UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT
OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-07175
| Name of Registrant: | Vanguard Tax-Managed Funds |
| Address of Registrant: | P.O. Box 2600 |
| Valley Forge, PA 19482 |
| Name and address of agent for service: | Anne E. Robinson, Esquire |
| P.O. Box 876 | |
| Valley Forge, PA 19482 |
Registrant’s telephone number, including area code: (610) 669-1000
Date of fiscal year end: December 31
Date of reporting period: January 1, 2020-December 31, 2020
Item 1: Reports to Shareholders
Annual Report | December 31, 2020
Vanguard
Tax-Managed Funds®
| Vanguard Tax-Managed Balanced Fund |
| Vanguard Tax-Managed Capital Appreciation Fund |
| Vanguard Tax-Managed Small-Cap Fund |
Contents
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1 |
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2 |
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4 |
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83 |
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106 |
Please note: The
opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date
on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.
Your Fund’s Performance at a Glance
| • | For the 12 months ended December 31, 2020, returns for the Vanguard Tax-Managed Funds ranged from 11.05% for Admiral Shares in the Vanguard Tax-Managed Small-Cap Fund to 21.08% for Institutional Shares in the Vanguard Tax-Managed Capital Appreciation Fund. |
| • | The Tax-Managed Small-Cap Fund and the Tax-Managed Capital Appreciation Fund performed in line with their benchmark indexes. Vanguard Tax-Managed Balanced Fund slightly trailed its benchmark index. |
| • | The fiscal year was marked by the global spread of COVID-19 and efforts to contain it. Responses from policymakers, the creation and initial distribution of vaccines, and the easing of some restrictions lifted investor sentiment, and stock markets hit highs in December. After an initial period of high volatility and low liquidity in the bond markets, yields fell and prices rose amid unprecedented actions taken by governments and central banks to blunt the virus’s economic impact. |
| • | Growth stocks outperformed value stocks for the 12 months, while large-capitalization stocks led mid- and small-caps. The broad U.S. stock market, as measured by the CRSP US Total Market Index, returned 20.99%. |
| • | The municipal bond market, as measured by the Bloomberg Barclays 1–15 Year Municipal Bond Index, returned 4.73%. Municipal bonds make up about half the Balanced Fund’s assets. |
Market Barometer
|
Average Annual Total Returns
Periods Ended December 31, 2020 |
|||
| One Year | Three Years | Five Years | |
| Stocks | |||
| Russell 1000 Index (Large-caps) | 20.96% | 14.82% | 15.60% |
| Russell 2000 Index (Small-caps) | 19.96 | 10.25 | 13.26 |
| Russell 3000 Index (Broad U.S. market) | 20.89 | 14.49 | 15.43 |
| FTSE All-World ex US Index (International) | 11.22 | 5.18 | 9.16 |
| Bonds | |||
| Bloomberg Barclays U.S. Aggregate Bond Index (Broad taxable market) | 7.51% | 5.34% | 4.44% |
| Bloomberg Barclays Municipal Bond Index (Broad tax-exempt market) | 5.21 | 4.64 | 3.91 |
| FTSE Three-Month U.S. Treasury Bill Index | 0.58 | 1.56 | 1.16 |
| CPI | |||
| Consumer Price Index | 1.36% | 1.85% | 1.95% |
1
About Your Fund’s Expenses
As a shareholder of the fund,
you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross
income, directly reduce the investment return of the fund.
A fund‘s expenses are
expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and
to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The accompanying table
illustrates your fund’s costs in two ways:
| • | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
To do so, simply divide your
account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During Period.”
| • | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Note that the expenses shown
in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or
account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no
shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information
about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your
fund’s current prospectus.
2
| Six Months Ended December 31, 2020 | |||
|
Beginning
Account Value 6/30/2020 |
Ending
Account Value 12/31/2020 |
Expenses
Paid During Period |
|
| Based on Actual Fund Return | |||
| Tax-Managed Balanced Fund | $1,000.00 | $1,130.70 | $0.48 |
| Tax-Managed Capital Appreciation Fund | |||
| AdmiralTM Shares | $1,000.00 | $1,243.10 | $0.51 |
| Institutional Shares | 1,000.00 | 1,243.00 | 0.34 |
| Tax-Managed Small-Cap Fund | |||
| Admiral Shares | $1,000.00 | $1,351.10 | $0.53 |
| Institutional Shares | 1,000.00 | 1,351.20 | 0.35 |
| Based on Hypothetical 5% Yearly Return | |||
| Tax-Managed Balanced Fund | $1,000.00 | $1,024.68 | $0.46 |
| Tax-Managed Capital Appreciation Fund | |||
| Admiral Shares | $1,000.00 | $1,024.68 | $0.46 |
| Institutional Shares | 1,000.00 | 1,024.84 | 0.31 |
| Tax-Managed Small-Cap Fund | |||
| Admiral Shares | $1,000.00 | $1,024.68 | $0.46 |
| Institutional Shares | 1,000.00 | 1,024.84 | 0.31 |
The calculations are
based on expenses incurred in the most recent six-month period. The funds' annualized six-month expense ratios for that period are: for the Tax-Managed Balanced Fund, 0.09%; for the Tax-Managed Capital Appreciation
Fund, 0.09% for Admiral Shares and 0.06% for Institutional Shares; and for the Tax-Managed Small-Cap Fund, 0.09% for Admiral Shares and 0.06% for Institutional Shares. The dollar amounts shown as “Expenses
Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days
in the most recent 12-month period (184/366).
3
Tax-Managed Balanced Fund
Performance Summary
All of the returns in this
report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current
to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth
more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance:
December 31, 2010, Through December 31, 2020
Initial Investment of $10,000
|
Average Annual Total Returns
Periods Ended December 31, 2020 |
|||||
|
One
Year |
Five
Years |
Ten
Years |
Final Value
of a $10,000 Investment |
||
|
Tax-Managed Balanced Fund | 13.30% | 9.48% | 8.99% | $23,660 |
|
Tax-Managed Balanced Composite Index | 14.15 | 9.83 | 9.23 | 24,182 |
|
Bloomberg Barclays Municipal Bond Index | 5.21 | 3.91 | 4.63 | 15,718 |
|
Dow Jones U.S. Total Stock Market Float Adjusted Index | 20.79 | 15.36 | 13.74 | 36,240 |
Tax-Managed Balanced
Composite Index: Weighted 50% Russell 1000 Index and 50% Bloomberg Barclays 7 Year Municipal Bond Index through January 31, 2002, and 50% Russell 1000 Index and 50% Bloomberg Barclays 1–15 Year Municipal Bond
Index thereafter.
See Financial Highlights for dividend
and capital gains information.
4
Tax-Managed Balanced Fund
Fund Allocation
As of December 31, 2020
| Investment Exposure | |
| Basic Materials | 0.8% |
| Consumer Discretionary | 8.5 |
| Consumer Staples | 2.4 |
| Energy | 1.0 |
| Financials | 5.0 |
| Health Care | 6.2 |
| Industrials | 6.9 |
| Other | 1.0 |
| Real Estate | 1.4 |
| Technology | 13.3 |
| Telecommunications | 1.6 |
| Utilities | 1.3 |
| Tax-Exempt Municipal Bonds | 50.6 |
The table reflects the fund's
investments, except for short-term investments and derivatives. Sector categories are based on the Industry Classification Benchmark (“ICB”), except for the “Other” category (if applicable),
which includes securities that have not been provided an ICB classification as of the effective reporting period.
The Industry
Classification Benchmark (“ICB”) is owned by FTSE. FTSE does not accept any liability to any person for any loss or damage arising out of any error or omission in the ICB.
5
Tax-Managed Balanced Fund
Financial Statements
Schedule of Investments
As of December 31, 2020
The fund files its complete
schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports
are available on the SEC’s website at www.sec.gov.
| Shares |
Market
Value• ($000) |
||||
| Common Stocks (49.0%) | |||||
| Basic Materials (0.8%) | |||||
| Linde plc | 52,529 | 13,842 | |||
| Ecolab Inc. | 32,303 | 6,989 | |||
| Air Products and Chemicals Inc. | 19,099 | 5,218 | |||
| Newmont Corp. | 79,841 | 4,782 | |||
| Freeport-McMoRan Inc. | 141,389 | 3,679 | |||
| Element Solutions Inc. | 128,571 | 2,279 | |||
| Dow Inc. | 36,222 | 2,010 | |||
| Celanese Corp. Class A | 14,628 | 1,901 | |||
| * | Alcoa Corp. | 70,034 | 1,614 | ||
| Albemarle Corp. | 10,400 | 1,534 | |||
| FMC Corp. | 9,098 | 1,046 | |||
| Fastenal Co. | 21,246 | 1,037 | |||
| Scotts Miracle-Gro Co. | 4,442 | 885 | |||
| Reliance Steel & Aluminum Co. | 6,900 | 826 | |||
| Westlake Chemical Corp. | 9,894 | 807 | |||
| Eastman Chemical Co. | 7,819 | 784 | |||
| Avery Dennison Corp. | 4,600 | 713 | |||
| Huntsman Corp. | 27,900 | 701 | |||
| International Flavors & Fragrances Inc. | 6,430 | 700 | |||
| CF Industries Holdings Inc. | 16,859 | 653 | |||
| Royal Gold Inc. | 6,100 | 649 | |||
| Nucor Corp. | 11,200 | 596 | |||
| LyondellBasell Industries NV Class A | 5,638 | 517 | |||
| Ashland Global Holdings Inc. | 6,198 | 491 | |||
| Timken Co. | 5,841 | 452 | |||
| NewMarket Corp. | 1,129 | 450 | |||
| Mosaic Co. | 18,068 | 416 | |||
| Valvoline Inc. | 17,015 | 394 | |||
| * | Univar Solutions Inc. | 19,164 | 364 | ||
| W R Grace & Co. | 6,600 | 362 | |||
| Steel Dynamics Inc. | 4,100 | 151 | |||
| 56,842 | |||||
| Consumer Discretionary (8.4%) | |||||
| * | Amazon.com Inc. | 41,128 | 133,951 | ||
| Shares |
Market
Value• ($000) |
||||
| * | Tesla Inc. | 65,015 | 45,879 | ||
| * | Walt Disney Co. | 178,123 | 32,272 | ||
| Home Depot Inc. | 104,969 | 27,882 | |||
| * | Netflix Inc. | 42,251 | 22,846 | ||
| Walmart Inc. | 136,623 | 19,694 | |||
| NIKE Inc. Class B | 135,111 | 19,114 | |||
| Costco Wholesale Corp. | 46,842 | 17,649 | |||
| McDonald's Corp. | 62,436 | 13,398 | |||
| Lowe's Cos. Inc. | 79,663 | 12,787 | |||
| Starbucks Corp. | 113,970 | 12,193 | |||
| Estee Lauder Cos. Inc. Class A | 33,569 | 8,936 | |||
| * | Booking Holdings Inc. | 3,778 | 8,415 | ||
| Target Corp. | 41,325 | 7,295 | |||
| TJX Cos. Inc. | 106,628 | 7,282 | |||
| Activision Blizzard Inc. | 69,615 | 6,464 | |||
| * | Lululemon Athletica Inc. | 15,881 | 5,527 | ||
| Dollar General Corp. | 25,991 | 5,466 | |||
| * | Chipotle Mexican Grill Inc. Class A | 3,292 | 4,565 | ||
| * | Copart Inc. | 35,413 | 4,506 | ||
| * | Uber Technologies Inc. | 86,204 | 4,396 | ||
| Ross Stores Inc. | 35,144 | 4,316 | |||
| * | O'Reilly Automotive Inc. | 9,503 | 4,301 | ||
| * | Spotify Technology SA | 13,409 | 4,219 | ||
| * | Under Armour Inc. Class A | 225,100 | 3,865 | ||
| Aptiv plc | 29,624 | 3,860 | |||
| Marriott International Inc. Class A | 27,645 | 3,647 | |||
| eBay Inc. | 70,733 | 3,554 | |||
| Yum! Brands Inc. | 31,728 | 3,444 | |||
| Hilton Worldwide Holdings Inc. | 30,445 | 3,387 | |||
| Electronic Arts Inc. | 23,473 | 3,371 | |||
| General Motors Co. | 76,101 | 3,169 | |||
| * | AutoZone Inc. | 2,594 | 3,075 | ||
| Lennar Corp. Class A | 39,160 | 2,985 | |||
| * | Dollar Tree Inc. | 27,452 | 2,966 | ||
| * | Mohawk Industries Inc. | 19,372 | 2,730 | ||
| Southwest Airlines Co. | 56,166 | 2,618 | |||
| DR Horton Inc. | 37,302 | 2,571 | |||
| * | Capri Holdings Ltd. | 59,100 | 2,482 | ||
6
Tax-Managed Balanced Fund
| Shares |
Market
Value• ($000) |
||||
| * | CarMax Inc. | 26,265 | 2,481 | ||
| * | NVR Inc. | 569 | 2,321 | ||
| * | Norwegian Cruise Line Holdings Ltd. | 88,700 | 2,256 | ||
| VF Corp. | 26,400 | 2,255 | |||
| Best Buy Co. Inc. | 21,906 | 2,186 | |||
| Delta Air Lines Inc. | 53,900 | 2,167 | |||
| * | Wayfair Inc. Class A | 9,168 | 2,070 | ||
| Yum China Holdings Inc. | 35,756 | 2,041 | |||
| * | Burlington Stores Inc. | 7,603 | 1,989 | ||
| * | Etsy Inc. | 10,995 | 1,956 | ||
| MGM Resorts International | 57,046 | 1,798 | |||
| Tractor Supply Co. | 12,514 | 1,759 | |||
| Fortune Brands Home & Security Inc. | 20,487 | 1,756 | |||
| * | Madison Square Garden Entertainment Corp. | 16,620 | 1,746 | ||
| * | Take-Two Interactive Software Inc. | 8,365 | 1,738 | ||
| * | Trade Desk Inc. Class A | 2,169 | 1,737 | ||
| Advance Auto Parts Inc. | 10,965 | 1,727 | |||
| * | Ulta Beauty Inc. | 5,996 | 1,722 | ||
| Lear Corp. | 10,522 | 1,673 | |||
| * | Live Nation Entertainment Inc. | 22,245 | 1,635 | ||
| Domino's Pizza Inc. | 4,261 | 1,634 | |||
| * | United Airlines Holdings Inc. | 37,444 | 1,619 | ||
| * | Lyft Inc. Class A | 32,900 | 1,616 | ||
| * | JetBlue Airways Corp. | 104,908 | 1,525 | ||
| Expedia Group Inc. | 11,209 | 1,484 | |||
| Sirius XM Holdings Inc. | 219,780 | 1,400 | |||
| Gentex Corp. | 39,660 | 1,346 | |||
| PVH Corp. | 14,290 | 1,342 | |||
| * | Under Armour Inc. Class C | 89,592 | 1,333 | ||
| Ford Motor Co. | 150,000 | 1,318 | |||
| AMERCO | 2,887 | 1,311 | |||
| * | LKQ Corp. | 36,460 | 1,285 | ||
| * | Floor & Decor Holdings Inc. Class A | 13,773 | 1,279 | ||
| * | Skechers U.S.A. Inc. Class A | 33,688 | 1,211 | ||
| * | IAA Inc. | 17,878 | 1,162 | ||
| * | AutoNation Inc. | 16,312 | 1,138 | ||
| News Corp. Class A | 62,267 | 1,119 | |||
| PulteGroup Inc. | 25,300 | 1,091 | |||
| Garmin Ltd. | 8,970 | 1,073 | |||
| Qurate Retail Inc. Class A | 91,418 | 1,003 | |||
| * | Tempur Sealy International Inc. | 37,140 | 1,003 | ||
| Toll Brothers Inc. | 22,801 | 991 | |||
| American Airlines Group Inc. | 61,900 | 976 | |||
| Service Corp. International | 19,876 | 976 | |||
| * | Carvana Co. Class A | 4,031 | 966 | ||
| Shares |
Market
Value• ($000) |
||||
| * | Liberty Media Corp.-Liberty Formula One Class C | 21,777 | 928 | ||
| * | Five Below Inc. | 5,244 | 918 | ||
| Rollins Inc. | 23,436 | 916 | |||
| * | frontdoor Inc. | 17,660 | 887 | ||
| * | Ollie's Bargain Outlet Holdings Inc. | 10,849 | 887 | ||
| Thor Industries Inc. | 9,533 | 886 | |||
| ViacomCBS Inc. Class B | 22,673 | 845 | |||
| * | Terminix Global Holdings Inc. | 16,325 | 833 | ||
| Dolby Laboratories Inc. Class A | 8,275 | 804 | |||
| Tiffany & Co. | 6,075 | 799 | |||
| * | Lions Gate Entertainment Corp. Class A | 67,000 | 762 | ||
| Williams-Sonoma Inc. | 7,089 | 722 | |||
| * | Discovery Inc. Class C | 26,958 | 706 | ||
| BorgWarner Inc. | 17,234 | 666 | |||
| Royal Caribbean Cruises Ltd. | 8,832 | 660 | |||
| * | Planet Fitness Inc. Class A | 8,000 | 621 | ||
| Whirlpool Corp. | 3,182 | 574 | |||
| ViacomCBS Inc. Class A | 15,073 | 570 | |||
| * | Liberty Media Corp.-Liberty SiriusXM Class A | 12,657 | 547 | ||
| Wendy's Co. | 24,919 | 546 | |||
| Carter's Inc. | 5,600 | 527 | |||
| * | TripAdvisor Inc. | 17,991 | 518 | ||
| Aramark | 13,199 | 508 | |||
| Carnival Corp. | 23,400 | 507 | |||
| * | Madison Square Garden Sports Corp. | 2,748 | 506 | ||
| Dick's Sporting Goods Inc. | 8,512 | 478 | |||
| Wynn Resorts Ltd. | 4,200 | 474 | |||
| New York Times Co. Class A | 8,914 | 461 | |||
| Pool Corp. | 1,184 | 441 | |||
| Vail Resorts Inc. | 1,300 | 363 | |||
| Fox Corp. Class B | 12,100 | 349 | |||
| * | Grand Canyon Education Inc. | 3,737 | 348 | ||
| Lennar Corp. Class B | 5,464 | 334 | |||
| Ralph Lauren Corp. Class A | 3,073 | 319 | |||
| * | Zynga Inc. Class A | 32,100 | 317 | ||
| Hyatt Hotels Corp. Class A | 4,248 | 315 | |||
| * | 2U Inc. | 7,800 | 312 | ||
| * | Bright Horizons Family Solutions Inc. | 1,766 | 305 | ||
| * | Mattel Inc. | 15,775 | 275 | ||
| Graham Holdings Co. Class B | 400 | 213 | |||
7
Tax-Managed Balanced Fund
| Shares |
Market
Value• ($000) |
||||
| * | Liberty Media Corp.-Liberty Formula One Class A | 5,563 | 211 | ||
| Foot Locker Inc. | 3,866 | 156 | |||
| Hasbro Inc. | 1,600 | 150 | |||
| Columbia Sportswear Co. | 1,683 | 147 | |||
| Copa Holdings SA Class A | 1,462 | 113 | |||
| Darden Restaurants Inc. | 880 | 105 | |||
| Hanesbrands Inc. | 6,700 | 98 | |||
| Nexstar Media Group Inc. Class A | 800 | 87 | |||
| Wyndham Hotels & Resorts Inc. | 1,038 | 62 | |||
| * | Airbnb Inc. Class A | 419 | 62 | ||
| Choice Hotels International Inc. | 444 | 47 | |||
| 575,476 | |||||
| Consumer Staples (2.4%) | |||||
| Procter & Gamble Co. | 240,351 | 33,442 | |||
| PepsiCo Inc. | 132,297 | 19,620 | |||
| Coca-Cola Co. | 344,600 | 18,898 | |||
| Mondelez International Inc. Class A | 148,388 | 8,676 | |||
| CVS Health Corp. | 117,445 | 8,021 | |||
| * | Monster Beverage Corp. | 65,123 | 6,023 | ||
| Colgate-Palmolive Co. | 59,637 | 5,100 | |||
| Philip Morris International Inc. | 58,903 | 4,877 | |||
| Constellation Brands Inc. Class A | 18,326 | 4,014 | |||
| Kimberly-Clark Corp. | 28,821 | 3,886 | |||
| Corteva Inc. | 75,255 | 2,914 | |||
| Sysco Corp. | 38,967 | 2,894 | |||
| McCormick & Co. Inc. (Non-Voting) | 30,070 | 2,875 | |||
| General Mills Inc. | 48,414 | 2,847 | |||
| McKesson Corp. | 15,695 | 2,730 | |||
| Church & Dwight Co. Inc. | 30,778 | 2,685 | |||
| Archer-Daniels-Midland Co. | 51,573 | 2,600 | |||
| Clorox Co. | 12,303 | 2,484 | |||
| Brown-Forman Corp. Class B | 30,438 | 2,418 | |||
| Kroger Co. | 68,647 | 2,180 | |||
| Hershey Co. | 14,203 | 2,164 | |||
| Tyson Foods Inc. Class A | 30,613 | 1,973 | |||
| * | Herbalife Nutrition Ltd. | 40,333 | 1,938 | ||
| Altria Group Inc. | 37,080 | 1,520 | |||
| J M Smucker Co. | 11,951 | 1,381 | |||
| AmerisourceBergen Corp. Class A | 14,106 | 1,379 | |||
| Conagra Brands Inc. | 38,018 | 1,378 | |||
| * | Hain Celestial Group Inc. | 31,228 | 1,254 | ||
| Walgreens Boots Alliance Inc. | 28,118 | 1,121 | |||
| Hormel Foods Corp. | 22,584 | 1,053 | |||
| Shares |
Market
Value• ($000) |
||||
| * | Post Holdings Inc. | 9,905 | 1,000 | ||
| Lamb Weston Holdings Inc. | 12,659 | 997 | |||
| * | US Foods Holding Corp. | 27,376 | 912 | ||
| Brown-Forman Corp. Class A | 10,274 | 755 | |||
| Kellogg Co. | 10,900 | 678 | |||
| * | Sprouts Farmers Market Inc. | 33,705 | 677 | ||
| * | TreeHouse Foods Inc. | 15,069 | 640 | ||
| * | Beyond Meat Inc. | 4,942 | 618 | ||
| Casey's General Stores Inc. | 3,314 | 592 | |||
| Keurig Dr Pepper Inc. | 18,093 | 579 | |||
| Ingredion Inc. | 6,341 | 499 | |||
| * | Grocery Outlet Holding Corp. | 11,400 | 447 | ||
| Energizer Holdings Inc. | 9,717 | 410 | |||
| Reynolds Consumer Products Inc. | 12,100 | 363 | |||
| Campbell Soup Co. | 7,400 | 358 | |||
| Kraft Heinz Co. | 8,459 | 293 | |||
| Seaboard Corp. | 93 | 282 | |||
| Molson Coors Beverage Co. Class B | 4,300 | 194 | |||
| 164,639 | |||||
| Energy (1.0%) | |||||
| Chevron Corp. | 162,408 | 13,715 | |||
| Exxon Mobil Corp. | 237,905 | 9,806 | |||
| ConocoPhillips | 84,912 | 3,396 | |||
| * | WPX Energy Inc. | 394,316 | 3,214 | ||
| Phillips 66 | 31,975 | 2,236 | |||
| EOG Resources Inc. | 41,056 | 2,048 | |||
| Marathon Petroleum Corp. | 48,458 | 2,004 | |||
| Schlumberger NV | 90,000 | 1,965 | |||
| Continental Resources Inc. | 119,715 | 1,951 | |||
| * | Cheniere Energy Inc. | 31,747 | 1,906 | ||
| Pioneer Natural Resources Co. | 15,691 | 1,787 | |||
| * | First Solar Inc. | 17,966 | 1,777 | ||
| Halliburton Co. | 87,730 | 1,658 | |||
| Valero Energy Corp. | 28,900 | 1,635 | |||
| Occidental Petroleum Corp. | 88,690 | 1,535 | |||
| * | ChampionX Corp. | 99,308 | 1,519 | ||
| Marathon Oil Corp. | 225,300 | 1,503 | |||
| Diamondback Energy Inc. | 29,914 | 1,448 | |||
| Hess Corp. | 25,949 | 1,370 | |||
| Kinder Morgan Inc. | 92,547 | 1,265 | |||
| Baker Hughes Co. Class A | 53,447 | 1,114 | |||
| Concho Resources Inc. | 16,184 | 944 | |||
| EQT Corp. | 72,232 | 918 | |||
| Murphy Oil Corp. | 73,000 | 883 | |||
| Williams Cos. Inc. | 35,300 | 708 | |||
| * | Range Resources Corp. | 99,510 | 667 | ||
8
Tax-Managed Balanced Fund
| Shares |
Market
Value• ($000) |
||||
| Cabot Oil & Gas Corp. | 40,790 | 664 | |||
| National Oilwell Varco Inc. | 28,200 | 387 | |||
| Cimarex Energy Co. | 9,486 | 356 | |||
| Targa Resources Corp. | 12,000 | 317 | |||
| Apache Corp. | 20,000 | 284 | |||
| HollyFrontier Corp. | 10,792 | 279 | |||
| Devon Energy Corp. | 10,554 | 167 | |||
| Helmerich & Payne Inc. | 3,200 | 74 | |||
| 65,500 | |||||
| Financials (5.0%) | |||||
| * | Berkshire Hathaway Inc. Class B | 194,565 | 45,114 | ||
| JPMorgan Chase & Co. | 293,654 | 37,315 | |||
| Bank of America Corp. | 797,988 | 24,187 | |||
| Citigroup Inc. | 188,000 | 11,592 | |||
| Morgan Stanley | 142,641 | 9,775 | |||
| Wells Fargo & Co. | 302,559 | 9,131 | |||
| S&P Global Inc. | 26,017 | 8,553 | |||
| Goldman Sachs Group Inc. | 31,593 | 8,331 | |||
| BlackRock Inc. | 10,561 | 7,620 | |||
| Charles Schwab Corp. | 122,499 | 6,497 | |||
| Progressive Corp. | 64,645 | 6,392 | |||
| Chubb Ltd. | 39,599 | 6,095 | |||
| Aon plc Class A | 27,728 | 5,858 | |||
| Marsh & McLennan Cos. Inc. | 49,821 | 5,829 | |||
| Intercontinental Exchange Inc. | 50,126 | 5,779 | |||
| * | SVB Financial Group | 14,756 | 5,723 | ||
| PNC Financial Services Group Inc. | 37,095 | 5,527 | |||
| MFA Financial Inc. | 1,400,283 | 5,447 | |||
| Truist Financial Corp. | 109,424 | 5,245 | |||
| US Bancorp | 110,423 | 5,145 | |||
| Moody's Corp. | 16,498 | 4,788 | |||
| First Republic Bank | 30,426 | 4,470 | |||
| CME Group Inc. | 24,318 | 4,427 | |||
| IHS Markit Ltd. | 44,814 | 4,026 | |||
| * | Lemonade Inc. | 32,800 | 4,018 | ||
| Sterling Bancorp | 220,858 | 3,971 | |||
| MSCI Inc. Class A | 8,302 | 3,707 | |||
| Allstate Corp. | 28,622 | 3,146 | |||
| Pinnacle Financial Partners Inc. | 48,700 | 3,136 | |||
| Bank of New York Mellon Corp. | 67,629 | 2,870 | |||
| Travelers Cos. Inc. | 20,181 | 2,833 | |||
| Aflac Inc. | 59,074 | 2,627 | |||
| MetLife Inc. | 50,516 | 2,372 | |||
| Willis Towers Watson plc | 11,000 | 2,317 | |||
| * | Arch Capital Group Ltd. | 63,827 | 2,302 | ||
| * | Rocket Cos. Inc. Class A | 111,600 | 2,257 | ||
| * | Markel Corp. | 2,130 | 2,201 | ||
| Discover Financial Services | 23,903 | 2,164 | |||
| State Street Corp. | 26,969 | 1,963 | |||
| Shares |
Market
Value• ($000) |
||||
| First Citizens BancShares Inc. Class A | 3,400 | 1,953 | |||
| Ameriprise Financial Inc. | 9,883 | 1,921 | |||
| * | Brighthouse Financial Inc. | 52,982 | 1,918 | ||
| T. Rowe Price Group Inc. | 12,074 | 1,828 | |||
| American International Group Inc. | 44,900 | 1,700 | |||
| FactSet Research Systems Inc. | 4,736 | 1,575 | |||
| MarketAxess Holdings Inc. | 2,731 | 1,558 | |||
| Hartford Financial Services Group Inc. | 31,442 | 1,540 | |||
| Globe Life Inc. | 15,679 | 1,489 | |||
| Fifth Third Bancorp | 50,575 | 1,394 | |||
| Assured Guaranty Ltd. | 43,927 | 1,383 | |||
| Arthur J Gallagher & Co. | 10,997 | 1,360 | |||
| Alleghany Corp. | 2,233 | 1,348 | |||
| Reinsurance Group of America Inc. | 11,595 | 1,344 | |||
| Zions Bancorp NA | 30,699 | 1,334 | |||
| Voya Financial Inc. | 22,512 | 1,324 | |||
| W R Berkley Corp. | 19,249 | 1,279 | |||
| Ally Financial Inc. | 35,254 | 1,257 | |||
| Brown & Brown Inc. | 26,238 | 1,244 | |||
| East West Bancorp Inc. | 23,855 | 1,210 | |||
| Wintrust Financial Corp. | 19,700 | 1,203 | |||
| Raymond James Financial Inc. | 11,434 | 1,094 | |||
| Regions Financial Corp. | 66,902 | 1,078 | |||
| Nasdaq Inc. | 8,023 | 1,065 | |||
| Broadridge Financial Solutions Inc. | 6,831 | 1,047 | |||
| RenaissanceRe Holdings Ltd. | 6,293 | 1,044 | |||
| KeyCorp | 57,018 | 936 | |||
| * | GoHealth Inc. Class A | 68,400 | 934 | ||
| Lincoln National Corp. | 18,195 | 915 | |||
| Prudential Financial Inc. | 11,212 | 875 | |||
| Citizens Financial Group Inc. | 23,643 | 845 | |||
| Commerce Bancshares Inc. | 12,342 | 811 | |||
| Hanover Insurance Group Inc. | 6,939 | 811 | |||
| Assurant Inc. | 5,942 | 809 | |||
| * | Credit Acceptance Corp. | 2,161 | 748 | ||
| Cboe Global Markets Inc. | 7,925 | 738 | |||
| Northern Trust Corp. | 6,972 | 649 | |||
| Everest Re Group Ltd. | 2,700 | 632 | |||
| Cincinnati Financial Corp. | 7,091 | 620 | |||
| Popular Inc. | 10,841 | 611 | |||
| M&T Bank Corp. | 4,600 | 586 | |||
| SEI Investments Co. | 9,913 | 570 | |||
| * | Athene Holding Ltd. Class A | 13,120 | 566 | ||
| Western Alliance Bancorp | 9,230 | 553 | |||
9
Tax-Managed Balanced Fund
| Shares |
Market
Value• ($000) |
||||
| TCF Financial Corp. | 14,251 | 528 | |||
| Jefferies Financial Group Inc. | 21,416 | 527 | |||
| Santander Consumer USA Holdings Inc. | 23,585 | 519 | |||
| White Mountains Insurance Group Ltd. | 498 | 498 | |||
| MGIC Investment Corp. | 35,128 | 441 | |||
| Morningstar Inc. | 1,882 | 436 | |||
| Associated Banc-Corp | 24,527 | 418 | |||
| LPL Financial Holdings Inc. | 4,000 | 417 | |||
| CNA Financial Corp. | 8,693 | 339 | |||
| Kemper Corp. | 4,002 | 307 | |||
| Signature Bank | 2,248 | 304 | |||
| Primerica Inc. | 2,200 | 295 | |||
| BOK Financial Corp. | 4,040 | 277 | |||
| Interactive Brokers Group Inc. Class A | 4,420 | 269 | |||
| * | LendingTree Inc. | 900 | 246 | ||
| Equitable Holdings Inc. | 9,264 | 237 | |||
| Erie Indemnity Co. Class A | 872 | 214 | |||
| Synovus Financial Corp. | 6,525 | 211 | |||
| OneMain Holdings Inc. | 4,339 | 209 | |||
| Bank OZK | 6,200 | 194 | |||
| Unum Group | 6,127 | 141 | |||
| American Financial Group Inc. | 972 | 85 | |||
| SLM Corp. | 6,800 | 84 | |||
| First Horizon Corp. | 3,430 | 44 | |||
| Franklin Resources Inc. | 1,525 | 38 | |||
| Prosperity Bancshares Inc. | 487 | 34 | |||
| Affiliated Managers Group Inc. | 184 | 19 | |||
| Axis Capital Holdings Ltd. | 100 | 5 | |||
| 341,785 | |||||
| Health Care (6.1%) | |||||
| UnitedHealth Group Inc. | 93,984 | 32,958 | |||
| Johnson & Johnson | 206,714 | 32,533 | |||
| Thermo Fisher Scientific Inc. | 42,487 | 19,790 | |||
| Merck & Co. Inc. | 236,250 | 19,325 | |||
| Pfizer Inc. | 508,307 | 18,711 | |||
| Abbott Laboratories | 164,134 | 17,971 | |||
| Danaher Corp. | 65,315 | 14,509 | |||
| Medtronic plc | 122,867 | 14,393 | |||
| Eli Lilly & Co. | 82,098 | 13,861 | |||
| AbbVie Inc. | 121,396 | 13,008 | |||
| Amgen Inc. | 52,569 | 12,087 | |||
| * | Intuitive Surgical Inc. | 12,578 | 10,290 | ||
| Zoetis Inc. | 52,768 | 8,733 | |||
| Cigna Corp. | 40,552 | 8,442 | |||
| Bristol-Myers Squibb Co. | 134,884 | 8,367 | |||
| Stryker Corp. | 30,849 | 7,559 | |||
| Anthem Inc. | 23,239 | 7,462 | |||
| * | IDEXX Laboratories Inc. | 12,149 | 6,073 | ||
| Shares |
Market
Value• ($000) |
||||
| * | Edwards Lifesciences Corp. | 66,235 | 6,043 | ||
| Humana Inc. | 13,882 | 5,695 | |||
| * | Vertex Pharmaceuticals Inc. | 23,758 | 5,615 | ||
| Becton Dickinson & Co. | 21,512 | 5,383 | |||
| * | Illumina Inc. | 14,310 | 5,295 | ||
| Gilead Sciences Inc. | 82,302 | 4,795 | |||
| HCA Healthcare Inc. | 27,941 | 4,595 | |||
| * | Align Technology Inc. | 8,178 | 4,370 | ||
| * | Boston Scientific Corp. | 119,673 | 4,302 | ||
| * | IQVIA Holdings Inc. | 23,886 | 4,280 | ||
| * | Biogen Inc. | 17,376 | 4,255 | ||
| * | Regeneron Pharmaceuticals Inc. | 8,203 | 3,963 | ||
| Baxter International Inc. | 47,400 | 3,803 | |||
| Agilent Technologies Inc. | 29,707 | 3,520 | |||
| * | Laboratory Corp. of America Holdings | 16,697 | 3,399 | ||
| * | Alexion Pharmaceuticals Inc. | 20,349 | 3,179 | ||
| * | Catalent Inc. | 27,491 | 2,861 | ||
| * | Veeva Systems Inc. Class A | 10,433 | 2,840 | ||
| Zimmer Biomet Holdings Inc. | 18,070 | 2,784 | |||
| * | DexCom Inc. | 7,279 | 2,691 | ||
| * | Sage Therapeutics Inc. | 30,100 | 2,604 | ||
| * | Centene Corp. | 43,172 | 2,592 | ||
| * | Varian Medical Systems Inc. | 14,448 | 2,529 | ||
| * | Moderna Inc. | 24,203 | 2,528 | ||
| ResMed Inc. | 11,300 | 2,402 | |||
| * | Hologic Inc. | 29,853 | 2,174 | ||
| * | Acadia Healthcare Co. Inc. | 43,032 | 2,163 | ||
| * | Charles River Laboratories International Inc. | 8,059 | 2,014 | ||
| * | DaVita Inc. | 17,119 | 2,010 | ||
| * | Exact Sciences Corp. | 14,418 | 1,910 | ||
| PerkinElmer Inc. | 13,223 | 1,897 | |||
| * | Seagen Inc. | 10,763 | 1,885 | ||
| * | Bio-Rad Laboratories Inc. Class A | 3,202 | 1,867 | ||
| Cooper Cos. Inc. | 5,136 | 1,866 | |||
| Teleflex Inc. | 3,932 | 1,618 | |||
| * | Incyte Corp. | 17,669 | 1,537 | ||
| Bio-Techne Corp. | 4,831 | 1,534 | |||
| Quest Diagnostics Inc. | 12,819 | 1,528 | |||
| * | Elanco Animal Health Inc. | 49,626 | 1,522 | ||
| * | Molina Healthcare Inc. | 7,010 | 1,491 | ||
| * | ABIOMED Inc. | 4,438 | 1,439 | ||
| * | Reata Pharmaceuticals Inc. Class A | 11,000 | 1,360 | ||
| * | Masimo Corp. | 4,949 | 1,328 | ||
| * | Jazz Pharmaceuticals plc | 8,039 | 1,327 | ||
10
Tax-Managed Balanced Fund
| Shares |
Market
Value• ($000) |
||||
| * | Horizon Therapeutics plc | 17,602 | 1,288 | ||
| Universal Health Services Inc. Class B | 9,109 | 1,252 | |||
| * | QIAGEN NV | 23,457 | 1,240 | ||
| West Pharmaceutical Services Inc. | 4,202 | 1,190 | |||
| * | Viatris Inc. | 63,070 | 1,182 | ||
| * | Envista Holdings Corp. | 34,520 | 1,164 | ||
| Cerner Corp. | 14,193 | 1,114 | |||
| * | Sarepta Therapeutics Inc. | 6,283 | 1,071 | ||
| * | BioMarin Pharmaceutical Inc. | 11,883 | 1,042 | ||
| * | Alnylam Pharmaceuticals Inc. | 7,820 | 1,016 | ||
| DENTSPLY SIRONA Inc. | 18,983 | 994 | |||
| * | Insulet Corp. | 3,622 | 926 | ||
| * | Ionis Pharmaceuticals Inc. | 15,847 | 896 | ||
| Chemed Corp. | 1,615 | 860 | |||
| Hill-Rom Holdings Inc. | 8,722 | 854 | |||
| * | Alkermes plc | 41,100 | 820 | ||
| * | Neurocrine Biosciences Inc. | 8,264 | 792 | ||
| * | Penumbra Inc. | 4,163 | 728 | ||
| * | Iovance Biotherapeutics Inc. | 13,500 | 626 | ||
| STERIS plc | 3,159 | 599 | |||
| * | PPD Inc. | 16,500 | 565 | ||
| * | Exelixis Inc. | 27,903 | 560 | ||
| * | Teladoc Health Inc. | 2,500 | 500 | ||
| * | Nektar Therapeutics Class A | 29,132 | 495 | ||
| Perrigo Co. plc | 10,778 | 482 | |||
| * | PRA Health Sciences Inc. | 3,678 | 461 | ||
| Premier Inc. Class A | 12,944 | 454 | |||
| Cardinal Health Inc. | 8,345 | 447 | |||
| * | United Therapeutics Corp. | 2,593 | 394 | ||
| * | Adaptive Biotechnologies Corp. | 6,500 | 384 | ||
| * | Global Blood Therapeutics Inc. | 8,800 | 381 | ||
| * | Guardant Health Inc. | 2,538 | 327 | ||
| * | Avantor Inc. | 10,252 | 289 | ||
| * | Agios Pharmaceuticals Inc. | 6,300 | 273 | ||
| * | ACADIA Pharmaceuticals Inc. | 4,500 | 241 | ||
| * | Integra LifeSciences Holdings Corp. | 3,189 | 207 | ||
| Encompass Health Corp. | 2,416 | 200 | |||
| Bruker Corp. | 1,500 | 81 | |||
| * | ICU Medical Inc. | 200 | 43 | ||
| * | GoodRx Holdings Inc. Class A | 74 | 3 | ||
| 421,306 | |||||
| Industrials (6.9%) | |||||
| Visa Inc. Class A | 165,796 | 36,265 | |||
| Shares |
Market
Value• ($000) |
||||
| Mastercard Inc. Class A | 87,886 | 31,370 | |||
| * | PayPal Holdings Inc. | 126,894 | 29,719 | ||
| Accenture plc Class A | 58,776 | 15,353 | |||
| Honeywell International Inc. | 69,897 | 14,867 | |||
| Union Pacific Corp. | 64,936 | 13,521 | |||
| Boeing Co. | 49,709 | 10,641 | |||
| 3M Co. | 50,985 | 8,912 | |||
| United Parcel Service Inc. Class B | 52,034 | 8,763 | |||
| Deere & Co. | 32,002 | 8,610 | |||
| * | Square Inc. Class A | 39,008 | 8,490 | ||
| Raytheon Technologies Corp. | 117,533 | 8,405 | |||
| Caterpillar Inc. | 45,524 | 8,286 | |||
| * | Fiserv Inc. | 71,839 | 8,180 | ||
| Fidelity National Information Services Inc. | 56,184 | 7,948 | |||
| Lockheed Martin Corp. | 21,823 | 7,747 | |||
| American Express Co. | 63,198 | 7,641 | |||
| General Electric Co. | 672,438 | 7,262 | |||
| CSX Corp. | 79,922 | 7,253 | |||
| Sherwin-Williams Co. | 9,714 | 7,139 | |||
| Capital One Financial Corp. | 72,192 | 7,136 | |||
| Global Payments Inc. | 32,231 | 6,943 | |||
| Norfolk Southern Corp. | 24,666 | 5,861 | |||
| AMETEK Inc. | 46,011 | 5,565 | |||
| Automatic Data Processing Inc. | 31,334 | 5,521 | |||
| Illinois Tool Works Inc. | 26,375 | 5,377 | |||
| FedEx Corp. | 19,930 | 5,174 | |||
| Northrop Grumman Corp. | 13,851 | 4,221 | |||
| * | TransDigm Group Inc. | 6,285 | 3,889 | ||
| Eaton Corp. plc | 31,645 | 3,802 | |||
| Emerson Electric Co. | 47,090 | 3,785 | |||
| Vulcan Materials Co. | 25,110 | 3,724 | |||
| Cintas Corp. | 10,373 | 3,666 | |||
| * | Mettler-Toledo International Inc. | 3,121 | 3,557 | ||
| Ball Corp. | 37,125 | 3,459 | |||
| PPG Industries Inc. | 22,949 | 3,310 | |||
| Fortive Corp. | 45,701 | 3,237 | |||
| Trane Technologies plc | 21,310 | 3,093 | |||
| Martin Marietta Materials Inc. | 10,626 | 3,017 | |||
| Howmet Aerospace Inc. | 105,166 | 3,001 | |||
| Carrier Global Corp. | 74,958 | 2,827 | |||
| * | Keysight Technologies Inc. | 21,308 | 2,815 | ||
| * | United Rentals Inc. | 12,074 | 2,800 | ||
| Verisk Analytics Inc. Class A | 13,447 | 2,791 | |||
| Rockwell Automation Inc. | 10,862 | 2,724 | |||
| * | Middleby Corp. | 20,834 | 2,686 | ||
| Xylem Inc. | 25,125 | 2,557 | |||
| Parker-Hannifin Corp. | 9,302 | 2,534 | |||
11
Tax-Managed Balanced Fund
| Shares |
Market
Value• ($000) |
||||
| Otis Worldwide Corp. | 37,479 | 2,532 | |||
| Equifax Inc. | 12,823 | 2,473 | |||
| PACCAR Inc. | 28,448 | 2,455 | |||
| * | Berry Global Group Inc. | 43,393 | 2,438 | ||
| * | Teledyne Technologies Inc. | 6,144 | 2,408 | ||
| * | Crown Holdings Inc. | 23,861 | 2,391 | ||
| * | Ingersoll Rand Inc. | 48,482 | 2,209 | ||
| * | Zebra Technologies Corp. Class A | 5,716 | 2,197 | ||
| Quanta Services Inc. | 30,093 | 2,167 | |||
| * | FleetCor Technologies Inc. | 7,915 | 2,159 | ||
| Stanley Black & Decker Inc. | 11,796 | 2,106 | |||
| IDEX Corp. | 10,462 | 2,084 | |||
| General Dynamics Corp. | 13,791 | 2,052 | |||
| * | Trimble Inc. | 30,037 | 2,006 | ||
| HEICO Corp. Class A | 17,003 | 1,990 | |||
| Cummins Inc. | 8,721 | 1,981 | |||
| TransUnion | 19,883 | 1,973 | |||
| * | Waters Corp. | 7,833 | 1,938 | ||
| Eagle Materials Inc. | 18,979 | 1,924 | |||
| Old Dominion Freight Line Inc. | 9,621 | 1,878 | |||
| * | AECOM | 35,745 | 1,779 | ||
| * | Colfax Corp. | 46,190 | 1,766 | ||
| Textron Inc. | 36,284 | 1,754 | |||
| Jacobs Engineering Group Inc. | 15,658 | 1,706 | |||
| Nordson Corp. | 8,492 | 1,706 | |||
| Kansas City Southern | 7,571 | 1,545 | |||
| Masco Corp. | 26,716 | 1,468 | |||
| Synchrony Financial | 41,089 | 1,426 | |||
| Allegion plc | 12,151 | 1,414 | |||
| AGCO Corp. | 13,710 | 1,413 | |||
| A O Smith Corp. | 25,732 | 1,411 | |||
| ITT Inc. | 18,189 | 1,401 | |||
| * | Kirby Corp. | 27,000 | 1,399 | ||
| * | XPO Logistics Inc. | 11,342 | 1,352 | ||
| Lennox International Inc. | 4,681 | 1,282 | |||
| Toro Co. | 13,011 | 1,234 | |||
| JB Hunt Transport Services Inc. | 8,852 | 1,210 | |||
| Carlisle Cos. Inc. | 7,633 | 1,192 | |||
| MKS Instruments Inc. | 7,915 | 1,191 | |||
| Cognex Corp. | 14,825 | 1,190 | |||
| * | Sensata Technologies Holding plc | 22,433 | 1,183 | ||
| Johnson Controls International plc | 25,378 | 1,182 | |||
| Dover Corp. | 8,810 | 1,112 | |||
| Sealed Air Corp. | 23,960 | 1,097 | |||
| WW Grainger Inc. | 2,682 | 1,095 | |||
| Huntington Ingalls Industries Inc. | 6,396 | 1,090 | |||
| Oshkosh Corp. | 12,558 | 1,081 | |||
| Shares |
Market
Value• ($000) |
||||
| Packaging Corp. of America | 7,444 | 1,027 | |||
| Owens Corning | 13,342 | 1,011 | |||
| Valmont Industries Inc. | 5,396 | 944 | |||
| BWX Technologies Inc. | 14,202 | 856 | |||
| Landstar System Inc. | 6,235 | 840 | |||
| DuPont de Nemours Inc. | 11,449 | 814 | |||
| FLIR Systems Inc. | 18,391 | 806 | |||
| RPM International Inc. | 8,489 | 771 | |||
| AptarGroup Inc. | 5,600 | 767 | |||
| * | Fair Isaac Corp. | 1,440 | 736 | ||
| Silgan Holdings Inc. | 18,967 | 703 | |||
| Air Lease Corp. Class A | 15,591 | 693 | |||
| Donaldson Co. Inc. | 12,229 | 683 | |||
| * | WEX Inc. | 3,348 | 681 | ||
| Jack Henry & Associates Inc. | 4,132 | 669 | |||
| Booz Allen Hamilton Holding Corp. Class A | 6,943 | 605 | |||
| Knight-Swift Transportation Holdings Inc. | 14,300 | 598 | |||
| Regal Beloit Corp. | 4,625 | 568 | |||
| * | Axalta Coating Systems Ltd. | 19,616 | 560 | ||
| CoreLogic Inc. | 6,976 | 539 | |||
| * | Gates Industrial Corp. plc | 42,069 | 537 | ||
| Pentair plc | 10,087 | 536 | |||
| Expeditors International of Washington Inc. | 5,586 | 531 | |||
| * | Vontier Corp. | 15,680 | 524 | ||
| Armstrong World Industries Inc. | 6,812 | 507 | |||
| Trinity Industries Inc. | 19,100 | 504 | |||
| CH Robinson Worldwide Inc. | 5,311 | 499 | |||
| Genpact Ltd. | 11,065 | 458 | |||
| Flowserve Corp. | 12,288 | 453 | |||
| Lincoln Electric Holdings Inc. | 3,765 | 438 | |||
| Littelfuse Inc. | 1,673 | 426 | |||
| * | Coherent Inc. | 2,590 | 389 | ||
| * | WESCO International Inc. | 4,845 | 380 | ||
| Snap-on Inc. | 2,097 | 359 | |||
| Graco Inc. | 4,912 | 355 | |||
| * | Euronet Worldwide Inc. | 2,192 | 318 | ||
| Robert Half International Inc. | 5,000 | 312 | |||
| Curtiss-Wright Corp. | 2,405 | 280 | |||
| Brunswick Corp. | 3,628 | 277 | |||
| Schneider National Inc. Class B | 13,062 | 270 | |||
| Graphic Packaging Holding Co. | 15,800 | 268 | |||
| * | Paylocity Holding Corp. | 1,300 | 268 | ||
| MDU Resources Group Inc. | 9,950 | 262 | |||
| nVent Electric plc | 10,087 | 235 | |||
12
Tax-Managed Balanced Fund
| Shares |
Market
Value• ($000) |
||||
| ADT Inc. | 28,622 | 225 | |||
| ManpowerGroup Inc. | 2,450 | 221 | |||
| * | Pluralsight Inc. Class A | 9,843 | 206 | ||
| Allison Transmission Holdings Inc. | 4,157 | 179 | |||
| Hubbell Inc. Class B | 1,100 | 172 | |||
| HEICO Corp. | 1,087 | 144 | |||
| Alliance Data Systems Corp. | 1,600 | 119 | |||
| * | Virgin Galactic Holdings Inc. | 4,000 | 95 | ||
| 471,102 | |||||
| Other (1.0%) | |||||
| 1 | Vanguard Tax-Exempt Bond Index ETF | 1,244,530 | 68,686 | ||
| Real Estate (1.3%) | |||||
| American Tower Corp. | 45,198 | 10,145 | |||
| Prologis Inc. | 84,344 | 8,406 | |||
| Equinix Inc. | 9,349 | 6,677 | |||
| Crown Castle International Corp. | 41,238 | 6,565 | |||
| SBA Communications Corp. Class A | 18,289 | 5,160 | |||
| * | CoStar Group Inc. | 3,869 | 3,576 | ||
| Digital Realty Trust Inc. | 24,538 | 3,423 | |||
| Public Storage | 12,156 | 2,807 | |||
| * | Zillow Group Inc. Class C | 18,791 | 2,439 | ||
| * | CBRE Group Inc. Class A | 38,001 | 2,383 | ||
| American Homes 4 Rent Class A | 76,425 | 2,293 | |||
| Equity Commonwealth | 79,495 | 2,169 | |||
| Weyerhaeuser Co. | 54,846 | 1,839 | |||
| Equity Residential | 30,450 | 1,805 | |||
| * | Howard Hughes Corp. | 22,500 | 1,776 | ||
| Welltower Inc. | 26,763 | 1,729 | |||
| Alexandria Real Estate Equities Inc. | 9,176 | 1,635 | |||
| AvalonBay Communities Inc. | 9,828 | 1,577 | |||
| Host Hotels & Resorts Inc. | 106,999 | 1,565 | |||
| Extra Space Storage Inc. | 13,300 | 1,541 | |||
| * | Jones Lang LaSalle Inc. | 10,212 | 1,515 | ||
| Essex Property Trust Inc. | 5,973 | 1,418 | |||
| Equity LifeStyle Properties Inc. | 22,346 | 1,416 | |||
| Invitation Homes Inc. | 45,962 | 1,365 | |||
| Realty Income Corp. | 20,900 | 1,299 | |||
| Mid-America Apartment Communities Inc. | 9,294 | 1,177 | |||
| Ventas Inc. | 23,100 | 1,133 | |||
| Duke Realty Corp. | 26,790 | 1,071 | |||
| Camden Property Trust | 10,700 | 1,069 | |||
| Boston Properties Inc. | 10,781 | 1,019 | |||
| Healthpeak Properties Inc. | 30,867 | 933 | |||
| Empire State Realty Trust Inc. Class A | 96,000 | 895 | |||
| Shares |
Market
Value• ($000) |
||||
| Sun Communities Inc. | 4,596 | 698 | |||
| * | Apartment Income REIT Corp. | 17,807 | 684 | ||
| Kilroy Realty Corp. | 10,852 | 623 | |||
| Lamar Advertising Co. Class A | 7,467 | 621 | |||
| Douglas Emmett Inc. | 20,790 | 607 | |||
| CyrusOne Inc. | 7,600 | 556 | |||
| UDR Inc. | 13,895 | 534 | |||
| * | Zillow Group Inc. Class A | 3,647 | 496 | ||
| Rexford Industrial Realty Inc. | 10,000 | 491 | |||
| CoreSite Realty Corp. | 3,037 | 381 | |||
| SL Green Realty Corp. | 6,259 | 373 | |||
| JBG SMITH Properties | 11,505 | 360 | |||
| Americold Realty Trust | 8,862 | 331 | |||
| VICI Properties Inc. | 12,500 | 319 | |||
| First Industrial Realty Trust Inc. | 7,000 | 295 | |||
| Federal Realty Investment Trust | 3,019 | 257 | |||
| Medical Properties Trust Inc. | 10,779 | 235 | |||
| * | RealPage Inc. | 2,488 | 217 | ||
| Cousins Properties Inc. | 5,100 | 171 | |||
| Hudson Pacific Properties Inc. | 6,800 | 163 | |||
| Rayonier Inc. | 5,100 | 150 | |||
| Apartment Investment & Management Co. Class A | 17,807 | 94 | |||
| STORE Capital Corp. | 1,277 | 43 | |||
| Life Storage Inc. | 342 | 41 | |||
| American Campus Communities Inc. | 760 | 33 | |||
| 92,593 | |||||
| Technology (13.2%) | |||||
| Apple Inc. | 1,574,409 | 208,909 | |||
| Microsoft Corp. | 728,643 | 162,065 | |||
| * | Facebook Inc. Class A | 237,076 | 64,760 | ||
| * | Alphabet Inc. Class A | 32,353 | 56,703 | ||
| * | Alphabet Inc. Class C | 25,264 | 44,260 | ||
| NVIDIA Corp. | 59,515 | 31,079 | |||
| * | Adobe Inc. | 49,218 | 24,615 | ||
| Intel Corp. | 386,436 | 19,252 | |||
| * | salesforce.com Inc. | 77,575 | 17,263 | ||
| QUALCOMM Inc. | 108,410 | 16,515 | |||
| Broadcom Inc. | 32,749 | 14,339 | |||
| Texas Instruments Inc. | 78,992 | 12,965 | |||
| Oracle Corp. | 191,677 | 12,400 | |||
| * | ServiceNow Inc. | 17,885 | 9,844 | ||
| * | Micron Technology Inc. | 127,810 | 9,609 | ||
| Intuit Inc. | 25,152 | 9,554 | |||
| * | Advanced Micro Devices Inc. | 103,623 | 9,503 | ||
| Applied Materials Inc. | 90,715 | 7,829 | |||
13
Tax-Managed Balanced Fund
| Shares |
Market
Value• ($000) |
||||
| * | Autodesk Inc. | 23,262 | 7,103 | ||
| Roper Technologies Inc. | 14,570 | 6,281 | |||
| Lam Research Corp. | 13,149 | 6,210 | |||
| International Business Machines Corp. | 45,903 | 5,778 | |||
| Analog Devices Inc. | 33,550 | 4,956 | |||
| * | Cadence Design Systems Inc. | 33,815 | 4,613 | ||
| * | Workday Inc. Class A | 18,747 | 4,492 | ||
| * | Synopsys Inc. | 17,230 | 4,467 | ||
| Amphenol Corp. Class A | 32,780 | 4,287 | |||
| * | Twilio Inc. Class A | 12,330 | 4,174 | ||
| * | Match Group Inc. | 27,592 | 4,172 | ||
| Xilinx Inc. | 28,929 | 4,101 | |||
| * | Twitter Inc. | 74,635 | 4,041 | ||
| Cognizant Technology Solutions Corp. Class A | 48,018 | 3,935 | |||
| * | Zoom Video Communications Inc. Class A | 10,400 | 3,508 | ||
| * | Okta Inc. | 13,316 | 3,386 | ||
