5.000% | 6/15/24 | 365 | 423 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Clean Water & Drinking Water | ||||
Revolving Funds) | 5.000% | 6/15/25 | 500 | 613 |
New York State Environmental Facilities Corp. | ||||
Revenue (State Clean Water & Drinking Water | ||||
Revolving Funds) | 5.000% | 6/15/33 | 1,000 | 1,288 |
New York State GO | 4.500% | 2/1/17 | 500 | 512 |
New York State GO | 4.500% | 2/1/18 | 500 | 531 |
New York State GO | 4.500% | 2/1/19 | 500 | 550 |
New York State GO | 5.000% | 2/15/30 | 315 | 373 |
New York State Local Government Assistance | ||||
Corp. Revenue | 5.000% | 4/1/21 | 500 | 572 |
New York State Thruway Authority Revenue | 5.000% | 5/1/19 | 1,135 | 1,268 |
New York State Thruway Authority Revenue | 5.000% | 1/1/20 (14) | 500 | 533 |
New York State Thruway Authority Revenue | 5.000% | 1/1/21 (14) | 490 | 523 |
New York State Thruway Authority Revenue | 5.000% | 1/1/30 | 500 | 598 |
New York State Thruway Authority Revenue | 5.000% | 1/1/32 (14) | 600 | 636 |
New York State Thruway Authority Revenue | 5.000% | 1/1/35 | 1,000 | 1,234 |
49
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New York State Thruway Authority Revenue | ||||
(Highway & Bridge Trust Fund) | 5.000% | 4/1/17 (Prere.) | 500 | 517 |
New York State Thruway Authority Revenue | ||||
(Highway & Bridge Trust Fund) | 5.000% | 10/1/18 (Prere.) | 500 | 548 |
New York State Thruway Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/19 | 500 | 558 |
New York State Thruway Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/20 | 500 | 576 |
New York State Thruway Authority Revenue | ||||
(Personal Income Tax) | 5.000% | 3/15/25 | 500 | 601 |
New York State Urban Development Corp. | ||||
Revenue | 5.000% | 12/15/18 | 500 | 553 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 12/15/17 (Prere.) | 1,035 | 1,102 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/18 | 1,890 | 2,031 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/18 | 1,000 | 1,075 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 12/15/18 | 600 | 664 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.500% | 3/15/22 (14) | 530 | 659 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/24 | 1,325 | 1,682 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/25 | 2,000 | 2,591 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 12/15/25 | 465 | 494 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/26 | 2,000 | 2,546 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/29 | 1,500 | 1,938 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/31 | 2,000 | 2,445 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/31 | 1,420 | 1,801 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/33 | 2,000 | 2,541 |
New York State Urban Development Corp. | ||||
Revenue (Personal Income Tax) | 5.000% | 3/15/33 | 1,485 | 1,810 |
New York State Urban Development Corp. | ||||
Revenue (Service Contract) | 5.000% | 1/1/18 | 540 | 575 |
New York State Urban Development Corp. | ||||
Revenue (Service Contract) VRDO | 0.430% | 7/7/16 | 2,600 | 2,600 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 7/15/26 | 500 | 544 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 9/1/26 | 1,750 | 2,238 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 5/1/28 | 1,250 | 1,437 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 10/15/29 | 1,000 | 1,283 |
Port Authority of New York & New Jersey | ||||
Revenue | 5.000% | 10/15/35 | 1,000 | 1,253 |
50
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Suffolk County NY Economic Development Corp. | ||||
Revenue (Catholic Health Services) | 5.000% | 7/1/21 | 1,545 | 1,818 |
Suffolk County NY Economic Development Corp. | ||||
Revenue (Catholic Health Services) | 5.000% | 7/1/27 | 1,370 | 1,636 |
Tobacco Settlement Financing Corp. New York | ||||
Revenue | 5.000% | 6/1/22 | 60 | 60 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.000% | 11/15/23 | 1,500 | 1,896 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.000% | 11/15/25 | 500 | 549 |
Triborough Bridge & Tunnel Authority New York | ||||
Revenue | 5.000% | 11/15/34 | 2,000 | 2,516 |
Utility Debt Securitization Authority New York | ||||
Revenue | 5.000% | 12/15/33 | 1,600 | 1,980 |
Utility Debt Securitization Authority New York | ||||
Revenue | 5.000% | 12/15/34 | 1,000 | 1,269 |
Utility Debt Securitization Authority New York | ||||
Revenue | 5.000% | 12/15/35 | 1,945 | 2,461 |
Utility Debt Securitization Authority New York | ||||
Revenue | 5.000% | 12/15/36 | 2,450 | 3,088 |
Westchester County NY GO | 5.000% | 7/1/20 (ETM) | 55 | 64 |
Westchester County NY GO | 5.000% | 7/1/20 | 435 | 507 |
Westchester County NY GO | 5.000% | 7/1/20 (ETM) | 10 | 12 |
Westchester County NY Health Care Corp. | ||||
Revenue | 5.000% | 11/1/30 | 500 | 573 |
Westchester County NY Local Development Corp. | ||||
Revenue (Westchester Medical Center) | 5.000% | 11/1/31 | 1,085 | 1,328 |
232,611 | ||||
North Carolina (0.8%) | ||||
Cary NC Combined Enterprise System Revenue | 5.000% | 12/1/27 | 500 | 615 |
Charlotte NC Water & Sewer System Revenue | 5.000% | 12/1/20 | 235 | 277 |
Durham County NC GO | 5.000% | 4/1/20 | 685 | 793 |
Guilford County NC GO | 5.000% | 3/1/19 | 1,230 | 1,371 |
Mecklenburg County NC GO | 5.000% | 3/1/17 | 500 | 515 |
Mecklenburg County NC Public Facilities Corp. | ||||
Revenue (Annual Appropriation) | 5.000% | 3/1/19 (Prere.) | 500 | 556 |
North Carolina Capital Improvement Revenue | 5.000% | 5/1/19 | 555 | 621 |
North Carolina Capital Improvement Revenue | 5.000% | 5/1/29 | 500 | 571 |
North Carolina Eastern Municipal Power Agency | ||||
Power Systems Revenue | 6.000% | 1/1/18 (ETM) | 510 | 551 |
North Carolina Eastern Municipal Power Agency | ||||
Power Systems Revenue | 5.000% | 1/1/19 (Prere.) | 500 | 553 |
North Carolina GAN | 5.000% | 3/1/25 | 1,000 | 1,269 |
North Carolina GAN | 5.000% | 3/1/27 | 1,000 | 1,251 |
North Carolina GO | 5.000% | 3/1/17 | 520 | 536 |
North Carolina GO | 5.000% | 3/1/18 | 500 | 535 |
North Carolina GO | 5.000% | 5/1/18 | 1,500 | 1,621 |
North Carolina GO | 5.000% | 6/1/19 | 2,000 | 2,250 |
North Carolina GO | 5.000% | 3/1/20 | 275 | 317 |
North Carolina GO | 4.000% | 6/1/20 | 500 | 562 |
North Carolina GO | 5.000% | 5/1/22 | 250 | 306 |
North Carolina Infrastructure Financial Corp. | ||||
Capital Improvements COP | 5.000% | 2/1/17 (Prere.) | 2,000 | 2,052 |
51
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
North Carolina Medical Care Commission Health | ||||
Care Facilities Revenue (Vidant Health) | 5.000% | 6/1/21 | 1,000 | 1,183 |
North Carolina Medical Care Commission Hospital | ||||
Revenue (Southeastern Regional Medical Center) | 5.000% | 6/1/24 | 600 | 702 |
North Carolina Municipal Power Agency No. 1 | ||||
Revenue (Catawba Electric) | 5.000% | 1/1/19 (Prere.) | 355 | 393 |
North Carolina Municipal Power Agency No. 1 | ||||
Revenue (Catawba Electric) | 5.000% | 1/1/30 | 145 | 159 |
Orange County NC Public Facilities Co. Revenue | 5.000% | 10/1/24 | 500 | 612 |
2 University of North Carolina University System | ||||
Revenue PUT | 1.056% | 12/1/17 | 1,200 | 1,203 |
Wake County NC GO | 4.000% | 2/1/18 | 695 | 733 |
Wake County NC GO | 5.000% | 3/1/18 | 500 | 537 |
Wake County NC Limited Obligation Revenue | 4.000% | 12/1/19 | 680 | 754 |
23,398 | ||||
Ohio (1.1%) | ||||
Allen County OH Hospital Facilities Revenue | ||||
(Catholic Healthcare Partners) | 5.000% | 9/1/16 | 500 | 504 |
American Municipal Power Ohio Inc. Revenue | ||||
(Fremont Energy Center Project) | 5.250% | 2/15/27 | 570 | 689 |
American Municipal Power Ohio Inc. Revenue | ||||
(Hydroelectric Projects) | 5.250% | 2/15/18 | 500 | 536 |
Buckeye Tobacco Settlement Financing Authority | ||||
Ohio Revenue | 5.000% | 6/1/17 | 190 | 197 |
Butler County OH Hospital Facilities Revenue | ||||
(Kettering Health Network) | 5.250% | 4/1/31 | 500 | 574 |
Butler County OH Hospital Facilities Revenue | ||||
(UC Health) | 5.250% | 11/1/29 | 435 | 511 |
Cleveland OH Airport System Revenue | 5.000% | 1/1/17 (Prere.) | 500 | 511 |
Cleveland OH Airport System Revenue | 5.250% | 1/1/18 (2) | 260 | 276 |
Cleveland OH Public Power System Revenue | 5.000% | 11/15/16 (Prere.) | 265 | 269 |
Cleveland OH Public Power System Revenue | 5.000% | 11/15/20 (14) | 235 | 239 |
Cleveland OH Water Revenue | 4.000% | 1/1/18 | 2,415 | 2,538 |
Columbus OH GO | 5.000% | 7/1/25 | 535 | 653 |
Columbus OH Sewer Revenue | 5.000% | 6/1/30 | 1,500 | 1,939 |
Cuyahoga County OH Excise Tax Revenue | ||||
(Sports Facilities Improvement Project) | 5.000% | 12/1/25 | 500 | 618 |
Fairfield County OH Hospital Facilities Revenue | ||||
(Fairfield Medical Center) | 5.125% | 6/15/33 | 615 | 702 |
Franklin County OH Convention Facilities | ||||
Authority Revenue | 5.000% | 12/1/20 | 1,000 | 1,170 |
Franklin County OH Convention Facilities | ||||
Authority Revenue | 5.000% | 12/1/28 | 1,680 | 2,121 |
Greater Cleveland OH Regional Transit | ||||
Authority Sales Tax Revenue | 5.000% | 12/1/18 | 350 | 386 |
Hamilton County OH Hospital Facilities Revenue | ||||
(UC Health) | 5.000% | 2/1/21 | 200 | 231 |
Kent State University Ohio Revenue | 5.000% | 5/1/19 (Prere.) | 460 | 515 |
Kent State University Ohio Revenue | 5.000% | 5/1/23 (12) | 40 | 44 |
Lucas County OH Hospital Revenue | ||||
(ProMedica Healthcare Obligated Group) | 5.000% | 11/15/26 | 500 | 591 |
Lucas County OH Hospital Revenue | ||||
(ProMedica Healthcare Obligated Group) | 5.250% | 11/15/27 | 1,500 | 1,788 |
52
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Ohio Building Authority Revenue | ||||
(Administration Building Fund) | 5.000% | 10/1/20 | 100 | 117 |
Ohio Capital Facilities Lease-Appropriation | ||||
Revenue (Mental Health Facilities | ||||
Improvement Fund Projects) | 5.000% | 2/1/22 | 750 | 904 |
Ohio GO | 5.000% | 2/1/18 | 3,895 | 4,157 |
Ohio GO | 5.000% | 8/1/23 | 500 | 617 |
Ohio GO | 5.000% | 8/1/24 | 500 | 640 |
Ohio Higher Education GO | 5.000% | 8/1/17 | 770 | 807 |
Ohio Higher Education GO | 5.000% | 8/1/21 | 500 | 599 |
Ohio Higher Educational Facility Commission | ||||
Revenue (Case Western Reserve University | ||||
Project) | 5.000% | 12/1/22 | 550 | 678 |
Ohio Higher Educational Facility Commission | ||||
Revenue (University of Dayton Project) | 5.000% | 12/1/16 (Prere.) | 1,000 | 1,019 |
Ohio State University General Receipts Revenue | 5.000% | 12/1/16 (ETM) | 30 | 31 |
Ohio State University General Receipts Revenue | 5.000% | 12/1/16 | 470 | 479 |
Ohio Turnpike Commission Turnpike Revenue | 5.500% | 2/15/20 (14) | 1,000 | 1,165 |
Ohio Turnpike Commission Turnpike Revenue | 5.000% | 2/15/28 | 1,000 | 1,220 |
Ohio Turnpike Commission Turnpike Revenue | 5.000% | 2/15/31 | 500 | 567 |
Ohio Water Development Authority Pollution | ||||
Control Revenue (Water Quality) | 5.250% | 6/1/19 | 435 | 492 |
Penta Career Center Ohio COP | 5.250% | 4/1/23 | 125 | 149 |
31,243 | ||||
Oklahoma (0.1%) | ||||
Oklahoma City OK GO | 5.000% | 3/1/24 | 525 | 619 |
Oklahoma Turnpike Authority Revenue | 5.000% | 1/1/31 | 300 | 350 |
University of Oklahoma Revenue | 5.000% | 7/1/31 | 475 | 555 |
1,524 | ||||
Oregon (0.3%) | ||||
Deschutes & Jefferson Counties OR School | ||||
District No. 2J GO | 0.000% | 6/15/31 | 750 | 522 |
Multnomah County OR School District GO | 5.000% | 6/15/19 | 1,680 | 1,890 |
Oregon Department of Administrative Services | ||||
Lottery Revenue | 5.000% | 4/1/25 | 1,370 | 1,731 |
Oregon Department of Administrative Services | ||||
Lottery Revenue | 5.250% | 4/1/31 | 500 | 589 |
Oregon Facilities Authority Revenue (PeaceHealth) | 5.000% | 11/15/16 | 150 | 152 |
Oregon Facilities Authority Revenue (PeaceHealth) | 5.000% | 11/15/17 | 250 | 265 |
Oregon GO | 5.000% | 5/1/23 | 500 | 610 |
Portland OR GO | 5.000% | 6/15/20 | 1,725 | 2,007 |
Portland OR Sewer System Revenue | 5.000% | 6/15/22 (4) | 500 | 541 |
8,307 | ||||
Pennsylvania (2.9%) | ||||
1 Allegheny County PA GO | 4.000% | 11/1/30 | 1,000 | 1,149 |
Allegheny County PA Higher Education Building | ||||
Authority University Revenue (Duquesne | ||||
University) | 5.500% | 3/1/21 (Prere.) | 325 | 392 |
Allegheny County PA Hospital Development | ||||
Authority Revenue (University of Pittsburgh | ||||
Medical Center) | 5.000% | 5/15/18 | 500 | 540 |
53
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Allegheny County PA Hospital Development | ||||
Authority Revenue (University of Pittsburgh | ||||
Medical Center) | 1.147% | 2/1/21 | 740 | 737 |
Allegheny County PA Hospital Development | ||||
Authority Revenue (University of Pittsburgh | ||||
Medical Center) | 5.375% | 8/15/29 | 210 | 238 |
Allegheny County PA Port Authority Revenue | 5.750% | 3/1/29 | 500 | 598 |
Allentown PA Neighborhood Improvement Zone | ||||
Development Authority Tax Revenue | 5.000% | 5/1/24 | 1,000 | 1,154 |
Beaver County PA Industrial Development | ||||
Authority Pollution Control Revenue | ||||
(FirstEnergy Generation Project) PUT | 2.500% | 6/1/17 | 500 | 505 |
Central Bradford PA Progress Authority Revenue | ||||
(Guthrie Healthcare System) | 5.500% | 12/1/31 | 500 | 600 |
Chester County PA GO | 5.000% | 11/15/31 | 750 | 919 |
Dallas PA Area Muni Authority University Revenue | ||||
(Misericordia University Project) | 4.000% | 5/1/17 | 415 | 423 |
Delaware County PA Authority Hospital Revenue | ||||
(Crozer-Keystone Obligated Group) | 5.000% | 12/15/16 (Prere.) | 945 | 964 |
East Hempfield Township PA Industrial | ||||
Development Authority Revenue (Millersville | ||||
University Student Housing Project) | 5.000% | 7/1/29 | 1,000 | 1,141 |
Geisinger Authority Health System Pennsylvania | ||||
Revenue (Geisinger Health System) | 5.000% | 6/1/20 | 650 | 748 |
Geisinger Authority Health System Pennsylvania | ||||
Revenue (Geisinger Health System) VRDO | 0.370% | 7/5/16 | 2,400 | 2,400 |
Geisinger Authority Health System Pennsylvania | ||||
Revenue (Geisinger Health System) VRDO | 0.380% | 7/5/16 | 2,700 | 2,700 |
Lower Merion PA School District GO | 5.000% | 9/1/18 | 1,500 | 1,641 |
Monroeville PA Finance Authority Revenue | ||||
(UPMC Health System) | 5.000% | 2/15/19 | 500 | 554 |
Montgomery County PA Higher Education & | ||||
Health Authority Hospital Revenue | ||||
(Abington Memorial Hospital) | 5.000% | 6/1/31 | 500 | 579 |
Montgomery County PA Industrial Development | ||||
Authority Health Services Revenue | ||||
(Albert Einstein Healthcare Network) | 5.000% | 1/15/23 | 1,015 | 1,178 |
Montgomery County PA Industrial Development | ||||
Authority Retirement Community Revenue (ACTS | ||||
Retirement- Life Communities Obligated Group) | 5.000% | 11/15/25 | 1,250 | 1,462 |
Northampton County PA General Purpose Authority | ||||
Hospital Revenue (St. Luke’s Hospital Project) | 5.250% | 8/15/22 | 2,000 | 2,182 |
1 Northampton County PA General Purpose Authority | ||||
Hospital Revenue (St. Luke’s Hospital Project) | 5.000% | 8/15/25 | 1,000 | 1,243 |
Pennsylvania Economic Development Financing | ||||
Authority Health System Revenue | ||||
(Albert Einstein Healthcare Network) | 6.250% | 10/15/19 (Prere.) | 1,000 | 1,137 |
Pennsylvania Economic Development Financing | ||||
Authority Unemployment Compensation Revenue | 4.000% | 1/1/18 | 750 | 788 |
Pennsylvania Economic Development Financing | ||||
Authority Unemployment Compensation Revenue | 5.000% | 7/1/20 | 700 | 790 |
Pennsylvania Economic Development Financing | ||||
Authority Unemployment Compensation Revenue | 5.000% | 1/1/21 | 1,330 | 1,472 |
Pennsylvania GO | 5.000% | 7/1/16 | 120 | 120 |
54
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Pennsylvania GO | 5.000% | 7/1/16 | 400 | 400 |
Pennsylvania GO | 5.000% | 8/1/17 (Prere.) | 500 | 524 |
Pennsylvania GO | 5.000% | 7/1/20 | 500 | 574 |
Pennsylvania GO | 5.375% | 7/1/21 | 500 | 595 |
Pennsylvania GO | 5.000% | 11/15/22 | 500 | 599 |
Pennsylvania GO | 5.000% | 8/15/24 | 1,000 | 1,240 |
Pennsylvania GO | 5.000% | 9/15/26 | 1,500 | 1,908 |
Pennsylvania GO | 5.000% | 4/15/28 | 500 | 553 |
Pennsylvania GO | 4.000% | 8/15/30 (4) | 1,000 | 1,131 |
Pennsylvania GO | 5.000% | 10/15/32 | 1,000 | 1,200 |
Pennsylvania Higher Educational Facilities | ||||
Authority Revenue (Foundation for Indiana | ||||
University of Pennsylvania Student Housing) | 5.000% | 7/1/17 (10) | 500 | 502 |
Pennsylvania Higher Educational Facilities | ||||
Authority Revenue (Philadelphia University) | 5.000% | 6/1/19 | 740 | 810 |
Pennsylvania Higher Educational Facilities | ||||
Authority Revenue (St. Joseph’s University) | 5.000% | 11/1/24 | 200 | 231 |
Pennsylvania Higher Educational Facilities | ||||
Authority Revenue (Temple University) | 5.000% | 4/1/32 | 500 | 591 |
Pennsylvania Higher Educational Facilities | ||||
Authority Revenue (Trustees of the | ||||
University of Pennsylvania) | 5.000% | 9/1/19 (Prere.) | 500 | 565 |
Pennsylvania Public School Building Authority | ||||
Lease Revenue (School District of Philadelphia) | 4.500% | 6/1/32 | 430 | 436 |
Pennsylvania State University Revenue | 5.000% | 2/15/18 (Prere.) | 1,000 | 1,071 |
Pennsylvania State University Revenue | 5.000% | 3/1/25 | 500 | 571 |
Pennsylvania State University Revenue | 5.000% | 9/1/28 | 755 | 979 |
Pennsylvania Turnpike Commission Oil Franchise | ||||
Tax Revenue | 5.000% | 12/1/24 | 1,000 | 1,240 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/19 (Prere.) | 190 | 213 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/19 (Prere.) | 860 | 964 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/19 (Prere.) | 175 | 200 |
2 Pennsylvania Turnpike Commission Revenue | 1.390% | 12/1/21 | 1,215 | 1,211 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/21 | 170 | 192 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/24 | 1,980 | 2,440 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/26 | 1,000 | 1,249 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/26 (4) | 1,635 | 2,066 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/27 | 2,255 | 2,811 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/29 | 1,250 | 1,427 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/30 | 1,330 | 1,509 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/32 | 2,000 | 2,468 |
Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/35 | 1,500 | 1,807 |
Philadelphia PA Airport Revenue | 5.000% | 6/15/23 | 1,120 | 1,263 |
Philadelphia PA Authority for Industrial | ||||
Development Revenue (Temple University) | 5.000% | 4/1/24 | 1,000 | 1,247 |
Philadelphia PA Authority for Industrial | ||||
Development Revenue (Temple University) | 5.000% | 4/1/27 | 1,000 | 1,252 |
Philadelphia PA Gas Works Revenue | 5.000% | 10/1/17 (Prere.) | 1,000 | 1,055 |
Philadelphia PA GO | 5.000% | 8/1/26 | 1,885 | 2,347 |
Philadelphia PA Hospitals & Higher Education | ||||
Facilities Authority Hospital Revenue | ||||
(Children’s Hospital of Philadelphia Project) VRDO | 0.380% | 7/1/16 | 1,500 | 1,500 |
55
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Philadelphia PA Hospitals & Higher Education | ||||
Facilities Authority Hospital Revenue (Temple | ||||
University Health System Obligated Group) | 6.250% | 7/1/23 | 500 | 521 |
Philadelphia PA Hospitals & Higher Education | ||||
Facilities Authority Hospital Revenue (Temple | ||||
University Health System Obligated Group) | 5.500% | 7/1/30 | 245 | 251 |
Philadelphia PA Municipal Authority Revenue | 6.375% | 4/1/29 | 500 | 559 |
Philadelphia PA School District GO | 5.000% | 9/1/21 | 1,035 | 1,147 |
Philadelphia PA School District GO | 5.250% | 9/1/22 | 500 | 552 |
Philadelphia PA School District GO | 5.000% | 9/1/31 | 940 | 1,062 |
Philadelphia PA School District GO VRDO | 0.410% | 7/7/16 LOC | 1,600 | 1,600 |
Philadelphia PA Water & Waste Water Revenue | 5.000% | 8/1/22 (4) | 560 | 641 |
Philadelphia PA Water & Waste Water Revenue | 5.000% | 7/1/26 | 1,000 | 1,242 |
Philadelphia PA Water & Waste Water Revenue | 4.000% | 7/1/35 | 1,110 | 1,230 |
St. Mary Hospital Authority Pennsylvania Health | ||||
System Revenue (Catholic Health Initiatives) | 5.000% | 11/15/26 | 1,000 | 1,147 |
University of Pittsburgh of the Commonwealth | ||||
System of Higher Education Pennsylvania | ||||
Revenue (University Capital Project) | 5.250% | 9/15/24 | 500 | 570 |
West Shore PA Area Authority Hospital Revenue | ||||
(Holy Spirit Hospital of the Sisters of Christian | ||||
Charity Project) | 6.250% | 1/1/31 | 80 | 97 |
81,914 | ||||
Puerto Rico (0.1%) | ||||
Puerto Rico Electric Power Authority Revenue | 5.000% | 7/1/21 (14) | 500 | 507 |
Puerto Rico Highway & Transportation | ||||
Authority Revenue | 5.250% | 7/1/21 (13)(3) | 500 | 579 |
Puerto Rico Public Finance Corp. Revenue | 6.000% | 8/1/26 (ETM) | 1,000 | 1,373 |
2,459 | ||||
Rhode Island (0.0%) | ||||
1 Rhode Island Commerce Corp. Airport Revenue | 5.000% | 7/1/30 | 500 | 611 |
South Carolina (0.5%) | ||||
Charleston SC Educational Excellence Financing | ||||
Corp. Revenue (Charleston County School | ||||
District, South Carolina Project) | 5.000% | 12/1/16 (Prere.) | 500 | 509 |
Charleston SC Educational Excellence Financing | ||||
Corp. Revenue (Charleston County School | ||||
District, South Carolina Project) | 5.000% | 12/1/23 | 500 | 629 |
Columbia SC Waterworks & Sewer System | ||||
Revenue | 5.000% | 2/1/27 | 250 | 302 |
Florence County SC School District GO | 5.000% | 3/1/18 | 1,000 | 1,072 |
Greenville County SC School District GO | 5.000% | 12/1/27 | 500 | 509 |
Myrtle Beach SC Hospitality Fee Revenue | 5.000% | 6/1/25 | 1,000 | 1,232 |
Piedmont SC Municipal Power Agency Revenue | 0.000% | 1/1/24 (14) | 1,600 | 1,376 |
South Carolina Association of Governmental | ||||
Organizations Educational Facilities Corp. | ||||
Revenue (Pickens School District) | 5.000% | 12/1/26 | 1,420 | 1,768 |
South Carolina GO | 5.000% | 4/1/20 | 450 | 521 |
South Carolina Higher Education Revenue | ||||
(Clemson University) | 5.000% | 5/1/21 | 1,000 | 1,189 |
South Carolina Jobs Economic Development | ||||
Authority Hospital Revenue (Palmetto Health) | 5.250% | 8/1/24 (4) | 500 | 540 |
56
TAX-MANAGED BALANCED FUND | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
South Carolina Jobs Economic Development | ||||
Authority Hospital Revenue (Palmetto Health) | 5.250% | 8/1/26 | 1,000 | 1,214 |
South Carolina Public Service Authority Revenue | 5.000% | 1/1/19 (Prere.) | 500 | 554 |
Sumter Two School Facilities Inc. South Carolina | ||||
Installment Purchase Revenue | 5.000% | 12/1/26 (15) | 1,000 | 1,247 |
York County SC School District GO (Fort Mill | ||||
School District No. 4) | 5.000% | 3/1/18 | 1,365 | 1,464 |
14,126 | ||||
South Dakota (0.1%) | ||||
Educational Enhancement Funding Corp. South | ||||
Dakota Tobacco Settlement Revenue | 5.000% | 6/1/25 | 2,000 | 2,361 |
Tennessee (1.1%) | ||||
Chattanooga TN Electric System Revenue | 5.000% | 9/1/31 | 1,000 | 1,266 |
Chattanooga TN Health Educational & Housing | ||||
Facility Board Revenue (Catholic Health Initiatives) | 5.000% | 1/1/33 | 1,500 | 1,734 |
Chattanooga-Hamilton County TN Hospital | ||||
Authority Hospital Revenue | 5.000% | 10/1/27 | 1,000 | 1,207 |
Knox County TN GO | 5.000% | 4/1/18 | 1,000 | 1,077 |
Memphis TN Electric System Revenue | 5.000% | 12/1/17 | 500 | 531 |
Memphis TN GO | 5.000% | 5/1/30 | 500 | 585 |
Metropolitan Government of Nashville & | ||||
Davidson County TN GO | 5.000% | 7/1/21 | 625 | 729 |
Metropolitan Government of Nashville & Davidson | ||||
County TN GO | 5.000% | 1/1/31 | 1,485 | 1,914 |
Metropolitan Government of Nashville & Davidson | ||||
County TN Health & Educational Facilities Board | ||||
Revenue (Blakeford at Green Hills) | 5.000% | 7/1/27 | 500 | 566 |
Metropolitan Government of Nashville & Davidson | ||||
County TN Water & Sewer Revenue | 5.000% | 7/1/20 | 500 | 580 |
Shelby County TN GO | 5.000% | 3/1/19 | 500 | 557 |
Shelby County TN GO | 5.000% | 4/1/19 (ETM) | 100 | 112 |
Shelby County TN GO | 5.000% | 4/1/19 | 400 | 447 |
Shelby County TN Health Educational & Housing | ||||
Facility Board Revenue (Methodist Le Bonheur | ||||
Healthcare) VRDO | 0.420% | 7/1/16 (4) | 4,800 | 4,800 |
Shelby County TN Health Educational & Housing | ||||
Facility Board Revenue (Methodist Le Bonheur | ||||
Healthcare) VRDO | 0.420% | 7/1/16 (4) | 2,170 | 2,170 |
Tennessee Energy Acquisition Corp. Gas Revenue | 5.000% | 9/1/16 | 500 | 504 |
Tennessee Energy Acquisition Corp. Gas Revenue | 5.000% | 2/1/17 | 250 | 256 |
Tennessee Energy Acquisition Corp. Gas Revenue | 5.250% | 9/1/17 | 500 | 523 |
Tennessee Energy Acquisition Corp. Gas Revenue | 5.250% | 9/1/18 | 725 | 787 |
Tennessee Energy Acquisition Corp. Gas Revenue | 5.250% | 9/1/22 | 1,115 | 1,326 |
Tennessee Energy Acquisition Corp. Gas Revenue | 5.000% | 2/1/24 | 1,500 | 1,805 |
Tennessee Energy Acquisition Corp. Gas Revenue | 5.250% | 9/1/24 | 375 | 461 |
Tennessee Energy Acquisition Corp. Gas Revenue | 5.000% | 2/1/25 | 715 | 866 |
Tennessee Energy Acquisition Corp. Gas Revenue | 5.250% | 9/1/26 | 585 | 738 |
Tennessee Energy Acquisition Corp. Gas Revenue | 5.000% | 2/1/27 | 1,000 | 1,232 |
Tennessee GO | 5.000% | 8/1/20 | 625 | 731 |
Tennessee GO | 5.000% | 8/1/21 | 1,490 | 1,791 |
Tennessee GO | 5.000% | 8/1/22 | 1,475 | 1,818 |
31,113 |
57
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Texas (5.3%) | ||||
Alamo TX Regional Mobility Authority Revenue | 5.000% | 6/15/27 | 1,280 | 1,614 |
Aldine TX Independent School District GO | 5.000% | 2/15/21 | 1,865 | 2,201 |
Allen TX Independent School District GO | 5.000% | 2/15/30 | 1,365 | 1,748 |
Arlington TX GO | 5.000% | 8/15/19 | 1,920 | 2,172 |
Arlington TX Independent School District GO | 5.000% | 2/15/24 | 1,355 | 1,716 |
Austin TX Combined Utility System Revenue | 0.000% | 5/15/18 (14) | 1,000 | 982 |
Austin TX Community College District Public | ||||
Facilities Corp. Lease Revenue | 5.000% | 8/1/27 | 1,000 | 1,256 |
Austin TX Water & Wastewater System Revenue | 5.000% | 11/15/21 | 500 | 601 |
Austin TX Water & Wastewater System Revenue | 5.000% | 11/15/24 | 275 | 313 |
Central Texas Regional Mobility Authority Revenue | 5.750% | 1/1/20 (Prere.) | 500 | 584 |
Central Texas Regional Mobility Authority Revenue | 5.000% | 1/1/24 | 1,000 | 1,233 |
Central Texas Regional Mobility Authority Revenue | 0.000% | 1/1/25 | 100 | 77 |
Central Texas Regional Mobility Authority Revenue | 0.000% | 1/1/26 | 180 | 134 |
Central Texas Regional Mobility Authority Revenue | 5.000% | 1/1/30 | 800 | 984 |
Central Texas Regional Mobility Authority Revenue | 5.000% | 1/1/33 | 500 | 579 |
Clifton TX Higher Education Finance Corp. Revenue | ||||
(Baylor University) | 5.250% | 3/1/29 | 200 | 234 |
Cypress-Fairbanks TX Independent School | ||||
District GO | 5.000% | 2/15/17 (Prere.) | 455 | 468 |
Cypress-Fairbanks TX Independent School | ||||
District GO | 5.000% | 2/15/25 | 500 | 589 |
Cypress-Fairbanks TX Independent School | ||||
District GO | 5.000% | 2/15/30 | 45 | 46 |
Dallas TX Area Rapid Transit Sales Tax Revenue | 4.500% | 12/1/18 (Prere.) | 500 | 545 |
Dallas TX Area Rapid Transit Sales Tax Revenue | 5.000% | 12/1/27 | 500 | 615 |
Dallas TX Independent School District GO | 5.000% | 2/15/23 | 485 | 573 |
Dallas TX Waterworks & Sewer System Revenue | 5.000% | 10/1/17 | 200 | 211 |
Dallas TX Waterworks & Sewer System Revenue | 5.000% | 10/1/21 | 1,090 | 1,310 |
Dallas TX Waterworks & Sewer System Revenue | 5.000% | 10/1/22 | 330 | 398 |
Dallas-Fort Worth TX International Airport Revenue | 5.000% | 11/1/16 | 515 | 523 |
Dallas-Fort Worth TX International Airport Revenue | 5.250% | 11/1/29 | 1,000 | 1,239 |
Denton County TX GO | 4.000% | 7/15/18 | 1,500 | 1,601 |
Eagle Mountain & Saginaw TX Independent | ||||
School District GO | 4.550% | 8/15/16 (Prere.) | 705 | 709 |
Eagle Mountain & Saginaw TX Independent | ||||
School District GO | 4.550% | 8/15/37 (4) | 795 | 799 |
Fort Worth TX GO | 5.000% | 3/1/24 | 1,000 | 1,261 |
Fort Worth TX Water & Sewer Revenue | 5.000% | 2/15/25 | 450 | 530 |
Frisco TX Independent School District GO | 5.000% | 8/15/26 | 1,100 | 1,437 |
Grand Parkway Transportation Corp. Texas | ||||
System Toll Revenue | 0.000% | 10/1/30 | 1,550 | 1,439 |
Harris County TX Flood Control District GO | 5.250% | 10/1/18 | 435 | 480 |
Harris County TX GO | 5.000% | 10/1/17 | 1,000 | 1,055 |
Harris County TX GO | 5.000% | 10/1/23 | 500 | 567 |
Harris County TX GO | 5.000% | 10/1/23 | 300 | 361 |
Harris County TX GO | 5.000% | 8/15/32 | 1,000 | 1,213 |
Harris County TX GO | 5.000% | 10/1/36 | 1,200 | 1,495 |
Harris County TX Health Facilities Development | ||||
Corp. Revenue (Methodist Hospital System) | ||||
VRDO | 0.380% | 7/1/16 | 3,000 | 3,000 |
Harris County TX Sports Authority Revenue | 5.000% | 11/15/22 | 945 | 1,125 |
2 Harris County TX Toll Road Revenue | 1.190% | 8/15/18 | 1,000 | 1,001 |
58
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Harris County TX Toll Road Revenue | 5.000% | 8/15/19 (Prere.) | 500 | 565 |
Harris County TX Toll Road Revenue | 5.000% | 8/15/32 | 500 | 604 |
Highland Park TX Independent School District GO | 5.000% | 2/15/19 | 1,000 | 1,110 |
Houston TX Airport System Revenue | 5.000% | 7/1/19 (14) | 1,000 | 1,044 |
Houston TX Airport System Revenue | 5.000% | 7/1/26 (14) | 3,000 | 3,127 |
Houston TX GO | 5.000% | 3/1/18 | 1,650 | 1,768 |
Houston TX GO | 5.000% | 3/1/20 | 500 | 557 |
Houston TX GO | 5.000% | 3/1/26 | 1,500 | 1,931 |
Houston TX Hotel Occupancy Tax & Special | ||||
Revenue (Convention & Entertainment Facilities) | 5.000% | 9/1/24 | 1,000 | 1,240 |
Houston TX Independent School District GO | 5.000% | 2/15/19 | 1,200 | 1,332 |
Houston TX Independent School District GO | 5.000% | 2/15/20 | 1,105 | 1,271 |
Houston TX Independent School District GO | 5.000% | 2/15/31 | 2,000 | 2,551 |
Houston TX Independent School District GO PUT | 3.000% | 6/1/18 | 1,200 | 1,249 |
Houston TX Utility System Revenue | 5.000% | 11/15/17 (Prere.) | 380 | 403 |
Houston TX Utility System Revenue | 5.000% | 5/15/25 | 1,000 | 1,262 |
Houston TX Utility System Revenue | 5.000% | 11/15/28 (4) | 120 | 127 |
Houston TX Utility System Revenue | 4.000% | 11/15/31 | 1,000 | 1,155 |
Houston TX Utility System Revenue | 5.000% | 11/15/34 | 1,000 | 1,237 |
Houston TX Utility System Revenue | 5.000% | 11/15/36 | 1,000 | 1,254 |
2 Houston TX Utility System Revenue PUT | 1.010% | 8/1/16 | 1,000 | 1,000 |
2 Houston TX Utility System Revenue PUT | 1.310% | 5/1/20 | 1,000 | 995 |
Irving TX Independent School District GO | 5.000% | 2/15/21 | 1,500 | 1,770 |
Katy TX Independent School District GO | 5.000% | 2/15/20 | 2,000 | 2,056 |
Lake Travis TX Independent School District GO | 5.000% | 2/15/32 | 500 | 584 |
Lamar TX Consolidated Independent School | ||||
District GO | 5.000% | 2/15/25 | 1,245 | 1,605 |
Laredo TX Community College District GO | 5.000% | 8/1/25 | 1,000 | 1,255 |
Lone Star College System Texas GO | 5.000% | 8/15/19 (Prere.) | 250 | 282 |
Lower Colorado River Authority Texas | ||||
Transmission Contract Revenue (LCRA | ||||
Transmission Services Corp.) | 5.000% | 5/15/28 | 1,150 | 1,436 |
Lower Colorado River Authority Texas | ||||
Transmission Contract Revenue (LCRA | ||||
Transmission Services Corp.) | 4.000% | 5/15/35 | 840 | 940 |
Lubbock TX GO | 5.000% | 2/15/23 | 500 | 608 |
Mesquite TX Health Facilities Development Corp. | ||||
Retirement Facility Revenue (Christian Care | ||||
CentersInc. Project) | 5.000% | 2/15/24 | 350 | 404 |
New Hope TX Cultural Education Facilities | ||||
FinanceCorp. First Mortgage Revenue | ||||
(Morningside Ministries Project) | 6.250% | 1/1/33 | 1,640 | 1,945 |
New Hope TX Cultural Education Facilities | ||||
FinanceCorp. Student Housing Revenue | ||||
(Tarleton State University Project) | 4.000% | 4/1/17 | 245 | 250 |
New Hope TX Cultural Education Facilities | ||||
FinanceCorp. Student Housing Revenue | ||||
(Tarleton State University Project) | 4.000% | 4/1/19 | 495 | 525 |
New Hope TX Cultural Education Facilities | ||||
FinanceCorp. Student Housing Revenue | ||||
(Tarleton State University Project) | 5.000% | 4/1/23 | 200 | 234 |
New Hope TX Cultural Education Facilities | ||||
FinanceCorp. Student Housing Revenue | ||||
(Tarleton State University Project) | 5.000% | 4/1/24 | 210 | 248 |
59
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
New Hope TX Cultural Education Facilities | ||||
FinanceCorp. Student Housing Revenue | ||||
(Tarleton State University Project) | 5.000% | 4/1/25 | 240 | 286 |
North East TX Independent School District GO | 5.250% | 2/1/22 | 500 | 614 |
North Texas Tollway Authority System Revenue | 6.000% | 1/1/18 (Prere.) | 440 | 475 |
North Texas Tollway Authority System Revenue | 6.000% | 1/1/18 (Prere.) | 440 | 475 |
North Texas Tollway Authority System Revenue | 6.000% | 1/1/19 (Prere.) | 205 | 231 |
North Texas Tollway Authority System Revenue | 6.000% | 1/1/20 | 60 | 64 |
North Texas Tollway Authority System Revenue | 6.250% | 2/1/23 | 1,400 | 1,621 |
North Texas Tollway Authority System Revenue | 6.000% | 1/1/25 | 60 | 65 |
North Texas Tollway Authority System Revenue | 5.000% | 1/1/27 | 1,000 | 1,228 |
North Texas Tollway Authority System Revenue | 6.000% | 1/1/28 | 45 | 51 |
North Texas Tollway Authority System Revenue | 5.500% | 9/1/28 | 500 | 607 |
North Texas Tollway Authority System Revenue | 5.000% | 1/1/29 | 1,000 | 1,244 |
North Texas Tollway Authority System Revenue | 5.000% | 1/1/30 | 500 | 605 |
North Texas Tollway Authority System Revenue | 5.000% | 1/1/32 | 1,740 | 2,120 |
North Texas Tollway Authority System Revenue | 5.000% | 1/1/33 | 1,500 | 1,822 |
North Texas Tollway Authority System Revenue | 5.000% | 1/1/34 | 1,575 | 1,906 |
Northwest Independent School District Texas GO | 5.000% | 2/15/26 | 1,000 | 1,280 |
Pasadena TX GO | 4.000% | 2/15/28 | 1,000 | 1,157 |
Plano TX Independent School District GO | 5.000% | 2/15/18 | 2,605 | 2,788 |
Plano TX Independent School District GO | 5.000% | 2/15/20 | 1,400 | 1,606 |
Rockwall County TX GO | 5.000% | 2/1/18 | 1,080 | 1,153 |
Rockwall TX GO | 3.000% | 8/1/17 | 600 | 615 |
SA Energy Acquisition Public Facility Corp. Texas | ||||
Gas Supply Revenue | 5.250% | 8/1/17 | 500 | 522 |
SA Energy Acquisition Public Facility Corp. Texas | ||||
Gas Supply Revenue | 5.500% | 8/1/19 | 500 | 564 |
Sam Rayburn TX Municipal Power Agency Revenue | 5.000% | 10/1/19 | 210 | 236 |
San Antonio TX Electric & Gas Systems Revenue | 5.000% | 2/1/19 | 500 | 554 |
San Antonio TX Electric & Gas Systems Revenue | 5.000% | 2/1/21 | 500 | 590 |
San Antonio TX GO | 5.000% | 8/1/20 | 125 | 146 |
San Antonio TX GO | 5.000% | 2/1/22 | 1,000 | 1,177 |
San Antonio TX GO | 5.000% | 2/1/24 | 500 | 585 |
San Antonio TX GO | 5.000% | 2/1/26 | 1,000 | 1,280 |
2 San Antonio TX Water Revenue PUT | 1.090% | 11/1/16 | 1,000 | 1,000 |
2 San Antonio TX Water Revenue PUT | 0.810% | 11/1/17 | 1,500 | 1,493 |
Southwest Texas Higher Education Authority Inc. | ||||
Revenue (Southern Methodist University Project) | 5.000% | 10/1/16 (2) | 260 | 263 |
Spring Branch TX Independent School District GO | 5.000% | 2/1/20 | 1,000 | 1,146 |
Spring TX Independent School District GO | 5.000% | 8/15/32 | 1,000 | 1,258 |
Tarrant County TX Cultural Education Facilities | ||||
Finance Corp. Hospital Revenue (Methodist | ||||
Hospitals of Dallas) | 5.250% | 10/1/31 | 1,000 | 1,225 |
Tarrant County TX Cultural Education Facilities | ||||
Finance Corp. Revenue (CHRISTUS Health) | 6.250% | 7/1/28 (12) | 325 | 366 |
Tarrant County TX Cultural Education Facilities | ||||
Finance Corp. Revenue (Texas Health Resources) | 5.000% | 2/15/26 | 1,735 | 1,781 |
Texas A&M University System Revenue Financing | ||||
System Revenue | 5.000% | 5/15/26 | 500 | 559 |
Texas GO | 4.000% | 4/1/18 | 400 | 423 |
Texas GO | 5.000% | 10/1/22 | 1,000 | 1,231 |
Texas GO | 5.000% | 10/1/24 | 1,000 | 1,283 |
Texas GO | 5.000% | 10/1/27 | 1,400 | 1,759 |
60
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Texas GO | 5.000% | 10/1/28 | 1,330 | 1,667 |
Texas GO | 5.000% | 8/1/31 | 500 | 591 |
Texas Municipal Gas Acquisition & Supply Corp. | ||||
Revenue | 5.250% | 12/15/17 | 550 | 581 |
Texas Municipal Gas Acquisition & Supply Corp. | ||||
Revenue | 5.250% | 12/15/21 | 240 | 281 |
Texas Municipal Gas Acquisition & Supply Corp. | ||||
Revenue | 5.000% | 12/15/22 | 405 | 486 |
Texas Municipal Gas Acquisition & Supply Corp. | ||||
Revenue | 5.000% | 12/15/23 | 380 | 454 |
Texas Municipal Gas Acquisition & Supply Corp. | ||||
Revenue | 5.250% | 12/15/23 | 190 | 231 |
Texas Municipal Gas Acquisition & Supply Corp. | ||||
Revenue | 5.250% | 12/15/24 | 495 | 609 |
Texas Municipal Gas Acquisition & Supply Corp. | ||||
Revenue | 5.000% | 12/15/25 | 2,185 | 2,585 |
Texas Public Finance Authority Revenue | ||||
(Texas Southern University) | 5.000% | 11/1/21 (15) | 1,000 | 1,145 |
Texas Public Finance Authority Revenue | ||||
(Unemployment Compensation) | 4.000% | 1/1/18 | 540 | 542 |
Texas Tech University System Financing System | ||||
Revenue | 5.000% | 2/15/28 | 500 | 549 |
Texas Transportation Commission GO | 5.000% | 10/1/22 | 1,175 | 1,446 |
Texas Transportation Commission GO | 5.000% | 4/1/34 | 1,500 | 1,900 |
Texas Transportation Commission Mobility | ||||
Fund GO | 5.000% | 10/1/21 | 1,500 | 1,803 |
Texas Transportation Commission Mobility | ||||
Fund GO | 5.000% | 10/1/29 | 1,500 | 1,926 |
2 Texas Transportation Commission Mobility | ||||
Fund GO PUT | 0.790% | 10/1/18 | 1,500 | 1,490 |
Texas Transportation Commission Revenue | 5.000% | 4/1/21 | 1,500 | 1,780 |
Texas Turnpike Authority Central Texas Turnpike | ||||
System Revenue | 0.000% | 8/15/20 (ETM) | 285 | 272 |
Texas Turnpike Authority Central Texas Turnpike | ||||
System Revenue | 0.000% | 8/15/20 (2) | 525 | 495 |
Texas Water Development Board Revenue | 5.000% | 4/15/21 | 1,000 | 1,188 |
Texas Water Financial Assistance GO | 5.000% | 8/1/24 | 500 | 544 |
Texas Water Financial Assistance GO | 5.000% | 8/1/25 | 500 | 544 |
Texas Water Financial Assistance GO | 5.000% | 8/1/27 | 500 | 544 |
University of Texas Permanent University Fund | ||||
Revenue | 5.000% | 7/1/19 | 1,225 | 1,381 |
University of Texas System Revenue Financing | ||||
System Revenue | 4.750% | 2/15/17 (Prere.) | 820 | 841 |
University of Texas System Revenue Financing | ||||
System Revenue | 5.000% | 8/15/19 | 325 | 368 |
University of Texas System Revenue Financing | ||||
System Revenue | 5.000% | 8/15/21 | 500 | 600 |
1 University of Texas System Revenue Financing | ||||
System Revenue | 5.000% | 8/15/25 | 1,500 | 1,965 |
University of Texas System Revenue Financing | ||||
System Revenue | 4.750% | 8/15/30 | 1,180 | 1,210 |
Williamson County TX GO | 5.000% | 2/15/23 | 230 | 279 |
152,693 |
61
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Utah (0.2%) | ||||
Central Utah Water Conservancy District GO | 5.000% | 4/1/30 | 500 | 588 |
Utah Associated Municipal Power Systems | ||||
Revenue (Horse Butte Wind Project) | 5.000% | 9/1/32 | 350 | 415 |
Utah GO | 5.000% | 7/1/16 | 500 | 500 |
Utah GO | 5.000% | 7/1/16 | 615 | 615 |
Utah GO | 4.500% | 7/1/19 | 2,000 | 2,228 |
Utah GO | 5.000% | 7/1/19 | 615 | 694 |
Utah Transit Authority Sales Tax Revenue | 5.000% | 6/15/26 | 1,000 | 1,299 |
6,339 | ||||
Virgin Islands (0.1%) | ||||
Virgin Islands Public Finance Authority Revenue | 5.000% | 10/1/20 | 1,660 | 1,874 |
Virgin Islands Public Finance Authority Revenue | 5.000% | 10/1/25 | 440 | 486 |
Virgin Islands Public Finance Authority Revenue | 5.000% | 10/1/29 | 500 | 542 |
2,902 | ||||
Virginia (1.1%) | ||||
Arlington County VA GO | 5.000% | 8/1/17 | 750 | 786 |
Arlington County VA GO | 5.000% | 8/15/19 | 1,535 | 1,740 |
Arlington County VA GO | 5.000% | 8/1/23 | 600 | 737 |
Chesapeake VA Toll Road Revenue | 5.000% | 7/15/21 | 500 | 577 |
Chesterfield County VA GO | 5.000% | 1/1/22 | 900 | 1,093 |
Chesterfield County VA Water & Sewer Revenue | 5.000% | 11/1/23 | 1,000 | 1,271 |
Fairfax County VA GO | 4.000% | 10/1/19 | 2,000 | 2,213 |
Fairfax County VA GO | 5.000% | 10/1/23 | 1,255 | 1,592 |
Fairfax County VA GO | 5.000% | 10/1/24 | 1,365 | 1,770 |
Fairfax County VA GO | 4.000% | 10/1/27 | 1,275 | 1,551 |
Fairfax County VA Public Improvement GO | 5.000% | 10/1/17 | 500 | 528 |
Fairfax County VA Public Improvement GO | 5.000% | 4/1/21 | 300 | 357 |
Fairfax County VA Sewer Revenue | 4.000% | 7/15/21 | 1,790 | 2,055 |
Fairfax County VA Water Authority Revenue | 5.000% | 4/1/25 | 500 | 608 |
Norfolk VA Water Revenue | 5.000% | 11/1/31 | 500 | 598 |
Roanoke VA Economic Development Authority | ||||
Hospital Revenue (Carilion Clinic Obligated Group) | 5.000% | 7/1/30 | 500 | 583 |
Stafford County VA Economic Development | ||||
Authority Hospital Facilities Revenue (Mary | ||||
Washington Healthcare Obligated Group) | 5.000% | 6/15/24 | 750 | 930 |
Virginia College Building Authority Educational | ||||
Facilities Revenue (21st Century College & | ||||
Equipment Programs) | 5.000% | 2/1/17 | 200 | 205 |
Virginia College Building Authority Educational | ||||
Facilities Revenue (21st Century College & | ||||
Equipment Programs) | 5.000% | 2/1/21 | 1,000 | 1,181 |
Virginia College Building Authority Educational | ||||
Facilities Revenue (21st Century College & | ||||
Equipment Programs) | 4.000% | 2/1/31 | 1,445 | 1,678 |
Virginia College Building Authority Educational | ||||
Facilities Revenue (Public Higher Education | ||||
Financing Program) | 5.000% | 9/1/19 | 1,570 | 1,778 |
Virginia College Building Authority Educational | ||||
Facilities Revenue (Public Higher Education | ||||
Financing Program) | 5.000% | 9/1/22 | 355 | 435 |
1 Virginia College Building Authority Educational | ||||
Facilities Revenue (Public Higher Education | ||||
Financing Program) | 4.000% | 9/1/31 | 1,000 | 1,165 |
62
Tax-Managed Balanced Fund | ||||
Face | Market | |||
Maturity | Amount | Value• | ||
Coupon | Date | ($000) | ($000) | |
Virginia Public Building Authority Public Facilities | ||||
Revenue | 5.000% | 8/1/19 | 1,495 | 1,689 |
Virginia Public School Authority Revenue | 5.000% | 8/1/19 | 500 | 565 |
Virginia Public School Authority Revenue | 4.000% | 8/1/20 | 1,700 | 1,914 |
Virginia Public School Authority School | ||||
Technology & Security Notes Revenue | 5.000% | 4/15/21 | 1,055 | 1,252 |
30,851 | ||||
Washington (1.5%) | ||||
Energy Northwest Washington Electric Revenue | ||||
(Columbia Generating Station) | 5.000% | 7/1/20 | 500 | 581 |
Energy Northwest Washington Electric Revenue | ||||
(Columbia Generating Station) | 5.000% | 7/1/31 | 1,200 | 1,510 |
Energy Northwest Washington Electric Revenue | ||||
(Project No. 1) | 5.250% | 7/1/16 (ETM) | 1,000 | 1,000 |
Energy Northwest Washington Electric Revenue | ||||
(Project No. 1) | 5.000% | 7/1/17 | 500 | 522 |
Energy Northwest Washington Electric Revenue | ||||
(Project No. 1) | 5.000% | 7/1/21 | 1,355 | 1,615 |
Energy Northwest Washington Electric Revenue | ||||
(Project No. 3) | 5.000% | 7/1/16 (ETM) | 865 | 865 |
King County WA GO | 5.000% | 1/1/19 | 150 | 166 |
King County WA GO | 5.000% | 7/1/20 | 1,250 | 1,455 |
King County WA GO | 5.000% | 1/1/24 | 500 | 605 |
King County WA Sewer Revenue | 5.000% | 1/1/20 | 1,000 | 1,144 |
Lewis County WA Public Utility District No. 1 | ||||
Revenue (Cowlitz Falls Hydroelectric Project) | 5.000% | 10/1/21 | 1,000 | 1,194 |
Port of Seattle WA Revenue | 5.000% | 8/1/29 | 250 | 297 |
Seattle WA GO | 5.000% | 6/1/21 | 1,000 | 1,191 |
Seattle WA Water System Revenue | 5.000% | 5/1/19 | 1,460 | 1,634 |
Snohomish County WA School District | ||||
No. 201 GO | 5.250% | 12/1/18 (Prere.) | 1,760 | 1,953 |
University of Washington Revenue | 5.000% | 4/1/31 | 335 | 390 |
Washington (Motor Vehicle Fuel Tax) GO | 5.000% | 7/1/17 (Prere.) | 500 | 522 |
Washington (Motor Vehicle Fuel Tax) GO | 5.000% | 7/1/18 (Prere.) | 425 | 461 |
Washington (Motor Vehicle Fuel Tax) GO | 5.000% | 7/1/23 | 375 | 447 |
Washington (Motor Vehicle Fuel Tax) GO | 5.000% | 7/1/27 | 1,000 | 1,267 |
Washington (Motor Vehicle Fuel Tax) GO | 5.000% | 7/1/30 | 1,035 | 1,317 |
Washington (Motor Vehicle Fuel Tax) GO | 4.000% | 7/1/31 | 1,500 | 1,700 |
Washington Economic Development Finance | ||||
Authority Lease Revenue (Washington | ||||
Biomedical Research Properties 2) | 5.000% | 6/1/25 | 1,080 | 1,381 |
Washington GO | 5.000% | 7/1/16 (Prere.) | 500 | 500 |
Washington GO | 5.000% | 7/1/17 | 200 | 209 |
Washington GO | 5.000% | 7/1/18 (Prere.) | 500 | 543 |
Washington GO | 5.000% | 7/1/18 | 675 | 733 |
Washington GO | 0.000% | 6/1/20 (14) | 500 | 478 |
Washington GO | 5.000% | 7/1/20 | 1,000 | 1,160 |
Washington GO | 5.000% | 8/1/20 | 500 | 568 |
Washington GO | 5.000% | 7/1/22 | 1,350 | 1,645 |
Washington GO | 5.000% | 7/1/23 | 1,000 | 1,247 |
Washington GO | 5.000% | 7/1/25 | 1,500 | 1,906 |
Washington GO | 5.000% | 7/1/25 | 500 | 608 |
Washington GO | 5.000% | 8/1/27 | 1,000 | 1,283 |
Washington GO | 5.000% | 2/1/32 | 500 | 597 |
63
Tax-Managed Balanced Fund | |||||
Face | Market | ||||
Maturity | Amount | Value• | |||
Coupon | Date | ($000) | ($000) | ||
Washington Health Care Facilities Authority | |||||
Revenue (Central Washington Health Services | |||||
Association) | 5.000% | 7/1/30 | 1,760 | 2,091 | |
Washington Health Care Facilities Authority | |||||
Revenue (Providence Health & Services) | 5.000% | 10/1/31 (14) | 2,000 | 2,023 | |
Washington Health Care Facilities Authority | |||||
Revenue (Providence Health & Services) | 5.000% | 10/1/33 | 880 | 1,047 | |
Washington Higher Education Facilities Authority | |||||
Revenue (Whitman College Project) VRDO | 0.460% | 7/7/16 | 3,200 | 3,200 | |
Washington State University General Revenue | 5.000% | 10/1/31 | 500 | 592 | |
43,647 | |||||
West Virginia (0.0%) | |||||
West Virginia Hospital Finance Authority Hospital | |||||
Revenue (Charleston Area Medical Center Inc.) | 5.125% | 9/1/23 | 1,000 | 1,107 | |
Wisconsin (0.7%) | |||||
Milwaukee WI GO | 4.000% | 3/15/19 | 1,000 | 1,086 | |
Milwaukee WI GO | 4.000% | 3/15/20 | 1,000 | 1,115 | |
Wisconsin Annual Appropriation Revenue | 5.625% | 5/1/28 | 460 | 521 | |
Wisconsin GO | 5.000% | 5/1/18 (Prere.) | 500 | 540 | |
Wisconsin GO | 5.000% | 5/1/19 | 1,335 | 1,495 | |
Wisconsin GO | 5.000% | 11/1/19 | 1,250 | 1,425 | |
Wisconsin GO | 5.000% | 5/1/20 | 1,000 | 1,158 | |
Wisconsin GO | 5.000% | 5/1/21 | 750 | 892 | |
Wisconsin GO | 5.000% | 5/1/24 | 500 | 610 | |
Wisconsin GO | 5.000% | 5/1/26 | 2,210 | 2,679 | |
Wisconsin Health & Educational Facilities Authority | |||||
Revenue (Ascension Health Alliance Credit Group) | 4.000% | 11/15/33 | 2,000 | 2,263 | |
Wisconsin Health & Educational Facilities Authority | |||||
Revenue (Ascension Health Alliance Credit Group) | 4.000% | 11/15/34 | 1,500 | 1,692 | |
Wisconsin Health & Educational Facilities Authority | |||||
Revenue (Ascension Health Alliance Credit Group) | 5.000% | 11/15/36 | 1,800 | 2,231 | |
Wisconsin Health & Educational Facilities Authority | |||||
Revenue (Aspirus, Inc. Obligated Group) | 5.000% | 8/15/25 | 1,570 | 1,903 | |
Wisconsin Health & Educational Facilities Authority | |||||
Revenue (Marquette University) | 5.000% | 10/1/30 | 500 | 597 | |
Wisconsin Public Power System Power Supply | |||||
System Revenue | 5.000% | 7/1/32 | 500 | 601 | |
Wisconsin Transportation Revenue | 5.000% | 7/1/23 | 500 | 615 | |
21,423 | |||||
Total Tax-Exempt Municipal Bonds (Cost $1,403,024) | 1,487,826 | ||||
Temporary Cash Investments (0.0%) | |||||
U.S. Government and Agency Obligations (0.0%) | |||||
3 | Federal Home Loan Bank Discount Notes | 0.401% | 8/31/16 | 100 | 100 |
3 | Federal Home Loan Bank Discount Notes | 0.450% | 9/16/16 | 100 | 100 |
200 | |||||
Total Temporary Cash Investments (Cost $200) | 200 | ||||
Total Investments (100.3%) (Cost $2,315,575) | 2,870,236 |
64
Tax-Managed Balanced Fund | |
Amount | |
($000) | |
Other Assets and Liabilities (-0.3%) | |
Other Assets | |
Investment in Vanguard | 230 |
Receivables for Investment Securities Sold | 590 |
Receivables for Accrued Income | 18,190 |
Receivables for Capital Shares Issued | 2,305 |
Other Assets | 132 |
Total Other Assets | 21,447 |
Liabilities | |
Payables for Investment Securities Purchased | (27,188) |
Payables for Capital Shares Redeemed | (765) |
Payables to Vanguard | (1,306) |
Other Liabilities | (41) |
Total Liabilities | (29,300) |
Net Assets (100%) | |
Applicable to 103,625,462 outstanding $.001 par value shares of | |
beneficial interest (unlimited authorization) | 2,862,383 |
Net Asset Value Per Share | $27.62 |
At June 30, 2016, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 2,326,099 |
Undistributed Net Investment Income | 1,169 |
Accumulated Net Realized Losses | (19,546) |
Unrealized Appreciation (Depreciation) | 554,661 |
Net Assets | 2,862,383 |
• See Note A in Notes to Financial Statements.