| * | DocuSign Inc. Class A | 14,425 | 3,207 | ||
| Marvell Technology Group Ltd. | 62,986 | 2,994 | |||
| HP Inc. | 119,671 | 2,943 | |||
| * | Atlassian Corp. plc Class A | 12,259 | 2,867 | ||
| Microchip Technology Inc. | 20,270 | 2,800 | |||
| * | ANSYS Inc. | 7,369 | 2,681 | ||
| * | VeriSign Inc. | 12,221 | 2,645 | ||
| Skyworks Solutions Inc. | 17,100 | 2,614 | |||
| * | Splunk Inc. | 14,814 | 2,517 | ||
| Corning Inc. | 68,131 | 2,453 | |||
| * | Arista Networks Inc. | 8,376 | 2,434 | ||
| KLA Corp. | 9,317 | 2,412 | |||
| * | ON Semiconductor Corp. | 72,209 | 2,363 | ||
| Teradyne Inc. | 19,532 | 2,342 | |||
| * | Dell Technologies Inc. Class C | 28,164 | 2,064 | ||
| * | Cree Inc. | 18,851 | 1,996 | ||
| * | RingCentral Inc. Class A | 4,984 | 1,889 | ||
| * | Qorvo Inc. | 11,320 | 1,882 | ||
| * | Black Knight Inc. | 20,612 | 1,821 | ||
| * | Fortinet Inc. | 12,162 | 1,806 | ||
| * | Akamai Technologies Inc. | 17,101 | 1,795 | ||
| * | Arrow Electronics Inc. | 17,906 | 1,742 | ||
| * | Paycom Software Inc. | 3,751 | 1,696 | ||
| * | GoDaddy Inc. Class A | 19,883 | 1,649 | ||
| * | NCR Corp. | 42,803 | 1,608 | ||
| * | IAC/InterActiveCorp | 8,045 | 1,523 | ||
| * | Palo Alto Networks Inc. | 4,128 | 1,467 | ||
| Hewlett Packard Enterprise Co. | 120,529 | 1,428 | |||
| * | Ceridian HCM Holding Inc. | 12,978 | 1,383 | ||
| * | Gartner Inc. | 8,596 | 1,377 | ||
| * | VMware Inc. Class A | 9,429 | 1,323 | ||
| Shares |
Market
Value• ($000) |
||||
| * | Nuance Communications Inc. | 29,403 | 1,296 | ||
| Citrix Systems Inc. | 9,859 | 1,283 | |||
| * | PTC Inc. | 10,669 | 1,276 | ||
| * | Tyler Technologies Inc. | 2,891 | 1,262 | ||
| * | EPAM Systems Inc. | 3,426 | 1,228 | ||
| * | Coupa Software Inc. | 3,519 | 1,193 | ||
| * | F5 Networks Inc. | 6,675 | 1,174 | ||
| * | Pinterest Inc. Class A | 17,800 | 1,173 | ||
| * | IPG Photonics Corp. | 5,229 | 1,170 | ||
| CDW Corp. | 8,857 | 1,167 | |||
| Western Digital Corp. | 20,174 | 1,117 | |||
| * | MongoDB Inc. | 2,994 | 1,075 | ||
| * | Zendesk Inc. | 7,476 | 1,070 | ||
| * | Slack Technologies Inc. Class A | 24,300 | 1,026 | ||
| Universal Display Corp. | 4,186 | 962 | |||
| * | Zscaler Inc. | 4,818 | 962 | ||
| * | Guidewire Software Inc. | 7,046 | 907 | ||
| Monolithic Power Systems Inc. | 2,200 | 806 | |||
| * | Manhattan Associates Inc. | 6,606 | 695 | ||
| * | Grubhub Inc. | 9,200 | 683 | ||
| * | Crowdstrike Holdings Inc. Class A | 3,100 | 657 | ||
| * | Cerence Inc. | 6,400 | 643 | ||
| * | Pure Storage Inc. Class A | 28,105 | 635 | ||
| NetApp Inc. | 8,971 | 594 | |||
| Leidos Holdings Inc. | 5,350 | 562 | |||
| * | Aspen Technology Inc. | 4,278 | 557 | ||
| * | Elastic NV | 3,518 | 514 | ||
| NortonLifeLock Inc. | 24,339 | 506 | |||
| SS&C Technologies Holdings Inc. | 6,447 | 469 | |||
| * | Teradata Corp. | 19,986 | 449 | ||
| * | PagerDuty Inc. | 10,708 | 447 | ||
| * | SolarWinds Corp. | 29,740 | 445 | ||
| * | Nutanix Inc. Class A | 11,790 | 376 | ||
| Jabil Inc. | 8,300 | 353 | |||
| * | Dropbox Inc. Class A | 15,760 | 350 | ||
| * | HubSpot Inc. | 820 | 325 | ||
| Entegris Inc. | 3,200 | 308 | |||
| * | New Relic Inc. | 4,500 | 294 | ||
| DXC Technology Co. | 11,250 | 290 | |||
| * | Avalara Inc. | 1,751 | 289 | ||
| * | Smartsheet Inc. Class A | 3,300 | 229 | ||
| * | Change Healthcare Inc. | 12,066 | 225 | ||
| * | Proofpoint Inc. | 1,600 | 218 | ||
| * | Dynatrace Inc. | 4,970 | 215 | ||
| * | CACI International Inc. Class A | 800 | 199 | ||
| Pegasystems Inc. | 1,468 | 196 | |||
| * | Medallia Inc. | 5,374 | 179 | ||
| Amdocs Ltd. | 2,400 | 170 | |||
| * | Concentrix Corp. | 1,700 | 168 | ||
| SYNNEX Corp. | 1,700 | 138 | |||
14
Tax-Managed Balanced Fund
| Shares |
Market
Value• ($000) |
||||
| * | Alteryx Inc. Class A | 1,112 | 135 | ||
| * | FireEye Inc. | 4,671 | 108 | ||
| Xerox Holdings Corp. | 4,318 | 100 | |||
| National Instruments Corp. | 2,211 | 97 | |||
| * | Fastly Inc. Class A | 900 | 79 | ||
| Avnet Inc. | 600 | 21 | |||
| * | Palantir Technologies Inc. Class A | 834 | 20 | ||
| * | Unity Software Inc. | 116 | 18 | ||
| * | Snowflake Inc. Class A | 61 | 17 | ||
| * | DoorDash Inc. Class A | 50 | 7 | ||
| CDK Global Inc. | 3 | — | |||
| 905,816 | |||||
| Telecommunications (1.6%) | |||||
| Comcast Corp. Class A | 445,383 | 23,338 | |||
| Cisco Systems Inc. | 392,433 | 17,562 | |||
| Verizon Communications Inc. | 288,107 | 16,926 | |||
| AT&T Inc. | 454,423 | 13,069 | |||
| * | Charter Communications Inc. Class A | 16,156 | 10,688 | ||
| * | T-Mobile US Inc. | 62,892 | 8,481 | ||
| * | Liberty Broadband Corp. Class C | 26,422 | 4,185 | ||
| * | Roku Inc. | 8,713 | 2,893 | ||
| Motorola Solutions Inc. | 15,378 | 2,615 | |||
| L3Harris Technologies Inc. | 13,517 | 2,555 | |||
| * | Liberty Broadband Corp. Class A | 12,998 | 2,048 | ||
| * | Altice USA Inc. Class A | 37,314 | 1,413 | ||
| * | DISH Network Corp. Class A | 32,192 | 1,041 | ||
| * | Ciena Corp. | 15,379 | 813 | ||
| * | CommScope Holding Co. Inc. | 36,723 | 492 | ||
| Ubiquiti Inc. | 1,484 | 413 | |||
| Telephone & Data Systems Inc. | 14,435 | 268 | |||
| Cable One Inc. | 40 | 89 | |||
| 108,889 | |||||
| Utilities (1.3%) | |||||
| NextEra Energy Inc. | 213,340 | 16,459 | |||
| Southern Co. | 98,416 | 6,046 | |||
| Shares |
Market
Value• ($000) |
||||
| American Water Works Co. Inc. | 36,290 | 5,569 | |||
| Duke Energy Corp. | 59,772 | 5,473 | |||
| Waste Management Inc. | 33,651 | 3,968 | |||
| Dominion Energy Inc. | 52,174 | 3,924 | |||
| American Electric Power Co. Inc. | 43,400 | 3,614 | |||
| Sempra Energy | 26,229 | 3,342 | |||
| Xcel Energy Inc. | 50,071 | 3,338 | |||
| * | Clean Harbors Inc. | 41,000 | 3,120 | ||
| Public Service Enterprise Group Inc. | 47,759 | 2,784 | |||
| Exelon Corp. | 65,800 | 2,778 | |||
| WEC Energy Group Inc. | 26,459 | 2,435 | |||
| Eversource Energy | 24,487 | 2,118 | |||
| DTE Energy Co. | 17,175 | 2,085 | |||
| Consolidated Edison Inc. | 25,300 | 1,828 | |||
| CMS Energy Corp. | 26,129 | 1,594 | |||
| Republic Services Inc. Class A | 16,510 | 1,590 | |||
| Edison International | 25,217 | 1,584 | |||
| Essential Utilities Inc. | 30,186 | 1,428 | |||
| * | PG&E Corp. | 106,300 | 1,325 | ||
| AES Corp. | 53,469 | 1,257 | |||
| Alliant Energy Corp. | 24,226 | 1,248 | |||
| Ameren Corp. | 15,798 | 1,233 | |||
| Vistra Corp. | 56,291 | 1,107 | |||
| NRG Energy Inc. | 28,315 | 1,063 | |||
| Entergy Corp. | 10,412 | 1,040 | |||
| * | Stericycle Inc. | 14,737 | 1,022 | ||
| NiSource Inc. | 42,649 | 978 | |||
| FirstEnergy Corp. | 31,056 | 951 | |||
| Atmos Energy Corp. | 8,645 | 825 | |||
| Evergy Inc. | 11,535 | 640 | |||
| OGE Energy Corp. | 19,986 | 637 | |||
| UGI Corp. | 15,661 | 548 | |||
| CenterPoint Energy Inc. | 16,000 | 346 | |||
| Pinnacle West Capital Corp. | 3,458 | 276 | |||
| National Fuel Gas Co. | 3,726 | 153 | |||
| Avangrid Inc. | 2,345 | 107 | |||
| 89,833 | |||||
| Total Common Stocks (Cost $1,419,777) | 3,362,467 | ||||
| Coupon |
Maturity
Date |
Face
Amount ($000) |
Market
Value• ($000) |
|||
| Tax-Exempt Municipal Bonds (50.3%) | ||||||
| Alabama (0.5%) | ||||||
| Alabama Economic Settlement Authority BP Settlement Revenue | 4.000% | 9/15/33 | 500 | 563 | ||
| Alabama Incentives Financing Authority Special Obligation Revenue Prere. | 5.000% | 9/1/22 | 380 | 409 | ||
15
Tax-Managed Balanced Fund
| Coupon |
Maturity
Date |
Face
Amount ($000) |
Market
Value• ($000) |
|||
| Alabama State Public School & College Authority | 4.000% | 11/1/38 | 2,500 | 3,114 | ||
| Birmingham-Jefferson AL Civic Center Authority Special Tax Revenue | 5.000% | 7/1/31 | 1,100 | 1,276 | ||
| Black Belt Energy Gas District Alabama Gas Prepay Revenue (Project No. 3) PUT | 4.000% | 12/1/23 | 1,555 | 1,702 | ||
| Black Belt Energy Gas District Alabama Gas Prepay Revenue (Project No. 3) PUT | 4.000% | 12/1/25 | 845 | 975 | ||
| 2 | Black Belt Energy Gas District Alabama Gas Supply Revenue PUT | 4.000% | 6/1/21 | 3,885 | 3,931 | |
| 2 | Black Belt Energy Gas District Alabama Gas Supply Revenue PUT | 4.000% | 7/1/22 | 430 | 452 | |
| Huntsville AL Electric System Revenue | 5.000% | 12/1/30 | 510 | 641 | ||
| Huntsville AL GO | 5.000% | 5/1/35 | 1,125 | 1,417 | ||
| Huntsville AL GO | 5.000% | 5/1/38 | 1,860 | 2,412 | ||
| Huntsville AL Health Care Authority Revenue | 5.000% | 6/1/35 | 780 | 1,014 | ||
| Jefferson County AL Revenue | 5.000% | 9/15/29 | 1,470 | 1,832 | ||
| Jefferson County AL Revenue | 5.000% | 9/15/33 | 1,000 | 1,228 | ||
| Jefferson County AL Sewer Revenue | 5.000% | 10/1/23 | 500 | 561 | ||
| 3 | Jefferson County AL Sewer Revenue | 0.000% | 10/1/25 | 500 | 456 | |
| Lower AL Gas District Gas Project Revenue PUT | 4.000% | 12/1/25 | 2,150 | 2,482 | ||
| Southeast Alabama Gas Supply District Revenue PUT | 4.000% | 4/1/24 | 6,810 | 7,513 | ||
| Southeast Alabama Gas Supply District Revenue PUT | 4.000% | 6/1/24 | 1,375 | 1,526 | ||
| Tuscaloosa AL City Board of Education School Tax Warrants Revenue | 5.000% | 8/1/27 | 530 | 657 | ||
| Tuscaloosa AL City Board of Education School Tax Warrants Revenue | 5.000% | 8/1/28 | 1,090 | 1,343 | ||
| University of Alabama General Revenue | 3.000% | 7/1/36 | 1,085 | 1,204 | ||
| 3 | University of South Alabama University Facilities Revenue | 5.000% | 11/1/23 | 740 | 830 | |
| 37,538 | ||||||
| Alaska (0.1%) | ||||||
| Alaska Housing Finance Corp. Revenue Prere. | 5.000% | 6/1/22 | 425 | 453 | ||
| Alaska Housing Finance Corp. Revenue Prere. | 5.000% | 6/1/22 | 75 | 80 | ||
| Alaska Municipal Bond Bank Authority Revenue | 5.000% | 9/1/21 | 1,650 | 1,699 | ||
| Matanuska-Susitna Borough AK Lease Revenue (Goose Creek Correctional Center) GO | 5.000% | 9/1/31 | 1,345 | 1,552 | ||
| 3,784 | ||||||
| Arizona (0.9%) | ||||||
| Arizona Board of Regents Arizona State University System Revenue | 5.000% | 7/1/30 | 675 | 803 | ||
| Arizona Board of Regents Arizona State University System Revenue | 5.000% | 7/1/31 | 545 | 626 | ||
| Arizona COP | 5.000% | 10/1/26 | 2,000 | 2,516 | ||
| Arizona Industrial Development Authority Lease Revenue (Children's National Medical Center) | 5.000% | 9/1/34 | 350 | 453 | ||
| 4 | Arizona Industrial Development Authority Revenue (Economic Legacy Cares) | 6.375% | 7/1/25 | 180 | 183 | |
| 4 | Arizona Industrial Development Authority Revenue (Economic Legacy Cares) | 6.500% | 7/1/26 | 100 | 102 | |
| 4 | Arizona Industrial Development Authority Revenue (Economic Legacy Cares) | 6.625% | 7/1/27 | 265 | 272 | |
| 4 | Arizona Industrial Development Authority Revenue (Economic Legacy Cares) | 6.750% | 7/1/28 | 305 | 314 | |
| Arizona Industrial Development Authority Revenue (Lincoln South Beltway Project) | 5.000% | 11/1/28 | 1,290 | 1,687 | ||
| Arizona School Facilities Board COP | 5.000% | 9/1/21 | 1,355 | 1,398 | ||
16
Tax-Managed Balanced Fund
| Coupon |
Maturity
Date |
Face
Amount ($000) |
Market
Value• ($000) |
|||
| Arizona State University Revenue (McAllister Academic Village LLC) | 5.000% | 7/1/36 | 1,620 | 1,936 | ||
| Arizona Transportation Board Excise Tax Revenue | 5.000% | 7/1/21 | 2,240 | 2,293 | ||
| Arizona Transportation Board Excise Tax Revenue | 5.000% | 7/1/23 | 2,155 | 2,411 | ||
| Arizona Transportation Board Excise Tax Revenue | 5.000% | 7/1/24 | 2,110 | 2,459 | ||
| Arizona Transportation Board Highway Revenue | 5.000% | 7/1/22 | 2,210 | 2,368 | ||
| Arizona Transportation Board Highway Revenue | 5.000% | 7/1/32 | 1,025 | 1,259 | ||
| Arizona Transportation Board Highway Revenue Prere. | 5.000% | 7/1/22 | 500 | 536 | ||
| Arizona Water Infrastructure Finance Authority Revenue | 5.000% | 10/1/27 | 1,000 | 1,170 | ||
| Chandler AZ GO | 5.000% | 7/1/23 | 1,165 | 1,305 | ||
| Glendale City AZ Excise Tax Refunding Obligations Revenue | 5.000% | 7/1/28 | 1,785 | 2,229 | ||
| Maricopa County AZ Elementary School District No. 14 (Creighton) GO | 3.000% | 7/1/32 | 1,000 | 1,110 | ||
| Maricopa County AZ Industrial Development Authority Hospital Revenue (Honorhealth) | 5.000% | 9/1/33 | 830 | 1,035 | ||
| Maricopa County AZ School District No. 83 | 3.000% | 10/1/39 | 1,000 | 1,086 | ||
| Maricopa County AZ Unified School District No. 4 (Mesa) GO | 5.000% | 7/1/24 | 1,700 | 1,978 | ||
| Phoenix AZ Civic Improvement Corp. Excise Tax Revenue | 5.000% | 7/1/35 | 1,100 | 1,493 | ||
| Phoenix AZ Civic Improvement Corp. Excise Tax Revenue ETM | 5.000% | 7/1/22 | 1,145 | 1,228 | ||
| Phoenix AZ Civic Improvement Corp. Wastewater System Revenue | 5.000% | 7/1/22 | 2,290 | 2,455 | ||
| Phoenix AZ Civic Improvement Corp. Wastewater System Revenue | 5.000% | 7/1/27 | 1,295 | 1,615 | ||
| Phoenix AZ Civic Improvement Corp. Wastewater System Revenue | 4.000% | 7/1/28 | 2,015 | 2,260 | ||
| Phoenix AZ Civic Improvement Corp. Water System Revenue | 5.000% | 7/1/21 | 525 | 537 | ||
| Phoenix AZ Civic Improvement Corp. Water System Revenue | 5.000% | 7/1/22 | 1,260 | 1,350 | ||
| Phoenix AZ Civic Improvement Corp. Water System Revenue | 5.000% | 7/1/23 | 2,040 | 2,283 | ||
| Phoenix AZ Civic Improvement Corp. Water System Revenue | 5.000% | 7/1/26 | 2,520 | 2,935 | ||
| Phoenix AZ Civic Improvement Corp. Water System Revenue | 5.000% | 7/1/35 | 1,900 | 2,328 | ||
| Phoenix AZ Industrial Development Authority Lease Revenue (Downtown Phoenix Student Housing LLC) | 5.000% | 7/1/27 | 300 | 340 | ||
| Phoenix AZ Industrial Development Authority Lease Revenue (Downtown Phoenix Student Housing LLC) | 5.000% | 7/1/28 | 250 | 286 | ||
| Pima County AZ Sewer Revenue | 5.000% | 7/1/24 | 1,105 | 1,286 | ||
| Regional Public Transportation Authority Arizona Excise Tax Revenue (Maricopa County Public Transportation) | 5.250% | 7/1/24 | 1,125 | 1,322 | ||
| Salt River Project Arizona Agricultural Improvement & Power District Revenue | 5.000% | 12/1/28 | 515 | 537 | ||
| Salt River Project Arizona Agricultural Improvement & Power District Revenue | 5.000% | 12/1/29 | 2,000 | 2,131 | ||
| Salt River Project Arizona Agricultural Improvement & Power District Revenue | 5.000% | 1/1/36 | 1,540 | 1,906 | ||
| 5 | Salt River Project Arizona Agricultural Improvement & Power District Revenue (Arizona Salt Projects Electric System) | 5.000% | 1/1/24 | 1,210 | 1,339 | |
| Salt Verde AZ Financial Corp. Gas Revenue | 5.250% | 12/1/24 | 910 | 1,060 | ||
| Salt Verde AZ Financial Corp. Gas Revenue | 5.250% | 12/1/28 | 640 | 825 | ||
17
Tax-Managed Balanced Fund
| Coupon |
Maturity
Date |
Face
Amount ($000) |
Market
Value• ($000) |
|||
| Salt Verde AZ Financial Corp. Gas Revenue | 5.000% | 12/1/37 | 855 | 1,220 | ||
| Yavapai County AZ Industrial Development Authority Hospital Facility Revenue (Northern Arizona Healthcare System) | 5.250% | 10/1/22 | 500 | 518 | ||
| 62,783 | ||||||
| Arkansas (0.1%) | ||||||
| Pulaski County AR Hospital Revenue (Arkansas Children's Hospital) | 5.000% | 3/1/29 | 1,075 | 1,323 | ||
| 6 | Springdale AR Sales & Use Revenue | 5.000% | 4/1/37 | 1,000 | 1,117 | |
| Springdale AR School District No. 50 GO | 4.000% | 6/1/27 | 1,190 | 1,252 | ||
| Springdale AR School District No. 50 GO | 4.000% | 6/1/32 | 1,155 | 1,207 | ||
| University of Arkansas Revenue | 5.000% | 11/1/21 | 805 | 837 | ||
| University of Arkansas Revenue | 5.000% | 11/1/24 | 850 | 999 | ||
| University of Arkansas Revenue | 5.000% | 11/1/30 | 775 | 958 | ||
| 7,693 | ||||||
| California (4.7%) | ||||||
| ABAG Finance Authority for Nonprofit Corps. California Revenue (Episcopal Senior Communities) | 5.000% | 7/1/22 | 500 | 529 | ||
| ABAG Finance Authority for Nonprofit Corps. California Revenue (Jackson Laboratory) | 5.000% | 7/1/21 | 760 | 778 | ||
| 3 | ABAG Finance Authority for Nonprofit Corps. California Revenue (Windemere Ranch Infrastructure Financing Program) | 5.000% | 9/2/30 | 1,135 | 1,403 | |
| 7 | Alameda CA Corridor Transportation Authority Revenue | 0.000% | 10/1/30 | 740 | 604 | |
| 8 | Alameda CA Corridor Transportation Authority Revenue | 0.000% | 10/1/32 | 1,790 | 1,360 | |
| Anaheim CA Housing & Public Improvements Authority Revenue (Electric Utility Distribution System) | 5.000% | 10/1/30 | 1,000 | 1,098 | ||
| Anaheim CA Housing & Public Improvements Authority Revenue (Electric Utility Distribution System) | 5.000% | 10/1/33 | 1,015 | 1,110 | ||
| Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) | 4.000% | 4/1/33 | 1,000 | 1,171 | ||
| Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) | 4.000% | 4/1/37 | 820 | 950 | ||
| Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) Prere. | 5.000% | 4/1/22 | 500 | 530 | ||
| Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) Prere. | 5.000% | 4/1/23 | 1,000 | 1,109 | ||
| Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) PUT | 2.100% | 4/1/22 | 1,150 | 1,166 | ||
| Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) PUT | 2.125% | 4/1/25 | 2,950 | 3,120 | ||
| Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) PUT | 2.850% | 4/1/25 | 1,000 | 1,088 | ||
| Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) PUT | 2.625% | 4/1/26 | 2,000 | 2,198 | ||
| Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area) PUT | 2.950% | 4/1/26 | 1,000 | 1,112 | ||
| 9 | Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area), SIFMA Municipal Swap Index Yield + 0.700% PUT | 0.790% | 4/1/21 | 1,000 | 1,000 | |
| 9 | Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area), SIFMA Municipal Swap Index Yield + 0.900% PUT | 0.990% | 5/1/23 | 1,000 | 1,007 | |
| 7 | Brea CA Redevelopment Agency Successor Agency Tax Allocation Revenue (Redevelopment Project AB) | 0.000% | 8/1/29 | 1,000 | 889 | |
| California GO | 5.000% | 8/1/22 | 1,000 | 1,076 | ||
| California GO | 5.000% | 9/1/22 | 1,805 | 1,950 | ||
18
Tax-Managed Balanced Fund
| Coupon |
Maturity
Date |
Face
Amount ($000) |
Market
Value• ($000) |
|||
| California GO | 5.000% | 11/1/23 | 1,155 | 1,311 | ||
| California GO | 5.000% | 4/1/24 | 2,000 | 2,309 | ||
| California GO | 5.000% | 10/1/24 | 2,000 | 2,356 | ||
| California GO | 5.000% | 3/1/26 | 660 | 789 | ||
| California GO | 5.000% | 4/1/26 | 2,000 | 2,490 | ||
| California GO | 5.000% | 4/1/27 | 2,000 | 2,567 | ||
| California GO | 3.500% | 8/1/27 | 1,515 | 1,816 | ||
| California GO | 5.000% | 2/1/28 | 690 | 758 | ||
| California GO | 5.000% | 4/1/28 | 5,125 | 6,747 | ||
| California GO | 5.000% | 9/1/29 | 455 | 567 | ||
| California GO | 5.000% | 11/1/29 | 1,700 | 1,923 | ||
| California GO | 5.000% | 9/1/30 | 1,000 | 1,031 | ||
| California GO | 5.000% | 11/1/30 | 5,000 | 6,977 | ||
| California GO | 5.000% | 4/1/31 | 1,005 | 1,414 | ||
| California GO | 4.000% | 8/1/31 | 1,675 | 1,966 | ||
| California GO | 5.000% | 2/1/32 | 500 | 525 | ||
| California GO | 5.000% | 4/1/32 | 2,500 | 3,319 | ||
| California GO | 5.000% | 10/1/32 | 1,875 | 2,190 | ||
| California GO | 4.000% | 8/1/33 | 1,520 | 1,772 | ||
| California GO | 5.000% | 8/1/33 | 2,865 | 3,535 | ||
| California GO | 4.000% | 9/1/33 | 2,000 | 2,335 | ||
| California GO | 3.000% | 10/1/34 | 1,225 | 1,400 | ||
| California GO | 5.000% | 11/1/34 | 1,340 | 1,835 | ||
| California GO | 3.000% | 10/1/35 | 1,815 | 2,059 | ||
| California GO | 5.000% | 11/1/35 | 5,000 | 6,826 | ||
| California GO | 4.000% | 3/1/36 | 2,000 | 2,481 | ||
| California GO | 3.000% | 10/1/36 | 1,500 | 1,689 | ||
| 2 | California GO VRDO | 0.050% | 1/4/21 | 2,000 | 2,000 | |
| 2 | California GO VRDO | 0.060% | 1/4/21 | 6,540 | 6,540 | |
| 2 | California Health Facilities Financing Authority Revenue (Advent Obligated Group) VRDO | 0.060% | 1/4/21 | 3,050 | 3,050 | |
| California Health Facilities Financing Authority Revenue (Adventist Health System/West) | 5.000% | 3/1/23 | 1,325 | 1,457 | ||
| California Health Facilities Financing Authority Revenue (Children's Hospital of Los Angeles) | 5.000% | 11/15/23 | 1,000 | 1,077 | ||
| California Health Facilities Financing Authority Revenue (Common Spirit Health) | 4.000% | 4/1/37 | 1,000 | 1,192 | ||
| California Health Facilities Financing Authority Revenue (Kaiser Permanente) PUT | 5.000% | 11/1/22 | 795 | 864 | ||
| California Health Facilities Financing Authority Revenue (Providence St. Joseph Health Obligated Group) PUT | 4.000% | 10/1/24 | 1,195 | 1,362 | ||
| California Health Facilities Financing Authority Revenue (Providence St. Joseph Health Obligated Group) PUT | 5.000% | 10/1/25 | 1,690 | 2,055 | ||
| California Health Facilities Financing Authority Revenue (Rady Children's Hospital) | 5.000% | 8/15/31 | 965 | 991 | ||
| California Health Facilities Financing Authority Revenue (Sutter Health) | 5.000% | 11/15/36 | 1,000 | 1,263 | ||
| 10 | California Infrastructure & Economic Development Bank Revenue (Bay Area Toll Bridges Seismic Retrofit) Prere. | 5.000% | 1/1/28 | 500 | 651 | |
| California Municipal Finance Authority Revenue (Anaheim Electric Utility Distribution System) | 5.000% | 10/1/30 | 965 | 1,168 | ||
| California Municipal Finance Authority Revenue (Republic Services Inc. Projects) PUT | 0.180% | 4/1/21 | 4,600 | 4,600 | ||
| 2 | California Public Finance Authority Revenue (Sharp Healthcare) VRDO | 0.060% | 1/4/21 | 1,300 | 1,300 | |
| California Public Works Board Lease Revenue (Davidson Library) Prere. | 5.000% | 3/1/23 | 20 | 22 | ||
19
Tax-Managed Balanced Fund
| Coupon |
Maturity
Date |
Face
Amount ($000) |
Market
Value• ($000) |
|||
| California Public Works Board Lease Revenue (Department of Corrections) | 5.000% | 6/1/22 | 1,000 | 1,068 | ||
| California Public Works Board Lease Revenue (Department of Corrections) | 5.000% | 6/1/27 | 1,050 | 1,120 | ||
| California Public Works Board Lease Revenue (Judicial Council Projects) | 5.000% | 10/1/26 | 1,200 | 1,408 | ||
| California Public Works Board Lease Revenue (Judicial Council Projects) | 5.000% | 3/1/28 | 300 | 330 | ||
| California Public Works Board Lease Revenue (Judicial Council Projects) | 5.125% | 12/1/29 | 260 | 272 | ||
| California Public Works Board Lease Revenue (Regents of The University of California) Prere. | 5.000% | 12/1/21 | 35 | 37 | ||
| 5 | California Public Works Board Lease Revenue (Various Capital Projects) | 5.000% | 2/1/24 | 500 | 548 | |
| California Public Works Board Lease Revenue (Various Capital Projects) | 5.000% | 12/1/26 | 2,500 | 2,951 | ||
| 5 | California Public Works Board Lease Revenue (Various Capital Projects) | 5.000% | 2/1/31 | 1,000 | 1,297 | |
| California Public Works Board Lease Revenue (Various Capital Projects) | 5.000% | 11/1/31 | 1,000 | 1,082 | ||
| California Public Works Board Lease Revenue (Various Capital Projects) | 5.000% | 4/1/32 | 350 | 370 | ||
| California Public Works Board Lease Revenue (Various Capital Projects) Prere. | 5.000% | 12/1/21 | 25 | 26 | ||
| California State Educational Facilities Authority Revenue Prere. | 6.125% | 10/1/21 | 245 | 256 | ||
| California State Educational Facilities Authority Revenue Prere. | 6.125% | 10/1/21 | 255 | 266 | ||
| California State University Systemwide Revenue | 5.000% | 11/1/32 | 1,000 | 1,223 | ||
| California State University Systemwide Revenue | 5.000% | 11/1/32 | 2,815 | 3,542 | ||
| California State University Systemwide Revenue | 5.000% | 11/1/34 | 2,010 | 2,344 | ||
| California State University Systemwide Revenue | 5.000% | 11/1/35 | 2,000 | 2,502 | ||
| California State University Systemwide Revenue | 5.000% | 11/1/37 | 1,000 | 1,196 | ||
| California State University Systemwide Revenue | 5.000% | 11/1/39 | 2,500 | 2,894 | ||
| California State University Systemwide Revenue | 5.000% | 11/1/41 | 1,400 | 1,688 | ||
| California State University Systemwide Revenue Prere. | 5.000% | 11/1/22 | 1,000 | 1,088 | ||
| California Statewide Communities Development Authority Revenue (Kaiser Foundation Hospitals) PUT | 5.000% | 11/1/29 | 3,640 | 4,930 | ||
| 4 | California Statewide Communities Development Authority Revenue (Loma Linda University Medical Center) | 5.000% | 12/1/28 | 400 | 463 | |
| 2 | California Statewide Communities Development Authority Revenue (Rady Children's Hospital) VRDO | 0.060% | 1/4/21 | 400 | 400 | |
| 3 | Centinela Valley CA Union High School District GO | 4.000% | 8/1/29 | 1,035 | 1,203 | |
| Chabot-Las Positas CA Community College District GO | 5.000% | 8/1/31 | 1,000 | 1,116 | ||
| Chaffey CA Community College District GO | 5.000% | 6/1/23 | 850 | 949 | ||
| 3 | Chino CA Public Financing Authority Special Tax Revenue | 5.000% | 9/1/30 | 800 | 942 | |
| Chula Vista CA Municipal Financing Authority Special Tax Revenue | 5.500% | 9/1/27 | 970 | 1,095 | ||
| 11 | Citrus CA Community College District GO, 5.000% coupon rate effective 2/1/2023 Prere. | 0.000% | 2/1/24 | 1,000 | 1,038 | |
| Contra Costa CA Community College District GO Prere. | 5.000% | 8/1/23 | 1,000 | 1,124 | ||
| Contra Costa CA Municipal Water District Revenue | 5.000% | 10/1/33 | 1,000 | 1,124 | ||
| Corona-Norco CA Unified School District Special Tax Revenue (Community Facilities District No. 98-1) | 5.000% | 9/1/22 | 970 | 1,047 | ||
| 3 | East Side CA Union High School District Santa Clara County GO | 3.000% | 8/1/32 | 1,000 | 1,106 | |
20
Tax-Managed Balanced Fund
| Coupon |
Maturity
Date |
Face
Amount ($000) |
Market
Value• ($000) |
|||
| 11 | Foothill/Eastern Transportation Corridor Agency California Toll Road Revenue, 6.200% coupon rate effective 1/15/2024 | 0.000% | 1/15/29 | 1,390 | 1,561 | |
| Gavilan CA Joint Community College District GO | 5.000% | 8/1/28 | 1,000 | 1,208 | ||
| Golden State Tobacco Securitization Corp. California Revenue | 5.000% | 6/1/25 | 500 | 594 | ||
| 7 | Golden State Tobacco Securitization Corp. California Revenue | 0.000% | 6/1/27 | 2,060 | 1,948 | |
| Golden State Tobacco Securitization Corp. California Revenue | 5.000% | 6/1/33 | 1,140 | 1,339 | ||
| Grossmont CA Healthcare District GO | 4.000% | 7/15/40 | 2,000 | 2,234 | ||
| La Quinta CA Redevelopment Agency Tax Allocation Revenue | 5.000% | 9/1/26 | 1,500 | 1,674 | ||
| La Quinta CA Redevelopment Agency Tax Allocation Revenue | 5.000% | 9/1/30 | 1,000 | 1,149 | ||
| La Verne CA (Brethren Hillcrest Homes) COP Prere. | 5.000% | 5/15/22 | 350 | 376 | ||
| Long Beach CA Finance Authority Natural Gas Purchase Revenue | 5.250% | 11/15/23 | 435 | 494 | ||
| 12 | Long Beach CA Unified School District GO | 0.000% | 8/1/24 | 1,290 | 1,263 | |
| Los Angeles CA Community College District GO Prere. | 4.000% | 8/1/23 | 2,000 | 2,198 | ||
| Los Angeles CA Community College District GO Prere. | 4.000% | 8/1/24 | 1,000 | 1,136 | ||
| Los Angeles CA Department of Airports International Airport Revenue | 4.000% | 5/15/36 | 2,000 | 2,461 | ||
| Los Angeles CA Department of Airports International Airport Revenue | 4.000% | 5/15/40 | 2,055 | 2,500 | ||
| Los Angeles CA Department of Water & Power Revenue | 5.000% | 7/1/33 | 1,375 | 1,719 | ||
| Los Angeles CA Department of Water & Power Revenue | 5.000% | 7/1/35 | 1,330 | 1,724 | ||
| Los Angeles CA Department of Water & Power Revenue | 5.000% | 7/1/36 | 1,000 | 1,207 | ||
| Los Angeles CA Department of Water & Power Revenue | 5.000% | 7/1/36 | 1,695 | 2,198 | ||
| Los Angeles CA Department of Water & Power Revenue | 5.000% | 7/1/37 | 1,000 | 1,239 | ||
| Los Angeles CA Department of Water & Power Revenue | 5.000% | 7/1/37 | 1,145 | 1,476 | ||
| Los Angeles CA Department of Water & Power Revenue | 5.000% | 7/1/38 | 500 | 619 | ||
| Los Angeles CA Department of Water & Power Revenue | 5.000% | 7/1/38 | 2,550 | 3,290 | ||
| Los Angeles CA Department of Water & Power Revenue | 5.000% | 7/1/40 | 1,500 | 2,009 | ||
| 2 | Los Angeles CA Department of Water & Power Revenue VRDO | 0.090% | 1/4/21 | 6,345 | 6,345 | |
| Los Angeles CA Metropolitan Transportation Authority Sales Tax Revenue | 5.000% | 6/1/29 | 5,000 | 6,804 | ||
| Los Angeles CA Metropolitan Transportation Authority Sales Tax Revenue | 5.000% | 7/1/38 | 1,400 | 1,792 | ||
| Los Angeles CA Unified School District GO | 4.000% | 7/1/35 | 2,250 | 2,798 | ||
| Los Angeles CA Wastewater System Revenue | 5.000% | 6/1/36 | 1,755 | 2,201 | ||
| Los Angeles County CA Public Works Financing Authority Lease Revenue | 5.000% | 8/1/26 | 500 | 537 | ||
| 6 | Los Angeles County CA School District GO | 5.000% | 7/1/36 | 1,000 | 1,264 | |
| Los Angeles County CA Unified School District GO | 5.000% | 7/1/31 | 1,000 | 1,338 | ||
| Marysville CA Revenue (Fremont-Rideout Health Group) Prere. | 5.250% | 1/1/21 | 600 | 600 | ||
| Milpitas CA Redevelopment Agency Successor Agency Tax Allocation Revenue | 5.000% | 9/1/31 | 1,130 | 1,332 | ||
| M-S-R CA Energy Authority Gas Revenue | 6.500% | 11/1/39 | 555 | 925 | ||
| Napa Valley CA Unified School District GO | 4.000% | 8/1/28 | 1,690 | 1,836 | ||
| 11 | Napa Valley Community College District GO, 4.000% coupon rate effective 2/1/2021 | 0.000% | 8/1/32 | 1,090 | 1,240 | |
| Newport Mesa CA Unified School District GO | 0.000% | 8/1/30 | 630 | 559 | ||
| Oakland CA Redevelopment Agency Tax Allocation Revenue (Central District Project) | 5.000% | 9/1/22 | 500 | 536 | ||
21
Tax-Managed Balanced Fund
| Coupon |
Maturity
Date |
Face
Amount ($000) |
Market
Value• ($000) |
|||
| 3 | Oakland CA Unified School District GO | 5.000% | 8/1/25 | 1,500 | 1,808 | |
| Orange County CA Development Agency Tax Allocation Revenue (Santa Ana Heights Project) | 5.000% | 3/1/21 | 1,170 | 1,178 | ||
| Orange County CA Local Transportation Authority Sales Tax Revenue | 5.000% | 2/15/33 | 1,035 | 1,365 | ||
| 8 | Palomar Pomerado Health California GO | 0.000% | 8/1/22 | 1,000 | 988 | |
| 12 | Palomar Pomerado Health California GO | 0.000% | 8/1/26 | 1,040 | 981 | |
| 12 | Palomar Pomerado Health California GO | 0.000% | 8/1/32 | 740 | 598 | |
| Perris CA Public Financing Authority Tax Allocation Revenue | 5.000% | 10/1/21 | 1,085 | 1,124 | ||
| 3 | Poway CA Unified School District Public Financing Authority Special Tax Revenue | 5.000% | 9/1/31 | 1,395 | 1,715 | |
| Riverside CA Electric Revenue | 5.000% | 10/1/32 | 1,830 | 2,427 | ||
| Riverside County CA Transportation Commission Sales Tax Revenue Prere. | 5.250% | 6/1/23 | 1,000 | 1,123 | ||
| Riverside County CA Transportation Commission Toll Revenue | 0.000% | 6/1/30 | 2,415 | 1,953 | ||
| Roseville CA Natural Gas Financing Authority Gas Revenue | 5.000% | 2/15/23 | 340 | 373 | ||
| Roseville CA Natural Gas Financing Authority Gas Revenue | 5.000% | 2/15/25 | 325 | 383 | ||
| 6 | Sacramento CA City Financing Authority Revenue | 5.000% | 12/1/22 | 760 | 830 | |
| 8 | Sacramento CA City Financing Authority Tax Allocation Revenue | 0.000% | 12/1/30 | 1,815 | 1,529 | |
| Sacramento CA Regional Transportation District Farebox Revenue | 5.000% | 3/1/23 | 330 | 330 | ||
| Sacramento County CA Sanitation Districts Financing Authority Revenue | 5.000% | 8/1/25 | 495 | 604 | ||
| Sacramento County CA Sanitation Districts Financing Authority Revenue | 5.000% | 8/1/27 | 575 | 699 | ||
| 3 | San Bernardino CA Community College District GO | 0.000% | 8/1/22 | 1,000 | 994 | |
| San Diego CA Community College District GO Prere. | 5.000% | 8/1/21 | 500 | 514 | ||
| San Diego CA Community College District GO Prere. | 5.000% | 8/1/23 | 1,000 | 1,123 | ||
| San Diego CA Unified School District GO | 0.000% | 7/1/27 | 100 | 95 | ||
| 3 | San Diego CA Unified School District GO | 5.500% | 7/1/27 | 520 | 690 | |
| San Diego CA Unified School District GO | 0.000% | 7/1/28 | 430 | 401 | ||
| San Diego CA Unified School District GO | 0.000% | 7/1/29 | 440 | 402 | ||
| San Diego CA Unified School District GO | 0.000% | 7/1/30 | 100 | 89 | ||
| San Diego CA Unified School District GO | 5.000% | 7/1/35 | 2,000 | 2,219 | ||
| San Diego CA Unified School District GO ETM | 0.000% | 7/1/27 | 320 | 306 | ||
| San Diego CA Unified School District GO ETM | 0.000% | 7/1/27 | 80 | 77 | ||
| San Diego CA Unified School District GO ETM | 0.000% | 7/1/28 | 70 | 66 | ||
| San Diego CA Unified School District GO ETM | 0.000% | 7/1/29 | 60 | 55 | ||
| San Diego County CA Regional Transportation Commission Sales Tax Revenue Prere. | 5.000% | 4/1/22 | 560 | 594 | ||
| San Diego County CA Water Authority Revenue | 5.000% | 5/1/28 | 1,000 | 1,203 | ||
| San Francisco CA Bay Area Rapid Transit District GO | 5.000% | 8/1/30 | 1,530 | 1,848 | ||
| San Francisco CA Bay Area Rapid Transit District Sales Tax Revenue | 4.000% | 7/1/21 | 350 | 357 | ||
| San Francisco CA City & County COP | 5.000% | 4/1/28 | 1,635 | 1,976 | ||
| San Francisco CA City & County COP | 4.000% | 4/1/33 | 1,000 | 1,139 | ||
| San Francisco CA City & County COP | 4.000% | 4/1/39 | 1,000 | 1,164 | ||
| San Francisco CA City & County International Airport Revenue | 5.000% | 5/1/27 | 605 | 643 | ||
| San Francisco CA City & County International Airport Revenue | 5.000% | 5/1/30 | 405 | 411 | ||
| San Francisco CA City & County International Airport Revenue | 5.000% | 5/1/34 | 1,000 | 1,292 | ||
| San Francisco CA City & County International Airport Revenue Prere. | 5.000% | 5/3/21 | 95 | 97 | ||
22
Tax-Managed Balanced Fund
| Coupon |
Maturity
Date |
Face
Amount ($000) |
Market
Value• ($000) |
|||
| San Francisco CA City & County Public Utilities Commission Water Revenue | 5.000% | 11/1/31 | 1,700 | 2,122 | ||
| San Francisco CA City & County Public Utilities Commission Water Revenue | 5.000% | 11/1/32 | 1,000 | 1,184 | ||
| San Francisco CA City & County Public Utilities Commission Water Revenue | 5.000% | 11/1/35 | 1,500 | 1,853 | ||
| San Francisco CA City & County Unified School District GO | 4.000% | 6/15/32 | 965 | 1,020 | ||
| San Francisco CA City & County Unified School District GO | 4.250% | 6/15/33 | 1,000 | 1,060 | ||
| 7 | San Ramon CA Public Financing Authority Tax Allocation Revenue | 0.000% | 2/1/33 | 1,475 | 1,163 | |
| Santa Clara CA Financing Authority Revenue | 3.000% | 5/1/39 | 1,155 | 1,235 | ||
| Santa Clara CA Unified School District GO | 3.000% | 7/1/34 | 1,000 | 1,094 | ||
| Southern California Public Power Authority Revenue | 5.000% | 7/1/30 | 3,000 | 3,392 | ||
| Southern California Public Power Authority Revenue (Canyon Power Project) | 5.000% | 7/1/32 | 2,000 | 2,377 | ||
| Southern California Public Power Authority Revenue (Canyon Power Project) Prere. | 5.000% | 7/1/21 | 1,105 | 1,131 | ||
| State Center California Community College District GO | 5.000% | 8/1/29 | 1,000 | 1,207 | ||
| 6 | Stockton Public Financing Authority Revenue | 5.000% | 9/1/29 | 1,000 | 1,140 | |
| Tahoe-Truckee CA Unified School District GO | 5.000% | 8/1/34 | 1,030 | 1,268 | ||
| 8 | Union CA Elementary School District GO | 0.000% | 9/1/28 | 1,080 | 999 | |
| Union City CA Community Redevelopment Agency Successor Agency Tax Allocation Revenue | 5.000% | 10/1/30 | 1,635 | 1,953 | ||
| University of California Revenue | 5.000% | 5/15/23 | 875 | 890 | ||
| University of California Revenue | 5.000% | 5/15/28 | 690 | 764 | ||
| University of California Revenue | 4.000% | 5/15/33 | 1,000 | 1,128 | ||
| University of California Revenue | 5.000% | 5/15/33 | 3,000 | 4,098 | ||
| University of California Revenue | 4.000% | 5/15/34 | 1,000 | 1,179 | ||
| University of California Revenue | 4.000% | 5/15/34 | 1,770 | 1,945 | ||
| University of California Revenue | 4.000% | 5/15/35 | 2,000 | 2,355 | ||
| University of California Revenue | 5.000% | 5/15/35 | 1,620 | 2,093 | ||
| University of California Revenue | 5.000% | 5/15/35 | 1,165 | 1,500 | ||
| University of California Revenue Prere. | 5.000% | 5/15/21 | 160 | 163 | ||
| University of California Revenue Prere. | 5.000% | 5/15/23 | 310 | 345 | ||
| University of California Revenue PUT | 5.000% | 5/15/23 | 3,960 | 4,405 | ||
| University of California Revenue VRDO | 0.050% | 1/4/21 | 2,700 | 2,700 | ||
| 3,10 | West Contra Costa CA Unified School District GO | 0.000% | 8/1/32 | 1,155 | 957 | |
| 8 | West Contra Costa CA Unified School District GO | 0.000% | 8/1/34 | 1,225 | 958 | |
| 319,036 | ||||||
| Colorado (0.8%) | ||||||
| 13 | Adams & Weld County CO School District No. 27J GO | 5.000% | 12/1/34 | 1,435 | 1,735 | |
| Adams County CO COP | 5.000% | 12/1/31 | 650 | 781 | ||
| Board of Governors of the Colorado State University System Enterprise Revenue ETM | 5.000% | 3/1/23 | 300 | 331 | ||
| Colorado (UCDHSC Fitzsimons Academic Projects) COP | 5.000% | 11/1/21 | 500 | 520 | ||
| Colorado COP | 4.000% | 12/15/33 | 1,235 | 1,487 | ||
| Colorado COP | 4.000% | 12/15/34 | 1,745 | 2,097 | ||
| Colorado Educational & Cultural Facilities Authority Revenue (University of Denver) | 4.000% | 3/1/30 | 500 | 575 | ||
| Colorado Health Facilities Authority Hospital Revenue (Adventist Health System/West Obligated Group) | 5.000% | 11/15/37 | 1,000 | 1,293 | ||
| Colorado Health Facilities Authority Hospital Revenue (Adventist Health System/West Obligated Group) | 4.000% | 11/15/38 | 1,000 | 1,190 | ||
| Colorado Health Facilities Authority Hospital Revenue (Adventist Health System/West Obligated Group) PUT | 5.000% | 11/19/26 | 1,030 | 1,302 | ||
23
Tax-Managed Balanced Fund
24
Tax-Managed Balanced Fund
| Coupon |
Maturity
Date |
Face
Amount ($000) |
Market
Value• ($000) |
|||
| 5 | Connecticut GO | 3.000% | 1/15/38 | 2,345 | 2,603 | |
| Connecticut Health & Educational Facilities Authority Revenue (Connecticut State University System) | 5.000% | 11/1/31 | 1,000 | 1,306 | ||
| Connecticut Health & Educational Facilities Authority Revenue (Covenant Retirement Communities) | 5.000% | 12/1/31 | 1,000 | 1,199 | ||
| Connecticut Health & Educational Facilities Authority Revenue (Hartford Healthcare) | 4.000% | 7/1/36 | 1,750 | 2,066 | ||
| Connecticut Health & Educational Facilities Authority Revenue (Hartford Healthcare) Prere. | 5.000% | 7/1/21 | 550 | 563 | ||
| Connecticut Health & Educational Facilities Authority Revenue (Nuvance Health) | 5.000% | 7/1/29 | 1,255 | 1,585 | ||
| Connecticut Health & Educational Facilities Authority Revenue (Sacred Heart University) | 5.000% | 7/1/31 | 850 | 1,109 | ||
| Connecticut Health & Educational Facilities Authority Revenue (University of Hartford) | 5.000% | 7/1/31 | 575 | 673 | ||
| Connecticut Health & Educational Facilities Authority Revenue (Yale University) PUT | 1.450% | 7/1/22 | 875 | 892 | ||
| Connecticut Health & Educational Facilities Authority Revenue (Yale University) PUT | 1.450% | 7/1/22 | 900 | 917 | ||
| Connecticut Health & Educational Facilities Authority Revenue (Yale University) PUT | 5.000% | 2/1/23 | 3,400 | 3,735 | ||
| Connecticut Health & Educational Facilities Authority Revenue (Yale University) PUT | 2.000% | 7/1/26 | 500 | 542 | ||
| Connecticut Special Tax Revenue (Transportation Infrastructure) | 5.000% | 9/1/23 | 1,185 | 1,331 | ||
| Connecticut Special Tax Revenue (Transportation Infrastructure) | 5.000% | 1/1/28 | 1,805 | 2,329 | ||
| Connecticut Special Tax Revenue (Transportation Infrastructure) | 5.000% | 10/1/34 | 1,000 | 1,275 | ||
| Connecticut Special Tax Revenue (Transportation Infrastructure) | 5.000% | 5/1/38 | 2,250 | 2,943 | ||
| Hartford County CT Metropolitan District GO | 5.000% | 7/15/28 | 1,255 | 1,619 | ||
| Hartford County CT Metropolitan District GO | 4.000% | 7/15/38 | 2,025 | 2,382 | ||
| University of Connecticut GO | 5.000% | 2/15/27 | 635 | 749 | ||
| University of Connecticut Revenue | 5.000% | 11/1/27 | 1,000 | 1,284 | ||
| 56,087 | ||||||
| Delaware (0.1%) | ||||||
| Delaware GO | 5.000% | 2/1/25 | 1,010 | 1,207 | ||
| Delaware Health Facilities Authority Revenue (Beebe Medical Center Project) | 5.000% | 6/1/30 | 600 | 749 | ||
| Delaware River & Bay Authority Delaware Revenue | 3.000% | 1/1/38 | 1,495 | 1,606 | ||
| Delaware State Economic Development Authority Revenue (NRG Energy Projects) PUT | 1.250% | 10/1/25 | 650 | 659 | ||
| Delaware Transportation Authority Grant Anticipation Bonds | 5.000% | 9/1/29 | 1,750 | 2,341 | ||
| University of Delaware Revenue | 5.000% | 11/1/34 | 440 | 639 | ||
| University of Delaware Revenue | 5.000% | 11/1/35 | 500 | 732 | ||
| 7,933 | ||||||
| District of Columbia (0.6%) | ||||||
| District of Columbia GO | 5.000% | 6/1/25 | 1,235 | 1,492 | ||
| District of Columbia GO | 5.000% | 6/1/29 | 3,780 | 4,368 | ||
| District of Columbia GO | 5.000% | 6/1/32 | 1,000 | 1,229 | ||
| District of Columbia GO | 5.000% | 6/1/34 | 1,320 | 1,639 | ||
| District of Columbia Hospital Revenue (Children's Hospital Obligated Group) | 5.000% | 7/15/35 | 1,000 | 1,187 | ||
| District of Columbia Income Tax Revenue | 5.000% | 12/1/24 | 1,350 | 1,473 | ||
| District of Columbia Income Tax Revenue | 5.000% | 12/1/26 | 655 | 683 | ||
25
Tax-Managed Balanced Fund
| Coupon |
Maturity
Date |
Face
Amount ($000) |
Market
Value• ($000) |
|||
| District of Columbia Income Tax Revenue | 5.000% | 5/1/37 | 5,735 | 7,694 | ||
| District of Columbia Revenue Bonds (Latin American Montessori Bilingual Public Charter School) | 5.000% | 6/1/40 | 1,000 | 1,161 | ||
| District of Columbia Water & Sewer Authority Public Utility Revenue | 5.000% | 10/1/39 | 1,125 | 1,359 | ||
| District of Columbia Water & Sewer Authority Public Utility Revenue | 5.000% | 10/1/33 | 2,175 | 2,717 | ||
| Metropolitan Washington DC/VA Airports Authority Airport System Revenue | 5.000% | 10/1/30 | 2,325 | 3,197 | ||
| Metropolitan Washington DC/VA Airports Authority Dulles Toll Road Revenue (Dulles Metrorail & Capital Improvement Projects) | 5.000% | 10/1/33 | 2,240 | 2,816 | ||
| Metropolitan Washington DC/VA Airports Authority Dulles Toll Road Revenue (Dulles Metrorail & Capital Improvement Projects) | 0.000% | 10/1/37 | 1,300 | 821 | ||
| Metropolitan Washington DC/VA Airports Authority Dulles Toll Road Revenue (Dulles Metrorail & Capital Improvement Projects) | 4.000% | 10/1/39 | 1,000 | 1,149 | ||
| Washington Convention & Sports Authority Revenue | 5.000% | 10/1/26 | 1,090 | 1,289 | ||
| Washington Metropolitan Area Transit Authority Revenue | 5.000% | 7/15/34 | 2,800 | 3,759 | ||
| Washington Metropolitan Area Transit Authority Revenue | 5.000% | 7/15/38 | 2,000 | 2,648 | ||
| 40,681 | ||||||
| Florida (2.4%) | ||||||
| Brevard County FL School Board COP | 5.000% | 7/1/25 | 1,000 | 1,110 | ||
| Broward County FL Airport System Revenue Prere. | 5.000% | 10/1/22 | 400 | 434 | ||
| Broward County FL Airport System Revenue Prere. | 5.500% | 10/1/23 | 1,000 | 1,144 | ||
| Capital Projects Finance Authority FL Student housing Revenue (Projects Loan Program) | 5.000% | 10/1/33 | 540 | 626 | ||
| Capital Trust Agency Florida Educational Facilities Revenue (Advantage Academy of Hillsborough Projects) | 5.000% | 12/15/29 | 400 | 455 | ||
| Central Florida Expressway Authority Revenue | 4.000% | 7/1/32 | 1,015 | 1,166 | ||
| East Central FL Regional Wastewater Treatment Facilities Operation Board Revenue | 5.000% | 10/1/34 | 925 | 1,159 | ||
| East Central FL Regional Wastewater Treatment Facilities Operation Board Revenue | 5.000% | 10/1/35 | 1,050 | 1,314 | ||
| Escambia County FL Health Facilities Authority Revenue (Baptist Health Care Corp. Obligated Group) | 5.000% | 8/15/39 | 1,525 | 1,882 | ||
| Florida Board of Education Lottery Revenue | 4.000% | 7/1/27 | 1,230 | 1,296 | ||
| Florida Board of Education Public Education Capital Outlay GO | 5.000% | 6/1/21 | 760 | 775 | ||
| Florida Board of Education Public Education Capital Outlay GO | 5.000% | 6/1/24 | 625 | 697 | ||
| Florida Board of Education Public Education Capital Outlay GO | 4.000% | 6/1/27 | 1,255 | 1,323 | ||
| Florida Board of Education Public Education Capital Outlay GO | 4.000% | 6/1/29 | 1,365 | 1,436 | ||
| Florida Board of Education Public Education Capital Outlay GO | 4.000% | 6/1/32 | 1,675 | 1,918 | ||
| Florida Development Finance Corp. Educational Facilities Revenue (Mater Academy Projects) | 5.000% | 6/15/29 | 400 | 473 | ||
| Florida Development Finance Corp. Educational Facilities Revenue (Mater Academy Projects) | 5.000% | 6/15/30 | 475 | 558 | ||
| Florida GO | 4.000% | 6/1/27 | 1,455 | 1,586 | ||
| Florida GO | 5.000% | 7/1/27 | 1,440 | 1,810 | ||
| Florida Gulf Coast University Financing Corp. Capital Improvement Revenue | 4.000% | 2/1/38 | 770 | 890 | ||
26
Tax-Managed Balanced Fund
| Coupon |
Maturity
Date |
Face
Amount ($000) |
Market
Value• ($000) |
|||
| Florida Higher Educational Facilities Financial Authority Revenue (Rollins College Projects) | 4.000% | 12/1/36 | 1,750 | 2,039 | ||
| Florida Municipal Power Agency Revenue | 4.000% | 10/1/30 | 2,775 | 3,251 | ||
| Florida Turnpike Authority Revenue | 4.000% | 7/1/34 | 1,000 | 1,138 | ||
| Florida Turnpike Authority Revenue | 4.000% | 7/1/34 | 1,385 | 1,601 | ||
| 2 | Hillsborough County FL Industrial Development Authority Health System Revenue VRDO | 0.110% | 1/4/21 | 17,100 | 17,100 | |
| Hillsborough County FL Industrial Development Authority Hospital Revenue (Tampa General Hospital Projects) | 3.600% | 10/1/28 | 500 | 559 | ||
| Hillsborough County FL School Board (Master Lease Program) COP Prere. | 5.000% | 7/1/22 | 1,650 | 1,769 | ||
| Jacksonville FL Electric Authority Electric System Revenue | 5.000% | 10/1/26 | 1,005 | 1,241 | ||
| Jacksonville FL Electric Authority Electric System Revenue | 5.000% | 10/1/27 | 1,160 | 1,313 | ||
| Jacksonville FL Electric Authority Electric System Revenue | 5.000% | 10/1/31 | 190 | 192 | ||
| Jacksonville FL Electric Authority Electric System Revenue | 4.000% | 10/1/37 | 1,955 | 2,290 | ||
| Jacksonville FL Electric Authority Electric System Revenue Prere. | 5.000% | 4/1/21 | 310 | 314 | ||
| Jacksonville FL Electric Authority Water & Sewer Revenue | 5.000% | 10/1/27 | 1,905 | 2,472 | ||
| Jacksonville FL Electric Authority Water & Sewer Revenue | 5.000% | 10/1/27 | 1,465 | 1,890 | ||
| Jacksonville FL Health Care Facilities Revenue (Baptist Health System Obligated Group) | 4.000% | 8/15/37 | 1,250 | 1,437 | ||
| Jacksonville FL Health Care Facilities Revenue (Brooks Rehabilitation) | 5.000% | 11/1/30 | 1,085 | 1,329 | ||
| Jacksonville FL Special Revenue | 5.000% | 10/1/27 | 1,500 | 1,934 | ||
| Jacksonville FL Special Revenue | 5.000% | 10/1/28 | 1,640 | 2,168 | ||
| Jacksonville FL Special Revenue | 5.000% | 10/1/32 | 500 | 537 | ||
| Jacksonville FL Special Revenue | 5.000% | 10/1/38 | 1,410 | 1,837 | ||
| Jacksonville FL Transportation Authority Local Option Gas Tax Revenue | 5.000% | 8/1/34 | 1,000 | 1,191 | ||
| Jacksonville FL Transportation Revenue | 5.000% | 10/1/28 | 1,200 | 1,432 | ||
| Jacksonville FL Water & Sewer Revenue | 4.000% | 10/1/35 | 1,655 | 1,948 | ||
| JEA FL Electric System Revenue | 5.000% | 10/1/37 | 2,000 | 2,147 | ||
| Key West FL Utility Board Electricity Revenue | 5.000% | 10/1/37 | 1,030 | 1,304 | ||
| Lakeland FL Educational Facilities Revenue (Florida Southern College Project) | 5.000% | 9/1/31 | 880 | 927 | ||
| Lakeland FL Hospital Revenue (Lakeland Regional Health Systems) | 5.000% | 11/15/26 | 1,475 | 1,834 | ||
| Lee Memorial Health System Florida Hospital Revenue | 5.000% | 4/1/39 | 1,655 | 2,085 | ||
| Miami Beach FL Health Facilities Authority Revenue (Mount Sinai Medical Center) | 5.000% | 11/15/27 | 1,000 | 1,143 | ||
| Miami Beach FL Resort Tax Revenue | 5.000% | 9/1/34 | 1,020 | 1,182 | ||
| Miami Beach FL Water & Sewer Revenue | 5.000% | 10/1/30 | 1,500 | 1,796 | ||
| Miami Beach FL Water & Sewer Revenue | 5.000% | 10/1/38 | 1,000 | 1,274 | ||
| 3,4 | Miami FL Special Obligation Street & Sidewalk Improvement Program Revenue | 5.000% | 1/1/30 | 1,325 | 1,661 | |
| 3,4 | Miami FL Special Obligation Street & Sidewalk Improvement Program Revenue | 5.000% | 1/1/35 | 1,000 | 1,230 | |
| Miami-Dade County FL Aviation Revenue (Miami International Airport) | 4.875% | 10/1/24 | 500 | 500 | ||
| Miami-Dade County FL Aviation Revenue (Miami International Airport) | 5.000% | 10/1/33 | 1,850 | 2,225 | ||
| Miami-Dade County FL Aviation Revenue (Miami International Airport) | 5.000% | 10/1/34 | 1,000 | 1,201 | ||
| Miami-Dade County FL Aviation Revenue (Miami International Airport) | 4.000% | 10/1/36 | 1,000 | 1,203 | ||
| Miami-Dade County FL Building Better Communities GO | 5.000% | 7/1/36 | 1,160 | 1,422 | ||
27
Tax-Managed Balanced Fund
| Coupon |
Maturity
Date |
Face
Amount ($000) |
Market
Value• ($000) |
|||
| Miami-Dade County FL Expressway Authority Toll System Revenue | 5.000% | 7/1/24 | 860 | 988 | ||
| Miami-Dade County FL Expressway Authority Toll System Revenue | 5.000% | 7/1/25 | 830 | 952 | ||
| Miami-Dade County FL Health Facilities Authority Hospital Revenue (Miami Children's Hospital) | 5.000% | 8/1/25 | 1,000 | 1,109 | ||
| Miami-Dade County FL Public Health Trust GO | 4.000% | 7/1/32 | 1,750 | 2,086 | ||
| Miami-Dade County FL School Board COP | 5.000% | 2/1/26 | 3,035 | 3,713 | ||
| Miami-Dade County FL School Board GO | 5.000% | 3/15/31 | 3,155 | 3,448 | ||
| Miami-Dade County FL Seaport Revenue | 5.750% | 10/1/28 | 1,610 | 1,820 | ||
| Miami-Dade County FL Special Obligation Revenue | 5.000% | 10/1/22 | 1,645 | 1,781 | ||
| Miami-Dade County FL Special Obligation Revenue | 5.000% | 4/1/37 | 1,255 | 1,615 | ||
| Miami-Dade County FL Special Obligation Revenue | 0.000% | 10/1/39 | 1,265 | 738 | ||
| Miami-Dade County FL Special Obligation Revenue Prere. | 5.000% | 10/1/22 | 1,000 | 1,084 | ||
| Miami-Dade County FL Special Obligation Revenue Prere. | 5.000% | 10/1/22 | 500 | 542 | ||
| Miami-Dade County FL Transit Sales Surtax Revenue | 4.000% | 7/1/31 | 1,400 | 1,622 | ||
| Miami-Dade County FL Water & Sewer Revenue | 5.000% | 10/1/22 | 2,060 | 2,233 | ||
| North Brevard County FL Hospital District Revenue | 5.000% | 1/1/34 | 1,000 | 1,206 | ||
| Orange County FL Health Facilities Authority Hospital Revenue (Orlando Health Inc.) | 5.000% | 10/1/30 | 1,510 | 1,840 | ||
| Orange County FL School Board COP | 5.000% | 8/1/33 | 6,105 | 7,465 | ||
| 3 | Orlando FL Tourist Development Tax Revenue | 5.000% | 11/1/28 | 1,535 | 1,930 | |
| Osceola County FL Transportation Revenue | 5.000% | 10/1/28 | 500 | 632 | ||
| Osceola County FL Transportation Revenue | 0.000% | 10/1/34 | 2,000 | 1,381 | ||
| Palm Beach County FL Health Facilities Authority Hospital Revenue (BRRH Corp. Obligated Group) Prere. | 5.000% | 12/1/24 | 560 | 662 | ||
| Palm Beach County FL Public Improvement Revenue | 5.000% | 5/1/33 | 1,245 | 1,522 | ||
| Palm Beach County FL School Board COP | 5.000% | 8/1/29 | 1,540 | 1,845 | ||
| Palm Beach County FL School Board COP | 5.000% | 8/1/32 | 1,500 | 1,779 | ||
| Palm Beach County Health Facilities Authority Revenue (Toby & Leon Cooperman Sinai Residences of Boca Ration Expansion) | 2.625% | 6/1/25 | 150 | 153 | ||
| Panama City Beach FL Capital Improvement Revenue | 5.000% | 11/1/32 | 375 | 509 | ||
| Reedy Creek FL Improvement District GO | 4.000% | 6/1/34 | 1,190 | 1,341 | ||
| Reedy Creek FL Improvement District GO | 4.000% | 6/1/35 | 1,000 | 1,157 | ||
| Seacoast FL Utility Authority Water & Sewer Revenue | 5.000% | 3/1/21 | 1,230 | 1,239 | ||
| South Broward FL Hospital District Revenue | 4.000% | 5/1/33 | 1,020 | 1,157 | ||
| South Miami FL Health Facilities Authority Revenue (Baptist Health South Florida Obligated Group) | 4.000% | 8/15/33 | 1,180 | 1,356 | ||
| St. Johns County FL Water & Sewer Revenue | 0.000% | 6/1/24 | 1,110 | 1,089 | ||
| Sunshine State Governmental Financing Commission Florida Revenue (Miami Dade County Program) | 5.000% | 9/1/26 | 1,000 | 1,120 | ||
| Tallahassee FL Energy System Revenue | 5.000% | 10/1/35 | 1,000 | 1,156 | ||
| Tallahassee FL Health Facilities System Revenue (Memorial Healthcare Projects) | 5.000% | 12/1/40 | 1,000 | 1,116 | ||
| Tallahassee FL Utility System Revenue | 5.000% | 10/1/29 | 1,015 | 1,186 | ||
| Tallahassee FL Utility System Revenue | 5.000% | 10/1/30 | 750 | 875 | ||
| Tallahassee FL Utility System Revenue | 5.000% | 10/1/34 | 1,265 | 1,470 | ||
| Tampa Bay FL Water Utility System Revenue | 5.000% | 10/1/37 | 2,040 | 2,512 | ||
| Tampa FL Cigarette Tax Allocation Revenue (H. Lee Moffitt Cancer Center Project) | 5.000% | 9/1/26 | 200 | 214 | ||
| Tampa FL Health System Revenue (BayCare Health System) | 5.000% | 11/15/33 | 1,575 | 1,669 | ||
| Tampa FL Hospital Revenue | 5.000% | 7/1/23 | 750 | 798 | ||
| Tampa-Hillsborough County FL Expressway Authority Revenue | 5.000% | 7/1/30 | 200 | 255 | ||
28
Tax-Managed Balanced Fund
| Coupon |
Maturity
Date |
Face
Amount ($000) |
Market
Value• ($000) |
|||
| Tampa-Hillsborough County FL Expressway Authority Revenue | 5.000% | 7/1/31 | 250 | 318 | ||
| Tohopekaliga FL Water Authority Utility System Revenue | 4.000% | 10/1/21 | 1,275 | 1,311 | ||
| Tohopekaliga FL Water Authority Utility System Revenue | 4.000% | 10/1/32 | 1,000 | 1,141 | ||
| Tohopekaliga FL Water Authority Utility System Revenue Prere. | 5.750% | 10/1/21 | 500 | 521 | ||
| Volusia County FL Educational Facilities Authority Revenue (Embry-Riddle Aeronautical University Inc.) | 5.000% | 10/15/29 | 860 | 1,067 | ||
| Volusia County FL School Board COP | 5.000% | 8/1/25 | 1,025 | 1,180 | ||
| 166,071 | ||||||
| Georgia (1.4%) | ||||||
| Athens-Clarke County GA Unified Government Water & Sewerage Revenue | 4.000% | 1/1/32 | 1,000 | 1,121 | ||
| Atlanta GA Airport Revenue | 5.000% | 7/1/30 | 1,000 | 1,366 | ||
| Atlanta GA Airport Revenue | 5.000% | 1/1/33 | 2,000 | 2,239 | ||
| Atlanta GA Water & Wastewater Revenue | 5.000% | 11/1/21 | 1,500 | 1,560 | ||
| Atlanta GA Water & Wastewater Revenue | 5.000% | 11/1/25 | 1,290 | 1,552 | ||
| Atlanta GA Water & Wastewater Revenue | 5.000% | 11/1/36 | 1,320 | 1,682 | ||
| Bulloch County GA Development Authority Revenue (Georgia Southern University Housing Foundation) | 5.000% | 7/1/27 | 410 | 509 | ||
| Bulloch County GA Development Authority Revenue (Georgia Southern University Housing Foundation) ETM | 5.000% | 7/1/27 | 100 | 129 | ||
| City of Dalton GA Utilities Revenue | 4.000% | 3/1/37 | 1,450 | 1,720 | ||
| Cobb County GA Kennestone Hospital Authority Revenue | 5.000% | 4/1/24 | 400 | 441 | ||
| Coweta County GA Development Authority Revenue (Piedmont Healthcare Inc. Project) | 5.000% | 7/1/36 | 1,060 | 1,368 | ||
| Dahlonega GA Downtown Development Authority Revenue (North Georgia MAC LLC Project) | 5.000% | 7/1/31 | 810 | 992 | ||
| DeKalb County GA Water & Sewer Revenue | 5.250% | 10/1/31 | 500 | 517 | ||
| Fulton County GA Development Authority Revenue (Children's Healthcare of Atlanta Obligated Group) | 5.000% | 7/1/38 | 1,500 | 1,926 | ||
| Fulton County GA Water & Sewer Revenue | 4.000% | 1/1/34 | 4,000 | 4,228 | ||
| Georgia GO | 5.000% | 7/1/24 | 1,500 | 1,752 | ||
| Georgia GO | 5.000% | 7/1/24 | 1,000 | 1,168 | ||
| Georgia GO | 5.000% | 7/1/25 | 1,100 | 1,336 | ||
| Georgia GO | 5.000% | 2/1/30 | 1,500 | 1,894 | ||
| Georgia GO | 5.000% | 8/1/33 | 5,000 | 6,879 | ||
| Georgia Municipal Electric Power Authority Revenue | 5.000% | 1/1/33 | 1,335 | 1,753 | ||
| Griffin-Spalding County GA Hospital Authority Revenue (WellStar Health System Obligated Group) | 5.000% | 4/1/25 | 600 | 712 | ||
| Griffin-Spalding County GA Hospital Authority Revenue (WellStar Health System Obligated Group) | 5.000% | 4/1/31 | 350 | 434 | ||
| Griffin-Spalding County GA Hospital Authority Revenue (WellStar Health System Obligated Group) | 5.000% | 4/1/33 | 1,575 | 1,935 | ||
| Gwinnett County GA School District GO | 5.000% | 2/1/28 | 500 | 596 | ||
| Main Street Natural Gas Inc. Georgia Gas Project Revenue | 5.000% | 3/15/21 | 600 | 605 | ||
| Main Street Natural Gas Inc. Georgia Gas Project Revenue | 5.000% | 3/15/22 | 525 | 554 | ||
| Main Street Natural Gas Inc. Georgia Gas Project Revenue | 5.000% | 5/15/33 | 500 | 623 | ||
| Main Street Natural Gas Inc. Georgia Gas Project Revenue | 5.000% | 5/15/38 | 500 | 712 | ||
| 2 | Main Street Natural Gas Inc. Georgia Gas Project Revenue PUT | 4.000% | 9/1/23 | 6,210 | 6,764 | |
| 2 | Main Street Natural Gas Inc. Georgia Gas Project Revenue PUT | 4.000% | 12/1/23 | 6,245 | 6,849 | |
| Main Street Natural Gas Inc. Georgia Gas Project Revenue PUT | 4.000% | 12/2/24 | 1,475 | 1,672 | ||
| Main Street Natural Gas Inc. Georgia Gas Project Revenue PUT | 4.000% | 9/1/26 | 2,400 | 2,819 | ||
29
Tax-Managed Balanced Fund
| Coupon |
Maturity
Date |
Face
Amount ($000) |
Market
Value• ($000) |
|||
| Metropolitan Atlanta GA Rapid Transit Authority Revenue (Third Indenture) | 5.000% | 7/1/43 | 2,000 | 2,366 | ||
| Metropolitan Atlanta Rapid Transportation Authority Georgia Sales Tax Revenue | 5.000% | 7/1/31 | 1,410 | 1,741 | ||
| Metropolitan Atlanta Rapid Transportation Authority Georgia Sales Tax Revenue | 4.000% | 7/1/33 | 1,835 | 2,165 | ||
| Metropolitan Atlanta Rapid Transportation Authority Georgia Sales Tax Revenue | 4.000% | 7/1/33 | 5,210 | 6,541 | ||
| Municipal Electric Authority Georgia Revenue | 5.000% | 1/1/26 | 1,510 | 1,833 | ||
| 6 | Municipal Electric Authority Georgia Revenue | 5.000% | 1/1/28 | 1,495 | 1,839 | |
| Municipal Electric Authority Georgia Revenue | 5.000% | 1/1/29 | 1,795 | 2,280 | ||
| Municipal Electric Authority Georgia Revenue | 5.000% | 1/1/35 | 1,715 | 1,961 | ||
| Municipal Electric Authority Georgia Revenue | 5.000% | 1/1/39 | 1,215 | 1,518 | ||
| Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project M) | 5.000% | 1/1/32 | 500 | 631 | ||
| Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project M) | 5.000% | 1/1/33 | 180 | 226 | ||
| Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project M) | 5.000% | 1/1/36 | 600 | 748 | ||
| Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project P) | 5.000% | 1/1/28 | 580 | 735 | ||
| Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project P) | 5.000% | 1/1/30 | 810 | 1,028 | ||
| Municipal Electric Authority Georgia Revenue (Plant Voltage Units 3 & 4 Project P) | 5.000% | 1/1/34 | 800 | 998 | ||
| Private Colleges & University Authority of Georgia Revenue (Emory University) | 5.000% | 9/1/27 | 1,540 | 1,994 | ||
| Private Colleges & University Authority of Georgia Revenue (Emory University) | 4.000% | 9/1/36 | 2,000 | 2,478 | ||
| Private Colleges & University Authority of Georgia Revenue (Emory University) | 5.000% | 9/1/36 | 795 | 1,044 | ||
| Walton County GA Development Authority Revenue (Piedmont Healthcare Inc. Project) | 4.000% | 7/1/38 | 1,145 | 1,343 | ||
| 93,876 | ||||||
| Guam (0.1%) | ||||||
| Guam Business Privilege Tax Revenue | 5.000% | 11/15/29 | 865 | 993 | ||
| Guam Government Business Privilege Tax Revenue | 5.000% | 11/15/26 | 735 | 854 | ||
| Guam Government Waterworks Authority Water & Waste Water System Revenue | 5.250% | 7/1/23 | 1,000 | 1,104 | ||
| Guam Government Waterworks Authority Water & Waste Water System Revenue Prere. | 5.250% | 7/1/23 | 1,305 | 1,466 | ||
| Guam International Airport Authority Revenue | 5.000% | 10/1/21 | 465 | 474 | ||
| 3 | Guam Power Authority Revenue | 5.000% | 10/1/30 | 250 | 269 | |
| 5,160 | ||||||
| Hawaii (0.7%) | ||||||
| Hawaii Airports System Revenue | 5.000% | 7/1/29 | 1,785 | 2,364 | ||
| Hawaii Airports System Revenue | 5.000% | 7/1/30 | 1,000 | 1,348 | ||
| Hawaii Airports System Revenue | 5.000% | 7/1/31 | 2,000 | 2,676 | ||
| Hawaii Department of Budget & Finance Special Purpose Revenue (Hawaii Pacific Health Obligated Group) | 5.000% | 7/1/21 | 400 | 409 | ||
| Hawaii GO | 5.000% | 12/1/21 | 375 | 392 | ||
| Hawaii GO | 5.000% | 8/1/24 | 1,765 | 2,065 | ||
| Hawaii GO | 5.000% | 8/1/25 | 1,500 | 1,751 | ||
| Hawaii GO | 5.000% | 10/1/25 | 1,575 | 1,923 | ||
| Hawaii GO | 5.000% | 1/1/29 | 1,370 | 1,779 | ||
| Hawaii GO | 5.000% | 8/1/29 | 3,500 | 3,906 | ||
30
Tax-Managed Balanced Fund
| Coupon |
Maturity
Date |
Face
Amount ($000) |
Market
Value• ($000) |
|||
| Hawaii GO | 5.000% | 8/1/29 | 830 | 963 | ||
| Hawaii GO | 4.000% | 8/1/32 | 5,000 | 5,589 | ||
| Hawaii GO | 5.000% | 1/1/33 | 1,575 | 2,012 | ||
| Hawaii GO | 5.000% | 1/1/36 | 4,115 | 5,204 | ||
| Hawaii GO Prere. | 5.000% | 12/1/21 | 310 | 323 | ||
| Hawaii GO Prere. | 5.000% | 12/1/21 | 190 | 198 | ||
| Honolulu HI City & County GO | 5.000% | 7/1/24 | 2,000 | 2,329 | ||
| Honolulu HI City & County GO | 5.000% | 10/1/28 | 1,000 | 1,209 | ||
| Honolulu HI City & County GO | 5.000% | 10/1/29 | 4,000 | 4,824 | ||
| Honolulu HI City & County GO | 4.000% | 10/1/32 | 1,000 | 1,137 | ||
| Honolulu HI City & County GO Prere. | 5.250% | 8/1/21 | 500 | 515 | ||
| Honolulu HI City & County Wastewater System Revenue Prere. | 5.000% | 7/1/25 | 2,000 | 2,419 | ||
| Honolulu HI City & County Wastewater System Revenue Prere. | 5.000% | 7/1/25 | 1,000 | 1,209 | ||
| State of Hawaii Airports System Revenue | 4.000% | 7/1/38 | 2,500 | 2,961 | ||
| University of Hawaii Revenue Bonds | 4.000% | 10/1/33 | 1,200 | 1,474 | ||
| 50,979 | ||||||
| Idaho (0.0%) | ||||||
| Canyon County ID School District No. 139 (Vallivue) GO | 4.000% | 9/15/21 | 1,215 | 1,248 | ||
| Idaho Health Facilities Authority Revenue (St. Luke's Health System Project) | 5.000% | 3/1/28 | 1,595 | 2,037 | ||
| 3,285 | ||||||
| Illinois (2.8%) | ||||||
| Chicago IL Board of Education GO | 5.000% | 12/1/21 | 1,000 | 1,027 | ||
| 8 | Chicago IL Board of Education GO | 5.250% | 12/1/21 | 540 | 561 | |
| Chicago IL Board of Education GO | 5.000% | 12/1/23 | 1,000 | 1,078 | ||
| Chicago IL Board of Education GO | 5.000% | 12/1/24 | 700 | 771 | ||
| Chicago IL Board of Education GO | 5.000% | 12/1/24 | 1,500 | 1,653 | ||
| Chicago IL Board of Education GO | 7.000% | 12/1/26 | 500 | 611 | ||
| 8 | Chicago IL Board of Education GO | 0.000% | 12/1/28 | 1,000 | 804 | |
| Chicago IL Board of Education GO | 5.000% | 12/1/28 | 1,150 | 1,343 | ||
| 8 | Chicago IL Board of Education GO | 0.000% | 12/1/30 | 1,350 | 1,004 | |
| 3 | Chicago IL Board of Education GO | 5.000% | 12/1/30 | 1,250 | 1,550 | |
| 8 | Chicago IL Board of Education GO | 0.000% | 12/1/31 | 1,550 | 1,109 | |
| Chicago IL Board of Education GO | 5.250% | 12/1/35 | 1,225 | 1,331 | ||
| Chicago IL Board of Education GO | 5.000% | 4/1/36 | 1,270 | 1,457 | ||
| Chicago IL GO | 5.000% | 1/1/24 | 520 | 565 | ||
| Chicago IL GO | 5.000% | 1/1/26 | 335 | 370 | ||
| Chicago IL GO | 5.125% | 1/1/27 | 100 | 110 | ||
| Chicago IL GO | 5.000% | 1/1/28 | 1,090 | 1,243 | ||
| Chicago IL GO | 5.250% | 1/1/28 | 200 | 221 | ||
| Chicago IL GO | 5.000% | 1/1/31 | 1,500 | 1,726 | ||
| Chicago IL Housing Authority Revenue | 5.000% | 1/1/33 | 1,000 | 1,221 | ||
| Chicago IL Metropolitan Water Reclamation District GO | 5.000% | 12/1/31 | 500 | 521 | ||
| Chicago IL Midway Airport Revenue | 5.000% | 1/1/26 | 240 | 260 | ||
| Chicago IL Motor Fuel Tax Revenue | 5.000% | 1/1/22 | 300 | 306 | ||
| Chicago IL O'Hare International Airport Revenue | 5.250% | 1/1/24 | 200 | 214 | ||
| Chicago IL O'Hare International Airport Revenue | 5.000% | 1/1/25 | 1,010 | 1,190 | ||
| Chicago IL O'Hare International Airport Revenue | 5.500% | 1/1/26 | 1,000 | 1,074 | ||
| Chicago IL O'Hare International Airport Revenue | 5.000% | 1/1/29 | 3,330 | 3,874 | ||
| Chicago IL O'Hare International Airport Revenue | 5.000% | 1/1/29 | 1,140 | 1,367 | ||
| Chicago IL O'Hare International Airport Revenue | 5.000% | 1/1/30 | 1,000 | 1,194 | ||
| Chicago IL O'Hare International Airport Revenue | 5.000% | 1/1/31 | 1,060 | 1,226 | ||
| Chicago IL O'Hare International Airport Revenue | 5.000% | 1/1/32 | 500 | 521 | ||
31
Tax-Managed Balanced Fund
| Coupon |
Maturity
Date |
Face
Amount ($000) |
Market
Value• ($000) |
|||
| Chicago IL O'Hare International Airport Revenue | 5.000% | 1/1/33 | 1,000 | 1,152 | ||
| Chicago IL O'Hare International Airport Revenue | 5.000% | 1/1/34 | 2,430 | 3,127 | ||
| Chicago IL O'Hare International Airport Revenue | 4.000% | 1/1/35 | 3,000 | 3,555 | ||
| Chicago IL O'Hare International Airport Revenue | 5.000% | 1/1/35 | 1,855 | 2,187 | ||
| Chicago IL O'Hare International Airport Revenue | 5.000% | 1/1/35 | 2,835 | 3,643 | ||
| Chicago IL O'Hare International Airport Revenue | 4.000% | 1/1/38 | 1,000 | 1,173 | ||
| Chicago IL O'Hare International Airport Revenue | 5.000% | 1/1/38 | 1,080 | 1,345 | ||
| Chicago IL O'Hare International Airport Revenue | 5.000% | 1/1/39 | 1,000 | 1,242 | ||
| 6 | Chicago IL Park District GO | 5.000% | 1/1/29 | 1,000 | 1,260 | |
| Chicago IL Park District GO | 5.000% | 1/1/31 | 1,000 | 1,084 | ||
| 6 | Chicago IL Park District GO | 5.000% | 1/1/32 | 1,225 | 1,417 | |
| 6 | Chicago IL Park District GO | 5.000% | 1/1/33 | 1,000 | 1,210 | |
| Chicago IL Transit Authority Revenue (Sales Tax Receipts) | 5.250% | 12/1/49 | 1,500 | 1,721 | ||
| Chicago IL Wastewater Transmission Revenue | 5.000% | 1/1/28 | 1,000 | 1,221 | ||
| Chicago IL Wastewater Transmission Revenue | 5.000% | 1/1/29 | 1,580 | 1,767 | ||
| 8 | Chicago IL Wastewater Transmission Revenue | 5.500% | 1/1/30 | 1,230 | 1,550 | |
| Chicago IL Waterworks Revenue | 5.000% | 11/1/30 | 1,000 | 1,141 | ||
| Cook County IL Community College District GO | 5.250% | 12/1/32 | 1,000 | 1,063 | ||
| Cook County IL GO | 5.250% | 11/15/25 | 1,000 | 1,037 | ||
| 3 | Cook County IL GO | 5.000% | 11/15/26 | 1,545 | 1,889 | |
| Cook County IL GO | 5.000% | 11/15/28 | 660 | 662 | ||
| Cook County IL GO | 5.250% | 11/15/28 | 565 | 584 | ||
| Cook Kane Lake & McHenry Counties IL Community College District No. 512 (William Rainey Harper College) | 3.000% | 12/15/35 | 2,500 | 2,772 | ||
| Illinois Finance Authority Revenue (Advocate Health Care Network) | 5.000% | 8/1/26 | 1,500 | 1,733 | ||
| Illinois Finance Authority Revenue (Advocate Health Care Network) Prere. | 5.000% | 8/1/24 | 2,550 | 2,979 | ||
| Illinois Finance Authority Revenue (Ascension Health Credit Group) Prere. | 5.000% | 11/15/21 | 500 | 521 | ||
| Illinois Finance Authority Revenue (Centegra Health System) | 5.000% | 9/1/29 | 1,300 | 1,491 | ||
| Illinois Finance Authority Revenue (Clean Water Initiative) | 5.000% | 7/1/31 | 1,000 | 1,259 | ||
| Illinois Finance Authority Revenue (DePaul University) | 5.000% | 10/1/33 | 1,000 | 1,181 | ||
| Illinois Finance Authority Revenue (DePaul University) | 5.000% | 10/1/34 | 1,000 | 1,180 | ||
| Illinois Finance Authority Revenue (Edward Elmhurst Obligated Group) | 5.000% | 1/1/36 | 1,000 | 1,185 | ||
| Illinois Finance Authority Revenue (Franciscan Communities Inc.) | 5.000% | 5/15/37 | 1,000 | 1,107 | ||
| Illinois Finance Authority Revenue (Mercy Health System) | 4.000% | 12/1/28 | 1,000 | 1,124 | ||
| 2 | Illinois Finance Authority Revenue (Northshore University) VRDO | 0.090% | 1/4/21 | 10,700 | 10,700 | |
| Illinois Finance Authority Revenue (Northwest Community Hospital) | 5.000% | 7/1/35 | 1,000 | 1,177 | ||
| Illinois Finance Authority Revenue (OSF Healthcare System) PUT | 5.000% | 11/15/24 | 75 | 86 | ||
| Illinois Finance Authority Revenue (OSF Healthcare System) PUT | 5.000% | 11/15/26 | 125 | 153 | ||
| Illinois Finance Authority Revenue (Presence Health Network Obligated Group) | 5.000% | 2/15/28 | 1,250 | 1,577 | ||
| Illinois Finance Authority Revenue (Rehabilitation Institute of Chicago) | 5.500% | 7/1/28 | 2,000 | 2,195 | ||
| Illinois Finance Authority Revenue (Rush University Medical Center) | 5.000% | 11/15/33 | 1,050 | 1,228 | ||
| Illinois Finance Authority Revenue (Trinity Health Corp.) Prere. | 5.000% | 12/1/21 | 500 | 522 | ||
| Illinois Finance Authority Revenue (University of Chicago) | 5.000% | 10/1/29 | 500 | 517 | ||
32
Tax-Managed Balanced Fund
| Coupon |
Maturity
Date |
Face
Amount ($000) |
Market
Value• ($000) |
|||
| Illinois Finance Authority Revenue (University of Chicago) | 5.000% | 10/1/35 | 1,000 | 1,140 | ||
| 3 | Illinois GO | 5.000% | 1/1/21 | 710 | 710 | |
| Illinois GO | 5.000% | 5/1/21 | 505 | 511 | ||
| Illinois GO | 5.000% | 8/1/21 | 605 | 619 | ||
| Illinois GO | 5.000% | 11/1/21 | 3,415 | 3,512 | ||
| Illinois GO | 5.000% | 8/1/22 | 1,000 | 1,058 | ||
| Illinois GO | 5.000% | 10/1/22 | 1,290 | 1,371 | ||
| Illinois GO | 5.000% | 11/1/22 | 2,300 | 2,428 | ||
| Illinois GO | 5.000% | 11/1/22 | 1,000 | 1,066 | ||
| Illinois GO | 5.000% | 2/1/23 | 540 | 579 | ||
| Illinois GO | 5.000% | 11/1/23 | 1,000 | 1,092 | ||
| Illinois GO | 5.500% | 7/1/24 | 1,100 | 1,199 | ||
| Illinois GO | 5.000% | 8/1/24 | 1,500 | 1,575 | ||
| Illinois GO | 5.000% | 10/1/24 | 1,470 | 1,641 | ||
| Illinois GO | 5.000% | 11/1/24 | 1,785 | 1,958 | ||
| 3 | Illinois GO | 5.000% | 3/1/26 | 1,125 | 1,168 | |
| Illinois GO | 5.000% | 11/1/26 | 1,785 | 2,018 | ||
| Illinois GO | 5.000% | 2/1/28 | 1,690 | 1,947 | ||
| Illinois GO | 5.000% | 10/1/28 | 2,000 | 2,370 | ||
| Illinois GO | 5.000% | 11/1/28 | 1,000 | 1,130 | ||
| Illinois GO | 5.000% | 10/1/29 | 1,000 | 1,197 | ||
| Illinois GO | 5.000% | 11/1/29 | 1,000 | 1,123 | ||
| Illinois GO | 5.250% | 2/1/30 | 1,900 | 2,055 | ||
| Illinois GO | 5.250% | 7/1/31 | 1,000 | 1,065 | ||
| Illinois GO | 4.125% | 10/1/36 | 500 | 551 | ||
| Illinois GO | 5.500% | 5/1/39 | 1,000 | 1,210 | ||
| Illinois GO | 4.000% | 10/1/40 | 700 | 755 | ||
| Illinois Housing Development Authority Revenue | 3.000% | 10/1/50 | 5,000 | 5,496 | ||
| 3,14 | Illinois Regional Transportation Authority Revenue | 6.250% | 7/1/23 | 500 | 570 | |
| 6 | Illinois Sales Tax Revenue | 5.000% | 6/15/28 | 1,000 | 1,176 | |
| Illinois Sales Tax Revenue | 5.000% | 6/15/36 | 1,000 | 1,152 | ||
| Illinois Sales Tax Revenue | 5.000% | 6/15/37 | 1,000 | 1,149 | ||
| Illinois Toll Highway Authority Revenue | 5.000% | 1/1/30 | 1,000 | 1,083 | ||
| Illinois Toll Highway Authority Revenue | 5.000% | 1/1/30 | 1,490 | 1,949 | ||
| Illinois Toll Highway Authority Revenue | 5.000% | 1/1/30 | 3,500 | 4,728 | ||
| Illinois Toll Highway Authority Revenue | 5.000% | 1/1/31 | 1,600 | 2,084 | ||
| Illinois Toll Highway Authority Revenue | 5.000% | 1/1/32 | 500 | 541 | ||
| Illinois Toll Highway Authority Revenue | 5.000% | 1/1/37 | 1,200 | 1,492 | ||
| 3 | Kane County IL School District No. 131 (Aurora East Side) GO | 4.000% | 12/1/33 | 250 | 293 | |
| 3 | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue | 0.000% | 6/15/26 | 910 | 840 | |
| 3 | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue | 0.000% | 6/15/27 | 1,195 | 1,076 | |
| 8 | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue | 5.500% | 6/15/29 | 2,505 | 2,950 | |
| 8 | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue | 0.000% | 12/15/29 | 2,205 | 1,826 | |
| 8 | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue | 0.000% | 6/15/38 | 1,000 | 607 | |
| 8 | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue ETM | 0.000% | 6/15/21 | 1,100 | 1,098 | |
| Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | 5.000% | 12/15/27 | 710 | 848 | ||
| Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | 5.000% | 12/15/28 | 1,500 | 1,563 | ||
33
Tax-Managed Balanced Fund
| Coupon |
Maturity
Date |
Face
Amount ($000) |
Market
Value• ($000) |
|||
| 3,10 | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | 5.500% | 6/15/29 | 400 | 474 | |
| 8 | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | 0.000% | 6/15/31 | 1,540 | 1,211 | |
| 8 | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | 0.000% | 12/15/31 | 340 | 263 | |
| 8 | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | 0.000% | 6/15/32 | 1,215 | 923 | |
| 8 | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | 0.000% | 6/15/33 | 1,130 | 828 | |
| 8 | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | 0.000% | 12/15/33 | 1,790 | 1,289 | |
| 8 | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | 0.000% | 6/15/35 | 500 | 341 | |
| 8 | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | 0.000% | 6/15/37 | 1,075 | 679 | |
| 8 | Metropolitan Pier & Exposition Authority Illinois Dedicated Sales Tax Revenue (McCormick Place Expansion Project) | 0.000% | 12/15/37 | 700 | 435 | |
| Northern Illinois Municipal Power Agency Project Revenue | 5.000% | 12/1/26 | 1,070 | 1,334 | ||
| Railsplitter Tobacco Settlement Authority Illinois Tobacco Settlement Revenue | 5.000% | 6/1/26 | 1,560 | 1,912 | ||
| Railsplitter Tobacco Settlement Authority Illinois Tobacco Settlement Revenue Prere. | 6.000% | 6/1/21 | 400 | 409 | ||
| Romeoville IL Revenue (Lewis University Project) | 5.000% | 10/1/28 | 1,000 | 1,108 | ||
| Sales Tax Securitization Corp. IL Revenue | 5.000% | 1/1/29 | 1,500 | 1,896 | ||
| Southwestern Illinois Development Authority Health Facilities Revenue (Hospital Sisters Services Inc.) | 5.000% | 2/15/28 | 1,000 | 1,281 | ||
| Southwestern Illinois Development Authority Revenue | 5.000% | 4/15/30 | 1,275 | 1,703 | ||
| University of Illinois Auxiliary Facilities System Revenue | 4.000% | 4/1/31 | 120 | 133 | ||
| University of Illinois Auxiliary Facilities System Revenue | 4.000% | 4/1/33 | 10 | 11 | ||
| 6 | Will County IL Community High School District No. 210 (Lincoln-Way) GO | 0.000% | 1/1/29 | 1,000 | 865 | |
| Will County IL Community High School District No. 210 (Lincoln-Way) GO | 5.000% | 1/1/30 | 1,200 | 1,276 | ||
| 189,159 | ||||||
| Indiana (0.6%) | ||||||
| Ball State University Student Fee Indiana Revenue | 5.000% | 7/1/32 | 425 | 526 | ||
| Ball State University Student Fee Indiana Revenue | 5.000% | 7/1/34 | 1,110 | 1,367 | ||
| Ball State University Student Fee Indiana Revenue | 5.000% | 7/1/35 | 1,450 | 1,782 | ||
| Hammond IN Multi-School Building Corp. Revenue | 5.000% | 1/15/29 | 790 | 990 | ||
| Indiana Finance Authority Hospital Revenue (Indiana University Health Obligated Group) | 5.000% | 12/1/22 | 1,100 | 1,197 | ||
| Indiana Finance Authority Hospital Revenue (Indiana University Health Obligated Group) | 5.000% | 12/1/33 | 1,390 | 1,618 | ||
| Indiana Finance Authority Hospital Revenue (Parkview Health Systems Obligated Group) | 5.000% | 5/1/27 | 700 | 892 | ||
| Indiana Finance Authority Hospital Revenue (Parkview Health Systems Obligated Group) | 5.000% | 5/1/30 | 450 | 613 | ||
| Indiana Finance Authority Revenue (Butler University Project) | 5.000% | 2/1/29 | 1,020 | 1,268 | ||
| Indiana Finance Authority Revenue (Community Foundation of Northwest Indiana Obligated Group) Prere. | 5.000% | 3/1/22 | 690 | 728 | ||
| Indiana Finance Authority Revenue (Franciscan Alliance Inc.) | 5.000% | 11/1/29 | 1,175 | 1,471 | ||
| Indiana Finance Authority Revenue (Franciscan Alliance Inc.) | 5.000% | 11/1/30 | 1,520 | 1,896 | ||
34
Tax-Managed Balanced Fund
| Coupon |
Maturity
Date |
Face
Amount ($000) |
Market
Value• ($000) |
|||
| Indiana Finance Authority Revenue (Franciscan Alliance Inc.) | 5.000% | 11/1/31 | 1,130 | 1,404 | ||
| Indiana Finance Authority Revenue (Franciscan Alliance Inc.) | 4.000% | 11/1/35 | 1,685 | 1,953 | ||
| Indiana Finance Authority Revenue (Marquette Project) | 5.000% | 3/1/24 | 1,645 | 1,789 | ||
| Indiana Finance Authority Revenue (Marquette Project) | 5.000% | 3/1/25 | 650 | 722 | ||
| Indiana Finance Authority Revenue (Stadium Project) | 5.250% | 2/1/30 | 1,075 | 1,287 | ||
| Indiana Finance Authority Revenue (State Revolving Fund) Prere. | 5.000% | 2/1/23 | 500 | 550 | ||
| Indiana Finance Authority Wastewater Utility Revenue (CWA Authority Project) | 5.000% | 10/1/32 | 500 | 538 | ||
| Indiana Municipal Power Agency Revenue | 5.000% | 1/1/34 | 1,415 | 1,708 | ||
| Indiana Municipal Power Agency Revenue | 5.000% | 1/1/36 | 1,000 | 1,243 | ||
| Indiana Municipal Power Agency Revenue | 5.000% | 1/1/39 | 4,575 | 5,480 | ||
| Indianapolis Department of Public Utilities Water System Revenue | 5.000% | 10/1/35 | 1,435 | 1,836 | ||
| Indianapolis IN Gas Utilities Distribution System (Citizens Energy Group) | 5.000% | 8/15/23 | 3,250 | 3,646 | ||
| IPS Multi-School Building Corp. IN Revenue | 5.000% | 7/15/28 | 1,390 | 1,623 | ||
| Ivy IN Tech Community College Revenue | 5.000% | 7/1/32 | 870 | 1,115 | ||
| Ivy IN Tech Community College Revenue | 5.000% | 7/1/33 | 880 | 1,122 | ||
| Purdue University Indiana University Student Facilities System Revenue | 5.000% | 7/1/21 | 870 | 891 | ||
| Richmond IN Hospital Authority Revenue (Reid Hospital & Health Care Services Inc.) | 5.000% | 1/1/24 | 720 | 808 | ||
| Tippecanoe County IN School Building Corp. Revenue | 4.000% | 7/15/32 | 1,070 | 1,318 | ||
| 43,381 | ||||||
| Iowa (0.2%) | ||||||
| Iowa City IA Community School District GO | 3.000% | 6/1/30 | 3,725 | 4,239 | ||
| Iowa Finance Authority Health Facilities Revenue (Mercy Medical Center Project) | 5.000% | 8/15/27 | 1,435 | 1,528 | ||
| Iowa Finance Authority Midwestern Disaster Area Revenue (Iowa Fertilizer Co. Project) | 3.125% | 12/1/22 | 165 | 169 | ||
| 4 | Iowa Finance Authority Midwestern Disaster Area Revenue (Iowa Fertilizer Co. Project) | 5.875% | 12/1/27 | 320 | 330 | |
| Iowa Finance Authority Midwestern Disaster Area Revenue (Iowa Fertilizer Co. Project) PUT | 5.250% | 12/1/37 | 2,120 | 2,310 | ||
| Iowa Finance Authority Revenue | 5.000% | 8/1/38 | 1,290 | 1,745 | ||
| Iowa Higher Education Loan Authority Revenue (Des Moines University Projects) | 5.000% | 10/1/35 | 1,250 | 1,577 | ||
| Xenia IA Rural Water District Revenue | 5.000% | 12/1/28 | 1,000 | 1,210 | ||
| 13,108 | ||||||
| Kansas (0.2%) | ||||||
| Johnson County KS Public Building Commission (Courthouse & Medical Examiners Facilities) Revenue | 4.000% | 9/1/27 | 1,000 | 1,200 | ||
| Kansas Department of Transportation Highway Revenue | 5.000% | 9/1/26 | 700 | 820 | ||
| Kansas Development Finance Authority Revenue | 5.000% | 5/1/25 | 1,345 | 1,487 | ||
| Kansas Development Finance Authority Revenue | 5.000% | 5/1/27 | 1,585 | 1,745 | ||
| Kansas Development Finance Authority Revenue | 5.000% | 4/1/32 | 1,325 | 1,445 | ||
| Lyon County KS Unified School District No 253. GO | 4.000% | 9/1/32 | 350 | 416 | ||
| Sedgwick County KS Unified School District No. 266 (Maize) GO | 5.000% | 9/1/23 | 1,565 | 1,764 | ||
| Sedgwick County KS Unified School District No. 266 (Maize) GO | 3.000% | 9/1/33 | 2,090 | 2,302 | ||
| University of Kansas Hospital Authority Health Facilities Refunding & Improvement Bonds | 4.000% | 9/1/40 | 1,000 | 1,112 | ||
35
Tax-Managed Balanced Fund
36
Tax-Managed Balanced Fund
| Coupon |
Maturity
Date |
Face
Amount ($000) |
Market
Value• ($000) |
|||
| Louisiana Public Facilities Authority Hospital Revenue (Louisiana Children's Medical Center) | 5.000% | 6/1/36 | 1,250 | 1,558 | ||
| Louisiana Public Facilities Authority Hospital Revenue (Tulane University of Louisiana) | 5.000% | 4/1/37 | 1,270 | 1,632 | ||
| Louisiana Public Facilities Authority Revenue (Ochsner Clinic Projects) PUT | 5.000% | 5/15/25 | 220 | 263 | ||
| Louisiana Stadium & Exposition District Revenue | 5.000% | 7/1/24 | 1,000 | 1,097 | ||
| Louisiana State University Revenue | 5.000% | 7/1/23 | 455 | 502 | ||
| 3 | New Orleans LA Aviation Board Revenue | 5.000% | 10/1/27 | 875 | 1,097 | |
| New Orleans LA GO | 5.000% | 12/1/31 | 500 | 541 | ||
| St. Charles Parish LA Gulf Opportunity Zone Revenue (Valero Energy Corp.) PUT | 4.000% | 6/1/22 | 1,755 | 1,822 | ||
| St. John the Baptish Parish LA Revenue (Marathon Oil Corp. Project) PUT | 2.125% | 7/1/24 | 715 | 733 | ||
| St. John the Baptish Parish LA Revenue (Marathon Oil Corp. Project) PUT | 2.375% | 7/1/26 | 725 | 754 | ||
| 31,813 | ||||||
| Maine (0.1%) | ||||||
| Maine Health & Higher Educational Facilities Authority Revenue (Mainehealth) | 5.000% | 7/1/29 | 445 | 569 | ||
| Maine Health & Higher Educational Facilities Authority Revenue (Mainehealth) | 5.000% | 7/1/30 | 600 | 761 | ||
| Maine Municipal Bond Bank (Department of Transportation) | 5.000% | 9/1/32 | 1,265 | 1,693 | ||
| Portland ME General Airport Revenue | 4.000% | 1/1/39 | 820 | 930 | ||
| 3,953 | ||||||
| Maryland (1.2%) | ||||||
| Anne Arundel County MD GO | 5.000% | 4/1/23 | 1,190 | 1,318 | ||
| Anne Arundel County MD GO | 5.000% | 10/1/27 | 1,455 | 1,773 | ||
| Anne Arundel County MD GO | 5.000% | 4/1/33 | 1,000 | 1,181 | ||
| Baltimore County MD GO | 5.000% | 8/1/21 | 1,435 | 1,475 | ||
| Baltimore County MD GO | 4.000% | 3/1/30 | 1,200 | 1,443 | ||
| Baltimore MD Consolidated Public Improvement GO | 5.000% | 3/1/32 | 1,275 | 1,698 | ||
| Baltimore MD Consolidated Public Improvement GO Prere. | 5.000% | 10/15/22 | 650 | 706 | ||
| Baltimore MD Project Revenue | 5.000% | 7/1/24 | 2,095 | 2,438 | ||
| Harford County MD GO | 5.000% | 10/1/26 | 1,250 | 1,585 | ||
| Howard County MD GO Prere. | 5.000% | 2/15/21 | 750 | 754 | ||
| Howard County MD GO Prere. | 5.000% | 8/15/21 | 80 | 82 | ||
| Howard County MD GO Prere. | 5.000% | 8/15/21 | 120 | 124 | ||
| Maryland Department of Transportation Revenue | 4.000% | 12/1/23 | 1,905 | 1,971 | ||
| Maryland Department of Transportation Revenue | 4.000% | 12/15/29 | 1,365 | 1,505 | ||
| Maryland Department of Transportation Revenue | 3.000% | 10/1/30 | 2,620 | 2,992 | ||
| Maryland GO | 5.000% | 6/1/21 | 2,525 | 2,575 | ||
| Maryland GO | 5.000% | 8/1/21 | 1,000 | 1,028 | ||
| Maryland GO | 5.000% | 3/15/22 | 1,000 | 1,058 | ||
| Maryland GO | 5.000% | 8/1/22 | 1,790 | 1,926 | ||
| Maryland GO | 5.000% | 8/1/22 | 1,500 | 1,614 | ||
| Maryland GO | 5.000% | 3/15/23 | 1,145 | 1,267 | ||
| Maryland GO | 4.000% | 8/1/23 | 2,670 | 2,933 | ||
| Maryland GO | 5.000% | 8/1/23 | 1,920 | 2,158 | ||
| Maryland GO | 5.000% | 8/1/23 | 1,670 | 1,877 | ||
| Maryland GO | 5.000% | 3/15/24 | 1,100 | 1,269 | ||
| Maryland GO | 5.000% | 8/1/25 | 6,785 | 8,270 | ||
| Maryland GO | 5.000% | 3/15/26 | 1,235 | 1,539 | ||
| Maryland GO | 4.000% | 8/1/26 | 1,970 | 2,163 | ||
| Maryland GO | 4.000% | 3/1/29 | 3,000 | 3,123 | ||
37
Tax-Managed Balanced Fund
38
Tax-Managed Balanced Fund
39
Tax-Managed Balanced Fund
40
Tax-Managed Balanced Fund
41
Tax-Managed Balanced Fund
| Coupon |
Maturity
Date |
Face
Amount ($000) |
Market
Value• ($000) |
|||
| Minnesota Housing Finance Agency Residential Housing Revenue | 2.800% | 12/1/47 | 1,232 | 1,272 | ||
| Osseo MN Independent School District No. 279 GO | 5.000% | 2/1/28 | 1,000 | 1,263 | ||
| Owatonna MN Independent School District No. 761 GO | 3.000% | 2/1/32 | 1,190 | 1,329 | ||
| Rochester MN Health Care Facilities Revenue (Mayo Clinic) | 5.000% | 11/15/31 | 1,000 | 1,419 | ||
| St. Francis MN Independent School District No. 15 GO | 5.000% | 2/1/26 | 385 | 422 | ||
| St. Francis MN Independent School District No. 15 GO | 5.000% | 2/1/27 | 485 | 531 | ||
| St. Francis MN Independent School District No. 15 GO | 4.000% | 2/1/29 | 515 | 550 | ||
| St. Francis MN Independent School District No. 15 GO | 4.000% | 2/1/30 | 550 | 587 | ||
| St. Francis MN Independent School District No. 15 GO | 4.000% | 2/1/32 | 775 | 827 | ||
| University of Minnesota Revenue | 5.000% | 4/1/23 | 1,115 | 1,235 | ||
| West St. Paul MN Independent School District No. 197 Revenue (Mendota Heights-Eagan) | 4.000% | 2/1/28 | 1,000 | 1,193 | ||
| White Bear Lake MN Independent School District No. 624 GO | 3.000% | 2/1/30 | 1,150 | 1,308 | ||
| 33,972 | ||||||
| Mississippi (1.4%) | ||||||
| Mississippi Business Finance Corp. Gulf Opportunity Zone Industrial Development Revenue VRDO | 0.100% | 1/4/21 | 9,840 | 9,840 | ||
| Mississippi Business Finance Corp. Gulf Opportunity Zone Industrial Development Revenue VRDO | 0.100% | 1/4/21 | 71,560 | 71,560 | ||
| Mississippi Development Bank Special Obligation Revenue (Marshall County Industrial Development Highway Refunding Project) | 5.000% | 1/1/26 | 1,335 | 1,630 | ||
| Mississippi Development Bank Special Obligation Revenue (Rankin County School District) | 5.000% | 6/1/27 | 500 | 639 | ||
| Mississippi Development Bank Special Obligation Revenue (Rankin County School District) | 5.000% | 6/1/30 | 1,755 | 2,207 | ||
| Mississippi Gaming Tax Revenue | 5.000% | 10/15/36 | 1,500 | 1,817 | ||
| Mississippi GO | 5.000% | 11/1/29 | 1,000 | 1,208 | ||
| Mississippi Hospital Equipment & Facilities Authority Revenue (Forrest General Hospital Inc.) | 5.000% | 1/1/29 | 830 | 1,072 | ||
| Mississippi Hospital Equipment & Facilities Authority Revenue (Forrest General Hospital Inc.) | 5.000% | 1/1/30 | 625 | 820 | ||
| Mississippi Hospital Equipment & Facilities Authority Revenue (North Mississippi Health Services) | 5.000% | 10/1/27 | 1,000 | 1,273 | ||