* Non-income-producing security.
1 Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of June 30, 2016.
2 Adjustable-rate security.
3 The issuer operates under a congressional charter; its securities are generally neither guaranteed by the U.S. Treasury nor backed by the
full faith and credit of the U.S. government.
A key to abbreviations and other references follows the Statement of Net Assets.
See accompanying Notes, which are an integral part of the Financial Statements.
65
Tax-Managed Balanced Fund
Key to Abbreviations
ARS—Auction Rate Security.
BAN—Bond Anticipation Note.
COP—Certificate of Participation.
CP—Commercial Paper.
FR—Floating Rate.
GAN—Grant Anticipation Note.
GO—General Obligation Bond.
PILOT—Payments in Lieu of Taxes.
PUT—Put Option Obligation.
RAN—Revenue Anticipation Note.
TAN—Tax Anticipation Note.
TOB—Tender Option Bond.
TRAN—Tax Revenue Anticipation Note.
VRDO—Variable Rate Demand Obligation.
VRDP—Variable Rate Demand Preferred.
(ETM)—Escrowed to Maturity.
(Prere.)—Prerefunded.
Scheduled principal and interest payments are guaranteed by:
(1) MBIA (Municipal Bond Investors Assurance).
(2) AMBAC (Ambac Assurance Corporation).
(3) FGIC (Financial Guaranty Insurance Company).
(4) AGM (Assured Guaranty Municipal Corporation).
(5) BIGI (Bond Investors Guaranty Insurance).
(6) Connie Lee Inc.
(7) FHA (Federal Housing Authority).
(8) CapMAC (Capital Markets Assurance Corporation).
(9) American Capital Access Financial Guaranty Corporation.
(10) XL Capital Assurance Inc.
(11) CIFG (CDC IXIS Financial Guaranty).
(12) AGC (Assured Guaranty Corporation).
(13) BHAC (Berkshire Hathaway Assurance Corporation).
(14) NPFG (National Public Finance Guarantee Corporation).
(15) BAM (Build America Mutual Assurance Company).
(16) MAC (Municipal Assurance Corporation).
(17) RAA (Radian Asset Assurance Inc.).
The insurance does not guarantee the market value of the municipal bonds.
LOC—Scheduled principal and interest payments are guaranteed by bank letter of credit.
66
Tax-Managed Balanced Fund
Statement of Operations
Six Months Ended | |
June 30, 2016 | |
($000) | |
Investment Income | |
Income | |
Dividends | 12,837 |
Interest | 17,539 |
Total Income | 30,376 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 115 |
Management and Administrative | 1,126 |
Marketing and Distribution | 143 |
Custodian Fees | 11 |
Shareholders’ Reports | 26 |
Trustees’ Fees and Expenses | 1 |
Total Expenses | 1,422 |
Net Investment Income | 28,954 |
Realized Net Gain (Loss) | |
Investment Securities Sold | (12,356) |
Futures Contracts | 488 |
Realized Net Gain (Loss) | (11,868) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities | 88,752 |
Futures Contracts | 10 |
Change in Unrealized Appreciation (Depreciation) | 88,762 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 105,848 |
See accompanying Notes, which are an integral part of the Financial Statements.
67
Tax-Managed Balanced Fund
Statement of Changes in Net Assets
Six Months Ended | Year Ended | |
June 30, | December 31, | |
2016 | 2015 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 28,954 | 46,173 |
Realized Net Gain (Loss) | (11,868) | 6,843 |
Change in Unrealized Appreciation (Depreciation) | 88,762 | (4,470) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 105,848 | 48,546 |
Distributions | ||
Net Investment Income | (26,834) | (46,224) |
Realized Capital Gain | — | — |
Total Distributions | (26,834) | (46,224) |
Capital Share Transactions | ||
Issued | 452,429 | 762,424 |
Issued in Lieu of Cash Distributions | 22,977 | 39,524 |
Redeemed | (170,127) | (237,271) |
Net Increase (Decrease) from Capital Share Transactions | 305,279 | 564,677 |
Total Increase (Decrease) | 384,293 | 566,999 |
Net Assets | ||
Beginning of Period | 2,478,090 | 1,911,091 |
End of Period1 | 2,862,383 | 2,478,090 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of $1,169,000 and ($950,000). |
See accompanying Notes, which are an integral part of the Financial Statements.
68
Tax-Managed Balanced Fund
Financial Highlights
Six Months | |||||||
Ended | |||||||
For a Share Outstanding | June 30, | Year Ended December 31, | |||||
Throughout Each Period | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
Net Asset Value, Beginning of Period | $26.86 | $26.79 | $24.90 | $22.25 | $20.55 | $19.96 | |
Investment Operations | |||||||
Net Investment Income | .290 | .557 | .547 | .517 | .525 | .519 | |
Net Realized and Unrealized Gain (Loss) | |||||||
on Investments | .739 | .067 | 1.879 | 2.647 | 1.696 | .585 | |
Total from Investment Operations | 1.029 | .624 | 2.426 | 3.164 | 2.221 | 1.104 | |
Distributions | |||||||
Dividends from Net Investment Income1 | (.269) | (.554) | (.536) | (.514) | (.521) | (.514) | |
Distributions from Realized Capital Gains | — | — | — | — | — | — | |
Total Distributions | (.269) | (.554) | (.536) | (.514) | (.521) | (.514) | |
Net Asset Value, End of Period | $27.62 | $26.86 | $26.79 | $24.90 | $22.25 | $20.55 | |
Total Return 2 | 3.85% | 2.35% | 9.81% | 14.34% | 10.87% | 5.58% | |
Ratios/Supplemental Data | |||||||
Net Assets, End of Period (Millions) | $2,862 | $2,478 | $1,911 | $1,401 | $1,015 | $797 | |
Ratio of Total Expenses to | |||||||
Average Net Assets | 0.11% | 0.11% | 0.12% | 0.12% | 0.12% | 0.12% | |
Ratio of Net Investment Income to | |||||||
Average Net Assets | 2.22% | 2.11% | 2.15% | 2.21% | 2.43% | 2.55% | |
Portfolio Turnover Rate | 11% | 9% | 8% | 9% | 7% | 12% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
1 For tax purposes, nontaxable dividends represent 58%, 62%, 64%, 63%, 62%, and 70% of dividends from net investment income.
2 Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide
information about any applicable transaction and account service fees.
See accompanying Notes, which are an integral part of the Financial Statements.
69
Tax-Managed Balanced Fund
Notes to Financial Statements
Vanguard Tax-Managed Balanced Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in debt instruments of many municipal issuers; the issuers’ abilities to meet their obligations may be affected by economic and political developments in a specific state or region.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Bonds and temporary cash investments acquired over 60 days to maturity 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. Other temporary cash investments are valued at amortized cost, which approximates market value. Securities for which market quotations are not readily available, or whose values have been materially affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value.
2. Futures Contracts: The fund uses futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are attractively priced, or to adjust sensitivity to changes in interest rates. The fund also uses index futures contracts to a limited exent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of bonds held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract.
Futures contracts are valued at their quoted daily settlement prices. The aggregate settlement values of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).
During the six months ended June 30, 2016, 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 aggregate settlement values at each quarter-end during the period. The fund had no open futures contracts at June 30, 2016.
70
Tax-Managed Balanced Fund
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (December 31, 2012–2015), and for the period ended June 30, 2016, and has concluded that no provision for federal income tax is required in the fund’s financial statements. 4. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
5. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $3.1 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
The fund had no borrowings outstanding at June 30, 2016, or at any time during the period then ended.
6. Other: Dividend income is recorded on the ex-dividend date. Interest income is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At June 30, 2016, the fund had contributed to Vanguard capital in the amount of $230,000, representing 0.01% of the fund’s net assets and 0.09% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
71
Tax-Managed Balanced Fund
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
The following table summarizes the market value of the fund’s investments as of June 30, 2016, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 1,382,210 | — | — |
Tax-Exempt Municipal Bonds | — | 1,487,826 | — |
Temporary Cash Investments | — | 200 | — |
Total | 1,382,210 | 1,488,026 | — |
D. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.
During the six months ended June 30, 2016, the fund realized $4,035,000 of net capital gains resulting from in-kind redemptions—in which shareholders exchanged fund shares for securities held by the fund rather than for cash. Because such gains are not taxable to the fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid-in capital.
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 2015, the fund had available capital losses totaling $3,653,000 to offset future net capital gains. Of this amount, $1,449,000 is subject to expiration on December 31, 2017. Capital losses of $2,204,000 realized beginning in fiscal 2011 may be carried forward indefinitely under the Regulated Investment Company Modernization Act of 2010, but must be used before any expiring loss carryforwards. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2016; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
At June 30, 2016, the cost of investment securities for tax purposes was $2,315,592,000. Net unrealized appreciation of investment securities for tax purposes was $554,644,000, consisting of unrealized gains of $560,070,000 on securities that had risen in value since their purchase and $5,426,000 in unrealized losses on securities that had fallen in value since their purchase.
72
Tax-Managed Balanced Fund
E. During the six months ended June 30, 2016, the fund purchased $507,297,000 of investment securities and sold $152,596,000 of investment securities, other than U.S. government securities and temporary cash investments. Sales include $5,514,000 in connection with in-kind redemptions of the fund’s capital shares.
F. Capital shares issued and redeemed were:
Six Months Ended | Year Ended | |
June 30, 2016 | December 31, 2015 | |
Shares | Shares | |
(000) | (000) | |
Issued | 16,869 | 28,278 |
Issued in Lieu of Cash Distributions | 847 | 1,475 |
Redeemed | (6,364) | (8,821) |
Net Increase (Decrease) in Shares Outstanding | 11,352 | 20,932 |
G. Management has determined that no material events or transactions occurred subsequent to June 30, 2016, that would require recognition or disclosure in these financial statements.
73
Tax-Managed Capital Appreciation Fund
Fund Profile
As of June 30, 2016
Share-Class Characteristics | ||
Admiral | Institutional | |
Shares | Shares | |
Ticker Symbol | VTCLX | VTCIX |
Expense Ratio1 | 0.11% | 0.07% |
30-Day SEC Yield | 1.77% | 1.80% |
Portfolio Characteristics | |||
DJ | |||
U.S. | |||
Total | |||
Russell | Market | ||
1000 | FA | ||
Fund | Index | Index | |
Number of Stocks | 1,011 | 1,001 | 3,863 |
Median Market Cap | $57.7B | $60.7B | $53.0B |
Price/Earnings Ratio | 21.7x | 21.5x | 22.0x |
Price/Book Ratio | 2.8x | 2.8x | 2.7x |
Return on Equity | 17.2% | 16.9% | 16.5% |
Earnings Growth | |||
Rate | 7.4% | 7.3% | 7.3% |
Dividend Yield | 1.9% | 2.1% | 2.1% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | |||
(Annualized) | 9% | — | — |
Short-Term | |||
Reserves | 0.3% | — | — |
Volatility Measures | ||
DJ | ||
Russell | U.S. Total | |
1000 | Market | |
Index | FA Index | |
R-Squared | 1.00 | 1.00 |
Beta | 1.01 | 1.00 |
These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months.
Ten Largest Holdings (% of total net assets) | ||
Apple Inc. | Computer | |
Technology | 2.6% | |
Alphabet Inc. | Computer Services | |
Software & Systems | 2.1 | |
Exxon Mobil Corp. | Oil: Integrated | 1.9 |
Microsoft Corp. | Computer Services | |
Software & Systems | 1.9 | |
Johnson & Johnson | Pharmaceuticals | 1.5 |
Amazon.com Inc. | Diversified Retail | 1.4 |
Berkshire Hathaway Inc. Insurance: Multi-Line | 1.3 | |
General Electric Co. | Diversified | |
Manufacturing | ||
Operations | 1.3 | |
Facebook Inc. | Computer Services | |
Software & Systems | 1.2 | |
AT&T Inc. | Utilities: | |
Telecommunications | 1.1 | |
Top Ten | 16.3% |
Investment Focus
1 The expense ratios shown are from the prospectus dated April 8, 2016, and represent estimated costs for the current fiscal year. For the six months
ended June 30, 2016, the annualized expense ratios were 0.11% for Admiral Shares and 0.07% for Institutional Shares.
74
Tax-Managed Capital Appreciation Fund
Sector Diversification (% of equity exposure) | |||
DJ | |||
U.S. | |||
Total | |||
Russell | Market | ||
1000 | FA | ||
Fund | Index | Index | |
Consumer Discretionary 14.4% | 14.1% | 14.2% | |
Consumer Staples | 8.7 | 8.9 | 8.4 |
Energy | 7.2 | 7.1 | 6.8 |
Financial Services | 19.0 | 18.9 | 19.4 |
Health Care | 13.8 | 14.1 | 14.0 |
Materials & Processing | 3.6 | 3.6 | 3.8 |
Producer Durables | 10.7 | 10.5 | 10.8 |
Technology | 16.5 | 16.4 | 16.3 |
Utilities | 6.1 | 6.4 | 6.3 |
75
Tax-Managed Capital Appreciation Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Fiscal-Year Total Returns (%): December 31, 2005, Through June 30, 2016
Average Annual Total Returns: Periods Ended June 30, 2016 | ||||
Inception Date | One Year | Five Years | Ten Years | |
Admiral Shares | 9/6/1994 | 2.66% | 11.86% | 7.55% |
Institutional Shares | 2/24/1999 | 2.70 | 11.90 | 7.59 |
See Financial Highlights for dividend and capital gains information.
76
Tax-Managed Capital Appreciation Fund
Financial Statements (unaudited)
Statement of Net Assets
As of June 30, 2016
The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room (see the back cover of this report for further information).
Market | |||
Value• | |||
Shares | ($000) | ||
Common Stocks (100.0%)1 | |||
Consumer Discretionary (14.4%) | |||
* | Amazon.com Inc. | 130,190 | 93,167 |
Walt Disney Co. | 582,279 | 56,959 | |
Home Depot Inc. | 445,141 | 56,840 | |
Comcast Corp. Class A | 780,523 | 50,882 | |
McDonald’s Corp. | 305,804 | 36,800 | |
Wal-Mart Stores Inc. | 487,468 | 35,595 | |
Starbucks Corp. | 544,494 | 31,102 | |
Lowe’s Cos. Inc. | 356,815 | 28,249 | |
NIKE Inc. Class B | 494,357 | 27,289 | |
Costco Wholesale Corp. | 167,474 | 26,300 | |
Time Warner Inc. | 304,872 | 22,420 | |
* | Priceline Group Inc. | 17,378 | 21,695 |
TJX Cos. Inc. | 204,469 | 15,791 | |
Ford Motor Co. | 1,208,292 | 15,188 | |
* | O’Reilly Automotive Inc. | 50,755 | 13,760 |
Twenty-First Century Fox | |||
Inc. Class A | 503,599 | 13,622 | |
Yum! Brands Inc. | 158,953 | 13,180 | |
* | AutoZone Inc. | 16,559 | 13,145 |
Johnson Controls Inc. | 291,514 | 12,902 | |
Ross Stores Inc. | 206,205 | 11,690 | |
* | Dollar Tree Inc. | 123,504 | 11,639 |
* | Charter Communications | ||
Inc. Class A | 47,189 | 10,789 | |
* | eBay Inc. | 439,830 | 10,296 |
Estee Lauder Cos. Inc. | |||
Class A | 112,088 | 10,202 | |
CBS Corp. Class B | 160,925 | 8,761 | |
Target Corp. | 122,215 | 8,533 | |
General Motors Co. | 299,330 | 8,471 | |
* | Netflix Inc. | 91,476 | 8,368 |
Advance Auto Parts Inc. | 50,598 | 8,178 | |
Starwood Hotels & Resorts | |||
Worldwide Inc. | 105,535 | 7,804 | |
Marriott International Inc. | |||
Class A | 115,349 | 7,666 | |
* | Mohawk Industries Inc. | 40,019 | 7,594 |
* | MGM Resorts International | 324,221 | 7,337 |
Dollar General Corp. | 78,019 | 7,334 | |
* | Liberty Interactive Corp. | ||
QVC Group Class A | 286,199 | 7,261 | |
* | NVR Inc. | 4,041 | 7,194 |
Expedia Inc. | 66,607 | 7,080 | |
Viacom Inc. Class B | 170,721 | 7,080 | |
Royal Caribbean | |||
Cruises Ltd. | 104,593 | 7,023 | |
* | Sirius XM Holdings Inc. | 1,742,688 | 6,884 |
DR Horton Inc. | 218,026 | 6,863 | |
Interpublic Group of | |||
Cos. Inc. | 293,791 | 6,787 | |
Fortune Brands Home & | |||
Security Inc. | 114,801 | 6,655 | |
Hasbro Inc. | 76,942 | 6,462 | |
* | CarMax Inc. | 130,976 | 6,422 |
PVH Corp. | 66,936 | 6,307 | |
Lennar Corp. Class A | 126,340 | 5,824 | |
Hanesbrands Inc. | 231,493 | 5,817 | |
* | Panera Bread Co. Class A | 26,806 | 5,681 |
Lamar Advertising Co. | |||
Class A | 85,598 | 5,675 | |
Harley-Davidson Inc. | 119,364 | 5,407 | |
Goodyear Tire & | |||
Rubber Co. | 208,626 | 5,353 | |
* | WABCO Holdings Inc. | 53,422 | 4,892 |
Gentex Corp. | 316,457 | 4,889 | |
Darden Restaurants Inc. | 76,927 | 4,873 | |
CST Brands Inc. | 111,065 | 4,785 | |
* | Vista Outdoor Inc. | 99,564 | 4,752 |
* | Urban Outfitters Inc. | 171,700 | 4,722 |
* | Tempur Sealy | ||
International Inc. | 83,156 | 4,600 | |
PulteGroup Inc. | 232,854 | 4,538 | |
* | Tesla Motors Inc. | 21,309 | 4,523 |
Scripps Networks | |||
Interactive Inc. Class A | 69,558 | 4,331 | |
* | TripAdvisor Inc. | 67,124 | 4,316 |
77
Tax-Managed Capital Appreciation Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Discovery | ||
Communications Inc. | 180,131 | 4,296 | |
BorgWarner Inc. | 142,961 | 4,220 | |
Bed Bath & Beyond Inc. | 97,001 | 4,192 | |
Omnicom Group Inc. | 50,564 | 4,120 | |
* | Hyatt Hotels Corp. Class A | 83,026 | 4,080 |
Brinker International Inc. | 88,041 | 4,009 | |
Visteon Corp. | 60,650 | 3,991 | |
Foot Locker Inc. | 70,470 | 3,866 | |
Carnival Corp. | 77,458 | 3,424 | |
Harman International | |||
Industries Inc. | 45,014 | 3,233 | |
Gap Inc. | 148,246 | 3,146 | |
Lear Corp. | 30,629 | 3,117 | |
KAR Auction Services Inc. | 71,820 | 2,998 | |
* | Liberty Ventures Class A | 78,266 | 2,901 |
Newell Brands Inc. | 59,422 | 2,886 | |
* | Toll Brothers Inc. | 106,247 | 2,859 |
John Wiley & Sons Inc. | |||
Class A | 53,577 | 2,796 | |
Ralph Lauren Corp. Class A | 30,742 | 2,755 | |
* | AutoNation Inc. | 58,092 | 2,729 |
* | MSG Networks Inc. | 155,568 | 2,386 |
News Corp. Class A | 177,364 | 2,013 | |
* | Liberty SiriusXM Group | ||
Class C | 64,064 | 1,978 | |
Macy’s Inc. | 56,774 | 1,908 | |
Las Vegas Sands Corp. | 42,120 | 1,832 | |
* | Under Armour Inc. Class A | 40,035 | 1,607 |
* | Under Armour Inc. | 40,178 | 1,463 |
Aaron’s Inc. | 63,057 | 1,380 | |
Twenty-First Century | |||
Fox Inc. | 46,089 | 1,256 | |
* | Norwegian Cruise Line | ||
Holdings Ltd. | 31,461 | 1,253 | |
* | Liberty Broadband Corp. | 20,819 | 1,249 |
Coach Inc. | 25,940 | 1,057 | |
Nordstrom Inc. | 26,966 | 1,026 | |
* | Liberty SiriusXM Group | 32,034 | 1,005 |
* | AMC Networks Inc. Class A | 16,167 | 977 |
* | Madison Square Garden | ||
Co. Class A | 5,389 | 930 | |
* | Starz | 30,816 | 922 |
GameStop Corp. Class A | 20,418 | 543 | |
Best Buy Co. Inc. | 15,827 | 484 | |
* | Liberty Broadband Corp. | ||
Class A | 8,008 | 476 | |
* | Ulta Salon Cosmetics & | ||
Fragrance Inc. | 1,721 | 419 | |
Coty Inc. Class A | 15,990 | 416 | |
Graham Holdings Co. Class B | 821 | 402 | |
Lennar Corp. Class B | 8,278 | 308 | |
* | Liberty Media Group | 16,015 | 304 |
* | Murphy USA Inc. | 3,307 | 245 |
* | LKQ Corp. | 6,802 | 216 |
* | Sally Beauty Holdings Inc. | 6,440 | 189 |
Wynn Resorts Ltd. | 2,011 | 182 | |
Nielsen Holdings plc | 3,136 | 163 | |
* | Liberty Braves Group | 10,923 | 160 |
* | Live Nation Entertainment Inc. | 6,740 | 158 |
* | Liberty Media Group Class A | 8,008 | 153 |
Staples Inc. | 9,722 | 84 | |
Kohl’s Corp. | 2,194 | 83 | |
* | Discovery Communications | ||
Inc. Class A | 1,919 | 48 | |
* | Liberty Braves Group Class A | 3,203 | 48 |
VF Corp. | 132 | 8 | |
Delphi Automotive plc | 113 | 7 | |
L Brands Inc. | 97 | 7 | |
Genuine Parts Co. | 60 | 6 | |
Whirlpool Corp. | 31 | 5 | |
* | Chipotle Mexican Grill Inc. | ||
Class A | 12 | 5 | |
Tractor Supply Co. | 53 | 5 | |
Hilton Worldwide Holdings Inc. | 203 | 5 | |
* | DISH Network Corp. Class A | 85 | 4 |
Mattel Inc. | 132 | 4 | |
* | Michael Kors Holdings Ltd. | 72 | 4 |
* | lululemon athletica Inc. | 44 | 3 |
Wyndham Worldwide Corp. | 44 | 3 | |
Leggett & Platt Inc. | 54 | 3 | |
Tiffany & Co. | 44 | 3 | |
Domino’s Pizza Inc. | 20 | 3 | |
Signet Jewelers Ltd. | 31 | 3 | |
Aramark | 76 | 3 | |
Carter’s Inc. | 21 | 2 | |
Service Corp. International | 79 | 2 | |
Polaris Industries Inc. | 26 | 2 | |
H&R Block Inc. | 92 | 2 | |
TEGNA Inc. | 89 | 2 | |
Garmin Ltd. | 46 | 2 | |
Williams-Sonoma Inc. | 36 | 2 | |
Dunkin’ Brands Group Inc. | 38 | 2 | |
Cinemark Holdings Inc. | 45 | 2 | |
Brunswick Corp. | 36 | 2 | |
* | Hertz Global Holdings Inc. | 147 | 2 |
Six Flags Entertainment Corp. | 28 | 2 | |
Dick’s Sporting Goods Inc. | 36 | 2 | |
* | ServiceMaster Global | ||
Holdings Inc. | 40 | 2 | |
* | Skechers U.S.A. Inc. Class A | 48 | 1 |
Outfront Media Inc. | 54 | 1 | |
Tribune Media Co. Class A | 32 | 1 | |
* | Avis Budget Group Inc. | 37 | 1 |
Thor Industries Inc. | 18 | 1 | |
AMERCO | 3 | 1 | |
Tupperware Brands Corp. | 19 | 1 | |
* | JC Penney Co. Inc. | 120 | 1 |
* | Pandora Media Inc. | 83 | 1 |
* | Kate Spade & Co. | 50 | 1 |
78
Tax-Managed Capital Appreciation Fund
Market | |||||
Value• | |||||
Shares | ($000) | ||||
* | Cabela’s Inc. | 19 | 1 | ||
Wendy’s Co. | 80 | 1 | |||
Lions Gate Entertainment Corp. | 37 | 1 | |||
* | Michaels Cos. Inc. | 25 | 1 | ||
* | Office Depot Inc. | 214 | 1 | ||
Regal Entertainment Group | |||||
Class A | 32 | 1 | |||
International Game | |||||
Technology plc | 37 | 1 | |||
Choice Hotels International Inc. | 14 | 1 | |||
Avon Products Inc. | 169 | 1 | |||
Gannett Co. Inc. | 44 | 1 | |||
DSW Inc. Class A | 27 | 1 | |||
Penske Automotive Group Inc. | 17 | 1 | |||
Cable One Inc. | 1 | 1 | |||
Dillard’s Inc. Class A | 8 | 1 | |||
* | Fossil Group Inc. | 16 | — | ||
Extended Stay America Inc. | 24 | — | |||
* | Fitbit Inc. Class A | 17 | — | ||
Viacom Inc. Class A | 4 | — | |||
Clear Channel Outdoor | |||||
Holdings Inc. Class A | 14 | — | |||
* | Sears Holdings Corp. | 5 | — | ||
981,618 | |||||
Consumer Staples (8.7%) | |||||
Procter & Gamble Co. | 846,249 | 71,652 | |||
Coca-Cola Co. | 1,144,334 | 51,873 | |||
PepsiCo Inc. | 468,488 | 49,632 | |||
Philip Morris | |||||
International Inc. | 431,156 | 43,857 | |||
CVS Health Corp. | 400,796 | 38,372 | |||
Altria Group Inc. | 500,480 | 34,513 | |||
Mondelez International Inc. | |||||
Class A | 658,144 | 29,952 | |||
Colgate-Palmolive Co. | 347,747 | 25,455 | |||
Walgreens Boots | |||||
Alliance Inc. | 301,845 | 25,135 | |||
Kroger Co. | 442,623 | 16,284 | |||
Constellation Brands Inc. | |||||
Class A | 86,856 | 14,366 | |||
* | Monster Beverage Corp. | 75,967 | 12,209 | ||
Tyson Foods Inc. Class A | 174,242 | 11,638 | |||
Dr Pepper Snapple | |||||
Group Inc. | 109,488 | 10,580 | |||
Archer-Daniels-Midland Co. | 242,866 | 10,416 | |||
JM Smucker Co. | 66,043 | 10,066 | |||
Mead Johnson Nutrition Co. | 110,049 | 9,987 | |||
Clorox Co. | 71,982 | 9,961 | |||
Kraft Heinz Co. | 106,148 | 9,392 | |||
Molson Coors Brewing Co. | |||||
Class B | 88,874 | 8,988 | |||
Church & Dwight Co. Inc. | 84,018 | 8,644 | |||
McCormick & Co. Inc. | 80,966 | 8,637 | |||
Brown-Forman Corp. Class B | 83,130 | 8,293 | |||
Hershey Co. | 72,467 | 8,224 |
Hormel Foods Corp. | 209,953 | 7,684 | ||
Ingredion Inc. | 59,184 | 7,659 | ||
Kimberly-Clark Corp. | 54,764 | 7,529 | ||
Campbell Soup Co. | 109,113 | 7,259 | ||
* | WhiteWave Foods Co. | |||
Class A | 149,018 | 6,995 | ||
General Mills Inc. | 88,800 | 6,333 | ||
* | Edgewell Personal Care Co. | 63,275 | 5,341 | |
Reynolds American Inc. | 84,531 | 4,559 | ||
Energizer Holdings Inc. | 62,510 | 3,219 | ||
Whole Foods Market Inc. | 86,637 | 2,774 | ||
Kellogg Co. | 22,838 | 1,865 | ||
Pilgrim’s Pride Corp. | 64,085 | 1,633 | ||
* | Rite Aid Corp. | 213,925 | 1,602 | |
Bunge Ltd. | 20,961 | 1,240 | ||
ConAgra Foods Inc. | 18,538 | 886 | ||
Sysco Corp. | 17,298 | 878 | ||
* | Blue Buffalo Pet | |||
Products Inc. | 15,615 | 364 | ||
Nu Skin Enterprises Inc. | ||||
Class A | 1,013 | 47 | ||
Pinnacle Foods Inc. | 46 | 2 | ||
* | Hain Celestial Group Inc. | 40 | 2 | |
* | Herbalife Ltd. | 29 | 2 | |
* | Sprouts Farmers Market Inc. | 60 | 1 | |
Flowers Foods Inc. | 68 | 1 | ||
Spectrum Brands Holdings Inc. 10 | 1 | |||
Brown-Forman Corp. Class A | 11 | 1 | ||
GNC Holdings Inc. Class A | 27 | 1 | ||
596,004 | ||||
Energy (7.2%) | ||||
Exxon Mobil Corp. | 1,374,828 | 128,876 | ||
Chevron Corp. | 647,982 | 67,928 | ||
Schlumberger Ltd. | 335,379 | 26,522 | ||
ConocoPhillips | 491,868 | 21,445 | ||
EOG Resources Inc. | 227,247 | 18,957 | ||
Halliburton Co. | 381,607 | 17,283 | ||
Phillips 66 | 214,201 | 16,995 | ||
Anadarko Petroleum Corp. | 227,591 | 12,119 | ||
Pioneer Natural | ||||
Resources Co. | 77,710 | 11,750 | ||
Baker Hughes Inc. | 218,632 | 9,867 | ||
Valero Energy Corp. | 182,002 | 9,282 | ||
Occidental Petroleum Corp. | 120,170 | 9,080 | ||
* | Concho Resources Inc. | 75,872 | 9,049 | |
* | Continental Resources Inc. | 190,155 | 8,608 | |
* | Newfield Exploration Co. | 192,886 | 8,522 | |
Cimarex Energy Co. | 70,372 | 8,397 | ||
EQT Corp. | 105,064 | 8,135 | ||
* | WPX Energy Inc. | 868,492 | 8,086 | |
Columbia Pipeline | ||||
Group Inc. | 307,100 | 7,828 | ||
Cabot Oil & Gas Corp. | 290,464 | 7,477 | ||
Energen Corp. | 152,850 | 7,369 | ||
Noble Energy Inc. | 185,706 | 6,661 |
79
Tax-Managed Capital Appreciation Fund
Market | ||||
Value• | ||||
Shares | ($000) | |||
Patterson-UTI Energy Inc. | 286,601 | 6,110 | ||
* | FMC Technologies Inc. | 203,849 | 5,437 | |
World Fuel Services Corp. | 111,181 | 5,280 | ||
Rowan Cos. plc Class A | 264,983 | 4,680 | ||
* | NOW Inc. | 251,820 | 4,568 | |
TerraForm Power Inc. | ||||
Class A | 414,721 | 4,520 | ||
Kinder Morgan Inc. | 236,063 | 4,419 | ||
Williams Cos. Inc. | 195,740 | 4,234 | ||
Range Resources Corp. | 96,066 | 4,144 | ||
Helmerich & Payne Inc. | 57,866 | 3,885 | ||
Marathon Petroleum Corp. | 92,507 | 3,512 | ||
Hess Corp. | 44,484 | 2,673 | ||
Tesoro Corp. | 31,926 | 2,392 | ||
National Oilwell Varco Inc. | 48,309 | 1,626 | ||
Spectra Energy Corp. | 19,088 | 699 | ||
* | Southwestern Energy Co. | 18,061 | 227 | |
Devon Energy Corp. | 5,246 | 190 | ||
* | Seadrill Ltd. | 44,300 | 144 | |
Denbury Resources Inc. | 12,089 | 43 | ||
* | California Resources Corp. | 1,101 | 13 | |
Apache Corp. | 148 | 8 | ||
Marathon Oil Corp. | 331 | 5 | ||
ONEOK Inc. | 82 | 4 | ||
* | Cheniere Energy Inc. | 93 | 3 | |
Targa Resources Corp. | 63 | 3 | ||
* | Diamondback Energy Inc. | 28 | 3 | |
Murphy Oil Corp. | 70 | 2 | ||
* | Weatherford International plc | 351 | 2 | |
HollyFrontier Corp. | 72 | 2 | ||
* | Gulfport Energy Corp. | 49 | 2 | |
QEP Resources Inc. | 84 | 1 | ||
* | First Solar Inc. | 30 | 1 | |
CONSOL Energy Inc. | 90 | 1 | ||
Oceaneering International Inc. | 39 | 1 | ||
Ensco plc Class A | 118 | 1 | ||
Nabors Industries Ltd. | 110 | 1 | ||
Superior Energy Services Inc. | 59 | 1 | ||
* | Chesapeake Energy Corp. | 229 | 1 | |
PBF Energy Inc. Class A | 38 | 1 | ||
* | Dril-Quip Inc. | 15 | 1 | |
Noble Corp. plc | 95 | 1 | ||
* | Whiting Petroleum Corp. | 80 | 1 | |
* | Rice Energy Inc. | 33 | 1 | |
SM Energy Co. | 26 | 1 | ||
* | Antero Resources Corp. | 27 | 1 | |
Diamond Offshore Drilling Inc. | 25 | 1 | ||
* | Memorial Resource | |||
Development Corp. | 35 | 1 | ||
Golar LNG Ltd. | 35 | 1 | ||
* | Laredo Petroleum Inc. | 48 | 1 | |
* | RPC Inc. | 23 | — | |
* | SunPower Corp. Class A | 22 | — | |
* | Kosmos Energy Ltd. | 61 | — | |
Frank’s International NV | 14 | — |
* | Cobalt International Energy Inc. 143 | — | |
CVR Energy Inc. | 6 | — | |
* | EP Energy Corp. Class A | 13 | — |
489,085 | |||
Financial Services (19.0%) | |||
* | Berkshire Hathaway Inc. | ||
Class B | 634,996 | 91,941 | |
JPMorgan Chase & Co. | 1,109,664 | 68,955 | |
Wells Fargo & Co. | 1,449,025 | 68,582 | |
Visa Inc. Class A | 686,529 | 50,920 | |
Citigroup Inc. | 1,079,154 | 45,745 | |
Bank of America Corp. | 2,965,135 | 39,347 | |
MasterCard Inc. Class A | 363,828 | 32,039 | |
American International | |||
Group Inc. | 491,108 | 25,975 | |
Simon Property Group Inc. | 112,646 | 24,433 | |
Goldman Sachs Group Inc. | 154,079 | 22,893 | |
American Tower | |||
Corporation | 173,628 | 19,726 | |
American Express Co. | 300,034 | 18,230 | |
* | PayPal Holdings Inc. | 496,120 | 18,113 |
US Bancorp | 400,905 | 16,169 | |
Public Storage | 59,645 | 15,245 | |
PNC Financial Services | |||
Group Inc. | 178,981 | 14,567 | |
* | Fiserv Inc. | 133,437 | 14,509 |
Aon plc | 129,154 | 14,107 | |
Crown Castle International | |||
Corp. | 138,391 | 14,037 | |
Morgan Stanley | 535,505 | 13,912 | |
S&P Global Inc. | 124,501 | 13,354 | |
Equinix Inc. | 33,081 | 12,827 | |
Intercontinental | |||
Exchange Inc. | 49,787 | 12,743 | |
Charles Schwab Corp. | 496,358 | 12,563 | |
Aflac Inc. | 172,218 | 12,427 | |
Travelers Cos. Inc. | 101,725 | 12,109 | |
Equity Residential | 161,520 | 11,126 | |
Discover Financial Services | 201,833 | 10,816 | |
Prudential Financial Inc. | 148,953 | 10,626 | |
AvalonBay Communities Inc. 58,706 | 10,590 | ||
Boston Properties Inc. | 77,995 | 10,288 | |
* | Synchrony Financial | 386,799 | 9,778 |
Chubb Ltd. | 74,677 | 9,761 | |
SunTrust Banks Inc. | 234,876 | 9,649 | |
Fidelity National | |||
Information Services Inc. | 130,247 | 9,597 | |
Equifax Inc. | 73,853 | 9,483 | |
General Growth | |||
Properties Inc. | 313,287 | 9,342 | |
Global Payments Inc. | 130,554 | 9,319 | |
Progressive Corp. | 267,429 | 8,959 | |
State Street Corp. | 164,707 | 8,881 | |
* | Markel Corp. | 9,157 | 8,725 |
MSCI Inc. Class A | 108,818 | 8,392 |
80
Tax-Managed Capital Appreciation Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Essex Property Trust Inc. | 36,270 | 8,273 | |
Ameriprise Financial Inc. | 87,796 | 7,888 | |
Federal Realty Investment | |||
Trust | 45,530 | 7,537 | |
Capital One Financial Corp. | 117,695 | 7,475 | |
Nasdaq Inc. | 114,636 | 7,414 | |
Extra Space Storage Inc. | 79,539 | 7,361 | |
Allstate Corp. | 102,184 | 7,148 | |
First Republic Bank | 100,649 | 7,044 | |
Equity LifeStyle | |||
Properties Inc. | 87,665 | 7,018 | |
Total System Services Inc. | 130,880 | 6,951 | |
* | Arch Capital Group Ltd. | 95,099 | 6,847 |
* | Alleghany Corp. | 12,354 | 6,790 |
T. Rowe Price Group Inc. | 92,836 | 6,774 | |
SL Green Realty Corp. | 62,997 | 6,707 | |
Moody’s Corp. | 69,986 | 6,558 | |
Assurant Inc. | 75,128 | 6,484 | |
Fifth Third Bancorp | 368,271 | 6,478 | |
Torchmark Corp. | 102,754 | 6,352 | |
Apartment Investment & | |||
Management Co. | 137,720 | 6,082 | |
* | E*TRADE Financial Corp. | 256,818 | 6,033 |
SEI Investments Co. | 123,501 | 5,942 | |
White Mountains Insurance | |||
Group Ltd. | 6,999 | 5,893 | |
WR Berkley Corp. | 97,378 | 5,835 | |
Reinsurance Group of | |||
America Inc. Class A | 59,891 | 5,809 | |
* | CBRE Group Inc. Class A | 217,552 | 5,761 |
American Homes 4 Rent | |||
Class A | 280,681 | 5,748 | |
Loews Corp. | 138,528 | 5,692 | |
Douglas Emmett Inc. | 159,344 | 5,660 | |
Lincoln National Corp. | 143,702 | 5,571 | |
Franklin Resources Inc. | 165,917 | 5,537 | |
Forest City Realty Trust | |||
Inc. Class A | 246,809 | 5,506 | |
CME Group Inc. | 55,929 | 5,447 | |
M&T Bank Corp. | 46,002 | 5,439 | |
* | Howard Hughes Corp. | 47,113 | 5,386 |
Prologis Inc. | 109,443 | 5,367 | |
Brown & Brown Inc. | 143,235 | 5,367 | |
KeyCorp | 485,228 | 5,362 | |
Dun & Bradstreet Corp. | 43,819 | 5,339 | |
Unum Group | 166,461 | 5,292 | |
Commerce Bancshares Inc. | 109,036 | 5,223 | |
* | Signature Bank | 41,611 | 5,198 |
American Financial | |||
Group Inc. | 69,403 | 5,131 | |
Taubman Centers Inc. | 67,808 | 5,031 | |
Bank of New York | |||
Mellon Corp. | 128,925 | 5,009 | |
TD Ameritrade | |||
Holding Corp. | 174,048 | 4,956 |
BlackRock Inc. | 14,461 | 4,953 | |
Zions Bancorporation | 194,374 | 4,885 | |
TFS Financial Corp. | 271,733 | 4,679 | |
Principal Financial Group Inc. | 113,318 | 4,659 | |
Weyerhaeuser Co. | 156,383 | 4,656 | |
Post Properties Inc. | 76,021 | 4,641 | |
East West Bancorp Inc. | 134,403 | 4,594 | |
Host Hotels & Resorts Inc. | 279,419 | 4,529 | |
MetLife Inc. | 112,898 | 4,497 | |
Popular Inc. | 153,360 | 4,493 | |
* | CoreLogic Inc. | 116,575 | 4,486 |
Jones Lang LaSalle Inc. | 45,890 | 4,472 | |
Raymond James | |||
Financial Inc. | 89,465 | 4,411 | |
First Horizon National Corp. | 319,147 | 4,398 | |
* | Realogy Holdings Corp. | 147,745 | 4,288 |
Hanover Insurance | |||
Group Inc. | 49,487 | 4,188 | |
* | Affiliated Managers | ||
Group Inc. | 29,691 | 4,180 | |
* | SLM Corp. | 676,250 | 4,179 |
Alexandria Real Estate | |||
Equities Inc. | 38,539 | 3,990 | |
Brixmor Property Group Inc. | 149,675 | 3,960 | |
Jack Henry & Associates Inc. | 44,906 | 3,919 | |
DDR Corp. | 215,917 | 3,917 | |
Broadridge Financial | |||
Solutions Inc. | 58,618 | 3,822 | |
Camden Property Trust | 42,323 | 3,742 | |
Interactive Brokers Group Inc. | 99,828 | 3,534 | |
Retail Properties of | |||
America Inc. | 208,902 | 3,530 | |
Hospitality Properties Trust | 119,017 | 3,428 | |
Digital Realty Trust Inc. | 28,422 | 3,098 | |
Eaton Vance Corp. | 86,022 | 3,040 | |
Cullen/Frost Bankers Inc. | 47,496 | 3,027 | |
Associated Banc-Corp | 170,283 | 2,920 | |
Hartford Financial Services | |||
Group Inc. | 64,171 | 2,848 | |
BOK Financial Corp. | 38,481 | 2,413 | |
Welltower Inc. | 30,307 | 2,308 | |
* | Alliance Data Systems Corp. | 11,592 | 2,271 |
Leucadia National Corp. | 120,270 | 2,084 | |
CNA Financial Corp. | 61,718 | 1,939 | |
BB&T Corp. | 53,177 | 1,894 | |
Paramount Group Inc. | 114,342 | 1,823 | |
Marsh & McLennan Cos. Inc. | 21,585 | 1,478 | |
Navient Corp. | 123,033 | 1,470 | |
Legg Mason Inc. | 47,414 | 1,398 | |
Bank of Hawaii Corp. | 20,064 | 1,380 | |
Northern Trust Corp. | 19,091 | 1,265 | |
HCP Inc. | 34,847 | 1,233 | |
Iron Mountain Inc. | 28,923 | 1,152 | |
FNF Group | 25,471 | 955 | |
Apple Hospitality REIT Inc. | 39,944 | 751 |
81
Tax-Managed Capital Appreciation Fund
Market | ||||
Value• | ||||
Shares | ($000) | |||
Voya Financial Inc. | 29,780 | 737 | ||
People’s United Financial Inc. | 42,624 | 625 | ||
Lazard Ltd. Class A | 18,503 | 551 | ||
Four Corners Property | ||||
Trust Inc. | 25,649 | 528 | ||
Invesco Ltd. | 12,148 | 310 | ||
Realty Income Corp. | 4,311 | 299 | ||
* | Vantiv Inc. Class A | 4,744 | 269 | |
Western Union Co. | 11,796 | 226 | ||
* | FleetCor Technologies Inc. | 1,233 | 176 | |
Ventas Inc. | 130 | 9 | ||
Vornado Realty Trust | 74 | 7 | ||
Thomson Reuters Corp. | 129 | 5 | ||
Kimco Realty Corp. | 162 | 5 | ||
Macerich Co. | 58 | 5 | ||
Cincinnati Financial Corp. | 64 | 5 | ||
Regions Financial Corp. | 525 | 4 | ||
Annaly Capital Management Inc. | 371 | 4 | ||
XL Group plc Class A | 120 | 4 | ||
UDR Inc. | 101 | 4 | ||
Duke Realty Corp. | 135 | 4 | ||
VEREIT Inc. | 354 | 4 | ||
* | Ally Financial Inc. | 189 | 3 | |
Arthur J Gallagher & Co. | 66 | 3 | ||
Everest Re Group Ltd. | 17 | 3 | ||
Regency Centers Corp. | 37 | 3 | ||
Mid-America Apartment | ||||
Communities Inc. | 29 | 3 | ||
Comerica Inc. | 70 | 3 | ||
New York Community | ||||
Bancorp Inc. | 190 | 3 | ||
WP Carey Inc. | 41 | 3 | ||
National Retail Properties Inc. | 55 | 3 | ||
Huntington Bancshares Inc. | 317 | 3 | ||
American Campus | ||||
Communities Inc. | 51 | 3 | ||
FactSet Research Systems Inc. | 16 | 3 | ||
American Capital Agency Corp. | 130 | 3 | ||
Omega Healthcare Investors Inc. | 72 | 2 | ||
Citizens Financial Group Inc. | 122 | 2 | ||
Spirit Realty Capital Inc. | 188 | 2 | ||
Liberty Property Trust | 59 | 2 | ||
Kilroy Realty Corp. | 34 | 2 | ||
Gaming and Leisure | ||||
Properties Inc. | 64 | 2 | ||
CBOE Holdings Inc. | 33 | 2 | ||
CIT Group Inc. | 68 | 2 | ||
Axis Capital Holdings Ltd. | 37 | 2 | ||
Weingarten Realty Investors | 49 | 2 | ||
RenaissanceRe Holdings Ltd. | 17 | 2 | ||
Old Republic International Corp. | 102 | 2 | ||
Starwood Property Trust Inc. | 93 | 2 | ||
Senior Housing Properties Trust | 92 | 2 | ||
* | SVB Financial Group | 20 | 2 | |
PacWest Bancorp | 44 | 2 |
Healthcare Trust of America | |||
Inc. Class A | 53 | 2 | |
Endurance Specialty | |||
Holdings Ltd. | 24 | 2 | |
Corrections Corp. of America | 46 | 2 | |
Validus Holdings Ltd. | 33 | 2 | |
Tanger Factory Outlet | |||
Centers Inc. | 37 | 1 | |
* | Equity Commonwealth | 51 | 1 |
Synovus Financial Corp. | 49 | 1 | |
Assured Guaranty Ltd. | 55 | 1 | |
Communications Sales & | |||
Leasing Inc. | 47 | 1 | |
First Niagara Financial | |||
Group Inc. | 139 | 1 | |
* | WEX Inc. | 15 | 1 |
Rayonier Inc. | 50 | 1 | |
* | Zillow Group Inc. | 34 | 1 |
Allied World Assurance Co. | |||
Holdings AG | 35 | 1 | |
BankUnited Inc. | 40 | 1 | |
Piedmont Office Realty Trust | |||
Inc. Class A | 57 | 1 | |
ProAssurance Corp. | 22 | 1 | |
Brandywine Realty Trust | 70 | 1 | |
Two Harbors Investment Corp. | 136 | 1 | |
Chimera Investment Corp. | 74 | 1 | |
Aspen Insurance Holdings Ltd. | 24 | 1 | |
Corporate Office Properties Trust | 37 | 1 | |
Federated Investors Inc. Class B | 37 | 1 | |
MFA Financial Inc. | 145 | 1 | |
Columbia Property Trust Inc. | 49 | 1 | |
Erie Indemnity Co. Class A | 10 | 1 | |
Care Capital Properties Inc. | 32 | 1 | |
TCF Financial Corp. | 66 | 1 | |
WP Glimcher Inc. | 73 | 1 | |
Empire State Realty Trust Inc. | 43 | 1 | |
NorthStar Realty Finance Corp. | 71 | 1 | |
* | First Data Corp. Class A | 71 | 1 |
AmTrust Financial Services Inc. | 32 | 1 | |
NorthStar Asset Management | |||
Group Inc. | 76 | 1 | |
LPL Financial Holdings Inc. | 30 | 1 | |
* | Zillow Group Inc. Class A | 17 | 1 |
CBL & Associates Properties Inc. | 65 | 1 | |
Mercury General Corp. | 11 | 1 | |
Morningstar Inc. | 7 | 1 | |
Waddell & Reed Financial Inc. | |||
Class A | 33 | 1 | |
* | Credit Acceptance Corp. | 3 | 1 |
* | Genworth Financial Inc. Class A | 195 | 1 |
* | OneMain Holdings Inc. Class A | 21 | — |
Artisan Partners Asset | |||
Management Inc. Class A | 14 | — |
82
Tax-Managed Capital Appreciation Fund
Market | |||||
Value• | |||||
Shares | ($000) | ||||
* | Santander Consumer USA | ||||
Holdings Inc. | 34 | — | |||
American National Insurance Co. | 3 | — | |||
NorthStar Realty Europe Corp. | 24 | — | |||
* | Square Inc. | 12 | — | ||
* | LendingClub Corp. | 25 | — | ||
1,296,190 | |||||
Health Care (13.8%) | |||||
Johnson & Johnson | 845,462 | 102,554 | |||
Pfizer Inc. | 1,743,341 | 61,383 | |||
UnitedHealth Group Inc. | 328,174 | 46,338 | |||
Bristol-Myers Squibb Co. | 591,175 | 43,481 | |||
Merck & Co. Inc. | 751,549 | 43,297 | |||
Amgen Inc. | 269,967 | 41,075 | |||
Gilead Sciences Inc. | 492,101 | 41,051 | |||
Medtronic plc | 348,756 | 30,262 | |||
* | Celgene Corp. | 293,518 | 28,950 | ||
* | Allergan plc | 124,482 | 28,766 | ||
AbbVie Inc. | 450,333 | 27,880 | |||
Thermo Fisher Scientific Inc. | 153,934 | 22,745 | |||
* | Biogen Inc. | 85,612 | 20,703 | ||
* | Express Scripts Holding Co. | 272,927 | 20,688 | ||
Eli Lilly & Co. | 253,458 | 19,960 | |||
Aetna Inc. | 145,181 | 17,731 | |||
Abbott Laboratories | 407,116 | 16,004 | |||
McKesson Corp. | 83,738 | 15,630 | |||
Becton Dickinson and Co. | 88,320 | 14,978 | |||
Anthem Inc. | 111,626 | 14,661 | |||
* | Boston Scientific Corp. | 623,793 | 14,578 | ||
Cigna Corp. | 112,107 | 14,349 | |||
Stryker Corp. | 109,046 | 13,067 | |||
Humana Inc. | 69,676 | 12,533 | |||
Zoetis Inc. | 240,279 | 11,404 | |||
Cardinal Health Inc. | 145,261 | 11,332 | |||
Zimmer Biomet | |||||
Holdings Inc. | 88,957 | 10,709 | |||
St. Jude Medical Inc. | 131,597 | 10,265 | |||
CR Bard Inc. | 41,918 | 9,857 | |||
* | Henry Schein Inc. | 53,592 | 9,475 | ||
* | Mylan NV | 214,765 | 9,286 | ||
* | Vertex Pharmaceuticals Inc. | 100,811 | 8,672 | ||
Agilent Technologies Inc. | 192,643 | 8,546 | |||
AmerisourceBergen Corp. | |||||
Class A | 106,401 | 8,440 | |||
DENTSPLY SIRONA Inc. | 130,580 | 8,101 | |||
* | Alexion Pharmaceuticals Inc. | 69,324 | 8,094 | ||
Universal Health Services | |||||
Inc. Class B | 60,278 | 8,083 | |||
* | Incyte Corp. | 95,944 | 7,674 | ||
* | Laboratory Corp. of | ||||
America Holdings | 53,808 | 7,010 | |||
Teleflex Inc. | 39,319 | 6,972 | |||
Cooper Cos. Inc. | 40,631 | 6,971 | |||
Baxter International Inc. | 153,258 | 6,930 | |||
Quest Diagnostics Inc. | 72,665 | 5,916 |
* | Regeneron | ||
Pharmaceuticals Inc. | 16,550 | 5,780 | |
PerkinElmer Inc. | 109,261 | 5,727 | |
Bio-Techne Corp. | 49,993 | 5,638 | |
* | Quintiles Transnational | ||
Holdings Inc. | 76,723 | 5,011 | |
* | Charles River Laboratories | ||
International Inc. | 57,881 | 4,772 | |
Bruker Corp. | 209,167 | 4,756 | |
Perrigo Co. plc | 50,657 | 4,593 | |
* | QIAGEN NV | 209,244 | 4,564 |
* | Akorn Inc. | 138,631 | 3,949 |
* | Centene Corp. | 52,904 | 3,776 |
Patterson Cos. Inc. | 73,371 | 3,514 | |
* | Varian Medical Systems Inc. | 29,960 | 2,464 |
* | Ionis Pharmaceuticals Inc. | 85,305 | 1,987 |
* | Medivation Inc. | 29,492 | 1,778 |
* | Endo International plc | 93,089 | 1,451 |
* | Intuitive Surgical Inc. | 1,041 | 688 |
* | DaVita HealthCare | ||
Partners Inc. | 6,751 | 522 | |
* | Edwards Lifesciences Corp. | 3,674 | 366 |
* | VCA Inc. | 4,520 | 306 |
* | Mallinckrodt plc | 4,436 | 270 |
* | HCA Holdings Inc. | 3,126 | 241 |
* | Align Technology Inc. | 2,924 | 235 |
* | IDEXX Laboratories Inc. | 2,431 | 226 |
* | Hologic Inc. | 6,180 | 214 |
* | Veeva Systems Inc. Class A | 6,212 | 212 |
* | BioMarin Pharmaceutical Inc. | 2,656 | 207 |
* | MEDNAX Inc. | 2,830 | 205 |
* | United Therapeutics Corp. | 1,913 | 203 |
* | Bio-Rad Laboratories Inc. | ||
Class A | 1,404 | 201 | |
* | Cerner Corp. | 3,209 | 188 |
* | Premier Inc. Class A | 5,600 | 183 |
* | athenahealth Inc. | 1,312 | 181 |
* | Alere Inc. | 4,022 | 168 |
* | LifePoint Health Inc. | 2,510 | 164 |
* | Jazz Pharmaceuticals plc | 1,021 | 144 |
* | Alnylam Pharmaceuticals Inc. | 1,522 | 84 |
* | Intrexon Corp. | 3,419 | 84 |
* | Illumina Inc. | 56 | 8 |
ResMed Inc. | 55 | 3 | |
* | Alkermes plc | 58 | 2 |
* | DexCom Inc. | 31 | 2 |
* | Envision Healthcare | ||
Holdings Inc. | 73 | 2 | |
* | Seattle Genetics Inc. | 41 | 2 |
* | Acadia Healthcare Co. Inc. | 24 | 1 |
* | Brookdale Senior Living Inc. | 72 | 1 |
Hill-Rom Holdings Inc. | 22 | 1 | |
* | Tenet Healthcare Corp. | 39 | 1 |
* | Allscripts Healthcare | ||
Solutions Inc. | 71 | 1 |
83
Tax-Managed Capital Appreciation Fund
Market | ||||
Value• | ||||
Shares | ($000) | |||
* | Intercept Pharmaceuticals Inc. | 6 | 1 | |
* | Bluebird Bio Inc. | 14 | 1 | |
* | Community Health Systems Inc. | 46 | 1 | |
* | Agios Pharmaceuticals Inc. | 10 | — | |
* | VWR Corp. | 12 | — | |
* | Puma Biotechnology Inc. | 10 | — | |
* | Juno Therapeutics Inc. | 5 | — | |
* | Quorum Health Corp. | 11 | — | |
941,480 | ||||
Materials & Processing (3.6%) | ||||
EI du Pont de Nemours | ||||
& Co. | 349,034 | 22,617 | ||
Monsanto Co. | 178,022 | 18,409 | ||
Ecolab Inc. | 115,934 | 13,750 | ||
Newmont Mining Corp. | 303,630 | 11,878 | ||
Sherwin-Williams Co. | 40,058 | 11,764 | ||
Praxair Inc. | 103,342 | 11,615 | ||
Vulcan Materials Co. | 90,232 | 10,860 | ||
LyondellBasell Industries | ||||
NV Class A | 132,695 | 9,875 | ||
Dow Chemical Co. | 187,854 | 9,338 | ||
Martin Marietta | ||||
Materials Inc. | 47,346 | 9,090 | ||
Albemarle Corp. | 98,252 | 7,792 | ||
Ball Corp. | 100,054 | 7,233 | ||
Valspar Corp. | 66,760 | 7,212 | ||
Sealed Air Corp. | 143,185 | 6,582 | ||
Celanese Corp. Class A | 100,412 | 6,572 | ||
FMC Corp. | 132,448 | 6,134 | ||
Lennox International Inc. | 40,714 | 5,806 | ||
* | Crown Holdings Inc. | 112,863 | 5,719 | |
Fastenal Co. | 125,785 | 5,584 | ||
Owens Corning | 104,758 | 5,397 | ||
Air Products & | ||||
Chemicals Inc. | 32,969 | 4,683 | ||
Southern Copper Corp. | 165,670 | 4,470 | ||
WR Grace & Co. | 58,763 | 4,302 | ||
Valmont Industries Inc. | 27,984 | 3,785 | ||
Scotts Miracle-Gro Co. | ||||
Class A | 50,983 | 3,564 | ||
Reliance Steel & | ||||
Aluminum Co. | 46,208 | 3,553 | ||
CF Industries Holdings Inc. | 143,017 | 3,447 | ||
* | Armstrong World | |||
Industries Inc. | 85,415 | 3,344 | ||
Nucor Corp. | 66,785 | 3,300 | ||
Freeport-McMoRan Inc. | 240,640 | 2,681 | ||
Westlake Chemical Corp. | 54,946 | 2,358 | ||
Packaging Corp. of America | 26,568 | 1,778 | ||
* | Owens-Illinois Inc. | 94,689 | 1,705 | |
Eagle Materials Inc. | 21,140 | 1,631 | ||
* | GCP Applied | |||
Technologies Inc. | 58,764 | 1,530 | ||
International Paper Co. | 35,971 | 1,524 | ||
Mosaic Co. | 45,259 | 1,185 |
Eastman Chemical Co. | 14,072 | 956 | ||
* | Armstrong Flooring Inc. | 44,054 | 747 | |
Hexcel Corp. | 3,533 | 147 | ||
PPG Industries Inc. | 162 | 17 | ||
Ingersoll-Rand plc | 104 | 7 | ||
Alcoa Inc. | 513 | 5 | ||
Masco Corp. | 137 | 4 | ||
Acuity Brands Inc. | 17 | 4 | ||
International Flavors & | ||||
Fragrances Inc. | 32 | 4 | ||
WestRock Co. | 102 | 4 | ||
Ashland Inc. | 25 | 3 | ||
RPM International Inc. | 52 | 3 | ||
Steel Dynamics Inc. | 95 | 2 | ||
AptarGroup Inc. | 25 | 2 | ||
Bemis Co. Inc. | 38 | 2 | ||
Sonoco Products Co. | 39 | 2 | ||
Royal Gold Inc. | 25 | 2 | ||
Graphic Packaging Holding Co. 129 | 2 | |||
Watsco Inc. | 10 | 1 | ||
Tahoe Resources Inc. | 89 | 1 | ||
NewMarket Corp. | 3 | 1 | ||
Cabot Corp. | 25 | 1 | ||
Huntsman Corp. | 80 | 1 | ||
* | Axalta Coating Systems Ltd. | 40 | 1 | |
* | USG Corp. | 36 | 1 | |
Compass Minerals | ||||
International Inc. | 13 | 1 | ||
United States Steel Corp. | 57 | 1 | ||
Domtar Corp. | 25 | 1 | ||
Timken Co. | 28 | 1 | ||
Silgan Holdings Inc. | 16 | 1 | ||
Chemours Co. | 71 | 1 | ||
* | Ingevity Corp. | 17 | 1 | |
Allegheny Technologies Inc. | 43 | 1 | ||
* | Platform Specialty Products | |||
Corp. | 51 | — | ||
243,995 | ||||
Producer Durables (10.7%) | ||||
General Electric Co. | 2,836,791 | 89,302 | ||
Boeing Co. | 225,405 | 29,273 | ||
United Technologies Corp. | 279,693 | 28,683 | ||
3M Co. | 154,044 | 26,976 | ||
Union Pacific Corp. | 303,684 | 26,496 | ||
Danaher Corp. | 231,447 | 23,376 | ||
Honeywell International Inc. | 168,320 | 19,579 | ||
FedEx Corp. | 116,214 | 17,639 | ||
General Dynamics Corp. | 121,190 | 16,874 | ||
Northrop Grumman Corp. | 72,150 | 16,038 | ||
United Parcel Service Inc. | ||||
Class B | 147,189 | 15,855 | ||
Illinois Tool Works Inc. | 140,947 | 14,681 | ||
Accenture plc Class A | 119,404 | 13,527 | ||
Delta Air Lines Inc. | 350,782 | 12,779 | ||
Southwest Airlines Co. | 313,976 | 12,311 |
84
Tax-Managed Capital Appreciation Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Lockheed Martin Corp. | 47,450 | 11,776 | |
Raytheon Co. | 80,822 | 10,988 | |
Norfolk Southern Corp. | 127,762 | 10,876 | |
CSX Corp. | 389,166 | 10,149 | |
Waste Management Inc. | 140,109 | 9,285 | |
Roper Technologies Inc. | 51,607 | 8,802 | |
* | TransDigm Group Inc. | 32,799 | 8,649 |
* | Verisk Analytics Inc. Class A | 100,411 | 8,141 |
L-3 Communications | |||
Holdings Inc. | 53,889 | 7,905 | |
* | Mettler-Toledo | ||
International Inc. | 21,554 | 7,865 | |
* | United Continental | ||
Holdings Inc. | 186,761 | 7,665 | |
Huntington Ingalls | |||
Industries Inc. | 44,901 | 7,545 | |
* | Waters Corp. | 53,043 | 7,461 |
Emerson Electric Co. | 142,289 | 7,422 | |
PACCAR Inc. | 142,675 | 7,401 | |
Parker-Hannifin Corp. | 67,377 | 7,280 | |
Cintas Corp. | 70,616 | 6,930 | |
Expeditors International of | |||
Washington Inc. | 138,833 | 6,808 | |
Deere & Co. | 82,823 | 6,712 | |
AMETEK Inc. | 143,005 | 6,611 | |
Carlisle Cos. Inc. | 59,977 | 6,338 | |
Rockwell Collins Inc. | 73,559 | 6,263 | |
Textron Inc. | 170,296 | 6,226 | |
JB Hunt Transport | |||
Services Inc. | 76,689 | 6,206 | |
WW Grainger Inc. | 26,954 | 6,125 | |
* | Copart Inc. | 124,612 | 6,107 |
* | Jacobs Engineering | ||
Group Inc. | 121,987 | 6,076 | |
* | HD Supply Holdings Inc. | 171,257 | 5,963 |
IDEX Corp. | 71,688 | 5,886 | |
Toro Co. | 65,949 | 5,817 | |
* | Middleby Corp. | 50,169 | 5,782 |
* | Stericycle Inc. | 54,711 | 5,697 |
Wabtec Corp. | 80,447 | 5,650 | |
Xerox Corp. | 576,488 | 5,471 | |
* | SPX Corp. | 367,943 | 5,464 |
Cummins Inc. | 47,769 | 5,371 | |
BWX Technologies Inc. | 143,634 | 5,138 | |
FLIR Systems Inc. | 164,529 | 5,092 | |
Landstar System Inc. | 73,936 | 5,076 | |
Orbital ATK Inc. | 59,437 | 5,060 | |
* | Spirit AeroSystems | ||
Holdings Inc. Class A | 116,216 | 4,997 | |
Caterpillar Inc. | 65,805 | 4,989 | |
* | Manitowoc Foodservice Inc. | 275,298 | 4,851 |
* | Old Dominion Freight | ||
Line Inc. | 78,902 | 4,759 | |
AGCO Corp. | 98,700 | 4,652 |
Automatic Data | |||
Processing Inc. | 47,161 | 4,333 | |
* | Genpact Ltd. | 151,475 | 4,066 |
Flowserve Corp. | 87,374 | 3,947 | |
Xylem Inc. | 86,943 | 3,882 | |
Oshkosh Corp. | 80,575 | 3,844 | |
Robert Half International Inc. | 96,924 | 3,699 | |
Donaldson Co. Inc. | 102,983 | 3,538 | |
ManpowerGroup Inc. | 54,486 | 3,506 | |
* | Babcock & Wilcox | ||
Enterprises Inc. | 219,378 | 3,223 | |
Stanley Black & Decker Inc. | 26,735 | 2,973 | |
MSC Industrial Direct Co. | |||
Inc. Class A | 41,610 | 2,936 | |
CH Robinson Worldwide Inc. | 39,317 | 2,919 | |
Terex Corp. | 113,735 | 2,310 | |
* | Keysight Technologies Inc. | 78,164 | 2,274 |
Graco Inc. | 27,607 | 2,181 | |
ITT Inc. | 64,187 | 2,053 | |
Allison Transmission | |||
Holdings Inc. | 68,172 | 1,924 | |
Lexmark International Inc. | |||
Class A | 50,192 | 1,895 | |
Manitowoc Co. Inc. | 275,297 | 1,500 | |
* | Zebra Technologies Corp. | 27,137 | 1,360 |
* | Spirit Airlines Inc. | 23,229 | 1,042 |
Republic Services Inc. | |||
Class A | 19,556 | 1,003 | |
Pentair plc | 6,124 | 357 | |
KBR Inc. | 26,436 | 350 | |
Ryder System Inc. | 5,166 | 316 | |
* | CoStar Group Inc. | 1,010 | 221 |
Fluor Corp. | 3,441 | 170 | |
Eaton Corp. plc | 183 | 11 | |
Paychex Inc. | 127 | 8 | |
Tyco International plc | 165 | 7 | |
American Airlines Group Inc. | 247 | 7 | |
Rockwell Automation Inc. | 53 | 6 | |
Dover Corp. | 63 | 4 | |
Kansas City Southern | 43 | 4 | |
Snap-on Inc. | 23 | 4 | |
* | Waste Connections Inc. | 48 | 3 |
* | IHS Inc. Class A | 27 | 3 |
Alaska Air Group Inc. | 51 | 3 | |
Avery Dennison Corp. | 36 | 3 | |
Allegion plc | 37 | 3 | |
AO Smith Corp. | 29 | 3 | |
* | Trimble Navigation Ltd. | 102 | 2 |
Hubbell Inc. Class B | 23 | 2 | |
* | United Rentals Inc. | 36 | 2 |
* | JetBlue Airways Corp. | 123 | 2 |
Macquarie Infrastructure Corp. 27 | 2 | ||
B/E Aerospace Inc. | 42 | 2 | |
* | AECOM | 59 | 2 |
Nordson Corp. | 22 | 2 |
85
Market | ||||
Value• | ||||
Shares | ($000) | |||
Lincoln Electric Holdings Inc. | 28 | 2 | ||
RR Donnelley & Sons Co. | 82 | 1 | ||
* | Quanta Services Inc. | 60 | 1 | |
* | Kirby Corp. | 22 | 1 | |
Pitney Bowes Inc. | 75 | 1 | ||
Chicago Bridge & Iron Co. NV | 38 | 1 | ||
* | Genesee & Wyoming Inc. | |||
Class A | 22 | 1 | ||
National Instruments Corp. | 44 | 1 | ||
* | Clean Harbors Inc. | 23 | 1 | |
Booz Allen Hamilton Holding | ||||
Corp. Class A | 40 | 1 | ||
Trinity Industries Inc. | 61 | 1 | ||
Rollins Inc. | 37 | 1 | ||
Crane Co. | 19 | 1 | ||
Air Lease Corp. Class A | 40 | 1 | ||
* | Colfax Corp. | 39 | 1 | |
Regal Beloit Corp. | 17 | 1 | ||
* | WESCO International Inc. | 17 | 1 | |
Joy Global Inc. | 38 | 1 | ||
Covanta Holding Corp. | 45 | 1 | ||
GATX Corp. | 16 | 1 | ||
Kennametal Inc. | 31 | 1 | ||
Copa Holdings SA Class A | 13 | 1 | ||
Triumph Group Inc. | 19 | 1 | ||
* | TopBuild Corp. | 15 | 1 | |
* | SPX FLOW Inc. | 16 | — | |
Teekay Corp. | 19 | — | ||
730,648 | ||||
Technology (16.5%) | ||||
Apple Inc. | 1,840,505 | 175,952 | ||
Microsoft Corp. | 2,484,712 | 127,143 | ||
* | Facebook Inc. Class A | 743,859 | 85,008 | |
* | Alphabet Inc. Class C | 101,492 | 70,243 | |
* | Alphabet Inc. Class A | 98,821 | 69,524 | |
International Business | ||||
Machines Corp. | 300,425 | 45,598 | ||
Oracle Corp. | 1,072,296 | 43,889 | ||
Intel Corp. | 1,268,903 | 41,620 | ||
Cisco Systems Inc. | 1,393,557 | 39,981 | ||
Texas Instruments Inc. | 389,186 | 24,382 | ||
Broadcom Ltd. | 145,561 | 22,620 | ||
QUALCOMM Inc. | 401,770 | 21,523 | ||
EMC Corp. | 768,556 | 20,882 | ||
* | salesforce.com Inc. | 258,085 | 20,495 | |
* | Adobe Systems Inc. | 199,573 | 19,117 | |
NVIDIA Corp. | 343,853 | 16,164 | ||
* | Yahoo! Inc. | 410,583 | 15,421 | |
Hewlett Packard | ||||
Enterprise Co. | 824,138 | 15,057 | ||
* | Cognizant Technology | |||
Solutions Corp. Class A | 258,116 | 14,775 | ||
Intuit Inc. | 126,429 | 14,111 | ||
Applied Materials Inc. | 551,172 | 13,212 | ||
Activision Blizzard Inc. | 292,430 | 11,589 |
Corning Inc. | 477,384 | 9,777 | |
Amphenol Corp. Class A | 165,003 | 9,460 | |
* | SBA Communications | ||
Corp. Class A | 77,268 | 8,340 | |
* | Citrix Systems Inc. | 103,448 | 8,285 |
Lam Research Corp. | 96,753 | 8,133 | |
* | Autodesk Inc. | 129,138 | 6,992 |
CDK Global Inc. | 123,048 | 6,828 | |
* | Synopsys Inc. | 124,454 | 6,730 |
Analog Devices Inc. | 117,980 | 6,682 | |
KLA-Tencor Corp. | 90,426 | 6,624 | |
* | Cadence Design | ||
Systems Inc. | 270,664 | 6,577 | |
Juniper Networks Inc. | 288,825 | 6,496 | |
Symantec Corp. | 315,666 | 6,484 | |
Linear Technology Corp. | 123,969 | 5,768 | |
Ingram Micro Inc. | 159,574 | 5,550 | |
* | Arrow Electronics Inc. | 89,502 | 5,540 |
Dolby Laboratories Inc. | |||
Class A | 115,638 | 5,533 | |
DST Systems Inc. | 42,702 | 4,972 | |
Avnet Inc. | 121,410 | 4,918 | |
Brocade Communications | |||
Systems Inc. | 531,669 | 4,881 | |
Teradyne Inc. | 235,865 | 4,644 | |
Western Digital Corp. | 98,249 | 4,643 | |
* | Teradata Corp. | 176,523 | 4,425 |
* | Viavi Solutions Inc. | 623,390 | 4,133 |
CSRA Inc. | 171,247 | 4,012 | |
Computer Sciences Corp. | 78,747 | 3,910 | |
Xilinx Inc. | 81,750 | 3,771 | |
CA Inc. | 109,686 | 3,601 | |
NetApp Inc. | 137,603 | 3,384 | |
* | Micron Technology Inc. | 215,553 | 2,966 |
* | NCR Corp. | 99,365 | 2,759 |
SS&C Technologies | |||
Holdings Inc. | 85,064 | 2,389 | |
Motorola Solutions Inc. | 36,182 | 2,387 | |
Microchip Technology Inc. | 43,601 | 2,213 | |
* | CommScope Holding | ||
Co. Inc. | 64,859 | 2,013 | |
IAC/InterActiveCorp | 24,480 | 1,378 | |
Harris Corp. | 13,240 | 1,105 | |
HP Inc. | 76,570 | 961 | |
* | VeriSign Inc. | 10,316 | 892 |
Amdocs Ltd. | 11,987 | 692 | |
* | Electronic Arts Inc. | 5,010 | 380 |
Skyworks Solutions Inc. | 5,109 | 323 | |
* | Palo Alto Networks Inc. | 2,025 | 248 |
* | Red Hat Inc. | 3,264 | 237 |
* | Fortinet Inc. | 7,337 | 232 |
* | Gartner Inc. | 2,326 | 227 |
Sabre Corp. | 8,123 | 218 | |
* | ANSYS Inc. | 2,329 | 211 |
* | ServiceNow Inc. | 2,952 | 196 |
86
Tax-Managed Capital Appreciation Fund
Market | ||||
Value• | ||||
Shares | ($000) | |||
* | IPG Photonics Corp. | 2,308 | 185 | |
* | PTC Inc. | 4,733 | 178 | |
* | IMS Health Holdings Inc. | 6,734 | 171 | |
* | F5 Networks Inc. | 1,424 | 162 | |
* | LinkedIn Corp. Class A | 648 | 123 | |
Maxim Integrated Products Inc. | 111 | 4 | ||
* | Akamai Technologies Inc. | 70 | 4 | |
* | Twitter Inc. | 221 | 4 | |
* | Workday Inc. Class A | 41 | 3 | |
* | Qorvo Inc. | 55 | 3 | |
* | Splunk Inc. | 52 | 3 | |
* | Ultimate Software Group Inc. | 11 | 2 | |
CDW Corp. | 52 | 2 | ||
* | VMware Inc. Class A | 32 | 2 | |
Marvell Technology Group Ltd. | 177 | 2 | ||
* | Nuance Communications Inc. | 99 | 2 | |
* | ARRIS International plc | 71 | 1 | |
* | ON Semiconductor Corp. | 168 | 1 | |
Cognex Corp. | 34 | 1 | ||
Jabil Circuit Inc. | 76 | 1 | ||
Cypress Semiconductor Corp. | 123 | 1 | ||
Leidos Holdings Inc. | 26 | 1 | ||
* | NetSuite Inc. | 16 | 1 | |
* | Cree Inc. | 40 | 1 | |
* | Rackspace Hosting Inc. | 45 | 1 | |
* | Tableau Software Inc. Class A | 19 | 1 | |
* | FireEye Inc. | 54 | 1 | |
* | Arista Networks Inc. | 13 | 1 | |
* | Yelp Inc. Class A | 26 | 1 | |
* | Zynga Inc. Class A | 281 | 1 | |
* | EchoStar Corp. Class A | 17 | 1 | |
* | 3D Systems Corp. | 44 | 1 | |
* | Groupon Inc. Class A | 165 | 1 | |
* | Lumentum Holdings Inc. | 18 | — | |
* | Black Knight Financial Services | |||
Inc. Class A | 8 | — | ||
* | GoDaddy Inc. Class A | 9 | — | |
* | Atlassian Corp. plc Class A | 10 | — | |
* | Inovalon Holdings Inc. Class A | 10 | — | |
1,122,293 | ||||
Utilities (6.1%) | ||||
AT&T Inc. | 1,797,569 | 77,673 | ||
Verizon | ||||
Communications Inc. | 1,170,875 | 65,382 | ||
NextEra Energy Inc. | 177,540 | 23,151 | ||
PG&E Corp. | 215,510 | 13,775 | ||
Sempra Energy | 116,390 | 13,271 | ||
WEC Energy Group Inc. | 197,839 | 12,919 | ||
Exelon Corp. | 351,421 | 12,778 | ||
Edison International | 162,181 | 12,597 | ||
Consolidated Edison Inc. | 141,599 | 11,390 | ||
Eversource Energy | 172,448 | 10,330 |
Dominion Resources Inc. | 128,640 | 10,025 | |||
American Water Works | |||||
Co. Inc. | 117,032 | 9,890 | |||
Duke Energy Corp. | 111,708 | 9,583 | |||
CMS Energy Corp. | 190,417 | 8,732 | |||
* | Level 3 | ||||
Communications Inc. | 163,155 | 8,401 | |||
Southern Co. | 152,829 | 8,196 | |||
* | T-Mobile US Inc. | 185,138 | 8,011 | ||
NiSource Inc. | 276,272 | 7,327 | |||
UGI Corp. | 154,238 | 6,979 | |||
ITC Holdings Corp. | 145,857 | 6,829 | |||
Atmos Energy Corp. | 83,514 | 6,791 | |||
Aqua America Inc. | 183,416 | 6,541 | |||
SCANA Corp. | 80,345 | 6,079 | |||
DTE Energy Co. | 56,142 | 5,565 | |||
* | Calpine Corp. | 376,572 | 5,554 | ||
FirstEnergy Corp. | 151,600 | 5,292 | |||
* | Sprint Corp. | 1,162,942 | 5,268 | ||
Questar Corp. | 206,197 | 5,231 | |||
CenterPoint Energy Inc. | 213,368 | 5,121 | |||
Telephone & Data | |||||
Systems Inc. | 167,926 | 4,981 | |||
American Electric Power | |||||
Co. Inc. | 60,633 | 4,250 | |||
* | United States Cellular Corp. | 94,884 | 3,726 | ||
AES Corp. | 224,088 | 2,797 | |||
Alliant Energy Corp. | 66,238 | 2,630 | |||
CenturyLink Inc. | 68,121 | 1,976 | |||
NRG Energy Inc. | 130,623 | 1,958 | |||
Entergy Corp. | 20,417 | 1,661 | |||
* | Zayo Group Holdings Inc. | 35,976 | 1,005 | ||
PPL Corp. | 261 | 10 | |||
Public Service Enterprise | |||||
Group Inc. | 198 | 9 | |||
Xcel Energy Inc. | 198 | 9 | |||
Ameren Corp. | 95 | 5 | |||
Pinnacle West Capital Corp. | 43 | 3 | |||
AGL Resources Inc. | 47 | 3 | |||
Westar Energy Inc. Class A | 55 | 3 | |||
OGE Energy Corp. | 78 | 3 | |||
TECO Energy Inc. | 92 | 2 | |||
Frontier Communications Corp. | 462 | 2 | |||
National Fuel Gas Co. | 33 | 2 | |||
MDU Resources Group Inc. | 76 | 2 | |||
Great Plains Energy Inc. | 60 | 2 | |||
Vectren Corp. | 32 | 2 | |||
Hawaiian Electric Industries Inc. | 42 | 1 | |||
Avangrid Inc. | 22 | 1 | |||
413,724 | |||||
Total Common Stocks | |||||
(Cost $3,414,083) | 6,815,037 |
87
Tax-Managed Capital Appreciation Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Temporary Cash Investments (0.2%)1 | |||
Money Market Fund (0.2%) | |||
2 | Vanguard Market Liquidity | ||
Fund, 0.538% | 14,978,630 | 14,979 | |
Face | |||
Amount | |||
($000) | |||
U.S. Government and Agency Obligations (0.0%) | |||
3,4 | Federal Home Loan Bank | ||
Discount Notes, | |||
0.390%, 9/7/16 | 700 | 699 | |
3,4 | Federal Home Loan Bank | ||
Discount Notes, | |||
0.511%, 10/12/16 | 100 | 100 | |
799 | |||
Total Temporary Cash Investments | |||
(Cost $15,778) | 15,778 | ||
Total Investments (100.2%) | |||
(Cost $3,429,861) | 6,830,815 |
Amount | |
($000) | |
Other Assets and Liabilities (-0.2%) | |
Other Assets | |
Investment in Vanguard | 558 |
Receivables for Accrued Income | 6,473 |
Receivables for Capital Shares Issued | 814 |
Other Assets | 275 |
Total Other Assets | 8,120 |
Liabilities | |
Payables for Investment Securities | |
Purchased | (15,196) |
Payables for Capital Shares Redeemed | (784) |
Payables to Vanguard | (4,376) |
Other Liabilities | (1,695) |
Total Liabilities | (22,051) |
Net Assets (100%) | 6,816,884 |
At June 30, 2016, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 3,507,229 |
Overdistributed Net Investment Income | (252) |
Accumulated Net Realized Losses | (91,384) |
Unrealized Appreciation (Depreciation) | |
Investment Securities | 3,400,954 |
Futures Contracts | 337 |
Net Assets | 6,816,884 |
Admiral Shares—Net Assets | |
Applicable to 58,727,764 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 6,243,194 |
Net Asset Value Per Share— | |
Admiral Shares | $106.31 |
Institutional Shares—Net Assets | |
Applicable to 10,860,295 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 573,690 |
Net Asset Value Per Share— | |
Institutional Shares | $52.82 |
• See Note A in Notes to Financial Statements.
* Non-income-producing security.
1 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures
investments, the fund’s effective common stock and temporary cash investment positions represent 100.1% and 0.1%, respectively, of
net assets.
2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the
7-day yield.
3 The issuer operates under a congressional charter; its securities are generally neither guaranteed by the U.S. Treasury nor backed by the
full faith and credit of the U.S. government.
4 Securities with a value of $700,000 have been segregated as initial margin for open futures contracts.
REIT—Real Estate Investment Trust.
See accompanying Notes, which are an integral part of the Financial Statements.
88
Tax-Managed Capital Appreciation Fund
Statement of Operations
Six Months Ended | |
June 30, 2016 | |
($000) | |
Investment Income | |
Income | |
Dividends | 64,173 |
Interest1 | 47 |
Total Income | 64,220 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 630 |
Management and Administrative—Admiral Shares | 2,399 |
Management and Administrative—Institutional Shares | 132 |
Marketing and Distribution—Admiral Shares | 175 |
Marketing and Distribution—Institutional Shares | 4 |
Custodian Fees | 29 |
Shareholders’ Reports—Admiral Shares | 20 |
Shareholders’ Reports—Institutional Shares | — |
Trustees’ Fees and Expenses | 2 |
Total Expenses | 3,391 |
Net Investment Income | 60,829 |
Realized Net Gain (Loss) | |
Investment Securities Sold | (14,963) |
Futures Contracts | (698) |
Realized Net Gain (Loss) | (15,661) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities | 180,314 |
Futures Contracts | 271 |
Change in Unrealized Appreciation (Depreciation) | 180,585 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 225,753 |
1 Interest income from an affiliated company of the fund was $42,000. |
See accompanying Notes, which are an integral part of the Financial Statements.
89
Tax-Managed Capital Appreciation Fund
Statement of Changes in Net Assets
Six Months Ended | Year Ended | |
June 30, | December 31, | |
2016 | 2015 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 60,829 | 109,754 |
Realized Net Gain (Loss) | (15,661) | 15,452 |
Change in Unrealized Appreciation (Depreciation) | 180,585 | (19,638) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 225,753 | 105,568 |
Distributions | ||
Net Investment Income | ||
Admiral Shares | (52,872) | (99,464) |
Institutional Shares | (5,004) | (9,671) |
Realized Capital Gain | ||
Admiral Shares | — | — |
Institutional Shares | — | — |
Total Distributions | (57,876) | (109,135) |
Capital Share Transactions | ||
Admiral Shares | 106,870 | 224,643 |
Institutional Shares | (4,402) | 35,081 |
Net Increase (Decrease) from Capital Share Transactions | 102,468 | 259,724 |
Total Increase (Decrease) | 270,345 | 256,157 |
Net Assets | ||
Beginning of Period | 6,546,539 | 6,290,382 |
End of Period1 | 6,816,884 | 6,546,539 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($252,000) and ($3,205,000). |
See accompanying Notes, which are an integral part of the Financial Statements.
90
Tax-Managed Capital Appreciation Fund
Financial Highlights
Admiral Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
Net Asset Value, Beginning of Period | $103.75 | $103.82 | $93.70 | $71.17 | $62.36 | $62.56 |
Investment Operations | ||||||
Net Investment Income | .954 | 1.764 | 1.633 | 1.414 | 1.384 | 1.072 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 2.513 | (.082) | 10.103 | 22.537 | 8.806 | (.202) |
Total from Investment Operations | 3.467 | 1.682 | 11.736 | 23.951 | 10.190 | .870 |
Distributions | ||||||
Dividends from Net Investment Income | (.907) | (1.752) | (1.616) | (1.421) | (1.380) | (1.070) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.907) | (1.752) | (1.616) | (1.421) | (1.380) | (1.070) |
Net Asset Value, End of Period | $106.31 | $103.75 | $103.82 | $93.70 | $71.17 | $62.36 |
Total Return1 | 3.37% | 1.68% | 12.52% | 33.67% | 16.35% | 1.38% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $6,243 | $5,982 | $5,760 | $5,040 | $3,702 | $3,305 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.11% | 0.11% | 0.12% | 0.12% | 0.12% | 0.12% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.86% | 1.69% | 1.66% | 1.71% | 1.96% | 1.65% |
Portfolio Turnover Rate | 9%2 | 10%2 | 6% | 4% | 3% | 2% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
1 Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide
information about any applicable transaction and account service fees.
2 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares.
See accompanying Notes, which are an integral part of the Financial Statements.
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Tax-Managed Capital Appreciation Fund
Financial Highlights
Institutional Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
Net Asset Value, Beginning of Period | $51.55 | $51.59 | $46.56 | $35.36 | $30.98 | $31.09 |
Investment Operations | ||||||
Net Investment Income | .484 | .897 | .830 | .719 | .702 | .548 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 1.246 | (.046) | 5.022 | 11.203 | 4.379 | (.113) |
Total from Investment Operations | 1.730 | .851 | 5.852 | 11.922 | 5.081 | .435 |
Distributions | ||||||
Dividends from Net Investment Income | (.460) | (.891) | (.822) | (.722) | (.701) | (.545) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.460) | (.891) | (.822) | (.722) | (.701) | (.545) |
Net Asset Value, End of Period | $52.82 | $51.55 | $51.59 | $46.56 | $35.36 | $30.98 |
Total Return1 | 3.38% | 1.71% | 12.56% | 33.73% | 16.41% | 1.39% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $574 | $564 | $530 | $468 | $317 | $302 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.07% | 0.07% | 0.08% | 0.08% | 0.08% | 0.08% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.90% | 1.73% | 1.70% | 1.75% | 2.00% | 1.69% |
Portfolio Turnover Rate | 9%2 | 10%2 | 6% | 4% | 3% | 2% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
1 Total returns do not include transaction fees that may have applied in the periods shown. Fund prospectuses provide information about any
applicable transaction fees.
2 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares.
See accompanying Notes, which are an integral part of the Financial Statements.
Tax-Managed Capital Appreciation Fund
Notes to Financial Statements
Vanguard Tax-Managed Capital Appreciation Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: Admiral Shares and Institutional Shares. Admiral Shares and Institutional Shares are designed for investors who meet certain administrative, service, and account-size criteria.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been materially affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value. Temporary cash investments acquired over 60 days to maturity 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. Other temporary cash investments are valued at amortized cost, which approximates market 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.
Futures contracts are valued at their quoted daily settlement prices. The aggregate settlement values of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).
During the six months ended June 30, 2016, 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 aggregate settlement values at each quarter-end during the period.
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (December 31, 2012–2015), and for the period ended June 30, 2016, and has concluded that no provision for federal income tax is required in the fund’s financial statements.
93
Tax-Managed Capital Appreciation Fund
4. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
5. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $3.1 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
The fund had no borrowings outstanding at June 30, 2016, or at any time during the period then ended.
6. Other: Dividend income is recorded on the ex-dividend date. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At June 30, 2016, the fund had contributed to Vanguard capital in the amount of $558,000, representing 0.01% of the fund’s net assets and 0.22% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
94
Tax-Managed Capital Appreciation Fund
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine
the fair value of investments).
The following table summarizes the market value of the fund’s investments as of June 30, 2016, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 6,815,037 | — | — |
Temporary Cash Investments | 14,979 | 799 | — |
Futures Contracts—Assets1 | 274 | — | — |
Futures Contracts—Liabilities1 | (82) | — | — |
Total | 6,830,208 | 799 | — |
1 Represents variation margin on the last day of the reporting period. |
D. At June 30, 2016, the aggregate settlement value of open futures contracts and the related unrealized appreciation (depreciation) were:
Aggregate | ||||
Number of | Settlement | Unrealized | ||
Long (Short) | Value | Appreciation | ||
Futures Contracts | Expiration | Contracts | Long (Short) | (Depreciation) |
E-mini S&P 500 Index | September 2016 | 93 | 9,719 | 337 |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
E. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.
During the six months ended June 30, 2016, the fund realized $22,968,000 of net capital gains resulting from in-kind redemptions—in which shareholders exchanged fund shares for securities held by the fund rather than for cash. Because such gains are not taxable to the fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid-in capital.
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 2015, the fund had available capital losses totaling $52,688,000 to offset future net capital gains. Of this amount, $8,140,000 is subject to expiration on December 31, 2018. Capital losses of $44,548,000 realized beginning in fiscal 2011 may be carried forward indefinitely under the Regulated Investment Company Modernization Act of 2010, but must be used
95
Tax-Managed Capital Appreciation Fund
before any expiring loss carryforwards. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2016; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
At June 30, 2016, the cost of investment securities for tax purposes was $3,429,861,000. Net unrealized appreciation of investment securities for tax purposes was $3,400,954,000, consisting of unrealized gains of $3,415,042,000 on securities that had risen in value since their purchase and $14,088,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the six months ended June 30, 2016, the fund purchased $472,457,000 of investment securities and sold $348,048,000 of investment securities, other than temporary cash investments. Purchases and sales include $8,056,000 and $39,923,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
G. Capital share transactions for each class of shares were:
Six Months Ended | Year Ended | |||
June 30, 2016 | December 31, 2015 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Admiral Shares | ||||
Issued | 266,740 | 2,655 | 504,114 | 4,799 |
Issued in Lieu of Cash Distributions | 39,628 | 382 | 74,719 | 742 |
Redeemed | (199,498) | (1,969) | (354,190) | (3,364) |
Net Increase (Decrease)—Admiral Shares | 106,870 | 1,068 | 224,643 | 2,177 |
Institutional Shares | ||||
Issued | 762 | 16 | 52,150 | 986 |
Issued in Lieu of Cash Distributions | 2,882 | 56 | 5,518 | 110 |
Redeemed | (8,046) | (157) | (22,587) | (433) |
Net Increase (Decrease)—Institutional Shares | (4,402) | (85) | 35,081 | 663 |
H. Management has determined that no material events or transactions occurred subsequent to June 30, 2016, that would require recognition or disclosure in these financial statements.
96
Tax-Managed Small-Cap Fund
Fund Profile
As of June 30, 2016
Share-Class Characteristics | ||
Admiral | Institutional | |
Shares | Shares | |
Ticker Symbol | VTMSX | VTSIX |
Expense Ratio1 | 0.11% | 0.07% |
30-Day SEC Yield | 1.26% | 1.29% |
Portfolio Characteristics | |||
DJ | |||
U.S. | |||
Total | |||
S&P | Market | ||
SmallCap | FA | ||
Fund | 600 Index | Index | |
Number of Stocks | 603 | 601 | 3,863 |
Median Market Cap | $1.4B | $1.4B | $53.0B |
Price/Earnings Ratio | 26.2x | 26.3x | 22.0x |
Price/Book Ratio | 2.1x | 2.1x | 2.7x |
Return on Equity | 11.4% | 11.2% | 16.5% |
Earnings Growth | |||
Rate | 8.7% | 8.8% | 7.3% |
Dividend Yield | 1.2% | 1.4% | 2.1% |
Foreign Holdings | 0.0% | 0.0% | 0.0% |
Turnover Rate | |||
(Annualized) | 49% | — | — |
Short-Term | |||
Reserves | 0.3% | — | — |
Volatility Measures | ||
DJ | ||
U.S. Total | ||
S&P SmallCap | Market | |
600 Index | FA Index | |
R-Squared | 1.00 | 0.77 |
Beta | 0.99 | 1.07 |
These measures show the degree and timing of the fund’s fluctuations compared with the indexes over 36 months.
Ten Largest Holdings (% of total net assets) | ||
Piedmont Natural Gas | ||
Co. Inc. | Gas Utilities | 0.7% |
Southwest Gas Corp. | Gas Utilities | 0.6 |
Dycom Industries Inc. | Construction & | |
Engineering | 0.5 | |
Spire Inc. | Gas Utilities | 0.5 |
Take-Two Interactive | Home Entertainment | |
Software Inc. | Software | 0.5 |
Blackbaud Inc. | Application Software | 0.5 |
B&G Foods Inc. | Packaged Foods & | |
Meats | 0.5 | |
ProAssurance Corp. | Property & Casualty | |
Insurance | 0.5 | |
EMCOR Group Inc. | Construction & | |
Engineering | 0.5 | |
Healthcare Services | Diversified Support | |
Group Inc. | Services | 0.5 |
Top Ten | 5.3% |
The holdings listed exclude any temporary cash investments and equity index products.
Investment Focus
1 The expense ratios shown are from the prospectus dated April 8, 2016, and represent estimated costs for the current fiscal year. For the six months
ended June 30, 2016, the annualized expense ratios were 0.11% for Admiral Shares and 0.07% for Institutional Shares.
97
Tax-Managed Small-Cap Fund
Sector Diversification (% of equity exposure)1 | |||
DJ | |||
U.S. | |||
Total | |||
S&P | Market | ||
SmallCap | FA | ||
Fund | 600 Index | Index | |
Consumer Discretionary 13.6% | 13.7% | 12.9% | |
Consumer Staples | 2.9 | 2.9 | 9.3 |
Energy | 3.1 | 2.9 | 6.7 |
Financials | 23.6 | 23.0 | 17.5 |
Health Care | 12.7 | 12.7 | 14.2 |
Industrials | 17.9 | 18.0 | 10.6 |
Information Technology | 15.1 | 15.4 | 19.2 |
Materials | 5.2 | 5.3 | 3.3 |
Telecommunication | |||
Services | 1.3 | 1.3 | 2.6 |
Utilities | 4.6 | 4.8 | 3.7 |
1 Securities classified under “Other” in the Statement of Net Assets have been reclassified in this presentation to industry sectors based
on a lookthrough to underlying holdings (in the case of Vanguard funds) or the relevant industry (in the case of individual securities).
98
Tax-Managed Small-Cap Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Fiscal-Year Total Returns (%): December 31, 2005, Through June 30, 2016
Average Annual Total Returns: Periods Ended June 30, 2016
Inception Date | One Year | Five Years | Ten Years | |
Admiral Shares | 3/25/1999 | -0.29% | 11.15% | 7.89% |
Institutional Shares | 4/21/1999 | -0.24 | 11.20 | 7.95 |
See Financial Highlights for dividend and capital gains information.
99
Tax-Managed Small-Cap Fund
Financial Statements (unaudited)
Statement of Net Assets
As of June 30, 2016
The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at
the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual
and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with
the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms
N-Q on the SEC’s website at sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s
Public Reference Room (see the back cover of this report for further information).
Market | |||
Value• | |||
Shares | ($000) | ||
Common Stocks (99.4%)1 | |||
Consumer Discretionary (13.6%) | |||
* | Five Below Inc. | 338,880 | 15,727 |
Core-Mark Holding Co. Inc. | 281,420 | 13,187 | |
Wolverine World Wide Inc. | 648,559 | 13,179 | |
Monro Muffler Brake Inc. | 201,805 | 12,827 | |
Drew Industries Inc. | 148,014 | 12,557 | |
Papa John’s | |||
International Inc. | 178,483 | 12,137 | |
* | Steven Madden Ltd. | 346,093 | 11,829 |
Interval Leisure Group Inc. | 724,454 | 11,519 | |
* | G-III Apparel Group Ltd. | 247,993 | 11,338 |
* | Dorman Products Inc. | 189,310 | 10,829 |
Lithia Motors Inc. Class A | 148,619 | 10,562 | |
Marriott Vacations | |||
Worldwide Corp. | 152,701 | 10,458 | |
* | Boyd Gaming Corp. | 552,400 | 10,164 |
Children’s Place Inc. | 123,457 | 9,899 | |
Gannett Co. Inc. | 711,825 | 9,830 | |
* | Tumi Holdings Inc. | 359,274 | 9,607 |
* | Meritage Homes Corp. | 242,904 | 9,119 |
* | Genesco Inc. | 138,988 | 8,938 |
DineEquity Inc. | 101,510 | 8,606 | |
La-Z-Boy Inc. | 308,818 | 8,591 | |
* | Krispy Kreme | ||
Doughnuts Inc. | 409,389 | 8,581 | |
* | TopBuild Corp. | 230,586 | 8,347 |
Sonic Corp. | 304,201 | 8,229 | |
* | Popeyes Louisiana | ||
Kitchen Inc. | 141,599 | 7,737 | |
* | Asbury Automotive | ||
Group Inc. | 144,345 | 7,613 | |
* | Gentherm Inc. | 219,101 | 7,504 |
Sturm Ruger & Co. Inc. | 114,362 | 7,320 | |
* | Express Inc. | 472,163 | 6,851 |
* | Select Comfort Corp. | 319,326 | 6,827 |
Scholastic Corp. | 170,947 | 6,771 | |
Group 1 Automotive Inc. | 136,660 | 6,746 | |
Caleres Inc. | 277,551 | 6,720 |
* | iRobot Corp. | 189,603 | 6,651 |
Cato Corp. Class A | 172,535 | 6,508 | |
* | Universal Electronics Inc. | 88,998 | 6,433 |
MDC Holdings Inc. | 257,824 | 6,275 | |
* | American Axle & | ||
Manufacturing | |||
Holdings Inc. | 425,921 | 6,167 | |
Finish Line Inc. Class A | 284,534 | 5,745 | |
Callaway Golf Co. | 531,617 | 5,428 | |
Ethan Allen Interiors Inc. | 163,111 | 5,389 | |
* | BJ’s Restaurants Inc. | 120,140 | 5,266 |
* | Belmond Ltd. Class A | 531,455 | 5,261 |
Standard Motor | |||
Products Inc. | 131,339 | 5,225 | |
Oxford Industries Inc. | 89,241 | 5,053 | |
* | Crocs Inc. | 447,828 | 5,051 |
* | Hibbett Sports Inc. | 139,740 | 4,862 |
* | Vitamin Shoppe Inc. | 158,801 | 4,855 |
* | EW Scripps Co. Class A | 305,824 | 4,844 |
Bob Evans Farms Inc. | 126,655 | 4,807 | |
Nutrisystem Inc. | 188,444 | 4,779 | |
Barnes & Noble Inc. | 400,547 | 4,546 | |
Outerwall Inc. | 107,869 | 4,530 | |
Buckle Inc. | 172,477 | 4,483 | |
* | Cavco Industries Inc. | 46,039 | 4,314 |
* | Scientific Games Corp. | ||
Class A | 458,426 | 4,213 | |
Rent-A-Center Inc. | 334,079 | 4,102 | |
* | Red Robin Gourmet | ||
Burgers Inc. | 86,268 | 4,092 | |
Tailored Brands Inc. | 319,642 | 4,047 | |
Fred’s Inc. Class A | 249,186 | 4,014 | |
Superior Industries | |||
International Inc. | 149,524 | 4,004 | |
Sonic Automotive Inc. | |||
Class A | 232,472 | 3,978 | |
Capella Education Co. | 75,522 | 3,975 | |
World Wrestling | |||
Entertainment Inc. Class A | 208,370 | 3,836 | |
* | Strayer Education Inc. | 76,420 | 3,755 |
100
Tax-Managed Small-Cap Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Marcus Corp. | 176,976 | 3,734 | |
Winnebago Industries Inc. | 162,381 | 3,722 | |
Ruth’s Hospitality | |||
Group Inc. | 232,619 | 3,710 | |
* | Chuy’s Holdings Inc. | 106,918 | 3,700 |
* | Installed Building | ||
Products Inc. | 100,192 | 3,636 | |
* | Biglari Holdings Inc. | 8,517 | 3,435 |
PetMed Express Inc. | 180,614 | 3,388 | |
* | Motorcar Parts of | ||
America Inc. | 122,759 | 3,337 | |
Haverty Furniture Cos. Inc. | 180,944 | 3,262 | |
* | Regis Corp. | 260,056 | 3,238 |
* | M/I Homes Inc. | 162,812 | 3,066 |
* | American Public | ||
Education Inc. | 106,567 | 2,995 | |
* | Francesca’s Holdings Corp. | 267,857 | 2,960 |
* | Barnes & Noble | ||
Education Inc. | 275,061 | 2,792 | |
* | FTD Cos. Inc. | 110,591 | 2,760 |
* | Tuesday Morning Corp. | 388,502 | 2,727 |
* | Unifi Inc. | 99,912 | 2,721 |
* | Lumber Liquidators | ||
Holdings Inc. | 171,855 | 2,650 | |
* | Career Education Corp. | 443,065 | 2,636 |
* | MarineMax Inc. | 154,293 | 2,618 |
Movado Group Inc. | 108,005 | 2,342 | |
* | Zumiez Inc. | 150,287 | 2,151 |
Blue Nile Inc. | 78,041 | 2,137 | |
* | Iconix Brand Group Inc. | 299,270 | 2,023 |
* | Kirkland’s Inc. | 118,447 | 1,739 |
* | Perry Ellis International Inc. | 85,233 | 1,715 |
* | Vera Bradley Inc. | 119,353 | 1,691 |
* | Monarch Casino & | ||
Resort Inc. | 72,454 | 1,592 | |
Arctic Cat Inc. | 88,258 | 1,500 | |
Stein Mart Inc. | 188,927 | 1,459 | |
Big 5 Sporting Goods Corp. | 143,560 | 1,331 | |
* | Ruby Tuesday Inc. | 242,170 | 874 |
Texas Roadhouse Inc. | |||
Class A | 11,559 | 527 | |
Universal Technical | |||
Institute Inc. | 179,879 | 407 | |
* | Sizmek Inc. | 107,495 | 246 |
Stage Stores Inc. | 39,069 | 191 | |
* | VOXX International Corp. | ||
Class A | 42,922 | 120 | |
551,769 | |||
Consumer Staples (2.8%) | |||
B&G Foods Inc. | 396,445 | 19,109 | |
* | Darling Ingredients Inc. | 1,145,328 | 17,065 |
J&J Snack Foods Corp. | 90,595 | 10,805 | |
Sanderson Farms Inc. | 120,087 | 10,404 | |
WD-40 Co. | 85,756 | 10,072 | |
Cal-Maine Foods Inc. | 190,324 | 8,435 |
Universal Corp. | 140,399 | 8,107 | |
SpartanNash Co. | 242,873 | 7,427 | |
Calavo Growers Inc. | 92,777 | 6,216 | |
Andersons Inc. | 167,343 | 5,947 | |
* | Central Garden & Pet Co. | ||
Class A | 243,351 | 5,283 | |
Inter Parfums Inc. | 98,056 | 2,802 | |
Medifast Inc. | 71,731 | 2,387 | |
* | Seneca Foods Corp. Class A | 44,364 | 1,606 |
* | Central Garden & Pet Co. | 22,941 | 524 |
116,189 | |||
Energy (3.1%) | |||
* | PDC Energy Inc. | 312,226 | 17,987 |
* | Carrizo Oil & Gas Inc. | 418,802 | 15,014 |
US Silica Holdings Inc. | 435,492 | 15,011 | |
Atwood Oceanics Inc. | 672,846 | 8,424 | |
* | Synergy Resources Corp. 1,252,159 | 8,339 | |
* | SEACOR Holdings Inc. | 129,930 | 7,529 |
* | Helix Energy Solutions | ||
Group Inc. | 788,758 | 5,332 | |
Archrock Inc. | 531,188 | 5,004 | |
* | Unit Corp. | 314,660 | 4,896 |
* | TETRA Technologies Inc. | 661,498 | 4,214 |
* | REX American Resources | ||
Corp. | 50,358 | 3,013 | |
Green Plains Inc. | 150,950 | 2,977 | |
* | Matrix Service Co. | 167,254 | 2,758 |
* | Hornbeck Offshore | ||
Services Inc. | 307,463 | 2,564 | |
Tesco Corp. | 375,588 | 2,513 | |
* | Exterran Corp. | 175,376 | 2,254 |
* | Northern Oil and Gas Inc. | 432,633 | 1,999 |
* | Contango Oil & Gas Co. | 147,026 | 1,800 |
CARBO Ceramics Inc. | 130,463 | 1,709 | |
* | Bill Barrett Corp. | 260,363 | 1,664 |
Bristow Group Inc. | 145,645 | 1,662 | |
* | Newpark Resources Inc. | 286,200 | 1,657 |
* | Geospace Technologies | ||
Corp. | 92,888 | 1,520 | |
* | Pioneer Energy Services | ||
Corp. | 299,279 | 1,377 | |
* | Bonanza Creek Energy Inc. | 602,041 | 1,210 |
* | Cloud Peak Energy Inc. | 431,183 | 888 |
Gulf Island Fabrication Inc. | 73,474 | 510 | |
* | Era Group Inc. | 48,730 | 458 |
* | Stone Energy Corp. | 23,935 | 289 |
* | Rex Energy Corp. | 174,406 | 115 |
* | Gulfmark Offshore Inc. | 6,145 | 19 |
124,706 | |||
Financials (19.5%) | |||
ProAssurance Corp. | 356,343 | 19,082 | |
Wintrust Financial Corp. | 325,980 | 16,625 | |
* | Texas Capital | ||
Bancshares Inc. | 329,579 | 15,411 |
101
Tax-Managed Small-Cap Fund
Market | ||
Value• | ||
Shares | ($000) | |
RLI Corp. | 219,749 | 15,114 |
MB Financial Inc. | 411,813 | 14,941 |
UMB Financial Corp. | 274,637 | 14,613 |
Home BancShares Inc. | 729,590 | 14,439 |
United Bankshares Inc. | 378,721 | 14,206 |
Interactive Brokers | ||
Group Inc. | 383,478 | 13,575 |
First Financial | ||
Bankshares Inc. | 405,314 | 13,290 |
Selective Insurance | ||
Group Inc. | 337,027 | 12,878 |
CoreSite Realty Corp. | 144,928 | 12,854 |
Pinnacle Financial | ||
Partners Inc. | 255,615 | 12,487 |
Glacier Bancorp Inc. | 467,500 | 12,426 |
Great Western | ||
Bancorp Inc. | 385,696 | 12,165 |
GEO Group Inc. | 345,922 | 11,824 |
Sterling Bancorp | 738,661 | 11,597 |
Evercore Partners Inc. | ||
Class A | 261,305 | 11,547 |
Community Bank | ||
System Inc. | 273,251 | 11,228 |
Old National Bancorp | 878,292 | 11,005 |
Acadia Realty Trust | 287,630 | 10,217 |
CVB Financial Corp. | 588,425 | 9,644 |
First Cash Financial | ||
Services Inc. | 183,951 | 9,442 |
Columbia Banking | ||
System Inc. | 336,169 | 9,433 |
Astoria Financial Corp. | 597,622 | 9,162 |
NBT Bancorp Inc. | 316,983 | 9,075 |
Northwest Bancshares Inc. | 586,372 | 8,696 |
First Midwest Bancorp Inc. | 476,561 | 8,368 |
Simmons First National | ||
Corp. Class A | 179,918 | 8,309 |
Financial Engines Inc. | 318,286 | 8,234 |
LegacyTexas Financial | ||
Group Inc. | 302,535 | 8,141 |
Horace Mann Educators | ||
Corp. | 240,356 | 8,122 |
United Community | ||
Banks Inc. | 431,633 | 7,895 |
First Financial Bancorp | 404,244 | 7,863 |
Talmer Bancorp Inc. Class A | 403,448 | 7,734 |
Westamerica | ||
Bancorporation | 156,901 | 7,729 |
DiamondRock | ||
Hospitality Co. | 846,967 | 7,648 |
Independent Bank Corp. | 163,349 | 7,465 |
BBCN Bancorp Inc. | 488,860 | 7,294 |
AMERISAFE Inc. | 115,679 | 7,082 |
EastGroup Properties Inc. | 102,071 | 7,035 |
Cash America | ||
International Inc. | 164,895 | 7,028 |
* | BofI Holding Inc. | 396,277 | 7,018 |
Kite Realty Group Trust | 247,494 | 6,937 | |
* | PRA Group Inc. | 287,328 | 6,936 |
Boston Private Financial | |||
Holdings Inc. | 587,137 | 6,916 | |
City Holding Co. | 149,645 | 6,804 | |
* | Green Dot Corp. Class A | 290,856 | 6,687 |
PS Business Parks Inc. | 60,784 | 6,448 | |
ServisFirst Bancshares Inc. | 130,354 | 6,438 | |
First Commonwealth | |||
Financial Corp. | 696,389 | 6,407 | |
Cousins Properties Inc. | 615,435 | 6,400 | |
Provident Financial | |||
Services Inc. | 325,697 | 6,397 | |
Lexington Realty Trust | 621,702 | 6,285 | |
Sabra Health Care REIT Inc. | 304,409 | 6,281 | |
American Equity Investment | |||
Life Holding Co. | 440,329 | 6,275 | |
Navigators Group Inc. | 67,112 | 6,172 | |
HFF Inc. Class A | 212,914 | 6,149 | |
LTC Properties Inc. | 118,250 | 6,117 | |
Stewart Information | |||
Services Corp. | 145,084 | 6,008 | |
Retail Opportunity | |||
Investments Corp. | 277,121 | 6,005 | |
United Fire Group Inc. | 137,663 | 5,841 | |
Banc of California Inc. | 319,764 | 5,788 | |
Safety Insurance Group Inc. | 93,590 | 5,763 | |
S&T Bancorp Inc. | 235,102 | 5,748 | |
Central Pacific Financial | |||
Corp. | 239,743 | 5,658 | |
Employers Holdings Inc. | 194,353 | 5,640 | |
Infinity Property & Casualty | |||
Corp. | 69,911 | 5,639 | |
Tompkins Financial Corp. | 84,879 | 5,517 | |
Southside Bancshares Inc. | 173,048 | 5,351 | |
Banner Corp. | 123,824 | 5,267 | |
Hanmi Financial Corp. | 221,649 | 5,207 | |
Ameris Bancorp | 174,260 | 5,175 | |
Chesapeake Lodging Trust | 222,242 | 5,167 | |
American Assets Trust Inc. | 117,381 | 4,982 | |
Wilshire Bancorp Inc. | 476,305 | 4,963 | |
Brookline Bancorp Inc. | 449,562 | 4,959 | |
Pennsylvania REIT | 230,707 | 4,949 | |
Cardinal Financial Corp. | 225,240 | 4,942 | |
* | Customers Bancorp Inc. | 177,374 | 4,457 |
Government Properties | |||
Income Trust | 189,286 | 4,365 | |
Four Corners Property | |||
Trust Inc. | 206,537 | 4,253 | |
TrustCo Bank Corp. NY | 661,932 | 4,243 | |
Parkway Properties Inc. | 250,421 | 4,190 | |
Bank Mutual Corp. | 527,682 | 4,053 | |
* | LendingTree Inc. | 45,088 | 3,983 |
Opus Bank | 116,424 | 3,935 |
102
Tax-Managed Small-Cap Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Piper Jaffray Cos. | 103,314 | 3,895 |
* | Encore Capital Group Inc. | 161,713 | 3,805 |
OFG Bancorp | 457,384 | 3,796 | |
Oritani Financial Corp. | 236,611 | 3,783 | |
Northfield Bancorp Inc. | 254,823 | 3,779 | |
RE/MAX Holdings Inc. | |||
Class A | 92,589 | 3,728 | |
Summit Hotel | |||
Properties Inc. | 279,572 | 3,702 | |
Investment Technology | |||
Group Inc. | 215,522 | 3,603 | |
Agree Realty Corp. | 74,622 | 3,600 | |
* | Walker & Dunlop Inc. | 157,981 | 3,599 |
Universal Insurance | |||
Holdings Inc. | 178,913 | 3,324 | |
Capstead Mortgage Corp. | 324,739 | 3,150 | |
* | First BanCorp | 733,774 | 2,913 |
Dime Community | |||
Bancshares Inc. | 169,635 | 2,885 | |
Greenhill & Co. Inc. | 178,461 | 2,873 | |
Virtus Investment | |||
Partners Inc. | 40,166 | 2,859 | |
* | World Acceptance Corp. | 61,480 | 2,803 |
Saul Centers Inc. | 43,449 | 2,681 | |
* | INTL. FCStone Inc. | 94,551 | 2,580 |
Universal Health Realty | |||
Income Trust | 43,691 | 2,498 | |
* | EZCORP Inc. Class A | 317,417 | 2,400 |
* | Forestar Group Inc. | 190,641 | 2,267 |
Urstadt Biddle Properties | |||
Inc. Class A | 88,899 | 2,203 | |
CareTrust REIT Inc. | 153,492 | 2,115 | |
* | eHealth Inc. | 147,983 | 2,075 |
Getty Realty Corp. | 92,065 | 1,975 | |
United Insurance Holdings | |||
Corp. | 107,117 | 1,755 | |
* | First NBC Bank Holding Co. | 101,616 | 1,706 |
Cedar Realty Trust Inc. | 222,470 | 1,653 | |
Franklin Street Properties | |||
Corp. | 101,345 | 1,243 | |
* | Enova International Inc. | 167,669 | 1,234 |
Calamos Asset | |||
Management Inc. Class A | 167,166 | 1,222 | |
HCI Group Inc. | 29,804 | 813 | |
794,155 | |||
Health Care (12.6%) | |||
* | NuVasive Inc. | 306,336 | 18,294 |
* | Medidata Solutions Inc. | 372,019 | 17,437 |
* | Medicines Co. | 457,618 | 15,390 |
Cantel Medical Corp. | 217,057 | 14,918 | |
* | Integra LifeSciences | ||
Holdings Corp. | 184,874 | 14,749 | |
* | Masimo Corp. | 277,596 | 14,578 |
* | Ligand Pharmaceuticals Inc. | 120,083 | 14,322 |
Chemed Corp. | 104,411 | 14,232 |
* | Nektar Therapeutics | 942,298 | 13,409 |
* | Neogen Corp. | 234,957 | 13,216 |
* | Impax Laboratories Inc. | 443,880 | 12,793 |
* | AMN Healthcare | ||
Services Inc. | 294,806 | 11,783 | |
* | Cambrex Corp. | 201,502 | 10,424 |
* | Magellan Health Inc. | 157,072 | 10,331 |
* | ICU Medical Inc. | 88,477 | 9,976 |
* | Depomed Inc. | 492,469 | 9,662 |
* | Amedisys Inc. | 184,400 | 9,309 |
* | HMS Holdings Corp. | 527,737 | 9,293 |
* | Haemonetics Corp. | 319,947 | 9,275 |
* | ExamWorks Group Inc. | 245,059 | 8,540 |
* | Omnicell Inc. | 235,562 | 8,063 |
* | Diplomat Pharmacy Inc. | 229,627 | 8,037 |
* | Natus Medical Inc. | 209,697 | 7,927 |
* | Select Medical Holdings | ||
Corp. | 726,424 | 7,896 | |
* | Air Methods Corp. | 219,274 | 7,857 |
* | Surgical Care Affiliates Inc. | 164,414 | 7,838 |
CONMED Corp. | 164,020 | 7,829 | |
* | Acorda Therapeutics Inc. | 304,314 | 7,762 |
* | Cynosure Inc. Class A | 142,485 | 6,931 |
* | HealthEquity Inc. | 222,450 | 6,759 |
Analogic Corp. | 84,049 | 6,677 | |
Abaxis Inc. | 138,113 | 6,523 | |
Kindred Healthcare Inc. | 573,272 | 6,472 | |
* | Repligen Corp. | 235,672 | 6,448 |
Ensign Group Inc. | 297,896 | 6,259 | |
* | Merit Medical Systems Inc. | 290,577 | 5,762 |
Meridian Bioscience Inc. | 292,375 | 5,701 | |
* | MiMedx Group Inc. | 709,483 | 5,662 |
* | Emergent BioSolutions Inc. | 195,894 | 5,509 |
* | Zeltiq Aesthetics Inc. | 199,801 | 5,461 |
* | AMAG Pharmaceuticals Inc. | 226,898 | 5,427 |
* | Supernus | ||
Pharmaceuticals Inc. | 261,502 | 5,327 | |
* | Anika Therapeutics Inc. | 96,288 | 5,166 |
US Physical Therapy Inc. | 84,642 | 5,096 | |
* | Luminex Corp. | 246,467 | 4,986 |
* | Greatbatch Inc. | 161,008 | 4,980 |
* | PharMerica Corp. | 199,514 | 4,920 |
* | Adeptus Health Inc. Class A | 95,069 | 4,911 |
* | Vascular Solutions Inc. | 116,854 | 4,868 |
* | HealthStream Inc. | 172,902 | 4,585 |
* | SciClone | ||
Pharmaceuticals Inc. | 349,201 | 4,561 | |
* | Inogen Inc. | 90,632 | 4,542 |
* | LHC Group Inc. | 101,084 | 4,375 |
Aceto Corp. | 198,027 | 4,335 | |
* | Lannett Co. Inc. | 179,019 | 4,259 |
* | Providence Service Corp. | 81,516 | 3,658 |
Quality Systems Inc. | 296,716 | 3,534 | |
* | ANI Pharmaceuticals Inc. | 61,579 | 3,437 |
* | CorVel Corp. | 79,582 | 3,436 |
103
Tax-Managed Small-Cap Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | Spectrum | ||
Pharmaceuticals Inc. | 471,594 | 3,098 | |
* | Cross Country | ||
Healthcare Inc. | 219,649 | 3,058 | |
Computer Programs & | |||
Systems Inc. | 75,916 | 3,031 | |
* | Almost Family Inc. | 69,716 | 2,971 |
* | AngioDynamics Inc. | 203,503 | 2,924 |
* | Healthways Inc. | 240,936 | 2,783 |
Landauer Inc. | 65,937 | 2,714 | |
* | Sagent Pharmaceuticals Inc. | 165,117 | 2,473 |
Invacare Corp. | 198,014 | 2,402 | |
CryoLife Inc. | 199,948 | 2,361 | |
* | SurModics Inc. | 97,695 | 2,294 |
* | Albany Molecular | ||
Research Inc. | 169,734 | 2,281 | |
* | Enanta Pharmaceuticals Inc. | 97,709 | 2,154 |
* | Quorum Health Corp. | 183,638 | 1,967 |
* | Momenta | ||
Pharmaceuticals Inc. | 59,307 | 641 | |
Phibro Animal Health Corp. | |||
Class A | 7,300 | 136 | |
512,995 | |||
Industrials (17.8%) | |||
* | Dycom Industries Inc. | 248,860 | 22,338 |
EMCOR Group Inc. | 386,906 | 19,059 | |
Healthcare Services | |||
Group Inc. | 443,415 | 18,349 | |
EnerSys | 274,297 | 16,313 | |
ABM Industries Inc. | 367,689 | 13,413 | |
* | WageWorks Inc. | 219,485 | 13,127 |
Allegiant Travel Co. Class A | 82,198 | 12,453 | |
* | Hawaiian Holdings Inc. | 311,827 | 11,837 |
Hillenbrand Inc. | 383,912 | 11,533 | |
Tetra Tech Inc. | 374,463 | 11,513 | |
Mueller Industries Inc. | 360,821 | 11,503 | |
Universal Forest | |||
Products Inc. | 123,467 | 11,444 | |
Matthews International | |||
Corp. Class A | 201,921 | 11,235 | |
* | Moog Inc. Class A | 205,381 | 11,074 |
Applied Industrial | |||
Technologies Inc. | 244,778 | 11,049 | |
John Bean Technologies | |||
Corp. | 179,834 | 11,009 | |
* | On Assignment Inc. | 295,901 | 10,934 |
UniFirst Corp. | 94,220 | 10,903 | |
Simpson Manufacturing | |||
Co. Inc. | 261,419 | 10,449 | |
Exponent Inc. | 177,995 | 10,397 | |
Barnes Group Inc. | 308,993 | 10,234 | |
Watts Water Technologies | |||
Inc. Class A | 175,084 | 10,200 | |
Knight Transportation Inc. | 376,073 | 9,996 | |
Mobile Mini Inc. | 287,801 | 9,969 |
* | TASER International Inc. | 396,993 | 9,877 |
G&K Services Inc. Class A | 123,653 | 9,468 | |
Actuant Corp. Class A | 416,146 | 9,409 | |
Brady Corp. Class A | 295,568 | 9,033 | |
AZZ Inc. | 147,639 | 8,855 | |
SkyWest Inc. | 330,057 | 8,733 | |
Brink’s Co. | 306,102 | 8,721 | |
Forward Air Corp. | 195,836 | 8,721 | |
* | Hub Group Inc. Class A | 226,540 | 8,692 |
* | Trex Co. Inc. | 187,932 | 8,442 |
Apogee Enterprises Inc. | 181,051 | 8,392 | |
* | Proto Labs Inc. | 144,518 | 8,319 |
Matson Inc. | 254,948 | 8,232 | |
Insperity Inc. | 104,884 | 8,100 | |
Franklin Electric Co. Inc. | 237,996 | 7,866 | |
* | Atlas Air Worldwide | ||
Holdings Inc. | 189,473 | 7,848 | |
Kaman Corp. | 174,806 | 7,433 | |
Comfort Systems USA Inc. | 225,871 | 7,357 | |
Essendant Inc. | 237,168 | 7,248 | |
* | Aerojet Rocketdyne | ||
Holdings Inc. | 395,409 | 7,228 | |
AAON Inc. | 260,265 | 7,160 | |
Korn/Ferry International | 340,454 | 7,047 | |
Albany International Corp. | 176,381 | 7,043 | |
Heartland Express Inc. | 390,902 | 6,798 | |
* | SPX FLOW Inc. | 255,632 | 6,664 |
Greenbrier Cos. Inc. | 228,622 | 6,660 | |
EnPro Industries Inc. | 149,035 | 6,616 | |
US Ecology Inc. | 139,398 | 6,405 | |
Astec Industries Inc. | 113,820 | 6,391 | |
* | Mercury Systems Inc. | 253,537 | 6,303 |
Standex International Corp. | 76,233 | 6,299 | |
ESCO Technologies Inc. | 156,657 | 6,257 | |
* | Chart Industries Inc. | 252,766 | 6,099 |
Interface Inc. Class A | 396,786 | 6,051 | |
Briggs & Stratton Corp. | 280,377 | 5,938 | |
* | Gibraltar Industries Inc. | 185,461 | 5,855 |
CIRCOR International Inc. | 102,132 | 5,821 | |
Tennant Co. | 107,907 | 5,813 | |
Viad Corp. | 186,591 | 5,784 | |
* | American Woodmark Corp. | 84,126 | 5,584 |
Cubic Corp. | 134,881 | 5,417 | |
Multi-Color Corp. | 85,283 | 5,407 | |
* | Navigant Consulting Inc. | 325,404 | 5,255 |
* | TrueBlue Inc. | 270,674 | 5,121 |
AAR Corp. | 217,542 | 5,077 | |
Lindsay Corp. | 74,169 | 5,033 | |
* | SPX Corp. | 336,858 | 5,002 |
Federal Signal Corp. | 385,680 | 4,968 | |
* | Team Inc. | 191,739 | 4,761 |
Encore Wire Corp. | 123,052 | 4,587 | |
* | Aegion Corp. Class A | 227,895 | 4,446 |
General Cable Corp. | 345,180 | 4,387 | |
Kelly Services Inc. Class A | 225,936 | 4,286 |
104
Tax-Managed Small-Cap Fund
Market | |||
Value• | |||
Shares | ($000) | ||
Griffon Corp. | 250,346 | 4,221 | |
Quanex Building | |||
Products Corp. | 225,033 | 4,183 | |
* | Lydall Inc. | 108,254 | 4,174 |
* | Echo Global Logistics Inc. | 185,783 | 4,165 |
Alamo Group Inc. | 60,890 | 4,017 | |
Resources Connection Inc. | 263,365 | 3,893 | |
* | Saia Inc. | 154,483 | 3,884 |
National Presto | |||
Industries Inc. | 36,786 | 3,471 | |
* | Aerovironment Inc. | 123,592 | 3,436 |
* | PGT Inc. | 313,772 | 3,232 |
Marten Transport Ltd. | 158,720 | 3,143 | |
Harsco Corp. | 469,092 | 3,115 | |
* | MYR Group Inc. | 118,664 | 2,857 |
Powell Industries Inc. | 62,973 | 2,477 | |
ArcBest Corp. | 149,375 | 2,427 | |
* | Veritiv Corp. | 55,908 | 2,101 |
* | Engility Holdings Inc. | 98,401 | 2,078 |
Heidrick & Struggles | |||
International Inc. | 121,161 | 2,045 | |
American Science & | |||
Engineering Inc. | 44,542 | 1,666 | |
Celadon Group Inc. | 150,995 | 1,234 | |
* | Vicor Corp. | 117,456 | 1,183 |
Titan International Inc. | 184,752 | 1,146 | |
CDI Corp. | 138,255 | 843 | |
* | DXP Enterprises Inc. | 33,347 | 498 |
* | Orion Group Holdings Inc. | 79,964 | 425 |
* | Roadrunner Transportation | ||
Systems Inc. | 910 | 7 | |
724,561 | |||
Information Technology (15.0%) | |||
* | Take-Two Interactive | ||
Software Inc. | 515,495 | 19,548 | |
Blackbaud Inc. | 282,560 | 19,186 | |
Littelfuse Inc. | 137,135 | 16,208 | |
* | Cirrus Logic Inc. | 411,341 | 15,956 |
Monolithic Power | |||
Systems Inc. | 221,256 | 15,116 | |
MKS Instruments Inc. | 331,301 | 14,266 | |
* | Coherent Inc. | 154,058 | 14,139 |
* | CACI International Inc. | ||
Class A | 149,957 | 13,558 | |
* | Sanmina Corp. | 480,226 | 12,875 |
* | Electronics For Imaging Inc. | 290,975 | 12,524 |
* | MicroStrategy Inc. Class A | 62,037 | 10,858 |
* | LogMeIn Inc. | 170,374 | 10,807 |
* | Cardtronics Inc. | 268,338 | 10,682 |
* | ExlService Holdings Inc. | 198,448 | 10,401 |
* | Anixter International Inc. | 191,665 | 10,212 |
* | Itron Inc. | 233,637 | 10,070 |
* | Viavi Solutions Inc. | 1,473,512 | 9,769 |
* | NETGEAR Inc. | 201,059 | 9,558 |
* | Semtech Corp. | 393,241 | 9,383 |
* | Advanced Energy | ||
Industries Inc. | 242,390 | 9,201 | |
* | Synchronoss | ||
Technologies Inc. | 283,020 | 9,017 | |
* | Plexus Corp. | 205,084 | 8,860 |
Tessera Technologies Inc. | 287,854 | 8,820 | |
* | Progress Software Corp. | 314,546 | 8,637 |
Ebix Inc. | 180,216 | 8,632 | |
Power Integrations Inc. | 171,524 | 8,588 | |
* | Stamps.com Inc. | 98,190 | 8,584 |
NIC Inc. | 382,305 | 8,388 | |
* | Rambus Inc. | 693,107 | 8,373 |
* | Cray Inc. | 272,751 | 8,161 |
Methode Electronics Inc. | 237,812 | 8,140 | |
* | Rovi Corp. | 517,713 | 8,097 |
CSG Systems | |||
International Inc. | 200,128 | 8,067 | |
* | QLogic Corp. | 514,245 | 7,580 |
* | Fabrinet | 197,310 | 7,324 |
Badger Meter Inc. | 97,496 | 7,120 | |
* | Lumentum Holdings Inc. | 288,622 | 6,985 |
* | Rogers Corp. | 114,284 | 6,983 |
* | Benchmark Electronics Inc. | 320,131 | 6,771 |
* | Sykes Enterprises Inc. | 232,294 | 6,727 |
* | OSI Systems Inc. | 111,974 | 6,509 |
Cabot Microelectronics | |||
Corp. | 153,067 | 6,481 | |
* | II-VI Inc. | 339,489 | 6,369 |
* | Super Micro Computer Inc. | 256,213 | 6,367 |
* | Insight Enterprises Inc. | 242,306 | 6,300 |
Monotype Imaging | |||
Holdings Inc. | 253,726 | 6,249 | |
* | ScanSource Inc. | 167,118 | 6,202 |
* | Rofin-Sinar | ||
Technologies Inc. | 186,869 | 5,969 | |
ADTRAN Inc. | 309,797 | 5,778 | |
* | Kulicke & Soffa | ||
Industries Inc. | 470,800 | 5,730 | |
ManTech International | |||
Corp. Class A | 146,476 | 5,540 | |
Brooks Automation Inc. | 458,588 | 5,145 | |
* | Bottomline Technologies | ||
de Inc. | 231,298 | 4,980 | |
* | Virtusa Corp. | 169,090 | 4,883 |
MTS Systems Corp. | 108,265 | 4,746 | |
* | Diodes Inc. | 245,653 | 4,616 |
* | Perficient Inc. | 225,443 | 4,579 |
* | Interactive Intelligence | ||
Group Inc. | 109,889 | 4,504 | |
* | Veeco Instruments Inc. | 268,633 | 4,448 |
* | Qualys Inc. | 145,754 | 4,345 |
CTS Corp. | 241,082 | 4,320 | |
* | Ultratech Inc. | 186,631 | 4,287 |
* | Ixia | 405,627 | 3,983 |
* | CEVA Inc. | 138,055 | 3,751 |
105
Tax-Managed Small-Cap Fund
Market | |||
Value• | |||
Shares | ($000) | ||
* | FARO Technologies Inc. | 109,312 | 3,698 |
* | CalAmp Corp. | 238,804 | 3,537 |
* | Nanometrics Inc. | 169,642 | 3,527 |
* | Rudolph Technologies Inc. | 215,953 | 3,354 |
* | DTS Inc. | 119,499 | 3,161 |
* | XO Group Inc. | 177,358 | 3,091 |
* | VASCO Data Security | ||
International Inc. | 188,127 | 3,083 | |
* | ePlus Inc. | 37,591 | 3,075 |
Epiq Systems Inc. | 205,251 | 2,997 | |
TeleTech Holdings Inc. | 110,274 | 2,992 | |
* | Shutterstock Inc. | 65,000 | 2,977 |
Forrester Research Inc. | 80,282 | 2,959 | |
* | TTM Technologies Inc. | 382,191 | 2,878 |
Cohu Inc. | 264,435 | 2,869 | |
* | Exar Corp. | 319,651 | 2,573 |
* | Blucora Inc. | 238,134 | 2,467 |
Park Electrochemical Corp. | 161,324 | 2,344 | |
* | DSP Group Inc. | 218,107 | 2,314 |
* | Digi International Inc. | 178,166 | 1,912 |
* | Tangoe Inc. | 235,469 | 1,818 |
* | Agilysys Inc. | 171,946 | 1,800 |
* | DHI Group Inc. | 275,956 | 1,719 |
Daktronics Inc. | 270,478 | 1,690 | |
* | Electro Scientific | ||
Industries Inc. | 254,189 | 1,484 | |
Black Box Corp. | 104,821 | 1,371 | |
* | Monster Worldwide Inc. | 491,864 | 1,175 |
* | Harmonic Inc. | 390,396 | 1,113 |
Bel Fuse Inc. Class B | 56,262 | 1,000 | |
* | LivePerson Inc. | 149,943 | 951 |
* | Liquidity Services Inc. | 85,335 | 669 |
* | Ciber Inc. | 382,763 | 574 |
* | QuinStreet Inc. | 106,508 | 378 |
* | Kopin Corp. | 149,301 | 331 |
612,133 | |||
Materials (5.2%) | |||
HB Fuller Co. | 324,434 | 14,272 | |
Balchem Corp. | 196,525 | 11,723 | |
Chemours Co. | 1,214,804 | 10,010 | |
* | Stillwater Mining Co. | 823,967 | 9,772 |
Kaiser Aluminum Corp. | 107,866 | 9,752 | |
* | Ingevity Corp. | 277,845 | 9,458 |
* | Headwaters Inc. | 450,880 | 8,089 |
* | Clearwater Paper Corp. | 118,877 | 7,771 |
Neenah Paper Inc. | 106,069 | 7,676 | |
Schweitzer-Mauduit | |||
International Inc. | 216,585 | 7,641 | |
Quaker Chemical Corp. | 79,903 | 7,127 | |
* | AK Steel Holding Corp. | 1,500,690 | 6,993 |
KapStone Paper and | |||
Packaging Corp. | 523,943 | 6,816 | |
Stepan Co. | 113,066 | 6,731 | |
Innospec Inc. | 146,350 | 6,731 |
* | Kraton Performance | ||
Polymers Inc. | 219,342 | 6,126 | |
PH Glatfelter Co. | 278,720 | 5,452 | |
* | Boise Cascade Co. | 231,072 | 5,303 |
Deltic Timber Corp. | 74,687 | 5,014 | |
* | US Concrete Inc. | 81,939 | 4,991 |
Innophos Holdings Inc. | 104,702 | 4,419 | |
A Schulman Inc. | 179,918 | 4,394 | |
* | Flotek Industries Inc. | 332,183 | 4,385 |
Calgon Carbon Corp. | 313,489 | 4,122 | |
* | Koppers Holdings Inc. | 133,291 | 4,096 |
Rayonier Advanced | |||
Materials Inc. | 296,438 | 4,028 | |
Materion Corp. | 128,987 | 3,194 | |
* | Century Aluminum Co. | 468,739 | 2,967 |
Hawkins Inc. | 66,941 | 2,906 | |
Tredegar Corp. | 167,011 | 2,692 | |
TimkenSteel Corp. | 263,703 | 2,537 | |
American Vanguard Corp. | 157,890 | 2,386 | |
Haynes International Inc. | 73,223 | 2,349 | |
* | LSB Industries Inc. | 164,466 | 1,987 |
Myers Industries Inc. | 129,279 | 1,862 | |
Olympic Steel Inc. | 67,198 | 1,835 | |
SunCoke Energy Inc. | 305,362 | 1,777 | |
FutureFuel Corp. | 142,992 | 1,556 | |
* | Intrepid Potash Inc. | 530,204 | 763 |
211,703 | |||
Other (3.9%) | |||
2 | Vanguard REIT ETF | 1,800,000 | 159,606 |
* | Gerber Scientific Inc. CVR | 110,699 | — |
159,606 | |||
Telecommunication Services (1.3%) | |||
Cogent Communications | |||
Holdings Inc. | 243,308 | 9,747 | |
* | 8x8 Inc. | 551,776 | 8,062 |
Consolidated | |||
Communications | |||
Holdings Inc. | 294,277 | 8,016 | |
* | Cincinnati Bell Inc. | 1,282,547 | 5,861 |
ATN International Inc. | 71,499 | 5,564 | |
* | Iridium | ||
Communications Inc. | 566,252 | 5,028 | |
* | General Communication | ||
Inc. Class A | 186,790 | 2,951 | |
Spok Holdings Inc. | 131,292 | 2,516 | |
* | Lumos Networks Corp. | 157,254 | 1,903 |
Inteliquent Inc. | 91,048 | 1,811 | |
51,459 | |||
Utilities (4.6%) | |||
Piedmont Natural Gas | |||
Co. Inc. | 495,025 | 29,761 | |
Southwest Gas Corp. | 291,290 | 22,928 | |
Spire Inc. | 296,850 | 21,029 | |
ALLETE Inc. | 274,905 | 17,767 |
106
Tax-Managed Small-Cap Fund
Market | |||
Value• | |||
Shares | ($000) | ||
NorthWestern Corp. | 275,748 | 17,391 | |
Avista Corp. | 369,078 | 16,535 | |
South Jersey Industries Inc. | 500,297 | 15,819 | |
El Paso Electric Co. | 262,537 | 12,410 | |
Northwest Natural Gas Co. | 172,495 | 11,181 | |
California Water Service | |||
Group | 306,470 | 10,705 | |
American States Water Co. | 236,854 | 10,379 | |
185,905 | |||
Total Common Stocks | |||
(Cost $2,897,502) | 4,045,181 | ||
Temporary Cash Investments (0.9%)1 | |||
Money Market Fund (0.9%) | |||
3 Vanguard Market Liquidity | |||
Fund, 0.538% | 35,387,813 | 35,388 |
Face | |||
Amount | |||
($000) | |||
U.S. Government and Agency Obligations (0.0%) | |||
4,5 | Federal Home Loan Bank | ||
Discount Notes, | |||
0.371%, 9/13/16 | 500 | 500 | |
5,6 | Freddie Mac Discount Notes, | ||
0.335%, 8/19/16 | 1,000 | 999 | |
1,499 | |||
Total Temporary Cash Investments | |||
(Cost $36,887) | 36,887 | ||
Total Investments (100.3%) | |||
(Cost $2,934,389) | 4,082,068 |
Amount | |
($000) | |
Other Assets and Liabilities (-0.3%) | |
Other Assets | |
Investment in Vanguard | 327 |
Receivables for Accrued Income | 3,251 |
Receivables for Capital Shares Issued | 28,034 |
Other Assets | 253 |
Total Other Assets | 31,865 |
Liabilities | |
Payables for Investment Securities | |
Purchased | (40,914) |
Payables for Capital Shares Redeemed | (610) |
Payables to Vanguard | (2,325) |
Total Liabilities | (43,849) |
Net Assets (100%) | 4,070,084 |
107
Tax-Managed Small-Cap Fund
At June 30, 2016, net assets consisted of: | |
Amount | |
($000) | |
Paid-in Capital | 3,061,190 |
Overdistributed Net Investment Income | (735) |
Accumulated Net Realized Losses | (138,396) |
Unrealized Appreciation (Depreciation) | |
Investment Securities | 1,147,679 |
Futures Contracts | 346 |
Net Assets | 4,070,084 |
Admiral Shares—Net Assets | |
Applicable to 80,258,514 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 3,749,019 |
Net Asset Value Per Share— | |
Admiral Shares | $46.71 |
Institutional Shares—Net Assets | |
Applicable to 6,857,839 outstanding | |
$.001 par value shares of beneficial | |
interest (unlimited authorization) | 321,065 |
Net Asset Value Per Share— | |
Institutional Shares | $46.82 |
• See Note A in Notes to Financial Statements.