| Mississippi Institutions of Higher Learning Revenue (University of Mississippi Medical Center) | 4.000% | 6/1/34 | 1,000 | 1,165 | ||
| Mississippi State University Educational Building Corp. Revenue | 5.000% | 8/1/30 | 575 | 727 | ||
| Mississippi State University Educational Building Corp. Revenue | 5.000% | 8/1/31 | 515 | 646 | ||
| Mississippi State University Educational Building Corp. Revenue Prere. | 5.000% | 8/1/23 | 1,000 | 1,124 | ||
| 95,728 | ||||||
| Missouri (0.7%) | ||||||
| 3 | Columbia MO Water & Electric System Revenue | 3.000% | 10/1/31 | 1,285 | 1,461 | |
| Jackson County MO School District No. 4 GO (Blue Springs) | 6.000% | 3/1/38 | 1,000 | 1,387 | ||
| Jackson County MO Special Obligation Revenue (Truman Sports Complex Project) | 5.000% | 12/1/31 | 1,500 | 1,711 | ||
| Jackson County MO Special Obligation Revenue (Truman Sports Complex Project) | 5.000% | 12/1/26 | 1,215 | 1,395 | ||
| Kansas City MO Sanitary Sewer System Revenue | 5.000% | 1/1/32 | 1,020 | 1,309 | ||
| Little Blue Valley MO Sewer District Revenue | 3.000% | 9/1/33 | 1,505 | 1,662 | ||
| Metropolitan St. Louis MO Sewer District Wastewater System Revenue | 5.000% | 5/1/34 | 525 | 657 | ||
42
Tax-Managed Balanced Fund
| Coupon |
Maturity
Date |
Face
Amount ($000) |
Market
Value• ($000) |
|||
| Metropolitan St. Louis MO Sewer District Wastewater System Revenue | 4.000% | 5/1/41 | 4,130 | 4,668 | ||
| 2 | Missouri Development Finance Board Cultural Facilities Revenue (Nelson Gallery Foundation) VRDO | 0.090% | 1/4/21 | 16,980 | 16,980 | |
| Missouri Health & Educational Facilities Authority Educational Facilities Revenue (St. Louis College of Pharmacy Project) | 5.000% | 5/1/30 | 1,000 | 1,063 | ||
| Missouri Health & Educational Facilities Authority Educational Facilities Revenue (St. Louis College of Pharmacy Project) | 5.000% | 5/1/34 | 880 | 930 | ||
| Missouri Health & Educational Facilities Authority Health Facilities Revenue (SSM Health System) | 5.000% | 6/1/25 | 1,480 | 1,701 | ||
| Missouri Health & Educational Facilities Authority Health Facilities Revenue (St. Luke's Health System) | 5.000% | 12/1/31 | 1,000 | 1,281 | ||
| Missouri Health & Educational Facilities Authority Revenue (Children's Mercy Hospital) | 5.000% | 5/15/36 | 1,100 | 1,300 | ||
| Missouri Health & Educational Facilities Authority Revenue (Mercy Health) | 5.000% | 11/15/34 | 1,500 | 1,717 | ||
| Missouri Highways & Transportation Commission Road Revenue | 5.000% | 2/1/23 | 710 | 780 | ||
| Missouri Joint Municipal Electric Utility Commission Power Project Revenue (Iatan 2 Project) | 5.000% | 12/1/34 | 1,425 | 1,659 | ||
| Missouri Joint Municipal Electric Utility Commission Power Project Revenue (Prairie Project) | 5.000% | 12/1/34 | 1,010 | 1,203 | ||
| 3 | St. Louis MO Parking Revenue | 5.000% | 12/15/23 | 715 | 806 | |
| St. Louis MO Sewer & Wastewater Revenue | 5.000% | 5/1/36 | 1,000 | 1,190 | ||
| 44,860 | ||||||
| Montana (0.0%) | ||||||
| Montana Facility Finance Authority Hospital Revenue (Benefis Health System) | 5.000% | 2/15/32 | 825 | 1,004 | ||
| Multiple States (0.1%) | ||||||
| 16 | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | 2.650% | 9/15/30 | 1,565 | 1,704 | |
| 4,16 | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | 2.600% | 9/15/33 | 1,985 | 2,162 | |
| 4,16 | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | 2.625% | 6/15/35 | 1,955 | 2,146 | |
| 4,16 | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | 2.650% | 6/15/35 | 1,380 | 1,516 | |
| 16 | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | 3.400% | 1/25/36 | 485 | 573 | |
| 4,16 | Federal Home Loan Mortgage Corp. Multifamily Housing Revenue | 2.650% | 6/15/36 | 1,295 | 1,419 | |
| 9,520 | ||||||
| Nebraska (0.3%) | ||||||
| Central Plains Energy Project Nebraska Gas Project Revenue PUT | 5.000% | 1/1/24 | 280 | 315 | ||
| Central Plains Energy Project Nebraska Gas Project Revenue (Project No. 3) | 5.000% | 9/1/27 | 1,000 | 1,244 | ||
| Central Plains Energy Project Nebraska Gas Project Revenue (Project No. 3) | 5.000% | 9/1/42 | 1,000 | 1,464 | ||
| 2 | Central Plains Energy Project Nebraska Gas Supply Revenue PUT | 4.000% | 8/1/25 | 7,315 | 8,402 | |
| Lincoln County NE Hospital Authority No. 1 Hospital Revenue (Great Plains Regional Medical Center Project) Prere. | 5.000% | 11/1/21 | 750 | 779 | ||
| Lincoln NE Electric System Revenue Prere. | 5.000% | 9/1/22 | 135 | 145 | ||
43
Tax-Managed Balanced Fund
| Coupon |
Maturity
Date |
Face
Amount ($000) |
Market
Value• ($000) |
|||
| Lincoln NE Electric System Revenue Prere. | 5.000% | 9/1/22 | 275 | 297 | ||
| Municipal Energy Agency of Nebraska Power Supply System Revenue | 5.000% | 4/1/31 | 345 | 364 | ||
| Nebraska Public Power District Revenue | 5.000% | 1/1/30 | 1,000 | 1,043 | ||
| Nebraska Public Power District Revenue | 5.000% | 1/1/32 | 1,500 | 1,564 | ||
| Omaha NE Public Power District Electric Revenue | 5.000% | 2/1/29 | 1,270 | 1,553 | ||
| Omaha NE Sewer Revenue | 5.000% | 11/15/29 | 2,500 | 2,925 | ||
| Scotts Bluff County NE Hospital Authority Revenue (Regional West Medical Center) | 5.000% | 2/1/24 | 1,685 | 1,847 | ||
| 21,942 | ||||||
| Nevada (0.7%) | ||||||
| Carson City NV Hospital Revenue (Carson Tahoe Regional Medical Center) | 5.000% | 9/1/26 | 560 | 688 | ||
| Carson City NV Hospital Revenue (Carson Tahoe Regional Medical Center) | 5.000% | 9/1/28 | 1,220 | 1,510 | ||
| Carson City NV Hospital Revenue (Carson Tahoe Regional Medical Center) Prere. | 5.000% | 9/1/22 | 1,740 | 1,872 | ||
| Clark County NV Airport Improvement Revenue | 5.000% | 7/1/30 | 1,950 | 2,570 | ||
| Clark County NV GO | 4.000% | 6/1/32 | 1,505 | 1,780 | ||
| Clark County NV GO | 4.000% | 7/1/32 | 2,190 | 2,594 | ||
| Clark County NV GO | 5.000% | 7/1/33 | 1,000 | 1,082 | ||
| Clark County NV Highway Improvement Motor Vehicle Fuel Tax Revenue | 5.000% | 7/1/31 | 1,575 | 1,799 | ||
| Clark County NV Highway Improvement Motor Vehicle Fuel Tax Revenue | 5.000% | 7/1/36 | 1,075 | 1,327 | ||
| Clark County NV Passenger Facility Charge Revenue (Las Vegas McCarran International Airport) | 5.000% | 7/1/31 | 1,000 | 1,310 | ||
| 3 | Clark County NV School District GO | 5.000% | 6/15/27 | 3,000 | 3,807 | |
| 3 | Clark County NV School District GO | 4.000% | 6/15/33 | 1,820 | 2,102 | |
| 6 | Clark County NV School District GO | 3.000% | 6/15/34 | 1,000 | 1,103 | |
| 3 | Clark County NV School District GO | 4.000% | 6/15/40 | 850 | 1,018 | |
| Las Vegas Valley Water District Nevada GO | 5.000% | 6/1/21 | 2,000 | 2,039 | ||
| Las Vegas Valley Water District Nevada GO | 5.000% | 6/1/24 | 1,190 | 1,381 | ||
| Las Vegas Valley Water District Nevada GO | 5.000% | 12/1/27 | 1,990 | 2,381 | ||
| Las Vegas Valley Water District Nevada GO | 5.000% | 6/1/35 | 1,870 | 2,272 | ||
| Las Vegas Valley Water District Nevada GO | 5.000% | 6/1/38 | 1,000 | 1,293 | ||
| Las Vegas Valley Water District Nevada GO | 5.000% | 6/1/39 | 1,500 | 1,935 | ||
| Nevada GO | 5.000% | 4/1/22 | 1,740 | 1,845 | ||
| Nevada GO | 5.000% | 11/1/23 | 1,465 | 1,659 | ||
| Nevada GO | 5.000% | 11/1/25 | 1,015 | 1,218 | ||
| Nevada Highway Improvement Revenue (Motor Vehicle Fuel Tax) | 4.000% | 12/1/32 | 1,660 | 1,953 | ||
| Reno NV Sales Tax Revenue (Reno Transportation Rail Access) | 5.000% | 6/1/27 | 250 | 297 | ||
| Reno NV Sales Tax Revenue (Reno Transportation Rail Access) | 5.000% | 6/1/28 | 250 | 302 | ||
| Reno NV Sales Tax Revenue (Reno Transportation Rail Access) | 5.000% | 6/1/32 | 250 | 291 | ||
| Reno NV Sales Tax Revenue (Reno Transportation Rail Access) | 5.000% | 6/1/33 | 250 | 289 | ||
| Truckee Meadows NV Water Authority Water Revenue | 5.000% | 7/1/34 | 1,510 | 1,839 | ||
| 45,556 | ||||||
44
Tax-Managed Balanced Fund
| Coupon |
Maturity
Date |
Face
Amount ($000) |
Market
Value• ($000) |
|||
| New Hampshire (0.1%) | ||||||
| National Finance Authority NH Revenue | 4.125% | 1/20/34 | 2,569 | 2,884 | ||
| New Hampshire Health & Education Facilities Authority Revenue (Dartmouth College) | 4.000% | 8/1/43 | 2,985 | 3,434 | ||
| 6,318 | ||||||
| New Jersey (1.8%) | ||||||
| Bergen County NJ GO | 5.000% | 10/15/21 | 1,490 | 1,546 | ||
| Camden County NJ Improvement Authority Health Care Redevelopment Project Revenue (Cooper Health System Obligated Group) | 5.000% | 2/15/27 | 1,400 | 1,564 | ||
| County of Hudson NJ General Improvement Revenue | 3.000% | 11/15/31 | 2,615 | 2,954 | ||
| County of Hudson NJ General Improvement Revenue | 2.125% | 11/15/36 | 1,000 | 1,019 | ||
| 3 | Garden State Preservation Trust New Jersey Revenue (Open Space & Farmland Preservation) | 0.000% | 11/1/21 | 500 | 497 | |
| Hudson County NJ Improvement Authority Lease Revenue (Courthouse Projects) | 4.000% | 10/1/40 | 2,010 | 2,445 | ||
| Jersey City NJ GO | 5.000% | 3/1/21 | 480 | 483 | ||
| Morris County NJ Improvement Authority School District Revenue (Morris Hills Regional District Project) Prere. | 5.000% | 10/1/22 | 510 | 553 | ||
| New Jersey Economic Development Authority Revenue | 5.000% | 6/15/21 | 1,000 | 1,020 | ||
| New Jersey Economic Development Authority Revenue | 5.000% | 6/15/23 | 1,000 | 1,107 | ||
| New Jersey Economic Development Authority Revenue | 5.250% | 6/15/27 | 500 | 584 | ||
| New Jersey Economic Development Authority Revenue | 5.500% | 6/15/29 | 2,000 | 2,452 | ||
| New Jersey Economic Development Authority Revenue | 4.000% | 6/15/35 | 500 | 574 | ||
| 2 | New Jersey Economic Development Authority Revenue VRDO | 0.060% | 1/4/21 | 6,800 | 6,800 | |
| 2 | New Jersey Economic Development Authority Revenue VRDO | 0.070% | 1/4/21 | 400 | 400 | |
| New Jersey Economic Development Authority Revenue (Cigarette Tax) | 5.000% | 6/15/26 | 1,600 | 1,677 | ||
| 8 | New Jersey Economic Development Authority Revenue (Motor Vehicle Surcharge) | 5.250% | 7/1/26 | 405 | 493 | |
| 8 | New Jersey Economic Development Authority Revenue (Motor Vehicle Surcharge) ETM | 5.250% | 7/1/26 | 95 | 120 | |
| New Jersey Economic Development Authority Revenue (School Facilities Construction) | 5.250% | 9/1/24 | 300 | 302 | ||
| 8 | New Jersey Economic Development Authority Revenue (School Facilities Construction) | 5.500% | 9/1/27 | 1,000 | 1,259 | |
| New Jersey Economic Development Authority Revenue (School Facilities Construction) | 5.000% | 3/1/28 | 2,095 | 2,253 | ||
| New Jersey Economic Development Authority Revenue (School Facilities Construction) | 5.000% | 6/15/35 | 700 | 867 | ||
| New Jersey Health Care Facilities Financing Authority Lease Revenue (Greystone Park Psychiatric Hospital Project) | 5.000% | 9/15/24 | 500 | 546 | ||
| New Jersey Health Care Facilities Financing Authority Revenue (Barnabas Health) | 5.000% | 7/1/22 | 1,000 | 1,068 | ||
| New Jersey Health Care Facilities Financing Authority Revenue (Barnabas Health) | 5.000% | 7/1/25 | 900 | 962 | ||
| New Jersey Health Care Facilities Financing Authority Revenue (Hackensack Meridian Health) | 5.000% | 7/1/21 | 640 | 655 | ||
| New Jersey Health Care Facilities Financing Authority Revenue (St. Joseph's Healthcare System) | 5.000% | 7/1/27 | 1,000 | 1,183 | ||
| New Jersey Health Care Facilities Financing Authority Revenue (Valley Health System) | 5.000% | 7/1/29 | 1,385 | 1,813 | ||
| 2 | New Jersey Health Care Facilities Financing Authority Revenue (Virtua Health Inc.) VRDO | 0.040% | 1/6/21 | 300 | 300 | |
45
Tax-Managed Balanced Fund
| Coupon |
Maturity
Date |
Face
Amount ($000) |
Market
Value• ($000) |
|||
| 2 | New Jersey NJ GO VRDO | 0.100% | 1/4/21 | 6,300 | 6,300 | |
| New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue | 5.000% | 6/15/25 | 1,300 | 1,521 | ||
| New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue | 5.000% | 6/15/28 | 1,380 | 1,632 | ||
| New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue | 5.000% | 6/15/28 | 620 | 733 | ||
| New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue | 5.000% | 6/15/29 | 1,400 | 1,643 | ||
| New Jersey Transportation Trust Fund Authority Program Bonds | 4.000% | 6/15/37 | 1,000 | 1,147 | ||
| New Jersey Transportation Trust Fund Authority Revenue | 5.000% | 12/15/27 | 1,000 | 1,232 | ||
| New Jersey Transportation Trust Fund Authority Revenue | 5.000% | 12/15/30 | 1,285 | 1,595 | ||
| New Jersey Transportation Trust Fund Authority Revenue | 5.000% | 6/15/31 | 1,000 | 1,238 | ||
| New Jersey Transportation Trust Fund Authority Revenue | 5.000% | 12/15/33 | 1,115 | 1,363 | ||
| New Jersey Transportation Trust Fund Authority Revenue | 5.000% | 12/15/34 | 1,115 | 1,361 | ||
| New Jersey Transportation Trust Fund Authority Revenue | 5.000% | 12/15/35 | 1,015 | 1,235 | ||
| New Jersey Transportation Trust Fund Authority Transportation Program Revenue | 5.250% | 6/15/33 | 1,500 | 1,722 | ||
| New Jersey Transportation Trust Fund Authority Transportation Program Revenue | 5.000% | 6/15/36 | 2,125 | 2,279 | ||
| 8 | New Jersey Transportation Trust Fund Authority Transportation System Revenue | 5.250% | 12/15/21 | 345 | 361 | |
| 12,14 | New Jersey Transportation Trust Fund Authority Transportation System Revenue | 5.500% | 12/15/21 | 150 | 157 | |
| New Jersey Transportation Trust Fund Authority Transportation System Revenue | 5.500% | 12/15/22 | 1,315 | 1,439 | ||
| New Jersey Transportation Trust Fund Authority Transportation System Revenue | 5.500% | 12/15/23 | 605 | 689 | ||
| New Jersey Transportation Trust Fund Authority Transportation System Revenue | 5.000% | 12/15/24 | 1,000 | 1,153 | ||
| 7 | New Jersey Transportation Trust Fund Authority Transportation System Revenue | 0.000% | 12/15/26 | 2,000 | 1,832 | |
| New Jersey Transportation Trust Fund Authority Transportation System Revenue | 5.000% | 12/15/27 | 5,260 | 6,480 | ||
| New Jersey Transportation Trust Fund Authority Transportation System Revenue | 5.500% | 6/15/31 | 500 | 510 | ||
| 8 | New Jersey Transportation Trust Fund Authority Transportation System Revenue | 0.000% | 12/15/31 | 1,000 | 795 | |
| New Jersey Transportation Trust Fund Authority Transportation System Revenue | 5.000% | 6/15/32 | 700 | 785 | ||
| New Jersey Turnpike Authority Revenue | 5.000% | 1/1/26 | 1,185 | 1,292 | ||
| New Jersey Turnpike Authority Revenue | 5.000% | 1/1/28 | 1,190 | 1,294 | ||
| New Jersey Turnpike Authority Revenue | 5.000% | 1/1/32 | 1,000 | 1,264 | ||
| New Jersey Turnpike Authority Revenue | 4.000% | 1/1/33 | 1,070 | 1,253 | ||
| New Jersey Turnpike Authority Revenue | 4.000% | 1/1/34 | 2,500 | 2,918 | ||
| New Jersey Turnpike Authority Revenue | 5.000% | 1/1/35 | 1,000 | 1,217 | ||
| New Jersey Turnpike Authority Revenue Prere. | 5.000% | 1/1/22 | 1,000 | 1,048 | ||
| 2,4 | New Jersey Turnpike Authority Revenue TOB VRDO | 0.290% | 1/7/21 | 5,650 | 5,650 | |
| South Jersey Transportation Authority New Jersey Transportation System Revenue | 5.000% | 11/1/39 | 1,025 | 1,155 | ||
| South Jersey Transportation Authority New Jersey Transportation System Revenue Prere. | 5.000% | 11/1/22 | 500 | 543 | ||
| State of New Jersey Covid 19 Emergency Bonds GO | 5.000% | 6/1/25 | 1,000 | 1,190 | ||
| State of New Jersey Covid 19 Emergency Bonds GO | 5.000% | 6/1/27 | 1,500 | 1,876 | ||
| State of New Jersey Covid 19 Emergency Bonds GO | 5.000% | 6/1/28 | 1,750 | 2,231 | ||
| State of New Jersey Covid 19 Emergency Bonds GO | 5.000% | 6/1/29 | 1,000 | 1,295 | ||
46
Tax-Managed Balanced Fund
| Coupon |
Maturity
Date |
Face
Amount ($000) |
Market
Value• ($000) |
|||
| State of New Jersey Covid 19 Emergency Bonds GO | 4.000% | 6/1/30 | 1,000 | 1,225 | ||
| Tobacco Settlement Financing Corp. New Jersey Revenue | 5.000% | 6/1/26 | 1,825 | 2,258 | ||
| Tobacco Settlement Financing Corp. New Jersey Revenue | 3.200% | 6/1/27 | 280 | 288 | ||
| Tobacco Settlement Financing Corp. New Jersey Revenue | 5.000% | 6/1/27 | 3,200 | 4,070 | ||
| Tobacco Settlement Financing Corp. New Jersey Revenue | 5.000% | 6/1/30 | 685 | 879 | ||
| Tobacco Settlement Financing Corp. New Jersey Revenue | 5.000% | 6/1/31 | 1,000 | 1,277 | ||
| Tobacco Settlement Financing Corp. New Jersey Revenue | 5.000% | 6/1/35 | 450 | 564 | ||
| Tobacco Settlement Financing Corp. New Jersey Revenue | 5.000% | 6/1/36 | 1,500 | 1,872 | ||
| Tobacco Settlement Financing Corp. New Jersey Revenue | 5.000% | 6/1/37 | 1,000 | 1,245 | ||
| Toms River NJ Board of Education GO | 3.000% | 7/15/30 | 3,000 | 3,307 | ||
| Toms River NJ Board of Education GO | 3.000% | 7/15/33 | 3,570 | 3,859 | ||
| 121,768 | ||||||
| New Mexico (0.2%) | ||||||
| Albuquerque NM GO | 5.000% | 7/1/23 | 5,000 | 5,593 | ||
| Albuquerque NM Municipal School District No. 12 GO | 5.000% | 8/1/22 | 290 | 312 | ||
| Albuquerque NM Municipal School District No. 12 GO | 5.000% | 8/1/23 | 265 | 296 | ||
| New Mexico Finance Authority Revenue | 5.000% | 6/1/23 | 1,210 | 1,349 | ||
| New Mexico Finance Authority Transportation Revenue | 4.000% | 6/15/26 | 2,000 | 2,106 | ||
| New Mexico Finance Authority Transportation Revenue | 5.000% | 6/15/27 | 1,045 | 1,209 | ||
| New Mexico Hospital Equipment Loan Council Hospital System Revenue (Presbyterian Healthcare Services) | 5.000% | 8/1/28 | 1,445 | 1,719 | ||
| 2 | New Mexico Municipal Energy Acquisition Authority Gas Supply Revenue PUT | 5.000% | 5/1/25 | 805 | 952 | |
| 13,536 | ||||||
| New York (7.1%) | ||||||
| Battery Park City NY Authority Revenue | 5.000% | 11/1/38 | 750 | 999 | ||
| Brooklyn Arena Local Development Corp. NY Pilot Revenue Refunding (Barclays Center) | 5.000% | 7/15/30 | 700 | 814 | ||
| Brooklyn Arena Local Development Corp. NY Pilot Revenue Refunding (Barclays Center) | 5.000% | 7/15/42 | 690 | 778 | ||
| Dutchess County NY Local Development Corp. (Culinary Institute of America Project) | 5.000% | 7/1/33 | 200 | 222 | ||
| Dutchess County NY Local Development Corp. (Culinary Institute of America Project) | 5.000% | 7/1/34 | 240 | 266 | ||
| Erie County NY Fiscal Stability Authority Revenue | 5.000% | 9/1/30 | 500 | 642 | ||
| Erie County NY Industrial Development Agency School Facility Revenue (Buffalo City School District Project) | 5.250% | 5/1/31 | 500 | 508 | ||
| 3 | Hempstead NY GO | 4.000% | 4/1/29 | 1,420 | 1,617 | |
| Hudson Yards Infrastructure Corp. New York Revenue | 5.000% | 2/15/31 | 1,550 | 1,914 | ||
| Hudson Yards Infrastructure Corp. New York Revenue | 5.000% | 2/15/36 | 1,500 | 1,822 | ||
| Hudson Yards Infrastructure Corp. New York Revenue | 5.000% | 2/15/37 | 500 | 606 | ||
| Long Island NY Power Authority Electric System Revenue | 5.000% | 9/1/24 | 130 | 140 | ||
| Long Island NY Power Authority Electric System Revenue | 5.000% | 9/1/33 | 1,185 | 1,611 | ||
| Long Island NY Power Authority Electric System Revenue | 5.000% | 9/1/35 | 1,075 | 1,381 | ||
| Metropolitan Transportation Authority NY BAN | 5.000% | 5/15/21 | 3,000 | 3,031 | ||
| Metropolitan Transportation Authority NY BAN | 5.000% | 5/15/22 | 9,100 | 9,460 | ||
| Metropolitan Transportation Authority NY Revenue | 5.000% | 2/1/23 | 7,000 | 7,417 | ||
| Metropolitan Transportation Authority NY Revenue | 5.000% | 11/15/27 | 1,000 | 1,159 | ||
| Metropolitan Transportation Authority NY Revenue | 5.000% | 11/15/29 | 1,115 | 1,286 | ||
| Metropolitan Transportation Authority NY Revenue | 5.000% | 11/15/34 | 2,500 | 3,118 | ||
| Metropolitan Transportation Authority NY Revenue | 4.000% | 11/15/40 | 1,735 | 1,920 | ||
| Metropolitan Transportation Authority NY Revenue | 5.000% | 11/15/43 | 1,250 | 1,520 | ||
| Metropolitan Transportation Authority NY Revenue PUT | 5.000% | 11/15/22 | 8,095 | 8,511 | ||
| Metropolitan Transportation Authority NY Revenue PUT | 5.000% | 5/15/24 | 7,000 | 7,639 | ||
47
Tax-Managed Balanced Fund
| Coupon |
Maturity
Date |
Face
Amount ($000) |
Market
Value• ($000) |
|||
| Monroe County NY Industrial Development Agency School Facility Revenue (Rochester Schools Modernization Project) | 5.000% | 5/1/31 | 1,970 | 2,469 | ||
| Monroe County NY Industrial Development Corp. Revenue (University of Rochester Project) | 5.000% | 7/1/37 | 1,000 | 1,230 | ||
| Monroe County NY Industrial Development Corp. Revenue (University of Rochester Projects) | 5.000% | 12/1/28 | 555 | 712 | ||
| Monroe County NY Industrial Development Revenue (University of Rochester Project) | 5.000% | 7/1/23 | 2,000 | 2,235 | ||
| Nassau County NY GO | 5.000% | 4/1/23 | 1,000 | 1,095 | ||
| New York City NY GO | 5.000% | 8/1/21 | 2,000 | 2,055 | ||
| New York City NY GO | 5.000% | 8/1/21 | 515 | 529 | ||
| New York City NY GO | 5.000% | 8/1/21 | 1,745 | 1,793 | ||
| New York City NY GO | 5.000% | 8/1/22 | 705 | 757 | ||
| New York City NY GO | 5.000% | 8/1/22 | 1,290 | 1,385 | ||
| New York City NY GO | 5.000% | 8/1/23 | 400 | 430 | ||
| New York City NY GO | 5.000% | 8/1/23 | 1,505 | 1,685 | ||
| New York City NY GO | 5.000% | 8/1/24 | 1,000 | 1,164 | ||
| New York City NY GO | 5.000% | 8/1/25 | 770 | 809 | ||
| New York City NY GO | 5.000% | 8/1/25 | 1,245 | 1,503 | ||
| New York City NY GO | 5.000% | 8/1/25 | 1,310 | 1,581 | ||
| New York City NY GO | 5.000% | 8/1/25 | 1,000 | 1,207 | ||
| New York City NY GO | 5.000% | 6/1/26 | 2,450 | 2,938 | ||
| New York City NY GO | 5.000% | 8/1/26 | 500 | 537 | ||
| New York City NY GO | 5.000% | 8/1/26 | 1,000 | 1,097 | ||
| New York City NY GO | 5.000% | 8/1/28 | 5,000 | 6,566 | ||
| New York City NY GO | 5.000% | 11/1/29 | 5,000 | 6,747 | ||
| New York City NY GO | 5.000% | 8/1/30 | 1,000 | 1,116 | ||
| New York City NY GO | 5.000% | 12/1/32 | 1,755 | 2,155 | ||
| New York City NY GO | 5.000% | 12/1/33 | 1,775 | 2,177 | ||
| New York City NY GO | 5.000% | 8/1/34 | 1,000 | 1,337 | ||
| New York City NY GO | 5.000% | 12/1/35 | 1,120 | 1,369 | ||
| New York City NY GO | 4.000% | 8/1/37 | 2,000 | 2,376 | ||
| New York City NY GO | 4.000% | 10/1/37 | 2,680 | 3,192 | ||
| New York City NY GO Prere. | 5.000% | 8/1/21 | 365 | 375 | ||
| New York City NY GO Prere. | 5.000% | 10/1/21 | 500 | 518 | ||
| New York City NY GO Prere. | 5.000% | 3/1/23 | 1,340 | 1,478 | ||
| 2 | New York City NY GO VRDO | 0.080% | 1/4/21 | 2,700 | 2,700 | |
| 2 | New York City NY GO VRDO | 0.080% | 1/4/21 | 25,000 | 25,000 | |
| 2 | New York City NY GO VRDO | 0.100% | 1/4/21 | 3,575 | 3,575 | |
| 2 | New York City NY GO VRDO | 0.100% | 1/4/21 | 3,750 | 3,750 | |
| New York City NY Health & Hospital Corp. Revenue (Health System) | 5.000% | 2/15/30 | 575 | 578 | ||
| New York City NY Housing Development Corp. Multi-Family Housing Revenue | 5.250% | 7/1/29 | 1,000 | 1,110 | ||
| New York City NY Housing Development Corp. Multi-Family Housing Revenue | 3.700% | 11/1/38 | 2,000 | 2,179 | ||
| 17 | New York City NY Housing Development Corp. Multi-Family Housing Revenue | 2.350% | 11/1/40 | 2,000 | 2,024 | |
| 17 | New York City NY Housing Development Corp. Multi-Family Housing Revenue PUT | 0.700% | 5/1/25 | 400 | 400 | |
| New York City NY Housing Development Corp. Multi-Family Housing Revenue PUT | 2.950% | 2/1/26 | 1,000 | 1,092 | ||
| New York City NY Housing Development Corp. Multi-Family Housing Revenue (Sustainable Neighborhood Bonds) | 3.000% | 11/1/39 | 1,000 | 1,059 | ||
48
Tax-Managed Balanced Fund
49
Tax-Managed Balanced Fund
| Coupon |
Maturity
Date |
Face
Amount ($000) |
Market
Value• ($000) |
|||
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 11/1/32 | 1,500 | 1,804 | ||
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 5/1/34 | 500 | 529 | ||
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 8/1/34 | 1,450 | 1,674 | ||
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 8/1/34 | 1,710 | 2,067 | ||
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 11/1/34 | 1,565 | 1,870 | ||
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 2/1/35 | 4,000 | 4,654 | ||
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 8/1/35 | 1,525 | 1,891 | ||
| New York City NY Transitional Finance Authority Future Tax Revenue | 4.000% | 11/1/35 | 2,500 | 3,086 | ||
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 11/1/35 | 1,745 | 2,081 | ||
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 5/1/36 | 1,580 | 1,941 | ||
| New York City NY Transitional Finance Authority Future Tax Revenue | 4.000% | 8/1/36 | 1,235 | 1,438 | ||
| New York City NY Transitional Finance Authority Future Tax Revenue | 4.000% | 11/1/36 | 1,000 | 1,195 | ||
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 8/1/37 | 1,680 | 2,071 | ||
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 5/1/38 | 2,500 | 2,744 | ||
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 8/1/38 | 8,000 | 9,188 | ||
| New York City NY Transitional Finance Authority Future Tax Revenue | 4.000% | 11/1/38 | 1,000 | 1,185 | ||
| New York City NY Transitional Finance Authority Future Tax Revenue | 5.000% | 8/1/42 | 3,000 | 3,432 | ||
| New York City NY Transitional Finance Authority Future Tax Revenue Prere. | 5.250% | 2/1/21 | 60 | 60 | ||
| 2 | New York City NY Transitional Finance Authority Future Tax Revenue VRDO | 0.080% | 1/4/21 | 2,600 | 2,600 | |
| 2 | New York City NY Transitional Finance Authority Future Tax Revenue VRDO | 0.080% | 1/4/21 | 6,600 | 6,600 | |
| 2 | New York City NY Transitional Finance Authority Future Tax Revenue VRDO | 0.100% | 1/4/21 | 5,330 | 5,330 | |
| New York City NY Transitional Finance Authority Future Tax Secured Revenue | 5.000% | 8/1/35 | 2,015 | 2,561 | ||
| New York City NY Transitional Finance Authority Future Tax Secured Revenue | 5.000% | 8/1/36 | 2,030 | 2,577 | ||
| 2,4 | New York City NY Transitional Finance Authority Future Tax Secured Revenue TOB VRDO | 0.110% | 1/7/21 | 4,300 | 4,300 | |
| New York City NY Transitional Finance Authority Revenue | 5.000% | 8/1/35 | 1,500 | 1,906 | ||
| New York City NY Transitional Finance Authority Revenue | 5.000% | 8/1/36 | 5,710 | 7,249 | ||
| New York City NY Transitional Finance Authority Revenue | 5.000% | 5/1/38 | 1,675 | 2,098 | ||
| New York City NY Transitional Finance Authority Revenue | 5.000% | 5/1/39 | 1,335 | 1,702 | ||
| New York City NY Trust for Cultural Resources Revenue (Lincoln Center for the Performing Arts Inc.) | 5.000% | 12/1/26 | 1,350 | 1,666 | ||
| New York Liberty Development Corp. Revenue | 5.000% | 11/15/31 | 1,090 | 1,130 | ||
| New York Liberty Development Corp. Revenue (7 World Trade Center Project) | 5.000% | 9/15/31 | 1,000 | 1,052 | ||
50
Tax-Managed Balanced Fund
| Coupon |
Maturity
Date |
Face
Amount ($000) |
Market
Value• ($000) |
|||
| New York Liberty Development Corp. Revenue (Goldman Sachs Headquarters) | 5.250% | 10/1/35 | 945 | 1,373 | ||
| New York Metropolitan Transportation Authority Revenue | 5.000% | 11/15/21 | 230 | 236 | ||
| New York Metropolitan Transportation Authority Revenue | 5.000% | 11/15/21 | 1,000 | 1,025 | ||
| 8,10 | New York Metropolitan Transportation Authority Revenue | 5.250% | 11/15/21 | 325 | 334 | |
| New York Metropolitan Transportation Authority Revenue | 5.000% | 11/15/23 | 1,045 | 1,131 | ||
| New York Metropolitan Transportation Authority Revenue | 5.000% | 11/15/24 | 2,180 | 2,419 | ||
| New York Metropolitan Transportation Authority Revenue | 5.000% | 11/15/25 | 1,135 | 1,290 | ||
| New York Metropolitan Transportation Authority Revenue | 5.000% | 11/15/26 | 1,645 | 1,912 | ||
| New York Metropolitan Transportation Authority Revenue | 5.000% | 11/15/28 | 1,675 | 1,937 | ||
| New York Metropolitan Transportation Authority Revenue | 5.000% | 11/15/29 | 1,000 | 1,189 | ||
| New York Metropolitan Transportation Authority Revenue | 5.000% | 11/15/30 | 1,000 | 1,187 | ||
| New York Metropolitan Transportation Authority Revenue | 5.000% | 11/15/30 | 1,000 | 1,244 | ||
| New York Metropolitan Transportation Authority Revenue | 4.000% | 11/15/31 | 1,445 | 1,579 | ||
| New York Metropolitan Transportation Authority Revenue | 4.000% | 11/15/32 | 1,500 | 1,638 | ||
| New York Metropolitan Transportation Authority Revenue | 5.000% | 11/15/33 | 680 | 714 | ||
| New York Metropolitan Transportation Authority Revenue Prere. | 5.000% | 11/15/22 | 820 | 893 | ||
| New York Metropolitan Transportation Authority Revenue Prere. | 5.000% | 5/15/23 | 570 | 635 | ||
| New York Metropolitan Transportation Authority Revenue PUT | 5.000% | 5/15/30 | 2,500 | 3,033 | ||
| New York Metropolitan Transportation Authority Revenue (Dedicated Tax Fund) | 5.000% | 3/1/22 | 2,000 | 2,098 | ||
| New York Metropolitan Transportation Authority Revenue (Dedicated Tax Fund) | 0.000% | 11/15/32 | 1,000 | 770 | ||
| New York Metropolitan Transportation Authority Revenue (Dedicated Tax Fund) | 4.000% | 11/15/33 | 1,545 | 1,787 | ||
| New York Metropolitan Transportation Authority Revenue (Hudson Yards Development) | 5.000% | 11/15/51 | 4,250 | 4,388 | ||
| 7 | New York State Dormitory Authority Lease Revenue (City of New York Court Facilities) | 5.500% | 5/15/24 | 500 | 584 | |
| 7 | New York State Dormitory Authority Lease Revenue (City of New York Court Facilities) | 5.500% | 5/15/27 | 500 | 647 | |
| New York State Dormitory Authority Revenue | 3.000% | 10/1/32 | 1,000 | 1,090 | ||
| New York State Dormitory Authority Revenue (Icahn School of Medicine at Mount Sinai) | 5.000% | 7/1/28 | 1,000 | 1,176 | ||
| New York State Dormitory Authority Revenue (Icahn School of Medicine at Mount Sinai) | 5.000% | 7/1/32 | 1,000 | 1,161 | ||
| New York State Dormitory Authority Revenue (Montefiore Obligated Group) | 5.000% | 9/1/27 | 1,700 | 2,084 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 2/15/23 | 830 | 874 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 12/15/23 | 1,465 | 1,601 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 2/15/24 | 840 | 884 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 2/15/25 | 1,500 | 1,789 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 12/15/26 | 720 | 786 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 4.000% | 3/15/27 | 1,700 | 1,971 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 2/15/28 | 2,040 | 2,422 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 3/15/29 | 1,085 | 1,289 | ||
51
Tax-Managed Balanced Fund
| Coupon |
Maturity
Date |
Face
Amount ($000) |
Market
Value• ($000) |
|||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 3/15/29 | 5,000 | 6,677 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 3/15/30 | 2,000 | 2,289 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 3/15/32 | 500 | 527 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 4.000% | 2/15/33 | 1,975 | 2,287 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 2/15/33 | 300 | 315 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 4.000% | 2/15/34 | 1,905 | 2,197 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 3/15/34 | 2,000 | 2,282 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 4.000% | 2/15/35 | 1,000 | 1,150 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 2/15/35 | 3,000 | 3,941 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 5.000% | 2/15/35 | 5,000 | 5,878 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 4.000% | 2/15/39 | 2,000 | 2,384 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 3.000% | 3/15/39 | 3,000 | 3,273 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) | 3.000% | 3/15/40 | 3,000 | 3,265 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) Prere. | 5.000% | 2/15/22 | 170 | 179 | ||
| New York State Dormitory Authority Revenue (Personal Income Tax) Prere. | 5.000% | 2/15/22 | 160 | 168 | ||
| 3 | New York State Dormitory Authority Revenue (School Districts Financing Program) | 5.000% | 10/1/21 | 390 | 404 | |
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/25 | 1,295 | 1,550 | ||
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/32 | 1,480 | 1,844 | ||
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/33 | 1,795 | 2,186 | ||
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/35 | 1,420 | 1,689 | ||
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/35 | 2,000 | 2,426 | ||
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/36 | 1,500 | 1,889 | ||
| New York State Dormitory Authority Sales Tax Revenue | 5.000% | 3/15/37 | 2,160 | 2,711 | ||
| New York State Energy Research & Development Authority Pollution Control Revenue (New York State Electric & Gas Corp.) | 3.500% | 10/1/29 | 1,000 | 1,188 | ||
| New York State Environmental Facilities Corp. Revenue (State Clean Water & Drinking Water Revolving Funds) | 5.000% | 6/15/22 | 2,075 | 2,220 | ||
| New York State Environmental Facilities Corp. Revenue (State Clean Water & Drinking Water Revolving Funds) | 5.000% | 6/15/25 | 500 | 535 | ||
| New York State Environmental Facilities Corp. Revenue (State Clean Water & Drinking Water Revolving Funds) | 5.000% | 6/15/34 | 1,500 | 1,906 | ||
| New York State Liberty Development Corp. Liberty Revenue (Bank of America Tower at One Bryant Park Project) | 2.450% | 9/15/69 | 3,500 | 3,518 | ||
| New York State Liberty Development Corp. Liberty Revenue (Bank of America Tower at One Bryant Park Project) | 2.625% | 9/15/69 | 1,075 | 1,114 | ||
| New York State Local Government Assistance Corp. Revenue | 5.000% | 4/1/21 | 170 | 172 | ||
| New York State Mortgage Agency Homeowner Revenue | 3.250% | 10/1/50 | 2,500 | 2,774 | ||
| New York State Thruway Authority Revenue | 5.000% | 1/1/35 | 1,130 | 1,338 | ||
52
Tax-Managed Balanced Fund
| Coupon |
Maturity
Date |
Face
Amount ($000) |
Market
Value• ($000) |
|||
| New York State Thruway Authority Revenue | 5.000% | 1/1/36 | 1,045 | 1,360 | ||
| New York State Thruway Authority Revenue (Personal Income Tax) | 5.000% | 3/15/25 | 500 | 517 | ||
| 8 | New York State Urban Development Corp. Revenue (Personal Income Tax) | 5.500% | 3/15/22 | 530 | 564 | |
| New York State Urban Development Corp. Revenue (Personal Income Tax) | 5.000% | 3/15/24 | 1,325 | 1,528 | ||
| New York State Urban Development Corp. Revenue (Personal Income Tax) | 5.000% | 3/15/24 | 5,000 | 5,765 | ||
| New York State Urban Development Corp. Revenue (Personal Income Tax) | 5.000% | 3/15/25 | 2,830 | 3,386 | ||
| New York State Urban Development Corp. Revenue (Personal Income Tax) | 5.000% | 3/15/26 | 1,930 | 2,209 | ||
| New York State Urban Development Corp. Revenue (Personal Income Tax) | 5.000% | 3/15/28 | 10,000 | 13,063 | ||
| New York State Urban Development Corp. Revenue (Personal Income Tax) | 5.000% | 3/15/31 | 2,000 | 2,191 | ||
| New York State Urban Development Corp. Revenue (Personal Income Tax) | 5.000% | 3/15/31 | 1,420 | 1,703 | ||
| New York State Urban Development Corp. Revenue (Personal Income Tax) | 5.000% | 3/15/33 | 2,010 | 2,436 | ||
| New York State Urban Development Corp. Revenue (Personal Income Tax) | 5.000% | 3/15/33 | 1,485 | 1,626 | ||
| New York State Urban Development Corp. Revenue (Personal Income Tax) | 5.000% | 3/15/36 | 2,000 | 2,447 | ||
| New York State Urban Development Corp. Revenue (Personal Income Tax) | 5.000% | 3/15/37 | 2,000 | 2,440 | ||
| New York Transportation Development Corp. Special Facility Revenue (John F Kennedy International Airport Projects) | 4.000% | 12/1/40 | 850 | 1,003 | ||
| Port Authority of New York & New Jersey Revenue | 5.000% | 9/1/26 | 1,805 | 2,096 | ||
| Port Authority of New York & New Jersey Revenue | 5.000% | 9/1/36 | 1,215 | 1,542 | ||
| Port Authority of New York & New Jersey Revenue | 5.000% | 11/1/36 | 2,295 | 2,983 | ||
| Suffolk County NY Economic Development Corp. Revenue (Catholic Health Services) | 5.000% | 7/1/21 | 1,545 | 1,579 | ||
| Suffolk County NY Economic Development Corp. Revenue (Catholic Health Services) | 5.000% | 7/1/27 | 1,370 | 1,561 | ||
| Tobacco Settlement Financing Corp. New York Revenue | 5.000% | 6/1/29 | 1,870 | 2,313 | ||
| Tobacco Settlement Financing Corp. New York Revenue | 5.000% | 6/1/34 | 1,760 | 2,121 | ||
| Triborough Bridge & Tunnel Authority New York Revenue | 5.000% | 11/15/23 | 1,500 | 1,702 | ||
| Triborough Bridge & Tunnel Authority New York Revenue | 0.000% | 11/15/32 | 1,130 | 912 | ||
| Triborough Bridge & Tunnel Authority New York Revenue | 5.000% | 11/15/34 | 2,000 | 2,400 | ||
| Triborough Bridge & Tunnel Authority New York Revenue | 5.000% | 11/15/34 | 1,900 | 2,358 | ||
| Triborough Bridge & Tunnel Authority New York Revenue | 5.000% | 11/15/36 | 1,000 | 1,235 | ||
| Troy NY Capital Resource Corp. Revenue (Rensselaer Polytechnic Institute Project) | 5.000% | 9/1/37 | 1,320 | 1,641 | ||
| Utility Debt Securitization Authority New York Revenue | 5.000% | 12/15/33 | 1,600 | 1,812 | ||
| Utility Debt Securitization Authority New York Revenue | 5.000% | 12/15/35 | 1,945 | 2,364 | ||
| Utility Debt Securitization Authority New York Revenue | 5.000% | 12/15/36 | 2,450 | 2,973 | ||
| Westchester County NY Health Care Corp. Revenue Prere. | 5.000% | 11/1/21 | 890 | 925 | ||
| Westchester County NY Local Development Corp. Revenue (Westchester Medical Center) | 5.000% | 11/1/31 | 1,085 | 1,250 | ||
| Westchester NY Tobacco Asset Securitization Revenue | 5.000% | 6/1/28 | 1,400 | 1,749 | ||
| Westchester NY Tobacco Asset Securitization Revenue | 5.000% | 6/1/33 | 1,500 | 1,815 | ||
| 484,714 | ||||||
| North Carolina (0.4%) | ||||||
| Cary NC Combined Enterprise System Revenue Prere. | 5.000% | 12/1/22 | 330 | 360 | ||
53
Tax-Managed Balanced Fund
| Coupon |
Maturity
Date |
Face
Amount ($000) |
Market
Value• ($000) |
|||
| Cary NC Combined Enterprise System Revenue Prere. | 5.000% | 12/1/22 | 170 | 186 | ||
| 2 | Charlotte-Mecklenburg NC Hospital Authority Revenue (Health Care System) VRDO | 0.090% | 1/4/21 | 3,100 | 3,100 | |
| Mecklenburg County NC Public Improvement GO | 5.000% | 12/1/26 | 1,775 | 2,262 | ||
| North Carolina GAN | 5.000% | 3/1/25 | 1,055 | 1,258 | ||
| North Carolina GAN | 5.000% | 3/1/27 | 1,015 | 1,203 | ||
| North Carolina GO | 5.000% | 5/1/22 | 360 | 383 | ||
| North Carolina GO | 3.000% | 5/1/33 | 1,000 | 1,163 | ||
| North Carolina Housing Finance Agency Homeownership Revenue | 3.000% | 7/1/51 | 3,000 | 3,298 | ||
| North Carolina Medical Care Commission Health Care Facilities Revenue (Presbyterian Homes Obligated) | 4.000% | 10/1/40 | 600 | 673 | ||
| North Carolina Medical Care Commission Health Care Facilities Revenue (Vidant Health) | 5.000% | 6/1/21 | 1,000 | 1,018 | ||
| North Carolina Medical Care Commission Health Care Facilities Revenue (WakeMed) | 5.000% | 10/1/27 | 1,000 | 1,069 | ||
| North Carolina Medical Care Commission Hospital (Moses Cone Health System) VRDO | 0.110% | 1/7/21 | 2,025 | 2,025 | ||
| North Carolina Medical Care Commission Hospital Revenue (Southeastern Regional Medical Center) | 5.000% | 6/1/24 | 850 | 900 | ||
| North Carolina Turnpike Authority Revenue | 5.000% | 2/1/24 | 1,000 | 1,133 | ||
| 3 | North Carolina Turnpike Authority Revenue | 5.000% | 1/1/38 | 30 | 37 | |
| North Carolina Turnpike Authority Revenue | 4.000% | 1/1/39 | 2,000 | 2,280 | ||
| Orange County NC Public Facilities Co. Revenue | 5.000% | 10/1/24 | 320 | 346 | ||
| Orange County NC Public Facilities Co. Revenue Prere. | 5.000% | 10/1/22 | 180 | 195 | ||
| University of North Carolina at Charlotte Revenue | 4.000% | 10/1/35 | 400 | 481 | ||
| University of North Carolina at Charlotte Revenue | 3.000% | 10/1/36 | 1,600 | 1,752 | ||
| University of North Carolina at Charlotte Revenue | 4.000% | 10/1/37 | 1,000 | 1,196 | ||
| University of North Carolina at Charlotte Revenue | 4.000% | 10/1/40 | 325 | 386 | ||
| Wake County NC GO | 5.000% | 3/1/23 | 2,145 | 2,368 | ||
| Western California University General Revenue | 3.000% | 4/1/36 | 1,480 | 1,616 | ||
| 30,688 | ||||||
| North Dakota (0.0%) | ||||||
| Grand Forks ND Health Care System Revenue (Altru Health System Obligated Group) | 5.000% | 12/1/25 | 1,210 | 1,420 | ||
| Ohio (1.6%) | ||||||
| Allen County OH Hospital Facilities Revenue (Mercy Health) | 4.000% | 12/1/40 | 1,200 | 1,409 | ||
| Allen County OH Hospital Facilities Revenue (Mercy Health) | 5.000% | 8/1/29 | 1,300 | 1,668 | ||
| Allen County OH Hospital Facilities Revenue (Mercy Health) | 4.000% | 8/1/37 | 2,200 | 2,527 | ||
| American Municipal Power Ohio Inc. Revenue (Fremont Energy Center Project) Prere. | 5.250% | 2/15/22 | 570 | 602 | ||
| American Municipal Power Ohio Inc. Revenue (Fremont Energy Center Projects) | 5.000% | 2/15/42 | 3,000 | 3,132 | ||
| American Municipal Power Ohio Inc. Revenue (Hydroelectric Projects) | 5.000% | 2/15/26 | 1,025 | 1,260 | ||
| Bowling Green State University Ohio Revenue | 5.000% | 6/1/26 | 400 | 489 | ||
| Bowling Green State University Ohio Revenue | 5.000% | 6/1/27 | 260 | 325 | ||
| Buckeye OH Tobacco Settlement Financing Authority Revenue | 5.000% | 6/1/34 | 1,150 | 1,533 | ||
| Buckeye OH Tobacco Settlement Financing Authority Revenue | 4.000% | 6/1/39 | 240 | 289 | ||
| Buckeye OH Tobacco Settlement Financing Authority Revenue | 5.000% | 6/1/55 | 2,355 | 2,664 | ||
54
Tax-Managed Balanced Fund
| Coupon |
Maturity
Date |
Face
Amount ($000) |
Market
Value• ($000) |
|||
| Butler County OH Hospital facilities Revenue (Cincinnati Children's Hospital Medical Center) | 5.000% | 5/15/32 | 2,000 | 2,818 | ||
| Butler County OH Hospital Facilities Revenue (Kettering Health Network) | 5.250% | 4/1/31 | 500 | 505 | ||
| Centerville OH Health Care Revenue (Graceworks Lutheran Services) | 5.000% | 11/1/26 | 725 | 785 | ||
| Centerville OH Health Care Revenue (Graceworks Lutheran Services) | 5.000% | 11/1/27 | 380 | 414 | ||
| Cleveland OH Municipal School District GO | 5.000% | 12/1/28 | 1,000 | 1,108 | ||
| 3 | Columbus OH City School District GO | 0.000% | 12/1/29 | 1,000 | 892 | |
| Columbus OH GO | 4.000% | 8/15/26 | 1,730 | 2,021 | ||
| Columbus OH GO Prere. | 5.000% | 7/1/22 | 535 | 574 | ||
| Columbus OH Sewer Revenue Prere. | 5.000% | 12/1/24 | 4,000 | 4,735 | ||
| Cuyahoga County OH Excise Tax Revenue (Sports Facilities Improvement Project) Prere. | 5.000% | 12/1/23 | 510 | 580 | ||