* Non-income-producing security.
1 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures
investments, the fund’s effective common stock and temporary cash investment positions represent 100.0% and 0.3%, respectively, of
net assets.
2 Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group.
3 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the
7-day yield.
4 The issuer operates under a congressional charter; its securities are generally neither guaranteed by the U.S. Treasury nor backed by the
full faith and credit of the U.S. government.
5 Securities with a value of $900,000 have been segregated as initial margin for open futures contracts.
6 The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed by the
Federal Housing Finance Agency and it receives capital from the U.S. Treasury, as needed to maintain a positive net worth, in exchange
for senior preferred stock.
CVR—Contingent Value Rights.
REIT—Real Estate Investment Trust.
See accompanying Notes, which are an integral part of the Financial Statements.
108
Tax-Managed Small-Cap Fund
Statement of Operations
Six Months Ended | |
June 30, 2016 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 22,861 |
Interest1 | 45 |
Total Income | 22,906 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 364 |
Management and Administrative—Admiral Shares | 1,358 |
Management and Administrative—Institutional Shares | 66 |
Marketing and Distribution—Admiral Shares | 118 |
Marketing and Distribution—Institutional Shares | 3 |
Custodian Fees | 13 |
Shareholders’ Reports—Admiral Shares | 20 |
Shareholders’ Reports—Institutional Shares | 2 |
Trustees’ Fees and Expenses | 1 |
Total Expenses | 1,945 |
Net Investment Income | 20,961 |
Realized Net Gain (Loss) | |
Investment Securities Sold1 | 78,613 |
Futures Contracts | (753) |
Realized Net Gain (Loss) | 77,860 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities | 123,284 |
Futures Contracts | 404 |
Change in Unrealized Appreciation (Depreciation) | 123,688 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 222,509 |
1 Dividend income, interest income, and realized net gain (loss) from affiliated companies of the fund were $0, $40,000, and $10,386,000, respectively. |
See accompanying Notes, which are an integral part of the Financial Statements.
109
Tax-Managed Small-Cap Fund
Statement of Changes in Net Assets
Six Months Ended | Year Ended | |
June 30, | December 31, | |
2016 | 2015 | |
($000) | ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 20,961 | 45,254 |
Realized Net Gain (Loss) | 77,860 | 236,256 |
Change in Unrealized Appreciation (Depreciation) | 123,688 | (352,385) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 222,509 | (70,875) |
Distributions | ||
Net Investment Income | ||
Admiral Shares | (17,896) | (42,190) |
Institutional Shares | (1,562) | (3,501) |
Realized Capital Gain | ||
Admiral Shares | — | — |
Institutional Shares | — | — |
Total Distributions | (19,458) | (45,691) |
Capital Share Transactions | ||
Admiral Shares | 143,255 | 144,254 |
Institutional Shares | 29,007 | 48,450 |
Net Increase (Decrease) from Capital Share Transactions | 172,262 | 192,704 |
Total Increase (Decrease) | 375,313 | 76,138 |
Net Assets | ||
Beginning of Period | 3,694,771 | 3,618,633 |
End of Period1 | 4,070,084 | 3,694,771 |
1 Net Assets—End of Period includes undistributed (overdistributed) net investment income of ($735,000) and ($2,238,000). |
See accompanying Notes, which are an integral part of the Financial Statements.
110
Tax-Managed Small-Cap Fund
Financial Highlights
Admiral Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
Net Asset Value, Beginning of Period | $44.37 | $45.78 | $43.53 | $31.16 | $27.26 | $27.17 |
Investment Operations | ||||||
Net Investment Income | .248 | .556 | .463 | .383 | .479 | .245 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 2.321 | (1.406) | 2.242 | 12.389 | 3.885 | .089 |
Total from Investment Operations | 2.569 | (.850) | 2.705 | 12.772 | 4.364 | .334 |
Distributions | ||||||
Dividends from Net Investment Income | (.229) | (.560) | (.455) | (.402) | (.464) | (.244) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.229) | (.560) | (.455) | (.402) | (.464) | (.244) |
Net Asset Value, End of Period | $46.71 | $44.37 | $45.78 | $43.53 | $31.16 | $27.26 |
Total Return1 | 5.81% | -1.85% | 6.23% | 41.00% | 16.03% | 1.22% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $3,749 | $3,419 | $3,382 | $3,143 | $2,132 | $1,857 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.11% | 0.11% | 0.12% | 0.12% | 0.12% | 0.12% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.15% | 1.21% | 1.06% | 1.05% | 1.59% | 0.88% |
Portfolio Turnover Rate2 | 49% | 33% | 40% | 31% | 42% | 40% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
Investor Shares were renamed Admiral Shares as of the close of business on May 13, 2011. Prior periods’ Financial Highlights are for the Investor Class.
1 Total returns do not include transaction or account service fees that may have applied in the periods shown. Fund prospectuses provide
information about any applicable transaction and account service fees.
2 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares.
See accompanying Notes, which are an integral part of the Financial Statements.
111
Tax-Managed Small-Cap Fund
Financial Highlights
Institutional Shares | ||||||
Six Months | ||||||
Ended | ||||||
For a Share Outstanding | June 30, | Year Ended December 31, | ||||
Throughout Each Period | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
Net Asset Value, Beginning of Period | $44.47 | $45.88 | $43.63 | $31.22 | $27.33 | $27.23 |
Investment Operations | ||||||
Net Investment Income | .256 | .576 | .481 | .398 | .492 | .257 |
Net Realized and Unrealized Gain (Loss) | ||||||
on Investments | 2.331 | (1.406) | 2.242 | 12.428 | 3.888 | .088 |
Total from Investment Operations | 2.587 | (.830) | 2.723 | 12.826 | 4.380 | .345 |
Distributions | ||||||
Dividends from Net Investment Income | (.237) | (.580) | (.473) | (.416) | (.490) | (.245) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.237) | (.580) | (.473) | (.416) | (.490) | (.245) |
Net Asset Value, End of Period | $46.82 | $44.47 | $45.88 | $43.63 | $31.22 | $27.33 |
Total Return1 | 5.84% | -1.80% | 6.26% | 41.09% | 16.05% | 1.26% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $321 | $276 | $236 | $237 | $175 | $149 |
Ratio of Total Expenses to | ||||||
Average Net Assets | 0.07% | 0.07% | 0.08% | 0.08% | 0.08% | 0.08% |
Ratio of Net Investment Income to | ||||||
Average Net Assets | 1.19% | 1.25% | 1.10% | 1.09% | 1.63% | 0.92% |
Portfolio Turnover Rate2 | 49% | 33% | 40% | 31% | 42% | 40% |
The expense ratio, net investment income ratio, and turnover rate for the current period have been annualized.
1 Total returns do not include transaction fees that may have applied in the periods shown. Fund prospectuses provide information about any
applicable transaction fees.
2 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares.
See accompanying Notes, which are an integral part of the Financial Statements.
112
Tax-Managed Small-Cap Fund
Notes to Financial Statements
Vanguard Tax-Managed Small-Cap Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: Admiral Shares and Institutional Shares. Admiral Shares and Institutional Shares are designed for investors who meet certain administrative, service, and account-size criteria.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been materially affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value. Temporary cash investments acquired over 60 days to maturity 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. Other temporary cash investments are valued at amortized cost, which approximates market 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.
Futures contracts are valued at their quoted daily settlement prices. The aggregate settlement values of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).
During the six months ended June 30, 2016, 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 aggregate settlement values at each quarter-end during the period.
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Tax-Managed Small-Cap Fund
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (December 31, 2012–2015), and for the period ended June 30, 2016, and has concluded that no provision for federal income tax is required in the fund’s financial statements. 4. Distributions: Distributions to shareholders are recorded on the ex-dividend date.
5. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $3.1 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.
The fund had no borrowings outstanding at June 30, 2016, or at any time during the period then ended.
6. Other: Dividend income is recorded on the ex-dividend date. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At June 30, 2016, the fund had contributed to Vanguard capital in the amount of $327,000, representing 0.01% of the fund’s net assets and 0.13% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
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Tax-Managed Small-Cap Fund
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest
rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine
the fair value of investments).
The following table summarizes the market value of the fund’s investments as of June 30, 2016, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | |
Investments | ($000) | ($000) | ($000) |
Common Stocks | 4,045,181 | — | — |
Temporary Cash Investments | 35,388 | 1,499 | — |
Futures Contracts—Assets1 | 234 | — | — |
Total | 4,080,803 | 1,499 | — |
1 Represents variation margin on the last day of the reporting period. |
D. At June 30, 2016, the aggregate settlement value of open futures contracts and the related unrealized appreciation (depreciation) were:
($000) | ||||
Aggregate | ||||
Number of | Settlement | Unrealized | ||
Long (Short) | Value | Appreciation | ||
Futures Contracts | Expiration | Contracts | Long (Short) | (Depreciation) |
E-mini Russell 2000 Index | September 2016 | 200 | 22,948 | 346 |
Unrealized appreciation (depreciation) on open futures contracts is required to be treated as realized gain (loss) for tax purposes.
E. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.
During the six months ended June 30, 2016, the fund realized $107,274,000 of net capital gains resulting from in-kind redemptions—in which shareholders exchanged fund shares for securities held by the fund rather than for cash. Because such gains are not taxable to the fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid-in capital.
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Tax-Managed Small-Cap Fund
The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 2015, the fund had available capital losses totaling $109,040,000 to offset future net capital gains. Of this amount, $6,546,000 is subject to expiration on December 31, 2017. Capital losses of $102,494,000 realized beginning in fiscal 2011 may be carried forward indefinitely under the Regulated Investment Company Modernization Act of 2010, but must be used before any expiring loss carryforwards. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2016; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
At June 30, 2016, the cost of investment securities for tax purposes was $2,934,389,000. Net unrealized appreciation of investment securities for tax purposes was $1,147,679,000, consisting of unrealized gains of $1,205,995,000 on securities that had risen in value since their purchase and $58,316,000 in unrealized losses on securities that had fallen in value since their purchase.
F. During the six months ended June 30, 2016, the fund purchased $1,280,144,000 of investment securities and sold $1,114,648,000 of investment securities, other than temporary cash investments. Purchases and sales include $27,247,000 and $185,028,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
G. Capital share transactions for each class of shares were:
Six Months Ended | Year Ended | |||
June 30, 2016 | December 31, 2015 | |||
Amount | Shares | Amount | Shares | |
($000) | (000) | ($000) | (000) | |
Admiral Shares | ||||
Issued | 475,553 | 10,741 | 909,724 | 19,669 |
Issued in Lieu of Cash Distributions | 13,671 | 305 | 32,367 | 729 |
Redeemed | (345,969) | (7,836) | (797,837) | (17,234) |
Net Increase (Decrease)—Admiral Shares | 143,255 | 3,210 | 144,254 | 3,164 |
Institutional Shares | ||||
Issued | 35,647 | 807 | 73,480 | 1,586 |
Issued in Lieu of Cash Distributions | 996 | 22 | 2,113 | 48 |
Redeemed | (7,636) | (176) | (27,143) | (577) |
Net Increase (Decrease)—Institutional Shares | 29,007 | 653 | 48,450 | 1,057 |
H. Management has determined that no material events or transactions occurred subsequent to June 30, 2016, that would require recognition or disclosure in these financial statements.
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About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The accompanying table illustrates your fund’s costs in two ways:
• Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During Period.“
• Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
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Six Months Ended June 30, 2016 | |||
Beginning | Ending | Expenses | |
Account Value | Account Value | Paid During | |
12/31/2015 | 6/30/2016 | Period | |
Based on Actual Fund Return | |||
Tax-Managed Balanced Fund | $1,000.00 | $1,038.52 | $0.56 |
Tax-Managed Capital Appreciation Fund | |||
Admiral Shares | $1,000.00 | $1,033.66 | $0.56 |
Institutional Shares | 1,000.00 | 1,033.81 | 0.35 |
Tax-Managed Small-Cap Fund | |||
Admiral Shares | $1,000.00 | $1,058.12 | $0.56 |
Institutional Shares | 1,000.00 | 1,058.41 | 0.36 |
Based on Hypothetical 5% Yearly Return | |||
Tax-Managed Balanced Fund | $1,000.00 | $1,024.32 | $0.55 |
Tax-Managed Capital Appreciation Fund | |||
Admiral Shares | $1,000.00 | $1,024.32 | $0.55 |
Institutional Shares | 1,000.00 | 1,024.52 | 0.35 |
Tax-Managed Small-Cap Fund | |||
Admiral Shares | $1,000.00 | $1,024.32 | $0.55 |
Institutional Shares | 1,000.00 | 1,024.52 | 0.35 |
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, 0.11%; for the Tax-Managed Capital Appreciation Fund, 0.11% for Admiral Shares and
0.07% for Institutional Shares; and for the Tax-Managed Small-Cap Fund, 0.11% for Admiral Shares and 0.07% 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
(182/366).
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Trustees Approve Advisory Arrangements
The board of trustees of Vanguard Tax-Managed Balanced Fund, Tax-Managed Capital Appreciation Fund, and Tax-Managed Small-Cap Fund has renewed each fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard)—through its Equity Index and Fixed Income Groups. The board determined that continuing the funds’ internalized management structure was in the best interests of each fund and its shareholders.
The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. The trustees considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangements. Rather, it was the totality of the circumstances that drove the board’s decision.
Nature, extent, and quality of services
The board reviewed the quality of each fund’s investment management services over both the short and long term, and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than three decades. Both the Equity Index Group and the Fixed Income Group adhere to sound, disciplined investment management processes; each group’s management team has considerable experience, stability, and depth.
The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of each advisory arrangement.
Investment performance
The board considered the short- and long-term performance of each fund, including any periods of outperformance or underperformance relative to a benchmark index and peer group. The board concluded that the performance was such that each advisory arrangement should continue. Information about the funds’ most recent performance can be found in the Performance Summary pages of this report.
Cost
The board concluded that each fund’s expense ratio was well below the average expense ratio charged by funds in its peer group and that each fund’s advisory fee rate was also well below its peer-group average. Information about the funds’ expenses appears in the About Your Fund’s Expenses section of this report as well as in the Financial Statements sections.
The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique “at-cost” structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees, and produces “profits” only in the form of reduced expenses for fund shareholders.
The benefit of economies of scale
The board concluded that each fund’s at-cost arrangement with Vanguard ensures that the funds will realize economies of scale as they grow, with the cost to shareholders declining as fund assets increase.
The board will consider whether to renew the advisory arrangements again after a one-year period.
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Glossary
30-Day SEC Yield. A fund’s 30-day SEC yield is derived using a formula specified by the U.S. Securities and Exchange Commission. Under the formula, data related to the fund’s security holdings in the previous 30 days are used to calculate the fund’s hypothetical net income for that period, which is then annualized and divided by the fund’s estimated average net assets over the calculation period. For the purposes of this calculation, a security’s income is based on its current market yield to maturity (for bonds), its actual income (for asset-backed securities), or its projected dividend yield (for stocks). Because the SEC yield represents hypothetical annualized income, it will differ—at times significantly—from the fund’s actual experience. As a result, the fund’s income distributions may be higher or lower than implied by the SEC yield.
Average Coupon. The average interest rate paid on the fixed income securities held by a fund. It is expressed as a percentage of face value.
Average Duration. An estimate of how much the value of the bonds held by a fund will fluctuate in response to a change in interest rates. To see how the value could change, multiply the average duration by the change in rates. If interest rates rise by 1 percentage point, the value of the bonds in a fund with an average duration of five years would decline by about 5%. If rates decrease by a percentage point, the value would rise by 5%.
Average Stated Maturity. The average length of time until fixed income securities held by a fund reach maturity and are repaid using the maturity date of the security. The figure reflects the proportion of fund assets represented by each security; it also reflects any futures contracts held. In general, the longer the average stated maturity, the more a fund’s share price will fluctuate in response to changes in market interest rates.
Beta. A measure of the magnitude of a fund’s past share-price fluctuations in relation to the ups and downs of a given market index. The index is assigned a beta of 1.00. Compared with a given index, a fund with a beta of 1.20 typically would have seen its share price rise or fall by 12% when the index rose or fell by 10%. For this report, beta is based on returns over the past 36 months for both the fund and the index. Note that a fund’s beta should be reviewed in conjunction with its R-squared (see definition). The lower the R-squared, the less correlation there is between the fund and the index, and the less reliable beta is as an indicator of volatility.
Credit Quality. Credit-quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Credit-quality ratings are obtained from Moody’s and S&P, and the higher rating for each issue is used. ”Not Rated” is used to classify securities for which a rating is not available.
Dividend Yield. The current, annualized rate of dividends paid on a share of stock, divided by its current share price. For a fund, the weighted average yield for stocks it holds. The index yield is based on the current annualized rate of dividends paid on stocks in the index.
Earnings Growth Rate. The average annual rate of growth in earnings over the past five years for the stocks now in a fund.
Equity Exposure. A measure that reflects a fund’s investments in stocks and stock futures. Any holdings in short-term reserves are excluded.
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Expense Ratio. A fund’s total annual operating expenses expressed as a percentage of the fund’s average net assets. The expense ratio includes management and administrative expenses, but does not include the transaction costs of buying and selling portfolio securities.
Foreign Holdings. The percentage of a fund represented by securities or depositary receipts of companies based outside the United States.
Inception Date. The date on which the assets of a fund (or one of its share classes) are first invested in accordance with the fund’s investment objective. For funds with a subscription period, the inception date is the day after that period ends. Investment performance is measured from the inception date.
Largest Area Concentrations. An indicator of diversification. The less concentrated a fund’s holdings of bonds, the less the fund will be hurt by any financial problems in a single state or region.
Median Market Cap. An indicator of the size of companies in which a fund invests; the midpoint of market capitalization (market price x shares outstanding) of a fund’s stocks, weighted by the proportion of the fund’s assets invested in each stock. Stocks representing half of the fund’s assets have market capitalizations above the median, and the rest are below it.
Price/Book Ratio. The share price of a stock divided by its net worth, or book value, per share. For a fund, the weighted average price/book ratio of the stocks it holds.
Price/Earnings Ratio. The ratio of a stock’s current price to its per-share earnings over the past year. For a fund, the weighted average P/E of the stocks it holds. P/E is an indicator of market expectations about corporate prospects; the higher the P/E, the greater the expectations for a company’s future growth.
R-Squared. A measure of how much of a fund’s past returns can be explained by the returns from the market in general, as measured by a given index. If a fund’s total returns were precisely synchronized with an index’s returns, its R-squared would be 1.00. If the fund’s returns bore no relationship to the index’s returns, its R-squared would be 0. For this report, R-squared is based on returns over the past 36 months for both the fund and the index.
Return on Equity. The annual average rate of return generated by a company during the past five years for each dollar of shareholder’s equity (net income divided by shareholder’s equity). For a fund, the weighted average return on equity for the companies whose stocks it holds.
Short-Term Reserves. The percentage of a fund invested in highly liquid, short-term securities that can be readily converted to cash.
Turnover Rate. An indication of the fund’s trading activity. Funds with high turnover rates incur higher transaction costs and may be more likely to distribute capital gains (which may be taxable to investors). The turnover rate excludes in-kind transactions, which have minimal impact on costs.
Yield to Maturity. The rate of return an investor would receive if the fixed income securities held by a fund were held to their maturity dates.
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Benchmark Information
Tax-Managed Balanced Composite Index: Weighted 50% Russell 1000 Index and 50% Barclays 7 Year Municipal Bond Index through January 31, 2002, and 50% Russell 1000 Index and 50% Barclays 1–15 Year Municipal Bond Index thereafter.
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The People Who Govern Your Fund
The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them on an at-cost basis.
A majority of Vanguard’s board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 198 Vanguard funds.
The following table provides information for each trustee and executive officer of the fund. 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.
InterestedTrustee1 | Rajiv L. Gupta |
Born 1945. Trustee Since December 2001.2 Principal | |
F. William McNabb III | Occupation(s) During the Past Five Years and Other |
Born 1957. Trustee Since July 2009. Chairman of | Experience: Chairman and Chief Executive Officer |
the Board. Principal Occupation(s) During the Past | (retired 2009) and President (2006–2008) of |
Five Years and Other Experience: Chairman of the | Rohm and Haas Co. (chemicals); Director of Tyco |
Board of The Vanguard Group, Inc., and of each of | International plc (diversified manufacturing and |
the investment companies served by The Vanguard | services), HP Inc. (printer and personal computer |
Group, since January 2010; Director of The Vanguard | manufacturing), and Delphi Automotive plc |
Group since 2008; Chief Executive Officer and | (automotive components); Senior Advisor at |
President of The Vanguard Group, and of each of | New Mountain Capital. |
the investment companies served by The Vanguard | |
Group, since 2008; Director of Vanguard Marketing | Amy Gutmann |
Corporation; Managing Director of The Vanguard | Born 1949. Trustee Since June 2006. Principal |
Group (1995–2008). | Occupation(s) During the Past Five Years and |
Other Experience: President of the University of | |
IndependentTrustees | Pennsylvania; Christopher H. Browne Distinguished |
Professor of Political Science, School of Arts and | |
Emerson U. Fullwood | Sciences, and Professor of Communication, Annenberg |
Born 1948. Trustee Since January 2008. Principal | School for Communication, with secondary faculty |
Occupation(s) During the Past Five Years and Other | appointments in the Department of Philosophy, School |
Experience: Executive Chief Staff and Marketing | of Arts and Sciences, and at the Graduate School of |
Officer for North America and Corporate Vice President | Education, University of Pennsylvania; Trustee of the |
(retired 2008) of Xerox Corporation (document manage- | National Constitution Center; Chair of the Presidential |
ment products and services); Executive in Residence | Commission for the Study of Bioethical Issues. |
and 2009–2010 Distinguished Minett Professor at | |
the Rochester Institute of Technology; Lead Director | JoAnn Heffernan Heisen |
of SPX FLOW, Inc. (multi-industry manufacturing); | Born 1950. Trustee Since July 1998. Principal |
Director of the United Way of Rochester, the University | Occupation(s) During the Past Five Years and |
of Rochester Medical Center, Monroe Community | Other Experience: Corporate Vice President and |
College Foundation, North Carolina A&T University, | Chief Global Diversity Officer (retired 2008) and |
and Roberts Wesleyan College. | Member of the Executive Committee (1997–2008) |
of Johnson & Johnson (pharmaceuticals/medical | |
devices/consumer products); Director of Skytop | |
Lodge Corporation (hotels) and the Robert Wood | |
Johnson Foundation; Member of the Advisory | |
Board of the Institute for Women’s Leadership | |
at Rutgers University. |
F. Joseph Loughrey | Executive Officers | |
Born 1949. Trustee Since October 2009. Principal | ||
Occupation(s) During the Past Five Years and Other | Glenn Booraem | |
Experience: President and Chief Operating Officer | Born 1967. Treasurer Since May 2015. Principal | |
(retired 2009) of Cummins Inc. (industrial machinery); | Occupation(s) During the Past Five Years and | |
Chairman of the Board of Hillenbrand, Inc. (specialized | Other Experience: Principal of The Vanguard Group, | |
consumer services), and of Oxfam America; Director | Inc.; Treasurer of each of the investment companies | |
of SKF AB (industrial machinery), Hyster-Yale Materials | served by The Vanguard Group; Controller of each of | |
Handling, Inc. (forklift trucks), the Lumina Foundation | the investment companies served by The Vanguard | |
for Education, and the V Foundation for Cancer | Group (2010–2015); Assistant Controller of each of | |
Research; Member of the Advisory Council for the | the investment companies served by The Vanguard | |
College of Arts and Letters and of the Advisory Board | Group (2001–2010). | |
to the Kellogg Institute for International Studies, both | ||
at the University of Notre Dame. | Thomas J. Higgins | |
Born 1957. Chief Financial Officer Since September | ||
Mark Loughridge | 2008. Principal Occupation(s) During the Past Five | |
Born 1953. Trustee Since March 2012. Principal | Years and Other Experience: Principal of The Vanguard | |
Occupation(s) During the Past Five Years and Other | Group, Inc.; Chief Financial Officer of each of the | |
Experience: Senior Vice President and Chief Financial | investment companies served by The Vanguard Group; | |
Officer (retired 2013) at IBM (information technology | Treasurer of each of the investment companies served | |
services); Fiduciary Member of IBM’s Retirement Plan | by The Vanguard Group (1998–2008). | |
Committee (2004–2013); Director of the Dow Chemical | ||
Company; Member of the Council on Chicago Booth. | Peter Mahoney | |
Born 1974. Controller Since May 2015. Principal | ||
Scott C. Malpass | Occupation(s) During the Past Five Years and | |
Born 1962. Trustee Since March 2012. Principal | Other Experience: Head of Global Fund Accounting | |
Occupation(s) During the Past Five Years and Other | at The Vanguard Group, Inc.; Controller of each of the | |
Experience: Chief Investment Officer and Vice | investment companies served by The Vanguard Group; | |
President at the University of Notre Dame; Assistant | Head of International Fund Services at The Vanguard | |
Professor of Finance at the Mendoza College of | Group (2008–2014). | |
Business at Notre Dame; Member of the Notre Dame | ||
403(b) Investment Committee, the Board of Advisors | Heidi Stam | |
for Spruceview Capital Partners, and the Investment | Born 1956. Secretary Since July 2005. Principal | |
Advisory Committee of Major League Baseball; Board | Occupation(s) During the Past Five Years and Other | |
Member of TIFF Advisory Services, Inc., and Catholic | Experience: Managing Director of The Vanguard | |
Investment Services, Inc. (investment advisors). | Group, Inc.; General Counsel of The Vanguard Group; | |
Secretary of The Vanguard Group and of each of the | ||
André F. Perold | investment companies served by The Vanguard Group; | |
Born 1952. Trustee Since December 2004. Principal | Director and Senior Vice President of Vanguard | |
Occupation(s) During the Past Five Years and Other | Marketing Corporation. | |
Experience: George Gund Professor of Finance and | ||
Banking, Emeritus at the Harvard Business School | Vanguard Senior ManagementTeam | |
(retired 2011); Chief Investment Officer and Managing | Mortimer J. Buckley | James M. Norris |
Partner of HighVista Strategies LLC (private investment | Kathleen C. Gubanich | Thomas M. Rampulla |
firm); Director of Rand Merchant Bank; Overseer of | Martha G. King | Glenn W. Reed |
the Museum of Fine Arts Boston. | John T. Marcante | Karin A. Risi |
Chris D. McIsaac | Michael Rollings | |
Peter F. Volanakis | ||
Born 1955. Trustee Since July 2009. Principal | ||
Occupation(s) During the Past Five Years and Other | Chairman Emeritus and Senior Advisor | |
Experience: President and Chief Operating Officer | John J. Brennan | |
(retired 2010) of Corning Incorporated (communications | Chairman, 1996–2009 | |
equipment); Trustee of Colby-Sawyer College and | Chief Executive Officer and President, 1996–2008 | |
Chairman of its Finance and Enrollment Committee; | ||
Member of the Advisory Board of the Norris Cotton | ||
Cancer Center. | Founder | |
John C. Bogle | ||
Chairman and Chief Executive Officer, 1974–1996 |
1 Mr. McNabb is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds.
2 December 2002 for Vanguard Equity Income Fund, the Vanguard Municipal Bond Funds, and the Vanguard State Tax-Exempt Funds.
P.O. Box 2600 | |
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All rights reserved. | |
Vanguard Marketing Corporation, Distributor. | |
Q1032 082016 |
Item 2: Code of Ethics.
Not Applicable.
Item 3: Audit Committee Financial Expert.
Not Applicable.
Item 4: Principal Accountant Fees and Services.
(a) Audit Fees.
Not Applicable.
Item 5: Audit Committee of Listed Registrants.
Not Applicable.
Item 6: Investments.