| Cuyahoga County OH Hospital Revenue (Metro Health System) | 5.000% | 2/15/32 | 1,000 | 1,181 | ||
| Fairfield County OH Hospital Facilities Revenue (Fairfield Medical Center) | 5.125% | 6/15/33 | 615 | 649 | ||
| Franklin County OH Convention Facilities Authority Revenue | 5.000% | 12/1/28 | 1,680 | 1,949 | ||
| Franklin County OH Convention Facilities Authority Revenue | 5.000% | 12/1/30 | 680 | 713 | ||
| Franklin County OH Hospital Revenue (Nationwide Children's Hospital) | 5.000% | 11/1/31 | 1,000 | 1,369 | ||
| Franklin County OH Revenue (Trinity Health Corp.) | 5.000% | 12/1/31 | 1,100 | 1,465 | ||
| Franklin County OH Sales Tax Revenue | 5.000% | 6/1/28 | 830 | 1,098 | ||
| Hamilton County OH Hospital Facilities Revenue (UC Health) | 5.000% | 9/15/28 | 625 | 813 | ||
| Hamilton County OH Hospital Facilities Revenue (TriHealth Obligated Group) | 5.000% | 8/15/36 | 1,000 | 1,229 | ||
| Hamilton County OH Hospital Facilities Revenue (UC Health) | 5.000% | 2/1/21 | 200 | 201 | ||
| 2 | Lancaster OH Port Authority Gas Supply Revenue PUT | 5.000% | 2/1/25 | 1,100 | 1,289 | |
| Lucas County OH Hospital Revenue (ProMedica Healthcare Obligated Group) | 5.000% | 11/15/26 | 320 | 329 | ||
| Lucas County OH Hospital Revenue (ProMedica Healthcare Obligated Group) Prere. | 5.250% | 11/15/21 | 535 | 558 | ||
| Miami Valley OH Career Technology Center GO | 5.000% | 12/1/25 | 880 | 1,081 | ||
| Montgomery County OH Hospital Revenue (Premier Health Partners) | 5.000% | 11/15/31 | 2,290 | 2,830 | ||
| Montgomery County OH Hospital Revenue (Premier Health Partners) | 5.000% | 11/15/37 | 2,590 | 3,125 | ||
| 2 | Montgomery County OH Hospital Revenue (Premier Health Partners) VRDO | 0.080% | 1/4/21 | 6,875 | 6,875 | |
| North Royalton OH City School District GO | 5.000% | 12/1/26 | 300 | 361 | ||
| North Royalton OH City School District GO | 5.000% | 12/1/28 | 1,400 | 1,680 | ||
| Ohio Capital Facilities Lease-Appropriation Revenue (Adult Correctional Building Fund Projects) | 5.000% | 10/1/33 | 1,585 | 1,993 | ||
| Ohio Capital Facilities Lease-Appropriation Revenue (Mental Health Facilities Improvement Fund Projects) | 5.000% | 2/1/22 | 750 | 788 | ||
| Ohio Capital Facilities Lease-Appropriation Revenue (Transportation Building Fund Projects) | 5.000% | 4/1/30 | 1,155 | 1,359 | ||
| Ohio Common Schools GO Prere. | 5.000% | 6/15/22 | 1,000 | 1,070 | ||
| Ohio GO | 5.000% | 5/1/23 | 1,270 | 1,412 | ||
| Ohio GO | 5.000% | 8/1/23 | 500 | 538 | ||
| Ohio GO | 5.000% | 8/1/24 | 500 | 586 | ||
55
Tax-Managed Balanced Fund
| Coupon |
Maturity
Date |
Face
Amount ($000) |
Market
Value• ($000) |
|||
| Ohio GO | 5.000% | 11/1/24 | 1,675 | 1,982 | ||
| Ohio GO | 5.000% | 2/1/27 | 1,000 | 1,233 | ||
| Ohio GO | 5.000% | 6/15/27 | 3,425 | 3,772 | ||
| Ohio GO | 5.000% | 5/1/33 | 1,010 | 1,302 | ||
| Ohio GO | 5.000% | 3/1/35 | 1,000 | 1,254 | ||
| Ohio GO | 5.000% | 3/15/36 | 1,005 | 1,143 | ||
| Ohio GO | 5.000% | 3/1/38 | 2,000 | 2,490 | ||
| Ohio GO Prere. | 5.000% | 8/1/21 | 1,110 | 1,141 | ||
| Ohio Higher Education GO | 5.000% | 8/1/21 | 500 | 514 | ||
| Ohio Higher Education GO | 5.000% | 5/1/30 | 5,015 | 5,996 | ||
| Ohio Higher Educational Facility Commission Revenue (Case Western Reserve University Project) | 5.000% | 12/1/22 | 585 | 632 | ||
| Ohio Major New State Infrastructure Project Revenue | 5.000% | 12/15/25 | 2,450 | 3,021 | ||
| Ohio Major New State Infrastructure Project Revenue | 5.000% | 12/15/28 | 1,020 | 1,258 | ||
| Ohio Parks & Recreation Capital Facilities Revenue | 5.000% | 12/1/35 | 1,320 | 1,702 | ||
| Ohio Parks & Recreation Capital Facilities Revenue | 5.000% | 12/1/37 | 2,240 | 2,872 | ||
| Ohio Revenue (Transportation Building Fund Projects) | 5.000% | 4/1/26 | 925 | 1,149 | ||
| Ohio Turnpike Commission Turnpike Revenue | 5.000% | 2/15/28 | 1,030 | 1,127 | ||
| Ohio Turnpike Commission Turnpike Revenue | 5.000% | 2/15/35 | 1,310 | 1,631 | ||
| Ohio Water Development Authority Water Pollution Control Loan Fund Revenue | 5.000% | 12/1/26 | 1,850 | 2,354 | ||
| Penta Career Center Ohio COP | 5.250% | 4/1/23 | 125 | 132 | ||
| Revere OH Local School District GO Prere. | 5.000% | 6/1/22 | 1,000 | 1,068 | ||
| Revere OH Local School District GO Prere. | 5.000% | 6/1/22 | 665 | 710 | ||
| Winton Woods City OH School District GO Prere. | 5.000% | 5/1/22 | 550 | 585 | ||
| Winton Woods City OH School District GO Prere. | 5.000% | 5/1/22 | 255 | 271 | ||
| Winton Woods City OH School District GO Prere. | 5.000% | 5/1/22 | 250 | 266 | ||
| Winton Woods City OH School District GO Prere. | 5.000% | 5/1/22 | 260 | 277 | ||
| Winton Woods City OH School District GO Prere. | 5.000% | 5/1/22 | 250 | 266 | ||
| 107,019 | ||||||
| Oklahoma (0.2%) | ||||||
| Edmond OK Public Works Authority Sales Tax & Utility System Revenue | 4.000% | 7/1/25 | 1,160 | 1,346 | ||
| Norman OK Regional Hospital Authority Revenue | 5.000% | 9/1/28 | 1,245 | 1,514 | ||
| Oklahoma Capitol Improvement Authority Facilities Revenue | 5.000% | 7/1/26 | 1,145 | 1,325 | ||
| Oklahoma Capitol Improvement Authority Facilities Revenue | 4.000% | 7/1/38 | 1,000 | 1,177 | ||
| Oklahoma City OK GO | 5.000% | 3/1/24 | 525 | 529 | ||
| Oklahoma Development Finance Authority Health System Revenue (Integris Baptist Medical Center) | 4.000% | 8/15/38 | 1,000 | 1,102 | ||
| Oklahoma Development Finance Authority Health System Revenue (OU Medicine) | 5.000% | 8/15/28 | 1,500 | 1,858 | ||
| Oklahoma Turnpike Authority Revenue | 5.000% | 1/1/37 | 2,000 | 2,394 | ||
| Oklahoma Turnpike Authority Revenue Prere. | 5.000% | 1/1/21 | 300 | 300 | ||
| Tulsa County OK Industrial Authority Senior Living Community Revenue (Montereau Inc.) | 5.000% | 11/15/23 | 280 | 297 | ||
| University of Oklahoma Revenue | 5.000% | 7/1/31 | 475 | 486 | ||
| 12,328 | ||||||
| Oregon (0.3%) | ||||||
| Clatsop County OR School District No. 10 Seaside GO | 5.000% | 6/15/33 | 1,140 | 1,426 | ||
| Deschutes & Jefferson Counties OR School District No. 2J GO | 0.000% | 6/15/31 | 750 | 648 | ||
| Medford Hospital Facilities Authority | 5.000% | 8/15/35 | 1,000 | 1,315 | ||
| Multnomah County OR School District GO | 5.000% | 6/15/29 | 1,015 | 1,216 | ||
56
Tax-Managed Balanced Fund
| Coupon |
Maturity
Date |
Face
Amount ($000) |
Market
Value• ($000) |
|||
| Multnomah County OR School District GO | 3.000% | 6/15/41 | 1,000 | 1,110 | ||
| Oregon Department of Administrative Services Lottery Revenue | 5.000% | 4/1/25 | 1,380 | 1,591 | ||
| Oregon Department of Administrative Services Lottery Revenue | 5.250% | 4/1/31 | 70 | 71 | ||
| Oregon Department of Administrative Services Lottery Revenue Prere. | 5.250% | 4/1/21 | 430 | 435 | ||
| Oregon Department of Transportation Highway User Tax Revenue | 5.000% | 11/15/39 | 2,000 | 2,641 | ||
| Oregon Facilities Authority Revenue (Legacy Health Project) | 5.000% | 6/1/33 | 1,000 | 1,196 | ||
| Oregon Facilities Authority Revenue (Reed College Projects) | 4.000% | 7/1/31 | 450 | 534 | ||
| Oregon Facilities Authority Revenue (Reed College Projects) | 4.000% | 7/1/32 | 450 | 531 | ||
| Oregon GO | 5.000% | 5/1/23 | 500 | 532 | ||
| Salem OR Hospital Facilities Authority Revenue (Capital Manor Inc.) | 5.000% | 5/15/33 | 550 | 612 | ||
| Salem OR Hospital Facilities Authority Revenue (Capital Manor Inc.) | 5.000% | 5/15/38 | 500 | 550 | ||
| Tri-County Metropolitan Transportation District of Oregon Revenue | 4.000% | 9/1/40 | 5,645 | 6,353 | ||
| Washington County OR School District No. 48J Beaverton GO | 5.000% | 6/15/36 | 1,305 | 1,632 | ||
| 22,393 | ||||||
| Pennsylvania (2.3%) | ||||||
| Allegheny County PA GO | 4.000% | 11/1/30 | 1,025 | 1,198 | ||
| Allegheny County PA Higher Education Building Authority University Revenue (Duquesne University) Prere. | 5.500% | 3/1/21 | 325 | 328 | ||
| Allegheny County PA Hospital Development Authority Revenue | 5.000% | 4/1/27 | 1,010 | 1,262 | ||
| Allegheny County PA Hospital Development Authority Revenue | 5.000% | 4/1/32 | 1,000 | 1,238 | ||
| Allegheny County PA Hospital Development Authority Revenue | 5.000% | 4/1/33 | 1,000 | 1,232 | ||
| Allegheny County PA Hospital Development Authority Revenue | 4.000% | 4/1/38 | 500 | 569 | ||
| Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh Medical Center) | 5.000% | 7/15/27 | 1,000 | 1,279 | ||
| 9 | Allegheny County PA Hospital Development Authority Revenue (University of Pittsburgh Medical Center), 67% of 3M USD LIBOR + 0.720% | 0.864% | 2/1/21 | 160 | 160 | |
| Allegheny County PA Port Authority Revenue | 5.750% | 3/1/29 | 500 | 504 | ||
| Allegheny County PA Sanitary Authority Sewer Revenue | 4.000% | 6/1/39 | 415 | 506 | ||
| Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue | 5.000% | 5/1/24 | 1,000 | 1,049 | ||
| 4 | Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue | 5.000% | 5/1/27 | 250 | 286 | |
| 6 | Allentown PA School District GO | 5.000% | 6/1/31 | 1,000 | 1,209 | |
| 6 | Armstrong PA School District GO | 5.000% | 3/15/27 | 995 | 1,243 | |
| 6 | Armstrong PA School District GO | 5.000% | 3/15/29 | 920 | 1,201 | |
| Centennial PA School District Bucks County GO | 5.000% | 12/15/29 | 1,455 | 1,973 | ||
| Central Bradford PA Progress Authority Revenue (Guthrie Healthcare System) Prere. | 5.500% | 12/1/21 | 530 | 555 | ||
| Chester County PA GO Prere. | 5.000% | 11/15/22 | 750 | 817 | ||
| 6 | Coatesville PA Area School District Building GO | 0.000% | 10/1/34 | 450 | 283 | |
57
Tax-Managed Balanced Fund
| Coupon |
Maturity
Date |
Face
Amount ($000) |
Market
Value• ($000) |
|||
| 6 | Coatesville PA School District Building Authority Lease Revenue | 5.000% | 12/1/26 | 335 | 368 | |
| 6 | Coatesville PA School District Building Authority Lease Revenue | 5.000% | 12/1/27 | 365 | 400 | |
| Commonwealth Financing Authority Pennsylvania Revenue | 5.000% | 6/1/26 | 500 | 615 | ||
| 4 | Dauphin County PA General Authority Revenue (Harrisburg University of Science & Technology) | 5.000% | 10/15/30 | 840 | 865 | |
| Dauphin County PA GO | 5.000% | 11/15/27 | 2,055 | 2,662 | ||
| Delaware River PA Joint Toll Bridge Commission (Bridge System Revenue) | 5.000% | 7/1/34 | 225 | 280 | ||
| 7 | Delaware Valley PA Regional Finance Authority Revenue | 5.500% | 8/1/28 | 250 | 326 | |
| East Hempfield Township PA Industrial Development Authority Revenue (Millersville University Student Housing Project) | 5.000% | 7/1/29 | 1,000 | 1,015 | ||
| Easton PA Area School District GO | 4.000% | 4/1/28 | 580 | 720 | ||
| 6,7 | Erie PA Sewer Authority Revenue | 0.000% | 12/1/25 | 85 | 80 | |
| 6,7 | Erie PA Sewer Authority Revenue ETM | 0.000% | 12/1/25 | 1,165 | 1,137 | |
| Geisinger Authority PA Health System Revenue (Geisinger Health System) | 5.000% | 4/1/35 | 1,000 | 1,315 | ||
| Lehigh County PA General Purpose Hospital Authority Revenue (Lehigh Valley Health Network) | 5.000% | 7/1/29 | 1,220 | 1,483 | ||
| Lehigh County PA General Purpose Hospital Authority Revenue (Lehigh Valley Health Network) | 5.000% | 7/1/29 | 2,400 | 3,154 | ||
| 3 | Luzerne County PA Industrial Development Authority Lease Revenue | 5.000% | 12/15/25 | 1,000 | 1,205 | |
| Manheim Township PA School District GO | 5.000% | 2/1/30 | 830 | 997 | ||
| Monroeville PA Finance Authority Revenue (UPMC Health System) | 5.000% | 2/15/42 | 1,000 | 1,065 | ||
| Montgomery County PA Higher Education & Health Authority Hospital Revenue (Abington Memorial Hospital) Prere. | 5.000% | 6/1/22 | 500 | 533 | ||
| Montgomery County PA Higher Education & Health Authority Revenue (Thomas Jefferson University) | 5.000% | 9/1/32 | 1,515 | 1,929 | ||
| Montgomery County PA Industrial Development Authority Health Services Revenue (Albert Einstein Healthcare Network) | 5.000% | 1/15/23 | 1,015 | 1,087 | ||
| Montgomery County PA Industrial Development Authority Health Services Revenue (Albert Einstein Healthcare Network) | 5.000% | 1/15/25 | 1,000 | 1,137 | ||
| Montgomery County PA Industrial Development Authority Retirement Community Revenue (ACTS Retirement- Life Communities Obligated Group) Prere. | 5.000% | 5/15/22 | 1,250 | 1,332 | ||
| Mount Lebanon PA Hospital Authority Revenue (St. Clair Memorial Hospital Project) | 5.000% | 7/1/38 | 1,000 | 1,249 | ||
| Northampton County PA General Purpose Authority Hospital Revenue (St. Luke's Hospital Project) | 5.000% | 8/15/25 | 1,275 | 1,515 | ||
| Pennsylvania COP | 5.000% | 7/1/26 | 500 | 616 | ||
| Pennsylvania COP | 5.000% | 7/1/27 | 500 | 631 | ||
| Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | 5.000% | 3/15/29 | 1,060 | 1,302 | ||
| Pennsylvania Economic Development Financing Authority Revenue (UPMC Obligated Group) | 5.000% | 11/15/30 | 1,510 | 1,902 | ||
| Pennsylvania GO | 5.375% | 7/1/21 | 500 | 513 | ||
| Pennsylvania GO | 5.000% | 8/15/23 | 2,000 | 2,243 | ||
| Pennsylvania GO | 5.000% | 1/1/24 | 1,500 | 1,708 | ||
| Pennsylvania GO | 5.000% | 8/15/24 | 500 | 583 | ||
| Pennsylvania GO | 5.000% | 1/1/26 | 3,295 | 4,047 | ||
| Pennsylvania GO | 5.000% | 9/15/26 | 1,500 | 1,884 | ||
58
Tax-Managed Balanced Fund
| Coupon |
Maturity
Date |
Face
Amount ($000) |
Market
Value• ($000) |
|||
| Pennsylvania GO | 5.000% | 7/15/28 | 4,975 | 6,535 | ||
| Pennsylvania GO | 4.000% | 1/1/29 | 3,000 | 3,560 | ||
| 3 | Pennsylvania GO | 4.000% | 8/15/30 | 1,000 | 1,148 | |
| Pennsylvania GO | 5.000% | 3/15/32 | 8,000 | 9,378 | ||
| Pennsylvania GO | 5.000% | 10/15/32 | 1,000 | 1,121 | ||
| 3 | Pennsylvania GO | 4.000% | 3/1/33 | 1,110 | 1,335 | |
| 3 | Pennsylvania GO | 4.000% | 3/1/34 | 1,670 | 2,002 | |
| Pennsylvania GO | 4.000% | 3/1/36 | 1,000 | 1,184 | ||
| Pennsylvania GO | 4.000% | 3/1/37 | 1,000 | 1,178 | ||
| 6 | Pennsylvania GO | 4.000% | 3/1/37 | 1,000 | 1,190 | |
| Pennsylvania GO Prere. | 5.000% | 11/15/21 | 500 | 521 | ||
| Pennsylvania Higher Educational Facilities Authority Revenue (Temple University) Prere. | 5.000% | 4/1/22 | 500 | 530 | ||
| Pennsylvania Higher Educational Facilities Authority Revenue (University of Pennsylvania Health System) | 4.000% | 8/15/36 | 1,295 | 1,519 | ||
| Pennsylvania Turnpike Commission Motor License Fund Revenue | 5.000% | 12/1/32 | 1,000 | 1,257 | ||
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | 5.000% | 12/1/24 | 1,050 | 1,190 | ||
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | 5.000% | 12/1/28 | 630 | 778 | ||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/24 | 1,980 | 2,260 | ||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/25 | 1,690 | 2,073 | ||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/26 | 1,960 | 2,378 | ||
| 3 | Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/26 | 1,635 | 2,022 | |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/26 | 750 | 926 | ||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/27 | 2,255 | 2,753 | ||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/29 | 1,570 | 2,014 | ||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/32 | 1,500 | 1,830 | ||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/32 | 2,000 | 2,313 | ||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/32 | 1,250 | 1,609 | ||
| 3 | Pennsylvania Turnpike Commission Revenue | 6.250% | 6/1/33 | 1,760 | 2,244 | |
| Pennsylvania Turnpike Commission Revenue | 5.000% | 6/1/35 | 1,500 | 1,789 | ||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/37 | 1,000 | 1,264 | ||
| Pennsylvania Turnpike Commission Revenue | 6.375% | 12/1/38 | 1,000 | 1,320 | ||
| Pennsylvania Turnpike Commission Revenue | 5.000% | 12/1/39 | 1,520 | 1,978 | ||
| Pennsylvania Turnpike Commission Revenue | 5.250% | 12/1/39 | 1,000 | 1,152 | ||
| 9 | Pennsylvania Turnpike Commission Revenue, SIFMA Municipal Swap Index Yield + 0.980% | 1.070% | 12/1/21 | 1,315 | 1,319 | |
| Philadelphia PA Airport Revenue | 5.000% | 7/1/34 | 1,500 | 1,960 | ||
| Philadelphia PA Authority for Industrial Development Revenue (Temple University) | 5.000% | 4/1/24 | 1,015 | 1,159 | ||
| Philadelphia PA Authority for Industrial Development Revenue (Temple University) | 5.000% | 4/1/27 | 1,000 | 1,175 | ||
| Philadelphia PA Gas Works Revenue | 5.000% | 10/1/25 | 1,625 | 1,950 | ||
| Philadelphia PA Gas Works Revenue | 5.000% | 10/1/26 | 1,000 | 1,231 | ||
| Philadelphia PA Gas Works Revenue | 5.000% | 8/1/36 | 1,300 | 1,582 | ||
| Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (Temple University Health System Obligated Group) | 5.000% | 7/1/25 | 1,000 | 1,149 | ||
| 2 | Philadelphia PA Hospitals & Higher Education Facilities Authority Hospital Revenue (The Children's Hospital of Philadelphia Projects) VRDO | 0.090% | 1/4/21 | 1,000 | 1,000 | |
| Philadelphia PA School District GO | 5.000% | 9/1/31 | 940 | 1,107 | ||
| Philadelphia PA Water & Wastewater Revenue | 5.000% | 7/1/26 | 1,000 | 1,152 | ||
| Philadelphia PA Water & Wastewater Revenue | 5.000% | 10/1/34 | 2,500 | 3,357 | ||
59
Tax-Managed Balanced Fund
60
Tax-Managed Balanced Fund
| Coupon |
Maturity
Date |
Face
Amount ($000) |
Market
Value• ($000) |
|||
| Columbia SC Waterworks & Sewer System Revenue Prere. | 5.000% | 2/1/22 | 250 | 263 | ||
| Georgetown County SC School District GO | 3.000% | 3/1/31 | 1,665 | 1,894 | ||
| Greenville SC Hospital Systems Facilities Revenue (Trustees Hospital) | 5.000% | 5/1/29 | 1,820 | 1,913 | ||
| Lancaster County SC School District GO | 4.000% | 3/1/32 | 1,000 | 1,180 | ||
| Lexington County SC Health Services District Inc. Hospital Revenue | 5.000% | 11/1/25 | 1,000 | 1,209 | ||
| Lexington County SC Health Services District Inc. Hospital Revenue | 5.000% | 11/1/34 | 1,500 | 1,777 | ||
| Myrtle Beach SC Hospitality Fee Revenue | 5.000% | 6/1/25 | 1,030 | 1,169 | ||
| 2 | Patriots Energy Group Finance Authority SC Gas Supply Revenue PUT | 4.000% | 2/1/24 | 1,895 | 2,086 | |
| 8 | Piedmont SC Municipal Power Agency Revenue | 0.000% | 1/1/24 | 1,600 | 1,564 | |
| South Carolina Association of Governmental Organizations Educational Facilities Corp. Revenue (Pickens School District) | 5.000% | 12/1/26 | 1,420 | 1,670 | ||
| South Carolina Jobs Economic Development Authority Hospital Revenue (Palmetto Health) Prere. | 5.250% | 8/1/23 | 1,000 | 1,129 | ||
| South Carolina Jobs Economic Development Authority Hospital Revenue (Prisma Health) | 5.000% | 5/1/37 | 1,500 | 1,826 | ||
| South Carolina Public Service Authority Revenue | 5.000% | 12/1/26 | 1,140 | 1,335 | ||
| South Carolina Public Service Authority Revenue | 5.000% | 12/1/31 | 1,200 | 1,632 | ||
| South Carolina Public Service Authority Revenue | 5.000% | 12/1/37 | 2,430 | 2,917 | ||
| South Carolina Public Service Authority Revenue | 5.000% | 12/1/37 | 1,095 | 1,334 | ||
| South Carolina Public Service Authority Revenue | 5.000% | 12/1/38 | 1,125 | 1,256 | ||
| South Carolina Public Service Authority Revenue Prere. | 5.000% | 12/1/21 | 1,465 | 1,529 | ||
| South Carolina Transportation Infrastructure Revenue | 5.000% | 10/1/32 | 1,290 | 1,649 | ||
| 3 | Spartanburg SC Regional Health Services District | 5.000% | 4/15/34 | 510 | 664 | |
| 6 | Sumter Two School Facilities Inc. South Carolina Installment Purchase Revenue | 5.000% | 12/1/26 | 1,000 | 1,196 | |
| 33,168 | ||||||
| South Dakota (0.1%) | ||||||
| Educational Enhancement Funding Corp. South Dakota Tobacco Settlement Revenue | 5.000% | 6/1/25 | 2,000 | 2,203 | ||
| South Dakota Health & Educational Facilities Authority Revenue (Regional Health System Obligated Group) | 5.000% | 9/1/32 | 2,915 | 3,591 | ||
| South Dakota Health & Educational Facilities Authority Revenue (Regional Health System Obligated Group) | 4.000% | 9/1/34 | 2,125 | 2,459 | ||
| 8,253 | ||||||
| Tennessee (1.1%) | ||||||
| Chattanooga TN Electric System Revenue | 5.000% | 9/1/31 | 1,000 | 1,202 | ||
| Chattanooga TN Health Educational & Housing Facility Board Revenue (Catholic Health Initiatives) Prere. | 5.000% | 1/1/23 | 1,500 | 1,639 | ||
| Chattanooga TN Health Educational & Housing Facility Board Revenue (Common Spirit Health) | 5.000% | 8/1/29 | 2,880 | 3,747 | ||
| Chattanooga-Hamilton County TN Hospital Authority Hospital Revenue | 5.000% | 10/1/27 | 1,035 | 1,163 | ||
| Greeneville TN Health & Educational Facilities Board Hospital Revenue (Ballad Health) | 5.000% | 7/1/27 | 1,590 | 1,975 | ||
| Jackson TN Hospital Improvement Revenue (West Tennessee Healthcare Obligated Group) | 5.000% | 4/1/38 | 3,810 | 4,708 | ||
| Knox County TN Health Educational & Housing Facilities Board Hospital Facilities Revenue (Covenant Healthcare) | 5.000% | 1/1/36 | 1,000 | 1,191 | ||
| Knox County TN Health Educational & Housing Facilities Board Hospital Facilities Revenue (University Health System Inc.) | 5.000% | 9/1/27 | 925 | 1,104 | ||
| Memphis TN GO | 5.000% | 5/1/30 | 500 | 507 | ||
61
Tax-Managed Balanced Fund
| Coupon |
Maturity
Date |
Face
Amount ($000) |
Market
Value• ($000) |
|||
| Memphis TN GO | 4.000% | 6/1/31 | 1,000 | 1,171 | ||
| Memphis TN GO | 4.000% | 5/1/35 | 5,685 | 6,810 | ||
| Memphis-Shelby County TN Airport Authority Revenue | 5.000% | 7/1/34 | 500 | 655 | ||
| Metropolitan Government of Nashville & Davidson County TN GO | 5.000% | 7/1/21 | 625 | 626 | ||
| Metropolitan Government of Nashville & Davidson County TN Health & Educational Facilities Board Revenue (Blakeford at Green Hills) | 5.000% | 7/1/27 | 500 | 520 | ||
| 2,3 | Shelby County TN Health Educational & Housing Facilities Board Revenue VRDO | 0.090% | 1/4/21 | 19,400 | 19,400 | |
| 2 | Tennergy Corp. TN Gas Revenue PUT | 5.000% | 10/1/24 | 5,090 | 5,909 | |
| Tennessee Energy Acquisition Corp. Gas Revenue | 5.250% | 9/1/22 | 1,835 | 1,979 | ||
| Tennessee Energy Acquisition Corp. Gas Revenue | 5.000% | 2/1/24 | 1,800 | 2,029 | ||
| Tennessee Energy Acquisition Corp. Gas Revenue | 5.000% | 2/1/25 | 915 | 1,061 | ||
| Tennessee Energy Acquisition Corp. Gas Revenue | 5.250% | 9/1/26 | 1,035 | 1,271 | ||
| Tennessee Energy Acquisition Corp. Gas Revenue | 5.000% | 2/1/27 | 1,185 | 1,439 | ||
| Tennessee Energy Acquisition Corp. Gas Revenue PUT | 4.000% | 5/1/23 | 4,040 | 4,347 | ||
| Tennessee Energy Acquisition Corp. Gas Revenue PUT | 4.000% | 11/1/25 | 1,625 | 1,867 | ||
| Tennessee GO | 5.000% | 8/1/22 | 1,475 | 1,587 | ||
| Tennessee GO | 4.000% | 8/1/28 | 4,850 | 5,619 | ||
| Tennessee GO | 5.000% | 8/1/32 | 1,000 | 1,196 | ||
| Tennessee School Bond Authority Higher Educational Facilities Revenue (2nd Program) | 5.000% | 11/1/33 | 50 | 63 | ||
| Tennessee School Bond Authority Higher Educational Facilities Revenue (2nd Program) | 5.000% | 11/1/34 | 10 | 12 | ||
| Tennessee School Bond Authority Higher Educational Facilities Revenue (2nd Program) | 5.000% | 11/1/37 | 1,390 | 1,834 | ||
| Williamson County TN GO Prere. | 4.000% | 5/1/23 | 1,320 | 1,437 | ||
| 78,068 | ||||||
| Texas (5.1%) | ||||||
| Alamo TX Regional Mobility Authority Revenue | 5.000% | 6/15/27 | 1,280 | 1,530 | ||
| 19 | Allen TX Independent School District GO | 5.000% | 2/15/26 | 1,035 | 1,274 | |
| 19 | Arlington TX Higher Education Finance Corp. Revenue (Riverwalk Education Foundation Inc.) | 4.000% | 8/15/33 | 600 | 729 | |
| 19 | Arlington TX Independent School District (Unlimited Tax) GO | 5.000% | 2/15/26 | 1,090 | 1,295 | |
| 3 | Arlington TX Special Tax Revenue | 5.000% | 2/15/27 | 420 | 518 | |
| 3 | Arlington TX Special Tax Revenue | 5.000% | 2/15/28 | 305 | 384 | |
| 6 | Arlington TX Special Tax Revenue | 5.000% | 2/15/32 | 1,160 | 1,388 | |
| Austin TX Airport System Revenue | 5.000% | 11/15/26 | 1,120 | 1,401 | ||
| Austin TX Airport System Revenue | 5.000% | 11/15/32 | 1,200 | 1,453 | ||
| Austin TX Community College District Public Facilities Corp. Lease Revenue | 5.000% | 8/1/27 | 1,000 | 1,199 | ||
| Austin TX Water & Wastewater System Revenue | 5.000% | 11/15/37 | 1,000 | 1,234 | ||
| Austin TX Water & Wastewater System Revenue ETM | 5.000% | 11/15/21 | 500 | 521 | ||
| Bexar County TX GO Prere. | 5.000% | 6/15/23 | 3,230 | 3,610 | ||
| Bexar County TX GO Prere. | 5.000% | 6/15/24 | 1,145 | 1,334 | ||
| Brownsville TX Utility System Revenue Prere. | 4.000% | 9/1/23 | 1,000 | 1,100 | ||
| Central Texas Regional Mobility Authority Revenue | 5.000% | 1/1/24 | 1,015 | 1,148 | ||
| Central Texas Regional Mobility Authority Revenue | 0.000% | 1/1/25 | 100 | 95 | ||
| Central Texas Regional Mobility Authority Revenue | 5.000% | 1/1/25 | 250 | 287 | ||
| Central Texas Regional Mobility Authority Revenue | 0.000% | 1/1/26 | 180 | 169 | ||
| Central Texas Regional Mobility Authority Revenue | 5.000% | 1/1/26 | 1,115 | 1,346 | ||
| Central Texas Regional Mobility Authority Revenue | 5.000% | 1/1/30 | 855 | 1,002 | ||
| Central Texas Regional Mobility Authority Revenue | 5.000% | 1/1/32 | 945 | 1,238 | ||
| Central Texas Regional Mobility Authority Revenue | 5.000% | 1/1/34 | 1,450 | 1,703 | ||
62
Tax-Managed Balanced Fund
| Coupon |
Maturity
Date |
Face
Amount ($000) |
Market
Value• ($000) |
|||
| Central Texas Regional Mobility Authority Revenue | 4.000% | 1/1/36 | 1,115 | 1,304 | ||
| Central Texas Regional Mobility Authority Revenue Prere. | 5.000% | 1/1/23 | 565 | 619 | ||
| 19 | Clear Creek TX Independent School District GO | 5.000% | 2/15/34 | 910 | 1,142 | |
| Clifton TX Higher Education Finance Corp. Revenue (Baylor University) Prere. | 5.250% | 3/1/21 | 200 | 202 | ||
| Collin County TX Community College District GO | 4.000% | 8/15/34 | 2,500 | 3,092 | ||
| 19 | Comal Texas Independent School District | 4.000% | 2/1/39 | 5,000 | 5,460 | |
| 19 | Cypress-Fairbanks TX Independent School District GO Prere. | 5.000% | 2/15/21 | 500 | 503 | |
| Dallas County TX Community College District GO | 5.000% | 2/15/26 | 1,000 | 1,226 | ||
| Dallas TX Area Rapid Transit Sales Tax Revenue | 5.000% | 12/1/32 | 1,670 | 2,027 | ||
| Dallas TX Area Rapid Transit Sales Tax Revenue | 5.000% | 12/1/32 | 2,065 | 2,774 | ||
| Dallas TX Area Rapid Transit Sales Tax Revenue Prere. | 5.000% | 12/1/22 | 500 | 546 | ||
| 19 | Dallas TX Independent School District GO | 5.000% | 2/15/23 | 485 | 488 | |
| 19 | Dallas TX Independent School District GO | 4.000% | 2/15/29 | 2,265 | 2,580 | |
| Dallas TX Waterworks & Sewer System Revenue | 5.000% | 10/1/21 | 1,340 | 1,388 | ||
| Dallas TX Waterworks & Sewer System Revenue | 5.000% | 10/1/22 | 210 | 217 | ||
| Dallas TX Waterworks & Sewer System Revenue | 4.000% | 10/1/31 | 1,675 | 2,062 | ||
| Dallas TX Waterworks & Sewer System Revenue Prere. | 5.000% | 10/1/21 | 195 | 202 | ||
| Dallas-Fort Worth TX International Airport Revenue | 5.250% | 11/1/29 | 1,000 | 1,128 | ||
| Dallas-Fort Worth TX International Airport Revenue | 5.000% | 11/1/30 | 3,700 | 5,030 | ||
| 19 | Eagle Mountain & Saginaw TX Independent School District GO PUT | 2.000% | 8/1/24 | 1,035 | 1,088 | |
| El Paso TX GO | 5.000% | 8/15/28 | 750 | 992 | ||
| El Paso TX GO | 5.000% | 8/15/31 | 850 | 1,134 | ||
| El Paso TX GO | 4.000% | 8/15/34 | 1,000 | 1,234 | ||
| 19 | El Paso TX Independent School District Revenue | 5.000% | 8/15/42 | 5,000 | 6,062 | |
| Fort Worth TX GO | 5.000% | 3/1/25 | 1,115 | 1,333 | ||
| Fort Worth TX Water & Sewer Revenue | 5.000% | 2/15/25 | 450 | 452 | ||
| Frisco TX Refunding & Improvement GO | 5.000% | 2/15/28 | 1,425 | 1,694 | ||
| Garland TX Electric Utility System Revenue | 5.000% | 3/1/30 | 675 | 886 | ||
| 19 | Garland TX Independent School District GO | 5.000% | 2/15/22 | 1,025 | 1,080 | |
| 11 | Grand Parkway Transportation Corp. Texas System Toll Revenue, 5.050% coupon rate effective 10/1/2023 | 0.000% | 10/1/30 | 1,550 | 1,827 | |
| Grand Parkway Transportation Corp. TX BAN | 5.000% | 2/1/23 | 2,500 | 2,717 | ||
| Harris County TX Cultural Education Facilities Finance Corp. (Houston Methodist Projects) VRDO | 0.090% | 1/4/21 | 7,900 | 7,900 | ||
| Harris County TX Cultural Education Facilities Finance Corp. Thermal Utility Revenue (TECO Project) | 5.000% | 11/15/30 | 1,000 | 1,268 | ||
| Harris County TX Flood Control Improvement GO | 3.000% | 10/1/39 | 2,000 | 2,262 | ||
| Harris County TX GO | 5.000% | 8/15/22 | 1,960 | 2,113 | ||
| Harris County TX GO | 5.000% | 10/1/23 | 20 | 21 | ||
| Harris County TX GO | 5.000% | 8/15/32 | 1,025 | 1,101 | ||
| Harris County TX GO | 5.000% | 10/1/36 | 1,200 | 1,445 | ||
| Harris County TX GO | 5.000% | 10/1/40 | 2,470 | 2,955 | ||
| Harris County TX GO Prere. | 5.000% | 10/1/21 | 280 | 290 | ||
| Harris County TX Toll Road Revenue | 5.000% | 8/15/32 | 515 | 550 | ||
| Harris County TX Toll Road Revenue | 5.000% | 8/15/41 | 1,695 | 2,047 | ||
| Hidalgo County TX Certificates GO | 4.000% | 8/15/37 | 1,000 | 1,209 | ||
| Houston TX Airport System Revenue | 5.000% | 7/1/26 | 1,160 | 1,436 | ||
| Houston TX Airport System Revenue | 5.000% | 7/1/31 | 115 | 145 | ||
| Houston TX Airport System Revenue | 5.000% | 7/1/37 | 1,720 | 2,122 | ||
| Houston TX GO | 5.000% | 3/1/27 | 1,000 | 1,273 | ||
| Houston TX GO | 4.000% | 3/1/35 | 1,500 | 1,739 | ||
| Houston TX Hotel Occupancy Tax & Special Revenue (Convention & Entertainment Facilities) | 5.000% | 9/1/24 | 1,070 | 1,189 | ||
63
Tax-Managed Balanced Fund
| Coupon |
Maturity
Date |
Face
Amount ($000) |
Market
Value• ($000) |
|||
| 19 | Houston TX Independent School District GO | 5.000% | 2/15/27 | 1,750 | 2,152 | |
| Houston TX Utility System Revenue | 5.000% | 5/15/25 | 1,160 | 1,341 | ||
| Houston TX Utility System Revenue | 5.000% | 11/15/26 | 1,350 | 1,711 | ||
| Houston TX Utility System Revenue | 4.000% | 11/15/31 | 1,000 | 1,185 | ||
| Houston TX Utility System Revenue | 5.000% | 11/15/34 | 1,000 | 1,161 | ||
| Houston TX Utility System Revenue | 5.000% | 11/15/34 | 1,000 | 1,372 | ||
| 19 | Katy TX Independent School District GO | 4.000% | 2/15/27 | 275 | 296 | |
| 19 | Katy TX Independent School District GO | 4.000% | 2/15/28 | 375 | 403 | |
| 19 | Klein TX Independent School District GO | 5.000% | 8/1/34 | 1,200 | 1,490 | |
| 19 | Klein TX Independent School District GO | 4.000% | 2/1/45 | 1,000 | 1,121 | |
| 19 | Lake Travis TX Independent School District GO Prere. | 5.000% | 2/15/21 | 500 | 503 | |
| 19 | Lamar TX Consolidated Independent School District GO | 5.000% | 2/15/26 | 1,360 | 1,620 | |
| Laredo TX Community College District GO | 5.000% | 8/1/25 | 1,000 | 1,160 | ||
| 19 | Laredo TX Independent School District GO | 4.000% | 8/1/28 | 1,635 | 1,835 | |
| 19 | Lewisville TX Independent School District (Unlimited Tax Building) GO | 5.000% | 8/15/25 | 3,820 | 4,649 | |
| Lone Star College System Texas GO | 5.000% | 2/15/28 | 5,500 | 6,747 | ||
| Lower Colorado River Authority Texas Revenue | 5.000% | 5/15/37 | 1,330 | 1,403 | ||
| Lower Colorado River Authority Texas Transmission Contract Revenue (LCRA Transmission Services Corp.) | 5.000% | 5/15/28 | 1,200 | 1,428 | ||
| Lower Colorado River Authority Texas Transmission Contract Revenue (LCRA Transmission Services Corp.) | 5.000% | 5/15/28 | 1,000 | 1,149 | ||
| Lower Colorado River Authority Texas Transmission Contract Revenue (LCRA Transmission Services Corp.) | 5.000% | 5/15/34 | 1,115 | 1,424 | ||
| Lower Colorado River Authority Texas Transmission Contract Revenue (LCRA Transmission Services Corp.) | 5.000% | 5/15/36 | 1,085 | 1,421 | ||
| Lubbock TX GO Prere. | 5.000% | 2/15/22 | 500 | 527 | ||
| 19 | Mansfield TX Independent School District GO Prere. | 4.000% | 2/15/23 | 1,265 | 1,367 | |
| 19 | Mansfield TX Independent School District GO Prere. | 5.000% | 2/15/23 | 1,250 | 1,377 | |
| Mesquite TX Health Facilities Development Corp. Retirement Facility Revenue (Christian Care Centers Inc. Project) | 5.000% | 2/15/24 | 285 | 281 | ||
| 19 | Mesquite TX Independent School District GO | 4.000% | 8/15/30 | 1,155 | 1,331 | |
| 19 | Midlothian TX Independent School District Revenue GO PUT | 2.000% | 8/1/24 | 1,005 | 1,058 | |
| Montgomery TX GO | 4.000% | 3/1/30 | 1,840 | 2,223 | ||
| 19 | Montgomery TX Independent School District Refunding Bonds | 4.000% | 2/15/45 | 2,000 | 2,231 | |
| New Hope TX Cultural Education Facilities Finance Corp. First Mortgage Revenue (Morningside Ministries Project) | 6.250% | 1/1/33 | 1,640 | 1,719 | ||
| New Hope TX Cultural Education Facilities Finance Corp. Retirement Facilities Revenue (Westminster Manor Project) | 5.000% | 11/1/26 | 1,060 | 1,220 | ||
| New Hope TX Cultural Education Facilities Finance Corp. Retirement Facilities Revenue (Westminster Manor Project) | 5.000% | 11/1/27 | 1,000 | 1,149 | ||
| New Hope TX Cultural Education Facilities Finance Corp. Retirement Facilities Revenue (Westminster Manor Project) | 5.000% | 11/1/28 | 870 | 996 | ||
| New Hope TX Cultural Education Facilities Finance Corp. Student Housing Revenue (Tarleton State University Project) ETM | 5.000% | 4/1/23 | 200 | 220 | ||
| New Hope TX Cultural Education Facilities Finance Corp. Student Housing Revenue (Tarleton State University Project) ETM | 5.000% | 4/1/24 | 210 | 240 | ||
| New Hope TX Cultural Education Facilities Finance Corp. Student Housing Revenue (Tarleton State University Project) ETM | 5.000% | 4/1/25 | 240 | 285 | ||
64
Tax-Managed Balanced Fund
| Coupon |
Maturity
Date |
Face
Amount ($000) |
Market
Value• ($000) |
|||
| 19 | North East TX Independent School District GO | 5.250% | 2/1/22 | 580 | 612 | |
| North East TX Regional Mobility Authority Revenue | 5.000% | 1/1/30 | 2,390 | 2,757 | ||
| North Texas Municipal Water District Regional Wastewater System Revenue | 5.000% | 6/1/22 | 1,495 | 1,598 | ||
| North Texas Municipal Water District Regional Wastewater System Revenue | 5.000% | 6/1/23 | 1,555 | 1,734 | ||
| North Texas Municipal Water District Regional Wastewater System Revenue | 4.000% | 6/1/31 | 1,500 | 1,796 | ||
| North Texas Municipal Water District Water System Revenue | 5.000% | 9/1/22 | 1,645 | 1,776 | ||
| North Texas Municipal Water District Water System Revenue | 5.000% | 9/1/23 | 1,025 | 1,155 | ||
| North Texas Municipal Water District Water System Revenue | 5.000% | 9/1/33 | 4,000 | 4,768 | ||
| North Texas Municipal Water District Water System Revenue | 5.000% | 9/1/34 | 4,000 | 4,758 | ||
| North Texas Tollway Authority System Revenue | 5.000% | 1/1/26 | 1,060 | 1,155 | ||
| North Texas Tollway Authority System Revenue | 5.000% | 1/1/27 | 2,625 | 2,967 | ||
| North Texas Tollway Authority System Revenue | 5.000% | 1/1/29 | 1,245 | 1,454 | ||
| North Texas Tollway Authority System Revenue | 5.000% | 1/1/30 | 575 | 649 | ||
| North Texas Tollway Authority System Revenue | 5.000% | 1/1/32 | 1,820 | 2,109 | ||
| North Texas Tollway Authority System Revenue | 5.000% | 1/1/33 | 1,500 | 1,732 | ||
| North Texas Tollway Authority System Revenue | 5.000% | 1/1/34 | 1,730 | 1,993 | ||
| North Texas Tollway Authority System Revenue | 5.000% | 1/1/35 | 1,060 | 1,220 | ||
| North Texas Tollway Authority System Revenue | 4.000% | 1/1/36 | 1,015 | 1,162 | ||
| 3 | North Texas Tollway Authority System Revenue | 4.000% | 1/1/37 | 1,520 | 1,746 | |
| North Texas Tollway Authority System Revenue | 4.000% | 1/1/37 | 1,030 | 1,200 | ||
| North Texas Tollway Authority System Revenue | 4.000% | 1/1/37 | 1,250 | 1,473 | ||
| North Texas Tollway Authority System Revenue | 5.000% | 1/1/38 | 1,005 | 1,245 | ||
| North Texas Tollway Authority System Revenue Prere. | 5.500% | 9/1/21 | 500 | 517 | ||
| 19 | Northside TX Independent School District GO | 5.000% | 8/15/25 | 1,165 | 1,414 | |
| 19 | Northside TX Independent School District GO | 4.000% | 8/15/32 | 1,305 | 1,540 | |
| 19 | Northside TX Independent School District GO PUT | 0.700% | 6/1/25 | 1,000 | 1,009 | |
| 19 | Northwest Independent School District Texas GO | 5.000% | 2/15/26 | 1,000 | 1,202 | |
| 19 | Northwest Independent School District Texas GO | 4.000% | 2/15/38 | 2,400 | 2,976 | |
| 19 | Northwest Independent School District Texas GO Prere. | 5.000% | 2/15/25 | 1,760 | 2,099 | |
| 19 | Palestine Independent School District GO | 5.000% | 2/15/29 | 1,860 | 2,266 | |
| Pasadena TX GO | 4.000% | 2/15/28 | 1,000 | 1,141 | ||
| Pearland TX GO | 4.000% | 3/1/32 | 1,095 | 1,284 | ||
| Pearland TX GO | 4.000% | 3/1/33 | 910 | 1,062 | ||
| Pearland TX Waterworks & Sewer System Revenue | 4.000% | 9/1/32 | 240 | 283 | ||
| Pearland TX Waterworks & Sewer System Revenue | 4.000% | 9/1/33 | 340 | 398 | ||
| Pflugerville TX GO | 4.000% | 8/1/35 | 1,250 | 1,453 | ||
| 19 | Pflugerville TX Independent School District GO | 5.000% | 2/15/25 | 1,600 | 1,909 | |
| 19 | Richardson Independent School District GO | 5.000% | 2/15/26 | 3,020 | 3,730 | |
| San Antonio TX Electric & Gas Systems Revenue | 5.000% | 2/1/21 | 500 | 502 | ||
| San Antonio TX Electric & Gas Systems Revenue | 5.000% | 2/1/24 | 1,000 | 1,075 | ||
| San Antonio TX Electric & Gas Systems Revenue | 4.000% | 2/1/34 | 1,255 | 1,454 | ||
| San Antonio TX Electric & Gas Systems Revenue | 5.000% | 2/1/34 | 3,040 | 4,077 | ||
| San Antonio TX Electric & Gas Systems Revenue | 5.000% | 2/1/36 | 1,000 | 1,244 | ||
| San Antonio TX Electric & Gas Systems Revenue PUT | 1.125% | 12/1/26 | 150 | 155 | ||
| San Antonio TX GO | 5.000% | 2/1/26 | 1,000 | 1,192 | ||
| San Antonio TX GO Prere. | 5.000% | 2/1/21 | 1,000 | 1,004 | ||
| San Antonio TX GO Prere. | 5.000% | 2/1/21 | 500 | 502 | ||
| San Antonio TX GO Prere. | 4.000% | 8/1/22 | 1,000 | 1,060 | ||
| 19 | San Antonio TX Independent School District GO | 5.000% | 8/15/29 | 1,295 | 1,569 | |
65
Tax-Managed Balanced Fund
66
Tax-Managed Balanced Fund
| Coupon |
Maturity
Date |
Face
Amount ($000) |
Market
Value• ($000) |
|||
| Texas Transportation Commission Turnpike System Revenue | 5.000% | 8/15/33 | 525 | 597 | ||
| Texas Transportation Commission Turnpike System Revenue | 5.000% | 8/15/34 | 880 | 1,000 | ||
| Texas Transportation Commission Turnpike System Revenue | 5.000% | 8/15/37 | 2,460 | 2,804 | ||
| Texas Water Development Board Revenue | 4.000% | 10/15/32 | 1,065 | 1,303 | ||
| Texas Water Development Board Revenue | 4.000% | 10/15/33 | 1,635 | 2,017 | ||
| Texas Water Development Board Revenue | 4.000% | 10/15/34 | 1,465 | 1,805 | ||
| Texas Water Development Board Revenue | 4.000% | 10/15/35 | 2,860 | 3,448 | ||
| Texas Water Development Board Revenue | 4.000% | 10/15/35 | 1,770 | 2,080 | ||
| Texas Water Development Board State Implementation Revenue Fund (Master Trust) | 3.000% | 10/15/39 | 1,755 | 2,011 | ||
| Texas Water Financial Assistance GO | 5.000% | 8/1/27 | 260 | 267 | ||
| Texas Water Financial Assistance GO Prere. | 5.000% | 8/1/21 | 740 | 760 | ||
| Travis TX GO | 5.000% | 3/1/27 | 1,545 | 1,902 | ||
| Trinity River Authority of Texas Regional Wastewater System Revenue | 5.000% | 8/1/27 | 1,000 | 1,253 | ||
| Trinity River Authority of Texas Regional Wastewater System Revenue | 5.000% | 8/1/37 | 1,235 | 1,577 | ||
| 19 | United TX Independent School District GO Prere. | 5.000% | 8/15/24 | 2,550 | 2,979 | |
| University of Houston Texas Revenue | 5.000% | 2/15/28 | 5,000 | 6,127 | ||
| University of Houston Texas Revenue | 3.000% | 2/15/31 | 3,490 | 3,988 | ||
| University of Houston Texas Revenue | 4.000% | 2/15/33 | 1,840 | 2,083 | ||
| University of Houston Texas Revenue | 5.000% | 2/15/35 | 4,500 | 5,384 | ||
| University of North Texas Revenue | 4.000% | 4/15/34 | 1,110 | 1,311 | ||
| University of North Texas Revenue | 5.000% | 4/15/36 | 1,275 | 1,559 | ||
| University of Texas System Revenue Financing System Revenue | 5.000% | 8/15/23 | 1,150 | 1,296 | ||
| 6 | West Travis County TX Public Utility Agency Revenue | 5.000% | 8/15/27 | 1,235 | 1,575 | |
| 6 | West Travis County TX Public Utility Agency Revenue | 4.000% | 8/15/32 | 270 | 316 | |
| Williamson County TX GO | 5.000% | 2/15/23 | 230 | 242 | ||
| 350,251 | ||||||
| Utah (0.3%) | ||||||
| Alpine UT School District GO | 5.000% | 3/15/30 | 1,025 | 1,290 | ||
| Central Utah Water Conservancy District GO | 5.000% | 4/1/30 | 500 | 505 | ||
| Central Utah Water Conservancy District Revenue | 4.000% | 10/1/32 | 1,000 | 1,197 | ||
| Granite UT School District Salt Lake County GO | 5.000% | 6/1/28 | 6,260 | 8,272 | ||
| Jordan Valley UT Water Conservancy District Revenue | 4.000% | 10/1/32 | 750 | 890 | ||
| Utah County UT Hospital Revenue (IHC Health Services) | 5.000% | 5/15/34 | 750 | 960 | ||
| Utah County UT Hospital Revenue (IHC Health Services) | 5.000% | 5/15/35 | 850 | 1,086 | ||
| Utah GO | 5.000% | 7/1/21 | 1,300 | 1,331 | ||
| Utah GO | 5.000% | 7/1/22 | 1,410 | 1,512 | ||
| Utah GO | 5.000% | 7/1/24 | 1,015 | 1,185 | ||
| Utah Transit Authority Sales Tax Revenue | 5.000% | 6/15/26 | 1,000 | 1,199 | ||
| Utah Transit Authority Sales Tax Revenue | 5.000% | 6/15/37 | 585 | 672 | ||
| Utah Transit Authority Sales Tax Revenue Prere. | 5.000% | 6/15/25 | 1,285 | 1,555 | ||
| 21,654 | ||||||
| Vermont (0.0%) | ||||||
| University of Vermont & State Agricultural College GO | 5.000% | 10/1/38 | 1,000 | 1,486 | ||
| Virginia (0.8%) | ||||||
| 2 | Albemarle County VA Economic Development Authority Hospital Revenue (Sentara Martha Jefferson Obliged) VRDO | 0.070% | 1/4/21 | 1,200 | 1,200 | |
| Arlington County VA GO Prere. | 5.000% | 8/1/22 | 600 | 646 | ||
67
Tax-Managed Balanced Fund
| Coupon |
Maturity
Date |
Face
Amount ($000) |
Market
Value• ($000) |
|||
| Chesapeake VA Toll Road Revenue | 5.000% | 7/15/21 | 500 | 512 | ||
| Fairfax County VA GO | 5.000% | 10/1/23 | 1,255 | 1,421 | ||
| Fairfax County VA GO | 4.000% | 10/1/32 | 1,415 | 1,691 | ||
| Fairfax County VA GO | 5.000% | 10/1/34 | 695 | 943 | ||
| Fairfax County VA Public Improvement GO | 5.000% | 4/1/21 | 420 | 425 | ||
| Fairfax County VA Water Authority Revenue Prere. | 5.000% | 4/1/22 | 500 | 530 | ||
| Hampton Roads VA Transportation Accountability Commission Revenue | 5.000% | 7/1/22 | 1,700 | 1,819 | ||
| Henrico County VA Economic Development Authority Residential Care Facilities Revenue (Westminster Canterbury Richmond) | 4.000% | 10/1/33 | 600 | 683 | ||
| Mosaic VA District Community Development Authority Revenue | 4.000% | 3/1/33 | 750 | 894 | ||