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Common Stocks (99.2%)1 | |||
Australia (6.3%) | |||
Commonwealth Bank of Australia | 6,435,248 | 361,133 | |
Westpac Banking Corp. | 12,589,026 | 279,565 | |
Australia & New Zealand Banking Group Ltd. | 11,012,279 | 200,787 | |
National Australia Bank Ltd. | 10,022,726 | 192,540 | |
BHP Billiton Ltd. | 12,160,283 | 173,198 | |
CSL Ltd. | 1,730,615 | 145,514 | |
Wesfarmers Ltd. | 4,238,807 | 127,665 | |
Woolworths Ltd. | 4,798,720 | 75,340 | |
Scentre Group | 19,423,436 | 71,440 | |
Transurban Group | 7,655,905 | 68,665 | |
Telstra Corp. Ltd. | 16,328,968 | 67,956 | |
Macquarie Group Ltd. | 1,169,851 | 60,841 | |
Westfield Corp. | 7,324,778 | 58,359 | |
Woodside Petroleum Ltd. | 2,776,041 | 56,271 | |
Brambles Ltd. | 6,002,363 | 55,697 | |
Rio Tinto Ltd. | 1,607,117 | 55,344 | |
* | Newcrest Mining Ltd. | 2,889,843 | 49,693 |
Amcor Ltd. | 4,387,730 | 49,071 | |
Suncorp Group Ltd. | 4,869,094 | 44,603 | |
AMP Ltd. | 11,103,139 | 43,098 | |
QBE Insurance Group Ltd. | 5,189,333 | 40,728 | |
Insurance Australia Group Ltd. | 9,170,265 | 37,664 | |
AGL Energy Ltd. | 2,556,603 | 36,894 | |
Goodman Group | 6,737,827 | 35,917 | |
Stockland | 9,080,075 | 31,980 | |
Vicinity Centres | 12,448,630 | 30,975 | |
APA Group | 4,221,435 | 29,241 | |
Origin Energy Ltd. | 6,604,983 | 28,849 | |
GPT Group | 6,802,938 | 27,520 | |
Aurizon Holdings Ltd. | 7,463,725 | 27,037 | |
Ramsay Health Care Ltd. | 490,102 | 26,355 | |
James Hardie Industries plc | 1,688,561 | 25,865 | |
Sonic Healthcare Ltd. | 1,564,723 | 25,294 | |
ASX Ltd. | 726,714 | 24,885 | |
Dexus Property Group | 3,677,991 | 24,839 | |
Aristocrat Leisure Ltd. | 2,400,911 | 24,808 | |
Caltex Australia Ltd. | 988,222 | 23,610 | |
* | South32 Ltd. | 20,162,728 | 23,562 |
Medibank Pvt Ltd. | 10,452,400 | 23,056 | |
Oil Search Ltd. | 4,451,518 | 22,385 | |
Santos Ltd. | 6,215,601 | 21,933 | |
Sydney Airport | 4,108,350 | 21,347 | |
Mirvac Group | 14,024,987 | 21,218 | |
LendLease Group | 2,097,819 | 19,895 | |
Cochlear Ltd. | 215,616 | 19,557 | |
Treasury Wine Estates Ltd. | 2,797,590 | 19,352 | |
DUET Group | 9,253,564 | 17,319 | |
^ | Fortescue Metals Group Ltd. | 6,125,916 | 16,488 |
Tatts Group Ltd. | 5,531,827 | 15,828 | |
Asciano Ltd. | 2,257,142 | 14,946 | |
SEEK Ltd. | 1,303,728 | 14,876 | |
Incitec Pivot Ltd. | 6,345,176 | 14,228 | |
Healthscope Ltd. | 6,635,833 | 14,210 | |
Challenger Ltd. | 2,181,998 | 14,165 | |
Crown Resorts Ltd. | 1,449,260 | 13,712 | |
Boral Ltd. | 2,816,584 | 13,199 | |
Orica Ltd. | 1,424,190 | 13,194 | |
Computershare Ltd. | 1,866,599 | 12,857 | |
Star Entertainment Grp Ltd. | 3,150,831 | 12,742 | |
Coca-Cola Amatil Ltd. | 2,054,452 | 12,679 | |
Vocus Communications Ltd. | 1,939,380 | 12,647 |
1
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Bendigo & Adelaide Bank Ltd. | 1,735,448 | 12,587 | |
Domino's Pizza Enterprises Ltd. | 235,428 | 12,035 | |
Bank of Queensland Ltd. | 1,434,172 | 11,425 | |
TPG Telecom Ltd. | 1,264,757 | 11,253 | |
Tabcorp Holdings Ltd. | 3,107,704 | 10,625 | |
BlueScope Steel Ltd. | 2,157,332 | 10,345 | |
CIMIC Group Ltd. | 374,405 | 10,027 | |
Orora Ltd. | 4,620,914 | 9,569 | |
Alumina Ltd. | 9,579,699 | 9,367 | |
REA Group Ltd. | 203,377 | 9,055 | |
AusNet Services | 6,720,228 | 8,246 | |
Qantas Airways Ltd. | 3,865,745 | 8,151 | |
Northern Star Resources Ltd. | 2,198,211 | 8,117 | |
Iluka Resources Ltd. | 1,598,378 | 7,819 | |
Ansell Ltd. | 568,615 | 7,771 | |
carsales.com Ltd. | 832,067 | 7,685 | |
Adelaide Brighton Ltd. | 1,737,238 | 7,258 | |
ALS Ltd. | 1,946,764 | 7,194 | |
Investa Office Fund | 2,231,975 | 7,141 | |
DuluxGroup Ltd. | 1,486,264 | 7,026 | |
Harvey Norman Holdings Ltd. | 2,016,474 | 6,991 | |
JB Hi-Fi Ltd. | 382,113 | 6,909 | |
^ | IOOF Holdings Ltd. | 1,150,018 | 6,771 |
Magellan Financial Group Ltd. | 398,372 | 6,678 | |
*,^ | Mayne Pharma Group Ltd. | 4,395,557 | 6,281 |
Macquarie Atlas Roads Group | 1,603,385 | 6,225 | |
Fairfax Media Ltd. | 8,730,539 | 6,116 | |
Evolution Mining Ltd. | 3,359,945 | 5,857 | |
^ | Qube Holdings Ltd. | 3,280,082 | 5,430 |
Primary Health Care Ltd. | 1,830,403 | 5,424 | |
CSR Ltd. | 1,925,838 | 5,277 | |
* | Link Administration Holdings Ltd. | 851,888 | 5,215 |
Perpetual Ltd. | 166,763 | 5,160 | |
nib holdings Ltd. | 1,629,720 | 5,144 | |
^ | Flight Centre Travel Group Ltd. | 216,328 | 5,132 |
*,^ | Metcash Ltd. | 3,578,863 | 5,109 |
Charter Hall Group | 1,323,668 | 5,018 | |
OZ Minerals Ltd. | 1,176,178 | 5,002 | |
BWP Trust | 1,824,543 | 4,968 | |
BT Investment Management Ltd. | 816,890 | 4,863 | |
^ | Blackmores Ltd. | 49,201 | 4,861 |
Shopping Centres Australasia Property Group | 2,797,842 | 4,778 | |
Downer EDI Ltd. | 1,654,985 | 4,750 | |
Navitas Ltd. | 1,134,566 | 4,683 | |
GrainCorp Ltd. Class A | 722,746 | 4,679 | |
WorleyParsons Ltd. | 821,915 | 4,530 | |
Charter Hall Retail REIT | 1,269,662 | 4,524 | |
Regis Resources Ltd. | 1,764,295 | 4,508 | |
G8 Education Ltd. | 1,446,363 | 4,125 | |
Cromwell Property Group | 5,423,051 | 4,115 | |
* | St. Barbara Ltd. | 1,861,109 | 4,104 |
InvoCare Ltd. | 411,170 | 4,050 | |
Burson Group Ltd. | 974,526 | 4,030 | |
IRESS Ltd. | 487,645 | 3,991 | |
Sims Metal Management Ltd. | 651,932 | 3,849 | |
Independence Group NL | 1,554,306 | 3,842 | |
Platinum Asset Management Ltd. | 884,119 | 3,831 | |
Sigma Pharmaceuticals Ltd. | 4,508,128 | 3,821 | |
Aveo Group | 1,579,123 | 3,754 | |
Nufarm Ltd. | 674,165 | 3,740 | |
Super Retail Group Ltd. | 563,464 | 3,709 | |
Spotless Group Holdings Ltd. | 4,123,189 | 3,480 | |
Sirtex Medical Ltd. | 178,812 | 3,424 | |
Premier Investments Ltd. | 319,357 | 3,414 |
2
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Mineral Resources Ltd. | 529,159 | 3,327 | |
*,^ | Syrah Resources Ltd. | 706,893 | 3,182 |
APN Outdoor Group Ltd. | 596,141 | 3,080 | |
*,^ | Saracen Mineral Holdings Ltd. | 2,829,050 | 3,036 |
ARB Corp. Ltd. | 241,111 | 3,022 | |
Seven West Media Ltd. | 3,631,176 | 2,898 | |
Pact Group Holdings Ltd. | 633,186 | 2,877 | |
Mantra Group Ltd. | 1,097,475 | 2,874 | |
Abacus Property Group | 1,148,546 | 2,714 | |
Breville Group Ltd. | 473,185 | 2,660 | |
Beach Energy Ltd. | 5,655,319 | 2,615 | |
Steadfast Group Ltd. | 1,718,930 | 2,548 | |
^ | Myer Holdings Ltd. | 2,971,330 | 2,499 |
Ardent Leisure Group | 1,739,677 | 2,454 | |
Automotive Holdings Group Ltd. | 850,773 | 2,400 | |
Southern Cross Media Group Ltd. | 2,531,454 | 2,373 | |
Cleanaway Waste Management Ltd. | 3,866,821 | 2,327 | |
Brickworks Ltd. | 211,663 | 2,278 | |
Gateway Lifestyle | 1,044,963 | 2,242 | |
Estia Health Ltd. | 642,332 | 2,231 | |
2 | MYOB Group Ltd. | 854,675 | 2,213 |
Retail Food Group Ltd. | 529,158 | 2,198 | |
Eclipx Group Ltd. | 801,465 | 2,197 | |
Sandfire Resources NL | 553,424 | 2,186 | |
Asaleo Care Ltd. | 1,362,277 | 2,143 | |
^ | GUD Holdings Ltd. | 311,819 | 2,133 |
McMillan Shakespeare Ltd. | 206,528 | 2,123 | |
SAI Global Ltd. | 771,982 | 2,114 | |
Technology One Ltd. | 533,023 | 2,071 | |
Costa Group Holdings Ltd. | 969,152 | 1,981 | |
* | NEXTDC Ltd. | 755,858 | 1,978 |
Bega Cheese Ltd. | 461,081 | 1,953 | |
Genworth Mortgage Insurance Australia Ltd. | 938,681 | 1,940 | |
* | APN News & Media Ltd. | 638,779 | 1,928 |
Altium Ltd. | 396,189 | 1,919 | |
*,^ | Australian Agricultural Co. Ltd. | 1,437,775 | 1,910 |
*,^ | Whitehaven Coal Ltd. | 2,334,246 | 1,907 |
oOh!media Ltd. | 511,968 | 1,899 | |
^ | IPH Ltd. | 380,968 | 1,840 |
Nine Entertainment Co. Holdings Ltd. | 2,318,772 | 1,829 | |
^ | Monadelphous Group Ltd. | 318,181 | 1,785 |
Regis Healthcare Ltd. | 492,468 | 1,737 | |
Japara Healthcare Ltd. | 900,887 | 1,729 | |
Webjet Ltd. | 323,227 | 1,723 | |
Australian Pharmaceutical Industries Ltd. | 1,355,225 | 1,707 | |
*,^ | Bellamy's Australia Ltd. | 218,689 | 1,678 |
Tassal Group Ltd. | 533,691 | 1,596 | |
Folkestone Education Trust | 781,634 | 1,556 | |
* | Resolute Mining Ltd. | 1,616,994 | 1,555 |
^ | Greencross Ltd. | 304,227 | 1,543 |
GWA Group Ltd. | 977,434 | 1,534 | |
^ | Seven Group Holdings Ltd. | 329,715 | 1,493 |
360 Capital Industrial Fund | 724,710 | 1,482 | |
^ | Western Areas Ltd. | 903,691 | 1,476 |
iSentia Group Ltd. | 562,075 | 1,468 | |
Growthpoint Properties Australia Ltd. | 621,470 | 1,465 | |
* | IDP Education Ltd. | 470,008 | 1,448 |
* | Infigen Energy | 1,920,518 | 1,447 |
*,^ | Nanosonics Ltd. | 867,026 | 1,423 |
^ | OzForex Group Ltd. | 805,392 | 1,412 |
National Storage REIT | 1,108,176 | 1,380 | |
^ | Select Harvests Ltd. | 265,129 | 1,348 |
FlexiGroup Ltd. | 1,004,463 | 1,311 | |
^ | Corporate Travel Management Ltd. | 121,380 | 1,284 |
3
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^ | TFS Corp. Ltd. | 1,213,716 | 1,278 |
Ingenia Communities Group | 595,706 | 1,275 | |
Village Roadshow Ltd. | 320,164 | 1,255 | |
Credit Corp. Group Ltd. | 138,207 | 1,243 | |
Arena REIT | 833,432 | 1,236 | |
Hotel Property Investments | 525,907 | 1,226 | |
*,^ | RCG Corp. Ltd. | 1,100,472 | 1,218 |
Programmed Maintenance Services Ltd. | 905,170 | 1,201 | |
*,^ | Perseus Mining Ltd. | 2,979,096 | 1,151 |
* | Beadell Resources Ltd. | 3,962,857 | 1,127 |
* | AWE Ltd. | 1,785,553 | 1,126 |
Virtus Health Ltd. | 217,866 | 1,123 | |
*,^ | Highfield Resources Ltd. | 1,046,355 | 1,080 |
GDI Property Group | 1,614,464 | 1,069 | |
SG Fleet Group Ltd. | 385,905 | 1,055 | |
Cabcharge Australia Ltd. | 439,946 | 1,053 | |
New Hope Corp. Ltd. | 982,877 | 1,048 | |
^ | Cover-More Group Ltd. | 1,143,419 | 1,043 |
* | Collins Foods Ltd. | 312,501 | 993 |
Reject Shop Ltd. | 107,977 | 985 | |
Tox Free Solutions Ltd. | 501,770 | 974 | |
* | UGL Ltd. | 605,838 | 973 |
* | BWX Ltd. | 274,464 | 965 |
* | WPP AUNZ Ltd. | 1,215,953 | 961 |
Astro Japan Property Group | 184,651 | 947 | |
CSG Ltd. | 826,321 | 919 | |
*,^ | Liquefied Natural Gas Ltd. | 1,669,780 | 911 |
Ainsworth Game Technology Ltd. | 527,468 | 853 | |
*,^ | Senex Energy Ltd. | 4,200,804 | 815 |
*,^ | Mesoblast Ltd. | 916,490 | 738 |
* | Karoon Gas Australia Ltd. | 755,771 | 733 |
*,^ | Paladin Energy Ltd. | 5,244,303 | 727 |
*,^ | Ten Network Holdings Ltd. | 1,037,669 | 706 |
Cedar Woods Properties Ltd. | 213,753 | 695 | |
MACA Ltd. | 696,866 | 658 | |
*,^ | Starpharma Holdings Ltd. | 1,314,396 | 634 |
*,^ | Virgin Australia Holdings Ltd. | 4,124,156 | 633 |
Thorn Group Ltd. | 562,701 | 586 | |
RCR Tomlinson Ltd. | 420,679 | 536 | |
*,^ | Lynas Corp. Ltd. | 12,726,450 | 506 |
* | Bradken Ltd. | 642,784 | 488 |
*,^ | Mount Gibson Iron Ltd. | 2,444,463 | 475 |
Cash Converters International Ltd. | 1,269,011 | 419 | |
* | Billabong International Ltd. | 415,982 | 376 |
^ | Slater & Gordon Ltd. | 1,217,032 | 357 |
* | Watpac Ltd. | 554,436 | 340 |
^ | MMA Offshore Ltd. | 1,391,717 | 321 |
Acrux Ltd. | 596,723 | 321 | |
ERM Power Ltd. | 486,128 | 306 | |
SMS Management & Technology Ltd. | 249,012 | 302 | |
^ | Cardno Ltd. | 714,142 | 291 |
* | Perseus Mining Ltd. Unlisted Shares | 682,547 | 265 |
Decmil Group Ltd. | 477,455 | 257 | |
^ | Capitol Health Ltd. | 1,842,089 | 220 |
* | Kingsgate Consolidated Ltd. | 492,059 | 150 |
*,^ | Arrium Ltd. | 8,838,238 | 145 |
* | Horizon Oil Ltd. | 3,491,467 | 123 |
*,^ | Sundance Energy Australia Ltd. | 1,314,440 | 100 |
3,713,684 | |||
Austria (0.2%) | |||
Erste Group Bank AG | 1,106,976 | 25,315 | |
OMV AG | 545,619 | 15,285 | |
voestalpine AG | 435,688 | 14,579 |
4
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
ANDRITZ AG | 272,319 | 12,939 | |
* | IMMOFINANZ AG | 3,150,308 | 6,744 |
BUWOG AG | 270,420 | 6,244 | |
Wienerberger AG | 442,418 | 6,204 | |
* | Raiffeisen Bank International AG | 449,313 | 5,655 |
CA Immobilien Anlagen AG | 271,343 | 4,538 | |
* | Conwert Immobilien Invest SE | 275,565 | 4,411 |
Oesterreichische Post AG | 125,840 | 4,064 | |
^ | Verbund AG | 250,781 | 3,556 |
Mayr Melnhof Karton AG | 29,811 | 3,249 | |
Vienna Insurance Group AG Wiener Versicherung Gruppe | 153,770 | 2,915 | |
Lenzing AG | 29,159 | 2,691 | |
Schoeller-Bleckmann Oilfield Equipment AG | 41,502 | 2,512 | |
UNIQA Insurance Group AG | 405,952 | 2,446 | |
DO & CO AG | 24,911 | 2,184 | |
S IMMO AG | 204,121 | 1,906 | |
RHI AG | 97,435 | 1,879 | |
Strabag SE | 61,886 | 1,866 | |
Telekom Austria AG | 311,924 | 1,810 | |
EVN AG | 114,035 | 1,296 | |
Zumtobel Group AG | 106,340 | 1,291 | |
Semperit AG Holding | 35,628 | 1,185 | |
Palfinger AG | 39,710 | 1,143 | |
* | Flughafen Wien AG | 39,865 | 1,080 |
Kapsch TrafficCom AG | 18,179 | 685 | |
139,672 | |||
Belgium (1.3%) | |||
Anheuser-Busch InBev SA/NV | 3,022,261 | 397,277 | |
* | KBC Group NV | 1,043,412 | 51,154 |
Delhaize Group | 394,057 | 41,638 | |
UCB SA | 456,998 | 34,172 | |
Ageas | 746,624 | 25,796 | |
Solvay SA Class A | 266,704 | 24,792 | |
Groupe Bruxelles Lambert SA | 294,220 | 24,054 | |
Umicore SA | 348,191 | 17,941 | |
Proximus SADP | 530,598 | 16,802 | |
Colruyt SA | 238,665 | 13,172 | |
Ackermans & van Haaren NV | 94,004 | 11,518 | |
bpost SA | 384,061 | 9,777 | |
Cofinimmo SA | 75,828 | 8,943 | |
Ontex Group NV | 274,280 | 8,670 | |
* | Telenet Group Holding NV | 187,619 | 8,564 |
Sofina SA | 58,683 | 7,778 | |
Bekaert SA | 131,400 | 5,672 | |
Elia System Operator SA/NV | 100,259 | 5,606 | |
Melexis NV | 80,378 | 5,038 | |
Warehouses De Pauw CVA | 52,992 | 4,978 | |
D'ieteren SA/NV | 102,142 | 4,433 | |
Euronav NV | 477,665 | 4,407 | |
Befimmo SA | 65,944 | 4,244 | |
* | Gimv NV | 72,148 | 4,070 |
Ion Beam Applications | 74,815 | 3,527 | |
Nyrstar (Voting Shares) | 337,224 | 3,202 | |
* | Tessenderlo Chemie NV (Voting Shares) | 85,973 | 2,929 |
* | Orange Belgium SA | 111,556 | 2,575 |
Cie d'Entreprises CFE | 26,637 | 2,428 | |
*,^ | Econocom Group SA/NV | 208,280 | 2,399 |
^ | Kinepolis Group NV | 47,506 | 2,121 |
* | AGFA-Gevaert NV | 613,701 | 2,008 |
Barco NV | 29,961 | 1,958 | |
* | KBC Ancora | 58,862 | 1,927 |
Van de Velde NV | 27,274 | 1,818 | |
EVS Broadcast Equipment SA | 33,389 | 1,084 |
5
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Wereldhave Belgium NV | 8,056 | 989 | |
769,461 | |||
Canada (8.5%) | |||
Royal Bank of Canada | 5,592,856 | 330,476 | |
Toronto-Dominion Bank | 6,987,261 | 300,053 | |
^ | Bank of Nova Scotia | 4,576,138 | 224,247 |
Suncor Energy Inc. | 6,027,150 | 167,199 | |
Canadian National Railway Co. | 2,653,726 | 156,703 | |
Bank of Montreal | 2,434,370 | 154,415 | |
Enbridge Inc. | 3,496,456 | 148,118 | |
Canadian Natural Resources Ltd. | 4,146,700 | 127,936 | |
^ | TransCanada Corp. | 2,660,600 | 120,391 |
Canadian Imperial Bank of Commerce | 1,493,500 | 112,179 | |
Brookfield Asset Management Inc. Class A | 3,376,500 | 111,701 | |
Manulife Financial Corp. | 7,453,400 | 101,940 | |
Barrick Gold Corp. | 4,415,000 | 94,250 | |
Sun Life Financial Inc. | 2,312,628 | 75,969 | |
Canadian Pacific Railway Ltd. | 530,192 | 68,259 | |
Alimentation Couche-Tard Inc. Class B | 1,491,200 | 64,036 | |
Goldcorp Inc. | 3,134,700 | 59,979 | |
Rogers Communications Inc. Class B | 1,371,300 | 55,512 | |
Thomson Reuters Corp. | 1,280,500 | 51,807 | |
Potash Corp. of Saskatchewan Inc. | 3,175,700 | 51,619 | |
BCE Inc. | 1,088,800 | 51,526 | |
^ | Franco-Nevada Corp. | 673,788 | 51,235 |
Magna International Inc. | 1,443,600 | 50,673 | |
^ | Agrium Inc. | 519,834 | 47,032 |
Fairfax Financial Holdings Ltd. | 86,600 | 46,642 | |
Loblaw Cos. Ltd. | 859,500 | 45,977 | |
Agnico Eagle Mines Ltd. | 836,300 | 44,755 | |
Pembina Pipeline Corp. | 1,465,300 | 44,528 | |
Cenovus Energy Inc. | 3,158,700 | 43,691 | |
National Bank of Canada | 1,274,860 | 43,605 | |
* | CGI Group Inc. Class A | 968,500 | 41,373 |
Silver Wheaton Corp. | 1,664,961 | 39,190 | |
Fortis Inc. | 1,065,900 | 36,029 | |
Intact Financial Corp. | 496,900 | 35,496 | |
Restaurant Brands International Inc. | 783,100 | 32,598 | |
* | Waste Connections Inc. (New York Shares) | 450,667 | 32,471 |
Imperial Oil Ltd. | 996,500 | 31,531 | |
Metro Inc. | 899,300 | 31,331 | |
Shaw Communications Inc. Class B | 1,584,300 | 30,412 | |
Crescent Point Energy Corp. | 1,906,130 | 30,113 | |
Great-West Lifeco Inc. | 1,130,800 | 29,829 | |
Canadian Tire Corp. Ltd. Class A | 264,455 | 28,811 | |
Saputo Inc. | 957,646 | 28,441 | |
Power Corp. of Canada | 1,333,800 | 28,391 | |
Dollarama Inc. | 397,600 | 27,759 | |
^ | RioCan REIT | 1,201,800 | 27,283 |
Open Text Corp. | 459,323 | 27,159 | |
^ | Inter Pipeline Ltd. | 1,266,100 | 26,852 |
Gildan Activewear Inc. | 909,000 | 26,624 | |
Encana Corp. | 3,212,300 | 24,988 | |
* | Valeant Pharmaceuticals International Inc. | 1,199,000 | 24,176 |
TELUS Corp. | 747,200 | 24,059 | |
SNC-Lavalin Group Inc. | 571,000 | 23,981 | |
^ | Teck Resources Ltd. Class B | 1,781,100 | 23,450 |
Constellation Software Inc. | 59,800 | 23,144 | |
* | Kinross Gold Corp. | 4,694,316 | 23,036 |
^ | ARC Resources Ltd. | 1,322,400 | 22,631 |
CCL Industries Inc. Class B | 122,700 | 21,354 | |
Keyera Corp. | 691,334 | 21,147 | |
Canadian Utilities Ltd. Class A | 722,200 | 20,923 | |
^ | Power Financial Corp. | 889,700 | 20,418 |
6
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Tourmaline Oil Corp. | 771,500 | 20,309 |
Onex Corp. | 313,400 | 19,164 | |
CI Financial Corp. | 892,100 | 18,609 | |
H&R REIT | 1,065,800 | 18,570 | |
Yamana Gold Inc. | 3,554,600 | 18,489 | |
First Quantum Minerals Ltd. | 2,604,805 | 18,287 | |
George Weston Ltd. | 191,900 | 16,608 | |
Tahoe Resources Inc. | 1,105,432 | 16,556 | |
^ | Cameco Corp. | 1,495,800 | 16,429 |
* | Detour Gold Corp. | 655,400 | 16,396 |
* | Waste Connections Inc. | 215,378 | 15,560 |
* | Seven Generations Energy Ltd. Class A | 811,400 | 15,488 |
Element Financial Corp. | 1,452,700 | 15,405 | |
^ | AltaGas Ltd. | 614,600 | 14,937 |
^ | PrairieSky Royalty Ltd. | 777,058 | 14,748 |
^ | Peyto Exploration & Development Corp. | 537,000 | 14,415 |
Husky Energy Inc. | 1,143,600 | 13,959 | |
* | BlackBerry Ltd. | 1,889,100 | 12,677 |
Smart REIT | 418,900 | 12,386 | |
CAE Inc. | 1,015,400 | 12,269 | |
^ | Canadian Apartment Properties REIT | 476,900 | 12,240 |
Eldorado Gold Corp. | 2,713,000 | 12,201 | |
Industrial Alliance Insurance & Financial Services Inc. | 386,915 | 12,162 | |
^ | Vermilion Energy Inc. | 380,800 | 12,126 |
^ | WSP Global Inc. | 377,400 | 11,544 |
Ritchie Bros Auctioneers Inc. | 335,900 | 11,351 | |
* | Bombardier Inc. Class B | 7,330,375 | 11,007 |
2 | Hydro One Ltd. | 529,078 | 10,631 |
Finning International Inc. | 631,500 | 10,284 | |
* | Turquoise Hill Resources Ltd. | 3,017,900 | 10,208 |
^ | Canadian REIT | 270,700 | 10,120 |
Cineplex Inc. | 253,154 | 10,107 | |
Atco Ltd. | 287,974 | 10,102 | |
DH Corp. | 400,900 | 9,964 | |
Methanex Corp. | 341,935 | 9,949 | |
^ | Veresen Inc. | 1,163,800 | 9,864 |
^ | IGM Financial Inc. | 356,600 | 9,708 |
^ | Stantec Inc. | 396,100 | 9,605 |
Quebecor Inc. Class B | 322,200 | 9,232 | |
^ | Algonquin Power & Utilities Corp. | 983,477 | 9,051 |
MacDonald Dettwiler & Associates Ltd. | 137,700 | 8,982 | |
Pan American Silver Corp. | 542,900 | 8,942 | |
* | B2Gold Corp. | 3,549,800 | 8,902 |
OceanaGold Corp. | 2,320,500 | 8,855 | |
^ | Allied Properties REIT | 293,400 | 8,784 |
^ | Whitecap Resources Inc. | 1,144,300 | 8,751 |
Empire Co. Ltd. | 587,100 | 8,730 | |
Alamos Gold Inc. | 997,600 | 8,579 | |
* | New Gold Inc. | 1,936,100 | 8,467 |
Cominar REIT | 636,929 | 8,302 | |
Chartwell Retirement Residences | 676,500 | 8,258 | |
*,^ | First Majestic Silver Corp. | 605,400 | 8,224 |
* | Lundin Mining Corp. | 2,367,000 | 7,988 |
^ | Toromont Industries Ltd. | 259,900 | 7,572 |
^ | Northland Power Inc. | 414,400 | 7,121 |
Cott Corp. | 501,962 | 7,017 | |
^ | West Fraser Timber Co. Ltd. | 233,800 | 6,835 |
^ | Boardwalk REIT | 152,700 | 6,803 |
TransForce Inc. | 365,460 | 6,786 | |
Linamar Corp. | 190,063 | 6,770 | |
* | Raging River Exploration Inc. | 807,800 | 6,428 |
*,^ | Torex Gold Resources Inc. | 3,569,860 | 6,383 |
* | IAMGOLD Corp. | 1,517,700 | 6,285 |
^ | Home Capital Group Inc. Class B | 250,300 | 6,203 |
7
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Maple Leaf Foods Inc. | 290,400 | 6,202 | |
Parkland Fuel Corp. | 354,800 | 6,176 | |
^ | Gibson Energy Inc. | 529,929 | 6,149 |
* | Pretium Resources Inc. | 547,691 | 6,130 |
*,^ | Amaya Inc. | 398,400 | 6,112 |
^ | Canadian Western Bank | 319,600 | 6,098 |
TMX Group Ltd. | 145,474 | 6,052 | |
ShawCor Ltd. | 243,400 | 6,034 | |
* | SEMAFO Inc. | 1,253,757 | 6,017 |
^ | Enerplus Corp. | 904,000 | 5,955 |
Stella-Jones Inc. | 159,900 | 5,954 | |
First Capital Realty Inc. | 347,000 | 5,952 | |
* | Silver Standard Resources Inc. | 456,565 | 5,926 |
Precision Drilling Corp. | 1,115,600 | 5,915 | |
Dream Office REIT | 402,500 | 5,788 | |
^ | FirstService Corp. | 125,065 | 5,720 |
TransAlta Corp. | 1,073,700 | 5,585 | |
^ | Capital Power Corp. | 372,800 | 5,563 |
HudBay Minerals Inc. | 1,161,744 | 5,548 | |
* | NovaGold Resources Inc. | 902,000 | 5,523 |
Osisko Gold Royalties Ltd. | 412,626 | 5,394 | |
* | Parex Resources Inc. | 553,500 | 5,360 |
Granite REIT | 178,635 | 5,358 | |
Emera Inc. | 139,800 | 5,261 | |
^ | Artis REIT | 500,791 | 5,233 |
^ | Hudson's Bay Co. | 433,300 | 5,229 |
*,^ | ProMetic Life Sciences Inc. | 2,215,300 | 4,784 |
^ | TORC Oil & Gas Ltd. | 750,090 | 4,761 |
^ | Corus Entertainment Inc. Class B | 460,435 | 4,747 |
^ | Innergex Renewable Energy Inc. | 420,172 | 4,712 |
Colliers International Group Inc. | 135,981 | 4,644 | |
Baytex Energy Corp. | 799,400 | 4,641 | |
Manitoba Telecom Services Inc. | 153,300 | 4,501 | |
^ | Superior Plus Corp. | 536,246 | 4,425 |
^ | Laurentian Bank of Canada | 116,000 | 4,331 |
Russel Metals Inc. | 243,700 | 4,316 | |
* | Celestica Inc. | 460,900 | 4,288 |
Jean Coutu Group PJC Inc. Class A | 275,200 | 4,260 | |
Winpak Ltd. | 112,400 | 4,130 | |
^ | Mullen Group Ltd. | 376,095 | 4,105 |
* | Advantage Oil & Gas Ltd. | 730,424 | 4,082 |
North West Co. Inc. | 176,700 | 4,029 | |
^ | Secure Energy Services Inc. | 572,663 | 3,914 |
^ | Genworth MI Canada Inc. | 149,700 | 3,840 |
Pengrowth Energy Corp. | 2,050,400 | 3,745 | |
Centerra Gold Inc. | 617,600 | 3,681 | |
Pason Systems Inc. | 258,200 | 3,569 | |
Aimia Inc. | 577,100 | 3,529 | |
* | Gran Tierra Energy Inc. | 1,044,500 | 3,509 |
* | Concordia International Corp. | 158,145 | 3,407 |
Westshore Terminals Investment Corp. | 230,100 | 3,332 | |
^ | Norbord Inc. | 168,100 | 3,287 |
^ | Transcontinental Inc. Class A | 230,400 | 3,123 |
Just Energy Group Inc. | 507,500 | 3,080 | |
* | Kinross Gold Corp. (New York Shares) | 628,700 | 3,074 |
* | Canfor Corp. | 303,500 | 3,066 |
Dominion Diamond Corp. | 343,622 | 3,040 | |
Enghouse Systems Ltd. | 71,500 | 3,032 | |
Aecon Group Inc. | 221,700 | 3,017 | |
Restaurant Brands International Inc. (New York Shares) | 70,000 | 2,912 | |
Northview Apartment REIT | 166,600 | 2,892 | |
* | MEG Energy Corp. | 547,500 | 2,869 |
* | NuVista Energy Ltd. | 572,600 | 2,770 |
^ | Penn West Petroleum Ltd. | 1,953,089 | 2,721 |
8
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Ensign Energy Services Inc. | 484,700 | 2,720 | |
^ | Enerflex Ltd. | 310,300 | 2,565 |
Dorel Industries Inc. Class B | 96,100 | 2,557 | |
* | Crew Energy Inc. | 558,400 | 2,511 |
* | Great Canadian Gaming Corp. | 179,800 | 2,501 |
Cogeco Communications Inc. | 44,600 | 2,341 | |
* | ATS Automation Tooling Systems Inc. | 310,100 | 2,333 |
Nevsun Resources Ltd. | 777,900 | 2,282 | |
*,^ | Birchcliff Energy Ltd. | 423,700 | 2,256 |
Canadian Energy Services & Technology Corp. | 711,400 | 2,241 | |
^ | Extendicare Inc. | 355,500 | 2,240 |
^ | Bonterra Energy Corp. | 108,300 | 2,231 |
InnVest REIT | 400,275 | 2,159 | |
* | Alacer Gold Corp. | 897,500 | 2,140 |
* | Sierra Wireless Inc. | 123,900 | 2,099 |
*,^ | Kelt Exploration Ltd. | 553,700 | 2,027 |
* | China Gold International Resources Corp. Ltd. | 961,200 | 1,741 |
^ | AutoCanada Inc. | 101,250 | 1,736 |
Cascades Inc. | 243,500 | 1,725 | |
Martinrea International Inc. | 268,000 | 1,660 | |
* | Paramount Resources Ltd. Class A | 193,200 | 1,603 |
*,^ | Athabasca Oil Corp. | 1,408,500 | 1,559 |
Morguard REIT | 132,100 | 1,506 | |
Canaccord Genuity Group Inc. | 385,900 | 1,470 | |
*,^ | Avigilon Corp. | 126,300 | 1,297 |
^ | First National Financial Corp. | 53,800 | 1,248 |
*,^ | DREAM Unlimited Corp. Class A | 189,400 | 1,170 |
^ | Sprott Inc. | 585,901 | 1,165 |
*,^ | Pacific Exploration and Production Corp. | 743,900 | 369 |
* | Brookfield Business Partners LP | 752 | 14 |
* | Osisko Gold Royalties Warrants Expire 2/26/2019 | 3,963 | 11 |
4,978,013 | |||
Denmark (1.7%) | |||
Novo Nordisk A/S Class B | 6,987,340 | 375,759 | |
Danske Bank A/S | 2,792,260 | 73,991 | |
Vestas Wind Systems A/S | 829,388 | 56,286 | |
Pandora A/S | 406,272 | 55,149 | |
Novozymes A/S | 841,204 | 40,538 | |
Carlsberg A/S Class B | 399,834 | 37,944 | |
* | Genmab A/S | 206,077 | 37,539 |
AP Moeller - Maersk A/S Class B | 23,725 | 31,281 | |
DSV A/S | 688,138 | 28,932 | |
Coloplast A/S Class B | 380,184 | 28,380 | |
ISS A/S | 700,277 | 26,222 | |
Chr Hansen Holding A/S | 332,653 | 21,844 | |
AP Moeller - Maersk A/S Class A | 16,548 | 21,057 | |
TDC A/S | 3,059,443 | 14,975 | |
*,2 | DONG Energy A/S | 298,255 | 10,694 |
Jyske Bank A/S | 266,594 | 10,172 | |
GN Store Nord A/S | 541,425 | 9,782 | |
William Demant Holding A/S | 448,562 | 8,723 | |
* | H Lundbeck A/S | 227,808 | 8,527 |
Tryg A/S | 434,028 | 7,747 | |
Royal Unibrew A/S | 153,664 | 6,861 | |
Sydbank A/S | 267,829 | 6,750 | |
^ | FLSmidth & Co. A/S | 184,267 | 6,562 |
SimCorp A/S | 128,925 | 6,326 | |
* | Topdanmark A/S | 262,824 | 6,269 |
Dfds A/S | 115,834 | 5,040 | |
NKT Holding A/S | 89,386 | 4,530 | |
Rockwool International A/S Class B | 23,824 | 4,313 | |
* | Bavarian Nordic A/S | 116,872 | 4,087 |
ALK-Abello A/S | 22,318 | 3,929 | |
Ambu A/S Class B | 88,064 | 3,664 |
9
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Spar Nord Bank A/S | 305,171 | 2,457 | |
Schouw & Co. | 43,335 | 2,399 | |
*,2 | Scandinavian Tobacco Group A/S | 134,862 | 2,207 |
Matas A/S | 128,117 | 2,168 | |
Alm Brand A/S | 258,701 | 1,742 | |
*,^ | Bang & Olufsen A/S | 120,780 | 1,060 |
Solar A/S Class B | 20,394 | 951 | |
*,^ | D/S Norden A/S | 29,900 | 417 |
977,274 | |||
Finland (1.0%) | |||
Nokia Oyj | 21,647,937 | 123,176 | |
Sampo Oyj Class A | 1,782,232 | 72,815 | |
Kone Oyj Class B | 1,440,339 | 66,504 | |
UPM-Kymmene Oyj | 2,024,108 | 37,106 | |
Fortum Oyj | 1,694,172 | 27,144 | |
Wartsila OYJ Abp | 593,526 | 24,290 | |
Elisa Oyj | 607,246 | 23,331 | |
Nokian Renkaat Oyj | 510,160 | 18,223 | |
Stora Enso Oyj | 2,195,692 | 17,692 | |
Neste Oyj | 485,484 | 17,394 | |
Huhtamaki Oyj | 390,685 | 16,239 | |
Orion Oyj Class B | 387,467 | 15,052 | |
Amer Sports Oyj | 444,657 | 12,212 | |
Metso Oyj | 513,865 | 12,142 | |
Kesko Oyj Class B | 258,167 | 10,989 | |
Tieto Oyj | 276,699 | 7,585 | |
Valmet Oyj | 508,484 | 6,769 | |
Cargotec Oyj Class B | 153,764 | 6,220 | |
Konecranes Oyj | 221,394 | 5,580 | |
Metsa Board Oyj | 832,540 | 4,220 | |
Sponda Oyj | 911,539 | 3,953 | |
Kemira Oyj | 284,951 | 3,405 | |
YIT Oyj | 472,060 | 3,391 | |
Citycon Oyj | 1,457,228 | 3,316 | |
Caverion Corp. | 504,541 | 3,233 | |
*,^ | Outokumpu Oyj | 765,271 | 3,208 |
Uponor Oyj | 203,564 | 3,205 | |
*,^ | Outotec Oyj | 680,309 | 3,076 |
Oriola-KD Oyj | 471,850 | 2,135 | |
Raisio Oyj | 464,011 | 1,993 | |
Cramo Oyj | 92,061 | 1,907 | |
Ramirent Oyj | 248,350 | 1,905 | |
^ | Sanoma Oyj | 311,921 | 1,834 |
* | Finnair Oyj | 229,383 | 1,064 |
F-Secure Oyj | 204,540 | 610 | |
*,^ | Stockmann OYJ Abp Class B | 89,414 | 516 |
563,434 | |||
France (7.4%) | |||
TOTAL SA | 8,062,789 | 388,803 | |
Sanofi | 4,229,265 | 355,505 | |
BNP Paribas SA | 3,697,876 | 166,250 | |
Danone SA | 2,149,848 | 151,592 | |
AXA SA | 7,298,953 | 146,634 | |
LVMH Moet Hennessy Louis Vuitton SE | 948,914 | 143,682 | |
Vinci SA | 1,768,295 | 125,942 | |
Airbus Group SE | 2,099,649 | 121,924 | |
Schneider Electric SE | 2,057,033 | 121,738 | |
^ | Orange SA | 7,225,454 | 118,021 |
L'Oreal SA | 542,726 | 103,816 | |
Essilor International SA | 754,865 | 100,468 | |
^ | Pernod Ricard SA | 802,668 | 89,407 |
Engie SA | 5,446,611 | 87,900 | |
Societe Generale SA | 2,759,656 | 87,213 | |
Vivendi SA | 4,375,832 | 82,910 |
10
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Air Liquide SA | 754,625 | 79,086 | |
Safran SA | 1,117,531 | 75,951 | |
L'Oreal SA Loyalty Line | 368,925 | 70,570 | |
^ | Cie de Saint-Gobain | 1,825,385 | 69,878 |
Cie Generale des Etablissements Michelin | 684,835 | 64,878 | |
Air Liquide SA (Prime de fidelite) | 545,732 | 57,194 | |
Capgemini SA | 602,011 | 52,539 | |
Legrand SA | 1,006,226 | 51,916 | |
Carrefour SA | 2,094,243 | 51,812 | |
^ | Publicis Groupe SA | 761,830 | 51,613 |
Renault SA | 652,012 | 49,683 | |
Kering | 282,166 | 46,018 | |
* | Valeo SA | 882,747 | 39,426 |
Veolia Environnement SA | 1,771,044 | 38,475 | |
Sodexo SA | 347,746 | 37,458 | |
Dassault Systemes | 480,047 | 36,656 | |
Klepierre | 778,916 | 34,750 | |
^ | Hermes International | 90,157 | 33,977 |
Thales SA | 399,276 | 33,510 | |
Christian Dior SE | 196,387 | 31,814 | |
Accor SA | 778,600 | 30,186 | |
SES SA Class A | 1,352,517 | 29,216 | |
Atos SE | 338,844 | 28,303 | |
Credit Agricole SA | 3,040,916 | 25,758 | |
Ingenico Group SA | 206,972 | 24,251 | |
Technip SA | 429,508 | 23,360 | |
^ | Bouygues SA | 735,765 | 21,265 |
Arkema SA | 267,519 | 20,644 | |
Bureau Veritas SA | 977,146 | 20,631 | |
Gecina SA | 150,921 | 20,629 | |
Eiffage SA | 271,956 | 19,421 | |
Suez | 1,224,903 | 19,292 | |
Teleperformance | 216,301 | 18,662 | |
Groupe Eurotunnel SE | 1,742,068 | 18,540 | |
Iliad SA | 88,926 | 18,077 | |
* | Peugeot SA | 1,470,992 | 17,917 |
SCOR SE | 594,646 | 17,914 | |
Zodiac Aerospace | 731,649 | 17,216 | |
Edenred | 772,661 | 15,942 | |
Societe BIC SA | 103,109 | 14,580 | |
* | Rexel SA | 1,147,327 | 14,485 |
STMicroelectronics NV | 2,370,541 | 13,969 | |
* | Alstom SA | 586,677 | 13,697 |
Natixis SA | 3,527,852 | 13,550 | |
Orpea | 159,034 | 13,093 | |
* | UBISOFT Entertainment | 348,781 | 12,834 |
Bollore SA | 3,718,730 | 12,687 | |
SEB SA | 102,854 | 12,400 | |
Fonciere Des Regions | 137,844 | 12,271 | |
Eurofins Scientific SE | 32,704 | 12,157 | |
Casino Guichard Perrachon SA | 215,180 | 12,024 | |
Aeroports de Paris | 108,646 | 12,017 | |
Eutelsat Communications SA | 629,130 | 11,991 | |
Wendel SA | 115,055 | 11,989 | |
2 | Elior Participations SCA | 495,446 | 10,825 |
Rubis SCA | 133,575 | 10,242 | |
2 | Euronext NV | 263,553 | 9,763 |
ICADE | 136,307 | 9,693 | |
Electricite de France SA | 783,657 | 9,633 | |
JCDecaux SA | 281,191 | 9,542 | |
Eurazeo SA | 159,405 | 9,514 | |
Lagardere SCA | 430,862 | 9,457 | |
CNP Assurances | 619,485 | 9,182 | |
Imerys SA | 141,171 | 9,020 |
11
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Faurecia | 280,553 | 9,010 | |
Numericable-SFR SA | 349,866 | 8,856 | |
Technicolor SA | 1,361,207 | 8,445 | |
Ipsen SA | 133,134 | 8,207 | |
Nexity SA | 160,503 | 8,181 | |
Credit Agricole SA Loyalty Line | 951,298 | 8,058 | |
Remy Cointreau SA | 90,068 | 7,760 | |
BioMerieux | 53,902 | 7,321 | |
*,2 | Amundi SA | 156,756 | 6,533 |
* | Sartorius Stedim Biotech | 91,421 | 6,204 |
Plastic Omnium SA | 217,739 | 6,122 | |
Altran Technologies SA | 442,967 | 5,944 | |
Elis SA | 314,129 | 5,524 | |
* | Nexans SA | 125,834 | 5,301 |
*,^ | DBV Technologies SA | 77,203 | 5,035 |
Alten SA | 84,989 | 5,024 | |
Euler Hermes Group | 59,647 | 5,018 | |
Sopra Steria Group | 47,920 | 4,973 | |
*,^ | Vallourec SA | 1,336,339 | 4,858 |
Havas SA | 605,679 | 4,702 | |
^ | Korian SA | 140,916 | 4,563 |
*,2 | Worldline SA | 148,465 | 4,338 |
Television Francaise 1 | 393,322 | 4,209 | |
Metropole Television SA | 246,449 | 4,113 | |
SPIE SA | 217,912 | 3,922 | |
Saft Groupe SA | 95,778 | 3,881 | |
IPSOS | 129,544 | 3,681 | |
* | Air France-KLM | 558,195 | 3,576 |
Vicat SA | 59,508 | 3,374 | |
Mercialys SA | 156,925 | 3,350 | |
Neopost SA | 126,647 | 2,934 | |
* | Virbac SA | 16,053 | 2,921 |
Electricite de France SA Loyalty Line | 229,038 | 2,815 | |
Tarkett SA | 83,725 | 2,746 | |
*,^ | Genfit | 93,163 | 2,576 |
Faiveley Transport SA | 24,762 | 2,421 | |
*,2 | Europcar Groupe SA | 271,514 | 2,359 |
* | Groupe Fnac SA | 39,070 | 2,121 |
^ | Gaztransport Et Technigaz SA | 68,920 | 2,118 |
Trigano SA | 36,265 | 2,098 | |
Coface SA | 292,023 | 1,991 | |
LISI | 72,620 | 1,848 | |
*,^ | CGG SA | 2,553,535 | 1,825 |
* | Etablissements Maurel et Prom | 472,847 | 1,530 |
Boiron SA | 18,958 | 1,482 | |
Vilmorin & Cie SA | 22,306 | 1,446 | |
Fonciere de Paris SIIC | 9,115 | 1,420 | |
FFP | 19,762 | 1,383 | |
^ | Rallye SA | 79,182 | 1,372 |
Beneteau SA | 128,526 | 1,232 | |
Bonduelle SCA | 47,178 | 1,136 | |
Guerbet | 18,499 | 1,133 | |
^ | Bourbon Corp. | 92,771 | 1,081 |
Assystem | 41,502 | 1,047 | |
*,^ | Eramet | 31,635 | 1,044 |
*,^ | GameLoft SE | 119,122 | 1,035 |
*,^ | Parrot SA | 70,903 | 991 |
Albioma SA | 61,707 | 951 | |
* | Euro Disney SCA | 611,112 | 848 |
Derichebourg SA | 268,317 | 687 | |
Mersen | 44,906 | 684 | |
Jacquet Metal Service | 46,067 | 608 | |
Haulotte Group SA | 39,056 | 596 | |
Manitou BF SA | 35,552 | 544 |
12
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
GL Events | 31,729 | 529 | |
* | Esso SA Francaise | 6,492 | 288 |
* | Stallergenes Greer plc | 11,334 | 278 |
Union Financiere de France BQE SA | 10,029 | 261 | |
^ | Solocal Group | 39,317 | 96 |
4,321,406 | |||
Germany (7.1%) | |||
Bayer AG | 3,133,098 | 315,229 | |
Siemens AG | 2,879,129 | 294,934 | |
BASF SE | 3,490,670 | 266,294 | |
SAP SE | 3,386,861 | 253,161 | |
Allianz SE | 1,724,576 | 245,705 | |
Daimler AG | 3,619,442 | 215,849 | |
Deutsche Telekom AG | 11,993,519 | 204,065 | |
Fresenius SE & Co. KGaA | 1,482,892 | 109,268 | |
adidas AG | 757,151 | 107,974 | |
Deutsche Post AG | 3,608,360 | 100,741 | |
Linde AG | 700,964 | 97,563 | |
Bayerische Motoren Werke AG | 1,236,160 | 90,597 | |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 529,454 | 88,487 | |
Volkswagen AG Preference Shares | 703,874 | 84,594 | |
Henkel AG & Co. KGaA Preference Shares | 657,875 | 79,998 | |
Continental AG | 409,848 | 77,022 | |
* | Deutsche Bank AG | 5,225,827 | 71,107 |
E.ON SE | 7,101,500 | 71,048 | |
Fresenius Medical Care AG & Co. KGaA | 808,350 | 69,943 | |
Vonovia SE | 1,765,565 | 64,435 | |
Infineon Technologies AG | 4,249,600 | 61,069 | |
Deutsche Boerse AG | 707,345 | 57,915 | |
Merck KGaA | 488,668 | 49,751 | |
Henkel AG & Co. KGaA | 443,508 | 47,658 | |
Deutsche Wohnen AG | 1,276,278 | 43,313 | |
HeidelbergCement AG | 533,008 | 39,965 | |
Beiersdorf AG | 378,040 | 35,723 | |
* | ProSiebenSat.1 Media SE | 807,203 | 35,247 |
thyssenkrupp AG | 1,608,189 | 32,100 | |
GEA Group AG | 671,052 | 31,541 | |
Symrise AG | 460,470 | 31,377 | |
* | RWE AG | 1,833,049 | 28,967 |
Brenntag AG | 585,373 | 28,288 | |
Porsche Automobil Holding SE Preference Shares | 580,168 | 26,729 | |
Commerzbank AG | 3,947,483 | 25,604 | |
Hannover Rueck SE | 227,287 | 23,749 | |
LEG Immobilien AG | 237,327 | 22,182 | |
METRO AG | 626,361 | 19,161 | |
^ | Wirecard AG | 434,872 | 19,119 |
* | QIAGEN NV | 854,012 | 18,498 |
United Internet AG | 447,740 | 18,474 | |
MTU Aero Engines AG | 192,547 | 18,013 | |
Evonik Industries AG | 582,252 | 17,331 | |
OSRAM Licht AG | 317,141 | 16,390 | |
LANXESS AG | 346,069 | 15,123 | |
^ | K&S AG | 732,006 | 15,019 |
Volkswagen AG | 103,822 | 13,950 | |
HUGO BOSS AG | 243,172 | 13,738 | |
MAN SE | 133,300 | 13,570 | |
Bayerische Motoren Werke AG Preference Shares | 200,553 | 12,713 | |
KUKA AG | 106,895 | 12,659 | |
KION Group AG | 251,244 | 12,153 | |
* | STADA Arzneimittel AG | 235,333 | 12,131 |
RTL Group SA | 148,429 | 12,106 | |
Telefonica Deutschland Holding AG | 2,592,906 | 10,679 | |
*,2 | Zalando SE | 399,201 | 10,568 |
*,2 | Covestro AG | 236,001 | 10,516 |
13
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Freenet AG | 406,615 | 10,464 | |
HOCHTIEF AG | 80,781 | 10,406 | |
Sartorius AG Preference Shares | 141,532 | 10,374 | |
Fuchs Petrolub SE Preference Shares | 263,255 | 10,339 | |
Deutsche Lufthansa AG | 881,086 | 10,258 | |
Rheinmetall AG | 159,703 | 9,432 | |
Gerresheimer AG | 118,744 | 9,121 | |
Axel Springer SE | 172,518 | 9,041 | |
* | Dialog Semiconductor plc | 271,239 | 8,164 |
Deutsche EuroShop AG | 173,300 | 7,923 | |
Aurubis AG | 169,990 | 7,704 | |
Fraport AG Frankfurt Airport Services Worldwide | 141,527 | 7,561 | |
Rational AG | 15,474 | 7,141 | |
Aareal Bank AG | 225,967 | 7,123 | |
Fielmann AG | 96,998 | 7,090 | |
TUI AG-DI | 619,859 | 7,016 | |
* | Nordex SE | 238,583 | 6,735 |
Software AG | 195,106 | 6,619 | |
Suedzucker AG | 299,433 | 6,587 | |
^ | TAG Immobilien AG | 499,760 | 6,556 |
^ | Drillisch AG | 158,395 | 6,073 |
Norma Group SE | 124,503 | 5,877 | |
Krones AG | 55,331 | 5,852 | |
* | Wincor Nixdorf AG | 103,992 | 5,732 |
Jungheinrich AG Preference Shares | 178,398 | 5,381 | |
Hella KGaA Hueck & Co. | 168,092 | 5,380 | |
alstria office REIT-AG | 389,905 | 5,266 | |
Wacker Chemie AG | 57,641 | 5,036 | |
GRENKE AG | 27,863 | 4,875 | |
Bechtle AG | 44,992 | 4,726 | |
FUCHS PETROLUB SE | 129,403 | 4,657 | |
TLG Immobilien AG | 214,693 | 4,508 | |
^ | Stroeer SE & Co. KGaA | 95,142 | 4,355 |
Talanx AG | 145,846 | 4,324 | |
RHOEN-KLINIKUM AG | 139,800 | 4,103 | |
* | MorphoSys AG | 96,807 | 4,038 |
* | Kloeckner & Co. SE | 358,387 | 3,958 |
Duerr AG | 51,903 | 3,945 | |
2 | Deutsche Pfandbriefbank AG | 396,349 | 3,904 |
Salzgitter AG | 142,542 | 3,756 | |
CTS Eventim AG & Co. KGaA | 123,102 | 3,745 | |
Nemetschek SE | 69,499 | 3,744 | |
Pfeiffer Vacuum Technology AG | 39,178 | 3,668 | |
2 | ADO Properties SA | 95,443 | 3,667 |
* | Schaeffler AG Preference Shares | 274,737 | 3,642 |
CompuGroup Medical SE | 87,540 | 3,640 | |
Leoni AG | 132,644 | 3,618 | |
* | Bilfinger SE | 122,771 | 3,598 |
* | PATRIZIA Immobilien AG | 144,309 | 3,463 |
Indus Holding AG | 73,029 | 3,391 | |
DMG Mori AG | 72,148 | 3,390 | |
* | zooplus AG | 23,424 | 3,338 |
KWS Saat SE | 8,417 | 2,783 | |
Sixt SE | 51,596 | 2,659 | |
Jenoptik AG | 150,643 | 2,479 | |
*,^ | SGL Carbon SE | 225,337 | 2,461 |
Sixt SE Preference Shares | 62,297 | 2,446 | |
Takkt AG | 122,382 | 2,409 | |
Carl Zeiss Meditec AG | 59,391 | 2,402 | |
*,^ | Heidelberger Druckmaschinen AG | 863,283 | 2,387 |
^ | Puma SE | 10,182 | 2,277 |
* | Vossloh AG | 34,750 | 2,145 |
^ | ElringKlinger AG | 104,256 | 2,041 |
XING AG | 10,553 | 2,005 |
14
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
BRAAS Monier Building Group SA | 85,125 | 1,991 | |
*,^ | AIXTRON SE | 316,585 | 1,922 |
^ | SMA Solar Technology AG | 38,086 | 1,869 |
Draegerwerk AG & Co. KGaA Preference Shares | 27,933 | 1,707 | |
Bertrandt AG | 16,984 | 1,662 | |
^ | BayWa AG | 49,878 | 1,497 |
Wacker Neuson SE | 94,769 | 1,463 | |
RWE AG Preference Shares | 122,694 | 1,395 | |
Deutz AG | 328,835 | 1,353 | |
Biotest AG Preference Shares | 78,988 | 1,202 | |
Deutsche Beteiligungs AG | 38,344 | 1,125 | |
DIC Asset AG | 119,480 | 1,122 | |
*,2 | Hapag-Lloyd AG | 51,969 | 1,099 |
comdirect bank AG | 105,402 | 1,077 | |
^ | Gerry Weber International AG | 90,389 | 1,053 |
Hamburger Hafen und Logistik AG | 70,338 | 1,050 | |
* | H&R AG | 56,212 | 761 |
* | Hornbach Baumarkt AG | 25,916 | 706 |
Draegerwerk AG & Co. KGaA | 10,619 | 588 | |
Bauer AG | 35,757 | 492 | |
* | CropEnergies AG | 74,938 | 424 |
Biotest AG | 20,745 | 387 | |
4,179,846 | |||
Hong Kong (3.1%) | |||
AIA Group Ltd. | 45,613,518 | 274,861 | |
CK Hutchison Holdings Ltd. | 10,672,912 | 117,456 | |
Hong Kong Exchanges and Clearing Ltd. | 4,516,250 | 110,120 | |
Cheung Kong Property Holdings Ltd. | 10,677,446 | 67,210 | |
Sun Hung Kai Properties Ltd. | 5,347,479 | 64,427 | |
CLP Holdings Ltd. | 5,842,059 | 59,727 | |
Link REIT | 8,537,625 | 58,407 | |
Hong Kong & China Gas Co. Ltd. | 28,390,465 | 51,857 | |
Hang Seng Bank Ltd. | 2,900,028 | 49,780 | |
Power Assets Holdings Ltd. | 5,018,496 | 46,074 | |
Jardine Matheson Holdings Ltd. | 769,122 | 45,039 | |
BOC Hong Kong Holdings Ltd. | 13,609,349 | 41,051 | |
Sands China Ltd. | 9,153,889 | 30,991 | |
Wharf Holdings Ltd. | 4,604,352 | 28,169 | |
MTR Corp. Ltd. | 5,344,455 | 27,120 | |
Hongkong Land Holdings Ltd. | 4,424,653 | 27,044 | |
Jardine Strategic Holdings Ltd. | 849,500 | 25,715 | |
Henderson Land Development Co. Ltd. | 4,280,276 | 24,254 | |
Galaxy Entertainment Group Ltd. | 8,071,248 | 24,048 | |
AAC Technologies Holdings Inc. | 2,654,248 | 22,812 | |
Swire Pacific Ltd. Class A | 1,926,333 | 21,896 | |
New World Development Co. Ltd. | 21,355,740 | 21,694 | |
Cheung Kong Infrastructure Holdings Ltd. | 2,408,471 | 20,737 | |
Techtronic Industries Co. Ltd. | 4,763,449 | 19,941 | |
Sino Land Co. Ltd. | 11,792,952 | 19,452 | |
China Mengniu Dairy Co. Ltd. | 10,255,464 | 17,969 | |
^ | Want Want China Holdings Ltd. | 24,178,090 | 17,405 |
^ | Bank of East Asia Ltd. | 4,467,243 | 17,361 |
2 | WH Group Ltd. | 20,017,009 | 15,838 |
Hang Lung Properties Ltd. | 7,603,484 | 15,437 | |
Wheelock & Co. Ltd. | 3,079,305 | 14,504 | |
Samsonite International SA | 4,851,689 | 13,448 | |
Yue Yuen Industrial Holdings Ltd. | 3,167,641 | 12,554 | |
Swire Properties Ltd. | 4,491,118 | 11,952 | |
Li & Fung Ltd. | 21,894,826 | 10,660 | |
Hysan Development Co. Ltd. | 2,350,584 | 10,482 | |
PCCW Ltd. | 15,486,278 | 10,392 | |
Hang Lung Group Ltd. | 3,285,000 | 9,896 | |
NWS Holdings Ltd. | 5,393,324 | 8,568 | |
Wynn Macau Ltd. | 5,498,841 | 7,984 |
15
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Semiconductor Manufacturing International Corp. | 97,981,089 | 7,866 |
Tingyi Cayman Islands Holding Corp. | 7,369,410 | 7,002 | |
Hopewell Holdings Ltd. | 2,193,687 | 6,978 | |
Minth Group Ltd. | 2,094,000 | 6,768 | |
ASM Pacific Technology Ltd. | 927,764 | 6,670 | |
First Pacific Co. Ltd. | 8,949,738 | 6,517 | |
VTech Holdings Ltd. | 616,315 | 6,501 | |
Shangri-La Asia Ltd. | 6,169,753 | 6,221 | |
^ | Prada SPA | 1,989,824 | 6,164 |
Kerry Properties Ltd. | 2,486,924 | 6,135 | |
Sun Art Retail Group Ltd. | 8,415,383 | 5,935 | |
Fortune REIT | 4,886,000 | 5,839 | |
Cathay Pacific Airways Ltd. | 3,892,101 | 5,710 | |
Xinyi Glass Holdings Ltd. | 7,505,077 | 5,514 | |
*,^ | Kingston Financial Group Ltd. | 11,726,286 | 5,296 |
* | Esprit Holdings Ltd. | 6,973,703 | 5,199 |
Haitong International Securities Group Ltd. | 8,477,745 | 5,148 | |
Champion REIT | 9,071,556 | 5,130 | |
SJM Holdings Ltd. | 7,241,211 | 4,437 | |
Uni-President China Holdings Ltd. | 5,049,722 | 4,257 | |
Man Wah Holdings Ltd. | 2,950,800 | 4,256 | |
^ | Xinyi Solar Holdings Ltd. | 10,546,978 | 4,176 |
Great Eagle Holdings Ltd. | 1,023,688 | 4,109 | |
Cafe de Coral Holdings Ltd. | 1,294,690 | 4,057 | |
MGM China Holdings Ltd. | 2,981,871 | 3,880 | |
^ | China Goldjoy Group Ltd. | 34,896,000 | 3,837 |
Television Broadcasts Ltd. | 1,107,349 | 3,803 | |
Dah Sing Financial Holdings Ltd. | 603,020 | 3,721 | |
L'Occitane International SA | 1,770,961 | 3,621 | |
Shui On Land Ltd. | 13,702,020 | 3,482 | |
NagaCorp Ltd. | 5,222,000 | 3,479 | |
^ | Value Partners Group Ltd. | 3,662,000 | 3,393 |
^ | Brightoil Petroleum Holdings Ltd. | 11,221,319 | 3,296 |
^ | Guotai Junan International Holdings Ltd. | 9,236,844 | 3,169 |
^ | Chow Tai Fook Jewellery Group Ltd. | 4,367,417 | 3,132 |
Johnson Electric Holdings Ltd. | 1,361,864 | 3,044 | |
FIH Mobile Ltd. | 9,297,964 | 2,993 | |
* | Freeman Financial Corp. Ltd. | 46,755,077 | 2,991 |
^ | Melco International Development Ltd. | 3,119,460 | 2,932 |
China Travel International Investment Hong Kong Ltd. | 10,017,704 | 2,914 | |
Lifestyle International Holdings Ltd. | 1,702,530 | 2,856 | |
Kerry Logistics Network Ltd. | 2,192,862 | 2,830 | |
Orient Overseas International Ltd. | 805,305 | 2,772 | |
Luk Fook Holdings International Ltd. | 1,248,000 | 2,768 | |
HKBN Ltd. | 2,601,000 | 2,737 | |
* | Huabao International Holdings Ltd. | 7,649,847 | 2,714 |
Dah Sing Banking Group Ltd. | 1,388,584 | 2,579 | |