| Norfolk VA Economic Development Authority Hospital Facilities Revenue (Sentara Healthcare) PUT | 5.000% | 11/1/28 | 1,170 | 1,522 | ||
| Norfolk VA GO | 5.000% | 8/1/21 | 2,040 | 2,097 | ||
| Norfolk VA GO Prere. | 5.000% | 9/1/24 | 1,090 | 1,280 | ||
| Norfolk VA GO Prere. | 5.000% | 9/1/24 | 1,345 | 1,579 | ||
| Norfolk VA Water Revenue | 5.000% | 11/1/31 | 5 | 5 | ||
| Norfolk VA Water Revenue | 5.000% | 11/1/34 | 1,155 | 1,463 | ||
| Norfolk VA Water Revenue Prere. | 5.000% | 5/1/22 | 495 | 527 | ||
| Richmond VA GO Prere. | 5.000% | 3/1/23 | 1,000 | 1,104 | ||
| Richmond VA Public Utility Revenue | 5.000% | 1/15/28 | 1,000 | 1,229 | ||
| Roanoke VA Economic Development Authority Hospital Revenue (Carilion Clinic Obligated Group) | 5.000% | 7/1/30 | 500 | 531 | ||
| Stafford County VA Economic Development Authority Hospital Facilities Revenue (Mary Washington Healthcare Obligated Group) | 5.000% | 6/15/24 | 1,120 | 1,283 | ||
| Virginia Beach VA Development Authority Residential Care Facility Revenue (Westminster-Canterbury on Chesapeake Bay) | 5.000% | 9/1/30 | 600 | 700 | ||
| Virginia Beach VA Development Authority Residential Care Facility Revenue (Westminster-Canterbury on Chesapeake Bay) | 5.000% | 9/1/33 | 425 | 492 | ||
| Virginia College Building Authority Educational Facilities Revenue (21st Century College & Equipment Programs) | 5.000% | 2/1/27 | 1,845 | 2,272 | ||
| Virginia College Building Authority Educational Facilities Revenue (21st Century College & Equipment Programs) | 3.000% | 2/1/35 | 1,500 | 1,707 | ||
| Virginia College Building Authority Educational Facilities Revenue (Public Higher Education Financing Program) | 5.000% | 9/1/22 | 265 | 286 | ||
| Virginia College Building Authority Educational Facilities Revenue (Public Higher Education Financing Program) | 4.000% | 9/1/36 | 2,130 | 2,556 | ||
| Virginia College Building Authority Educational Facilities Revenue (Public Higher Education Financing Program) ETM | 5.000% | 9/1/22 | 90 | 97 | ||
| Virginia Commonwealth Transportation Board Revenue | 5.000% | 9/15/21 | 2,410 | 2,491 | ||
| Virginia Commonwealth Transportation Board Revenue | 5.000% | 5/15/26 | 1,405 | 1,756 | ||
| Virginia Commonwealth Transportation Board Revenue | 4.000% | 5/15/35 | 1,280 | 1,507 | ||
| Virginia Commonwealth Transportation Board Revenue | 4.000% | 5/15/35 | 1,750 | 2,084 | ||
| Virginia Public Building Authority Public Facilities Revenue | 5.000% | 8/1/24 | 1,250 | 1,462 | ||
| Virginia Public Building Authority Revenue | 5.000% | 11/1/31 | 125 | 136 | ||
| Virginia Public School Authority Revenue | 5.000% | 8/1/22 | 1,335 | 1,436 | ||
| Virginia Public School Authority Revenue | 5.000% | 8/1/24 | 6,080 | 7,103 | ||
68
Tax-Managed Balanced Fund
| Coupon |
Maturity
Date |
Face
Amount ($000) |
Market
Value• ($000) |
|||
| Virginia Public School Authority School Technology & Security Notes Revenue | 5.000% | 4/15/24 | 2,180 | 2,517 | ||
| Wise County VA Industrial development Authority Solid Waste & Sewage Disposal Revenue (Virginia Electric & Power Co. Project) PUT | 0.750% | 9/2/25 | 575 | 580 | ||
| 52,566 | ||||||
| Washington (1.0%) | ||||||
| 5 | Bellingham WA Water & Sewer Revenue Refunding Bonds | 5.000% | 8/1/25 | 400 | 474 | |
| Central Puget Sound WA Regional Transit Authority Sales & Use Tax Revenue | 5.000% | 11/1/26 | 795 | 1,004 | ||
| Clark County WA School District No. 37 Vancouver Revenue | 5.000% | 12/1/32 | 1,080 | 1,424 | ||
| Energy Northwest Washington Electric Revenue (Columbia Generating Station) | 5.000% | 7/1/31 | 1,225 | 1,459 | ||
| Energy Northwest Washington Electric Revenue (Project No. 3) | 5.000% | 7/1/26 | 1,735 | 2,172 | ||
| King County WA GO | 5.000% | 1/1/24 | 500 | 524 | ||
| King County WA GO | 4.000% | 12/1/32 | 1,500 | 1,737 | ||
| King County WA Housing Authority Revenue | 3.000% | 6/1/40 | 1,000 | 1,074 | ||
| Lewis County WA Public Utility District No. 1 Revenue (Cowlitz Falls Hydroelectric Project) | 5.000% | 10/1/21 | 1,060 | 1,098 | ||
| Mason County WA Public Utility District No. 3 Revenue | 4.000% | 12/1/32 | 1,000 | 1,237 | ||
| Northwest Energy Washington Electric Revenue (Bonneville Power Administration) | 5.000% | 7/1/28 | 2,550 | 2,726 | ||
| Pierce County School District No. 3 Puyallup GO | 5.000% | 12/1/25 | 1,000 | 1,089 | ||
| Port of Seattle WA Revenue | 5.000% | 8/1/28 | 1,005 | 1,073 | ||
| Port of Seattle WA Revenue | 5.000% | 8/1/29 | 250 | 267 | ||
| Snohomish County WA School District No. 103 (Monroe) GO | 5.000% | 12/1/31 | 1,000 | 1,199 | ||
| University of Washington Revenue | 5.000% | 4/1/31 | 335 | 339 | ||
| Washington (Motor Vehicle Fuel Tax) GO | 5.000% | 7/1/23 | 375 | 384 | ||
| Washington (Motor Vehicle Fuel Tax) GO | 5.000% | 7/1/27 | 1,000 | 1,184 | ||
| Washington (Motor Vehicle Fuel Tax) GO | 4.000% | 7/1/31 | 1,500 | 1,677 | ||
| Washington Economic Development Finance Authority Lease Revenue (Washington Biomedical Research Properties 2) | 5.000% | 6/1/25 | 1,090 | 1,287 | ||
| Washington GO | 5.000% | 7/1/22 | 1,445 | 1,549 | ||
| Washington GO | 5.000% | 7/1/23 | 1,155 | 1,293 | ||
| Washington GO | 5.000% | 7/1/25 | 560 | 600 | ||
| Washington GO | 5.000% | 7/1/25 | 1,500 | 1,748 | ||
| Washington GO | 5.000% | 8/1/26 | 5,105 | 6,419 | ||
| Washington GO | 4.000% | 7/1/27 | 2,425 | 2,561 | ||
| Washington GO | 5.000% | 8/1/27 | 1,000 | 1,211 | ||
| Washington GO | 4.000% | 7/1/28 | 1,135 | 1,197 | ||
| Washington GO | 5.000% | 7/1/28 | 2,000 | 2,365 | ||
| Washington GO | 4.000% | 7/1/29 | 2,720 | 2,953 | ||
| Washington GO | 5.000% | 7/1/30 | 1,100 | 1,297 | ||
| Washington GO | 5.000% | 7/1/32 | 1,250 | 1,470 | ||
| 5 | Washington GO | 5.000% | 6/1/35 | 1,500 | 2,004 | |
| Washington GO | 5.000% | 8/1/36 | 2,070 | 2,667 | ||
| Washington GO | 5.000% | 8/1/37 | 3,685 | 4,237 | ||
| Washington GO | 5.000% | 8/1/38 | 2,070 | 2,652 | ||
| Washington GO Prere. | 5.000% | 2/1/22 | 500 | 526 | ||
| Washington Health Care Facilities Authority Revenue (Central Washington Health Services Association) | 5.000% | 7/1/30 | 1,760 | 2,025 | ||
| Washington Health Care Facilities Authority Revenue (CommonSpirit Health) | 5.000% | 8/1/32 | 1,750 | 2,243 | ||
69
Tax-Managed Balanced Fund
70
Tax-Managed Balanced Fund
| Coupon |
Maturity
Date |
Face
Amount ($000) |
Market
Value• ($000) |
|||
| Wisconsin Health & Educational Facilities Authority Revenue (Ascension Health Alliance Credit Group) | 5.000% | 11/15/36 | 2,265 | 2,744 | ||
| Wisconsin Health & Educational Facilities Authority Revenue (Aspirus, Inc. Obligated Group) | 5.000% | 8/15/25 | 1,670 | 1,861 | ||
| Wisconsin Health & Educational Facilities Authority Revenue (Children's Hospital of Wisconsin Inc.) | 4.000% | 8/15/31 | 1,010 | 1,188 | ||
| Wisconsin Health & Educational Facilities Authority Revenue (Marquette University) | 5.000% | 10/1/30 | 500 | 536 | ||
| Wisconsin Health & Educational Facilities Authority Revenue (ThedaCare Inc. Obligated Group) | 4.000% | 12/15/39 | 1,595 | 1,879 | ||
| Wisconsin Public Finance Authority Exempt Facilities Revenue (Wingate University) | 5.250% | 10/1/32 | 740 | 837 | ||
| Wisconsin Public Finance Authority Hospital Revenue (Renown Regional Medical Center) | 5.000% | 6/1/28 | 750 | 959 | ||
| Wisconsin Public Finance Authority Hospital Revenue (Renown Regional Medical Center) | 5.000% | 6/1/30 | 1,085 | 1,307 | ||
| Wisconsin Public Finance Authority Hospital Revenue (Renown Regional Medical Center) | 4.000% | 6/1/39 | 1,000 | 1,167 | ||
| Wisconsin Public Power System Power Supply System Revenue | 5.000% | 7/1/32 | 500 | 554 | ||
| Wisconsin Transportation Revenue | 5.000% | 7/1/31 | 1,490 | 1,886 | ||
| Wisconsin Transportation Revenue | 5.000% | 7/1/31 | 1,370 | 1,695 | ||
| Wisconsin Transportation Revenue | 5.000% | 7/1/33 | 2,755 | 3,173 | ||
| Wisconsin Transportation Revenue Prere. | 5.000% | 7/1/22 | 115 | 123 | ||
| Wisconsin Transportation Revenue Prere. | 5.000% | 7/1/22 | 385 | 413 | ||
| 64,256 | ||||||
| Wyoming (0.1%) | ||||||
| Lincoln County WY Pollution Control Revenue (ExxonMobil Project) VRDO | 0.100% | 1/4/21 | 8,635 | 8,635 | ||
| 6 | Wyoming Municipal Power Agency Power Supply Revenue | 5.000% | 1/1/34 | 1,000 | 1,213 | |
| 9,848 | ||||||
| Total Tax-Exempt Municipal Bonds (Cost $3,252,340) | 3,450,560 | |||||
71
Tax-Managed Balanced Fund
| Coupon |
Maturity
Date |
Face
Amount ($000) |
Market
Value• ($000) |
|||
| Temporary Cash Investments (0.1%) | ||||||
| U.S. Government and Agency Obligations (0.1%) | ||||||
| United States Treasury Bill (Cost $2,760) | 0.115% | 2/16/21 | 2,760 | 2,760 | ||
| Total Investments (99.4%) (Cost $4,674,877) | 6,815,787 | |||||
| Other Assets and Liabilities—Net (0.6%) | 43,065 | |||||
| Net Assets (100%) | 6,858,852 | |||||
| Cost is in $000. | |
| • | See Note A in Notes to Financial Statements. |
| * | Non-income-producing security. |
| 1 | Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group. |
| 2 | Scheduled principal and interest payments are guaranteed by bank letter of credit. |
| 3 | Scheduled principal and interest payments are guaranteed by Assured Guaranty Municipal Corp. |
| 4 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2020, the aggregate value of these securities was $22,899,000, representing 0.3% of net assets. |
| 5 | Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of December 31, 2020. |
| 6 | Scheduled principal and interest payments are guaranteed by Build America Mutual Assurance Co. |
| 7 | Scheduled principal and interest payments are guaranteed by Ambac Assurance Corp. |
| 8 | Scheduled principal and interest payments are guaranteed by National Public Finance Guarantee Corp. |
| 9 | Variable rate security; rate shown is effective rate at period end. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent based on current market conditions. |
| 10 | Scheduled principal and interest payments are guaranteed by Financial Guaranty Insurance Co. |
| 11 | Step bond. |
| 12 | Scheduled principal and interest payments are guaranteed by Assured Guaranty Corp. |
| 13 | Securities with a value of $431,000 have been segregated as initial margin for open futures contracts. |
| 14 | Scheduled principal and interest payments are guaranteed by Municipal Bond Insurance Association. |
| 15 | Scheduled principal and interest payments are guaranteed by Michigan School Board Loan Fund. |
| 16 | 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. |
| 17 | Scheduled principal and interest payments are guaranteed by Federal Housing Authority. |
| 18 | Scheduled principal and interest payments are guaranteed by Berkshire Hathaway Assurance Corp. |
| 19 | Scheduled principal and interest payments are guaranteed by Texas Permanent School Fund. |
| 3M—3-month. | |
| BAN—Bond Anticipation Note. | |
| COP—Certificate of Participation. | |
| ETM—Escrowed to Maturity. | |
| GAN—Grant Anticipation Note. | |
| GO—Government Obligation Bond. | |
| LIBOR—London Interbank Offered Rate. | |
| Prere.—Prerefunded. | |
| PUT—Put Option Obligation. | |
| REIT—Real Estate Investment Trust. | |
| SIFMA—Securities Industry and Financial Markets Association. | |
| TOB—Tender Option Bond. | |
| VRDO—Variable Rate Demand Obligation. |
72
Tax-Managed Balanced Fund
Derivative Financial
Instruments Outstanding as of Period End
| Futures Contracts | ||||
| ($000) | ||||
| Expiration |
Number of
Long (Short) Contracts |
Notional
Amount |
Value and
Unrealized Appreciation (Depreciation) |
|
| Long Futures Contracts | ||||
| 5-Year U.S. Treasury Note | March 2021 | 391 | 49,330 | 114 |
| E-mini S&P 500 Index | March 2021 | 247 | 46,298 | 965 |
| 1,079 | ||||
| Short Futures Contracts | ||||
| Ultra Long U.S. Treasury Bond | March 2021 | (54) | (11,533) | 131 |
| 1,210 | ||||
See accompanying Notes, which are an
integral part of the Financial Statements.
73
Tax-Managed Balanced Fund
Statement of Assets and Liabilities
As of December 31, 2020
| ($000s, except shares and per-share amounts) | Amount |
| Assets | |
| Investments in Securities, at Value | |
| Unaffiliated Issuers (Cost $4,607,783) | 6,747,101 |
| Affiliated Issuers (Cost $67,094) | 68,686 |
| Total Investments in Securities | 6,815,787 |
| Investment in Vanguard | 260 |
| Cash | 24,927 |
| Cash Collateral Pledged—Futures Contracts | 2,734 |
| Receivables for Accrued Income | 37,194 |
| Receivables for Capital Shares Issued | 13,711 |
| Variation Margin Receivable—Futures Contracts | 444 |
| Total Assets | 6,895,057 |
| Liabilities | |
| Payables for Investment Securities Purchased | 33,388 |
| Payables for Capital Shares Redeemed | 2,463 |
| Payables to Vanguard | 332 |
| Variation Margin Payable—Futures Contracts | 22 |
| Total Liabilities | 36,205 |
| Net Assets | 6,858,852 |
| At December 31, 2020, net assets consisted of: | |
| Paid-in Capital | 4,808,646 |
| Total Distributable Earnings (Loss) | 2,050,206 |
| Net Assets | 6,858,852 |
| Net Assets | |
| Applicable to 180,189,814 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 6,858,852 |
| Net Asset Value Per Share | $38.06 |
See accompanying Notes, which are an
integral part of the Financial Statements.
74
Tax-Managed Balanced Fund
Statement of Operations
|
Year Ended
December 31, 2020 |
|
| ($000) | |
| Investment Income | |
| Income | |
| Dividends1 | 45,749 |
| Interest | 72,979 |
| Total Income | 118,728 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 430 |
| Management and Administrative | 4,520 |
| Marketing and Distribution | 329 |
| Custodian Fees | 21 |
| Auditing Fees | 31 |
| Shareholders’ Reports | 38 |
| Trustees’ Fees and Expenses | 4 |
| Total Expenses | 5,373 |
| Net Investment Income | 113,355 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold1,2 | (27,906) |
| Futures Contracts | 2,116 |
| Realized Net Gain (Loss) | (25,790) |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities1 | 659,188 |
| Futures Contracts | 432 |
| Change in Unrealized Appreciation (Depreciation) | 659,620 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 747,185 |
| 1 | Dividend income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $747,000, $353,000, and $1,592,000, respectively. Purchases and sales were $119,781,000 and $53,040,000, respectively. |
| 2 | Includes $15,877,000 of net gain (loss) resulting from in-kind redemptions. |
See accompanying Notes, which are an
integral part of the Financial Statements.
75
Tax-Managed Balanced Fund
Statement of Changes in Net Assets
| Year Ended December 31, | ||
|
2020
($000) |
2019
($000) |
|
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 113,355 | 111,513 |
| Realized Net Gain (Loss) | (25,790) | (13,758) |
| Change in Unrealized Appreciation (Depreciation) | 659,620 | 733,500 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 747,185 | 831,255 |
| Distributions1 | ||
| Total Distributions | (113,354) | (113,064) |
| Capital Share Transactions | ||
| Issued | 1,240,383 | 1,111,257 |
| Issued in Lieu of Cash Distributions | 93,196 | 93,909 |
| Redeemed | (917,289) | (484,987) |
| Net Increase (Decrease) from Capital Share Transactions | 416,290 | 720,179 |
| Total Increase (Decrease) | 1,050,121 | 1,438,370 |
| Net Assets | ||
| Beginning of Period | 5,808,731 | 4,370,361 |
| End of Period | 6,858,852 | 5,808,731 |
| 1 | Certain prior-period numbers have been reclassified to conform with the current-period presentation. |
See accompanying Notes, which are an
integral part of the Financial Statements.
76
Tax-Managed Balanced Fund
Financial Highlights
|
For a Share Outstanding
Throughout Each Period |
Year Ended December 31, | ||||
| 2020 | 2019 | 2018 | 2017 | 2016 | |
| Net Asset Value, Beginning of Period | $34.25 | $29.65 | $30.73 | $27.85 | $26.86 |
| Investment Operations | |||||
| Net Investment Income | .6581 | .7011 | .6881 | .6221 | .595 |
| Net Realized and Unrealized Gain (Loss) on Investments | 3.808 | 4.603 | (1.110) | 2.871 | .989 |
| Total from Investment Operations | 4.466 | 5.304 | (.422) | 3.493 | 1.584 |
| Distributions | |||||
| Dividends from Net Investment Income2 | (.656) | (.704) | (.658) | (.613) | (.594) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (.656) | (.704) | (.658) | (.613) | (.594) |
| Net Asset Value, End of Period | $38.06 | $34.25 | $29.65 | $30.73 | $27.85 |
| Total Return3 | 13.30% | 18.01% | -1.43% | 12.64% | 5.94% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $6,859 | $5,809 | $4,370 | $3,930 | $3,096 |
| Ratio of Total Expenses to Average Net Assets | 0.09% | 0.09% | 0.09% | 0.09% | 0.09% |
| Ratio of Net Investment Income to Average Net Assets | 1.90% | 2.16% | 2.22% | 2.11% | 2.20% |
| Portfolio Turnover Rate4 | 20% | 12% | 11% | 9% | 11% |
| 1 | Calculated based on average shares outstanding. |
| 2 | For tax purposes, nontaxable dividends represent 62%, 61%, 61%, 61%, and 57% of dividends from net investment income. |
| 3 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares. |
See accompanying
Notes, which are an integral part of the Financial Statements.
77
Tax-Managed Balanced Fund
Notes to Financial Statements
Vanguard Tax-Managed Balanced
Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in debt instruments of many municipal issuers; the issuers’ abilities to meet their
obligations may be affected by economic and political developments in a specific state or region. Many municipalities insure repayment of their bonds. The insurance does not guarantee the market value of the municipal
bonds.
Market disruptions associated
with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus fund performance.
| A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
1. Security Valuation:
Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official
closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Bonds and temporary cash
investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent
pricing services. Securities for which market quotations are not readily available, or whose values have been materially affected by events occurring before the fund's pricing time but after the close of the
securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value.
2. Futures Contracts:
The fund uses futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are attractively priced,
or to adjust sensitivity to changes in interest rates. The fund also uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity.
The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the
use of futures contracts are imperfect correlation between changes in market values of bonds or stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk
involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors
the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s
performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of
Investments.
Futures contracts are valued
at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of
Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures
contracts.
78
Tax-Managed Balanced Fund
During the year ended December
31, 2020, the fund’s average investments in long and short futures contracts represented 1% and less than 1% of net assets, respectively, based on the average of the notional amounts at each quarter-end during
the period.
3. Federal Income Taxes:
The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. The fund’s tax returns are open to examination by the relevant tax authorities until expiration
of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state income tax
years, and has concluded that no provision for income tax is required in the fund’s financial statements.
4. Distributions:
Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial
reporting purposes.
5. Credit Facilities and
Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit
agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be
utilized for temporary or emergency purposes, subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged
administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility; 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 either facility bear interest at a rate based upon the higher of the one-month London Interbank
Offered Rate (or an acceptable alternate rate, if necessary), federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread, except that borrowings under the uncommitted credit facility may
bear interest based upon an alternative rate agreed to by the fund and Vanguard.
In accordance with an
exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each
other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment
objective and investment policies. Interfund loans and borrowings normally extend overnight, but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to
be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the year ended December
31, 2020, the fund did not utilize the credit facilities or the Interfund Lending Program.
6. Other: Dividend
income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair value of the securities received. Interest income is accrued daily. Premiums and discounts
on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on
79
Tax-Managed Balanced Fund
certain callable debt securities that are
amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of
the specific securities sold.
| B. | In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
Upon the request of Vanguard,
the fund may invest up to 0.40% of its net assets as capital in Vanguard. At December 31, 2020, the fund had contributed to Vanguard capital in the amount of $260,000, representing less than 0.01% of the fund’s
net assets and 0.10% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
| C. | Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. |
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant
unobservable inputs are noted on the Schedule of Investments.
The following table summarizes
the market value of the fund's investments and derivatives as of December 31, 2020, based on the inputs used to value them:
|
Level 1
($000) |
Level 2
($000) |
Level 3
($000) |
Total
($000) |
|
| Investments | ||||
| Assets | ||||
| Common Stocks | 3,362,467 | — | — | 3,362,467 |
| Tax-Exempt Municipal Bonds | — | 3,450,560 | — | 3,450,560 |
| Temporary Cash Investments | — | 2,760 | — | 2,760 |
| Total | 3,362,467 | 3,453,320 | — | 6,815,787 |
| Derivative Financial Instruments | ||||
| Assets | ||||
| Futures Contracts1 | 444 | — | — | 444 |
| Liabilities | ||||
| Futures Contracts1 | 22 | — | — | 22 |
| 1 | Represents variation margin on the last day of the reporting period. |
| D. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These |
80
Tax-Managed Balanced Fund
reclassifications have no effect on net
assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for in-kind redemptions were reclassified between the following accounts:
|
Amount
($000) |
|
| Paid-in Capital | 15,877 |
| Total Distributable Earnings (Loss) | (15,877) |
Temporary differences between
book-basis and tax-basis components of total distributable earnings (losses) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these
differences will reverse at some time in the future. The differences are primarily related to the deferral of losses from wash sales; the deferral of losses from straddles; the recognition of unrealized gains or
losses from certain derivative contracts; and the classification of securities for tax purposes. As of period end, the tax-basis components of total distributable earnings (losses) are detailed in the table as
follows:
|
Amount
($000) |
|
| Undistributed Tax-Exempt Income | 82 |
| Undistributed Ordinary Income | 14 |
| Undistributed Long-Term Gains | — |
| Capital Loss Carryforwards | (87,047) |
| Qualified Late-Year Losses | — |
| Net Unrealized Gains (Losses) | 2,137,157 |
The tax character of
distributions paid was as follows:
| Year Ended December 31, | ||
|
2020
Amount ($000) |
2019
Amount ($000) |
|
| Tax-Exempt Income | 69,539 | 68,608 |
| Ordinary Income | 43,815 | 44,456 |
| Long-Term Capital Gains | — | — |
| Total | 113,354 | 113,064 |
As of December 31, 2020,
gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
81
Tax-Managed Balanced Fund
| E. | During the year ended December 31, 2020, the fund purchased $1,498,337,000 of investment securities and sold $1,187,061,000 of investment securities, other than temporary cash investments. Purchases and sales include $0 and $16,962,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares. |
The fund purchased securities
from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment
Company Act of 1940. For the year ended December 31, 2020, such purchases and sales were $489,185,000 and $389,570,000, respectively; these amounts, other than temporary cash investments, are included in the purchases
and sales of investment securities noted above.
| F. | Capital shares issued and redeemed were: |
| Year Ended December 31, | |||
|
2020
Shares (000) |
2019
Shares (000) |
||
| Issued | 35,874 | 34,370 | |
| Issued in Lieu of Cash Distributions | 2,756 | 2,858 | |
| Redeemed | (28,026) | (15,016) | |
| Net Increase (Decrease) in Shares Outstanding | 10,604 | 22,212 | |
| G. | Management has determined that no events or transactions occurred subsequent to December 31, 2020, that would require recognition or disclosure in these financial statements. |
82
Tax-Managed Capital Appreciation Fund
Performance Summary
All of the returns in this
report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current
to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth
more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance:
December 31, 2010, Through December 31, 2020
Initial Investment of $10,000
|
Average Annual Total Returns
Periods Ended December 31, 2020 |
|||||
|
One
Year |
Five
Years |
Ten
Years |
Final Value
of a $10,000 Investment |
||
|
|
Tax-Managed Capital Appreciation Fund Admiral Shares | 21.07% | 15.70% | 14.10% | $37,405 |
|
|
Russell 1000 Index | 20.96 | 15.60 | 14.01 | 37,102 |
|
|
Dow Jones U.S. Total Stock Market Float Adjusted Index | 20.79 | 15.36 | 13.74 | 36,240 |
|
One
Year |
Five
Years |
Ten
Years |
Final Value
of a $5,000,000 Investment |
||
| Tax-Managed Capital Appreciation Fund Institutional Shares | 21.08% | 15.74% | 14.14% | $18,762,111 | |
| Russell 1000 Index | 20.96 | 15.60 | 14.01 | 18,550,944 | |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 20.79 | 15.36 | 13.74 | 18,120,128 | |
See Financial
Highlights for dividend and capital gains information.
83
Tax-Managed Capital Appreciation Fund
Fund Allocation
As of December 31, 2020
| Basic Materials | 1.8% |
| Consumer Discretionary | 17.0 |
| Consumer Services | 0.0 |
| Consumer Staples | 5.3 |
| Energy | 2.1 |
| Financials | 10.3 |
| Health Care | 12.8 |
| Industrials | 14.2 |
| Other | 0.0 |
| Real Estate | 3.1 |
| Technology | 27.4 |
| Telecommunications | 3.3 |
| Utilities | 2.7 |
The table reflects the fund's
investments, except for short-term investments and derivatives. Sector categories are based on the Industry Classification Benchmark (“ICB”), except for the “Other” category (if applicable),
which includes securities that have not been provided an ICB classification as of the effective reporting period.
The Industry
Classification Benchmark (“ICB”) is owned by FTSE. FTSE does not accept any liability to any person for any loss or damage arising out of any error or omission in the ICB.
84
Tax-Managed Capital Appreciation Fund
Financial Statements
Schedule of Investments
As of December 31, 2020
The fund files its complete
schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports
are available on the SEC’s website at www.sec.gov.
| Shares |
Market
Value• ($000) |
|||||
| Common Stocks (99.9%) | ||||||
| Basic Materials (1.8%) | ||||||
| Linde plc | 184,824 | 48,703 | ||||
| Ecolab Inc. | 124,671 | 26,974 | ||||
| Newmont Corp. | 319,112 | 19,112 | ||||
| Air Products and Chemicals Inc. | 64,373 | 17,588 | ||||
| FMC Corp. | 139,839 | 16,072 | ||||
| Albemarle Corp. | 93,422 | 13,782 | ||||
| Celanese Corp. Class A | 99,812 | 12,969 | ||||
| Fastenal Co. | 264,288 | 12,905 | ||||
| Scotts Miracle-Gro Co. | 58,646 | 11,679 | ||||
| LyondellBasell Industries NV Class A | 123,383 | 11,309 | ||||
| Southern Copper Corp. | 151,668 | 9,877 | ||||
| Freeport-McMoRan Inc. | 357,538 | 9,303 | ||||
| * | Alcoa Corp. | 363,031 | 8,368 | |||
| Dow Inc. | 129,023 | 7,161 | ||||
| Mosaic Co. | 265,008 | 6,098 | ||||
| Reliance Steel & Aluminum Co. | 47,511 | 5,689 | ||||
| Nucor Corp. | 71,365 | 3,796 | ||||
| Element Solutions Inc. | 176,547 | 3,130 | ||||
| Eastman Chemical Co. | 20,871 | 2,093 | ||||
| International Paper Co. | 41,683 | 2,072 | ||||
| * | AdvanSix Inc. | 90,394 | 1,807 | |||
| Hexcel Corp. | 33,002 | 1,600 | ||||
| Westlake Chemical Corp. | 18,022 | 1,471 | ||||
| CF Industries Holdings Inc. | 35,526 | 1,375 | ||||
| W R Grace & Co. | 22,732 | 1,246 | ||||
| Royal Gold Inc. | 6,912 | 735 | ||||
| United States Steel Corp. | 22,107 | 371 | ||||
| Avery Dennison Corp. | 1,541 | 239 | ||||
| Ashland Global Holdings Inc. | 2,523 | 200 | ||||
| International Flavors & Fragrances Inc. | 1,345 | 146 | ||||
| 257,870 | ||||||
| Consumer Discretionary (17.0%) | ||||||
| * | Amazon.com Inc. | 167,755 | 546,366 | |||
| Shares |
Market
Value• ($000) |
|||||
| * | Tesla Inc. | 291,805 | 205,918 | |||
| * | Walt Disney Co. | 718,969 | 130,263 | |||
| Home Depot Inc. | 407,845 | 108,332 | ||||
| * | Netflix Inc. | 168,110 | 90,902 | |||
| Walmart Inc. | 527,802 | 76,083 | ||||
| NIKE Inc. Class B | 465,745 | 65,889 | ||||
| Costco Wholesale Corp. | 174,571 | 65,775 | ||||
| McDonald's Corp. | 281,388 | 60,380 | ||||
| Lowe's Cos. Inc. | 335,319 | 53,822 | ||||
| Starbucks Corp. | 481,204 | 51,479 | ||||
| * | Copart Inc. | 312,132 | 39,719 | |||
| * | Booking Holdings Inc. | 15,692 | 34,950 | |||
| Estee Lauder Cos. Inc. Class A | 120,437 | 32,059 | ||||
| Target Corp. | 168,692 | 29,779 | ||||
| Activision Blizzard Inc. | 314,746 | 29,224 | ||||
| TJX Cos. Inc. | 420,379 | 28,708 | ||||
| Ross Stores Inc. | 212,711 | 26,123 | ||||
| Marriott International Inc. Class A | 190,777 | 25,167 | ||||
| * | O'Reilly Automotive Inc. | 52,052 | 23,557 | |||
| * | AutoZone Inc. | 19,261 | 22,833 | |||
| eBay Inc. | 369,857 | 18,585 | ||||
| * | NVR Inc. | 4,451 | 18,159 | |||
| Dollar General Corp. | 85,818 | 18,048 | ||||
| Electronic Arts Inc. | 115,721 | 16,618 | ||||
| * | CarMax Inc. | 173,013 | 16,343 | |||
| Yum! Brands Inc. | 148,953 | 16,170 | ||||
| * | Uber Technologies Inc. | 311,686 | 15,896 | |||
| DR Horton Inc. | 223,326 | 15,392 | ||||
| * | Spotify Technology SA | 47,026 | 14,797 | |||
| * | Dollar Tree Inc. | 129,701 | 14,013 | |||
| Southwest Airlines Co. | 284,914 | 13,280 | ||||
| Yum China Holdings Inc. | 219,948 | 12,557 | ||||
| * | Lululemon Athletica Inc. | 35,968 | 12,518 | |||
| Delta Air Lines Inc. | 310,335 | 12,479 | ||||
| General Motors Co. | 298,701 | 12,438 | ||||
| * | Capri Holdings Ltd. | 277,612 | 11,660 | |||
| Dolby Laboratories Inc. Class A | 115,638 | 11,232 | ||||
| * | Chipotle Mexican Grill Inc. Class A | 8,048 | 11,160 | |||
85
Tax-Managed Capital Appreciation Fund
| Shares |
Market
Value• ($000) |
|||||
| Lennar Corp. Class A | 139,359 | 10,623 | ||||
| * | Tempur Sealy International Inc. | 390,092 | 10,532 | |||
| PVH Corp. | 112,051 | 10,520 | ||||
| Gentex Corp. | 302,760 | 10,273 | ||||
| PulteGroup Inc. | 230,354 | 9,933 | ||||
| * | Zynga Inc. Class A | 926,065 | 9,140 | |||
| * | Trade Desk Inc. Class A | 11,201 | 8,972 | |||
| Expedia Group Inc. | 67,567 | 8,946 | ||||
| Darden Restaurants Inc. | 71,885 | 8,563 | ||||
| Hilton Worldwide Holdings Inc. | 76,165 | 8,474 | ||||
| * | Live Nation Entertainment Inc. | 114,264 | 8,396 | |||
| Advance Auto Parts Inc. | 53,298 | 8,395 | ||||
| VF Corp. | 85,904 | 7,337 | ||||
| Hasbro Inc. | 76,898 | 7,193 | ||||
| MGM Resorts International | 224,393 | 7,071 | ||||
| Royal Caribbean Cruises Ltd. | 90,926 | 6,791 | ||||
| Aptiv plc | 51,636 | 6,728 | ||||
| * | Liberty Media Corp.-Liberty SiriusXM Class C | 154,212 | 6,710 | |||
| * | Visteon Corp. | 52,868 | 6,636 | |||
| * | Take-Two Interactive Software Inc. | 30,974 | 6,436 | |||
| * | JetBlue Airways Corp. | 435,300 | 6,329 | |||
| * | Burlington Stores Inc. | 23,758 | 6,214 | |||
| Interpublic Group of Cos. Inc. | 259,529 | 6,104 | ||||
| * | Norwegian Cruise Line Holdings Ltd. | 234,147 | 5,954 | |||
| Las Vegas Sands Corp. | 99,438 | 5,927 | ||||
| Hyatt Hotels Corp. Class A | 77,726 | 5,771 | ||||
| * | AutoNation Inc. | 81,769 | 5,707 | |||
| * | IAA Inc. | 87,027 | 5,655 | |||
| * | Discovery Inc. Class C | 211,533 | 5,540 | |||
| * | Carvana Co. Class A | 23,076 | 5,528 | |||
| * | Under Armour Inc. Class C | 365,732 | 5,442 | |||
| ViacomCBS Inc. Class B | 142,313 | 5,303 | ||||
| American Airlines Group Inc. | 333,400 | 5,258 | ||||
| * | Wayfair Inc. Class A | 23,136 | 5,224 | |||
| Brinker International Inc. | 88,019 | 4,979 | ||||
| * | United Airlines Holdings Inc. | 114,917 | 4,970 | |||
| * | Mohawk Industries Inc. | 32,130 | 4,529 | |||
| BorgWarner Inc. | 115,872 | 4,477 | ||||
| * | Bright Horizons Family Solutions Inc. | 25,671 | 4,441 | |||
| Vail Resorts Inc. | 15,867 | 4,426 | ||||
| * | Floor & Decor Holdings Inc. Class A | 47,227 | 4,385 | |||
| Shares |
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Value• ($000) |
|||||
| Best Buy Co. Inc. | 43,631 | 4,354 | ||||
| Toll Brothers Inc. | 97,169 | 4,224 | ||||
| * | AMC Networks Inc. Class A | 113,435 | 4,058 | |||
| * | Liberty Media Corp.-Liberty SiriusXM Class A | 93,616 | 4,043 | |||
| Sirius XM Holdings Inc. | 614,472 | 3,914 | ||||
| * | Liberty Media Corp.-Liberty Formula One Class C | 90,972 | 3,875 | |||
| Ford Motor Co. | 439,632 | 3,864 | ||||
| Lear Corp. | 24,271 | 3,860 | ||||
| Murphy USA Inc. | 29,029 | 3,799 | ||||
| Tractor Supply Co. | 23,667 | 3,327 | ||||
| * | Ulta Beauty Inc. | 11,054 | 3,174 | |||
| Qurate Retail Inc. Class A | 287,788 | 3,157 | ||||
| Omnicom Group Inc. | 50,464 | 3,147 | ||||
| * | Etsy Inc. | 16,913 | 3,009 | |||
| * | Peloton Interactive Inc. Class A | 19,400 | 2,943 | |||
| Hanesbrands Inc. | 201,094 | 2,932 | ||||
| * | Five Below Inc. | 16,637 | 2,911 | |||
| Wynn Resorts Ltd. | 24,711 | 2,788 | ||||
| * | Terminix Global Holdings Inc. | 54,101 | 2,760 | |||
| Ralph Lauren Corp. Class A | 26,366 | 2,735 | ||||
| Pool Corp. | 7,269 | 2,708 | ||||
| News Corp. Class A | 149,164 | 2,680 | ||||
| Foot Locker Inc. | 66,070 | 2,672 | ||||
| * | LKQ Corp. | 74,828 | 2,637 | |||
| * | Planet Fitness Inc. Class A | 30,743 | 2,387 | |||
| Carnival Corp. | 105,373 | 2,282 | ||||
| Polaris Inc. | 22,874 | 2,179 | ||||
| * | Lyft Inc. Class A | 43,861 | 2,155 | |||
| Harley-Davidson Inc. | 53,991 | 1,981 | ||||
| Domino's Pizza Inc. | 5,111 | 1,960 | ||||
| * | Mattel Inc. | 111,801 | 1,951 | |||
| * | Madison Square Garden Sports Corp. | 10,563 | 1,945 | |||
| * | frontdoor Inc. | 36,832 | 1,849 | |||
| * | Liberty Media Corp.-Liberty Formula One Class A | 48,061 | 1,826 | |||
| * | Skechers U.S.A. Inc. Class A | 50,066 | 1,799 | |||
| Aramark | 45,301 | 1,743 | ||||
| * | TripAdvisor Inc. | 59,730 | 1,719 | |||
| AMERCO | 3,700 | 1,680 | ||||
| Genuine Parts Co. | 15,808 | 1,588 | ||||
| * | Urban Outfitters Inc. | 60,542 | 1,550 | |||
| * | Discovery Inc. Class A | 48,210 | 1,451 | |||
| KAR Auction Services Inc. | 70,720 | 1,316 | ||||
86
Tax-Managed Capital Appreciation Fund
| Shares |
Market
Value• ($000) |
|||||
| * | Madison Square Garden Entertainment Corp. | 11,299 | 1,187 | |||
| * | Grand Canyon Education Inc. | 11,186 | 1,042 | |||
| Nordstrom Inc. | 26,916 | 840 | ||||
| John Wiley & Sons Inc. Class A | 17,354 | 792 | ||||
| Tiffany & Co. | 5,492 | 722 | ||||
| * | Lions Gate Entertainment Corp. Class B | 62,992 | 654 | |||
| Lennar Corp. Class B | 10,425 | 638 | ||||
| New York Times Co. Class A | 10,912 | 565 | ||||
| * | 2U Inc. | 8,853 | 354 | |||
| Garmin Ltd. | 2,897 | 347 | ||||
| * | Under Armour Inc. Class A | 19,750 | 339 | |||
| * | Airbnb Inc. Class A | 1,720 | 252 | |||
| Service Corp. International | 4,359 | 214 | ||||
| Thor Industries Inc. | 2,150 | 200 | ||||
| Wendy's Co. | 7,938 | 174 | ||||
| Nexstar Media Group Inc. Class A | 1,169 | 128 | ||||
| Warner Music Group Corp. Class A | 1,414 | 54 | ||||
| Graham Holdings Co. Class B | 1 | 1 | ||||
| 2,409,940 | ||||||
| Consumer Staples (5.2%) | ||||||
| Procter & Gamble Co. | 952,158 | 132,483 | ||||
| Coca-Cola Co. | 1,464,748 | 80,327 | ||||
| PepsiCo Inc. | 535,067 | 79,350 | ||||
| Philip Morris International Inc. | 562,458 | 46,566 | ||||
| Mondelez International Inc. Class A | 613,781 | 35,888 | ||||
| Colgate-Palmolive Co. | 383,803 | 32,819 | ||||
| CVS Health Corp. | 442,343 | 30,212 | ||||
| * | Monster Beverage Corp. | 298,547 | 27,610 | |||
| Constellation Brands Inc. Class A | 83,261 | 18,238 | ||||
| McCormick & Co. Inc. (Non-Voting) | 172,666 | 16,507 | ||||
| Altria Group Inc. | 380,314 | 15,593 | ||||
| Brown-Forman Corp. Class B | 191,278 | 15,193 | ||||
| Church & Dwight Co. Inc. | 172,528 | 15,050 | ||||
| Clorox Co. | 72,758 | 14,691 | ||||
| Kroger Co. | 430,206 | 13,663 | ||||
| Kimberly-Clark Corp. | 97,965 | 13,209 | ||||
| McKesson Corp. | 71,832 | 12,493 | ||||
| Hershey Co. | 80,963 | 12,333 | ||||
| Shares |
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Value• ($000) |
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| Archer-Daniels-Midland Co. | 242,636 | 12,231 | ||||
| Corteva Inc. | 299,039 | 11,579 | ||||
| Walgreens Boots Alliance Inc. | 274,260 | 10,937 | ||||
| AmerisourceBergen Corp. Class A | 108,828 | 10,639 | ||||
| Tyson Foods Inc. Class A | 163,958 | 10,565 | ||||
| Hormel Foods Corp. | 224,493 | 10,464 | ||||
| General Mills Inc. | 150,379 | 8,842 | ||||
| Sysco Corp. | 93,436 | 6,939 | ||||
| J M Smucker Co. | 51,896 | 5,999 | ||||
| Campbell Soup Co. | 103,441 | 5,001 | ||||
| Ingredion Inc. | 54,756 | 4,308 | ||||
| Keurig Dr Pepper Inc. | 121,099 | 3,875 | ||||
| * | US Foods Holding Corp. | 102,093 | 3,401 | |||
| Molson Coors Beverage Co. Class B | 71,712 | 3,241 | ||||
| Kraft Heinz Co. | 83,022 | 2,877 | ||||
| * | Post Holdings Inc. | 25,230 | 2,548 | |||
| * | Hain Celestial Group Inc. | 62,113 | 2,494 | |||
| * | Beyond Meat Inc. | 18,411 | 2,301 | |||
| Energizer Holdings Inc. | 44,751 | 1,888 | ||||
| Lamb Weston Holdings Inc. | 23,087 | 1,818 | ||||
| Kellogg Co. | 26,928 | 1,676 | ||||
| Bunge Ltd. | 20,905 | 1,371 | ||||
| * | Herbalife Nutrition Ltd. | 27,738 | 1,333 | |||
| Edgewell Personal Care Co. | 22,863 | 791 | ||||
| Conagra Brands Inc. | 13,899 | 504 | ||||
| * | Pilgrim's Pride Corp. | 24,098 | 473 | |||
| Casey's General Stores Inc. | 1,891 | 338 | ||||
| * | TreeHouse Foods Inc. | 7,588 | 322 | |||
| * | Grocery Outlet Holding Corp. | 6,987 | 274 | |||
| Brown-Forman Corp. Class A | 2,600 | 191 | ||||
| Flowers Foods Inc. | 8,141 | 184 | ||||
| Spectrum Brands Holdings Inc. | 10 | 1 | ||||
| 741,630 | ||||||
| Energy (2.1%) | ||||||
| Exxon Mobil Corp. | 1,633,681 | 67,340 | ||||
| Chevron Corp. | 665,782 | 56,225 | ||||
| ConocoPhillips | 457,409 | 18,292 | ||||
| Schlumberger NV | 550,315 | 12,013 | ||||
| Phillips 66 | 163,306 | 11,422 | ||||
| Valero Energy Corp. | 175,202 | 9,911 | ||||
| EOG Resources Inc. | 176,032 | 8,779 | ||||
| Pioneer Natural Resources Co. | 65,052 | 7,409 | ||||
| * | Transocean Ltd. | 3,013,163 | 6,960 | |||
| * | WPX Energy Inc. | 819,659 | 6,680 | |||
| Halliburton Co. | 347,020 | 6,559 | ||||
87
Tax-Managed Capital Appreciation Fund
| Shares |
Market
Value• ($000) |
|||||
| Occidental Petroleum Corp. | 332,618 | 5,758 | ||||
| Hess Corp. | 108,797 | 5,743 | ||||
| * | Antero Resources Corp. | 1,030,781 | 5,618 | |||
| Williams Cos. Inc. | 279,381 | 5,602 | ||||
| * | Cheniere Energy Inc. | 91,545 | 5,495 | |||
| Baker Hughes Co. Class A | 260,058 | 5,422 | ||||
| Marathon Petroleum Corp. | 125,738 | 5,201 | ||||
| * | First Solar Inc. | 45,956 | 4,546 | |||
| Diamondback Energy Inc. | 92,292 | 4,467 | ||||
| Concho Resources Inc. | 66,922 | 3,905 | ||||
| Cabot Oil & Gas Corp. | 209,282 | 3,407 | ||||
| * | Range Resources Corp. | 489,375 | 3,279 | |||
| National Oilwell Varco Inc. | 212,970 | 2,924 | ||||
| * | Enphase Energy Inc. | 16,400 | 2,878 | |||
| EQT Corp. | 224,460 | 2,853 | ||||
| Targa Resources Corp. | 89,415 | 2,359 | ||||
| Apache Corp. | 149,548 | 2,122 | ||||
| * | ChampionX Corp. | 137,859 | 2,109 | |||
| * | SolarEdge Technologies Inc. | 6,500 | 2,074 | |||
| Patterson-UTI Energy Inc. | 331,355 | 1,743 | ||||
| Parsley Energy Inc. Class A | 116,188 | 1,650 | ||||
| Cimarex Energy Co. | 39,650 | 1,487 | ||||
| Marathon Oil Corp. | 220,746 | 1,472 | ||||
| Continental Resources Inc. | 86,664 | 1,413 | ||||
| Devon Energy Corp. | 87,270 | 1,380 | ||||
| HollyFrontier Corp. | 30,826 | 797 | ||||
| ONEOK Inc. | 20,529 | 788 | ||||
| * | Centennial Resource Development Inc. Class A | 514,904 | 772 | |||
| Antero Midstream Corp. | 96,216 | 742 | ||||
| Equitrans Midstream Corp. | 61,755 | 496 | ||||
| 300,092 | ||||||
| Financials (10.3%) | ||||||
| * | Berkshire Hathaway Inc. Class B | 745,275 | 172,807 | |||
| JPMorgan Chase & Co. | 1,202,373 | 152,785 | ||||
| Bank of America Corp. | 3,186,741 | 96,590 | ||||
| Morgan Stanley | 844,604 | 57,881 | ||||
| Citigroup Inc. | 826,483 | 50,961 | ||||
| S&P Global Inc. | 126,526 | 41,593 | ||||
| MSCI Inc. Class A | 89,792 | 40,095 | ||||
| Goldman Sachs Group Inc. | 137,848 | 36,352 | ||||
| Wells Fargo & Co. | 1,142,746 | 34,488 | ||||
| Charles Schwab Corp. | 633,197 | 33,585 | ||||
| Shares |
Market
Value• ($000) |
|||||
| Intercontinental Exchange Inc. | 258,215 | 29,770 | ||||