Stella International Holdings Ltd. | 1,432,000 | 2,531 | |
^ | Town Health International Medical Group Ltd. | 14,998,000 | 2,463 |
SmarTone Telecommunications Holdings Ltd. | 1,373,000 | 2,449 | |
*,^ | KuangChi Science Ltd. | 6,197,000 | 2,441 |
^ | Shougang Fushan Resources Group Ltd. | 13,549,711 | 2,418 |
^ | Truly International Holdings Ltd. | 4,998,000 | 2,412 |
Nexteer Automotive Group Ltd. | 2,555,000 | 2,333 | |
Shun Tak Holdings Ltd. | 7,189,228 | 2,279 | |
Sunlight REIT | 3,939,000 | 2,250 | |
* | China Oceanwide Holdings Ltd. | 20,111,411 | 2,240 |
SITC International Holdings Co. Ltd. | 4,201,000 | 2,236 | |
* | Pou Sheng International Holdings Ltd. | 7,665,000 | 2,230 |
Pacific Textiles Holdings Ltd. | 1,779,000 | 2,226 | |
Yuexiu REIT | 3,903,000 | 2,213 | |
SEA Holdings Ltd. | 870,000 | 2,106 | |
^ | Towngas China Co. Ltd. | 3,675,066 | 2,092 |
CP Pokphand Co. Ltd. | 19,896,000 | 2,083 |
16
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
K Wah International Holdings Ltd. | 4,151,000 | 2,071 | |
*,^,2 | IMAX China Holding Inc. | 413,800 | 2,047 |
Giordano International Ltd. | 4,240,000 | 1,967 | |
* | Global Brands Group Holding Ltd. | 22,312,428 | 1,959 |
* | China Innovative Finance Group Ltd. | 18,858,000 | 1,945 |
^ | China LNG Group Ltd. | 59,660,000 | 1,931 |
Convoy Financial Holdings Ltd. | 42,000,000 | 1,925 | |
Hopewell Highway Infrastructure Ltd. | 3,750,160 | 1,867 | |
CITIC Telecom International Holdings Ltd. | 4,908,000 | 1,852 | |
United Co. RUSAL plc | 6,154,435 | 1,832 | |
Texwinca Holdings Ltd. | 2,403,930 | 1,780 | |
*,2 | Regina Miracle International Holdings Ltd. | 1,286,000 | 1,706 |
Prosperity REIT | 4,070,000 | 1,670 | |
Hutchison Telecommunications Hong Kong Holdings Ltd. | 4,884,435 | 1,656 | |
^ | TCL Communication Technology Holdings Ltd. | 1,755,000 | 1,623 |
G-Resources Group Ltd. | 81,234,000 | 1,551 | |
^ | IGG Inc. | 3,465,000 | 1,511 |
^ | SA Sa International Holdings Ltd. | 3,826,227 | 1,510 |
Chow Sang Sang Holdings International Ltd. | 842,000 | 1,493 | |
*,^ | TOM Group Ltd. | 5,834,000 | 1,477 |
China Harmony New Energy Auto Holding Ltd. | 2,701,000 | 1,460 | |
Dynam Japan Holdings Co. Ltd. | 1,027,200 | 1,459 | |
Yingde Gases Group Co. Ltd. | 3,936,000 | 1,440 | |
Goodbaby International Holdings Ltd. | 3,099,000 | 1,431 | |
^ | China Strategic Holdings Ltd. | 53,715,000 | 1,419 |
*,^ | MMG Ltd. | 5,596,000 | 1,390 |
Kowloon Development Co. Ltd. | 1,439,266 | 1,376 | |
* | Beijing Enterprises Medical & Health Group Ltd. | 18,180,000 | 1,339 |
* | HC International Inc. | 2,066,000 | 1,331 |
*,^ | Sino Oil And Gas Holdings Ltd. | 50,465,000 | 1,306 |
^ | Chong Hing Bank Ltd. | 607,000 | 1,241 |
^ | Sun Hung Kai & Co. Ltd. | 2,104,000 | 1,240 |
*,^ | Pacific Basin Shipping Ltd. | 13,046,000 | 1,233 |
China Medical & HealthCare Group Ltd. | 16,150,000 | 1,230 | |
* | Canvest Environmental Protection Group Co. Ltd. | 2,669,000 | 1,206 |
* | Mason Financial Holdings Ltd. | 30,320,000 | 1,180 |
^ | Ju Teng International Holdings Ltd. | 2,912,000 | 1,172 |
* | NetMind Financial Holdings Ltd. | 104,560,000 | 1,144 |
2 | Nirvana Asia Ltd. | 3,483,000 | 1,107 |
^ | NewOcean Energy Holdings Ltd. | 3,310,000 | 1,090 |
*,^ | China Financial International Investments Ltd. | 16,790,000 | 1,085 |
Gemdale Properties & Investment Corp. Ltd. | 20,174,000 | 1,069 | |
Far East Consortium International Ltd. | 3,285,000 | 1,042 | |
*,^ | United Photovoltaics Group Ltd. | 13,146,000 | 1,004 |
Spring REIT | 2,308,000 | 1,003 | |
* | GCL New Energy Holdings Ltd. | 22,894,000 | 992 |
^ | Emperor Capital Group Ltd. | 11,070,000 | 975 |
APT Satellite Holdings Ltd. | 1,355,000 | 950 | |
* | 13 Holdings Ltd. | 2,695,000 | 939 |
*,^ | China LotSynergy Holdings Ltd. | 25,620,000 | 885 |
Lai Sun Development Co. Ltd. | 56,452,500 | 869 | |
China Aerospace International Holdings Ltd. | 6,918,000 | 859 | |
Technovator International Ltd. | 1,628,000 | 834 | |
* | Macau Legend Development Ltd. | 6,202,505 | 815 |
*,2 | China Jicheng Holdings Ltd. | 30,576,833 | 812 |
*,^ | China Ocean Industry Group Ltd. | 36,255,000 | 803 |
* | Mei Ah Entertainment Group Ltd. | 11,660,000 | 782 |
* | Microport Scientific Corp. | 1,558,000 | 780 |
TCC International Holdings Ltd. | 4,720,000 | 778 | |
^ | China Silver Group Ltd. | 3,656,000 | 761 |
Shenwan Hongyuan HK Ltd. | 1,440,000 | 738 | |
Road King Infrastructure Ltd. | 923,000 | 726 | |
* | United Laboratories International Holdings Ltd. | 1,774,000 | 700 |
Liu Chong Hing Investment Ltd. | 590,000 | 697 |
17
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
*,^ | Good Resources Holdings Ltd. | 9,399,595 | 671 |
^ | Lee's Pharmaceutical Holdings Ltd. | 901,500 | 668 |
*,^ | Hang Fat Ginseng Holdings Co. Ltd. | 105,990,000 | 629 |
New Sports Group Ltd. | 34,140,000 | 620 | |
TPV Technology Ltd. | 3,224,000 | 617 | |
*,^ | Suncorp Technologies Ltd. | 42,520,000 | 584 |
*,^ | Summit Ascent Holdings Ltd. | 2,980,000 | 562 |
* | Midland Holdings Ltd. | 2,023,500 | 558 |
^,2 | CGN New Energy Holdings Co. Ltd. | 4,050,000 | 555 |
Varitronix International Ltd. | 1,021,000 | 541 | |
IT Ltd. | 1,802,000 | 536 | |
Springland International Holdings Ltd. | 3,917,000 | 505 | |
*,^ | Peace Map Holding Ltd. | 19,280,000 | 487 |
Singamas Container Holdings Ltd. | 5,076,000 | 486 | |
Sincere Watch Hong Kong Ltd. | 8,630,000 | 464 | |
* | New Focus Auto Tech Holdings Ltd. | 6,176,000 | 463 |
* | PetroAsian Energy Holdings Ltd. | 18,912,000 | 450 |
* | Yanchang Petroleum International Ltd. | 16,530,000 | 444 |
AMVIG Holdings Ltd. | 1,076,000 | 423 | |
*,^ | Anton Oilfield Services Group | 3,980,000 | 420 |
* | SOCAM Development Ltd. | 884,000 | 415 |
EVA Precision Industrial Holdings Ltd. | 4,112,000 | 396 | |
Parkson Retail Group Ltd. | 4,444,494 | 393 | |
China Healthcare Enterprise Group Ltd. | 9,952,000 | 375 | |
*,^ | Haier Healthwise Holdings Ltd. | 11,514,000 | 363 |
* | Silver Base Group Holdings Ltd. | 2,547,000 | 360 |
*,^ | Xinchen China Power Holdings Ltd. | 2,932,000 | 359 |
* | Kong Sun Holdings Ltd. | 6,850,000 | 344 |
China Huarong Energy Co. Ltd. | 5,016,191 | 336 | |
Xinyi Automobile Glass Hong Kong Enterprises Ltd. | 9 | 328 | |
Henderson Investment Ltd. | 4,077,000 | 326 | |
Polytec Asset Holdings Ltd. | 4,853,779 | 319 | |
* | Honghua Group Ltd. | 6,276,000 | 292 |
Inspur International Ltd. | 1,610,000 | 289 | |
*,^ | Emperor Watch & Jewellery Ltd. | 12,340,000 | 270 |
* | Hong Kong Television Network Ltd. | 1,511,000 | 268 |
* | Auto Italia Holdings | 11,975,000 | 249 |
Yip's Chemical Holdings Ltd. | 770,000 | 249 | |
New World Department Store China Ltd. | 1,887,000 | 246 | |
*,^ | Sunshine Oilsands Ltd. | 5,219,500 | 236 |
* | Neo-Neon Holdings Ltd. | 1,438,000 | 195 |
* | Trinity Ltd. | 2,570,000 | 183 |
* | SPT Energy Group Inc. | 2,656,000 | 179 |
* | Goldin Financial Holdings Ltd. | 261,726 | 165 |
* | Winshine Science Co. Ltd. | 5,944,000 | 160 |
* | China Household Holdings Ltd. | 7,100,000 | 89 |
* | GT Group Holdings Ltd. | 1,888,000 | 74 |
Regal Hotels International Holdings Ltd. | 35,125 | 17 | |
1,842,385 | |||
Ireland (0.3%) | |||
Kerry Group plc Class A | 552,634 | 49,101 | |
* | Bank of Ireland | 104,328,079 | 21,741 |
Smurfit Kappa Group plc | 898,072 | 19,907 | |
Kingspan Group plc | 667,939 | 14,454 | |
Glanbia plc | 663,689 | 12,524 | |
Ryanair Holdings plc ADR | 164,366 | 11,430 | |
* | Ryanair Holdings plc | 380,638 | 4,797 |
C&C Group plc | 1,207,055 | 4,729 | |
Green REIT plc | 2,581,879 | 3,994 | |
Hibernia REIT plc | 2,603,425 | 3,884 | |
Origin Enterprises plc | 469,708 | 2,831 | |
Irish Continental Group plc | 601,622 | 2,815 | |
* | Permanent TSB Group Holdings plc | 409,490 | 771 |
* | Smurfit Kappa Group plc (London Shares) | 4,595 | 100 |
18
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | FBD Holdings plc | 4,820 | 31 |
* | Irish Bank Resolution Corp. Ltd. | 257,065 | — |
153,109 | |||
Israel (0.6%) | |||
Teva Pharmaceutical Industries Ltd. | 3,751,344 | 189,887 | |
Bank Hapoalim BM | 3,773,019 | 19,045 | |
* | Bank Leumi Le-Israel BM | 4,906,879 | 17,302 |
Bezeq The Israeli Telecommunication Corp. Ltd. | 7,711,221 | 15,317 | |
Nice Ltd. | 204,013 | 12,811 | |
Elbit Systems Ltd. | 90,590 | 8,209 | |
* | Israel Discount Bank Ltd. Class A | 4,088,025 | 7,052 |
Azrieli Group Ltd. | 165,351 | 7,037 | |
Israel Chemicals Ltd. | 1,680,649 | 6,564 | |
Frutarom Industries Ltd. | 141,836 | 6,562 | |
Mizrahi Tefahot Bank Ltd. | 447,309 | 5,169 | |
Teva Pharmaceutical Industries Ltd. ADR | 95,178 | 4,781 | |
* | Tower Semiconductor Ltd. | 321,073 | 3,888 |
Delek Group Ltd. | 19,017 | 3,718 | |
Gazit-Globe Ltd. | 362,742 | 3,253 | |
Paz Oil Co. Ltd. | 19,135 | 3,081 | |
Alony Hetz Properties & Investments Ltd. | 342,517 | 2,802 | |
Melisron Ltd. | 55,328 | 2,226 | |
* | Airport City Ltd. | 224,943 | 2,204 |
First International Bank Of Israel Ltd. | 170,087 | 2,087 | |
Strauss Group Ltd. | 129,266 | 2,038 | |
Reit 1 Ltd. | 612,834 | 1,824 | |
Amot Investments Ltd. | 389,180 | 1,589 | |
Harel Insurance Investments & Financial Services Ltd. | 442,773 | 1,550 | |
* | Partner Communications Co. Ltd. | 334,401 | 1,540 |
* | Oil Refineries Ltd. | 4,211,103 | 1,491 |
Israel Corp. Ltd. | 9,012 | 1,431 | |
* | Mazor Robotics Ltd. | 159,867 | 1,429 |
Shikun & Binui Ltd. | 803,030 | 1,372 | |
* | Cellcom Israel Ltd. (Registered) | 188,809 | 1,266 |
* | Jerusalem Oil Exploration | 30,909 | 1,205 |
* | Compugen Ltd. | 161,429 | 1,034 |
* | Nova Measuring Instruments Ltd. | 90,115 | 979 |
* | Jerusalem Economy Ltd. | 533,491 | 958 |
B Communications Ltd. | 39,182 | 939 | |
Delta-Galil Industries Ltd. | 34,291 | 918 | |
Delek Automotive Systems Ltd. | 108,079 | 907 | |
* | Delek Energy Systems Ltd. | 1,680 | 874 |
IDI Insurance Co. Ltd. | 18,207 | 859 | |
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 21,693 | 818 | |
* | Clal Insurance Enterprises Holdings Ltd. | 74,543 | 754 |
Shufersal Ltd. | 219,343 | 738 | |
* | Menora Mivtachim Holdings Ltd. | 85,098 | 663 |
Africa Israel Properties Ltd. | 41,455 | 640 | |
* | Phoenix Holdings Ltd. | 272,719 | 625 |
Electra Ltd. | 4,973 | 613 | |
* | Kenon Holdings Ltd. | 59,093 | 612 |
* | Evogene Ltd. | 92,619 | 578 |
* | Gilat Satellite Networks Ltd. | 132,896 | 568 |
* | Allot Communications Ltd. | 113,630 | 551 |
Norstar Holdings Inc. | 35,247 | 526 | |
* | Migdal Insurance & Financial Holding Ltd. | 843,302 | 484 |
* | AudioCodes Ltd. | 99,952 | 417 |
Property & Building Corp. Ltd. | 4,482 | 324 | |
* | Naphtha Israel Petroleum Corp. Ltd. | 59,996 | 294 |
* | Kamada Ltd. | 75,204 | 278 |
* | Ceragon Networks Ltd. | 103,862 | 166 |
* | Silicom Ltd. | 2,262 | 68 |
19
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Africa Israel Investments Ltd. | 111,794 | 30 |
356,945 | |||
Italy (1.9%) | |||
Eni SPA | 9,334,529 | 150,704 | |
Enel SPA | 28,852,969 | 128,324 | |
Intesa Sanpaolo SPA (Registered) | 45,796,336 | 87,844 | |
Assicurazioni Generali SPA | 4,778,762 | 56,268 | |
Snam SPA | 9,273,595 | 55,481 | |
Atlantia SPA | 1,808,254 | 45,101 | |
UniCredit SPA | 19,189,912 | 42,837 | |
Luxottica Group SPA | 675,130 | 32,896 | |
Terna Rete Elettrica Nazionale SPA | 5,402,339 | 30,102 | |
* | Telecom Italia SPA (Registered) | 34,945,254 | 28,669 |
Tenaris SA | 1,788,892 | 25,870 | |
CNH Industrial NV | 3,490,306 | 25,376 | |
Fiat Chrysler Automobiles NV | 3,329,814 | 20,555 | |
Ferrari NV | 498,588 | 20,325 | |
Prysmian SPA | 779,626 | 17,091 | |
Telecom Italia SPA (Bearer) | 22,923,245 | 14,749 | |
* | Leonardo-Finmeccanica SPA | 1,443,737 | 14,669 |
EXOR SPA | 391,336 | 14,457 | |
Mediobanca SPA | 2,102,892 | 12,217 | |
Recordati SPA | 385,995 | 11,605 | |
2 | Poste Italiane SPA | 1,718,657 | 11,421 |
Davide Campari-Milano SPA | 1,091,123 | 10,811 | |
Mediaset SPA | 2,848,499 | 10,027 | |
Unione di Banche Italiane SPA | 3,302,788 | 9,264 | |
* | Saipem SPA | 21,921,834 | 8,845 |
* | Italcementi SPA | 732,243 | 8,586 |
Moncler SPA | 496,573 | 7,855 | |
^ | Banco Popolare SC | 3,173,410 | 7,742 |
A2A SPA | 5,823,690 | 7,694 | |
Banca Popolare di Milano Scarl | 16,593,478 | 6,932 | |
Hera SPA | 2,502,246 | 6,845 | |
Banca Popolare dell'Emilia Romagna SC | 1,848,360 | 6,790 | |
Banca Mediolanum SPA | 983,761 | 6,740 | |
Brembo SPA | 112,037 | 6,161 | |
UnipolSai SPA | 4,031,256 | 6,060 | |
Intesa Sanpaolo SPA | 3,320,960 | 5,931 | |
Azimut Holding SPA | 362,521 | 5,908 | |
Cerved Information Solutions SPA | 730,169 | 5,757 | |
* | Yoox Net-A-Porter Group SPA | 236,331 | 5,486 |
DiaSorin SPA | 89,402 | 5,486 | |
FinecoBank Banca Fineco SPA | 810,413 | 5,321 | |
De' Longhi SPA | 214,591 | 5,109 | |
Interpump Group SPA | 323,158 | 5,080 | |
^ | Buzzi Unicem SPA | 274,350 | 4,799 |
Banca Popolare di Sondrio SCARL | 1,707,948 | 4,402 | |
Unipol Gruppo Finanziario SPA | 1,842,922 | 4,334 | |
Banca Generali SPA | 211,654 | 4,237 | |
2 | Infrastrutture Wireless Italiane SPA | 911,844 | 4,040 |
Societa Cattolica di Assicurazioni SCRL | 630,890 | 4,006 | |
*,^ | Banca Monte dei Paschi di Siena SPA | 9,248,711 | 3,973 |
Autogrill SPA | 479,306 | 3,875 | |
Salvatore Ferragamo SPA | 186,279 | 3,785 | |
2 | Anima Holding SPA | 788,819 | 3,743 |
Ansaldo STS SPA | 328,054 | 3,735 | |
* | Ei Towers SPA | 65,708 | 3,332 |
Industria Macchine Automatiche SPA | 55,247 | 3,323 | |
Parmalat SPA | 1,203,750 | 3,129 | |
Iren SPA | 1,875,504 | 2,902 | |
Amplifon SPA | 295,316 | 2,766 | |
^ | Tod's SPA | 49,683 | 2,665 |
2 | OVS SPA | 452,018 | 2,634 |
20
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Beni Stabili SpA SIIQ | 3,931,795 | 2,436 | |
MARR SPA | 127,814 | 2,419 | |
^ | Saras SPA | 1,342,070 | 2,325 |
Societa Iniziative Autostradali e Servizi SPA | 260,756 | 2,247 | |
ACEA SPA | 179,932 | 2,199 | |
Reply SPA | 16,105 | 2,053 | |
Danieli & C Officine Meccaniche SPA RSP | 146,558 | 2,047 | |
ERG SPA | 179,027 | 2,040 | |
Credito Valtellinese SC | 4,437,145 | 2,037 | |
Salini Impregilo SPA | 704,936 | 1,994 | |
Brunello Cucinelli SPA | 107,106 | 1,922 | |
Credito Emiliano SPA | 302,124 | 1,843 | |
Italmobiliare SPA RSP | 61,161 | 1,756 | |
2 | RAI Way SPA | 378,889 | 1,708 |
Banca IFIS SPA | 73,503 | 1,488 | |
Buzzi Unicem SPA RSP | 143,746 | 1,440 | |
*,^ | Rizzoli Corriere Della Sera Mediagroup SPA | 1,603,052 | 1,434 |
ASTM SPA | 130,748 | 1,422 | |
CIR-Compagnie Industriali Riunite SPA | 1,203,287 | 1,297 | |
^ | Piaggio & C SPA | 693,880 | 1,218 |
Datalogic SPA | 73,715 | 1,189 | |
Immobiliare Grande Distribuzione SIIQ SPA | 1,354,854 | 1,111 | |
*,^ | Banca Carige SPA | 2,576,537 | 1,055 |
Geox SPA | 323,779 | 1,007 | |
Danieli & C Officine Meccaniche SPA | 50,639 | 905 | |
* | Safilo Group SPA | 114,711 | 869 |
Cementir Holding SPA | 208,530 | 834 | |
Italmobiliare SPA | 22,635 | 797 | |
Zignago Vetro SPA | 107,695 | 656 | |
*,^ | Fincantieri SPA | 1,781,437 | 643 |
^ | Astaldi SPA | 150,924 | 616 |
Esprinet SPA | 104,837 | 603 | |
* | Gruppo Editoriale L'Espresso SPA | 636,218 | 525 |
Cofide SPA | 1,305,580 | 501 | |
* | Juventus Football Club SPA | 1,610,708 | 455 |
DeA Capital SPA | 378,098 | 448 | |
* | Arnoldo Mondadori Editore SPA | 383,762 | 409 |
TREVI - Finanziaria Industriale SPA | 276,043 | 384 | |
Falck Renewables SPA | 362,826 | 281 | |
1,117,284 | |||
Japan (21.2%) | |||
Toyota Motor Corp. | 10,415,374 | 520,736 | |
Mitsubishi UFJ Financial Group Inc. | 52,039,717 | 231,958 | |
KDDI Corp. | 7,118,322 | 216,691 | |
SoftBank Group Corp. | 3,422,552 | 193,631 | |
Japan Tobacco Inc. | 4,532,070 | 181,557 | |
Honda Motor Co. Ltd. | 6,785,393 | 171,323 | |
Sumitomo Mitsui Financial Group Inc. | 4,921,694 | 141,106 | |
Sony Corp. | 4,758,948 | 139,276 | |
Mizuho Financial Group Inc. | 94,644,357 | 135,500 | |
NTT DOCOMO Inc. | 4,974,953 | 133,866 | |
East Japan Railway Co. | 1,438,441 | 132,542 | |
Takeda Pharmaceutical Co. Ltd. | 2,932,054 | 126,559 | |
Astellas Pharma Inc. | 8,036,980 | 125,773 | |
Seven & i Holdings Co. Ltd. | 2,947,188 | 123,043 | |
Central Japan Railway Co. | 686,117 | 121,440 | |
FANUC Corp. | 741,863 | 120,083 | |
Keyence Corp. | 173,883 | 117,276 | |
Canon Inc. | 3,963,135 | 113,087 | |
Kao Corp. | 1,899,263 | 109,604 | |
Mitsubishi Corp. | 5,215,812 | 91,197 | |
Shin-Etsu Chemical Co. Ltd. | 1,561,386 | 91,078 | |
Mitsubishi Electric Corp. | 7,482,622 | 88,723 | |
Mitsubishi Estate Co. Ltd. | 4,804,850 | 87,852 |
21
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Tokio Marine Holdings Inc. | 2,653,143 | 87,764 | |
Nissan Motor Co. Ltd. | 9,512,789 | 85,720 | |
Daikin Industries Ltd. | 1,009,294 | 84,090 | |
Mitsui Fudosan Co. Ltd. | 3,595,310 | 82,074 | |
Fuji Heavy Industries Ltd. | 2,373,936 | 81,265 | |
Murata Manufacturing Co. Ltd. | 718,015 | 80,546 | |
Bridgestone Corp. | 2,428,993 | 77,563 | |
Mitsui & Co. Ltd. | 6,445,681 | 76,321 | |
Ono Pharmaceutical Co. Ltd. | 1,728,115 | 74,624 | |
Otsuka Holdings Co. Ltd. | 1,601,010 | 73,776 | |
Hitachi Ltd. | 17,581,638 | 73,085 | |
Daiwa House Industry Co. Ltd. | 2,444,879 | 71,341 | |
Panasonic Corp. | 8,060,216 | 69,741 | |
Nidec Corp. | 918,288 | 69,312 | |
Denso Corp. | 1,901,774 | 66,811 | |
ITOCHU Corp. | 5,450,773 | 66,229 | |
Nippon Telegraph & Telephone Corp. | 1,356,479 | 63,678 | |
ORIX Corp. | 4,967,971 | 63,438 | |
Komatsu Ltd. | 3,567,795 | 61,979 | |
Daiichi Sankyo Co. Ltd. | 2,554,652 | 61,643 | |
Shionogi & Co. Ltd. | 1,123,592 | 61,107 | |
FUJIFILM Holdings Corp. | 1,528,331 | 59,060 | |
Nintendo Co. Ltd. | 409,407 | 58,416 | |
Nippon Steel & Sumitomo Metal Corp. | 3,004,607 | 57,415 | |
Kubota Corp. | 4,262,301 | 57,087 | |
Kyocera Corp. | 1,182,213 | 56,052 | |
Eisai Co. Ltd. | 1,006,441 | 55,919 | |
Secom Co. Ltd. | 734,333 | 54,202 | |
SMC Corp. | 222,142 | 54,187 | |
Hoya Corp. | 1,498,664 | 53,359 | |
Kirin Holdings Co. Ltd. | 3,174,133 | 53,351 | |
MEIJI Holdings Co. Ltd. | 519,606 | 52,756 | |
Fast Retailing Co. Ltd. | 193,992 | 52,009 | |
Terumo Corp. | 1,197,020 | 50,755 | |
MS&AD Insurance Group Holdings Inc. | 1,954,190 | 50,329 | |
Tokyo Electron Ltd. | 591,508 | 49,730 | |
Toray Industries Inc. | 5,775,937 | 49,089 | |
Mitsubishi Heavy Industries Ltd. | 12,144,184 | 48,478 | |
Dai-ichi Life Insurance Co. Ltd. | 4,282,730 | 47,484 | |
Oriental Land Co. Ltd. | 733,061 | 47,276 | |
Asahi Group Holdings Ltd. | 1,440,741 | 46,476 | |
Sumitomo Mitsui Trust Holdings Inc. | 14,345,194 | 46,425 | |
Nomura Holdings Inc. | 12,906,310 | 46,249 | |
Ajinomoto Co. Inc. | 1,958,693 | 45,979 | |
Daito Trust Construction Co. Ltd. | 281,501 | 45,630 | |
Olympus Corp. | 1,219,223 | 45,360 | |
Shimano Inc. | 299,271 | 45,356 | |
Sumitomo Realty & Development Co. Ltd. | 1,652,759 | 44,601 | |
West Japan Railway Co. | 698,660 | 44,160 | |
Sumitomo Corp. | 4,259,244 | 42,627 | |
Suzuki Motor Corp. | 1,554,619 | 41,956 | |
Aeon Co. Ltd. | 2,633,004 | 40,792 | |
* | Toshiba Corp. | 14,458,646 | 39,505 |
Dentsu Inc. | 843,349 | 39,403 | |
Sekisui House Ltd. | 2,236,096 | 38,911 | |
Shiseido Co. Ltd. | 1,485,726 | 38,308 | |
Chubu Electric Power Co. Inc. | 2,689,384 | 38,294 | |
Sumitomo Electric Industries Ltd. | 2,900,644 | 38,180 | |
Sompo Japan Nipponkoa Holdings Inc. | 1,424,988 | 37,747 | |
Tokyu Corp. | 4,300,809 | 37,609 | |
Sysmex Corp. | 543,734 | 37,167 | |
Nitto Denko Corp. | 584,451 | 36,855 | |
Recruit Holdings Co. Ltd. | 995,854 | 36,216 | |
Tokyo Gas Co. Ltd. | 8,790,797 | 36,088 |
22
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Hankyu Hanshin Holdings Inc. | 4,795,635 | 35,693 | |
JX Holdings Inc. | 9,177,661 | 35,663 | |
Asahi Kasei Corp. | 5,055,595 | 35,033 | |
Rakuten Inc. | 3,179,325 | 34,291 | |
Daiwa Securities Group Inc. | 6,417,271 | 33,730 | |
Nitori Holdings Co. Ltd. | 280,737 | 33,683 | |
Taisei Corp. | 4,121,091 | 33,606 | |
Unicharm Corp. | 1,478,221 | 32,928 | |
Yamato Holdings Co. Ltd. | 1,348,703 | 30,890 | |
Makita Corp. | 461,891 | 30,457 | |
Resona Holdings Inc. | 8,277,999 | 30,154 | |
Aisin Seiki Co. Ltd. | 734,192 | 29,802 | |
Chugai Pharmaceutical Co. Ltd. | 828,027 | 29,420 | |
Kintetsu Group Holdings Co. Ltd. | 6,841,553 | 29,197 | |
Mazda Motor Corp. | 2,152,218 | 28,826 | |
Osaka Gas Co. Ltd. | 7,519,740 | 28,795 | |
Marubeni Corp. | 6,310,122 | 28,326 | |
Inpex Corp. | 3,489,996 | 27,227 | |
Obayashi Corp. | 2,569,391 | 27,203 | |
Odakyu Electric Railway Co. Ltd. | 2,328,676 | 27,178 | |
* | Kansai Electric Power Co. Inc. | 2,776,167 | 26,918 |
Dai Nippon Printing Co. Ltd. | 2,345,230 | 26,047 | |
TDK Corp. | 455,105 | 25,359 | |
Isuzu Motors Ltd. | 2,062,239 | 25,241 | |
JFE Holdings Inc. | 1,946,950 | 25,194 | |
* | Tokyo Electric Power Co. Holdings Inc. | 5,906,443 | 24,907 |
Fujitsu Ltd. | 6,761,158 | 24,776 | |
Toyota Industries Corp. | 621,476 | 24,579 | |
Omron Corp. | 746,928 | 24,202 | |
Kikkoman Corp. | 661,340 | 24,201 | |
M3 Inc. | 687,809 | 23,821 | |
Japan Exchange Group Inc. | 2,080,680 | 23,802 | |
Sumitomo Chemical Co. Ltd. | 5,763,055 | 23,634 | |
Santen Pharmaceutical Co. Ltd. | 1,513,320 | 23,600 | |
NEC Corp. | 9,847,604 | 22,846 | |
Mitsubishi Chemical Holdings Corp. | 4,995,101 | 22,782 | |
Tohoku Electric Power Co. Inc. | 1,810,484 | 22,705 | |
NTT Data Corp. | 475,230 | 22,394 | |
Ricoh Co. Ltd. | 2,583,860 | 22,328 | |
Suntory Beverage & Food Ltd. | 491,544 | 22,120 | |
Kajima Corp. | 3,187,117 | 22,012 | |
Yahoo Japan Corp. | 4,956,354 | 21,827 | |
Ryohin Keikaku Co. Ltd. | 89,677 | 21,757 | |
TOTO Ltd. | 542,625 | 21,501 | |
Tobu Railway Co. Ltd. | 3,826,988 | 20,941 | |
Japan Post Holdings Co. Ltd. | 1,717,043 | 20,788 | |
NGK Insulators Ltd. | 1,028,398 | 20,648 | |
Keio Corp. | 2,182,677 | 20,511 | |
T&D Holdings Inc. | 2,384,967 | 20,136 | |
Shimizu Corp. | 2,158,999 | 20,099 | |
Yakult Honsha Co. Ltd. | 389,533 | 20,052 | |
Lawson Inc. | 249,593 | 19,787 | |
Koito Manufacturing Co. Ltd. | 431,605 | 19,753 | |
Asahi Glass Co. Ltd. | 3,648,867 | 19,720 | |
Nagoya Railroad Co. Ltd. | 3,458,821 | 19,404 | |
Bandai Namco Holdings Inc. | 740,210 | 19,020 | |
Keikyu Corp. | 1,862,268 | 18,653 | |
Toyota Tsusho Corp. | 855,297 | 18,348 | |
Japan Post Bank Co. Ltd. | 1,562,674 | 18,311 | |
Sumitomo Metal Mining Co. Ltd. | 1,808,199 | 18,251 | |
MISUMI Group Inc. | 1,017,343 | 18,219 | |
Taisho Pharmaceutical Holdings Co. Ltd. | 173,692 | 18,202 | |
Nikon Corp. | 1,333,615 | 18,021 | |
* | Concordia Financial Group Ltd. | 4,591,720 | 17,967 |
23
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
NH Foods Ltd. | 735,245 | 17,863 | |
Kyushu Electric Power Co. Inc. | 1,761,317 | 17,553 | |
Seiko Epson Corp. | 1,081,656 | 17,285 | |
Sekisui Chemical Co. Ltd. | 1,405,184 | 17,224 | |
Yamaha Corp. | 632,136 | 16,989 | |
Toppan Printing Co. Ltd. | 1,974,927 | 16,930 | |
Nippon Paint Holdings Co. Ltd. | 685,601 | 16,840 | |
Kyowa Hakko Kirin Co. Ltd. | 980,655 | 16,655 | |
Don Quijote Holdings Co. Ltd. | 444,118 | 16,408 | |
LIXIL Group Corp. | 996,155 | 16,377 | |
Yamaha Motor Co. Ltd. | 1,068,018 | 16,173 | |
Tsuruha Holdings Inc. | 134,225 | 16,122 | |
Nisshin Seifun Group Inc. | 1,002,463 | 16,024 | |
Electric Power Development Co. Ltd. | 681,666 | 15,844 | |
Hisamitsu Pharmaceutical Co. Inc. | 276,241 | 15,844 | |
Kuraray Co. Ltd. | 1,328,929 | 15,805 | |
Nissan Chemical Industries Ltd. | 542,773 | 15,765 | |
Trend Micro Inc. | 432,864 | 15,417 | |
Lion Corp. | 936,270 | 15,343 | |
Kawasaki Heavy Industries Ltd. | 5,477,877 | 15,328 | |
Aozora Bank Ltd. | 4,434,328 | 15,321 | |
Mitsubishi Tanabe Pharma Corp. | 851,591 | 15,275 | |
Kansai Paint Co. Ltd. | 758,147 | 15,272 | |
IHI Corp. | 5,677,533 | 15,207 | |
Shimadzu Corp. | 1,013,139 | 15,079 | |
Nissin Foods Holdings Co. Ltd. | 274,538 | 14,947 | |
Seibu Holdings Inc. | 884,085 | 14,927 | |
Suruga Bank Ltd. | 657,398 | 14,845 | |
Hirose Electric Co. Ltd. | 120,800 | 14,767 | |
Chugoku Electric Power Co. Inc. | 1,153,834 | 14,606 | |
Hoshizaki Electric Co. Ltd. | 149,027 | 14,536 | |
Yamada Denki Co. Ltd. | 2,738,154 | 14,389 | |
Shizuoka Bank Ltd. | 2,047,363 | 14,386 | |
Alfresa Holdings Corp. | 681,175 | 14,186 | |
Hulic Co. Ltd. | 1,350,237 | 14,157 | |
Hamamatsu Photonics KK | 506,915 | 14,114 | |
Toho Gas Co. Ltd. | 1,730,875 | 14,082 | |
Toyo Suisan Kaisha Ltd. | 344,102 | 13,902 | |
Obic Co. Ltd. | 253,613 | 13,865 | |
Nomura Research Institute Ltd. | 376,611 | 13,716 | |
Amada Holdings Co. Ltd. | 1,355,241 | 13,703 | |
USS Co. Ltd. | 833,690 | 13,674 | |
Konami Holdings Corp. | 360,728 | 13,659 | |
Park24 Co. Ltd. | 393,945 | 13,492 | |
Keisei Electric Railway Co. Ltd. | 1,050,023 | 13,467 | |
Kewpie Corp. | 424,413 | 13,446 | |
Alps Electric Co. Ltd. | 711,998 | 13,412 | |
Yamazaki Baking Co. Ltd. | 479,821 | 13,307 | |
Nippon Express Co. Ltd. | 2,911,897 | 13,273 | |
Rohm Co. Ltd. | 336,650 | 13,200 | |
Yaskawa Electric Corp. | 1,016,841 | 13,173 | |
NSK Ltd. | 1,764,759 | 13,053 | |
Keihan Holdings Co. Ltd. | 1,870,734 | 12,924 | |
Oji Holdings Corp. | 3,360,002 | 12,886 | |
Sohgo Security Services Co. Ltd. | 260,313 | 12,794 | |
Mitsui Chemicals Inc. | 3,488,760 | 12,724 | |
Rinnai Corp. | 143,144 | 12,596 | |
ANA Holdings Inc. | 4,434,353 | 12,582 | |
Konica Minolta Inc. | 1,732,940 | 12,567 | |
Iida Group Holdings Co. Ltd. | 608,950 | 12,403 | |
Isetan Mitsukoshi Holdings Ltd. | 1,389,112 | 12,321 | |
Daicel Corp. | 1,187,045 | 12,277 | |
^ | Casio Computer Co. Ltd. | 855,346 | 12,223 |
Toho Co. Ltd. (Tokyo Shares) | 441,985 | 12,174 |
24
Vanguard® Developed Markets Index Fund | ||
Schedule of Investments | ||
June 30, 2016 | ||
Market | ||
Value | ||
Shares | ($000) | |
Shimamura Co. Ltd. | 82,465 | 12,173 |
Tokyu Fudosan Holdings Corp. | 1,954,877 | 12,126 |
Stanley Electric Co. Ltd. | 569,752 | 12,099 |
Pigeon Corp. | 410,003 | 12,092 |
Sundrug Co. Ltd. | 129,545 | 12,045 |
Calbee Inc. | 287,446 | 11,932 |
Chiba Bank Ltd. | 2,529,418 | 11,931 |
JGC Corp. | 822,896 | 11,693 |
Toyo Seikan Group Holdings Ltd. | 615,035 | 11,693 |
FamilyMart Co. Ltd. | 191,557 | 11,636 |
Nankai Electric Railway Co. Ltd. | 2,070,069 | 11,634 |
Marui Group Co. Ltd. | 854,639 | 11,468 |
Ezaki Glico Co. Ltd. | 197,069 | 11,458 |
Mitsubishi Materials Corp. | 4,784,236 | 11,396 |
Tosoh Corp. | 2,462,791 | 11,297 |
NGK Spark Plug Co. Ltd. | 749,437 | 11,276 |
Asics Corp. | 668,496 | 11,221 |
Sojitz Corp. | 4,751,529 | 11,201 |
Teijin Ltd. | 3,357,876 | 11,060 |
CyberAgent Inc. | 183,049 | 10,989 |
Hakuhodo DY Holdings Inc. | 916,004 | 10,925 |
Nippon Yusen KK | 6,189,997 | 10,853 |
Mitsubishi Motors Corp. | 2,374,857 | 10,790 |
Taiheiyo Cement Corp. | 4,574,210 | 10,781 |
Haseko Corp. | 1,069,472 | 10,674 |
Kobayashi Pharmaceutical Co. Ltd. | 240,142 | 10,622 |
Nabtesco Corp. | 443,628 | 10,593 |
Sumitomo Dainippon Pharma Co. Ltd. | 610,988 | 10,547 |
Kakaku.com Inc. | 534,162 | 10,530 |
Yokogawa Electric Corp. | 937,006 | 10,521 |
Daihatsu Motor Co. Ltd. | 806,419 | 10,474 |
Hino Motors Ltd. | 1,036,589 | 10,258 |
Credit Saison Co. Ltd. | 612,873 | 10,257 |
Nippon Shinyaku Co. Ltd. | 194,934 | 10,211 |
TonenGeneral Sekiyu KK | 1,124,362 | 10,210 |
Suzuken Co. Ltd. | 319,206 | 10,035 |
MediPal Holdings Corp. | 604,344 | 9,917 |
J Front Retailing Co. Ltd. | 951,138 | 9,823 |
JTEKT Corp. | 868,629 | 9,793 |
Square Enix Holdings Co. Ltd. | 303,866 | 9,790 |
Joyo Bank Ltd. | 2,596,142 | 9,677 |
Kurita Water Industries Ltd. | 433,002 | 9,634 |
Brother Industries Ltd. | 900,435 | 9,608 |
Temp Holdings Co. Ltd. | 557,469 | 9,600 |
JSR Corp. | 726,029 | 9,553 |
Sawai Pharmaceutical Co. Ltd. | 123,907 | 9,547 |
Tokyo Tatemono Co. Ltd. | 792,376 | 9,465 |
Start Today Co. Ltd. | 177,719 | 9,443 |
Ebara Corp. | 1,718,636 | 9,443 |
Sotetsu Holdings Inc. | 1,684,352 | 9,418 |
Sumitomo Heavy Industries Ltd. | 2,149,358 | 9,381 |
DeNA Co. Ltd. | 402,265 | 9,333 |
Miraca Holdings Inc. | 216,490 | 9,329 |
Kobe Steel Ltd. | 11,429,578 | 9,306 |
Disco Corp. | 103,443 | 9,292 |
Shinsei Bank Ltd. | 6,434,114 | 9,286 |
Fukuoka Financial Group Inc. | 2,783,584 | 9,155 |
Fuji Electric Co. Ltd. | 2,172,435 | 9,122 |
Sumitomo Rubber Industries Ltd. | 683,279 | 9,099 |
Kose Corp. | 108,422 | 9,099 |
Otsuka Corp. | 195,256 | 9,072 |
Mitsui OSK Lines Ltd. | 4,264,892 | 9,041 |
Asahi Intecc Co. Ltd. | 185,991 | 9,021 |
Kaken Pharmaceutical Co. Ltd. | 136,411 | 8,895 |
25
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Hokuriku Electric Power Co. | 717,433 | 8,859 | |
AEON Financial Service Co. Ltd. | 407,997 | 8,768 | |
Minebea Co. Ltd. | 1,259,918 | 8,480 | |
Bank of Kyoto Ltd. | 1,383,340 | 8,446 | |
Mabuchi Motor Co. Ltd. | 200,241 | 8,407 | |
Maruichi Steel Tube Ltd. | 240,691 | 8,394 | |
Air Water Inc. | 571,949 | 8,374 | |
Nifco Inc. | 159,930 | 8,326 | |
Ito En Ltd. | 215,360 | 8,292 | |
Idemitsu Kosan Co. Ltd. | 383,777 | 8,275 | |
Yamaguchi Financial Group Inc. | 875,252 | 8,240 | |
Sega Sammy Holdings Inc. | 766,165 | 8,226 | |
Kaneka Corp. | 1,239,336 | 8,209 | |
Miura Co. Ltd. | 366,100 | 8,145 | |
Takashimaya Co. Ltd. | 1,140,349 | 8,142 | |
SCREEN Holdings Co. Ltd. | 742,335 | 8,052 | |
Azbil Corp. | 274,301 | 8,049 | |
Nomura Real Estate Holdings Inc. | 458,148 | 7,971 | |
Nihon Kohden Corp. | 282,661 | 7,920 | |
^ | Japan Airport Terminal Co. Ltd. | 218,520 | 7,870 |
Nichirei Corp. | 851,522 | 7,782 | |
Seven Bank Ltd. | 2,518,802 | 7,777 | |
Mitsubishi Gas Chemical Co. Inc. | 1,478,617 | 7,670 | |
Sugi Holdings Co. Ltd. | 138,111 | 7,652 | |
Nihon M&A Center Inc. | 118,500 | 7,643 | |
Hitachi Metals Ltd. | 752,641 | 7,615 | |
Nexon Co. Ltd. | 517,837 | 7,607 | |
Kamigumi Co. Ltd. | 824,285 | 7,574 | |
Hiroshima Bank Ltd. | 2,274,451 | 7,573 | |
^ | Kagome Co. Ltd. | 287,033 | 7,554 |
Nishi-Nippon Railroad Co. Ltd. | 1,455,654 | 7,538 | |
Daifuku Co. Ltd. | 423,200 | 7,513 | |
Japan Airlines Co. Ltd. | 233,117 | 7,482 | |
Sony Financial Holdings Inc. | 665,427 | 7,469 | |
^ | Advantest Corp. | 671,283 | 7,453 |
Kyushu Financial Group Inc. | 1,492,220 | 7,399 | |
THK Co. Ltd. | 435,684 | 7,393 | |
Hitachi Chemical Co. Ltd. | 397,824 | 7,374 | |
SBI Holdings Inc. | 745,589 | 7,372 | |
Matsumotokiyoshi Holdings Co. Ltd. | 151,733 | 7,369 | |
^ | MonotaRO Co. Ltd. | 225,317 | 7,367 |
NOK Corp. | 435,803 | 7,366 | |
^ | Kawasaki Kisen Kaisha Ltd. | 3,133,981 | 7,359 |
Ain Holdings Inc. | 94,100 | 7,282 | |
Sankyo Co. Ltd. | 195,108 | 7,274 | |
Hikari Tsushin Inc. | 86,403 | 7,221 | |
Mitsubishi Logistics Corp. | 515,330 | 7,184 | |
* | Acom Co. Ltd. | 1,493,748 | 7,179 |
Nippon Shokubai Co. Ltd. | 124,591 | 7,109 | |
IT Holdings Corp. | 309,200 | 7,099 | |
Tsumura & Co. | 262,175 | 7,077 | |
Sanwa Holdings Corp. | 781,433 | 7,062 | |
Shikoku Electric Power Co. Inc. | 593,847 | 6,993 | |
Sapporo Holdings Ltd. | 241,899 | 6,979 | |
UNY Group Holdings Co. Ltd. | 824,830 | 6,916 | |
Zenkoku Hosho Co. Ltd. | 191,329 | 6,910 | |
COMSYS Holdings Corp. | 428,160 | 6,906 | |
Sumitomo Forestry Co. Ltd. | 511,791 | 6,904 | |
Megmilk Snow Brand Co. Ltd. | 198,500 | 6,896 | |
Chugoku Bank Ltd. | 676,422 | 6,879 | |
Hachijuni Bank Ltd. | 1,582,134 | 6,872 | |
Showa Shell Sekiyu KK | 736,086 | 6,839 | |
Hitachi High-Technologies Corp. | 250,985 | 6,836 | |
Oracle Corp. Japan | 127,695 | 6,796 |
26
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Aoyama Trading Co. Ltd. | 185,509 | 6,791 | |
Denka Co. Ltd. | 1,687,641 | 6,786 | |
Coca-Cola West Co. Ltd. | 240,183 | 6,773 | |
Relo Holdings Inc. | 38,100 | 6,677 | |
Ube Industries Ltd. | 4,054,060 | 6,669 | |
Nippon Electric Glass Co. Ltd. | 1,577,400 | 6,580 | |
House Foods Group Inc. | 284,577 | 6,568 | |
Pola Orbis Holdings Inc. | 70,270 | 6,544 | |
DIC Corp. | 313,787 | 6,532 | |
Cosmos Pharmaceutical Corp. | 32,407 | 6,500 | |
* | Itoham Yonekyu Holdings Inc. | 631,005 | 6,483 |
Leopalace21 Corp. | 927,500 | 6,479 | |
Horiba Ltd. | 148,100 | 6,476 | |
Toyobo Co. Ltd. | 3,400,368 | 6,406 | |
Nippon Kayaku Co. Ltd. | 649,139 | 6,401 | |
Iyo Bank Ltd. | 1,049,241 | 6,400 | |
Benesse Holdings Inc. | 272,616 | 6,370 | |
Mitsubishi UFJ Lease & Finance Co. Ltd. | 1,664,019 | 6,357 | |
Nippon Paper Industries Co. Ltd. | 361,993 | 6,308 | |
ABC-Mart Inc. | 93,072 | 6,194 | |
Takara Holdings Inc. | 675,313 | 6,185 | |
Japan Steel Works Ltd. | 1,355,638 | 6,151 | |
Sumitomo Osaka Cement Co. Ltd. | 1,433,344 | 6,130 | |
Gunma Bank Ltd. | 1,679,693 | 6,090 | |
Welcia Holdings Co. Ltd. | 96,920 | 6,076 | |
SCSK Corp. | 162,328 | 6,031 | |
Glory Ltd. | 220,312 | 5,949 | |
Pilot Corp. | 137,600 | 5,923 | |
* | Sharp Corp. | 5,505,168 | 5,898 |
Aeon Mall Co. Ltd. | 449,194 | 5,855 | |
Izumi Co. Ltd. | 150,093 | 5,808 | |
Hitachi Construction Machinery Co. Ltd. | 399,148 | 5,779 | |
K's Holdings Corp. | 308,390 | 5,733 | |
Nipro Corp. | 460,409 | 5,691 | |
Century Tokyo Leasing Corp. | 176,774 | 5,675 | |
GS Yuasa Corp. | 1,485,873 | 5,660 | |
Hokuhoku Financial Group Inc. | 4,947,033 | 5,624 | |
Ulvac Inc. | 184,500 | 5,619 | |
Rohto Pharmaceutical Co. Ltd. | 367,691 | 5,574 | |
Penta-Ocean Construction Co. Ltd. | 1,056,900 | 5,556 | |
Citizen Holdings Co. Ltd. | 1,137,925 | 5,516 | |
Resorttrust Inc. | 255,188 | 5,488 | |
Kinden Corp. | 505,404 | 5,440 | |
Coca-Cola East Japan Co. Ltd. | 284,878 | 5,438 | |
Hokkaido Electric Power Co. Inc. | 675,092 | 5,438 | |
Furukawa Electric Co. Ltd. | 2,332,504 | 5,378 | |
^ | Bic Camera Inc. | 578,943 | 5,309 |
Ushio Inc. | 452,333 | 5,281 | |
Seino Holdings Co. Ltd. | 573,196 | 5,237 | |
Morinaga Milk Industry Co. Ltd. | 752,000 | 5,212 | |
^ | Japan Post Insurance Co. Ltd. | 252,694 | 5,159 |
Rengo Co. Ltd. | 790,014 | 5,107 | |
Taiyo Nippon Sanso Corp. | 558,107 | 5,102 | |
NHK Spring Co. Ltd. | 628,579 | 5,072 | |
Toyoda Gosei Co. Ltd. | 285,097 | 5,067 | |
Zensho Holdings Co. Ltd. | 344,600 | 5,026 | |
Fujikura Ltd. | 1,090,859 | 5,003 | |
Sankyu Inc. | 928,000 | 4,960 | |
^ | Yokohama Rubber Co. Ltd. | 397,066 | 4,950 |
Toyota Boshoku Corp. | 237,988 | 4,941 | |
TS Tech Co. Ltd. | 200,078 | 4,873 | |
Ship Healthcare Holdings Inc. | 157,500 | 4,862 | |
Nishi-Nippon City Bank Ltd. | 2,761,344 | 4,840 | |
77 Bank Ltd. | 1,374,965 | 4,786 |
27
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Morinaga & Co. Ltd. | 763,000 | 4,766 | |
Nishimatsu Construction Co. Ltd. | 1,021,000 | 4,735 | |
Nagase & Co. Ltd. | 429,731 | 4,729 | |
^ | Toho Holdings Co. Ltd. | 196,000 | 4,707 |
^ | Skylark Co. Ltd. | 367,700 | 4,633 |
Aica Kogyo Co. Ltd. | 203,200 | 4,622 | |
Fujitsu General Ltd. | 209,000 | 4,621 | |
Daido Steel Co. Ltd. | 1,341,801 | 4,575 | |
Nisshin Steel Co. Ltd. | 358,991 | 4,559 | |
Wacoal Holdings Corp. | 461,229 | 4,535 | |
Showa Denko KK | 482,708 | 4,531 | |
^ | OSG Corp. | 272,178 | 4,506 |
Amano Corp. | 259,400 | 4,485 | |
Sangetsu Co. Ltd. | 239,900 | 4,481 | |
Sumco Corp. | 704,370 | 4,480 | |
ADEKA Corp. | 369,400 | 4,458 | |
H2O Retailing Corp. | 331,387 | 4,456 | |
Ibiden Co. Ltd. | 396,457 | 4,455 | |
Kokuyo Co. Ltd. | 314,500 | 4,455 | |
Shochiku Co. Ltd. | 429,502 | 4,453 | |
NOF Corp. | 539,000 | 4,451 | |
Nisshinbo Holdings Inc. | 491,571 | 4,437 | |
Nippon Suisan Kaisha Ltd. | 865,700 | 4,422 | |
Iwatani Corp. | 782,000 | 4,420 | |
Awa Bank Ltd. | 848,045 | 4,417 | |
NTT Urban Development Corp. | 414,431 | 4,412 | |
Dowa Holdings Co. Ltd. | 861,751 | 4,410 | |
Calsonic Kansei Corp. | 579,586 | 4,393 | |
NTN Corp. | 1,625,557 | 4,348 | |
Capcom Co. Ltd. | 187,584 | 4,311 | |
Toagosei Co. Ltd. | 466,100 | 4,275 | |
HIS Co. Ltd. | 132,471 | 4,266 | |
Nippon Light Metal Holdings Co. Ltd. | 1,928,000 | 4,255 | |
Toyo Tire & Rubber Co. Ltd. | 388,200 | 4,222 | |
Mochida Pharmaceutical Co. Ltd. | 52,408 | 4,216 | |
FP Corp. | 87,262 | 4,213 | |
Kyowa Exeo Corp. | 337,100 | 4,186 | |
Okumura Corp. | 760,000 | 4,183 | |
^ | Topcon Corp. | 424,342 | 4,162 |
Oki Electric Industry Co. Ltd. | 3,127,000 | 4,159 | |
Shiga Bank Ltd. | 972,393 | 4,151 | |
Shimachu Co. Ltd. | 190,678 | 4,140 | |
^ | SHO-BOND Holdings Co. Ltd. | 91,200 | 4,129 |
TechnoPro Holdings Inc. | 132,100 | 4,096 | |
Nikkon Holdings Co. Ltd. | 228,600 | 4,088 | |
Adastria Co. Ltd. | 103,400 | 4,072 | |
Arcs Co. Ltd. | 170,100 | 4,033 | |
^ | Kyudenko Corp. | 136,500 | 4,022 |
Autobacs Seven Co. Ltd. | 283,554 | 4,004 | |
Daishi Bank Ltd. | 1,254,447 | 3,987 | |
Colowide Co. Ltd. | 221,400 | 3,984 | |
Heiwa Corp. | 197,336 | 3,981 | |
^ | Sanrio Co. Ltd. | 223,066 | 3,964 |
Ariake Japan Co. Ltd. | 67,000 | 3,962 | |
Mitsui Engineering & Shipbuilding Co. Ltd. | 2,880,451 | 3,954 | |
Valor Holdings Co. Ltd. | 148,800 | 3,944 | |
Itochu Techno-Solutions Corp. | 181,609 | 3,903 | |
Mitsubishi Pencil Co. Ltd. | 83,300 | 3,892 | |
Chiyoda Corp. | 592,539 | 3,888 | |
San-In Godo Bank Ltd. | 597,386 | 3,883 | |
Yaoko Co. Ltd. | 85,600 | 3,867 | |
Kumagai Gumi Co. Ltd. | 1,360,000 | 3,828 | |
Toda Corp. | 889,647 | 3,823 | |
Nihon Parkerizing Co. Ltd. | 364,800 | 3,820 |
28
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Tsubakimoto Chain Co. | 619,000 | 3,798 | |
Paramount Bed Holdings Co. Ltd. | 74,900 | 3,793 | |
Kusuri No Aoki Co. Ltd. | 58,500 | 3,788 | |
Senshu Ikeda Holdings Inc. | 1,008,790 | 3,757 | |
Kenedix Inc. | 1,001,200 | 3,738 | |
Hazama Ando Corp. | 677,100 | 3,735 | |
OKUMA Corp. | 571,525 | 3,734 | |
Tokai Tokyo Financial Holdings Inc. | 875,735 | 3,715 | |
Zeon Corp. | 574,501 | 3,704 | |
Taiyo Yuden Co. Ltd. | 425,421 | 3,702 | |
Trusco Nakayama Corp. | 73,200 | 3,678 | |
Juroku Bank Ltd. | 1,391,158 | 3,676 | |
Maeda Road Construction Co. Ltd. | 216,614 | 3,675 | |
Tokyo Ohka Kogyo Co. Ltd. | 149,600 | 3,667 | |
DMG Mori Co. Ltd. | 383,488 | 3,665 | |
Lintec Corp. | 187,347 | 3,662 | |
Maruha Nichiro Corp. | 134,600 | 3,647 | |
Tadano Ltd. | 438,228 | 3,644 | |
Hanwa Co. Ltd. | 702,000 | 3,640 | |
Maeda Corp. | 467,000 | 3,635 | |
cocokara fine Inc. | 70,100 | 3,604 | |
Ogaki Kyoritsu Bank Ltd. | 1,299,000 | 3,586 | |
Yamato Kogyo Co. Ltd. | 158,331 | 3,583 | |
Hokuetsu Kishu Paper Co. Ltd. | 517,400 | 3,552 | |
Fuji Kyuko Co. Ltd. | 252,000 | 3,516 | |
Meitec Corp. | 104,000 | 3,515 | |
Japan Aviation Electronics Industry Ltd. | 258,508 | 3,511 | |
^ | COLOPL Inc. | 177,285 | 3,507 |
Mitsui Mining & Smelting Co. Ltd. | 2,117,975 | 3,507 | |
^ | GungHo Online Entertainment Inc. | 1,299,900 | 3,501 |
GMO Payment Gateway Inc. | 61,400 | 3,496 | |
^ | Fukuyama Transporting Co. Ltd. | 660,928 | 3,474 |
KYORIN Holdings Inc. | 177,889 | 3,472 | |
Nichi-iko Pharmaceutical Co. Ltd. | 168,900 | 3,423 | |
Keiyo Bank Ltd. | 914,367 | 3,422 | |
*,^ | Tokuyama Corp. | 1,253,000 | 3,415 |
Nippon Gas Co. Ltd. | 155,100 | 3,351 | |
Nippo Corp. | 197,884 | 3,351 | |
*,^ | Aiful Corp. | 1,133,461 | 3,327 |
Koei Tecmo Holdings Co. Ltd. | 181,700 | 3,327 | |
Kandenko Co. Ltd. | 403,711 | 3,283 | |
Matsui Securities Co. Ltd. | 396,852 | 3,264 | |
Hitachi Capital Corp. | 164,996 | 3,263 | |
Central Glass Co. Ltd. | 753,000 | 3,227 | |
Tokyo Seimitsu Co. Ltd. | 139,000 | 3,220 | |
San-A Co. Ltd. | 65,300 | 3,206 | |
United Arrows Ltd. | 110,000 | 3,183 | |
Okasan Securities Group Inc. | 715,284 | 3,179 | |
Inaba Denki Sangyo Co. Ltd. | 93,100 | 3,175 | |
Yoshinoya Holdings Co. Ltd. | 233,000 | 3,171 | |
*,^ | euglena Co. Ltd. | 227,700 | 3,164 |
Ai Holdings Corp. | 135,800 | 3,155 | |
Canon Marketing Japan Inc. | 173,042 | 3,153 | |
Cosmo Energy Holdings Co. Ltd. | 255,311 | 3,114 | |
Topre Corp. | 146,600 | 3,110 | |
Takara Standard Co. Ltd. | 342,000 | 3,090 | |
Nihon Unisys Ltd. | 250,700 | 3,084 | |
Mandom Corp. | 67,200 | 3,077 | |
Fuji Oil Holdings Inc. | 166,100 | 3,073 | |
Tokyo Dome Corp. | 678,000 | 3,054 | |
Nichias Corp. | 399,000 | 3,038 | |
North Pacific Bank Ltd. | 1,107,517 | 3,001 | |
Zojirushi Corp. | 157,900 | 3,000 | |
Hitachi Kokusai Electric Inc. | 180,300 | 2,994 |
29
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Kiyo Bank Ltd. | 241,100 | 2,979 | |
Onward Holdings Co. Ltd. | 480,049 | 2,974 | |
Toyo Ink SC Holdings Co. Ltd. | 708,000 | 2,959 | |
Musashino Bank Ltd. | 130,480 | 2,950 | |
Hokkoku Bank Ltd. | 1,093,399 | 2,945 | |
Nanto Bank Ltd. | 925,356 | 2,945 | |
Hyakujushi Bank Ltd. | 1,008,958 | 2,931 | |
Okamoto Industries Inc. | 270,000 | 2,915 | |
Nissan Shatai Co. Ltd. | 291,865 | 2,913 | |
Okamura Corp. | 293,400 | 2,908 | |
Jafco Co. Ltd. | 117,470 | 2,900 | |
Hitachi Transport System Ltd. | 176,736 | 2,891 | |
Anritsu Corp. | 502,870 | 2,890 | |
Kyoritsu Maintenance Co. Ltd. | 43,400 | 2,882 | |
Nippon Flour Mills Co. Ltd. | 370,000 | 2,880 | |
Komeri Co. Ltd. | 110,748 | 2,877 | |
Fuji Machine Manufacturing Co. Ltd. | 318,500 | 2,871 | |
DCM Holdings Co. Ltd. | 334,000 | 2,845 | |
Hitachi Zosen Corp. | 591,700 | 2,843 | |
Saibu Gas Co. Ltd. | 1,172,000 | 2,840 | |
Hogy Medical Co. Ltd. | 40,800 | 2,833 | |
^ | Daio Paper Corp. | 261,100 | 2,832 |
Fuyo General Lease Co. Ltd. | 69,700 | 2,816 | |
Duskin Co. Ltd. | 166,400 | 2,796 | |
Totetsu Kogyo Co. Ltd. | 101,800 | 2,795 | |
Tokai Rika Co. Ltd. | 189,692 | 2,789 | |
Takasago Thermal Engineering Co. Ltd. | 236,700 | 2,788 | |
^ | ASKUL Corp. | 75,700 | 2,779 |
* | Orient Corp. | 1,522,830 | 2,757 |
Hyakugo Bank Ltd. | 800,585 | 2,756 | |
Kameda Seika Co. Ltd. | 48,300 | 2,750 | |
Daiseki Co. Ltd. | 142,300 | 2,742 | |
Transcosmos Inc. | 96,200 | 2,727 | |
Sumitomo Bakelite Co. Ltd. | 584,000 | 2,702 | |
Daikyonishikawa Corp. | 213,900 | 2,697 | |
Gurunavi Inc. | 93,700 | 2,696 | |
Fuji Seal International Inc. | 76,600 | 2,692 | |
Asatsu-DK Inc. | 114,240 | 2,691 | |
Accordia Golf Co. Ltd. | 257,300 | 2,684 | |
Nippon Seiki Co. Ltd. | 163,000 | 2,649 | |
Tokyu Construction Co. Ltd. | 292,100 | 2,644 | |
Kissei Pharmaceutical Co. Ltd. | 131,089 | 2,622 | |
Ryosan Co. Ltd. | 109,400 | 2,606 | |
Taikisha Ltd. | 104,600 | 2,588 | |
Tomy Co. Ltd. | 306,900 | 2,567 | |
Yodogawa Steel Works Ltd. | 105,400 | 2,555 | |
MOS Food Services Inc. | 88,800 | 2,521 | |
^ | Sakata Seed Corp. | 116,500 | 2,518 |
Toho Bank Ltd. | 810,000 | 2,500 | |
Futaba Corp. | 131,300 | 2,489 | |
Nishimatsuya Chain Co. Ltd. | 173,800 | 2,454 | |
Nissin Electric Co. Ltd. | 165,400 | 2,442 | |
^ | Okinawa Electric Power Co. Inc. | 116,750 | 2,442 |
Fujitec Co. Ltd. | 281,800 | 2,420 | |
Keihin Corp. | 157,100 | 2,414 | |
Takuma Co. Ltd. | 272,000 | 2,403 | |
Exedy Corp. | 112,043 | 2,391 | |
Japan Petroleum Exploration Co. Ltd. | 118,381 | 2,374 | |
Kanematsu Corp. | 1,501,000 | 2,360 | |
GMO Internet Inc. | 227,800 | 2,360 | |
Takara Leben Co. Ltd. | 309,200 | 2,356 | |
TOKAI Holdings Corp. | 370,600 | 2,353 | |
PALTAC Corp. | 116,000 | 2,348 | |
Meidensha Corp. | 723,000 | 2,336 |
30
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Toei Co. Ltd. | 249,000 | 2,334 | |
Kuroda Electric Co. Ltd. | 136,000 | 2,322 | |
^ | EDION Corp. | 281,600 | 2,312 |
Bank of Okinawa Ltd. | 78,720 | 2,302 | |
Sumitomo Mitsui Construction Co. Ltd. | 2,736,200 | 2,300 | |
PanaHome Corp. | 291,368 | 2,287 | |
Earth Chemical Co. Ltd. | 47,600 | 2,285 | |
^ | Nissha Printing Co. Ltd. | 123,800 | 2,278 |
Create SD Holdings Co. Ltd. | 80,700 | 2,275 | |
Siix Corp. | 66,300 | 2,273 | |
KYB Corp. | 704,218 | 2,266 | |
ZERIA Pharmaceutical Co. Ltd. | 156,700 | 2,263 | |
Tokyo TY Financial Group Inc. | 97,300 | 2,251 | |
Financial Products Group Co. Ltd. | 219,500 | 2,249 | |
Kotobuki Spirits Co. Ltd. | 68,100 | 2,247 | |
Bank of Iwate Ltd. | 59,300 | 2,234 | |
Yamagata Bank Ltd. | 571,000 | 2,229 | |
NSD Co. Ltd. | 140,600 | 2,229 | |
Fujicco Co. Ltd. | 77,300 | 2,225 | |
^ | J Trust Co. Ltd. | 303,800 | 2,218 |
Nagaileben Co. Ltd. | 92,200 | 2,216 | |
Noritz Corp. | 124,000 | 2,204 | |
^ | Japan Display Inc. | 1,357,797 | 2,194 |
SKY Perfect JSAT Holdings Inc. | 473,167 | 2,176 | |
Kadokawa Dwango Corp. | 166,000 | 2,174 | |
Starts Corp. Inc. | 109,400 | 2,163 | |
Senko Co. Ltd. | 359,200 | 2,157 | |
^ | Seikagaku Corp. | 138,800 | 2,147 |
Nippon Densetsu Kogyo Co. Ltd. | 127,800 | 2,144 | |
Milbon Co. Ltd. | 47,700 | 2,140 | |
^ | Toshiba Plant Systems & Services Corp. | 131,700 | 2,137 |
Unipres Corp. | 133,000 | 2,133 | |
^ | Joyful Honda Co. Ltd. | 94,100 | 2,127 |
^ | Jin Co. Ltd. | 54,200 | 2,114 |
Nomura Co. Ltd. | 140,000 | 2,103 | |
^ | Wacom Co. Ltd. | 542,300 | 2,102 |
HI-LEX Corp. | 89,500 | 2,097 | |
United Super Markets Holdings Inc. | 204,800 | 2,086 | |
Internet Initiative Japan Inc. | 102,300 | 2,081 | |
Token Corp. | 26,600 | 2,078 | |
Heiwado Co. Ltd. | 107,100 | 2,074 | |
Mirait Holdings Corp. | 210,800 | 2,068 | |
*,^ | Nippon Sheet Glass Co. Ltd. | 3,298,000 | 2,063 |
Sumitomo Warehouse Co. Ltd. | 416,000 | 2,062 | |
Kura Corp. | 35,200 | 2,060 | |
FCC Co. Ltd. | 126,800 | 2,053 | |
Toridoll.corp | 77,200 | 2,053 | |
^ | Bank of Nagoya Ltd. | 659,000 | 2,048 |
Gree Inc. | 361,053 | 2,035 | |
Nippon Soda Co. Ltd. | 507,000 | 2,031 | |
Atom Corp. | 305,600 | 2,025 | |
^ | Nachi-Fujikoshi Corp. | 667,000 | 2,024 |
Nitto Boseki Co. Ltd. | 602,000 | 2,024 | |
^ | Ichibanya Co. Ltd. | 58,400 | 2,023 |
Kureha Corp. | 578,000 | 2,021 | |
TOC Co. Ltd. | 247,400 | 2,020 | |
Yamanashi Chuo Bank Ltd. | 575,000 | 2,018 | |
COOKPAD Inc. | 163,800 | 1,988 | |
UACJ Corp. | 843,000 | 1,987 | |
Tokyo Steel Manufacturing Co. Ltd. | 364,100 | 1,985 | |
Chiyoda Co. Ltd. | 90,100 | 1,981 | |
Ryobi Ltd. | 479,000 | 1,980 | |
Shima Seiki Manufacturing Ltd. | 102,500 | 1,974 | |
Eizo Corp. | 73,800 | 1,964 |
31
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
NS Solutions Corp. | 127,504 | 1,962 | |
Komori Corp. | 176,300 | 1,958 | |
Jaccs Co. Ltd. | 450,000 | 1,956 | |
^ | Dip Corp. | 72,700 | 1,951 |
Aomori Bank Ltd. | 703,000 | 1,948 | |
Marudai Food Co. Ltd. | 405,000 | 1,925 | |
TSI Holdings Co. Ltd. | 354,600 | 1,924 | |
TPR Co. Ltd. | 99,900 | 1,920 | |
Chudenko Corp. | 95,600 | 1,919 | |
Nisshin Oillio Group Ltd. | 418,000 | 1,918 | |
*,^ | Outsourcing Inc. | 41,900 | 1,913 |
Kanamoto Co. Ltd. | 98,100 | 1,904 | |
Showa Sangyo Co. Ltd. | 448,000 | 1,893 | |
Morita Holdings Corp. | 143,800 | 1,888 | |
Kato Sangyo Co. Ltd. | 80,600 | 1,888 | |
^ | Life Corp. | 70,100 | 1,883 |
Yamazen Corp. | 235,600 | 1,872 | |
Shinmaywa Industries Ltd. | 303,000 | 1,871 | |
Round One Corp. | 233,600 | 1,869 | |
SMS Co. Ltd. | 84,400 | 1,866 | |
Fukui Bank Ltd. | 844,000 | 1,862 | |
As One Corp. | 46,100 | 1,847 | |
^ | Yonex Co. Ltd. | 33,300 | 1,840 |
Taiyo Holdings Co. Ltd. | 59,600 | 1,836 | |
Takasago International Corp. | 68,400 | 1,836 | |
Aichi Steel Corp. | 416,000 | 1,835 | |
Tokyo Broadcasting System Holdings Inc. | 136,182 | 1,826 | |
Daibiru Corp. | 213,100 | 1,823 | |
Aeon Delight Co. Ltd. | 67,000 | 1,815 | |
Next Co. Ltd. | 203,700 | 1,814 | |
Ashikaga Holdings Co. Ltd. | 565,200 | 1,807 | |
Descente Ltd. | 167,700 | 1,803 | |
Fancl Corp. | 130,400 | 1,799 | |
IBJ Leasing Co. Ltd. | 104,200 | 1,793 | |
Sakata INX Corp. | 156,700 | 1,792 | |
Tokai Carbon Co. Ltd. | 717,000 | 1,790 | |
Nippon Signal Company Ltd. | 229,900 | 1,788 | |
Marusan Securities Co. Ltd. | 209,000 | 1,787 | |
Fuji Soft Inc. | 75,700 | 1,783 | |
Kohnan Shoji Co. Ltd. | 96,300 | 1,778 | |
Sanyo Special Steel Co. Ltd. | 400,000 | 1,775 | |
Nissin Kogyo Co. Ltd. | 138,900 | 1,774 | |
Doutor Nichires Holdings Co. Ltd. | 101,900 | 1,768 | |
Axial Retailing Inc. | 51,100 | 1,764 | |
Unizo Holdings Co. Ltd. | 44,200 | 1,747 | |
NET One Systems Co. Ltd. | 302,700 | 1,739 | |
Open House Co. Ltd. | 64,000 | 1,737 | |
BML Inc. | 38,000 | 1,734 | |
Gunze Ltd. | 620,000 | 1,731 | |
Makino Milling Machine Co. Ltd. | 341,000 | 1,729 | |
* | Pioneer Corp. | 992,500 | 1,725 |
kabu.com Securities Co. Ltd. | 535,900 | 1,724 | |
Toyo Engineering Corp. | 521,000 | 1,719 | |
Noevir Holdings Co. Ltd. | 56,500 | 1,718 | |
^ | Kisoji Co. Ltd. | 78,400 | 1,718 |
Raito Kogyo Co. Ltd. | 165,300 | 1,715 | |
Aida Engineering Ltd. | 209,000 | 1,708 | |
Iseki & Co. Ltd. | 785,000 | 1,708 | |
Dydo Drinco Inc. | 32,000 | 1,708 | |
Akita Bank Ltd. | 596,000 | 1,703 | |
^ | Royal Holdings Co. Ltd. | 95,400 | 1,693 |
Hitachi Maxell Ltd. | 123,900 | 1,687 | |
Chofu Seisakusho Co. Ltd. | 69,700 | 1,686 | |
Sanki Engineering Co. Ltd. | 212,900 | 1,685 |
32
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Ci:z Holdings Co. Ltd. | 77,200 | 1,681 | |
Saizeriya Co. Ltd. | 94,100 | 1,676 | |
Furukawa Co. Ltd. | 1,195,000 | 1,672 | |
Nippon Steel & Sumikin Bussan Corp. | 520,000 | 1,672 | |
Kanto Denka Kogyo Co. Ltd. | 171,000 | 1,672 | |
Daikyo Inc. | 1,149,579 | 1,659 | |
TOMONY Holdings Inc. | 552,100 | 1,657 | |
Heiwa Real Estate Co. Ltd. | 130,000 | 1,643 | |
Takeuchi Manufacturing Co. Ltd. | 127,000 | 1,635 | |
Obara Group Inc. | 44,000 | 1,634 | |
Nichiha Corp. | 103,500 | 1,629 | |
^ | Benefit One Inc. | 54,900 | 1,622 |
Japan Wool Textile Co. Ltd. | 234,200 | 1,616 | |
Towa Pharmaceutical Co. Ltd. | 31,100 | 1,614 | |
* | Toshiba TEC Corp. | 456,252 | 1,614 |
Max Co. Ltd. | 142,000 | 1,611 | |
Oiles Corp. | 102,600 | 1,610 | |
Kitz Corp. | 338,100 | 1,605 | |
Asahi Holdings Inc. | 111,100 | 1,604 | |
Daihen Corp. | 368,000 | 1,601 | |
Prima Meat Packers Ltd. | 531,000 | 1,600 | |
Seiren Co. Ltd. | 169,900 | 1,599 | |
Aichi Bank Ltd. | 37,800 | 1,595 | |
^ | Monex Group Inc. | 707,800 | 1,591 |
Relia Inc. | 152,200 | 1,586 | |
Doshisha Co. Ltd. | 82,800 | 1,585 | |
Fuji Co. Ltd. | 65,500 | 1,577 | |
Bunka Shutter Co. Ltd. | 196,900 | 1,576 | |
Oita Bank Ltd. | 546,000 | 1,567 | |
^ | Gulliver International Co. Ltd. | 192,300 | 1,563 |
Sanyo Chemical Industries Ltd. | 201,000 | 1,561 | |
Kintetsu World Express Inc. | 128,800 | 1,554 | |
Mizuno Corp. | 332,000 | 1,552 | |
Nitta Corp. | 68,800 | 1,551 | |
Zenrin Co. Ltd. | 79,800 | 1,550 | |
Toppan Forms Co. Ltd. | 150,491 | 1,549 | |
Sato Holdings Corp. | 83,000 | 1,546 | |
JCR Pharmaceuticals Co. Ltd. | 52,300 | 1,537 | |
Tsukui Corp. | 87,200 | 1,535 | |
Nichicon Corp. | 236,900 | 1,532 | |
St. Marc Holdings Co. Ltd. | 50,700 | 1,530 | |
Yokohama Reito Co. Ltd. | 153,000 | 1,527 | |
Nikkiso Co. Ltd. | 236,500 | 1,521 | |
CKD Corp. | 204,700 | 1,520 | |
Bando Chemical Industries Ltd. | 315,000 | 1,516 | |
Create Restaurants Holdings Inc. | 165,300 | 1,506 | |
Musashi Seimitsu Industry Co. Ltd. | 76,600 | 1,496 | |
Seiko Holdings Corp. | 499,000 | 1,492 | |
Foster Electric Co. Ltd. | 94,700 | 1,487 | |
AOKI Holdings Inc. | 144,300 | 1,486 | |
Elecom Co. Ltd. | 71,600 | 1,484 | |
Hiday Hidaka Corp. | 61,240 | 1,482 | |
^ | Goldwin Inc. | 32,600 | 1,479 |
Tachi-S Co. Ltd. | 101,100 | 1,478 | |
Trancom Co. Ltd. | 22,300 | 1,468 | |
Asahi Diamond Industrial Co. Ltd. | 190,400 | 1,467 | |
Sanyo Electric Railway Co. Ltd. | 300,000 | 1,465 | |
^ | Star Micronics Co. Ltd. | 137,900 | 1,453 |
*,^ | Pacific Metals Co. Ltd. | 536,000 | 1,449 |
Itochu Enex Co. Ltd. | 164,400 | 1,449 | |
Inabata & Co. Ltd. | 160,300 | 1,448 | |
Toho Zinc Co. Ltd. | 480,000 | 1,446 | |
Mitsubishi Shokuhin Co. Ltd. | 55,200 | 1,444 | |
VT Holdings Co. Ltd. | 316,200 | 1,441 |
33
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Shikoku Bank Ltd. | 738,000 | 1,441 | |
NEC Networks & System Integration Corp. | 81,800 | 1,440 | |
Ringer Hut Co. Ltd. | 62,600 | 1,439 | |
EPS Holdings Inc. | 114,800 | 1,438 | |
Ohsho Food Service Corp. | 39,900 | 1,433 | |
Shizuoka Gas Co. Ltd. | 203,900 | 1,428 | |
Sekisui Jushi Corp. | 100,300 | 1,425 | |
Alpine Electronics Inc. | 146,000 | 1,421 | |
Anicom Holdings Inc. | 50,700 | 1,420 | |
Geo Holdings Corp. | 105,700 | 1,416 | |
TKC Corp. | 53,700 | 1,403 | |
Plenus Co. Ltd. | 86,400 | 1,398 | |
T Hasegawa Co. Ltd. | 78,800 | 1,395 | |
Daiwabo Holdings Co. Ltd. | 655,000 | 1,385 | |
Piolax Inc. | 29,300 | 1,363 | |
Belc Co. Ltd. | 32,700 | 1,356 | |
Tochigi Bank Ltd. | 394,000 | 1,356 | |
^ | Sankyo Tateyama Inc. | 96,700 | 1,353 |
TV Asahi Holdings Corp. | 83,630 | 1,352 | |
Mitsuba Corp. | 126,000 | 1,349 | |
Pacific Industrial Co. Ltd. | 147,500 | 1,343 | |
Hokuto Corp. | 73,200 | 1,343 | |
Iino Kaiun Kaisha Ltd. | 364,700 | 1,343 | |
Hokuetsu Bank Ltd. | 793,000 | 1,342 | |
Kurabo Industries Ltd. | 758,000 | 1,341 | |
Miyazaki Bank Ltd. | 540,000 | 1,340 | |
Hosiden Corp. | 215,900 | 1,336 | |
^ | S Foods Inc. | 50,000 | 1,336 |
DTS Corp. | 71,900 | 1,335 | |
Topy Industries Ltd. | 647,000 | 1,324 | |
Eighteenth Bank Ltd. | 541,000 | 1,319 | |
Riso Kagaku Corp. | 100,200 | 1,316 | |
Daiho Corp. | 295,000 | 1,311 | |
Mitsui Sugar Co. Ltd. | 277,000 | 1,308 | |
Yondoshi Holdings Inc. | 65,000 | 1,306 | |
^ | Tekken Corp. | 457,000 | 1,306 |
Mitsuboshi Belting Ltd. | 166,000 | 1,289 | |
Sintokogio Ltd. | 172,800 | 1,289 | |
Riken Vitamin Co. Ltd. | 27,700 | 1,285 | |
Takamatsu Construction Group Co. Ltd. | 55,100 | 1,284 | |
Dexerials Corp. | 181,900 | 1,278 | |
^ | Ehime Bank Ltd. | 578,000 | 1,277 |
Chugoku Marine Paints Ltd. | 208,000 | 1,274 | |
^ | Mani Inc. | 74,800 | 1,271 |
ASKA Pharmaceutical Co. Ltd. | 76,100 | 1,271 | |
Optex Co. Ltd. | 49,600 | 1,267 | |
Avex Group Holdings Inc. | 112,100 | 1,264 | |
OBIC Business Consultants Co. Ltd. | 28,300 | 1,261 | |
Osaka Soda Co. Ltd. | 315,000 | 1,260 | |
Eiken Chemical Co. Ltd. | 57,800 | 1,258 | |
Bank of the Ryukyus Ltd. | 126,400 | 1,257 | |
Menicon Co. Ltd. | 44,000 | 1,253 | |
Hibiya Engineering Ltd. | 84,800 | 1,251 | |
Japan Securities Finance Co. Ltd. | 331,200 | 1,250 | |
Shibuya Corp. | 74,600 | 1,249 | |
Tokai Corp. | 41,400 | 1,248 | |
Sanken Electric Co. Ltd. | 404,000 | 1,245 | |
Ricoh Leasing Co. Ltd. | 49,000 | 1,245 | |
Kyoei Steel Ltd. | 81,600 | 1,241 | |
^ | F@N Communications Inc. | 159,400 | 1,229 |
Daido Metal Co. Ltd. | 128,500 | 1,227 | |
Tosho Co. Ltd. | 27,200 | 1,225 | |
Shikoku Chemicals Corp. | 157,000 | 1,223 | |
Macnica Fuji Electronics Holdings Inc. | 117,500 | 1,210 |
34
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Sodick Co. Ltd. | 156,000 | 1,205 | |
Konishi Co. Ltd. | 93,800 | 1,204 | |
Sogo Medical Co. Ltd. | 32,500 | 1,204 | |
Shinko Electric Industries Co. Ltd. | 247,369 | 1,203 | |
Japan Pulp & Paper Co. Ltd. | 373,000 | 1,194 | |
^ | Ihara Chemical Industry Co. Ltd. | 115,400 | 1,194 |
Kinugawa Rubber Industrial Co. Ltd. | 158,000 | 1,189 | |
Tv Tokyo Holdings Corp. | 60,600 | 1,187 | |
Yuasa Trading Co. Ltd. | 57,800 | 1,187 | |
Tsukishima Kikai Co. Ltd. | 125,700 | 1,174 | |
Nitto Kogyo Corp. | 94,900 | 1,172 | |
Nihon Trim Co. Ltd. | 17,000 | 1,171 | |
Fukushima Industries Corp. | 40,000 | 1,171 | |
Toyo Construction Co. Ltd. | 257,500 | 1,161 | |
Vital KSK Holdings Inc. | 122,700 | 1,158 | |
Xebio Holdings Co. Ltd. | 82,300 | 1,157 | |
Yellow Hat Ltd. | 52,300 | 1,154 | |
Sumitomo Real Estate Sales Co. Ltd. | 58,932 | 1,153 | |
* | Mitsumi Electric Co. Ltd. | 285,300 | 1,147 |
Yokogawa Bridge Holdings Corp. | 115,300 | 1,146 | |
Minato Bank Ltd. | 771,000 | 1,143 | |
Konoike Transport Co. Ltd. | 110,200 | 1,142 | |
Sanden Holdings Corp. | 424,000 | 1,142 | |
San-Ai Oil Co. Ltd. | 201,000 | 1,139 | |
Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 285,000 | 1,138 | |
Inageya Co. Ltd. | 86,200 | 1,136 | |
Katakura Industries Co. Ltd. | 102,000 | 1,129 | |
Modec Inc. | 73,500 | 1,125 | |
Bank of Saga Ltd. | 519,000 | 1,123 | |
Nishio Rent All Co. Ltd. | 54,600 | 1,123 | |
Taihei Dengyo Kaisha Ltd. | 111,000 | 1,121 | |
Joshin Denki Co. Ltd. | 133,000 | 1,114 | |
Tokushu Tokai Paper Co. Ltd. | 329,000 | 1,114 | |
^ | Nippon Ceramic Co. Ltd. | 59,200 | 1,109 |
Eagle Industry Co. Ltd. | 95,500 | 1,106 | |
Key Coffee Inc. | 59,900 | 1,102 | |
^ | METAWATER Co. Ltd. | 40,700 | 1,102 |
Toshiba Machine Co. Ltd. | 361,000 | 1,089 | |
J-Oil Mills Inc. | 329,000 | 1,087 | |
T-Gaia Corp. | 77,600 | 1,084 | |
Jeol Ltd. | 283,000 | 1,080 | |
Press Kogyo Co. Ltd. | 325,900 | 1,079 | |
Pack Corp. | 42,100 | 1,078 | |
* | Unitika Ltd. | 2,006,000 | 1,075 |
Noritake Co. Ltd. | 473,000 | 1,074 | |
Sumitomo Riko Co. Ltd. | 134,100 | 1,068 | |
Tokyotokeiba Co. Ltd. | 545,000 | 1,067 | |
Nohmi Bosai Ltd. | 80,200 | 1,065 | |
^ | Okabe Co. Ltd. | 150,100 | 1,065 |
Nippon Television Holdings Inc. | 64,971 | 1,064 | |
Wakita & Co. Ltd. | 162,000 | 1,062 | |
* | Kintetsu Department Store Co. Ltd. | 320,000 | 1,059 |
Hitachi Koki Co. Ltd. | 177,100 | 1,056 | |
Fujimi Inc. | 72,000 | 1,055 | |
Namura Shipbuilding Co. Ltd. | 192,000 | 1,052 | |
Torii Pharmaceutical Co. Ltd. | 45,200 | 1,049 | |
Osaki Electric Co. Ltd. | 136,000 | 1,044 | |
Mitsui-Soko Holdings Co. Ltd. | 391,000 | 1,043 | |
Fujimori Kogyo Co. Ltd. | 55,100 | 1,038 | |
Hamakyorex Co. Ltd. | 56,100 | 1,033 | |
Shinko Plantech Co. Ltd. | 138,600 | 1,032 | |
Arcland Sakamoto Co. Ltd. | 93,000 | 1,031 | |
Stella Chemifa Corp. | 30,200 | 1,031 | |
^ | Kappa Create Co. Ltd. | 82,800 | 1,030 |
35
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Cawachi Ltd. | 43,200 | 1,027 | |
Justsystems Corp. | 123,800 | 1,025 | |
^ | Rock Field Co. Ltd. | 69,100 | 1,021 |
Chukyo Bank Ltd. | 434,000 | 1,016 | |
Funai Soken Holdings Inc. | 75,200 | 1,015 | |
Enplas Corp. | 38,500 | 1,014 | |
Toa Corp. (Tokyo Shares) | 639,000 | 1,009 | |
Pressance Corp. | 26,800 | 1,008 | |
Starzen Co. Ltd. | 27,400 | 1,005 | |
^ | Matsuya Co. Ltd. | 145,800 | 1,000 |
Kyokuto Kaihatsu Kogyo Co. Ltd. | 106,800 | 999 | |
^ | Fujita Kanko Inc. | 271,000 | 997 |
Okuwa Co. Ltd. | 96,000 | 997 | |
^ | JVC Kenwood Corp. | 487,200 | 996 |
Showa Corp. | 177,900 | 995 | |
Yorozu Corp. | 70,800 | 989 | |
Fukuda Corp. | 97,000 | 983 | |
Nichiden Corp. | 32,100 | 980 | |
Ryoyo Electro Corp. | 74,000 | 969 | |
Belluna Co. Ltd. | 173,800 | 968 | |
Juki Corp. | 108,700 | 968 | |
Ines Corp. | 98,200 | 964 | |
^ | Alpen Co. Ltd. | 59,000 | 962 |
Sagami Chain Co. Ltd. | 81,800 | 961 | |
^ | Union Tool Co. | 35,200 | 961 |
Teikoku Sen-I Co. Ltd. | 76,400 | 957 | |
Riken Corp. | 310,000 | 950 | |
Futaba Industrial Co. Ltd. | 202,300 | 950 | |
Fujibo Holdings Inc. | 395,000 | 947 | |
*,^ | Bell System24 Holdings Inc. | 117,875 | 939 |
Nagatanien Holdings Co. Ltd. | 79,000 | 939 | |
Nissin Corp. | 314,000 | 935 | |
Towa Bank Ltd. | 1,212,000 | 935 | |
Clarion Co. Ltd. | 383,000 | 934 | |
Denki Kogyo Co. Ltd. | 215,000 | 931 | |
G-Tekt Corp. | 76,300 | 927 | |
Tsurumi Manufacturing Co. Ltd. | 76,900 | 924 | |
Goldcrest Co. Ltd. | 58,500 | 920 | |
Daisan Bank Ltd. | 622,000 | 920 | |
^ | Kumiai Chemical Industry Co. Ltd. | 151,400 | 920 |
Nippon Kanzai Co. Ltd. | 58,100 | 917 | |
Ichiyoshi Securities Co. Ltd. | 128,000 | 913 | |
Canon Electronics Inc. | 66,300 | 913 | |
Wowow Inc. | 39,200 | 908 | |
^ | Pal Co. Ltd. | 38,400 | 901 |
Tsubaki Nakashima Co. Ltd. | 79,200 | 900 | |
^ | NichiiGakkan Co. Ltd. | 132,900 | 897 |
Neturen Co. Ltd. | 127,200 | 894 | |
Shindengen Electric Manufacturing Co. Ltd. | 281,000 | 887 | |
Maruzen Showa Unyu Co. Ltd. | 241,000 | 882 | |
^ | Arata Corp. | 40,600 | 881 |
Sakai Moving Service Co. Ltd. | 32,200 | 877 | |
UKC Holdings Corp. | 57,500 | 876 | |
Sumitomo Seika Chemicals Co. Ltd. | 158,000 | 875 | |
* | Tanseisha Co. Ltd. | 117,700 | 868 |
Warabeya Nichiyo Co. Ltd. | 47,300 | 868 | |
Kyodo Printing Co. Ltd. | 283,000 | 867 | |
Giken Ltd. | 46,600 | 866 | |
Jimoto Holdings Inc. | 628,500 | 866 | |
JSP Corp. | 43,500 | 862 | |
Maruwa Co. Ltd. | 29,400 | 859 | |
YAMABIKO Corp. | 118,700 | 856 | |
C Uyemura & Co. Ltd. | 21,200 | 850 | |
Oyo Corp. | 77,000 | 846 |
36
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Itoki Corp. | 153,400 | 845 | |
ESPEC Corp. | 68,400 | 845 | |
Kyokuyo Co. Ltd. | 334,000 | 844 | |
^ | Cosel Co. Ltd. | 82,400 | 841 |
Japan Digital Laboratory Co. Ltd. | 62,100 | 839 | |
^ | Daikokutenbussan Co. Ltd. | 17,800 | 839 |
Daiwa Industries Ltd. | 98,000 | 838 | |
Michinoku Bank Ltd. | 480,000 | 836 | |
Kansai Urban Banking Corp. | 95,800 | 834 | |
Yahagi Construction Co. Ltd. | 104,000 | 834 | |
Nitto Kohki Co. Ltd. | 39,300 | 832 | |
Dai Nippon Toryo Co. Ltd. | 449,000 | 829 | |
Idec Corp. | 94,100 | 828 | |
^ | Marvelous Inc. | 101,300 | 826 |
^ | Tsugami Corp. | 217,000 | 818 |
Kasai Kogyo Co. Ltd. | 90,600 | 817 | |
Kyokuto Securities Co. Ltd. | 77,500 | 816 | |
^ | OSAKA Titanium Technologies Co. Ltd. | 67,100 | 815 |
Daiken Corp. | 257,000 | 813 | |
Roland DG Corp. | 45,700 | 812 | |
Chiyoda Integre Co. Ltd. | 43,600 | 807 | |
Toyo Corp. | 84,800 | 807 | |
Sakai Chemical Industry Co. Ltd. | 297,000 | 800 | |
Tamura Corp. | 279,000 | 798 | |
^ | Studio Alice Co. Ltd. | 34,000 | 796 |
Meiko Network Japan Co. Ltd. | 65,500 | 795 | |
Itochu-Shokuhin Co. Ltd. | 19,700 | 789 | |
Yurtec Corp. | 116,000 | 788 | |
Qol Co. Ltd. | 60,000 | 784 | |
Senshukai Co. Ltd. | 118,900 | 783 | |
Mitani Sekisan Co. Ltd. | 38,500 | 781 | |
FIDEA Holdings Co. Ltd. | 595,300 | 780 | |
Nippon Synthetic Chemical Industry Co. Ltd. | 154,000 | 779 | |
^ | Torishima Pump Manufacturing Co. Ltd. | 78,300 | 774 |
Nippon Road Co. Ltd. | 202,000 | 773 | |
Tenma Corp. | 51,800 | 771 | |
^ | Sanyo Shokai Ltd. | 410,000 | 768 |
^ | Melco Holdings Inc. | 37,600 | 767 |
Matsuya Foods Co. Ltd. | 29,100 | 766 | |
Toho Co. Ltd. | 32,700 | 764 | |
Nihon Nohyaku Co. Ltd. | 170,600 | 764 | |
Shin-Etsu Polymer Co. Ltd. | 131,100 | 763 | |
Tocalo Co. Ltd. | 47,300 | 762 | |
^ | Keiyo Co. Ltd. | 149,600 | 759 |
Tamron Co. Ltd. | 56,700 | 759 | |
Sinfonia Technology Co. Ltd. | 468,000 | 758 | |
CONEXIO Corp. | 60,700 | 756 | |
^ | Sun Frontier Fudousan Co. Ltd. | 74,300 | 755 |
Kanematsu Electronics Ltd. | 42,700 | 750 | |
Aisan Industry Co. Ltd. | 116,800 | 750 | |
Kaga Electronics Co. Ltd. | 66,400 | 749 | |
Kato Works Co. Ltd. | 195,000 | 748 | |
Nippon Koei Co. Ltd. | 246,000 | 745 | |
Koatsu Gas Kogyo Co. Ltd. | 126,000 | 743 | |
* | Ishihara Sangyo Kaisha Ltd. | 1,271,000 | 743 |
Sanshin Electronics Co. Ltd. | 91,900 | 743 | |
Tsukuba Bank Ltd. | 279,200 | 743 | |
SMK Corp. | 217,000 | 742 | |
Meisei Industrial Co. Ltd. | 172,500 | 741 | |
^ | Toho Titanium Co. Ltd. | 116,700 | 740 |
Megachips Corp. | 67,100 | 738 | |
Osaka Steel Co. Ltd. | 42,500 | 738 | |
France Bed Holdings Co. Ltd. | 80,600 | 735 | |
Broadleaf Co. Ltd. | 80,100 | 734 |
37
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Nippon Thompson Co. Ltd. | 241,900 | 732 | |
Sanyo Denki Co. Ltd. | 160,000 | 724 | |
* | Fujiya Co. Ltd. | 383,000 | 722 |
Maeda Kosen Co. Ltd. | 77,200 | 722 | |
Daiichi Jitsugyo Co. Ltd. | 167,000 | 719 | |
Toa Corp. | 80,200 | 716 | |
* | Mitsubishi Paper Mills Ltd. | 1,034,000 | 714 |
Ministop Co. Ltd. | 44,100 | 713 | |
Tosei Corp. | 99,600 | 712 | |
^ | Mie Kotsu Group Holdings Inc. | 195,200 | 707 |
Tokyo Energy & Systems Inc. | 70,000 | 707 | |
Riken Technos Corp. | 170,100 | 705 | |
Nippon Chemi-Con Corp. | 581,000 | 705 | |
^ | Istyle Inc. | 99,100 | 704 |
Nittetsu Mining Co. Ltd. | 219,000 | 704 | |
Mars Engineering Corp. | 34,200 | 704 | |
Weathernews Inc. | 20,100 | 703 | |
*,^ | Laox Co. Ltd. | 101,800 | 700 |
^ | Nippon Carbon Co. Ltd. | 371,000 | 699 |
Fuso Pharmaceutical Industries Ltd. | 262,000 | 698 | |
Icom Inc. | 35,600 | 696 | |
Koa Corp. | 98,400 | 695 | |
Uchida Yoko Co. Ltd. | 156,000 | 691 | |
* | CMK Corp. | 171,100 | 688 |
*,^ | KLab Inc. | 108,800 | 686 |
Achilles Corp. | 564,000 | 686 | |
Asahi Co. Ltd. | 47,900 | 686 | |
Amuse Inc. | 36,800 | 685 | |
Mie Bank Ltd. | 397,000 | 685 | |
Nippon Beet Sugar Manufacturing Co. Ltd. | 384,000 | 684 | |
Advan Co. Ltd. | 62,000 | 683 | |
Fudo Tetra Corp. | 454,400 | 681 | |
^ | OSJB Holdings Corp. | 374,100 | 681 |
Toyo Kanetsu KK | 351,000 | 680 | |
CHIMNEY Co. Ltd. | 25,500 | 676 | |
Nippon Valqua Industries Ltd. | 265,000 | 674 | |
Kamei Corp. | 83,600 | 666 | |
Fuji Media Holdings Inc. | 59,326 | 665 | |
^ | Kurimoto Ltd. | 438,000 | 665 |
Information Services International-Dentsu Ltd. | 42,700 | 663 | |
Aichi Corp. | 93,400 | 662 | |
^ | Yushin Precision Equipment Co. Ltd. | 37,300 | 656 |
^ | WATAMI Co. Ltd. | 64,300 | 655 |
^ | Aeon Fantasy Co. Ltd. | 23,600 | 653 |
*,^ | Nippon Sharyo Ltd. | 249,000 | 652 |
K&O Energy Group Inc. | 51,300 | 650 | |
Shimizu Bank Ltd. | 29,800 | 648 | |
Keihanshin Building Co. Ltd. | 130,800 | 648 | |
Sac's Bar Holdings Inc. | 66,100 | 646 | |
Toyo Tanso Co. Ltd. | 50,500 | 645 | |
Hokkaido Gas Co. Ltd. | 241,000 | 645 | |
Hisaka Works Ltd. | 78,200 | 643 | |
^ | Nippon Parking Development Co. Ltd. | 534,100 | 641 |
Chiba Kogyo Bank Ltd. | 177,700 | 641 | |
Toenec Corp. | 126,000 | 641 | |
^ | Chuetsu Pulp & Paper Co. Ltd. | 322,000 | 640 |
^ | Tokyo Rope Manufacturing Co. Ltd. | 443,000 | 636 |
^ | Jamco Corp. | 35,200 | 636 |
Shinko Shoji Co. Ltd. | 66,700 | 635 | |
MTI Ltd. | 99,600 | 634 | |
Aiphone Co. Ltd. | 38,300 | 633 | |
Onoken Co. Ltd. | 56,000 | 628 | |
Nippon Denko Co. Ltd. | 411,700 | 627 | |
Mitsubishi Steel Manufacturing Co. Ltd. | 417,000 | 627 |
38
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Misawa Homes Co. Ltd. | 92,700 | 624 | |
Kita-Nippon Bank Ltd. | 25,600 | 624 | |
Mitsubishi Nichiyu Forklift Co. Ltd. | 111,100 | 623 | |
Takaoka Toko Co. Ltd. | 38,300 | 618 | |
^ | Zuiko Corp. | 14,200 | 605 |
Hioki EE Corp. | 31,900 | 602 | |
Sinanen Holdings Co. Ltd. | 157,000 | 602 | |
^ | Honeys Co. Ltd. | 54,900 | 599 |
Nippon Yakin Kogyo Co. Ltd. | 517,800 | 599 | |
Tosho Printing Co. Ltd. | 123,000 | 597 | |
Tonami Holdings Co. Ltd. | 234,000 | 595 | |
Hosokawa Micron Corp. | 116,000 | 595 | |
Yusen Logistics Co. Ltd. | 60,000 | 595 | |
Yomiuri Land Co. Ltd. | 137,000 | 591 | |
Elematec Corp. | 29,400 | 590 | |
Ryoden Corp. | 96,000 | 587 | |
Japan Transcity Corp. | 177,000 | 587 | |
Denyo Co. Ltd. | 56,600 | 587 | |
^ | Ateam Inc. | 33,800 | 585 |
Sekisui Plastics Co. Ltd. | 188,000 | 585 | |
Artnature Inc. | 73,000 | 577 | |
Shibusawa Warehouse Co. Ltd. | 216,000 | 576 | |
Komatsu Seiren Co. Ltd. | 97,400 | 576 | |
Takiron Co. Ltd. | 129,000 | 574 | |
^ | Hodogaya Chemical Co. Ltd. | 214,000 | 570 |
Fields Corp. | 46,000 | 565 | |
Arakawa Chemical Industries Ltd. | 61,500 | 565 | |
Hokkan Holdings Ltd. | 193,000 | 562 | |
Kourakuen Holdings Corp. | 37,700 | 561 | |
Tokyo Tekko Co. Ltd. | 158,000 | 559 | |
Mitsui High-Tec Inc. | 91,100 | 555 | |
Atsugi Co. Ltd. | 533,000 | 554 | |
^ | JP-Holdings Inc. | 203,500 | 554 |
Tsutsumi Jewelry Co. Ltd. | 28,300 | 552 | |
^ | U-Shin Ltd. | 83,900 | 548 |
Sumitomo Densetsu Co. Ltd. | 50,400 | 546 | |
Tomoku Co. Ltd. | 195,000 | 544 | |
Cleanup Corp. | 73,800 | 541 | |
* | KNT-CT Holdings Co. Ltd. | 390,000 | 541 |
Aderans Co. Ltd. | 110,000 | 539 | |
Noritsu Koki Co. Ltd. | 77,000 | 535 | |
*,^ | Akebono Brake Industry Co. Ltd. | 273,400 | 533 |
Asunaro Aoki Construction Co. Ltd. | 79,700 | 532 | |
Rhythm Watch Co. Ltd. | 322,000 | 531 | |
* | Fuji Oil Co. Ltd. | 160,500 | 530 |
^ | Right On Co. Ltd. | 40,800 | 530 |
Ichikoh Industries Ltd. | 206,000 | 527 | |
Nihon Dempa Kogyo Co. Ltd. | 62,800 | 522 | |
Godo Steel Ltd. | 353,000 | 521 | |
CMIC Holdings Co. Ltd. | 33,800 | 520 | |
Taiho Kogyo Co. Ltd. | 50,600 | 520 | |
Japan Radio Co. Ltd. | 205,000 | 515 | |
Kyosan Electric Manufacturing Co. Ltd. | 158,000 | 512 | |
Mito Securities Co. Ltd. | 225,800 | 509 | |
Chori Co. Ltd. | 39,300 | 508 | |
Gun-Ei Chemical Industry Co. Ltd. | 187,000 | 507 | |
Pronexus Inc. | 51,900 | 507 | |
Taisei Lamick Co. Ltd. | 18,400 | 499 | |
*,^ | Takata Corp. | 128,338 | 497 |
Teikoku Electric Manufacturing Co. Ltd. | 65,600 | 497 | |
Matsuda Sangyo Co. Ltd. | 40,200 | 495 | |
Mitsui Matsushima Co. Ltd. | 496,000 | 492 | |
Shinwa Co. Ltd. | 37,300 | 491 | |
Yushiro Chemical Industry Co. Ltd. | 39,200 | 491 |
39
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Mimasu Semiconductor Industry Co. Ltd. | 52,200 | 488 | |
Daisyo Corp. | 33,100 | 487 | |
Future Corp. | 66,900 | 487 | |
Fujikura Kasei Co. Ltd. | 90,600 | 485 | |
^ | Funai Electric Co. Ltd. | 55,100 | 483 |
Kitagawa Iron Works Co. Ltd. | 296,000 | 483 | |
^ | Japan Drilling Co. Ltd. | 22,200 | 475 |
Toyo Securities Co. Ltd. | 252,000 | 470 | |
^ | Nissei ASB Machine Co. Ltd. | 28,300 | 470 |
Happinet Corp. | 55,900 | 466 | |
SRA Holdings | 24,200 | 464 | |
Organo Corp. | 123,000 | 461 | |
NDS Co. Ltd. | 187,000 | 459 | |
Nihon Yamamura Glass Co. Ltd. | 309,000 | 457 | |
Seika Corp. | 193,000 | 456 | |
NS United Kaiun Kaisha Ltd. | 361,000 | 456 | |
Furuno Electric Co. Ltd. | 89,000 | 456 | |
Toli Corp. | 162,000 | 455 | |
* | SWCC Showa Holdings Co. Ltd. | 827,000 | 451 |
Japan Cash Machine Co. Ltd. | 56,800 | 450 | |
Parco Co. Ltd. | 56,200 | 449 | |
Zuken Inc. | 50,800 | 446 | |
^ | Pasona Group Inc. | 64,800 | 445 |
Chugai Ro Co. Ltd. | 211,000 | 444 | |
Kanaden Corp. | 52,300 | 441 | |
Gakken Holdings Co. Ltd. | 178,000 | 434 | |
Mitsubishi Research Institute Inc. | 14,200 | 432 | |
Sanoh Industrial Co. Ltd. | 80,600 | 429 | |
^ | Kobe Bussan Co. Ltd. | 20,600 | 423 |
Sankyo Seiko Co. Ltd. | 129,800 | 422 | |
Toyo Kohan Co. Ltd. | 177,000 | 421 | |
Tokyo Rakutenchi Co. Ltd. | 91,000 | 417 | |
T RAD Co. Ltd. | 242,000 | 415 | |
Alpha Systems Inc. | 25,900 | 414 | |
ASAHI YUKIZAI Corp. | 220,000 | 412 | |
Corona Corp. Class A | 41,000 | 404 | |
Nippon Chemiphar Co. Ltd. | 90,000 | 403 | |
Gecoss Corp. | 40,800 | 396 | |
^ | GCA Savvian Corp. | 46,700 | 394 |
Takihyo Co. Ltd. | 95,000 | 394 | |
Fujitsu Frontech Ltd. | 42,200 | 391 | |
Hakuto Co. Ltd. | 46,300 | 386 | |
Okura Industrial Co. Ltd. | 142,000 | 386 | |
Dunlop Sports Co. Ltd. | 42,600 | 382 | |
Inaba Seisakusho Co. Ltd. | 29,300 | 381 | |
Nice Holdings Inc. | 281,000 | 379 | |
Toda Kogyo Corp. | 140,000 | 377 | |
Daidoh Ltd. | 87,500 | 373 | |
NEC Capital Solutions Ltd. | 27,000 | 369 | |
*,^ | Shin Nippon Biomedical Laboratories Ltd. | 68,900 | 368 |
Kobelco Eco-Solutions Co. Ltd. | 98,000 | 363 | |
Mitsubishi Kakoki Kaisha Ltd. | 206,000 | 361 | |
Daikoku Denki Co. Ltd. | 25,600 | 360 | |
Tatsuta Electric Wire and Cable Co. Ltd. | 127,700 | 358 | |
Maezawa Kasei Industries Co. Ltd. | 36,400 | 357 | |
Mitsui Home Co. Ltd. | 84,000 | 354 | |
Maezawa Kyuso Industries Co. Ltd. | 27,700 | 354 | |
ST Corp. | 32,500 | 352 | |
Paris Miki Holdings Inc. | 84,100 | 350 | |
*,^ | Aplus Financial Co. Ltd. | 370,100 | 347 |
Krosaki Harima Corp. | 149,000 | 345 | |
Shimojima Co. Ltd. | 33,900 | 338 | |
Airport Facilities Co. Ltd. | 69,400 | 338 | |
* | Janome Sewing Machine Co. Ltd. | 60,500 | 334 |
40
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Showa Aircraft Industry Co. Ltd. | 37,700 | 332 | |
Tabuchi Electric Co. Ltd. | 96,000 | 331 | |
Cybozu Inc. | 88,700 | 328 | |
^ | Nippon Coke & Engineering Co. Ltd. | 538,100 | 325 |
Toyo Denki Seizo KK | 126,000 | 323 | |
Iwasaki Electric Co. Ltd. | 242,000 | 317 | |
CAC Holdings Corp. | 40,500 | 310 | |
Kinki Sharyo Co. Ltd. | 126,000 | 306 | |
Chuo Spring Co. Ltd. | 119,000 | 304 | |
Endo Lighting Corp. | 33,800 | 303 | |
Kitano Construction Corp. | 122,000 | 301 | |
Tokyo Electron Device Ltd. | 20,200 | 293 | |
^ | Srg Takamiya Co. Ltd. | 68,200 | 282 |
AOI Electronics Co. Ltd. | 13,900 | 265 | |
Dai-ichi Seiko Co. Ltd. | 27,700 | 262 | |
Panasonic Industrial Devices SUNX Co. Ltd. | 40,700 | 246 | |
Sumitomo Precision Products Co. Ltd. | 76,000 | 228 | |
Best Denki Co. Ltd. | 215,400 | 220 | |
Pocket Card Co. Ltd. | 40,700 | 205 | |
* | Kojima Co. Ltd. | 86,500 | 200 |
* | Nakayama Steel Works Ltd. | 392,000 | 191 |
NIFTY Corp. | 12,714 | 183 | |
Toa Oil Co. Ltd. | 148,000 | 162 | |
ValueCommerce Co. Ltd. | 47,700 | 160 | |
*,^ | FDK Corp. | 202,000 | 153 |
*,^ | Yamada SxL Home Co. Ltd. | 226,000 | 152 |
12,464,925 | |||
Malta (0.0%) | |||
* | BGP Holdings PLC | 7,179,555 | — |
Netherlands (2.5%) | |||
Unilever NV | 5,892,965 | 274,726 | |
ING Groep NV | 14,632,142 | 152,085 | |
ASML Holding NV | 1,216,577 | 120,591 | |
Unibail-Rodamco SE | 372,317 | 97,545 | |
Koninklijke Philips NV | 3,460,063 | 86,334 | |
Heineken NV | 819,887 | 75,760 | |
Koninklijke Ahold NV | 3,104,997 | 69,050 | |
RELX NV | 3,517,020 | 61,377 | |
Akzo Nobel NV | 937,552 | 58,985 | |
Wolters Kluwer NV | 1,103,571 | 45,098 | |
Koninklijke KPN NV | 11,770,199 | 42,692 | |
Koninklijke DSM NV | 661,826 | 38,348 | |
NN Group NV | 1,263,546 | 35,102 | |
* | ArcelorMittal | 6,941,039 | 31,957 |
Heineken Holding NV | 370,924 | 30,300 | |
Aegon NV | 7,193,147 | 28,693 | |
* | Altice NV Class A | 1,403,697 | 21,109 |
Gemalto NV | 307,369 | 18,825 | |
Randstad Holding NV | 414,445 | 16,693 | |
2 | ABN AMRO Group NV | 827,365 | 13,722 |
Koninklijke Vopak NV | 251,494 | 12,597 | |
Aalberts Industries NV | 364,617 | 10,999 | |
Boskalis Westminster | 294,685 | 10,164 | |
SBM Offshore NV | 692,053 | 8,064 | |
IMCD Group NV | 199,220 | 7,887 | |
* | Galapagos NV | 141,232 | 7,802 |
Eurocommercial Properties NV | 175,162 | 7,515 | |
ASM International NV | 183,444 | 7,158 | |
* | Altice NV Class B | 470,173 | 7,101 |
Wereldhave NV | 151,345 | 6,868 | |
* | PostNL NV | 1,664,522 | 6,852 |
APERAM SA | 178,594 | 6,294 | |
Delta Lloyd NV | 1,723,977 | 6,124 |
41
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Corbion NV | 224,298 | 5,405 | |
TKH Group NV | 155,404 | 5,256 | |
2 | GrandVision NV | 196,116 | 5,112 |
* | OCI NV | 316,519 | 4,321 |
Arcadis NV | 262,181 | 3,988 | |
* | Fugro NV | 225,163 | 3,971 |
2 | Flow Traders | 110,316 | 3,817 |
* | TomTom NV | 441,344 | 3,425 |
^ | Koninklijke BAM Groep NV | 803,115 | 2,939 |
2 | Refresco Group NV | 193,278 | 2,878 |
Vastned Retail NV | 69,417 | 2,819 | |
Wessanen | 199,640 | 2,109 | |
NSI NV | 500,740 | 2,015 | |
Accell Group | 95,080 | 1,972 | |
Brunel International NV | 70,110 | 1,297 | |
BinckBank NV | 223,364 | 1,120 | |
1,476,861 | |||
New Zealand (0.3%) | |||
Spark New Zealand Ltd. | 6,879,760 | 17,436 | |
Fletcher Building Ltd. | 2,614,427 | 16,074 | |
Auckland International Airport Ltd. | 3,372,781 | 15,677 | |
Fisher & Paykel Healthcare Corp. Ltd. | 2,139,727 | 15,359 | |
Ryman Healthcare Ltd. | 1,580,256 | 10,529 | |
Contact Energy Ltd. | 2,717,226 | 10,069 | |
Meridian Energy Ltd. | 4,650,724 | 8,781 | |
Z Energy Ltd. | 1,379,133 | 7,967 | |
SKYCITY Entertainment Group Ltd. | 2,423,493 | 7,924 | |
Mighty River Power Ltd. | 2,613,921 | 5,632 | |
Kiwi Property Group Ltd. | 4,884,181 | 5,198 | |
Trade Me Group Ltd. | 1,557,660 | 5,159 | |
SKY Network Television Ltd. | 1,465,687 | 4,991 | |
Chorus Ltd. | 1,515,950 | 4,569 | |
* | Xero Ltd. | 341,137 | 4,451 |
EBOS Group Ltd. | 329,959 | 3,857 | |
Goodman Property Trust | 4,036,387 | 3,740 | |
*,^ | a2 Milk Co. Ltd. | 2,735,170 | 3,582 |
Mainfreight Ltd. | 292,154 | 3,473 | |
Infratil Ltd. | 1,492,845 | 3,413 | |
Air New Zealand Ltd. | 2,044,112 | 3,072 | |
Precinct Properties New Zealand Ltd. | 3,136,013 | 2,789 | |
Genesis Energy Ltd. | 1,785,953 | 2,730 | |
Nuplex Industries Ltd. | 689,527 | 2,587 | |
Freightways Ltd. | 553,951 | 2,562 | |
Summerset Group Holdings Ltd. | 797,212 | 2,498 | |
Argosy Property Ltd. | 2,926,021 | 2,396 | |
Vector Ltd. | 966,060 | 2,278 | |
Metlifecare Ltd. | 452,183 | 1,785 | |
^ | Vital Healthcare Property Trust | 1,054,762 | 1,681 |
Warehouse Group Ltd. | 556,183 | 1,101 | |
Heartland Bank Ltd. | 1,206,074 | 1,017 | |
* | New Zealand Refining Co. Ltd. | 398,504 | 692 |
Kathmandu Holdings Ltd. | 607,294 | 663 | |
TOWER Ltd. | 620,857 | 609 | |
* | New Zealand Oil & Gas Ltd. | 1,097,473 | 361 |
* | NZME Ltd. | 638,779 | 348 |
* | Vital Healthcare Property Trust Rights Expire 07/19/2016 | 234,391 | 18 |
187,068 | |||
Norway (0.6%) | |||
Statoil ASA | 3,625,166 | 62,771 | |
DNB ASA | 4,056,156 | 49,040 | |
Telenor ASA | 2,629,906 | 43,439 | |
Orkla ASA | 2,955,813 | 26,182 | |
Marine Harvest ASA | 1,415,162 | 23,804 | |
Yara International ASA | 666,514 | 21,160 |
42
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Norsk Hydro ASA | 5,072,439 | 18,539 | |
Gjensidige Forsikring ASA | 644,498 | 10,699 | |
*,^ | Subsea 7 SA | 1,034,697 | 10,127 |
Schibsted ASA Class B | 337,643 | 9,665 | |
Schibsted ASA Class A | 306,708 | 9,152 | |
TGS Nopec Geophysical Co. ASA | 393,195 | 6,430 | |
* | Storebrand ASA | 1,677,138 | 6,326 |
Tomra Systems ASA | 553,644 | 5,910 | |
Salmar ASA | 192,730 | 5,755 | |
* | Det Norske Oljeselskap ASA | 418,896 | 5,100 |
Bakkafrost P/F | 120,953 | 4,564 | |
*,^ | Seadrill Ltd. | 1,368,857 | 4,488 |
Leroy Seafood Group ASA | 88,511 | 4,169 | |
2 | XXL ASA | 365,027 | 4,162 |
Veidekke ASA | 276,069 | 3,320 | |
Atea ASA | 345,802 | 3,299 | |
Kongsberg Gruppen ASA | 187,738 | 2,760 | |
SpareBank 1 SMN | 472,845 | 2,643 | |
*,^ | DNO ASA | 2,277,881 | 2,560 |
*,^ | Nordic Semiconductor ASA | 599,124 | 2,454 |
SpareBank 1 SR-Bank ASA | 480,572 | 2,383 | |
*,2 | Aker Solutions ASA | 540,497 | 2,346 |
Aker ASA | 87,908 | 2,245 | |
Austevoll Seafood ASA | 266,394 | 2,226 | |
2 | Entra ASA | 224,907 | 2,127 |
*,^ | Petroleum Geo-Services ASA | 776,455 | 1,847 |
Hoegh LNG Holdings Ltd. | 151,287 | 1,497 | |
*,^ | Norwegian Air Shuttle ASA | 39,068 | 1,350 |
*,^ | REC Silicon ASA | 7,207,643 | 1,289 |
^ | Ocean Yield ASA | 141,311 | 1,036 |
2 | BW LPG Ltd. | 253,629 | 964 |
Norwegian Property ASA | 867,458 | 946 | |
Stolt-Nielsen Ltd. | 65,595 | 798 | |
^ | Wilh Wilhelmsen ASA | 241,675 | 608 |
*,^ | Opera Software ASA | 73,909 | 594 |
*,^ | Akastor ASA | 493,953 | 551 |
* | Treasure ASA | 241,675 | 459 |
^ | Prosafe SE | 735,716 | 74 |
371,858 | |||
Portugal (0.2%) | |||
Galp Energia SGPS SA | 1,812,225 | 25,167 | |
EDP - Energias de Portugal SA | 7,311,197 | 22,454 | |
Jeronimo Martins SGPS SA | 929,320 | 14,641 | |
EDP Renovaveis SA | 773,047 | 5,853 | |
NOS SGPS SA | 851,886 | 5,190 | |
CTT-Correios de Portugal SA | 579,010 | 4,588 | |
*,^ | Banco Comercial Portugues SA | 156,734,640 | 3,241 |
Sonae SGPS SA | 3,643,142 | 2,868 | |
REN - Redes Energeticas Nacionais SGPS SA | 994,426 | 2,812 | |
Navigator Co. SA | 944,342 | 2,640 | |
* | Banco BPI SA | 1,314,081 | 1,626 |
Semapa-Sociedade de Investimento e Gestao | 86,561 | 954 | |
Altri SGPS SA | 269,742 | 873 | |
Mota-Engil SGPS SA | 283,180 | 470 | |
Sonaecom SGPS SA | 88,420 | 223 | |
* | Banco Espirito Santo SA | 10,412,510 | 10 |
93,610 | |||
Singapore (1.3%) | |||
Singapore Telecommunications Ltd. | 27,743,577 | 85,795 | |
Oversea-Chinese Banking Corp. Ltd. | 12,322,734 | 80,311 | |
DBS Group Holdings Ltd. | 6,754,018 | 79,576 | |
United Overseas Bank Ltd. | 4,554,545 | 62,893 | |
Keppel Corp. Ltd. | 5,396,019 | 22,160 | |
CapitaLand Ltd. | 9,614,153 | 22,085 |
43
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Wilmar International Ltd. | 8,027,953 | 19,558 | |
Singapore Press Holdings Ltd. | 6,036,286 | 17,822 | |
Singapore Exchange Ltd. | 3,107,995 | 17,705 | |
ComfortDelGro Corp. Ltd. | 7,811,349 | 16,010 | |
CapitaLand Mall Trust | 10,067,553 | 15,986 | |
Singapore Airlines Ltd. | 1,990,326 | 15,786 | |
Ascendas REIT | 8,328,467 | 15,386 | |
Global Logistic Properties Ltd. | 11,323,231 | 15,282 | |
Singapore Technologies Engineering Ltd. | 5,918,789 | 13,972 | |
City Developments Ltd. | 2,238,838 | 13,641 | |
Genting Singapore plc | 22,747,494 | 12,415 | |
Suntec REIT | 9,281,478 | 12,271 | |
Jardine Cycle & Carriage Ltd. | 420,873 | 11,548 | |
Hutchison Port Holdings Trust | 18,982,589 | 8,720 | |
CapitaLand Commercial Trust | 7,735,434 | 8,509 | |
SATS Ltd. | 2,430,300 | 7,425 | |
UOL Group Ltd. | 1,800,295 | 7,344 | |
Sembcorp Industries Ltd. | 3,416,784 | 7,196 | |
Golden Agri-Resources Ltd. | 24,596,156 | 6,449 | |
StarHub Ltd. | 2,271,069 | 6,397 | |
Mapletree Industrial Trust | 4,760,500 | 6,090 | |
Singapore Post Ltd. | 5,515,112 | 6,035 | |
Venture Corp. Ltd. | 960,458 | 5,902 | |
Keppel REIT | 7,129,000 | 5,570 | |
Yangzijiang Shipbuilding Holdings Ltd. | 8,018,928 | 5,403 | |
Mapletree Commercial Trust | 4,868,200 | 5,352 | |
Mapletree Greater China Commercial Trust | 6,955,800 | 5,226 | |
Mapletree Logistics Trust | 5,446,700 | 4,061 | |
^ | Sembcorp Marine Ltd. | 3,293,784 | 3,845 |
* | Raffles Medical Group Ltd. | 3,233,500 | 3,630 |
Frasers Centrepoint Trust | 2,000,400 | 3,163 | |
SMRT Corp. Ltd. | 2,781,571 | 3,112 | |
^ | Olam International Ltd. | 2,183,727 | 3,015 |
Starhill Global REIT | 5,097,900 | 2,979 | |
United Engineers Ltd. | 1,686,000 | 2,750 | |
Keppel Infrastructure Trust | 7,162,600 | 2,637 | |
*,^ | Noble Group Ltd. | 17,167,963 | 2,582 |
Parkway Life REIT | 1,401,000 | 2,517 | |
Ascott Residence Trust | 3,097,900 | 2,509 | |
CDL Hospitality Trusts | 2,330,400 | 2,445 | |
SIA Engineering Co. Ltd. | 891,977 | 2,435 | |
M1 Ltd. | 1,155,340 | 2,345 | |
* | Genting Hong Kong Ltd. | 7,753,600 | 2,249 |
Yanlord Land Group Ltd. | 2,572,036 | 2,180 | |
CapitaLand Retail China Trust | 1,928,500 | 2,149 | |
First Resources Ltd. | 1,733,100 | 2,022 | |
Asian Pay Television Trust | 5,092,200 | 2,005 | |
Cache Logistics Trust | 3,125,800 | 1,997 | |
Frasers Commercial Trust | 2,076,400 | 1,970 | |
*,^ | Ezion Holdings Ltd. | 5,009,100 | 1,941 |
Cambridge Industrial Trust | 4,735,500 | 1,937 | |
Lippo Malls Indonesia Retail Trust | 7,224,300 | 1,880 | |
2 | ARA Asset Management Ltd. | 1,819,100 | 1,874 |
Ascendas India Trust | 2,523,900 | 1,852 | |
Wing Tai Holdings Ltd. | 1,484,975 | 1,803 | |
First REIT | 1,863,200 | 1,731 | |
Frasers Centrepoint Ltd. | 1,506,939 | 1,715 | |
*,^ | Yoma Strategic Holdings Ltd. | 3,952,700 | 1,655 |
OUE Hospitality Trust | 3,189,500 | 1,625 | |
^ | Keppel DC REIT | 1,930,500 | 1,594 |
Croesus Retail Trust | 2,586,100 | 1,567 | |
^ | SIIC Environment Holdings Ltd. | 3,283,700 | 1,514 |
Ascendas Hospitality Trust | 2,993,300 | 1,502 | |
Religare Health Trust | 2,053,400 | 1,501 |
44
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Far East Hospitality Trust | 3,252,600 | 1,474 | |
SPH REIT | 2,118,400 | 1,465 | |
Soilbuild Business Space REIT | 2,628,700 | 1,339 | |
Accordia Golf Trust | 2,895,900 | 1,293 | |
OUE Ltd. | 1,007,000 | 1,153 | |
Silverlake Axis Ltd. | 3,004,700 | 1,149 | |
* | Noble Group Ltd. Rights Expire 7/18/2016 | 17,047,963 | 1,139 |
Perennial Real Estate Holdings Ltd. | 1,557,300 | 1,042 | |
Sarine Technologies Ltd. | 808,200 | 1,023 | |
* | GL Ltd. | 1,636,000 | 1,010 |
Sabana Shari'ah Compliant Industrial REIT | 2,558,400 | 998 | |
Super Group Ltd. | 1,504,100 | 926 | |
^ | Hyflux Ltd. | 1,997,200 | 895 |
*,^ | COSCO Corp. Singapore Ltd. | 3,804,469 | 856 |
^ | China Everbright Water Ltd. | 1,801,700 | 853 |
^ | Midas Holdings Ltd. | 3,547,200 | 689 |
Bumitama Agri Ltd. | 1,146,800 | 654 | |
Indofood Agri Resources Ltd. | 1,734,900 | 621 | |
CSE Global Ltd. | 1,543,300 | 504 | |
Boustead Singapore Ltd. | 777,000 | 461 | |
Keppel Telecommunications & Transportation Ltd. | 417,900 | 434 | |
* | GMG Global Ltd. | 1,044,500 | 428 |
Raffles Education Corp. Ltd. | 2,729,300 | 404 | |
* | Gallant Venture Ltd. | 2,530,300 | 395 |
*,^ | Ezra Holdings Ltd. | 7,098,100 | 389 |
* | Ying Li International Real Estate Ltd. | 3,447,000 | 353 |
*,^ | Vard Holdings Ltd. | 1,997,500 | 253 |
Hi-P International Ltd. | 348,600 | 105 | |
* | Ezion Holdings Ltd Warrants Expire 04/15/2020 | 647,580 | 73 |
*,^ | Neptune Orient Lines Ltd. | 14,000 | 13 |
748,499 | |||
South Korea (4.2%) | |||
Samsung Electronics Co. Ltd. | 333,682 | 415,387 | |
Samsung Electronics Co. Ltd. Preference Shares | 74,878 | 77,303 | |
Hyundai Motor Co. | 548,983 | 65,030 | |
NAVER Corp. | 100,216 | 62,314 | |
SK Hynix Inc. | 2,001,901 | 56,898 | |
Hyundai Mobis Co. Ltd. | 251,517 | 55,067 | |
Shinhan Financial Group Co. Ltd. | 1,566,738 | 51,728 | |
Korea Electric Power Corp. | 960,615 | 50,695 | |
KT&G Corp. | 418,702 | 49,630 | |
Samsung Electronics Co. Ltd. GDR | 79,237 | 49,454 | |
Amorepacific Corp. | 120,721 | 45,497 | |
POSCO | 256,799 | 45,371 | |
LG Chem Ltd. | 165,906 | 37,944 | |
KB Financial Group Inc. | 1,294,358 | 36,924 | |
Kia Motors Corp. | 977,071 | 36,799 | |
LG Household & Health Care Ltd. | 34,105 | 33,081 | |
Samsung Fire & Marine Insurance Co. Ltd. | 124,132 | 28,410 | |
SK Innovation Co. Ltd. | 230,513 | 28,384 | |
Samsung C&T Corp. | 253,260 | 27,104 | |
Samsung Life Insurance Co. Ltd. | 278,149 | 24,360 | |
*,^ | Celltrion Inc. | 275,471 | 23,193 |
Hana Financial Group Inc. | 1,118,297 | 22,716 | |
SK Holdings Co. Ltd. | 126,584 | 22,297 | |
LG Display Co. Ltd. | 860,229 | 19,820 | |
Samsung SDI Co. Ltd. | 208,891 | 19,750 | |
LG Electronics Inc. | 413,814 | 19,495 | |
LG Corp. | 338,973 | 18,758 | |
Coway Co. Ltd. | 201,901 | 18,352 | |
Korea Zinc Co. Ltd. | 37,696 | 16,630 | |
*,^ | Hyundai Heavy Industries Co. Ltd. | 176,649 | 16,532 |
AMOREPACIFIC Group | 106,754 | 15,624 | |
Samsung SDS Co. Ltd. | 122,691 | 15,289 |
45
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^ | Hanmi Pharm Co. Ltd. | 24,248 | 14,989 |
Kangwon Land Inc. | 410,679 | 14,901 | |
Korea Aerospace Industries Ltd. | 224,593 | 14,397 | |
Lotte Chemical Corp. | 55,264 | 13,772 | |
NCSoft Corp. | 64,992 | 13,324 | |
Hankook Tire Co. Ltd. | 283,077 | 12,599 | |
Orion Corp. | 15,055 | 12,317 | |
E-MART Inc. | 80,046 | 12,028 | |
Hyundai Motor Co. 2nd Preference Shares | 143,129 | 12,013 | |
SK Telecom Co. Ltd. ADR | 572,468 | 11,976 | |
Hyundai Steel Co. | 283,764 | 11,434 | |
Dongbu Insurance Co. Ltd. | 176,719 | 10,639 | |
S-Oil Corp. | 159,502 | 10,555 | |
Hyundai Glovis Co. Ltd. | 70,023 | 10,431 | |
Industrial Bank of Korea | 1,006,458 | 9,812 | |
Hyosung Corp. | 89,363 | 9,758 | |
^ | Kakao Corp. | 118,765 | 9,653 |
Woori Bank | 1,144,110 | 9,511 | |
CJ CheilJedang Corp. | 27,391 | 9,242 | |
Samsung Electro-Mechanics Co. Ltd. | 208,293 | 9,118 | |
CJ Corp. | 49,869 | 8,790 | |
GS Holdings Corp. | 196,342 | 8,176 | |
Hyundai Development Co-Engineering & Construction | 233,113 | 8,070 | |
Amorepacific Corp. Preference Shares | 37,318 | 8,032 | |
Hyundai Engineering & Construction Co. Ltd. | 273,260 | 7,995 | |
LG Uplus Corp. | 817,156 | 7,734 | |
BNK Financial Group Inc. | 1,091,651 | 7,687 | |
Yuhan Corp. | 28,794 | 7,655 | |
^ | BGF retail Co. Ltd. | 38,594 | 7,215 |
Lotte Shopping Co. Ltd. | 40,697 | 7,161 | |
^ | Hotel Shilla Co. Ltd. | 117,352 | 7,003 |
KCC Corp. | 20,909 | 6,934 | |
Daelim Industrial Co. Ltd. | 103,147 | 6,877 | |
S-1 Corp. | 71,811 | 6,733 | |
Hyundai Department Store Co. Ltd. | 58,524 | 6,555 | |
Hyundai Motor Co. Preference Shares | 78,800 | 6,476 | |
Hanwha Chemical Corp. | 308,720 | 6,459 | |
Samsung Securities Co. Ltd. | 203,693 | 6,330 | |
^ | Hanmi Science Co. ltd | 45,090 | 6,040 |
Hanwha Techwin Co. Ltd. | 141,101 | 5,980 | |
Hanon Systems | 633,322 | 5,815 | |
Hyundai Marine & Fire Insurance Co. Ltd. | 227,873 | 5,787 | |
Hanwha Corp. | 185,077 | 5,765 | |
^ | Medy-Tox Inc. | 15,166 | 5,732 |
KT Corp. | 221,006 | 5,690 | |
*,^ | ViroMed Co. Ltd. | 45,654 | 5,646 |
*,^ | OCI Co. Ltd. | 69,225 | 5,512 |
Korea Investment Holdings Co. Ltd. | 145,348 | 5,373 | |
^ | Hanssem Co. Ltd. | 38,622 | 5,332 |
*,^ | Samsung Engineering Co. Ltd. | 584,192 | 5,249 |
*,^ | CJ Korea Express Corp. | 27,412 | 5,167 |
*,^ | Kumho Tire Co. Inc. | 589,559 | 4,894 |
Mirae Asset Securities Co. Ltd. | 239,594 | 4,871 | |
^ | Mando Corp. | 25,693 | 4,861 |
Shinhan Financial Group Co. Ltd. ADR | 146,931 | 4,811 | |
Mirae Asset Daewoo Co. Ltd. | 700,765 | 4,804 | |
Hyundai Wia Corp. | 60,811 | 4,737 | |
Hanwha Life Insurance Co. Ltd. | 938,635 | 4,721 | |
LG Chem Ltd. Preference Shares | 28,067 | 4,695 | |
*,^ | Samsung Heavy Industries Co. Ltd. | 570,314 | 4,633 |
^ | Korea Kolmar Co. Ltd. | 52,512 | 4,577 |
^ | KEPCO Plant Service & Engineering Co. Ltd. | 80,886 | 4,577 |
Samsung Card Co. Ltd. | 125,321 | 4,516 | |
DGB Financial Group Inc. | 595,819 | 4,505 |
46
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Shinsegae Co. Ltd. | 26,357 | 4,470 | |
^ | CJ CGV Co. Ltd. | 48,394 | 4,352 |
^ | SK Chemicals Co. Ltd. | 67,255 | 4,253 |
^ | Kolon Industries Inc. | 67,477 | 4,249 |
CJ E&M Corp. | 70,153 | 4,244 | |
SK Telecom Co. Ltd. | 22,679 | 4,244 | |
*,^ | Com2uSCorp | 37,008 | 4,234 |
*,^ | GS Engineering & Construction Corp. | 171,465 | 4,179 |
KB Financial Group Inc. ADR | 146,258 | 4,163 | |
NH Investment & Securities Co. Ltd. | 505,774 | 4,064 | |
^ | NongShim Co. Ltd. | 12,420 | 4,036 |
^ | Youngone Corp. | 111,548 | 4,021 |
LG Innotek Co. Ltd. | 57,101 | 3,934 | |