| Aon plc Class A | 129,905 | 27,445 | ||||
| Progressive Corp. | 276,677 | 27,358 | ||||
| BlackRock Inc. | 37,553 | 27,096 | ||||
| Moody's Corp. | 79,453 | 23,060 | ||||
| CME Group Inc. | 109,179 | 19,876 | ||||
| US Bancorp | 404,442 | 18,843 | ||||
| PNC Financial Services Group Inc. | 122,468 | 18,248 | ||||
| Marsh & McLennan Cos. Inc. | 151,096 | 17,678 | ||||
| Discover Financial Services | 192,833 | 17,457 | ||||
| Truist Financial Corp. | 349,960 | 16,774 | ||||
| Ameriprise Financial Inc. | 84,696 | 16,459 | ||||
| Brown & Brown Inc. | 339,907 | 16,115 | ||||
| Chubb Ltd. | 103,207 | 15,886 | ||||
| First Republic Bank | 104,915 | 15,415 | ||||
| Aflac Inc. | 336,336 | 14,956 | ||||
| Nasdaq Inc. | 108,085 | 14,347 | ||||
| T. Rowe Price Group Inc. | 94,267 | 14,271 | ||||
| Travelers Cos. Inc. | 100,507 | 14,108 | ||||
| Allstate Corp. | 115,698 | 12,719 | ||||
| State Street Corp. | 161,007 | 11,718 | ||||
| Prudential Financial Inc. | 148,776 | 11,615 | ||||
| * | Arch Capital Group Ltd. | 303,636 | 10,952 | |||
| W R Berkley Corp. | 163,287 | 10,845 | ||||
| Assurant Inc. | 78,002 | 10,625 | ||||
| Globe Life Inc. | 102,754 | 9,757 | ||||
| * | Markel Corp. | 9,152 | 9,457 | |||
| Commerce Bancshares Inc. | 143,269 | 9,413 | ||||
| * | Texas Capital Bancshares Inc. | 151,742 | 9,029 | |||
| Fifth Third Bancorp | 324,179 | 8,938 | ||||
| Broadridge Financial Solutions Inc. | 57,899 | 8,870 | ||||
| * | SVB Financial Group | 22,411 | 8,692 | |||
| MetLife Inc. | 184,637 | 8,669 | ||||
| Popular Inc. | 153,360 | 8,637 | ||||
| Raymond James Financial Inc. | 89,742 | 8,586 | ||||
| SLM Corp. | 676,250 | 8,379 | ||||
| MFA Financial Inc. | 2,009,395 | 7,816 | ||||
| Zions Bancorp NA | 173,074 | 7,518 | ||||
| Alleghany Corp. | 12,001 | 7,245 | ||||
| Lincoln National Corp. | 142,402 | 7,164 | ||||
| Bank of New York Mellon Corp. | 167,334 | 7,102 | ||||
| SEI Investments Co. | 123,446 | 7,094 | ||||
| KeyCorp | 427,062 | 7,008 | ||||
| Reinsurance Group of America Inc. | 59,891 | 6,941 | ||||
| East West Bancorp Inc. | 134,347 | 6,813 | ||||
88
Tax-Managed Capital Appreciation Fund
| Shares |
Market
Value• ($000) |
|||||
| American International Group Inc. | 171,026 | 6,475 | ||||
| IHS Markit Ltd. | 72,004 | 6,468 | ||||
| White Mountains Insurance Group Ltd. | 6,215 | 6,219 | ||||
| OneMain Holdings Inc. | 127,257 | 6,129 | ||||
| M&T Bank Corp. | 46,002 | 5,856 | ||||
| Eaton Vance Corp. | 85,976 | 5,840 | ||||
| Hanover Insurance Group Inc. | 49,487 | 5,786 | ||||
| Principal Financial Group Inc. | 113,203 | 5,616 | ||||
| Signature Bank | 38,591 | 5,221 | ||||
| Willis Towers Watson plc | 23,242 | 4,897 | ||||
| Loews Corp. | 106,017 | 4,773 | ||||
| New Residential Investment Corp. | 438,693 | 4,361 | ||||
| Cullen/Frost Bankers Inc. | 47,275 | 4,124 | ||||
| Hartford Financial Services Group Inc. | 77,281 | 3,785 | ||||
| * | Athene Holding Ltd. Class A | 87,204 | 3,762 | |||
| Wintrust Financial Corp. | 61,293 | 3,744 | ||||
| CIT Group Inc. | 99,556 | 3,574 | ||||
| Interactive Brokers Group Inc. Class A | 54,320 | 3,309 | ||||
| Two Harbors Investment Corp. | 512,367 | 3,264 | ||||
| Voya Financial Inc. | 49,756 | 2,926 | ||||
| American Financial Group Inc. | 32,116 | 2,814 | ||||
| Northern Trust Corp. | 28,975 | 2,699 | ||||
| BOK Financial Corp. | 38,470 | 2,634 | ||||
| MGIC Investment Corp. | 200,841 | 2,521 | ||||
| CNA Financial Corp. | 61,718 | 2,404 | ||||
| Jefferies Financial Group Inc. | 94,994 | 2,337 | ||||
| Starwood Property Trust Inc. | 110,744 | 2,137 | ||||
| Pinnacle Financial Partners Inc. | 29,247 | 1,883 | ||||
| Ally Financial Inc. | 52,542 | 1,874 | ||||
| First Horizon Corp. | 138,758 | 1,770 | ||||
| Chimera Investment Corp. | 172,128 | 1,764 | ||||
| Arthur J Gallagher & Co. | 11,257 | 1,393 | ||||
| Sterling Bancorp | 76,528 | 1,376 | ||||
| * | Brighthouse Financial Inc. | 36,791 | 1,332 | |||
| Western Alliance Bancorp | 22,046 | 1,322 | ||||
| Bank of Hawaii Corp. | 15,647 | 1,199 | ||||
| Fidelity National Financial Inc. | 29,371 | 1,148 | ||||
| TFS Financial Corp. | 59,947 | 1,057 | ||||
| Associated Banc-Corp | 60,223 | 1,027 | ||||
| Lazard Ltd. Class A | 18,454 | 781 | ||||
| Shares |
Market
Value• ($000) |
|||||
| * | Credit Acceptance Corp. | 2,050 | 710 | |||
| Santander Consumer USA Holdings Inc. | 30,462 | 671 | ||||
| * | Rocket Cos. Inc. Class A | 33,000 | 667 | |||
| * | Lemonade Inc. | 4,300 | 527 | |||
| New York Community Bancorp Inc. | 49,670 | 524 | ||||
| MarketAxess Holdings Inc. | 871 | 497 | ||||
| Morningstar Inc. | 1,993 | 461 | ||||
| FactSet Research Systems Inc. | 1,172 | 390 | ||||
| Kemper Corp. | 3,979 | 306 | ||||
| Affiliated Managers Group Inc. | 2,736 | 278 | ||||
| Navient Corp. | 24,311 | 239 | ||||
| Primerica Inc. | 877 | 117 | ||||
| First Citizens BancShares Inc. Class A | 100 | 57 | ||||
| Erie Indemnity Co. Class A | 166 | 41 | ||||
| 1,450,987 | ||||||
| Health Care (12.8%) | ||||||
| Johnson & Johnson | 1,054,235 | 165,916 | ||||
| UnitedHealth Group Inc. | 364,357 | 127,773 | ||||
| Merck & Co. Inc. | 982,523 | 80,370 | ||||
| Pfizer Inc. | 2,122,285 | 78,121 | ||||
| Thermo Fisher Scientific Inc. | 155,049 | 72,219 | ||||
| Abbott Laboratories | 643,664 | 70,475 | ||||
| AbbVie Inc. | 635,184 | 68,060 | ||||
| Bristol-Myers Squibb Co. | 918,374 | 56,967 | ||||
| Amgen Inc. | 244,879 | 56,303 | ||||
| Medtronic plc | 479,846 | 56,209 | ||||
| Danaher Corp. | 234,546 | 52,102 | ||||
| Eli Lilly & Co. | 304,769 | 51,457 | ||||
| Zoetis Inc. | 254,386 | 42,101 | ||||
| Cigna Corp. | 174,369 | 36,300 | ||||
| Anthem Inc. | 105,426 | 33,851 | ||||
| * | Intuitive Surgical Inc. | 40,605 | 33,219 | |||
| Becton Dickinson & Co. | 127,458 | 31,893 | ||||
| Stryker Corp. | 115,763 | 28,367 | ||||
| Humana Inc. | 66,624 | 27,334 | ||||
| * | Vertex Pharmaceuticals Inc. | 114,915 | 27,159 | |||
| * | Boston Scientific Corp. | 752,501 | 27,052 | |||
| Gilead Sciences Inc. | 461,939 | 26,913 | ||||
| Agilent Technologies Inc. | 207,812 | 24,624 | ||||
| * | Charles River Laboratories International Inc. | 75,470 | 18,857 | |||
| * | Illumina Inc. | 48,292 | 17,868 | |||
| * | Edwards Lifesciences Corp. | 195,834 | 17,866 | |||
| Teleflex Inc. | 42,189 | 17,364 | ||||
89
Tax-Managed Capital Appreciation Fund
| Shares |
Market
Value• ($000) |
|||||
| * | Biogen Inc. | 70,383 | 17,234 | |||
| * | Regeneron Pharmaceuticals Inc. | 34,720 | 16,774 | |||
| Cooper Cos. Inc. | 45,386 | 16,490 | ||||
| PerkinElmer Inc. | 107,266 | 15,393 | ||||
| Zimmer Biomet Holdings Inc. | 99,842 | 15,385 | ||||
| HCA Healthcare Inc. | 93,286 | 15,342 | ||||
| * | Laboratory Corp. of America Holdings | 71,685 | 14,591 | |||
| Baxter International Inc. | 179,475 | 14,401 | ||||
| Bio-Techne Corp. | 44,945 | 14,272 | ||||
| * | DexCom Inc. | 35,827 | 13,246 | |||
| * | Moderna Inc. | 121,626 | 12,706 | |||
| * | IDEXX Laboratories Inc. | 24,812 | 12,403 | |||
| * | QIAGEN NV | 227,726 | 12,035 | |||
| * | Seagen Inc. | 67,982 | 11,906 | |||
| * | IQVIA Holdings Inc. | 66,306 | 11,880 | |||
| * | Align Technology Inc. | 21,036 | 11,241 | |||
| * | Centene Corp. | 174,963 | 10,503 | |||
| * | Veeva Systems Inc. Class A | 37,867 | 10,309 | |||
| Universal Health Services Inc. Class B | 69,799 | 9,597 | ||||
| Bruker Corp. | 162,910 | 8,818 | ||||
| Quest Diagnostics Inc. | 73,465 | 8,755 | ||||
| * | Varian Medical Systems Inc. | 47,186 | 8,258 | |||
| * | Incyte Corp. | 94,863 | 8,251 | |||
| * | Henry Schein Inc. | 123,189 | 8,236 | |||
| * | Bio-Rad Laboratories Inc. Class A | 13,813 | 8,052 | |||
| ResMed Inc. | 37,271 | 7,922 | ||||
| Cardinal Health Inc. | 146,440 | 7,843 | ||||
| * | Alexion Pharmaceuticals Inc. | 49,101 | 7,672 | |||
| * | Teladoc Health Inc. | 36,226 | 7,244 | |||
| * | Hologic Inc. | 97,853 | 7,127 | |||
| * | Exelixis Inc. | 353,309 | 7,091 | |||
| Cerner Corp. | 89,396 | 7,016 | ||||
| * | Alnylam Pharmaceuticals Inc. | 53,959 | 7,013 | |||
| * | Viatris Inc. | 371,002 | 6,953 | |||
| * | Catalent Inc. | 56,383 | 5,868 | |||
| DENTSPLY SIRONA Inc. | 110,655 | 5,794 | ||||
| * | Novocure Ltd. | 31,069 | 5,376 | |||
| * | Ionis Pharmaceuticals Inc. | 90,509 | 5,117 | |||
| * | DaVita Inc. | 40,030 | 4,700 | |||
| STERIS plc | 20,974 | 3,975 | ||||
| * | Sage Therapeutics Inc. | 44,900 | 3,884 | |||
| * | BioMarin Pharmaceutical Inc. | 43,646 | 3,827 | |||
| West Pharmaceutical Services Inc. | 12,440 | 3,524 | ||||
| * | Insulet Corp. | 12,068 | 3,085 | |||
| Shares |
Market
Value• ($000) |
|||||
| * | Masimo Corp. | 11,382 | 3,055 | |||
| * | Molina Healthcare Inc. | 14,204 | 3,021 | |||
| * | Exact Sciences Corp. | 22,681 | 3,005 | |||
| * | Horizon Therapeutics plc | 35,313 | 2,583 | |||
| * | Neurocrine Biosciences Inc. | 26,196 | 2,511 | |||
| Cantel Medical Corp. | 28,876 | 2,277 | ||||
| * | Acadia Healthcare Co. Inc. | 43,965 | 2,210 | |||
| * | Penumbra Inc. | 11,973 | 2,095 | |||
| * | Envista Holdings Corp. | 57,545 | 1,941 | |||
| * | Repligen Corp. | 10,100 | 1,935 | |||
| * | MEDNAX Inc. | 78,243 | 1,920 | |||
| * | United Therapeutics Corp. | 12,486 | 1,895 | |||
| * | Integra LifeSciences Holdings Corp. | 28,188 | 1,830 | |||
| * | Jazz Pharmaceuticals plc | 10,251 | 1,692 | |||
| Hill-Rom Holdings Inc. | 14,895 | 1,459 | ||||
| * | Elanco Animal Health Inc. | 46,390 | 1,423 | |||
| * | PRA Health Sciences Inc. | 7,939 | 996 | |||
| * | Brookdale Senior Living Inc. | 212,574 | 942 | |||
| Chemed Corp. | 1,705 | 908 | ||||
| * | Guardant Health Inc. | 6,968 | 898 | |||
| * | Quidel Corp. | 4,800 | 862 | |||
| * | Avantor Inc. | 29,947 | 843 | |||
| Premier Inc. Class A | 23,021 | 808 | ||||
| * | ICU Medical Inc. | 3,463 | 743 | |||
| * | ABIOMED Inc. | 1,539 | 499 | |||
| * | Adaptive Biotechnologies Corp. | 7,594 | 449 | |||
| Encompass Health Corp. | 4,425 | 366 | ||||
| * | Alkermes plc | 10,236 | 204 | |||
| * | Varex Imaging Corp. | 10,568 | 176 | |||
| Perrigo Co. plc | 3,816 | 171 | ||||
| * | Sarepta Therapeutics Inc. | 940 | 160 | |||
| * | GoodRx Holdings Inc. Class A | 303 | 12 | |||
| 1,807,738 | ||||||
| Industrials (14.2%) | ||||||
| Visa Inc. Class A | 652,984 | 142,827 | ||||
| Mastercard Inc. Class A | 349,780 | 124,850 | ||||
| * | PayPal Holdings Inc. | 522,612 | 122,396 | |||
| Accenture plc Class A | 237,433 | 62,020 | ||||
| Union Pacific Corp. | 268,758 | 55,961 | ||||
| Global Payments Inc. | 240,244 | 51,753 | ||||
| Boeing Co. | 220,687 | 47,240 | ||||
| Honeywell International Inc. | 205,312 | 43,670 | ||||
| United Parcel Service Inc. Class B | 231,441 | 38,975 | ||||
| * | Fiserv Inc. | 322,884 | 36,764 | |||
| General Electric Co. | 3,388,827 | 36,599 | ||||
90
Tax-Managed Capital Appreciation Fund
| Shares |
Market
Value• ($000) |
|||||
| Fidelity National Information Services Inc. | 244,418 | 34,575 | ||||
| American Express Co. | 278,851 | 33,716 | ||||
| 3M Co. | 192,197 | 33,594 | ||||
| Raytheon Technologies Corp. | 467,597 | 33,438 | ||||
| Sherwin-Williams Co. | 43,850 | 32,226 | ||||
| CSX Corp. | 354,891 | 32,206 | ||||
| Caterpillar Inc. | 176,137 | 32,060 | ||||
| * | Mettler-Toledo International Inc. | 26,317 | 29,993 | |||
| Norfolk Southern Corp. | 124,683 | 29,626 | ||||
| Verisk Analytics Inc. Class A | 139,675 | 28,995 | ||||
| FedEx Corp. | 110,809 | 28,768 | ||||
| Illinois Tool Works Inc. | 140,698 | 28,686 | ||||
| * | Square Inc. Class A | 128,422 | 27,950 | |||
| Cintas Corp. | 75,609 | 26,725 | ||||
| * | TransDigm Group Inc. | 42,034 | 26,013 | |||
| Old Dominion Freight Line Inc. | 124,615 | 24,322 | ||||
| Deere & Co. | 83,352 | 22,426 | ||||
| Northrop Grumman Corp. | 73,450 | 22,382 | ||||
| Automatic Data Processing Inc. | 119,374 | 21,034 | ||||
| Ball Corp. | 221,978 | 20,684 | ||||
| Lockheed Martin Corp. | 57,607 | 20,449 | ||||
| AMETEK Inc. | 153,098 | 18,516 | ||||
| Parker-Hannifin Corp. | 67,177 | 18,300 | ||||
| General Dynamics Corp. | 114,543 | 17,046 | ||||
| * | Keysight Technologies Inc. | 127,690 | 16,867 | |||
| Eaton Corp. plc | 132,269 | 15,891 | ||||
| * | Waters Corp. | 64,206 | 15,886 | |||
| IDEX Corp. | 78,733 | 15,684 | ||||
| * | Zebra Technologies Corp. Class A | 40,590 | 15,600 | |||
| Jacobs Engineering Group Inc. | 141,129 | 15,377 | ||||
| * | Crown Holdings Inc. | 142,855 | 14,314 | |||
| Equifax Inc. | 74,207 | 14,310 | ||||
| Martin Marietta Materials Inc. | 48,394 | 13,742 | ||||
| Vulcan Materials Co. | 90,102 | 13,363 | ||||
| Expeditors International of Washington Inc. | 139,607 | 13,278 | ||||
| Toro Co. | 139,713 | 13,250 | ||||
| Emerson Electric Co. | 163,699 | 13,156 | ||||
| PACCAR Inc. | 146,055 | 12,602 | ||||
| Cummins Inc. | 52,527 | 11,929 | ||||
| Capital One Financial Corp. | 119,995 | 11,861 | ||||
| Carrier Global Corp. | 314,383 | 11,859 | ||||
| DuPont de Nemours Inc. | 164,198 | 11,676 | ||||
| Lennox International Inc. | 40,714 | 11,154 | ||||
| Shares |
Market
Value• ($000) |
|||||
| AGCO Corp. | 105,204 | 10,845 | ||||
| JB Hunt Transport Services Inc. | 78,704 | 10,755 | ||||
| Otis Worldwide Corp. | 157,191 | 10,618 | ||||
| Landstar System Inc. | 78,365 | 10,553 | ||||
| WW Grainger Inc. | 24,754 | 10,108 | ||||
| Carlisle Cos. Inc. | 60,277 | 9,414 | ||||
| Xylem Inc. | 91,046 | 9,268 | ||||
| Eagle Materials Inc. | 88,370 | 8,956 | ||||
| CoreLogic Inc. | 115,740 | 8,949 | ||||
| BWX Technologies Inc. | 143,634 | 8,658 | ||||
| Synchrony Financial | 241,273 | 8,375 | ||||
| Fortive Corp. | 117,845 | 8,346 | ||||
| Jack Henry & Associates Inc. | 51,040 | 8,268 | ||||
| Genpact Ltd. | 193,618 | 8,008 | ||||
| Owens Corning | 104,712 | 7,933 | ||||
| * | FleetCor Technologies Inc. | 28,478 | 7,770 | |||
| Huntington Ingalls Industries Inc. | 44,901 | 7,655 | ||||
| FLIR Systems Inc. | 164,529 | 7,211 | ||||
| Textron Inc. | 148,787 | 7,191 | ||||
| Graco Inc. | 98,621 | 7,135 | ||||
| Oshkosh Corp. | 80,575 | 6,935 | ||||
| Armstrong World Industries Inc. | 90,528 | 6,734 | ||||
| Robert Half International Inc. | 91,824 | 5,737 | ||||
| Donaldson Co. Inc. | 102,283 | 5,716 | ||||
| Johnson Controls International plc | 119,676 | 5,576 | ||||
| ITT Inc. | 68,646 | 5,287 | ||||
| Westinghouse Air Brake Technologies Corp. | 71,671 | 5,246 | ||||
| Stanley Black & Decker Inc. | 29,193 | 5,213 | ||||
| PPG Industries Inc. | 34,752 | 5,012 | ||||
| Valmont Industries Inc. | 27,975 | 4,894 | ||||
| ManpowerGroup Inc. | 54,157 | 4,884 | ||||
| * | Euronet Worldwide Inc. | 33,136 | 4,802 | |||
| Quanta Services Inc. | 62,470 | 4,499 | ||||
| Trane Technologies plc | 30,477 | 4,424 | ||||
| Sealed Air Corp. | 93,708 | 4,291 | ||||
| Rockwell Automation Inc. | 17,102 | 4,289 | ||||
| * | Livent Corp. | 226,166 | 4,261 | |||
| * | Trimble Inc. | 62,991 | 4,206 | |||
| * | Teledyne Technologies Inc. | 10,446 | 4,095 | |||
| * | Bill.com Holdings Inc. | 29,000 | 3,958 | |||
| HEICO Corp. | 28,866 | 3,822 | ||||
| Packaging Corp. of America | 27,444 | 3,785 | ||||
| Paychex Inc. | 40,000 | 3,727 | ||||
| CH Robinson Worldwide Inc. | 39,317 | 3,691 | ||||
91
Tax-Managed Capital Appreciation Fund
| Shares |
Market
Value• ($000) |
|||||
| MSC Industrial Direct Co. Inc. Class A | 41,610 | 3,511 | ||||
| * | Virgin Galactic Holdings Inc. | 146,500 | 3,476 | |||
| * | StoneCo Ltd. Class A | 39,800 | 3,340 | |||
| Flowserve Corp. | 87,321 | 3,218 | ||||
| Howmet Aerospace Inc. | 108,682 | 3,102 | ||||
| * | Resideo Technologies Inc. | 142,255 | 3,024 | |||
| Allison Transmission Holdings Inc. | 62,972 | 2,716 | ||||
| * | WESCO International Inc. | 30,666 | 2,407 | |||
| Cognex Corp. | 27,531 | 2,210 | ||||
| MDU Resources Group Inc. | 80,095 | 2,110 | ||||
| * | AECOM | 42,191 | 2,100 | |||
| * | Berry Global Group Inc. | 35,739 | 2,008 | |||
| * | WEX Inc. | 8,803 | 1,792 | |||
| TransUnion | 17,546 | 1,741 | ||||
| * | Axalta Coating Systems Ltd. | 58,104 | 1,659 | |||
| * | Sensata Technologies Holding plc | 31,461 | 1,659 | |||
| Spirit AeroSystems Holdings Inc. Class A | 41,506 | 1,622 | ||||
| Allegion plc | 13,639 | 1,587 | ||||
| * | Vontier Corp. | 47,138 | 1,574 | |||
| O-I Glass Inc. | 127,791 | 1,521 | ||||
| * | Coherent Inc. | 9,143 | 1,372 | |||
| * | Fair Isaac Corp. | 2,573 | 1,315 | |||
| * | Ingersoll Rand Inc. | 26,893 | 1,225 | |||
| MKS Instruments Inc. | 5,395 | 812 | ||||
| Booz Allen Hamilton Holding Corp. Class A | 8,520 | 743 | ||||
| * | Pluralsight Inc. Class A | 33,207 | 696 | |||
| RPM International Inc. | 5,251 | 477 | ||||
| Littelfuse Inc. | 1,596 | 406 | ||||
| AptarGroup Inc. | 2,836 | 388 | ||||
| Silgan Holdings Inc. | 10,388 | 385 | ||||
| * | Paylocity Holding Corp. | 1,635 | 337 | |||
| Brunswick Corp. | 3,484 | 266 | ||||
| Sonoco Products Co. | 2,414 | 143 | ||||
| * | Middleby Corp. | 198 | 26 | |||
| 2,014,652 | ||||||
| Other (0.0%) | ||||||
| *,1 | American International Group Inc. Warrants Exp. 1/19/2021 | 6,859 | — | |||
| Real Estate (3.1%) | ||||||
| American Tower Corp. | 191,001 | 42,872 | ||||
| SBA Communications Corp. Class A | 108,028 | 30,478 | ||||
| Prologis Inc. | 291,452 | 29,046 | ||||
| Crown Castle International Corp. | 164,871 | 26,246 | ||||
| Shares |
Market
Value• ($000) |
|||||
| Equinix Inc. | 35,362 | 25,255 | ||||
| * | CBRE Group Inc. Class A | 273,143 | 17,132 | |||
| * | CoStar Group Inc. | 18,223 | 16,843 | |||
| Digital Realty Trust Inc. | 110,688 | 15,442 | ||||
| Public Storage | 59,763 | 13,801 | ||||
| Equity LifeStyle Properties Inc. | 191,794 | 12,152 | ||||
| American Homes 4 Rent Class A | 341,378 | 10,241 | ||||
| Weyerhaeuser Co. | 295,383 | 9,904 | ||||
| Alexandria Real Estate Equities Inc. | 52,941 | 9,435 | ||||
| Extra Space Storage Inc. | 80,139 | 9,285 | ||||
| AvalonBay Communities Inc. | 55,765 | 8,946 | ||||
| Equity Residential | 145,906 | 8,649 | ||||
| * | Zillow Group Inc. Class C | 65,681 | 8,525 | |||
| Essex Property Trust Inc. | 34,528 | 8,198 | ||||
| Mid-America Apartment Communities Inc. | 64,098 | 8,121 | ||||
| * | Jones Lang LaSalle Inc. | 49,345 | 7,321 | |||
| Simon Property Group Inc. | 84,491 | 7,205 | ||||
| Invitation Homes Inc. | 221,589 | 6,581 | ||||
| Sun Communities Inc. | 41,814 | 6,354 | ||||
| Duke Realty Corp. | 145,639 | 5,821 | ||||
| * | Howard Hughes Corp. | 69,984 | 5,524 | |||
| * | Zillow Group Inc. Class A | 40,603 | 5,520 | |||
| Douglas Emmett Inc. | 159,344 | 4,650 | ||||
| UDR Inc. | 116,035 | 4,459 | ||||
| Camden Property Trust | 41,323 | 4,129 | ||||
| Lamar Advertising Co. Class A | 49,553 | 4,124 | ||||
| Host Hotels & Resorts Inc. | 279,419 | 4,088 | ||||
| * | Apartment Income REIT Corp. | 104,262 | 4,005 | |||
| Realty Income Corp. | 60,940 | 3,789 | ||||
| CyrusOne Inc. | 47,552 | 3,478 | ||||
| Americold Realty Trust | 80,428 | 3,002 | ||||
| Welltower Inc. | 45,845 | 2,962 | ||||
| CubeSmart | 76,313 | 2,565 | ||||
| VEREIT Inc. | 67,259 | 2,542 | ||||
| STORE Capital Corp. | 74,155 | 2,520 | ||||
| Rexford Industrial Realty Inc. | 48,775 | 2,395 | ||||
| * | RealPage Inc. | 26,577 | 2,319 | |||
| Life Storage Inc. | 19,094 | 2,280 | ||||
| Ventas Inc. | 44,433 | 2,179 | ||||
| First Industrial Realty Trust Inc. | 50,561 | 2,130 | ||||
| Empire State Realty Trust Inc. Class A | 228,476 | 2,129 | ||||
| CoreSite Realty Corp. | 15,875 | 1,989 | ||||
| Cousins Properties Inc. | 58,449 | 1,958 | ||||
| Kimco Realty Corp. | 115,366 | 1,732 | ||||
92
Tax-Managed Capital Appreciation Fund
| Shares |
Market
Value• ($000) |
|||||
| American Campus Communities Inc. | 37,690 | 1,612 | ||||
| Park Hotels & Resorts Inc. | 92,830 | 1,592 | ||||
| Rayonier Inc. | 52,081 | 1,530 | ||||
| Hudson Pacific Properties Inc. | 62,320 | 1,497 | ||||
| Kilroy Realty Corp. | 24,308 | 1,395 | ||||
| Outfront Media Inc. | 56,792 | 1,111 | ||||
| Apple Hospitality REIT Inc. | 82,797 | 1,069 | ||||
| Weingarten Realty Investors | 47,877 | 1,037 | ||||
| EPR Properties | 29,242 | 950 | ||||
| VICI Properties Inc. | 32,219 | 822 | ||||
| Iron Mountain Inc. | 23,460 | 692 | ||||
| Federal Realty Investment Trust | 8,082 | 688 | ||||
| Paramount Group Inc. | 75,062 | 679 | ||||
| Corporate Office Properties Trust | 17,300 | 451 | ||||
| SL Green Realty Corp. | 6,470 | 385 | ||||
| Apartment Investment & Management Co. Class A | 1 | — | ||||
| 435,831 | ||||||
| Technology (27.4%) | ||||||
| Apple Inc. | 6,595,422 | 875,147 | ||||
| Microsoft Corp. | 2,978,070 | 662,382 | ||||
| * | Facebook Inc. Class A | 953,491 | 260,456 | |||
| * | Alphabet Inc. Class A | 119,418 | 209,297 | |||
| * | Alphabet Inc. Class C | 115,669 | 202,638 | |||
| NVIDIA Corp. | 239,682 | 125,162 | ||||
| * | Adobe Inc. | 205,882 | 102,966 | |||
| Intel Corp. | 1,600,152 | 79,720 | ||||
| * | salesforce.com Inc. | 357,633 | 79,584 | |||
| QUALCOMM Inc. | 463,222 | 70,567 | ||||
| Texas Instruments Inc. | 364,394 | 59,808 | ||||
| Broadcom Inc. | 135,881 | 59,495 | ||||
| Oracle Corp. | 747,334 | 48,345 | ||||
| Intuit Inc. | 126,429 | 48,024 | ||||
| Applied Materials Inc. | 533,823 | 46,069 | ||||
| Lam Research Corp. | 96,753 | 45,694 | ||||
| * | Cadence Design Systems Inc. | 319,022 | 43,524 | |||
| * | Autodesk Inc. | 137,631 | 42,024 | |||
| * | Advanced Micro Devices Inc. | 432,954 | 39,706 | |||
| * | Synopsys Inc. | 152,426 | 39,515 | |||
| * | ServiceNow Inc. | 69,715 | 38,373 | |||
| International Business Machines Corp. | 266,290 | 33,521 | ||||
| * | Micron Technology Inc. | 425,885 | 32,018 | |||
| Teradyne Inc. | 262,921 | 31,522 | ||||
| KLA Corp. | 97,261 | 25,182 | ||||
| Roper Technologies Inc. | 54,880 | 23,658 | ||||
| Shares |
Market
Value• ($000) |
|||||
| * | Match Group Inc. | 155,145 | 23,456 | |||
| Amphenol Corp. Class A | 175,784 | 22,987 | ||||
| * | Zoom Video Communications Inc. Class A | 62,300 | 21,015 | |||
| Cognizant Technology Solutions Corp. Class A | 246,738 | 20,220 | ||||
| Analog Devices Inc. | 135,294 | 19,987 | ||||
| Corning Inc. | 448,584 | 16,149 | ||||
| * | Twilio Inc. Class A | 43,659 | 14,779 | |||
| * | Fortinet Inc. | 90,195 | 13,397 | |||
| * | Twitter Inc. | 245,298 | 13,283 | |||
| * | Workday Inc. Class A | 54,903 | 13,155 | |||
| * | Atlassian Corp. plc Class A | 55,455 | 12,969 | |||
| Xilinx Inc. | 89,071 | 12,628 | ||||
| * | Palo Alto Networks Inc. | 33,244 | 11,815 | |||
| * | DocuSign Inc. Class A | 52,897 | 11,759 | |||
| * | ANSYS Inc. | 30,794 | 11,203 | |||
| Citrix Systems Inc. | 82,541 | 10,739 | ||||
| * | Arrow Electronics Inc. | 106,274 | 10,340 | |||
| HP Inc. | 409,070 | 10,059 | ||||
| * | VeriSign Inc. | 44,478 | 9,625 | |||
| * | Black Knight Inc. | 108,710 | 9,605 | |||
| NetApp Inc. | 137,603 | 9,115 | ||||
| Microchip Technology Inc. | 63,884 | 8,823 | ||||
| * | Crowdstrike Holdings Inc. Class A | 41,498 | 8,790 | |||
| * | IAC/InterActiveCorp | 45,781 | 8,669 | |||
| Hewlett Packard Enterprise Co. | 711,355 | 8,430 | ||||
| Marvell Technology Group Ltd. | 166,294 | 7,906 | ||||
| * | Pinterest Inc. Class A | 119,700 | 7,888 | |||
| * | Gartner Inc. | 49,072 | 7,861 | |||
| * | RingCentral Inc. Class A | 20,650 | 7,826 | |||
| * | Okta Inc. | 30,391 | 7,727 | |||
| SS&C Technologies Holdings Inc. | 101,768 | 7,404 | ||||
| * | Splunk Inc. | 37,404 | 6,355 | |||
| * | Qorvo Inc. | 37,483 | 6,232 | |||
| * | Guidewire Software Inc. | 47,991 | 6,178 | |||
| * | Nuance Communications Inc. | 139,537 | 6,152 | |||
| * | GoDaddy Inc. Class A | 73,840 | 6,125 | |||
| Western Digital Corp. | 106,868 | 5,919 | ||||
| * | Dell Technologies Inc. Class C | 77,738 | 5,697 | |||
| NortonLifeLock Inc. | 266,482 | 5,537 | ||||
| * | Coupa Software Inc. | 15,414 | 5,224 | |||
| Maxim Integrated Products Inc. | 56,459 | 5,005 | ||||
| Skyworks Solutions Inc. | 32,649 | 4,991 | ||||
| * | Paycom Software Inc. | 9,641 | 4,360 | |||
| * | ON Semiconductor Corp. | 132,764 | 4,345 | |||
93
Tax-Managed Capital Appreciation Fund
| Shares |
Market
Value• ($000) |
|||||
| * | Zendesk Inc. | 29,758 | 4,259 | |||
| * | Slack Technologies Inc. Class A | 99,100 | 4,186 | |||
| * | NCR Corp. | 107,900 | 4,054 | |||
| * | VMware Inc. Class A | 27,456 | 3,851 | |||
| * | Tyler Technologies Inc. | 8,729 | 3,810 | |||
| * | PTC Inc. | 31,366 | 3,752 | |||
| Avnet Inc. | 105,416 | 3,701 | ||||
| * | Manhattan Associates Inc. | 33,339 | 3,507 | |||
| Universal Display Corp. | 15,011 | 3,450 | ||||
| * | EPAM Systems Inc. | 8,604 | 3,083 | |||
| * | Akamai Technologies Inc. | 28,114 | 2,952 | |||
| * | Fastly Inc. Class A | 33,300 | 2,909 | |||
| * | Ceridian HCM Holding Inc. | 27,055 | 2,883 | |||
| * | MongoDB Inc. | 7,865 | 2,824 | |||
| * | Alteryx Inc. Class A | 22,246 | 2,709 | |||
| Leidos Holdings Inc. | 24,871 | 2,614 | ||||
| CDW Corp. | 19,425 | 2,560 | ||||
| * | HubSpot Inc. | 6,425 | 2,547 | |||
| CDK Global Inc. | 48,394 | 2,508 | ||||
| * | FireEye Inc. | 108,421 | 2,500 | |||
| * | Cerence Inc. | 24,199 | 2,431 | |||
| * | Grubhub Inc. | 27,361 | 2,032 | |||
| * | Datadog Inc. Class A | 20,599 | 2,028 | |||
| * | IPG Photonics Corp. | 8,932 | 1,999 | |||
| DXC Technology Co. | 74,093 | 1,908 | ||||
| * | Arista Networks Inc. | 6,087 | 1,769 | |||
| Monolithic Power Systems Inc. | 4,730 | 1,732 | ||||
| Perspecta Inc. | 71,796 | 1,729 | ||||
| * | Avalara Inc. | 9,649 | 1,591 | |||
| Xerox Holdings Corp. | 63,021 | 1,461 | ||||
| * | Change Healthcare Inc. | 75,615 | 1,410 | |||
| * | Proofpoint Inc. | 9,697 | 1,323 | |||
| * | Pure Storage Inc. Class A | 58,388 | 1,320 | |||
| * | Covetrus Inc. | 41,807 | 1,202 | |||
| * | Nutanix Inc. Class A | 36,620 | 1,167 | |||
| * | Teradata Corp. | 49,671 | 1,116 | |||
| * | CACI International Inc. Class A | 4,244 | 1,058 | |||
| * | Zscaler Inc. | 4,355 | 870 | |||
| Amdocs Ltd. | 11,856 | 841 | ||||
| * | Aspen Technology Inc. | 4,300 | 560 | |||
| * | F5 Networks Inc. | 3,138 | 552 | |||
| * | Elastic NV | 3,124 | 456 | |||
| * | Dynatrace Inc. | 9,146 | 396 | |||
| Entegris Inc. | 4,076 | 392 | ||||
| Pegasystems Inc. | 2,595 | 346 | ||||
| * | Smartsheet Inc. Class A | 4,621 | 320 | |||
| * | Dropbox Inc. Class A | 11,393 | 253 | |||
| * | Palantir Technologies Inc. Class A | 3,398 | 80 | |||
| * | Snowflake Inc. Class A | 246 | 69 | |||
| * | Unity Software Inc. | 333 | 51 | |||
| Shares |
Market
Value• ($000) |
|||||
| * | ZoomInfo Technologies Inc. Class A | 593 | 29 | |||
| * | DoorDash Inc. Class A | 206 | 29 | |||
| 3,873,305 | ||||||
| Telecommunications (3.3%) | ||||||
| Verizon Communications Inc. | 1,607,909 | 94,465 | ||||
| Comcast Corp. Class A | 1,684,374 | 88,261 | ||||
| Cisco Systems Inc. | 1,631,686 | 73,018 | ||||
| AT&T Inc. | 2,533,965 | 72,877 | ||||
| * | T-Mobile US Inc. | 292,807 | 39,485 | |||
| * | Charter Communications Inc. Class A | 52,799 | 34,929 | |||
| L3Harris Technologies Inc. | 84,964 | 16,060 | ||||
| * | Roku Inc. | 40,709 | 13,516 | |||
| * | Liberty Broadband Corp. Class C | 70,146 | 11,109 | |||
| Motorola Solutions Inc. | 42,782 | 7,276 | ||||
| Juniper Networks Inc. | 273,671 | 6,160 | ||||
| * | Liberty Broadband Corp. Class A | 20,734 | 3,267 | |||
| * | DISH Network Corp. Class A | 78,701 | 2,545 | |||
| * | CommScope Holding Co. Inc. | 153,970 | 2,063 | |||
| * | Ciena Corp. | 36,136 | 1,910 | |||
| Cable One Inc. | 819 | 1,825 | ||||
| * | Altice USA Inc. Class A | 32,075 | 1,215 | |||
| * | United States Cellular Corp. | 27,060 | 830 | |||
| 470,811 | ||||||
| Utilities (2.7%) | ||||||
| NextEra Energy Inc. | 750,784 | 57,923 | ||||
| Duke Energy Corp. | 308,844 | 28,278 | ||||
| Dominion Energy Inc. | 323,987 | 24,364 | ||||
| Southern Co. | 338,442 | 20,791 | ||||
| American Water Works Co. Inc. | 124,293 | 19,075 | ||||
| WEC Energy Group Inc. | 199,699 | 18,378 | ||||
| Waste Management Inc. | 149,550 | 17,636 | ||||
| Exelon Corp. | 386,434 | 16,315 | ||||
| Eversource Energy | 183,279 | 15,855 | ||||
| Sempra Energy | 124,369 | 15,846 | ||||
| CMS Energy Corp. | 211,659 | 12,913 | ||||
| American Electric Power Co. Inc. | 135,702 | 11,300 | ||||
| DTE Energy Co. | 81,571 | 9,904 | ||||
| Consolidated Edison Inc. | 133,006 | 9,612 | ||||
| Essential Utilities Inc. | 193,616 | 9,156 | ||||
| AES Corp. | 388,888 | 9,139 | ||||
| Public Service Enterprise Group Inc. | 151,363 | 8,824 | ||||
| Edison International | 139,688 | 8,775 | ||||
94
Tax-Managed Capital Appreciation Fund
| Shares |
Market
Value• ($000) |
|||||
| Xcel Energy Inc. | 128,690 | 8,580 | ||||
| Atmos Energy Corp. | 77,734 | 7,418 | ||||
| FirstEnergy Corp. | 215,147 | 6,586 | ||||
| NiSource Inc. | 276,272 | 6,338 | ||||
| Alliant Energy Corp. | 91,615 | 4,721 | ||||
| CenterPoint Energy Inc. | 213,200 | 4,614 | ||||
| Ameren Corp. | 58,997 | 4,605 | ||||
| Entergy Corp. | 43,027 | 4,296 | ||||
| * | PG&E Corp. | 341,179 | 4,251 | |||
| Evergy Inc. | 67,360 | 3,739 | ||||
| NRG Energy Inc. | 98,641 | 3,704 | ||||
| PPL Corp. | 122,981 | 3,468 | ||||
| Republic Services Inc. Class A | 31,721 | 3,055 | ||||
| UGI Corp. | 82,918 | 2,899 | ||||
| * | Stericycle Inc. | 40,057 | 2,777 | |||
| * | Clean Harbors Inc. | 20,375 | 1,551 | |||
| National Fuel Gas Co. | 9,448 | 389 | ||||
| 387,075 | ||||||
|
Total Common Stocks
(Cost $4,667,470) |
14,149,931 | |||||
| Preferred Stocks (0.0%) | ||||||
|
Qurate Retail Inc. Pfd., 8.000%, 9/15/25
(Cost $373) |
8,633 | 855 | ||||
| Shares |
Market
Value• ($000) |
|||||
| Temporary Cash Investments (0.0%) | ||||||
| Money Market Fund (0.0%) | ||||||
| 2 |
Vanguard Market Liquidity Fund, 0.111%
(Cost$7,413) |
74,132 | 7,413 | |||
|
Total Investments (99.9%)
(Cost $4,675,256) |
14,158,199 | |||||
| Other Assets and Liabilities—Net (0.1%) | 11,632 | |||||
| Net Assets (100%) | 14,169,831 | |||||
| Cost is in $000. | |
| • | See Note A in Notes to Financial Statements. |
| * | Non-income-producing security. |
| 1 | Security value determined using significant unobservable inputs. |
| 2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| REIT—Real Estate Investment Trust. |
Derivative
Financial Instruments Outstanding as of Period End
| Futures Contracts | ||||
| ($000) | ||||
| Expiration |
Number of
Long (Short) Contracts |
Notional
Amount |
Value and
Unrealized Appreciation (Depreciation) |
|
| Long Futures Contracts | ||||
| E-mini S&P 500 Index | March 2021 | 86 | 16,120 | 250 |
See accompanying Notes,
which are an integral part of the Financial Statements.
95
Tax-Managed Capital Appreciation Fund
Statement of Assets and Liabilities
As of December 31, 2020
| ($000s, except shares and per-share amounts) | Amount |
| Assets | |
| Investments in Securities, at Value | |
| Unaffiliated Issuers (Cost $4,667,843) | 14,150,786 |
| Affiliated Issuers (Cost $7,413) | 7,413 |
| Total Investments in Securities | 14,158,199 |
| Investment in Vanguard | 535 |
| Cash Collateral Pledged—Futures Contracts | 947 |
| Receivables for Accrued Income | 8,828 |
| Receivables for Capital Shares Issued | 13,069 |
| Variation Margin Receivable—Futures Contracts | 106 |
| Total Assets | 14,181,684 |
| Liabilities | |
| Due to Custodian | 5 |
| Payables for Investment Securities Purchased | 4 |
| Payables for Capital Shares Redeemed | 11,184 |
| Payables to Vanguard | 660 |
| Total Liabilities | 11,853 |
| Net Assets | 14,169,831 |
| At December 31, 2020, net assets consisted of: | |
| Paid-in Capital | 4,990,796 |
| Total Distributable Earnings (Loss) | 9,179,035 |
| Net Assets | 14,169,831 |
| Admiral Shares—Net Assets | |
|
Applicable to 63,466,964 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) |
12,542,852 |
| Net Asset Value Per Share—Admiral Shares | $197.63 |
| Institutional Shares—Net Assets | |
|
Applicable to 16,569,820 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) |
1,626,979 |
| Net Asset Value Per Share—Institutional Shares | $98.19 |
See accompanying Notes, which are an
integral part of the Financial Statements.
96
Tax-Managed Capital Appreciation Fund
Statement of Operations
|
Year Ended
December 31, 2020 |
|
| ($000) | |
| Investment Income | |
| Income | |
| Dividends | 200,715 |
| Interest1 | 113 |
| Total Income | 200,828 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 1,718 |
| Management and Administrative—Admiral Shares | 7,587 |
| Management and Administrative—Institutional Shares | 527 |
| Marketing and Distribution—Admiral Shares | 388 |
| Marketing and Distribution—Institutional Shares | 15 |
| Custodian Fees | 30 |
| Auditing Fees | 32 |
| Shareholders’ Reports—Admiral Shares | 31 |
| Shareholders’ Reports—Institutional Shares | — |
| Trustees’ Fees and Expenses | 7 |
| Total Expenses | 10,335 |
| Net Investment Income | 190,493 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold1,2 | (77,163) |
| Futures Contracts | (4,834) |
| Realized Net Gain (Loss) | (81,997) |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities1 | 2,310,978 |
| Futures Contracts | 194 |
| Change in Unrealized Appreciation (Depreciation) | 2,311,172 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 2,419,668 |
| 1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $105,000, ($19,000), and $1,000, respectively. Purchases and sales are for temporary cash investment purposes. |
| 2 | Includes $99,627,000 of net gain (loss) resulting from in-kind redemptions. |
See accompanying Notes, which are an
integral part of the Financial Statements.
97
Tax-Managed Capital Appreciation Fund
Statement of Changes in Net Assets
| Year Ended December 31, | ||
|
2020
($000) |
2019
($000) |
|
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 190,493 | 179,926 |
| Realized Net Gain (Loss) | (81,997) | 95,096 |
| Change in Unrealized Appreciation (Depreciation) | 2,311,172 | 2,539,490 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 2,419,668 | 2,814,512 |
| Distributions1 | ||
| Admiral Shares | (166,755) | (158,601) |
| Institutional Shares | (19,301) | (19,010) |
| Total Distributions | (186,056) | (177,611) |
| Capital Share Transactions | ||
| Admiral Shares | (56,921) | 269,997 |
| Institutional Shares | 190,473 | (7,534) |
| Net Increase (Decrease) from Capital Share Transactions | 133,552 | 262,463 |
| Total Increase (Decrease) | 2,367,164 | 2,899,364 |
| Net Assets | ||
| Beginning of Period | 11,802,667 | 8,903,303 |
| End of Period | 14,169,831 | 11,802,667 |
| 1 | Certain prior-period numbers have been reclassified to conform with the current-period presentation. |
See accompanying Notes, which are an
integral part of the Financial Statements.
98
Tax-Managed Capital Appreciation Fund
Financial Highlights
| Admiral Shares | |||||
|
For a Share Outstanding
Throughout Each Period |
Year Ended December 31, | ||||
| 2020 | 2019 | 2018 | 2017 | 2016 | |
| Net Asset Value, Beginning of Period | $165.93 | $128.29 | $137.30 | $114.08 | $103.75 |
| Investment Operations | |||||
| Net Investment Income | 2.6661 | 2.5571 | 2.3851 | 2.1661 | 2.004 |
| Net Realized and Unrealized Gain (Loss) on Investments | 31.640 | 37.603 | (9.045) | 23.211 | 10.332 |
| Total from Investment Operations | 34.306 | 40.160 | (6.660) | 25.377 | 12.336 |
| Distributions | |||||
| Dividends from Net Investment Income | (2.606) | (2.520) | (2.350) | (2.157) | (2.006) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (2.606) | (2.520) | (2.350) | (2.157) | (2.006) |
| Net Asset Value, End of Period | $197.63 | $165.93 | $128.29 | $137.30 | $114.08 |
| Total Return2 | 21.07% | 31.46% | -4.97% | 22.40% | 12.01% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $12,543 | $10,579 | $7,951 | $8,143 | $6,793 |
| Ratio of Total Expenses to Average Net Assets | 0.09% | 0.09% | 0.09% | 0.09% | 0.09% |
| Ratio of Net Investment Income to Average Net Assets | 1.60% | 1.70% | 1.69% | 1.73% | 1.89% |
| Portfolio Turnover Rate3 | 6% | 5% | 6% | 7% | 8% |
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares. |
See accompanying
Notes, which are an integral part of the Financial Statements.
99
Tax-Managed Capital Appreciation Fund
Financial Highlights
| Institutional Shares | |||||
|
For a Share Outstanding
Throughout Each Period |
Year Ended December 31, | ||||
| 2020 | 2019 | 2018 | 2017 | 2016 | |
| Net Asset Value, Beginning of Period | $82.46 | $63.75 | $68.23 | $56.69 | $51.55 |
| Investment Operations | |||||
| Net Investment Income | 1.3601 | 1.2921 | 1.2071 | 1.0991 | 1.011 |
| Net Realized and Unrealized Gain (Loss) on Investments | 15.690 | 18.693 | (4.499) | 11.531 | 5.141 |
| Total from Investment Operations | 17.050 | 19.985 | (3.292) | 12.630 | 6.152 |
| Distributions | |||||
| Dividends from Net Investment Income | (1.320) | (1.275) | (1.188) | (1.090) | (1.012) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (1.320) | (1.275) | (1.188) | (1.090) | (1.012) |
| Net Asset Value, End of Period | $98.19 | $82.46 | $63.75 | $68.23 | $56.69 |
| Total Return | 21.08% | 31.51% | -4.95% | 22.43% | 12.06% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $1,627 | $1,223 | $952 | $1,006 | $613 |
| Ratio of Total Expenses to Average Net Assets | 0.06% | 0.06% | 0.06% | 0.06% | 0.06% |
| Ratio of Net Investment Income to Average Net Assets | 1.63% | 1.73% | 1.72% | 1.76% | 1.92% |
| Portfolio Turnover Rate2 | 6% | 5% | 6% | 7% | 8% |
| 1 | Calculated based on average shares outstanding. |
| 2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares. |
See accompanying
Notes, which are an integral part of the Financial Statements.
100
Tax-Managed Capital Appreciation Fund
Notes to Financial Statements
Vanguard Tax-Managed Capital
Appreciation Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: Admiral Shares and Institutional Shares. Each of the
share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors.
Market disruptions associated
with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus fund performance.
| A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
1. Security Valuation:
Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official
closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which
market quotations are not readily available, or whose values have been materially affected by events occurring before the fund's pricing time but after the close of the securities’ primary markets, are valued by
methods deemed by the board of trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. Temporary cash investments are valued using the latest bid
prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.
2. Futures Contracts:
The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a
desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of futures contracts are imperfect correlation between
changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is
the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and
has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin
representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued
at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of
Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures
contracts.
During the year ended December
31, 2020, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during
the period.
101
Tax-Managed Capital Appreciation Fund
3. Federal Income Taxes:
The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. The fund’s tax returns are open to examination by the relevant tax authorities until expiration
of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state income tax
years, and has concluded that no provision for income tax is required in the fund’s financial statements.
4. Distributions:
Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial
reporting purposes.
5. Credit Facilities and
Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit
agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be
utilized for temporary or emergency purposes, subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged
administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility; 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 either facility bear interest at a rate based upon the higher of the one-month London Interbank
Offered Rate (or an acceptable alternate rate, if necessary), federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread, except that borrowings under the uncommitted credit facility may
bear interest based upon an alternative rate agreed to by the fund and Vanguard.
In accordance with an
exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each
other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment
objective and investment policies. Interfund loans and borrowings normally extend overnight, but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to
be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the year ended December
31, 2020, the fund did not utilize the credit facilities or the Interfund Lending Program.
6. Other: Dividend
income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received
from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for
premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains
(losses) on the sale of investment securities are those of the specific securities sold.
102
Tax-Managed Capital Appreciation Fund
Each class of shares has equal
rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and
shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on
investments are allocated to each class of shares based on its relative net assets.
| B. | In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
Upon the request of Vanguard,
the fund may invest up to 0.40% of its net assets as capital in Vanguard. At December 31, 2020, the fund had contributed to Vanguard capital in the amount of $535,000, representing less than 0.01% of the fund’s
net assets and 0.21% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
| C. | Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. |
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant
unobservable inputs are noted on the Schedule of Investments.