Posco Daewoo Corp. | 178,642 | 3,906 | |
*,^ | Daewoo Engineering & Construction Co. Ltd. | 771,922 | 3,791 |
LG Household & Health Care Ltd. Preference Shares | 6,565 | 3,776 | |
Korean Reinsurance Co. | 349,846 | 3,709 | |
Cheil Worldwide Inc. | 249,042 | 3,655 | |
Lotte Chilsung Beverage Co. Ltd. | 2,335 | 3,627 | |
Korea Gas Corp. | 103,964 | 3,590 | |
^ | Kumho Petrochemical Co. Ltd. | 68,332 | 3,574 |
Lotte Confectionery Co. Ltd. | 20,900 | 3,550 | |
*,^ | NHN Entertainment Corp. | 62,761 | 3,520 |
Doosan Heavy Industries & Construction Co. Ltd. | 188,924 | 3,514 | |
Hyundai Securities Co. Ltd. | 633,022 | 3,480 | |
^ | Dongsuh Cos. Inc. | 119,336 | 3,466 |
*,^ | LIG Nex1 Co. Ltd. | 40,547 | 3,454 |
^ | Green Cross Holdings Corp. | 104,383 | 3,442 |
^ | Ottogi Corp. | 4,747 | 3,398 |
^ | Green Cross Corp. | 20,594 | 3,365 |
*,^ | Komipharm International Co. Ltd. | 114,013 | 3,349 |
LS Corp. | 67,779 | 3,319 | |
* | Korean Air Lines Co. Ltd. | 142,988 | 3,250 |
^ | Cosmax Inc. | 21,705 | 3,245 |
^ | Doosan Corp. | 39,635 | 3,228 |
^ | Meritz Securities Co. Ltd. | 1,136,668 | 3,216 |
KB Insurance Co. Ltd. | 131,598 | 3,208 | |
^ | Fila Korea Ltd. | 39,555 | 3,122 |
*,^ | Doosan Infracore Co. Ltd. | 517,169 | 3,104 |
SK Networks Co. Ltd. | 588,721 | 3,051 | |
^ | Innocean Worldwide Inc. | 42,789 | 3,017 |
^ | Hyundai Greenfood Co. Ltd. | 185,679 | 3,009 |
^ | LG International Corp. | 89,488 | 2,928 |
^ | Samyang Holdings Corp. | 21,202 | 2,702 |
^ | GS Retail Co. Ltd. | 56,375 | 2,684 |
*,^ | LG Life Sciences Ltd. | 42,453 | 2,671 |
*,^ | Osstem Implant Co. Ltd. | 38,970 | 2,644 |
^ | KIWOOM Securities Co. Ltd. | 42,072 | 2,631 |
^ | LG Hausys Ltd. | 23,125 | 2,572 |
^ | Eo Technics Co. Ltd. | 30,001 | 2,546 |
*,^ | Hanall Biopharma Co. Ltd. | 137,365 | 2,525 |
Meritz Fire & Marine Insurance Co. Ltd. | 192,856 | 2,462 | |
^ | Kolon Life Science Inc. | 17,715 | 2,428 |
*,^ | Ilyang Pharmaceutical Co. Ltd. | 47,746 | 2,408 |
^ | Tongyang Inc. | 845,952 | 2,385 |
*,^ | Hyundai Mipo Dockyard Co. Ltd. | 38,758 | 2,349 |
Hyundai Home Shopping Network Corp. | 21,279 | 2,343 | |
LS Industrial Systems Co. Ltd. | 55,872 | 2,324 | |
^ | JW Pharmaceutical Corp. | 42,497 | 2,319 |
^ | Hana Tour Service Inc. | 31,414 | 2,301 |
^ | Paradise Co. Ltd. | 172,294 | 2,294 |
^ | Bukwang Pharmaceutical Co. Ltd. | 73,295 | 2,214 |
^ | Hite Jinro Co. Ltd. | 105,729 | 2,194 |
^ | Korea Petrochemical Ind Co. Ltd. | 10,394 | 2,184 |
47
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
* | Hugel Inc. | 7,747 | 2,151 |
*,^ | Genexine Co. Ltd. | 41,535 | 2,137 |
^ | Chong Kun Dang Pharmaceutical Corp. | 22,040 | 2,134 |
*,^ | HLB Inc. | 116,398 | 2,118 |
*,^ | Pan Ocean Co. Ltd. | 680,785 | 2,095 |
KT Corp. ADR | 145,490 | 2,075 | |
^ | Lotte Food Co. Ltd. | 2,757 | 2,044 |
*,^ | iNtRON Biotechnology Inc. | 42,774 | 2,032 |
SK Materials Co. Ltd. | 18,903 | 2,028 | |
Korea Electric Terminal Co. Ltd. | 25,913 | 2,026 | |
^ | Hansae Co. Ltd. | 61,501 | 2,013 |
*,^ | Medipost Co. Ltd. | 26,093 | 2,003 |
^ | Hansol Chemical Co. Ltd. | 30,009 | 1,984 |
*,^ | Hyundai Elevator Co. Ltd. | 36,058 | 1,954 |
*,^ | SM Entertainment Co. | 61,463 | 1,950 |
* | WONIK IPS Co. Ltd. | 96,319 | 1,911 |
Dong-A ST Co. Ltd. | 16,155 | 1,904 | |
^ | Korea Real Estate Investment & Trust Co. Ltd. | 583,199 | 1,894 |
JB Financial Group Co. Ltd. | 382,602 | 1,893 | |
SKC Co. Ltd. | 78,169 | 1,848 | |
^ | LOTTE Fine Chemical Co. Ltd. | 67,963 | 1,845 |
Daou Technology Inc. | 89,011 | 1,817 | |
*,^ | Dongbu HiTek Co. Ltd. | 110,667 | 1,778 |
^ | Seoul Semiconductor Co. Ltd. | 137,036 | 1,776 |
*,^ | Binex Co. Ltd. | 84,261 | 1,760 |
Poongsan Corp. | 68,929 | 1,760 | |
Hankook Tire Worldwide Co. Ltd. | 91,021 | 1,760 | |
^ | LOTTE Himart Co. Ltd. | 43,430 | 1,743 |
*,^ | GemVax & Kael Co. Ltd. | 94,318 | 1,736 |
^ | IS Dongseo Co. Ltd. | 32,784 | 1,728 |
*,^ | Chabiotech Co. Ltd. | 126,798 | 1,713 |
Handsome Co. Ltd. | 50,030 | 1,708 | |
^ | Daesang Corp. | 70,608 | 1,683 |
GS Home Shopping Inc. | 11,210 | 1,669 | |
*,^ | DIO Corp. | 39,934 | 1,663 |
CJ O Shopping Co. Ltd. | 10,844 | 1,658 | |
^ | Amicogen Inc. | 30,008 | 1,657 |
*,^ | It's Skin Co. Ltd. | 22,339 | 1,617 |
*,^ | Caregen Co. Ltd. | 15,733 | 1,613 |
S&T Motiv Co. Ltd. | 27,889 | 1,579 | |
Grand Korea Leisure Co. Ltd. | 67,927 | 1,578 | |
Dong-A Socio Holdings Co. Ltd. | 10,292 | 1,569 | |
^ | Hanjin Kal Corp. | 108,315 | 1,564 |
Taekwang Industrial Co. Ltd. | 2,058 | 1,551 | |
* | Dongkuk Steel Mill Co. Ltd. | 218,079 | 1,542 |
LG Electronics Inc. Preference Shares | 61,120 | 1,534 | |
Young Poong Corp. | 1,830 | 1,532 | |
Koh Young Technology Inc. | 42,934 | 1,527 | |
*,^ | Seegene Inc. | 52,551 | 1,521 |
^ | SFA Engineering Corp. | 34,604 | 1,499 |
^ | Soulbrain Co. Ltd. | 30,556 | 1,481 |
^ | Daewoong Pharmaceutical Co. Ltd. | 16,162 | 1,468 |
Huchems Fine Chemical Corp. | 79,457 | 1,463 | |
Halla Holdings Corp. | 27,522 | 1,459 | |
Nexen Tire Corp. | 125,959 | 1,444 | |
*,^ | Daewoo Shipbuilding & Marine Engineering Co. Ltd. | 382,004 | 1,424 |
^ | Loen Entertainment Inc. | 22,200 | 1,416 |
InBody Co. Ltd. | 39,526 | 1,404 | |
DuzonBizon Co. Ltd. | 68,438 | 1,400 | |
^ | Samlip General Foods Co. Ltd. | 8,570 | 1,397 |
Hanwha General Insurance Co. Ltd. | 220,122 | 1,396 | |
^ | Dae Hwa Pharmaceutical Co. Ltd. | 40,049 | 1,362 |
^ | Dongwon Industries Co. Ltd. | 4,951 | 1,344 |
^ | Partron Co. Ltd. | 144,173 | 1,329 |
48
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Samsung Fire & Marine Insurance Co. Ltd. Preference Shares | 8,757 | 1,323 | |
* | Gamevil Inc. | 17,417 | 1,289 |
^ | YG Entertainment Inc. | 36,301 | 1,270 |
*,^ | Hyundai Rotem Co. Ltd. | 81,342 | 1,267 |
* | Asiana Airlines Inc. | 331,630 | 1,263 |
^ | JW Holdings Corp. | 114,236 | 1,260 |
^ | LF Corp. | 67,136 | 1,237 |
*,^ | NUTRIBIOTECH Co. Ltd. | 19,010 | 1,221 |
NICE Holdings Co. Ltd. | 67,429 | 1,218 | |
^ | Korea Kolmar Holdings Co. Ltd. | 23,145 | 1,216 |
^ | Hanjin Transportation Co. Ltd. | 43,361 | 1,211 |
^ | LEENO Industrial Inc. | 33,665 | 1,195 |
^ | Able C&C Co. Ltd. | 38,759 | 1,188 |
* | Huons Co. Ltd. | 14,338 | 1,185 |
Cell Biotech Co. Ltd. | 22,552 | 1,170 | |
Meritz Financial Group Inc. | 114,475 | 1,169 | |
*,^ | ATGen Co. Ltd. | 32,790 | 1,164 |
*,^ | DoubleUGames Co. Ltd. | 34,793 | 1,156 |
CJ CheilJedang Corp. Preference Shares | 6,340 | 1,144 | |
^ | KEPCO Engineering & Construction Co. Inc. | 48,816 | 1,137 |
*,^ | Seobu T&D | 54,763 | 1,131 |
Samyang Corp. | 13,510 | 1,109 | |
^ | Binggrae Co. Ltd. | 18,508 | 1,092 |
*,^ | Posco ICT Co. Ltd. | 196,659 | 1,089 |
Tongyang Life Insurance Co. Ltd. | 123,086 | 1,088 | |
^ | Maeil Dairy Industry Co. Ltd. | 28,116 | 1,070 |
^ | Muhak Co. Ltd. | 50,320 | 1,068 |
Youngone Holdings Co. Ltd. | 19,592 | 1,067 | |
AK Holdings Inc. | 18,428 | 1,060 | |
*,^ | Emerson Pacific Inc. | 30,690 | 1,048 |
*,^ | Pharmicell Co. Ltd. | 186,671 | 1,048 |
^ | Dawonsys Co. Ltd. | 45,845 | 1,039 |
^ | Dongwon F&B Co. Ltd. | 4,212 | 1,037 |
*,^ | i-SENS Inc. | 32,029 | 1,026 |
*,^ | Foosung Co. Ltd. | 186,483 | 1,019 |
^ | Chongkundang Holdings Corp. | 11,965 | 1,018 |
Kwang Dong Pharmaceutical Co. Ltd. | 117,519 | 1,018 | |
*,^ | Hansol Technics Co. Ltd. | 62,131 | 1,017 |
*,^ | Webzen Inc. | 62,537 | 1,016 |
*,^ | Leaders Cosmetics Co. Ltd. | 43,940 | 1,015 |
^ | Lutronic Corp. | 26,995 | 1,002 |
Sebang Global Battery Co. Ltd. | 30,347 | 999 | |
^ | SK Gas Ltd. | 13,275 | 998 |
Namyang Dairy Products Co. Ltd. | 1,652 | 987 | |
* | Ssangyong Motor Co. | 161,858 | 984 |
*,^ | CUROCOM Co. Ltd. | 274,652 | 982 |
Daishin Securities Co. Ltd. | 111,957 | 982 | |
Hanil Cement Co. Ltd. | 13,737 | 978 | |
CJ Hellovision Co. Ltd. | 99,457 | 972 | |
NS Shopping Co. Ltd. | 5,801 | 970 | |
^ | Ahnlab Inc. | 21,598 | 954 |
*,^ | Hanjin Shipping Co. Ltd. | 536,798 | 937 |
^ | Silicon Works Co. Ltd. | 32,361 | 932 |
*,^ | Jusung Engineering Co. Ltd. | 125,916 | 923 |
^ | Byucksan Corp. | 162,433 | 918 |
^ | Seah Besteel Corp. | 42,123 | 914 |
*,^ | Yuanta Securities Korea Co. Ltd. | 304,443 | 898 |
*,^ | SK Securities Co. Ltd. | 953,684 | 894 |
KISWIRE Ltd. | 27,720 | 893 | |
Hankook Shell Oil Co. Ltd. | 2,307 | 892 | |
^ | Mirae Asset Life Insurance Co. Ltd. | 257,577 | 883 |
^ | Cosmax BTI Inc | 15,803 | 880 |
Hancom Inc. | 53,722 | 874 | |
^ | Hyundai Livart Furniture Co. Ltd. | 38,712 | 869 |
49
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^ | Modetour Network Inc. | 35,580 | 862 |
^ | Daewoong Co. Ltd. | 15,586 | 856 |
^ | iMarketKorea Inc. | 83,310 | 845 |
^ | Crown Confectionery Co. Ltd. | 24,181 | 841 |
* | Hansol Holdings Co. Ltd. | 132,020 | 829 |
Sungwoo Hitech Co. Ltd. | 122,432 | 826 | |
Daekyo Co. Ltd. | 107,024 | 819 | |
*,^ | Naturalendo Tech Co. Ltd. | 49,939 | 813 |
*,^ | COSON Co. Ltd. | 53,644 | 795 |
Shinyoung Securities Co. Ltd. | 18,326 | 795 | |
^ | Hansol Paper Co. Ltd. | 42,144 | 792 |
*,^ | Peptron Inc. | 18,023 | 783 |
* | Hanjin Heavy Industries & Construction Co. Ltd. | 223,273 | 781 |
Samchully Co. Ltd. | 8,444 | 780 | |
KT Skylife Co. Ltd. | 54,460 | 768 | |
* | Woongjin Thinkbig Co. Ltd. | 75,165 | 764 |
* | Taeyoung Engineering & Construction Co. Ltd. | 146,155 | 761 |
^ | Cuckoo Electronics Co. Ltd. | 6,010 | 760 |
^ | Humedix Co. Ltd. | 19,214 | 758 |
*,^ | Kumho Industrial Co. Ltd. | 98,897 | 753 |
^ | Lock&Lock Co. Ltd. | 59,620 | 752 |
Interpark Holdings Corp. | 143,836 | 747 | |
^ | NICE Information Service Co. Ltd. | 124,263 | 745 |
*,^ | CrucialTec Co. Ltd. | 83,051 | 744 |
Daeduck Electronics Co. | 113,281 | 712 | |
Huons Global Co. Ltd. | 13,391 | 705 | |
* | Ssangyong Cement Industrial Co. Ltd. | 43,100 | 701 |
Humax Co. Ltd. | 58,838 | 696 | |
* | Green Cross Cell Corp. | 20,927 | 695 |
^ | CJ Freshway Corp. | 16,952 | 695 |
Daeduck GDS Co. Ltd. | 60,820 | 694 | |
POSCO Chemtech Co. Ltd. | 76,183 | 689 | |
*,^ | WeMade Entertainment Co. Ltd. | 31,305 | 689 |
SL Corp. | 54,335 | 680 | |
GOLFZON Co. Ltd. | 11,213 | 674 | |
^ | Kolao Holdings | 97,086 | 664 |
E1 Corp. | 11,849 | 660 | |
^ | KONA I Co. Ltd. | 44,874 | 657 |
Sindoh Co. Ltd. | 15,004 | 655 | |
^ | Kwangju Bank | 85,920 | 650 |
Kolon Corp. | 13,312 | 645 | |
Daishin Securities Co. Ltd. Preference Shares | 97,772 | 639 | |
*,^ | Korea Line Corp. | 42,428 | 637 |
^ | Coreana Cosmetics Co. Ltd. | 89,210 | 629 |
S&T Dynamics Co. Ltd. | 72,021 | 606 | |
SeAH Steel Corp. | 10,081 | 596 | |
^ | Eusu Holdings Co. Ltd. | 68,612 | 579 |
Dae Han Flour Mills Co. Ltd. | 3,706 | 574 | |
*,^ | Samsung Pharmaceutical Co. Ltd. | 95,352 | 569 |
Hyundai Corp. | 28,173 | 569 | |
^ | Namhae Chemical Corp. | 74,452 | 565 |
Youlchon Chemical Co. Ltd. | 48,080 | 564 | |
*,^ | Agabang&Company | 86,746 | 546 |
KISCO Corp. | 16,899 | 543 | |
Kyobo Securities Co. Ltd. | 65,706 | 543 | |
*,^ | Neowiz Games Corp. | 44,012 | 540 |
SBS Media Holdings Co. Ltd. | 201,872 | 532 | |
Seoyon E-Hwa Co. Ltd. | 47,446 | 532 | |
^ | KH Vatec Co. Ltd. | 50,218 | 532 |
*,^ | ICD Co. Ltd. | 45,526 | 530 |
*,^ | Wonik Holdings Co. Ltd. | 92,243 | 519 |
* | Taewoong Co. Ltd. | 32,202 | 509 |
*,^ | Eugene Investment & Securities Co. Ltd. | 228,384 | 503 |
* | SFA Semicon Co. Ltd. | 257,398 | 503 |
50
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
^ | Sung Kwang Bend Co. Ltd. | 61,595 | 496 |
* | Lumens Co. Ltd. | 148,721 | 491 |
*,^ | Duk San Neolux Co. Ltd. | 22,109 | 476 |
*,^ | Insun ENT Co. Ltd. | 98,165 | 473 |
*,^ | 3S Korea Co. Ltd. | 149,771 | 469 |
Sam Young Electronics Co. Ltd. | 40,228 | 424 | |
*,^ | Hanwha Investment & Securities Co. Ltd. | 170,674 | 403 |
* | KTB Investment & Securities Co. Ltd. | 176,297 | 392 |
INTOPS Co. Ltd. | 22,746 | 391 | |
*,^ | Duksan Hi-Metal Co. Ltd. | 50,261 | 387 |
TK Corp. | 52,740 | 378 | |
^ | Seoyon Co. Ltd. | 37,880 | 356 |
^ | GOLFZONYUWONHOLDINGS Co. Ltd. | 53,538 | 356 |
^ | NEPES Corp. | 60,998 | 349 |
Hyundai C&F Inc. | 19,904 | 348 | |
*,^ | China Ocean Resources Co. Ltd. | 181,307 | 322 |
*,^ | Doosan Engine Co. Ltd. | 95,069 | 300 |
* | Dongbu Securities Co. Ltd. | 95,609 | 285 |
Hitejinro Holdings Co. Ltd. | 23,962 | 280 | |
* | Interflex Co. Ltd. | 28,755 | 241 |
Korea Electric Power Corp. ADR | 9,071 | 235 | |
MegaStudy Co. Ltd. | 7,967 | 229 | |
DY Corp. | 43,223 | 223 | |
MegaStudyEdu Co. Ltd. | 5,408 | 212 | |
* | Hanjin Heavy Industries & Construction Holdings Co. Ltd. | 29,257 | 134 |
* | Iljin Display Co. Ltd. | 31,553 | 115 |
* | Ssangyong Cement Industrial Co. Ltd. Expire 07/01/2016 | 32,968 | 34 |
* | Hansol Paper Co. Ltd Rights Expire 7/29/2016 | 7,342 | 16 |
2,441,701 | |||
Spain (2.5%) | |||
Banco Santander SA | 54,521,797 | 212,277 | |
Telefonica SA | 16,223,258 | 155,072 | |
Banco Bilbao Vizcaya Argentaria SA | 24,373,443 | 139,675 | |
Iberdrola SA | 20,508,357 | 138,526 | |
Industria de Diseno Textil SA | 4,015,705 | 133,914 | |
Amadeus IT Holding SA | 1,571,654 | 68,852 | |
* | Repsol SA | 4,151,554 | 52,667 |
Red Electrica Corp. SA | 409,855 | 36,541 | |
* | Ferrovial SA | 1,807,676 | 35,123 |
2 | Aena SA | 244,948 | 32,255 |
Abertis Infraestructuras SA | 1,971,091 | 28,969 | |
^ | Grifols SA | 1,279,051 | 28,884 |
Enagas SA | 859,006 | 26,134 | |
Endesa SA | 1,209,128 | 24,319 | |
* | Banco de Sabadell SA | 18,186,223 | 24,299 |
^ | Gas Natural SDG SA | 1,167,906 | 23,161 |
CaixaBank SA | 9,845,019 | 21,671 | |
* | ACS Actividades de Construccion y Servicios SA | 639,359 | 17,519 |
Bankinter SA | 2,610,775 | 16,792 | |
Gamesa Corp. Tecnologica SA | 845,403 | 16,696 | |
Grifols SA Preference Shares | 962,483 | 16,046 | |
^ | Banco Popular Espanol SA | 11,722,564 | 15,274 |
Distribuidora Internacional de Alimentacion SA | 2,313,585 | 13,590 | |
Merlin Properties Socimi SA | 1,225,160 | 12,956 | |
Bankia SA | 17,505,046 | 12,795 | |
Viscofan SA | 176,249 | 9,761 | |
^ | Mapfre SA | 3,907,119 | 8,640 |
2 | Cellnex Telecom SAU | 524,805 | 8,232 |
^ | Bolsas y Mercados Espanoles SHMSF SA | 290,660 | 8,124 |
Mediaset Espana Comunicacion SA | 689,264 | 7,718 | |
Ebro Foods SA | 324,358 | 7,455 | |
Acciona SA | 98,170 | 7,133 | |
Zardoya Otis SA | 686,394 | 6,432 | |
*,^ | Fomento de Construcciones y Contratas SA | 745,889 | 6,279 |
51
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
*,^ | Acerinox SA | 516,285 | 5,719 |
Inmobiliaria Colonial SA | 7,884,919 | 5,714 | |
Prosegur Cia de Seguridad SA | 777,698 | 4,709 | |
Grupo Catalana Occidente SA | 169,094 | 4,706 | |
*,^ | Indra Sistemas SA | 427,697 | 4,507 |
Melia Hotels International SA | 417,616 | 4,490 | |
Applus Services SA | 458,909 | 4,479 | |
Hispania Activos Inmobiliarios SOCIMI SA | 340,617 | 3,990 | |
Vidrala SA | 60,213 | 3,496 | |
Tecnicas Reunidas SA | 116,893 | 3,491 | |
Almirall SA | 225,049 | 3,355 | |
* | NH Hotel Group SA | 779,181 | 3,314 |
*,2 | Euskaltel SA | 364,051 | 3,300 |
Faes Farma SA | 944,981 | 3,093 | |
Cia de Distribucion Integral Logista Holdings SA | 139,581 | 2,932 | |
* | Axiare Patrimonio SOCIMI SA | 212,873 | 2,715 |
Corp Financiera Alba SA | 65,498 | 2,674 | |
CIE Automotive SA | 151,760 | 2,538 | |
Construcciones y Auxiliar de Ferrocarriles SA | 7,082 | 2,419 | |
*,^ | Obrascon Huarte Lain SA | 558,483 | 1,958 |
Atresmedia Corp. de Medios de Comunicacion SA | 197,732 | 1,923 | |
^ | Sacyr SA | 1,073,533 | 1,773 |
* | Pharma Mar SA | 589,536 | 1,416 |
Ence Energia y Celulosa SA | 486,015 | 1,165 | |
* | Promotora de Informaciones SA | 195,528 | 1,101 |
Papeles y Cartones de Europa SA | 180,271 | 955 | |
* | Liberbank SA | 1,040,765 | 691 |
* | Deoleo SA | 1,374,864 | 275 |
*,^ | Acerinox SA Rights Expire 7/06/2016 | 516,285 | 260 |
1,456,939 | |||
Sweden (2.6%) | |||
Hennes & Mauritz AB Class B | 3,597,749 | 105,435 | |
Nordea Bank AB | 12,037,623 | 101,678 | |
Telefonaktiebolaget LM Ericsson Class B | 11,289,799 | 86,295 | |
Swedbank AB Class A | 3,996,519 | 83,597 | |
Assa Abloy AB Class B | 3,557,858 | 72,925 | |
Svenska Cellulosa AB SCA Class B | 2,261,176 | 72,106 | |
Svenska Handelsbanken AB Class A | 5,478,669 | 66,272 | |
Atlas Copco AB Class A | 2,277,947 | 58,984 | |
Volvo AB Class B | 5,855,200 | 57,821 | |
Investor AB Class B | 1,713,290 | 57,315 | |
Skandinaviska Enskilda Banken AB Class A | 5,510,068 | 47,886 | |
Telia Co. AB | 9,844,373 | 46,441 | |
Sandvik AB | 4,088,704 | 40,753 | |
Atlas Copco AB Class B | 1,558,252 | 36,789 | |
^ | Hexagon AB Class B | 971,274 | 35,354 |
Skanska AB Class B | 1,364,504 | 28,457 | |
Swedish Match AB | 712,924 | 24,775 | |
SKF AB | 1,495,209 | 23,875 | |
Electrolux AB Class B | 842,032 | 22,870 | |
Boliden AB | 1,035,944 | 20,125 | |
Meda AB Class A | 1,038,407 | 18,804 | |
Alfa Laval AB | 1,184,270 | 18,589 | |
* | Kinnevik AB | 771,701 | 18,342 |
Securitas AB Class B | 1,159,504 | 17,821 | |
Trelleborg AB Class B | 919,043 | 16,226 | |
Getinge AB | 691,406 | 14,200 | |
^ | Castellum AB | 931,471 | 13,259 |
Industrivarden AB Class A | 740,693 | 12,931 | |
^ | ICA Gruppen AB | 372,679 | 12,453 |
* | Lundin Petroleum AB | 667,449 | 12,067 |
^ | Elekta AB Class B | 1,330,208 | 10,733 |
Husqvarna AB | 1,430,943 | 10,615 | |
^ | Tele2 AB | 1,165,596 | 10,196 |
52
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Industrivarden AB | 618,141 | 9,991 | |
^ | Fingerprint Cards AB Class B | 994,433 | 9,614 |
Hexpol AB | 936,993 | 9,564 | |
* | Fastighets AB Balder Class B | 344,795 | 8,699 |
BillerudKorsnas AB | 578,608 | 8,610 | |
Fabege AB | 499,882 | 8,457 | |
Axfood AB | 392,324 | 7,505 | |
* | Nibe Industrier AB Class B | 891,852 | 7,383 |
*,^ | Swedish Orphan Biovitrum AB | 602,136 | 7,352 |
NCC AB Class B | 315,393 | 7,303 | |
Indutrade AB | 352,912 | 6,962 | |
* | NetEnt AB | 701,431 | 6,938 |
AAK AB | 97,406 | 6,919 | |
Loomis AB Class B | 272,210 | 6,618 | |
Hufvudstaden AB Class A | 420,226 | 6,580 | |
Wallenstam AB | 732,862 | 5,954 | |
Holmen AB | 185,502 | 5,930 | |
L E Lundbergforetagen AB Class B | 97,857 | 5,555 | |
2 | Thule Group AB | 382,123 | 5,442 |
Modern Times Group MTG AB Class B | 201,931 | 5,337 | |
Wihlborgs Fastigheter AB | 249,690 | 5,086 | |
Lifco AB Class B | 170,339 | 4,905 | |
Saab AB Class B | 155,078 | 4,825 | |
JM AB | 184,170 | 4,614 | |
Peab AB | 603,351 | 4,566 | |
Kungsleden AB | 683,717 | 4,434 | |
Sweco AB Class B | 251,985 | 4,362 | |
Investment AB Latour Class B | 115,184 | 4,321 | |
Intrum Justitia AB | 135,918 | 4,247 | |
Com Hem Holding AB | 475,627 | 4,031 | |
Bilia AB | 162,245 | 3,982 | |
Avanza Bank Holding AB | 102,742 | 3,934 | |
* | Betsson AB | 460,418 | 3,831 |
*,2 | Dometic Group AB | 577,801 | 3,821 |
^ | Hemfosa Fastigheter AB | 357,548 | 3,669 |
* | Bonava AB B ORD | 300,428 | 3,622 |
*,2 | Attendo AB | 370,155 | 3,597 |
Ratos AB | 721,057 | 3,503 | |
AF AB | 206,448 | 3,421 | |
Pandox AB | 204,462 | 3,204 | |
Atrium Ljungberg AB | 177,808 | 2,872 | |
Melker Schorling AB | 41,212 | 2,529 | |
*,^ | SSAB AB | 1,197,427 | 2,250 |
Nobia AB | 256,497 | 2,226 | |
*,^ | SSAB AB Class A | 923,230 | 2,140 |
2 | Bravida Holding AB | 318,035 | 1,908 |
Klovern AB Preference Shares | 53,512 | 1,828 | |
Concentric AB | 154,567 | 1,764 | |
Bure Equity AB | 199,020 | 1,685 | |
SAS AB Preference Shares | 27,143 | 1,677 | |
Lindab International AB | 217,164 | 1,660 | |
*,^ | SSAB AB Class B | 864,561 | 1,643 |
Klovern AB | 1,414,869 | 1,626 | |
Rezidor Hotel Group AB | 365,401 | 1,511 | |
* | Investment AB Oresund | 105,682 | 1,490 |
Haldex AB | 155,457 | 1,484 | |
Svenska Handelsbanken AB Class B | 112,660 | 1,413 | |
Clas Ohlson AB | 82,485 | 1,412 | |
^ | Mekonomen AB | 54,682 | 1,176 |
SkiStar AB | 78,378 | 1,140 | |
* | Collector AB | 88,202 | 1,130 |
Fastighets AB Balder Preference Shares | 25,543 | 974 | |
*,^ | SAS AB | 483,227 | 919 |
Nordnet AB | 275,264 | 847 |
53
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Sagax AB Preference Shares | 200,187 | 782 | |
Hemfosa Fastigheter AB Preference Shares | 39,363 | 754 | |
Ratos AB Preference Shares | 2,481 | 553 | |
NCC AB Class A | 15,997 | 370 | |
* | Bonava AB A ORD | 10,253 | 123 |
1,546,563 | |||
Switzerland (7.5%) | |||
Nestle SA | 11,685,675 | 901,383 | |
Novartis AG | 8,942,285 | 735,626 | |
Roche Holding AG | 2,665,041 | 703,652 | |
UBS Group AG | 13,709,088 | 177,376 | |
ABB Ltd. | 7,365,711 | 145,079 | |
Zurich Insurance Group AG | 563,991 | 139,543 | |
Syngenta AG | 347,620 | 133,617 | |
Cie Financiere Richemont SA | 1,935,060 | 113,520 | |
Swiss Re AG | 1,279,800 | 111,888 | |
Credit Suisse Group AG | 7,392,982 | 78,782 | |
Givaudan SA | 34,930 | 70,190 | |
Actelion Ltd. | 365,292 | 61,295 | |
Geberit AG | 139,885 | 52,842 | |
LafargeHolcim Ltd. | 1,199,042 | 50,086 | |
SGS SA | 19,361 | 44,394 | |
Swisscom AG | 85,974 | 42,708 | |
^ | Swatch Group AG (Bearer) | 115,602 | 33,606 |
Sika AG | 7,949 | 33,252 | |
Julius Baer Group Ltd. | 826,724 | 33,223 | |
Lonza Group AG | 196,617 | 32,582 | |
Adecco Group AG | 612,022 | 30,831 | |
Partners Group Holding AG | 69,649 | 29,865 | |
Swiss Life Holding AG | 121,539 | 28,077 | |
Schindler Holding AG | 151,732 | 27,495 | |
Chocoladefabriken Lindt & Sprungli AG Registered Shares | 385 | 27,475 | |
Kuehne & Nagel International AG | 191,003 | 26,704 | |
Galenica AG | 19,693 | 26,528 | |
Roche Holding AG (Bearer) | 99,535 | 26,427 | |
LafargeHolcim Ltd. (Paris Shares) | 635,227 | 26,303 | |
Sonova Holding AG | 196,306 | 26,082 | |
Chocoladefabriken Lindt & Sprungli AG Participation Certificates | 3,814 | 22,687 | |
* | Dufry AG | 181,326 | 21,763 |
Swiss Prime Site AG | 240,027 | 21,709 | |
Baloise Holding AG | 177,169 | 19,758 | |
Clariant AG | 1,039,770 | 17,576 | |
Straumann Holding AG | 37,833 | 14,949 | |
PSP Swiss Property AG | 152,513 | 14,777 | |
Schindler Holding AG (Registered) | 79,007 | 14,381 | |
EMS-Chemie Holding AG | 27,747 | 14,349 | |
Georg Fischer AG | 15,674 | 12,504 | |
Helvetia Holding AG | 23,071 | 12,039 | |
Aryzta AG (Switzerland Shares) | 319,834 | 11,753 | |
Temenos Group AG | 221,510 | 11,034 | |
* | Flughafen Zuerich AG | 58,060 | 10,274 |
Swatch Group AG (Registered) | 176,154 | 10,104 | |
^ | BB Biotech AG | 215,047 | 9,867 |
Barry Callebaut AG | 7,354 | 9,032 | |
Logitech International SA | 539,897 | 8,788 | |
2 | Sunrise Communications Group AG | 127,650 | 8,147 |
dorma&kaba Holding AG | 11,552 | 8,060 | |
Cembra Money Bank AG | 107,470 | 7,530 | |
Pargesa Holding SA | 110,046 | 7,285 | |
Banque Cantonale Vaudoise | 10,811 | 7,231 | |
^ | DKSH Holding AG | 103,515 | 6,776 |
Tecan Group AG | 43,337 | 6,749 | |
GAM Holding AG | 602,209 | 6,438 | |
^ | Panalpina Welttransport Holding AG | 51,562 | 6,164 |
54
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
ams AG | 216,671 | 5,998 | |
OC Oerlikon Corp. AG | 667,977 | 5,856 | |
Bucher Industries AG | 24,238 | 5,682 | |
Valiant Holding AG | 58,876 | 5,636 | |
Forbo Holding AG | 4,524 | 5,374 | |
Mobimo Holding AG | 23,157 | 5,272 | |
Belimo Holding AG | 1,756 | 5,228 | |
Gategroup Holding AG | 98,186 | 5,172 | |
Allreal Holding AG | 36,078 | 4,991 | |
Emmi AG | 8,079 | 4,921 | |
U-Blox AG | 22,058 | 4,735 | |
SFS Group AG | 60,946 | 4,285 | |
Sulzer AG | 48,666 | 4,230 | |
Burckhardt Compression Holding AG | 13,572 | 4,222 | |
Autoneum Holding AG | 17,871 | 4,176 | |
Implenia AG | 54,283 | 3,582 | |
Rieter Holding AG | 17,175 | 3,510 | |
Schweiter Technologies AG | 3,387 | 3,229 | |
St. Galler Kantonalbank AG | 8,200 | 3,164 | |
VZ Holding AG | 10,105 | 3,015 | |
Huber & Suhner AG | 54,759 | 2,948 | |
* | COSMO Pharmaceuticals NV | 17,587 | 2,875 |
Valora Holding AG | 9,925 | 2,764 | |
Kudelski SA | 131,284 | 2,618 | |
Daetwyler Holding AG | 18,614 | 2,484 | |
Vontobel Holding AG | 55,535 | 2,389 | |
* | AFG Arbonia-Forster Holding AG | 166,361 | 2,372 |
Ypsomed Holding AG | 11,865 | 2,240 | |
Ascom Holding AG | 134,586 | 2,138 | |
Conzzeta AG | 3,279 | 2,096 | |
^ | Leonteq AG | 33,856 | 1,883 |
* | Bell AG | 4,500 | 1,696 |
BKW AG | 37,973 | 1,686 | |
Siegfried Holding AG | 8,475 | 1,629 | |
APG SGA SA | 3,749 | 1,535 | |
* | Zehnder Group AG | 37,201 | 1,442 |
* | Schmolz & Bickenbach AG | 1,878,814 | 1,320 |
* | Basilea Pharmaceutica AG | 18,669 | 1,300 |
Vetropack Holding AG | 803 | 1,203 | |
*,^ | Meyer Burger Technology AG | 317,597 | 1,144 |
EFG International AG | 278,095 | 1,061 | |
Swissquote Group Holding SA | 36,137 | 845 | |
Plazza AG | 3,391 | 790 | |
Bachem Holding AG | 9,049 | 735 | |
*,^ | Alpiq Holding AG | 9,929 | 701 |
* | Orascom Development Holding AG | 41,727 | 319 |
Aryzta AG (Ireland Shares) | 3,587 | 132 | |
4,428,778 | |||
United Kingdom (16.9%) | |||
HSBC Holdings plc | 75,031,022 | 468,725 | |
British American Tobacco plc | 7,059,984 | 459,399 | |
Royal Dutch Shell plc Class A | 16,041,293 | 437,984 | |
BP plc | 70,013,741 | 408,836 | |
GlaxoSmithKline plc | 18,414,628 | 395,885 | |
Royal Dutch Shell plc Class B | 14,085,933 | 387,355 | |
Vodafone Group plc | 100,629,750 | 306,338 | |
AstraZeneca plc | 4,779,879 | 284,543 | |
Diageo plc | 9,539,950 | 266,941 | |
Reckitt Benckiser Group plc | 2,381,798 | 239,623 | |
Unilever plc | 4,569,781 | 219,200 | |
SABMiller plc | 3,619,697 | 211,018 | |
National Grid plc | 14,288,728 | 210,124 | |
Imperial Brands plc | 3,649,136 | 198,094 | |
Lloyds Banking Group plc | 242,530,137 | 178,341 |
55
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
BT Group plc | 31,672,075 | 174,889 | |
Prudential plc | 9,665,394 | 164,659 | |
Rio Tinto plc | 4,579,893 | 141,566 | |
Shire plc | 2,238,566 | 137,850 | |
Barclays plc | 63,431,803 | 120,763 | |
Compass Group plc | 6,242,691 | 118,996 | |
WPP plc | 4,910,383 | 101,953 | |
BHP Billiton plc | 8,002,523 | 100,661 | |
Glencore plc | 44,175,419 | 90,257 | |
BAE Systems plc | 11,978,167 | 83,990 | |
Aviva plc | 15,322,303 | 82,347 | |
ARM Holdings plc | 5,349,728 | 81,027 | |
SSE plc | 3,812,633 | 79,722 | |
^ | Standard Chartered plc | 10,168,534 | 77,347 |
RELX NV (London Shares) | 4,155,211 | 76,563 | |
* | Tesco plc | 30,781,644 | 72,014 |
Experian plc | 3,637,627 | 69,095 | |
Shire plc ADR | 354,939 | 65,337 | |
Centrica plc | 20,545,645 | 62,030 | |
Rolls-Royce Holdings plc | 6,261,715 | 59,460 | |
Legal & General Group plc | 22,500,673 | 58,321 | |
Smith & Nephew plc | 3,399,165 | 57,648 | |
CRH plc (London Shares) | 1,866,852 | 54,970 | |
Old Mutual plc | 18,521,601 | 49,925 | |
Wolseley plc | 955,614 | 49,525 | |
Anglo American plc | 4,951,479 | 48,084 | |
Associated British Foods plc | 1,320,469 | 47,878 | |
Sky plc | 3,975,034 | 45,118 | |
Land Securities Group plc | 2,981,855 | 42,202 | |
Pearson plc | 3,112,616 | 40,595 | |
London Stock Exchange Group plc | 1,182,400 | 40,053 | |
Randgold Resources Ltd. | 351,870 | 39,508 | |
Bunzl plc | 1,258,614 | 38,930 | |
Kingfisher plc | 8,646,695 | 37,324 | |
Next plc | 548,158 | 36,673 | |
CRH plc (Dublin Shares) | 1,269,938 | 36,621 | |
United Utilities Group plc | 2,583,884 | 35,980 | |
Sage Group plc | 4,081,444 | 35,494 | |
ITV plc | 14,189,094 | 34,276 | |
* | Paddy Power Betfair plc | 310,241 | 32,754 |
Whitbread plc | 691,676 | 32,329 | |
Capita plc | 2,508,476 | 32,220 | |
British Land Co. plc | 3,877,238 | 32,108 | |
Carnival plc | 691,418 | 30,697 | |
DCC plc | 334,446 | 29,407 | |
* | Royal Bank of Scotland Group plc | 12,412,145 | 29,232 |
Standard Life plc | 7,396,813 | 29,070 | |
Severn Trent plc | 889,830 | 29,068 | |
Intertek Group plc | 611,519 | 28,556 | |
Johnson Matthey plc | 733,778 | 27,777 | |
* | InterContinental Hotels Group plc | 746,250 | 27,730 |
Ashtead Group plc | 1,908,613 | 27,391 | |
3i Group plc | 3,651,401 | 27,177 | |
Burberry Group plc | 1,678,667 | 26,241 | |
Marks & Spencer Group plc | 6,143,807 | 26,122 | |
Mondi plc | 1,391,639 | 25,936 | |
RSA Insurance Group plc | 3,848,225 | 25,700 | |
Direct Line Insurance Group plc | 5,213,096 | 24,108 | |
Informa plc | 2,461,000 | 24,102 | |
Royal Mail plc | 3,449,772 | 23,387 | |
GKN plc | 6,495,149 | 23,379 | |
Smiths Group plc | 1,485,679 | 22,884 | |
Persimmon plc | 1,159,331 | 22,624 | |
Taylor Wimpey plc | 12,417,179 | 22,186 |
56
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Hammerson plc | 2,972,178 | 21,713 | |
Mediclinic International plc | 1,478,221 | 21,643 | |
St. James's Place plc | 1,964,047 | 21,037 | |
Admiral Group plc | 757,407 | 20,673 | |
Barratt Developments plc | 3,774,791 | 20,672 | |
* | Croda International plc | 493,101 | 20,668 |
Wm Morrison Supermarkets plc | 8,198,238 | 20,564 | |
Pennon Group plc | 1,557,035 | 19,659 | |
Halma plc | 1,426,150 | 19,356 | |
^ | International Consolidated Airlines Group SA (London Shares) | 3,863,296 | 19,339 |
Travis Perkins plc | 953,612 | 19,078 | |
DS Smith plc | 3,560,495 | 18,386 | |
Inmarsat plc | 1,712,444 | 18,381 | |
Micro Focus International plc | 839,464 | 18,158 | |
*,2 | Worldpay Group plc | 4,978,545 | 18,122 |
Rentokil Initial plc | 6,940,823 | 17,900 | |
2 | Auto Trader Group plc | 3,673,058 | 17,368 |
Hikma Pharmaceuticals plc | 526,344 | 17,357 | |
Provident Financial plc | 554,012 | 17,125 | |
^ | J Sainsbury plc | 5,402,076 | 16,753 |
Rightmove plc | 342,426 | 16,693 | |
Berkeley Group Holdings plc | 487,326 | 16,590 | |
Dixons Carphone plc | 3,768,045 | 16,358 | |
Meggitt plc | 2,978,974 | 16,160 | |
2 | Merlin Entertainments plc | 2,719,617 | 16,153 |
Segro plc | 2,848,732 | 15,992 | |
Tate & Lyle plc | 1,782,629 | 15,895 | |
Aggreko plc | 915,901 | 15,731 | |
Weir Group plc | 813,929 | 15,717 | |
Coca-Cola HBC AG | 740,356 | 14,932 | |
IG Group Holdings plc | 1,376,258 | 14,882 | |
Hiscox Ltd. | 1,077,290 | 14,856 | |
Aberdeen Asset Management plc | 3,768,321 | 14,563 | |
G4S plc | 5,878,074 | 14,551 | |
Fresnillo plc | 652,482 | 14,419 | |
Booker Group plc | 6,221,102 | 14,394 | |
^ | Intu Properties plc | 3,587,678 | 14,036 |
* | BTG plc | 1,449,888 | 13,976 |
Hargreaves Lansdown plc | 831,282 | 13,833 | |
Inchcape plc | 1,642,703 | 13,789 | |
Spirax-Sarco Engineering plc | 275,932 | 13,774 | |
Cobham plc | 6,546,573 | 13,734 | |
Polymetal International plc | 980,938 | 13,688 | |
Schroders plc | 432,903 | 13,670 | |
IMI plc | 1,044,825 | 13,501 | |
Derwent London plc | 377,651 | 13,308 | |
TUI AG | 1,165,314 | 13,230 | |
John Wood Group plc | 1,396,334 | 12,802 | |
* | UBM plc | 1,476,256 | 12,638 |
Shaftesbury plc | 1,049,118 | 12,391 | |
Investec plc | 1,950,169 | 12,292 | |
Greene King plc | 1,169,642 | 12,209 | |
* | Tullow Oil plc | 3,461,318 | 12,111 |
RPC Group plc | 1,149,883 | 12,045 | |
Howden Joinery Group plc | 2,309,333 | 12,045 | |
easyJet plc | 829,055 | 12,043 | |
Bellway plc | 462,260 | 11,687 | |
Babcock International Group plc | 964,572 | 11,676 | |
BBA Aviation plc | 3,915,353 | 11,598 | |
ICAP plc | 2,051,968 | 11,534 | |
William Hill plc | 3,293,534 | 11,408 | |
Henderson Group plc | 3,991,829 | 11,380 | |
Capital & Counties Properties plc | 2,784,906 | 11,079 | |
Spectris plc | 448,557 | 10,922 |
57
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Great Portland Estates plc | 1,301,731 | 10,907 | |
Berendsen plc | 648,462 | 10,565 | |
*,^ | CYBG plc | 3,319,370 | 10,398 |
Petrofac Ltd. | 989,008 | 10,279 | |
Phoenix Group Holdings | 937,172 | 10,084 | |
* | Just Eat plc | 1,734,795 | 9,898 |
Amec Foster Wheeler plc | 1,498,329 | 9,807 | |
* | Beazley plc | 1,975,529 | 9,598 |
Rotork plc | 3,266,452 | 9,377 | |
Regus plc | 2,356,795 | 9,091 | |
Man Group plc | 5,795,086 | 8,981 | |
WH Smith plc | 413,684 | 8,777 | |
Close Brothers Group plc | 562,350 | 8,500 | |
Playtech plc | 793,693 | 8,438 | |
Antofagasta plc | 1,356,744 | 8,429 | |
Indivior plc | 2,436,461 | 8,200 | |
Daily Mail & General Trust plc | 1,020,149 | 8,132 | |
Intermediate Capital Group plc | 1,233,791 | 8,088 | |
GVC Holdings plc | 1,071,503 | 8,072 | |
Jupiter Fund Management plc | 1,578,480 | 7,782 | |
* | Balfour Beatty plc | 2,606,762 | 7,494 |
Britvic plc | 947,772 | 7,410 | |
AA plc | 2,287,400 | 7,308 | |
Centamin plc | 4,126,550 | 7,259 | |
Moneysupermarket.com Group plc | 1,999,425 | 7,229 | |
UDG Healthcare plc | 917,884 | 7,228 | |
Hays plc | 5,414,706 | 7,064 | |
UNITE Group plc | 832,420 | 6,899 | |
* | Domino's Pizza Group plc | 1,549,884 | 6,898 |
Essentra plc | 979,848 | 6,726 | |
WS Atkins plc | 377,900 | 6,720 | |
HomeServe plc | 946,503 | 6,700 | |
^ | Drax Group plc | 1,529,736 | 6,667 |
QinetiQ Group plc | 2,224,489 | 6,664 | |
SSP Group plc | 1,783,185 | 6,646 | |
Dignity plc | 186,523 | 6,411 | |
Greencore Group plc | 1,551,440 | 6,366 | |
National Express Group plc | 1,594,996 | 6,289 | |
Home Retail Group plc | 3,075,145 | 6,245 | |
Victrex plc | 307,718 | 6,206 | |
* | Serco Group plc | 4,150,628 | 6,179 |
* | Firstgroup plc | 4,572,735 | 6,172 |
Ultra Electronics Holdings plc | 264,038 | 6,141 | |
Ashmore Group plc | 1,494,872 | 6,052 | |
* | Cairn Energy plc | 2,164,090 | 6,006 |
Lancashire Holdings Ltd. | 760,048 | 5,954 | |
^ | TalkTalk Telecom Group plc | 2,021,000 | 5,923 |
Ladbrokes plc | 3,874,497 | 5,803 | |
* | Vectura Group plc | 2,679,446 | 5,777 |
Electrocomponents plc | 1,658,638 | 5,765 | |
Kennedy Wilson Europe Real Estate plc | 439,766 | 5,653 | |
Big Yellow Group plc | 538,107 | 5,612 | |
Tritax Big Box REIT plc | 3,173,136 | 5,527 | |
^ | Dechra Pharmaceuticals plc | 350,537 | 5,476 |
Grafton Group plc | 816,583 | 5,412 | |
AVEVA Group plc | 237,843 | 5,369 | |
Cineworld Group plc | 725,466 | 5,291 | |
^ | Carillion plc | 1,616,985 | 5,097 |
Bovis Homes Group plc | 514,245 | 5,072 | |
Bodycote plc | 730,809 | 5,030 | |
Greggs plc | 386,280 | 5,008 | |
PZ Cussons plc | 1,134,192 | 4,984 | |
Stagecoach Group plc | 1,603,155 | 4,942 | |
Kier Group plc | 349,670 | 4,922 |
58
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Genus plc | 230,904 | 4,840 | |
Diploma plc | 432,720 | 4,818 | |
*,^ | Ocado Group plc | 1,554,901 | 4,791 |
2 | Spire Healthcare Group plc | 1,061,310 | 4,734 |
Pagegroup plc | 1,147,941 | 4,620 | |
* | Thomas Cook Group plc | 5,460,432 | 4,603 |
Elementis plc | 1,719,613 | 4,584 | |
* | BGEO Group plc | 128,459 | 4,545 |
Assura plc | 6,207,920 | 4,536 | |
^ | Mitie Group plc | 1,343,977 | 4,497 |
LondonMetric Property plc | 2,207,708 | 4,424 | |
Laird plc | 1,009,987 | 4,407 | |
Synthomer plc | 1,021,092 | 4,388 | |
Crest Nicholson Holdings plc | 920,848 | 4,382 | |
Grainger plc | 1,529,450 | 4,294 | |
JD Sports Fashion plc | 278,292 | 4,288 | |
Senior plc | 1,549,690 | 4,257 | |
Pets at Home Group plc | 1,356,368 | 4,223 | |
* | Sports Direct International plc | 961,433 | 4,212 |
Go-Ahead Group plc | 160,216 | 4,196 | |
NMC Health plc | 240,301 | 4,152 | |
2 | John Laing Group plc | 1,372,335 | 4,144 |
Renishaw plc | 137,579 | 4,065 | |
Workspace Group plc | 430,548 | 4,010 | |
* | SVG Capital plc | 577,825 | 3,986 |
Vesuvius plc | 1,028,884 | 3,969 | |
Dunelm Group plc | 374,721 | 3,956 | |
Savills plc | 475,855 | 3,894 | |
Marston's plc | 2,138,240 | 3,846 | |
Safestore Holdings plc | 778,375 | 3,838 | |
Hansteen Holdings plc | 2,815,848 | 3,830 | |
Galliford Try plc | 314,372 | 3,824 | |
Dairy Crest Group plc | 531,204 | 3,805 | |
Fidessa Group plc | 142,388 | 3,769 | |
Card Factory plc | 875,978 | 3,709 | |
*,2 | Wizz Air Holdings plc | 167,342 | 3,592 |
Tullett Prebon plc | 884,008 | 3,562 | |
Entertainment One Ltd. | 1,537,412 | 3,538 | |
esure Group plc | 917,950 | 3,484 | |
Paragon Group of Cos. plc | 1,074,681 | 3,484 | |
^ | Redrow plc | 810,039 | 3,473 |
Ted Baker plc | 107,185 | 3,472 | |
International Personal Finance plc | 883,962 | 3,379 | |
Debenhams plc | 4,550,726 | 3,377 | |
Morgan Advanced Materials plc | 1,078,427 | 3,346 | |
Acacia Mining plc | 555,007 | 3,330 | |
Keller Group plc | 273,172 | 3,305 | |
* | Evraz plc | 1,813,334 | 3,304 |
Halfords Group plc | 743,993 | 3,254 | |
Brewin Dolphin Holdings plc | 1,011,239 | 3,249 | |
Hunting plc | 502,791 | 3,227 | |
SuperGroup plc | 189,411 | 3,202 | |
2 | Zoopla Property Group plc | 893,945 | 3,177 |
Melrose Industries plc | 556,615 | 3,160 | |
SIG plc | 2,074,404 | 3,119 | |
Telecom Plus plc | 218,688 | 3,052 | |
F&C Commercial Property Trust Ltd. | 2,000,936 | 3,048 | |
Petra Diamonds Ltd. | 1,931,309 | 3,001 | |
Premier Farnell plc | 1,362,379 | 2,989 | |
Restaurant Group plc | 758,734 | 2,925 | |
^ | J D Wetherspoon plc | 305,720 | 2,894 |
Virgin Money Holdings UK plc | 858,094 | 2,882 | |
* | Ophir Energy plc | 2,661,253 | 2,801 |
Mitchells & Butlers plc | 881,945 | 2,743 |
59
Vanguard® Developed Markets Index Fund | |||
Schedule of Investments | |||
June 30, 2016 | |||
Market | |||
Value | |||
Shares | ($000) | ||
Lonmin plc | 1,060,548 | 2,707 | |
Redefine International PLC | 4,449,969 | 2,681 | |
JRP Group plc | 1,784,841 | 2,640 | |
KCOM Group plc | 1,873,998 | 2,634 | |
Polypipe Group plc | 719,093 | 2,524 | |
De La Rue plc | 368,871 | 2,516 | |
Stobart Group Ltd. | 1,170,856 | 2,498 | |
Computacenter plc | 250,468 | 2,483 | |
2 | McCarthy & Stone plc | 1,071,085 | 2,451 |
Spirent Communications plc | 2,251,549 | 2,450 | |
* | Imagination Technologies Group plc | 936,285 | 2,442 |
*,^ | Allied Minds plc | 494,387 | 2,415 |
UK Commercial Property Trust Ltd. | 2,494,236 | 2,401 | |
2 | Sophos Group plc | 855,519 | 2,397 |
St. Modwen Properties plc | 643,489 | 2,310 | |
Northgate plc | 499,085 | 2,171 | |
2 | Hastings Group Holdings Ltd. | 937,937 | 2,170 |
Devro plc | 609,901 | 2,105 | |
* | Hochschild Mining plc | 849,245 | 2,038 |
* | Enterprise Inns plc | 1,862,354 | 2,005 |
* | Premier Oil plc | 1,925,332 | 1,950 |
Poundland Group plc | 706,892 | 1,948 | |
RPS Group plc | 834,795 | 1,923 | |
Oxford Instruments plc | 198,963 | 1,888 | |
Interserve plc | 531,141 | 1,846 | |
Countrywide plc | 554,812 | 1,820 | |
Picton Property Income Ltd. | 2,032,364 | 1,799 | |
ITE Group plc | 943,464 | 1,798 | |
^ | Vedanta Resources plc | 323,130 | 1,798 |
Chemring Group plc | 1,016,105 | 1,726 | |
Chesnara plc | 474,609 | 1,721 | |
* | KAZ Minerals plc | 934,931 | 1,701 |
Lookers plc | 1,145,705 | 1,664 | |
Xaar plc | 296,669 | 1,655 | |
Soco International plc | 817,483 | 1,549 | |
Fenner plc | 711,130 | 1,489 | |
Shanks Group plc | 1,429,063 | 1,487 | |
888 Holdings plc | 515,074 | 1,391 | |
Foxtons Group plc | 921,835 | 1,360 | |
N Brown Group plc | 571,401 | 1,349 | |
* | Premier Foods plc | 2,440,031 | 1,345 |
Helical Bar plc | 349,158 | 1,327 | |
* | Nostrum Oil & Gas plc | 325,234 | 1,322 |
*,2 | CMC Markets plc | 358,716 | 1,317 |
Schroder REIT Ltd. | 1,948,777 | 1,310 | |
2 | Ibstock plc | 702,253 | 1,219 |
*,^ | AO World plc | 650,201 | 1,215 |
^ | Daejan Holdings plc | 18,014 | 1,214 |
*,^ | Genel Energy plc | 638,698 | 1,191 |
Cape plc | 436,512 | 1,121 | |
* | Aldermore Group plc | 698,686 | 1,109 |
*,2 | Shawbrook Group plc | 463,756 | 1,057 |
OneSavings Bank plc | 357,497 | 1,019 | |
* | Mothercare plc | 551,384 | 1,006 |
Speedy Hire plc | 1,966,797 | 877 | |
* | Lamprell plc | 914,170 | 869 |
9,923,701 | |||
United States (0.0%) | |||
* | Descartes Systems Group Inc. | 286,100 | 5,472 |
Ball Corp. | 353 | 25 | |
5,497 | |||
Total Common Stocks (Cost $58,412,544) | 58,258,513 |
60
Vanguard® Developed Markets Index Fund
Schedule of Investments
June 30, 2016
Market | |||||
Value | |||||
Coupon | Shares | ($000) | |||
Money Market Fund (2.5%) | |||||
3,4 | Vanguard Market Liquidity Fund | 0.538% | 1,469,750,535 | 1,469,751 | |
Face | |||||
Maturity | Amount | ||||
Date | ($000) | ||||
U.S. Government and Agency Obligations (0.1%) | |||||
5,6 | Federal Home Loan Bank Discount Notes | 0.346% | 7/13/16 | 11,000 | 10,999 |
5,6,7 | Federal Home Loan Bank Discount Notes | 0.476% | 8/12/16 | 10,000 | 9,997 |
5 | Federal Home Loan Bank Discount Notes | 0.476% | 8/17/16 | 2,000 | 1,999 |
5,6 | Federal Home Loan Bank Discount Notes | 0.460% | 8/24/16 | 6,000 | 5,997 |
5,6 | Federal Home Loan Bank Discount Notes | 0.521% | 10/19/16 | 12,700 | 12,687 |
6,7 | United States Treasury Bill | 0.428% | 8/4/16 | 8,000 | 7,998 |
49,677 | |||||
Total Temporary Cash Investments (Cost $1,519,415) | 1,519,428 | ||||
Total Investments (101.8%) (Cost $59,931,959) | 59,777,941 | ||||
Other Assets and Liabilities—Net (-1.8%)4 | (1,075,637) | ||||
Net Assets (100%) | 58,702,304 |
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $1,295,913,000.
1 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures
investments, the fund's effective common stock and temporary cash investment positions represent 100.0% and 1.8%, respectively, of net
assets.
2 Certain of the fund’s securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in
transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2016, the aggregate value of these securities was
$316,533,000, representing 0.5% of net assets.
3 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day
yield.
4 Includes $1,365,062,000 of collateral received for securities on loan.
5 The issuer operates under a congressional charter; its securities are generally neither guaranteed by the U.S. Treasury nor backed by the full
faith and credit of the U.S. government.
6 Securities with a value of $33,682,000 have been segregated as initial margin for open futures contracts.
7 Securities with a value of $5,326,000 have been segregated as collateral for open forward currency contracts.
ADR—American Depositary Receipt.
CP—Commercial Paper.
GDR—Global Depositary Receipt.
REIT—Real Estate Investment Trust.
61
© 2016 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
SNA1272 082016
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management
Investment Companies.
Not Applicable.
Item 8: Portfolio Managers of Closed-End Management Investment Companies.
Not Applicable.
Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and
Affiliated Purchasers.
Not Applicable.
Item 10: Submission of Matters to a Vote of Security Holders.
Not Applicable.
Item 11: Controls and Procedures.
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. There were no significant changes in Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12: Exhibits.
(a) Certifications.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
VANGUARD TAX-MANAGED FUNDS | |
BY: | /s/ F. WILLIAM MCNABB III* |
F. WILLIAM MCNABB III | |
CHIEF EXECUTIVE OFFICER | |
Date: August 17, 2016 |
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/ F. WILLIAM MCNABB III* |
F. WILLIAM MCNABB III | |
CHIEF EXECUTIVE OFFICER | |
Date: August 17, 2016 | |
|
VANGUARD TAX-MANAGED FUNDS |
BY: | /s/ THOMAS J. HIGGINS* |
THOMAS J. HIGGINS | |
CHIEF FINANCIAL OFFICER | |
Date: August 17, 2016 |
* By: /s/ Heidi Stam
Heidi Stam, pursuant to a Power of Attorney filed on April 22, 2014 see file Number 2-17620, Incorporated by Reference.
I, F. William McNabb III, certify that:
1. I have reviewed this report on Form N-CSR of Vanguard Tax-Managed Funds;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: August 17, 2016 |
/s/ F. William McNabb III |
|
F. William McNabb III |
|
Chief Executive Officer |
I, Thomas J. Higgins, certify that:
1. I have reviewed this report on Form N-CSR of Vanguard Tax-Managed Funds;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: August 17, 2016 |
/s/ Thomas J Higgins |
|
Thomas J. Higgins |
|
Chief Financial Officer |
Certification Pursuant to 18 U.S.C. Section 1350,
As Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
Name of Issuer: Vanguard Tax-Managed Funds
In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his knowledge, that:
1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the issuer.
Date: August 17, 2016 |
/s/ F. William McNabb III |
|
F. William McNabb III |
|
Chief Executive Officer |
Certification Pursuant to 18 U.S.C. Section 1350,
As Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
Name of Issuer: Vanguard Tax-Managed Funds
In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his knowledge, that:
1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the issuer.
Date: August 17, 2016 |
/s/ Thomas J Higgins |
|
Thomas J. Higgins |
|
Chief Financial Officer |
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