At December 31, 2020, 100% of
the market value of the fund's investments and derivatives was determined based on Level 1 inputs.
| D. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for in-kind redemptions were reclassified between the following accounts: |
|
Amount
($000) |
|
| Paid-in Capital | 99,627 |
| Total Distributable Earnings (Loss) | (99,627) |
Temporary differences between
book-basis and tax-basis components of total distributable earnings (losses) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these
differences will reverse at some time in the future. The differences are primarily related to the deferral of losses from wash sales and the
103
Tax-Managed Capital Appreciation Fund
recognition of unrealized gains or losses
from certain derivative contracts; and the classification of securities for tax purposes. As of period end, the tax-basis components of total distributable earnings (losses) are detailed in the table as follows:
|
Amount
($000) |
|
| Undistributed Ordinary Income | 1,577 |
| Undistributed Long-Term Gains | — |
| Capital Loss Carryforwards | (306,816) |
| Qualified Late-Year Losses | — |
| Net Unrealized Gains (Losses) | 9,484,274 |
The tax character of
distributions paid was as follows:
| Year Ended December 31, | ||
|
2020
Amount ($000) |
2019
Amount ($000) |
|
| Ordinary Income* | 186,056 | 177,611 |
| Long-Term Capital Gains | — | — |
| Total | 186,056 | 177,611 |
| * | Includes short-term capital gains, if any. |
As of December 31, 2020,
gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
|
Amount
($000) |
|
| Tax Cost | 4,673,925 |
| Gross Unrealized Appreciation | 9,501,778 |
| Gross Unrealized Depreciation | (17,504) |
| Net Unrealized Appreciation (Depreciation) | 9,484,274 |
| E. | During the year ended December 31, 2020, the fund purchased $1,021,945,000 of investment securities and sold $834,646,000 of investment securities, other than temporary cash investments. Purchases and sales include $0 and $108,983,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares. |
104
Tax-Managed Capital Appreciation Fund
| F. | Capital share transactions for each class of shares were: |
| Year Ended December 31, | |||||
| 2020 | 2019 | ||||
|
Amount
($000) |
Shares
(000) |
Amount
($000) |
Shares
(000) |
||
| Admiral Shares | |||||
| Issued | 1,194,481 | 7,559 | 842,966 | 5,578 | |
| Issued in Lieu of Cash Distributions | 114,425 | 723 | 111,351 | 721 | |
| Redeemed | (1,365,827) | (8,571) | (684,320) | (4,522) | |
| Net Increase (Decrease)—Admiral Shares | (56,921) | (289) | 269,997 | 1,777 | |
| Institutional Shares | |||||
| Issued | 374,832 | 4,366 | 37,251 | 494 | |
| Issued in Lieu of Cash Distributions | 10,490 | 131 | 9,015 | 118 | |
| Redeemed | (194,849) | (2,764) | (53,800) | (705) | |
| Net Increase (Decrease)—Institutional Shares | 190,473 | 1,733 | (7,534) | (93) | |
| G. | Management has determined that no events or transactions occurred subsequent to December 31, 2020, that would require recognition or disclosure in these financial statements. |
105
Tax-Managed Small-Cap Fund
Performance Summary
All of the returns in this
report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current
to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth
more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance:
December 31, 2010, Through December 31, 2020
Initial Investment of $10,000
|
Average Annual Total Returns
Periods Ended December 31, 2020 |
|||||
|
One
Year |
Five
Years |
Ten
Years |
Final Value
of a $10,000 Investment |
||
|
|
Tax-Managed Small-Cap Fund Admiral Shares | 11.05% | 12.20% | 11.87% | $30,702 |
|
|
S&P SmallCap 600 Index | 11.29 | 12.37 | 11.92 | 30,849 |
|
|
Dow Jones U.S. Total Stock Market Float Adjusted Index | 20.79 | 15.36 | 13.74 | 36,240 |
|
One
Year |
Five
Years |
Ten
Years |
Final Value
of a $5,000,000 Investment |
||
| Tax-Managed Small-Cap Fund Institutional Shares | 11.10% | 12.24% | 11.91% | $15,404,265 | |
| S&P SmallCap 600 Index | 11.29 | 12.37 | 11.92 | 15,424,564 | |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 20.79 | 15.36 | 13.74 | 18,120,128 | |
See Financial
Highlights for dividend and capital gains information.
106
Tax-Managed Small-Cap Fund
Fund Allocation
As of December 31, 2020
| Communication Services | 2.4% |
| Consumer Discretionary | 15.0 |
| Consumer Staples | 3.6 |
| Energy | 3.0 |
| Financials | 16.5 |
| Health Care | 12.0 |
| Industrials | 17.4 |
| Information Technology | 15.0 |
| Materials | 5.9 |
| Other | 0.0 |
| Real Estate | 7.7 |
| Utilities | 1.5 |
The table reflects the fund’s
investments, except for short-term investments and derivatives. Sector categories are based on the Global Industry Classification Standard (“GICS”), except for the “Other” category (if
applicable), which includes securities that have not been provided a GICS classification as of the effective reporting period.
The Global Industry
Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard and Poor’s, a division of McGraw-Hill Companies, Inc.
(“S&P”), and is licensed for use by Vanguard. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classification makes any express or implied warranties or
representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness,
merchantability or fitness for a particular purpose with respect to any such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of its affiliates or any third party
involved in making or compiling the GICS or any GICS classification have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the
possibility of such damages.
107
Tax-Managed Small-Cap Fund
Financial Statements
Schedule of Investments
As of December 31, 2020
The fund files its complete
schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports
are available on the SEC’s website at www.sec.gov.
| Shares |
Market
Value• ($000) |
|||||
| Common Stocks (99.6%) | ||||||
| Communication Services (2.4%) | ||||||
| * | Iridium Communications Inc. | 924,877 | 36,371 | |||
| * | Vonage Holdings Corp. | 2,009,818 | 25,876 | |||
| Cogent Communications Holdings Inc. | 362,958 | 21,730 | ||||
| Shenandoah Telecommunications Co. | 395,817 | 17,119 | ||||
| * | TechTarget Inc. | 209,381 | 12,377 | |||
| * | Glu Mobile Inc. | 1,207,430 | 10,879 | |||
| * | QuinStreet Inc. | 423,959 | 9,090 | |||
| EW Scripps Co. Class A | 558,352 | 8,537 | ||||
| Meredith Corp. | 351,787 | 6,754 | ||||
| * | AMC Networks Inc. Class A | 133,100 | 4,761 | |||
| * | Cincinnati Bell Inc. | 307,992 | 4,706 | |||
| * | Consolidated Communications Holdings Inc. | 823,253 | 4,026 | |||
| ATN International Inc. | 84,009 | 3,508 | ||||
| Scholastic Corp. | 128,605 | 3,215 | ||||
| Spok Holdings Inc. | 279,424 | 3,110 | ||||
| * | Gannett Co. Inc. | 226,500 | 761 | |||
| Marcus Corp. | 10,005 | 135 | ||||
| 172,955 | ||||||
| Consumer Discretionary (15.0%) | ||||||
| * | Capri Holdings Ltd. | 1,146,713 | 48,162 | |||
| * | YETI Holdings Inc. | 572,303 | 39,186 | |||
| * | Crocs Inc. | 579,198 | 36,293 | |||
| Macy's Inc. | 2,825,743 | 31,790 | ||||
| LCI Industries | 217,355 | 28,187 | ||||
| * | Stamps.com Inc. | 140,866 | 27,636 | |||
| * | Meritage Homes Corp. | 326,818 | 27,067 | |||
| * | Asbury Automotive Group Inc. | 166,953 | 24,332 | |||
| Steven Madden Ltd. | 681,751 | 24,079 | ||||
| Wolverine World Wide Inc. | 770,273 | 24,071 | ||||
| * | Shake Shack Inc. Class A | 274,643 | 23,284 | |||
| MDC Holdings Inc. | 478,817 | 23,270 | ||||
| Callaway Golf Co. | 858,574 | 20,614 | ||||
| Shares |
Market
Value• ($000) |
|||||
| Group 1 Automotive Inc. | 155,042 | 20,332 | ||||
| * | LGI Homes Inc. | 191,442 | 20,264 | |||
| * | Dorman Products Inc. | 231,145 | 20,068 | |||
| * | Sleep Number Corp. | 244,982 | 20,054 | |||
| Brinker International Inc. | 349,144 | 19,751 | ||||
| * | Installed Building Products Inc. | 189,195 | 19,285 | |||
| Bed Bath & Beyond Inc. | 1,043,100 | 18,525 | ||||
| Winnebago Industries Inc. | 309,022 | 18,523 | ||||
| * | iRobot Corp. | 227,275 | 18,248 | |||
| * | Gentherm Inc. | 274,892 | 17,928 | |||
| Cooper Tire & Rubber Co. | 432,986 | 17,536 | ||||
| Rent-A-Center Inc. | 447,303 | 17,127 | ||||
| Kontoor Brands Inc. | 411,112 | 16,675 | ||||
| La-Z-Boy Inc. | 392,259 | 15,628 | ||||
| Monro Inc. | 290,196 | 15,467 | ||||
| Bloomin' Brands Inc. | 763,896 | 14,835 | ||||
| * | ODP Corp. | 497,062 | 14,564 | |||
| Patrick Industries Inc. | 207,152 | 14,159 | ||||
| Big Lots Inc. | 311,152 | 13,358 | ||||
| * | Cavco Industries Inc. | 75,024 | 13,163 | |||
| Signet Jewelers Ltd. | 479,200 | 13,068 | ||||
| * | Tupperware Brands Corp. | 398,000 | 12,891 | |||
| Shutterstock Inc. | 172,173 | 12,345 | ||||
| Abercrombie & Fitch Co. Class A | 589,309 | 11,998 | ||||
| * | Century Communities Inc. | 268,677 | 11,763 | |||
| Cheesecake Factory Inc. | 317,100 | 11,752 | ||||
| * | M/I Homes Inc. | 263,234 | 11,659 | |||
| Core-Mark Holding Co. Inc. | 389,672 | 11,445 | ||||
| * | Boot Barn Holdings Inc. | 261,614 | 11,344 | |||
| * | Vista Outdoor Inc. | 472,030 | 11,215 | |||
| Dave & Buster's Entertainment Inc. | 371,000 | 11,137 | ||||
| Oxford Industries Inc. | 155,244 | 10,170 | ||||
| * | GameStop Corp. Class A | 519,077 | 9,779 | |||
| * | American Axle & Manufacturing Holdings Inc. | 1,138,155 | 9,492 | |||
| Guess? Inc. | 415,309 | 9,394 | ||||
| Dine Brands Global Inc. | 157,717 | 9,148 | ||||
108
Tax-Managed Small-Cap Fund
| Shares |
Market
Value• ($000) |
|||||
| Sonic Automotive Inc. Class A | 231,186 | 8,917 | ||||
| Sturm Ruger & Co. Inc. | 135,538 | 8,819 | ||||
| * | Sally Beauty Holdings Inc. | 650,322 | 8,480 | |||
| * | Hibbett Sports Inc. | 170,653 | 7,881 | |||
| * | Perdoceo Education Corp. | 609,547 | 7,699 | |||
| * | MarineMax Inc. | 207,756 | 7,278 | |||
| Buckle Inc. | 242,484 | 7,081 | ||||
| * | Michaels Cos. Inc. | 543,174 | 7,067 | |||
| * | G-III Apparel Group Ltd. | 295,444 | 7,014 | |||
| Standard Motor Products Inc. | 166,876 | 6,752 | ||||
| * | Zumiez Inc. | 182,212 | 6,702 | |||
| BJ's Restaurants Inc. | 172,505 | 6,640 | ||||
| * | America's Car-Mart Inc. | 57,500 | 6,316 | |||
| * | Universal Electronics Inc. | 117,532 | 6,166 | |||
| Ruth's Hospitality Group Inc. | 344,515 | 6,108 | ||||
| * | Monarch Casino & Resort Inc. | 95,572 | 5,851 | |||
| * | Lumber Liquidators Holdings Inc. | 182,674 | 5,615 | |||
| PetMed Express Inc. | 167,230 | 5,361 | ||||
| * | Liquidity Services Inc. | 319,019 | 5,076 | |||
| * | Children's Place Inc. | 98,568 | 4,938 | |||
| Haverty Furniture Cos. Inc. | 162,786 | 4,504 | ||||
| * | American Public Education Inc. | 141,732 | 4,320 | |||
| * | Chuy's Holdings Inc. | 161,179 | 4,270 | |||
| * | Cooper-Standard Holdings Inc. | 119,858 | 4,155 | |||
| Caleres Inc. | 263,893 | 4,130 | ||||
| * | Motorcar Parts of America Inc. | 206,780 | 4,057 | |||
| * | Genesco Inc. | 131,184 | 3,947 | |||
| Designer Brands Inc. Class A | 487,305 | 3,728 | ||||
| * | El Pollo Loco Holdings Inc. | 194,185 | 3,515 | |||
| * | Fossil Group Inc. | 400,414 | 3,472 | |||
| Shoe Carnival Inc. | 73,945 | 2,897 | ||||
| * | Aaron's Co. Inc. | 140,000 | 2,654 | |||
| * | Unifi Inc. | 114,646 | 2,034 | |||
| * | Fiesta Restaurant Group Inc. | 176,490 | 2,012 | |||
| * | Barnes & Noble Education Inc. | 426,283 | 1,982 | |||
| Chico's FAS Inc. | 1,026,471 | 1,632 | ||||
| * | Movado Group Inc. | 91,883 | 1,527 | |||
| Cato Corp. Class A | 135,022 | 1,295 | ||||
| * | Red Robin Gourmet Burgers Inc. | 59,400 | 1,142 | |||
| * | Conn's Inc. | 52,815 | 617 | |||
| Ethan Allen Interiors Inc. | 19,782 | 400 | ||||
| Shares |
Market
Value• ($000) |
|||||
| * | Vera Bradley Inc. | 29,700 | 236 | |||
| * | Regis Corp. | 19,182 | 176 | |||
| 1,096,524 | ||||||
| Consumer Staples (3.6%) | ||||||
| WD-40 Co. | 110,094 | 29,250 | ||||
| * | Simply Good Foods Co. | 707,100 | 22,175 | |||
| Medifast Inc. | 100,787 | 19,789 | ||||
| J & J Snack Foods Corp. | 124,160 | 19,291 | ||||
| PriceSmart Inc. | 191,370 | 17,432 | ||||
| B&G Foods Inc. | 590,029 | 16,362 | ||||
| Vector Group Ltd. | 1,011,599 | 11,785 | ||||
| * | Central Garden & Pet Co. Class A | 309,025 | 11,227 | |||
| * | Cal-Maine Foods Inc. | 294,386 | 11,051 | |||
| Universal Corp. | 223,458 | 10,862 | ||||
| Coca-Cola Consolidated Inc. | 39,777 | 10,591 | ||||
| Calavo Growers Inc. | 149,683 | 10,392 | ||||
| Inter Parfums Inc. | 156,307 | 9,455 | ||||
| National Beverage Corp. | 108,400 | 9,203 | ||||
| * | USANA Health Sciences Inc. | 112,684 | 8,688 | |||
| * | United Natural Foods Inc. | 489,427 | 7,816 | |||
| Andersons Inc. | 312,031 | 7,648 | ||||
| * | Chefs' Warehouse Inc. | 263,700 | 6,774 | |||
| MGP Ingredients Inc. | 130,155 | 6,125 | ||||
| SpartanNash Co. | 328,997 | 5,728 | ||||
| John B Sanfilippo & Son Inc. | 57,650 | 4,546 | ||||
| * | Central Garden & Pet Co. | 117,130 | 4,522 | |||
| * | Seneca Foods Corp. Class A | 88,875 | 3,546 | |||
| Fresh Del Monte Produce Inc. | 10,493 | 253 | ||||
| 264,511 | ||||||
| Energy (3.0%) | ||||||
| Helmerich & Payne Inc. | 1,218,317 | 28,216 | ||||
| * | Renewable Energy Group Inc. | 351,680 | 24,906 | |||
| * | Southwestern Energy Co. | 5,546,065 | 16,527 | |||
| * | Range Resources Corp. | 2,199,821 | 14,739 | |||
| Patterson-UTI Energy Inc. | 2,542,093 | 13,371 | ||||
| Archrock Inc. | 1,448,071 | 12,540 | ||||
| Core Laboratories NV | 452,753 | 12,003 | ||||
| * | Matador Resources Co. | 939,431 | 11,330 | |||
| * | Dril-Quip Inc. | 367,152 | 10,875 | |||
| * | PDC Energy Inc. | 450,623 | 9,251 | |||
| * | Oceaneering International Inc. | 1,020,537 | 8,113 | |||
| PBF Energy Inc. Class A | 1,131,179 | 8,031 | ||||
| DMC Global Inc. | 143,900 | 6,224 | ||||
| * | Bristow Group Inc. | 217,982 | 5,737 | |||
| Nabors Industries Ltd. | 87,916 | 5,119 | ||||
| * | Green Plains Inc. | 383,589 | 5,052 | |||
109
Tax-Managed Small-Cap Fund
| Shares |
Market
Value• ($000) |
|||||
| * | REX American Resources Corp. | 65,261 | 4,795 | |||
| * | Bonanza Creek Energy Inc. | 213,954 | 4,136 | |||
| QEP Resources Inc. | 1,620,251 | 3,872 | ||||
| * | Par Pacific Holdings Inc. | 229,950 | 3,215 | |||
| * | Callon Petroleum Co. | 158,140 | 2,081 | |||
| * | Penn Virginia Corp. | 195,429 | 1,984 | |||
| US Silica Holdings Inc. | 271,761 | 1,908 | ||||
| * | Talos Energy Inc. | 226,119 | 1,863 | |||
| * | Matrix Service Co. | 148,039 | 1,631 | |||
| SM Energy Co. | 251,800 | 1,541 | ||||
| * | Dorian LPG Ltd. | 115,204 | 1,404 | |||
| * | Laredo Petroleum Inc. | 20,504 | 404 | |||
| * | Helix Energy Solutions Group Inc. | 93,500 | 393 | |||
| * | ProPetro Holding Corp. | 44,898 | 332 | |||
| * | CONSOL Energy Inc. | 29,583 | 213 | |||
| * | Oil States International Inc. | 9,100 | 46 | |||
| * | RPC Inc. | 8,434 | 27 | |||
| * | Exterran Corp. | 557 | 3 | |||
| 221,882 | ||||||
| Financials (16.4%) | ||||||
| * | Trupanion Inc. | 263,700 | 31,568 | |||
| BankUnited Inc. | 802,571 | 27,913 | ||||
| First Hawaiian Inc. | 1,163,134 | 27,427 | ||||
| Community Bank System Inc. | 437,826 | 27,281 | ||||
| First Bancorp | 2,232,891 | 25,617 | ||||
| * | Green Dot Corp. Class A | 439,930 | 24,548 | |||
| Old National Bancorp | 1,441,612 | 23,873 | ||||
| Pacific Premier Bancorp Inc. | 742,631 | 23,267 | ||||
| Walker & Dunlop Inc. | 252,494 | 23,234 | ||||
| American Equity Investment Life Holding Co. | 836,941 | 23,150 | ||||
| Ameris Bancorp | 598,961 | 22,802 | ||||
| Columbia Banking System Inc. | 609,648 | 21,886 | ||||
| Independent Bank Corp. (Massachusetts) | 294,390 | 21,502 | ||||
| CVB Financial Corp. | 1,100,774 | 21,465 | ||||
| Simmons First National Corp. Class A | 989,005 | 21,353 | ||||
| PennyMac Mortgage Investment Trust | 1,138,050 | 20,018 | ||||
| United Community Banks Inc. | 700,659 | 19,927 | ||||
| First Midwest Bancorp Inc. | 1,141,862 | 18,178 | ||||
| * | Axos Financial Inc. | 480,951 | 18,050 | |||
| Cadence Bancorp Class A | 1,097,948 | 18,028 | ||||
| Assured Guaranty Ltd. | 565,669 | 17,813 | ||||
| Shares |
Market
Value• ($000) |
|||||
| Waddell & Reed Financial Inc. Class A | 696,245 | 17,733 | ||||
| * | Mr Cooper Group Inc. | 549,000 | 17,035 | |||
| Independent Bank Group Inc. | 260,578 | 16,291 | ||||
| * | PRA Group Inc. | 405,284 | 16,074 | |||
| ServisFirst Bancshares Inc. | 393,562 | 15,857 | ||||
| * | NMI Holdings Inc. Class A | 693,350 | 15,704 | |||
| * | Palomar Holdings Inc. | 170,725 | 15,167 | |||
| Banner Corp. | 325,349 | 15,158 | ||||
| Renasant Corp. | 449,502 | 15,139 | ||||
| Horace Mann Educators Corp. | 353,248 | 14,851 | ||||
| Piper Sandler Cos. | 145,702 | 14,701 | ||||
| Virtus Investment Partners Inc. | 67,490 | 14,645 | ||||
| * | Seacoast Banking Corp. of Florida | 484,129 | 14,258 | |||
| * | eHealth Inc. | 199,326 | 14,074 | |||
| James River Group Holdings Ltd. | 282,752 | 13,897 | ||||
| Veritex Holdings Inc. | 518,868 | 13,314 | ||||
| First Financial Bancorp | 743,838 | 13,039 | ||||
| NBT Bancorp Inc. | 394,898 | 12,676 | ||||
| Westamerica Bancorp | 222,424 | 12,298 | ||||
| Northwest Bancshares Inc. | 962,700 | 12,265 | ||||
| Great Western Bancorp Inc. | 578,003 | 12,080 | ||||
| Flagstar Bancorp Inc. | 282,949 | 11,533 | ||||
| Stewart Information Services Corp. | 236,889 | 11,456 | ||||
| * | Triumph Bancorp Inc. | 229,364 | 11,136 | |||
| City Holding Co. | 151,444 | 10,533 | ||||
| * | Encore Capital Group Inc. | 268,909 | 10,474 | |||
| Meta Financial Group Inc. | 286,432 | 10,472 | ||||
| Eagle Bancorp Inc. | 253,032 | 10,450 | ||||
| Apollo Commercial Real Estate Finance Inc. | 915,900 | 10,231 | ||||
| Safety Insurance Group Inc. | 131,127 | 10,215 | ||||
| New York Mortgage Trust Inc. | 2,729,227 | 10,071 | ||||
| Southside Bancshares Inc. | 311,077 | 9,653 | ||||
| National Bank Holdings Corp. Class A | 292,987 | 9,598 | ||||
| Brookline Bancorp Inc. | 776,744 | 9,352 | ||||
| Employers Holdings Inc. | 288,542 | 9,288 | ||||
| Capitol Federal Financial Inc. | 741,100 | 9,264 | ||||
| Berkshire Hills Bancorp Inc. | 538,909 | 9,226 | ||||
| First Commonwealth Financial Corp. | 831,902 | 9,101 | ||||
| OFG Bancorp | 489,877 | 9,082 | ||||
110
Tax-Managed Small-Cap Fund
| Shares |
Market
Value• ($000) |
|||||
| Hope Bancorp Inc. | 812,392 | 8,863 | ||||
| AMERISAFE Inc. | 148,041 | 8,502 | ||||
| HomeStreet Inc. | 250,294 | 8,447 | ||||
| Tompkins Financial Corp. | 117,587 | 8,302 | ||||
| Heritage Financial Corp. | 353,605 | 8,271 | ||||
| Park National Corp. | 73,301 | 7,697 | ||||
| * | Enova International Inc. | 309,786 | 7,673 | |||
| * | StoneX Group Inc. | 132,203 | 7,655 | |||
| Northfield Bancorp Inc. | 607,598 | 7,492 | ||||
| Banc of California Inc. | 493,661 | 7,262 | ||||
| Provident Financial Services Inc. | 400,211 | 7,188 | ||||
| Brightsphere Investment Group Inc. | 371,132 | 7,155 | ||||
| S&T Bancorp Inc. | 287,542 | 7,143 | ||||
| Ready Capital Corp. | 567,639 | 7,067 | ||||
| ProAssurance Corp. | 391,819 | 6,970 | ||||
| TrustCo Bank Corp. | 1,004,358 | 6,699 | ||||
| KKR Real Estate Finance Trust Inc. | 355,665 | 6,374 | ||||
| Capstead Mortgage Corp. | 1,087,714 | 6,320 | ||||
| Redwood Trust Inc. | 713,849 | 6,268 | ||||
| FB Financial Corp. | 173,745 | 6,034 | ||||
| * | World Acceptance Corp. | 58,058 | 5,935 | |||
| * | Third Point Reinsurance Ltd. | 619,200 | 5,895 | |||
| Dime Community Bancshares Inc. | 360,595 | 5,687 | ||||
| BancFirst Corp. | 94,134 | 5,526 | ||||
| Allegiance Bancshares Inc. | 157,976 | 5,392 | ||||
| Invesco Mortgage Capital Inc. | 1,559,543 | 5,271 | ||||
| * | Blucora Inc. | 310,618 | 4,942 | |||
| Preferred Bank | 97,059 | 4,899 | ||||
| HCI Group Inc. | 93,506 | 4,890 | ||||
| Central Pacific Financial Corp. | 245,103 | 4,659 | ||||
| * | Ambac Financial Group Inc. | 302,654 | 4,655 | |||
| United Fire Group Inc. | 172,541 | 4,331 | ||||
| WisdomTree Investments Inc. | 769,683 | 4,118 | ||||
| Boston Private Financial Holdings Inc. | 479,415 | 4,051 | ||||
| * | Customers Bancorp Inc. | 206,359 | 3,832 | |||
| Universal Insurance Holdings Inc. | 223,472 | 3,377 | ||||
| Granite Point Mortgage Trust Inc. | 298,135 | 2,978 | ||||
| * | Donnelley Financial Solutions Inc. | 160,149 | 2,718 | |||
| Hanmi Financial Corp. | 233,934 | 2,653 | ||||
| ARMOUR Residential REIT Inc. | 236,105 | 2,548 | ||||
| * | EZCORP Inc. Class A | 510,668 | 2,446 | |||
| Shares |
Market
Value• ($000) |
|||||
| United Insurance Holdings Corp. | 36,920 | 211 | ||||
| Greenhill & Co. Inc. | 10,900 | 132 | ||||
| 1,204,819 | ||||||
| Health Care (11.9%) | ||||||
| * | NeoGenomics Inc. | 933,752 | 50,273 | |||
| * | Omnicell Inc. | 363,194 | 43,591 | |||
| Ensign Group Inc. | 437,860 | 31,929 | ||||
| CONMED Corp. | 262,141 | 29,360 | ||||
| * | Select Medical Holdings Corp. | 1,024,999 | 28,351 | |||
| * | AMN Healthcare Services Inc. | 414,470 | 28,288 | |||
| * | Glaukos Corp. | 370,274 | 27,867 | |||
| * | HMS Holdings Corp. | 739,474 | 27,176 | |||
| * | Merit Medical Systems Inc. | 464,644 | 25,792 | |||
| * | Covetrus Inc. | 843,390 | 24,239 | |||
| * | Integer Holdings Corp. | 289,699 | 23,521 | |||
| * | BioTelemetry Inc. | 324,677 | 23,403 | |||
| * | Pacira BioSciences Inc. | 386,300 | 23,116 | |||
| * | Corcept Therapeutics Inc. | 850,677 | 22,254 | |||
| * | R1 RCM Inc. | 865,400 | 20,787 | |||
| * | Xencor Inc. | 454,709 | 19,839 | |||
| * | Magellan Health Inc. | 215,304 | 17,836 | |||
| * | Allscripts Healthcare Solutions Inc. | 1,199,524 | 17,321 | |||
| Owens & Minor Inc. | 605,708 | 16,384 | ||||
| * | MEDNAX Inc. | 618,487 | 15,178 | |||
| * | Addus HomeCare Corp. | 123,135 | 14,418 | |||
| US Physical Therapy Inc. | 117,200 | 14,093 | ||||
| * | REGENXBIO Inc. | 303,006 | 13,744 | |||
| * | Cardiovascular Systems Inc. | 311,916 | 13,649 | |||
| * | Providence Service Corp. | 97,815 | 13,560 | |||
| * | Endo International plc | 1,810,721 | 13,001 | |||
| * | Pennant Group Inc. | 221,480 | 12,859 | |||
| * | Supernus Pharmaceuticals Inc. | 497,793 | 12,524 | |||
| * | Myriad Genetics Inc. | 605,860 | 11,981 | |||
| * | Cytokinetics Inc. | 570,908 | 11,863 | |||
| Mesa Laboratories Inc. | 35,801 | 10,262 | ||||
| * | CorVel Corp. | 91,060 | 9,652 | |||
| * | Heska Corp. | 64,954 | 9,461 | |||
| * | NextGen Healthcare Inc. | 459,246 | 8,377 | |||
| * | Coherus Biosciences Inc. | 454,682 | 7,902 | |||
| * | CryoLife Inc. | 334,148 | 7,889 | |||
| Luminex Corp. | 340,386 | 7,870 | ||||
| * | Innoviva Inc. | 628,018 | 7,781 | |||
| * | Tabula Rasa HealthCare Inc. | 180,932 | 7,751 | |||
| Simulations Plus Inc. | 107,710 | 7,747 | ||||
| * | Orthofix Medical Inc. | 179,712 | 7,724 | |||
| * | Tivity Health Inc. | 367,500 | 7,199 | |||
| * | Community Health Systems Inc. | 907,468 | 6,743 | |||
111
Tax-Managed Small-Cap Fund
| Shares |
Market
Value• ($000) |
|||||
| * | Meridian Bioscience Inc. | 344,269 | 6,434 | |||
| * | OraSure Technologies Inc. | 594,339 | 6,291 | |||
| * | Amphastar Pharmaceuticals Inc. | 310,166 | 6,237 | |||
| * | Anika Therapeutics Inc. | 137,615 | 6,228 | |||
| LeMaitre Vascular Inc. | 147,782 | 5,985 | ||||
| * | Enanta Pharmaceuticals Inc. | 141,506 | 5,957 | |||
| * | Tactile Systems Technology Inc. | 128,719 | 5,785 | |||
| * | Inogen Inc. | 129,279 | 5,776 | |||
| * | Surmodics Inc. | 125,977 | 5,483 | |||
| * | RadNet Inc. | 269,583 | 5,276 | |||
| * | Fulgent Genetics Inc. | 99,800 | 5,200 | |||
| * | Vanda Pharmaceuticals Inc. | 363,289 | 4,774 | |||
| * | Eagle Pharmaceuticals Inc. | 101,619 | 4,732 | |||
| * | HealthStream Inc. | 210,975 | 4,608 | |||
| * | Spectrum Pharmaceuticals Inc. | 1,327,823 | 4,528 | |||
| Computer Programs & Systems Inc. | 162,558 | 4,363 | ||||
| Phibro Animal Health Corp. Class A | 198,007 | 3,845 | ||||
| * | Natus Medical Inc. | 182,297 | 3,653 | |||
| * | Cutera Inc. | 148,725 | 3,586 | |||
| * | Hanger Inc. | 158,786 | 3,492 | |||
| Invacare Corp. | 375,689 | 3,362 | ||||
| * | Varex Imaging Corp. | 200,876 | 3,351 | |||
| * | Cross Country Healthcare Inc. | 361,475 | 3,206 | |||
| * | AngioDynamics Inc. | 148,542 | 2,277 | |||
| * | Lannett Co. Inc. | 331,211 | 2,160 | |||
| * | ANI Pharmaceuticals Inc. | 46,648 | 1,355 | |||
| * | Lantheus Holdings Inc. | 26,963 | 364 | |||
| * | Zynex Inc. | 14,447 | 194 | |||
| 873,057 | ||||||
| Industrials (17.3%) | ||||||
| * | Saia Inc. | 214,637 | 38,806 | |||
| Exponent Inc. | 421,194 | 37,920 | ||||
| * | Proto Labs Inc. | 230,334 | 35,333 | |||
| * | Chart Industries Inc. | 285,220 | 33,596 | |||
| * | Aerojet Rocketdyne Holdings Inc. | 616,645 | 32,590 | |||
| John Bean Technologies Corp. | 282,196 | 32,134 | ||||
| UFP Industries Inc. | 546,461 | 30,356 | ||||
| UniFirst Corp. | 133,974 | 28,361 | ||||
| Watts Water Technologies Inc. Class A | 221,778 | 26,990 | ||||
| Applied Industrial Technologies Inc. | 338,332 | 26,386 | ||||
| Hillenbrand Inc. | 628,635 | 25,020 | ||||
| Shares |
Market
Value• ($000) |
|||||
| Allegiant Travel Co. Class A | 129,620 | 24,529 | ||||
| Arcosa Inc. | 425,842 | 23,391 | ||||
| Moog Inc. Class A | 293,512 | 23,275 | ||||
| Brady Corp. Class A | 436,249 | 23,043 | ||||
| * | Resideo Technologies Inc. | 1,077,759 | 22,913 | |||
| ABM Industries Inc. | 598,845 | 22,660 | ||||
| * | SPX FLOW Inc. | 383,916 | 22,252 | |||
| Franklin Electric Co. Inc. | 318,713 | 22,058 | ||||
| Korn Ferry | 502,400 | 21,854 | ||||
| ESCO Technologies Inc. | 210,169 | 21,694 | ||||
| AAON Inc. | 323,663 | 21,566 | ||||
| Matson Inc. | 364,475 | 20,764 | ||||
| Barnes Group Inc. | 408,784 | 20,721 | ||||
| * | SPX Corp. | 366,651 | 19,997 | |||
| Albany International Corp. Class A | 269,471 | 19,785 | ||||
| * | Gibraltar Industries Inc. | 273,156 | 19,651 | |||
| Forward Air Corp. | 253,798 | 19,502 | ||||
| * | Meritor Inc. | 643,122 | 17,950 | |||
| Mueller Industries Inc. | 508,084 | 17,839 | ||||
| Cubic Corp. | 279,280 | 17,327 | ||||
| Federal Signal Corp. | 520,014 | 17,249 | ||||
| * | Hub Group Inc. Class A | 301,715 | 17,198 | |||
| * | AeroVironment Inc. | 197,784 | 17,187 | |||
| Comfort Systems USA Inc. | 316,247 | 16,654 | ||||
| SkyWest Inc. | 382,037 | 15,400 | ||||
| EnPro Industries Inc. | 193,207 | 14,591 | ||||
| * | American Woodmark Corp. | 149,298 | 14,012 | |||
| * | Vicor Corp. | 148,533 | 13,698 | |||
| Kaman Corp. | 237,716 | 13,581 | ||||
| * | Atlas Air Worldwide Holdings Inc. | 231,459 | 12,624 | |||
| Greenbrier Cos. Inc. | 345,364 | 12,564 | ||||
| * | GMS Inc. | 407,405 | 12,418 | |||
| * | Harsco Corp. | 661,205 | 11,888 | |||
| Enerpac Tool Group Corp. Class A | 524,983 | 11,870 | ||||
| Alamo Group Inc. | 85,527 | 11,798 | ||||
| Lindsay Corp. | 90,791 | 11,663 | ||||
| Tennant Co. | 165,064 | 11,583 | ||||
| AZZ Inc. | 231,645 | 10,989 | ||||
| Encore Wire Corp. | 181,296 | 10,981 | ||||
| * | PGT Innovations Inc. | 534,169 | 10,865 | |||
| * | MYR Group Inc. | 164,919 | 9,912 | |||
| Granite Construction Inc. | 370,800 | 9,904 | ||||
| Raven Industries Inc. | 295,817 | 9,789 | ||||
| Astec Industries Inc. | 164,296 | 9,509 | ||||
| Deluxe Corp. | 310,186 | 9,057 | ||||
| Pitney Bowes Inc. | 1,384,270 | 8,527 | ||||
| US Ecology Inc. | 231,270 | 8,402 | ||||
| Standex International Corp. | 108,311 | 8,396 | ||||
| Marten Transport Ltd. | 486,205 | 8,377 | ||||
112
Tax-Managed Small-Cap Fund
| Shares |
Market
Value• ($000) |
|||||
| Quanex Building Products Corp. | 374,644 | 8,306 | ||||
| AAR Corp. | 222,628 | 8,064 | ||||
| Griffon Corp. | 393,364 | 8,017 | ||||
| Wabash National Corp. | 441,059 | 7,599 | ||||
| ArcBest Corp. | 171,598 | 7,322 | ||||
| * | Echo Global Logistics Inc. | 268,559 | 7,203 | |||
| * | SEACOR Holdings Inc. | 163,402 | 6,773 | |||
| * | Aegion Corp. Class A | 314,972 | 5,981 | |||
| Kelly Services Inc. Class A | 279,173 | 5,743 | ||||
| Hawaiian Holdings Inc. | 314,041 | 5,558 | ||||
| Heartland Express Inc. | 306,033 | 5,539 | ||||
| Viad Corp. | 143,911 | 5,205 | ||||
| Heidrick & Struggles International Inc. | 170,675 | 5,014 | ||||
| * | CIRCOR International Inc. | 128,950 | 4,957 | |||
| Apogee Enterprises Inc. | 155,195 | 4,917 | ||||
| Triumph Group Inc. | 388,600 | 4,881 | ||||
| * | TrueBlue Inc. | 255,631 | 4,778 | |||
| * | Forrester Research Inc. | 112,916 | 4,731 | |||
| Insteel Industries Inc. | 195,383 | 4,351 | ||||
| Resources Connection Inc. | 328,047 | 4,124 | ||||
| National Presto Industries Inc. | 45,493 | 4,023 | ||||
| * | Lydall Inc. | 107,983 | 3,243 | |||
| Interface Inc. Class A | 304,723 | 3,200 | ||||
| Park Aerospace Corp. | 232,914 | 3,123 | ||||
| Powell Industries Inc. | 99,676 | 2,939 | ||||
| * | Team Inc. | 257,800 | 2,810 | |||
| * | NOW Inc. | 315,355 | 2,264 | |||
| Matthews International Corp. Class A | 70,368 | 2,069 | ||||
| * | DXP Enterprises Inc. | 85,551 | 1,902 | |||
| * | Veritiv Corp. | 67,484 | 1,403 | |||
| Titan International Inc. | 264,475 | 1,285 | ||||
| * | Foundation Building Materials Inc. | 5,500 | 106 | |||
| 1,268,379 | ||||||
| Information Technology (15.0%) | ||||||
| Brooks Automation Inc. | 593,602 | 40,276 | ||||
| Power Integrations Inc. | 458,814 | 37,558 | ||||
| * | Alarm.com Holdings Inc. | 356,650 | 36,895 | |||
| * | LivePerson Inc. | 536,031 | 33,357 | |||
| * | Advanced Energy Industries Inc. | 331,368 | 32,133 | |||
| * | Viavi Solutions Inc. | 2,056,497 | 30,796 | |||
| * | SPS Commerce Inc. | 282,586 | 30,686 | |||
| * | 8x8 Inc. | 889,258 | 30,653 | |||
| * | Itron Inc. | 305,374 | 29,285 | |||
| * | FormFactor Inc. | 651,381 | 28,022 | |||
| * | MicroStrategy Inc. Class A | 66,237 | 25,736 | |||
| * | Rogers Corp. | 165,650 | 25,724 | |||
| * | ExlService Holdings Inc. | 300,384 | 25,572 | |||
| * | Fabrinet | 321,099 | 24,914 | |||
| Shares |
Market
Value• ($000) |
|||||
| * | Diodes Inc. | 337,507 | 23,794 | |||
| * | Insight Enterprises Inc. | 305,345 | 23,234 | |||
| Badger Meter Inc. | 235,852 | 22,184 | ||||
| * | MaxLinear Inc. | 580,196 | 22,158 | |||
| * | Onto Innovation Inc. | 443,649 | 21,095 | |||
| EVERTEC Inc. | 521,667 | 20,512 | ||||
| * | Plexus Corp. | 262,163 | 20,504 | |||
| ManTech International Corp. Class A | 229,432 | 20,406 | ||||
| Xperi Holding Corp. | 970,249 | 20,278 | ||||
| * | Sanmina Corp. | 602,295 | 19,207 | |||
| Progress Software Corp. | 395,285 | 17,863 | ||||
| Kulicke & Soffa Industries Inc. | 548,716 | 17,455 | ||||
| * | Bottomline Technologies DE Inc. | 324,438 | 17,111 | |||
| * | Rambus Inc. | 950,097 | 16,589 | |||
| * | Knowles Corp. | 807,441 | 14,881 | |||
| * | OSI Systems Inc. | 153,442 | 14,304 | |||
| * | Perficient Inc. | 292,323 | 13,929 | |||
| * | Virtusa Corp. | 258,225 | 13,203 | |||
| NIC Inc. | 510,378 | 13,183 | ||||
| Methode Electronics Inc. | 334,396 | 12,801 | ||||
| * | TTM Technologies Inc. | 920,881 | 12,704 | |||
| CSG Systems International Inc. | 281,528 | 12,688 | ||||
| * | Sykes Enterprises Inc. | 334,954 | 12,618 | |||
| * | Cardtronics plc Class A | 350,598 | 12,376 | |||
| * | Ultra Clean Holdings Inc. | 384,790 | 11,986 | |||
| * | FARO Technologies Inc. | 159,815 | 11,288 | |||
| Cohu Inc. | 292,140 | 11,154 | ||||
| * | 3D Systems Corp. | 1,048,437 | 10,988 | |||
| Benchmark Electronics Inc. | 385,523 | 10,413 | ||||
| CTS Corp. | 303,272 | 10,411 | ||||
| TTEC Holdings Inc. | 142,312 | 10,379 | ||||
| * | ePlus Inc. | 115,386 | 10,148 | |||
| * | Axcelis Technologies Inc. | 308,032 | 8,970 | |||
| * | Unisys Corp. | 447,611 | 8,809 | |||
| * | NETGEAR Inc. | 209,800 | 8,524 | |||
| * | Extreme Networks Inc. | 1,162,220 | 8,008 | |||
| * | Diebold Nixdorf Inc. | 751,060 | 8,006 | |||
| * | Agilysys Inc. | 202,050 | 7,755 | |||
| Plantronics Inc. | 284,765 | 7,697 | ||||
| Ebix Inc. | 197,187 | 7,487 | ||||
| * | Photronics Inc. | 648,709 | 7,240 | |||
| * | CEVA Inc. | 154,146 | 7,014 | |||
| * | Ichor Holdings Ltd. | 232,256 | 7,001 | |||
| * | Digi International Inc. | 361,321 | 6,829 | |||
| * | Veeco Instruments Inc. | 366,766 | 6,367 | |||
| * | ScanSource Inc. | 234,336 | 6,182 | |||
| * | Harmonic Inc. | 797,584 | 5,894 | |||
| MTS Systems Corp. | 100,011 | 5,817 | ||||
| * | OneSpan Inc. | 272,086 | 5,627 | |||
| * | PDF Solutions Inc. | 258,070 | 5,574 | |||
| * | Arlo Technologies Inc. | 692,018 | 5,391 | |||
113
Tax-Managed Small-Cap Fund
| Shares |
Market
Value• ($000) |
|||||
| ADTRAN Inc. | 361,838 | 5,344 | ||||
| * | SMART Global Holdings Inc. | 127,947 | 4,815 | |||
| Comtech Telecommunications Corp. | 224,130 | 4,637 | ||||
| * | PC Connection Inc. | 87,794 | 4,152 | |||
| * | DSP Group Inc. | 231,046 | 3,833 | |||
| * | CalAmp Corp. | 362,784 | 3,599 | |||
| * | Applied Optoelectronics Inc. | 260,767 | 2,219 | |||
| Bel Fuse Inc. Class B | 113,343 | 1,703 | ||||
| Daktronics Inc. | 234,709 | 1,098 | ||||
| BM Technologies Inc. | 31,757 | 446 | ||||
| 1,099,489 | ||||||
| Materials (5.9%) | ||||||
| Cleveland-Cliffs Inc. | 3,668,216 | 53,409 | ||||
| Balchem Corp. | 265,040 | 30,538 | ||||
| Quaker Chemical Corp. | 111,900 | 28,354 | ||||
| * | Livent Corp. | 1,328,878 | 25,036 | |||
| HB Fuller Co. | 439,608 | 22,807 | ||||
| * | Arconic Corp. | 761,497 | 22,693 | |||
| Stepan Co. | 167,166 | 19,946 | ||||
| Trinseo SA | 376,211 | 19,266 | ||||
| Innospec Inc. | 211,790 | 19,216 | ||||
| * | Allegheny Technologies Inc. | 1,015,541 | 17,031 | |||
| Boise Cascade Co. | 347,482 | 16,610 | ||||
| Kaiser Aluminum Corp. | 143,350 | 14,177 | ||||
| Materion Corp. | 178,538 | 11,376 | ||||
| Schweitzer-Mauduit International Inc. | 271,229 | 10,906 | ||||
| * | Ferro Corp. | 725,268 | 10,611 | |||
| * | GCP Applied Technologies Inc. | 416,318 | 9,846 | |||
| Warrior Met Coal Inc. | 449,413 | 9,581 | ||||
| * | Kraton Corp. | 312,672 | 8,689 | |||
| * | Century Aluminum Co. | 621,577 | 6,856 | |||
| Carpenter Technology Corp. | 235,361 | 6,854 | ||||
| * | Koppers Holdings Inc. | 214,113 | 6,672 | |||
| * | Clearwater Paper Corp. | 155,957 | 5,887 | |||
| Myers Industries Inc. | 282,940 | 5,880 | ||||
| Hawkins Inc. | 100,111 | 5,237 | ||||
| * | AdvanSix Inc. | 251,748 | 5,032 | |||
| Neenah Inc. | 81,080 | 4,485 | ||||
| Glatfelter Corp. | 269,528 | 4,415 | ||||
| Tredegar Corp. | 258,645 | 4,319 | ||||
| American Vanguard Corp. | 268,629 | 4,169 | ||||
| * | US Concrete Inc. | 100,553 | 4,019 | |||
| Mercer International Inc. | 367,863 | 3,771 | ||||
| FutureFuel Corp. | 271,152 | 3,444 | ||||
| * | Rayonier Advanced Materials Inc. | 476,097 | 3,104 | |||
| * | TimkenSteel Corp. | 577,614 | 2,697 | |||
| Haynes International Inc. | 87,066 | 2,076 | ||||
| Shares |
Market
Value• ($000) |
|||||
| Olympic Steel Inc. | 119,973 | 1,599 | ||||
| SunCoke Energy Inc. | 229,627 | 999 | ||||
| 431,607 | ||||||
| Other (0.0%) | ||||||
| *,1 | Lantheus Holdings Inc. CVR | 933,227 | — | |||
| Real Estate (7.6%) | ||||||
| Innovative Industrial Properties Inc. | 177,000 | 32,414 | ||||
| Agree Realty Corp. | 426,531 | 28,398 | ||||
| Lexington Realty Trust | 2,083,796 | 22,130 | ||||
| Uniti Group Inc. | 1,830,811 | 21,475 | ||||
| CareTrust REIT Inc. | 852,382 | 18,906 | ||||
| National Storage Affiliates Trust | 520,052 | 18,738 | ||||
| Four Corners Property Trust Inc. | 608,448 | 18,114 | ||||
| Essential Properties Realty Trust Inc. | 850,200 | 18,024 | ||||
| Retail Properties of America Inc. Class A | 1,979,273 | 16,943 | ||||
| Brandywine Realty Trust | 1,351,159 | 16,092 | ||||
| Washington REIT | 701,478 | 15,173 | ||||
| * | Realogy Holdings Corp. | 1,134,214 | 14,881 | |||
| Retail Opportunity Investments Corp. | 1,107,701 | 14,832 | ||||
| Easterly Government Properties Inc. | 619,577 | 14,033 | ||||
| LTC Properties Inc. | 351,809 | 13,689 | ||||
| Global Net Lease Inc. | 792,001 | 13,575 | ||||
| Industrial Logistics Properties Trust | 577,340 | 13,446 | ||||
| SITE Centers Corp. | 1,316,404 | 13,322 | ||||
| American Assets Trust Inc. | 419,156 | 12,105 | ||||
| Kite Realty Group Trust | 783,951 | 11,728 | ||||
| Independence Realty Trust Inc. | 805,952 | 10,824 | ||||
| * | DiamondRock Hospitality Co. | 1,246,693 | 10,285 | |||
| Office Properties Income Trust | 451,948 | 10,268 | ||||
| iStar Inc. | 674,100 | 10,010 | ||||
| Diversified Healthcare Trust | 2,334,683 | 9,619 | ||||
| Summit Hotel Properties Inc. | 1,052,483 | 9,483 | ||||
| GEO Group Inc. | 1,030,588 | 9,131 | ||||
| Xenia Hotels & Resorts Inc. | 598,052 | 9,090 | ||||
| Mack-Cali Realty Corp. | 720,375 | 8,976 | ||||
| Tanger Factory Outlet Centers Inc. | 887,477 | 8,839 | ||||
| Community Healthcare Trust Inc. | 183,000 | 8,621 | ||||
114
Tax-Managed Small-Cap Fund
| Shares |
Market
Value• ($000) |
|||||
| NexPoint Residential Trust Inc. | 202,383 | 8,563 | ||||
| Alexander & Baldwin Inc. | 494,892 | 8,502 | ||||
| Getty Realty Corp. | 305,957 | 8,426 | ||||
| Safehold Inc. | 113,073 | 8,197 | ||||
| St. Joe Co. | 189,054 | 8,025 | ||||
| Centerspace | 103,500 | 7,311 | ||||
| Universal Health Realty Income Trust | 112,547 | 7,233 | ||||
| Chatham Lodging Trust | 538,407 | 5,815 | ||||
| Hersha Hospitality Trust Class A | 729,717 | 5,758 | ||||
| RE/MAX Holdings Inc. Class A | 158,378 | 5,754 | ||||
| Acadia Realty Trust | 399,964 | 5,676 | ||||
| * | Marcus & Millichap Inc. | 152,390 | 5,674 | |||
| Franklin Street Properties Corp. | 1,212,700 | 5,300 | ||||
| Armada Hoffler Properties Inc. | 441,103 | 4,949 | ||||
| RPT Realty | 493,457 | 4,268 | ||||
| Urstadt Biddle Properties Inc. Class A | 184,948 | 2,613 | ||||
| Whitestone REIT | 231,556 | 1,846 | ||||
| Saul Centers Inc. | 53,434 | 1,693 | ||||
| CoreCivic Inc. | 248,365 | 1,627 | ||||
| 560,394 | ||||||
| Utilities (1.5%) | ||||||
| American States Water Co. | 315,121 | 25,055 | ||||
| Avista Corp. | 599,477 | 24,063 | ||||
| California Water Service Group | 419,875 | 22,686 | ||||
| South Jersey Industries Inc. | 877,302 | 18,906 | ||||
| Northwest Natural Holding Co. | 260,800 | 11,994 | ||||
| Chesapeake Utilities Corp. | 89,100 | 9,642 | ||||
| 112,346 | ||||||
|
Total Common Stocks
(Cost $4,318,290) |
7,305,963 | |||||
| Shares |
Market
Value• ($000) |
|||||
| Temporary Cash Investments (0.2%) | ||||||
| Money Market Fund (0.2%) | ||||||
| 2 | Vanguard Market Liquidity Fund, 0.111% | 150,084 | 15,009 | |||
|
Face
Amount ($000) |
||||||
| U.S. Government and Agency Obligations (0.0%) | ||||||
| 3 | United States Treasury Bill, 0.116%, 2/16/21 | 539 | 539 | |||
|
Total Temporary Cash Investments
(Cost $15,548) |
15,548 | |||||
|
Total Investments (99.8%)
(Cost $4,333,838) |
7,321,511 | |||||
| Other Assets and Liabilities—Net (0.2%) | 13,271 | |||||
| Net Assets (100%) | 7,334,782 | |||||
| Cost is in $000. | |
| • | See Note A in Notes to Financial Statements. |
| * | Non-income-producing security. |
| 1 | Security value determined using significant unobservable inputs. |
| 2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 3 | Securities with a value of $539,000 have been segregated as initial margin for open futures contracts. |
| CVR—Contingent Value Rights. | |
| REIT—Real Estate Investment Trust. |
115
Tax-Managed Small-Cap Fund
Derivative Financial
Instruments Outstanding as of Period End
| Futures Contracts | ||||
| ($000) | ||||
| Expiration |
Number of
Long (Short) Contracts |
Notional
Amount |
Value and
Unrealized Appreciation (Depreciation) |
|
| Long Futures Contracts | ||||
| E-mini Russell 2000 Index | March 2021 | 240 | 23,698 | 723 |
See accompanying Notes, which are an
integral part of the Financial Statements.
116
Tax-Managed Small-Cap Fund
Statement of Assets and Liabilities
As of December 31, 2020
| ($000s, except shares and per-share amounts) | Amount |
| Assets | |
| Investments in Securities, at Value | |
| Unaffiliated Issuers (Cost $4,318,829) | 7,306,502 |
| Affiliated Issuers (Cost $15,009) | 15,009 |
| Total Investments in Securities | 7,321,511 |
| Investment in Vanguard | 268 |
| Cash Collateral Pledged—Futures Contracts | 908 |
| Receivables for Investment Securities Sold | 4,173 |
| Receivables for Accrued Income | 8,438 |
| Receivables for Capital Shares Issued | 3,095 |
| Total Assets | 7,338,393 |
| Liabilities | |
| Payables for Investment Securities Purchased | 458 |
| Payables for Capital Shares Redeemed | 2,786 |
| Payables to Vanguard | 347 |
| Variation Margin Payable—Futures Contracts | 20 |
| Total Liabilities | 3,611 |
| Net Assets | 7,334,782 |
| At December 31, 2020, net assets consisted of: | |
| Paid-in Capital | 5,306,401 |
| Total Distributable Earnings (Loss) | 2,028,381 |
| Net Assets | 7,334,782 |
| Admiral Shares—Net Assets | |
|
Applicable to 90,022,365 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) |
6,689,034 |
| Net Asset Value Per Share—Admiral Shares | $74.30 |
| Institutional Shares—Net Assets | |
|
Applicable to 8,671,015 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) |
645,748 |
| Net Asset Value Per Share—Institutional Shares | $74.47 |
See accompanying Notes, which are an
integral part of the Financial Statements.
117
Tax-Managed Small-Cap Fund
Statement of Operations
|
Year Ended
December 31, 2020 |
|
| ($000) | |
| Investment Income | |
| Income | |
| Dividends—Unaffiliated Issuers | 88,401 |
| Dividends—Affiliated Issuers | — |
| Interest—Unaffiliated Issuers | 5 |
| Interest—Affiliated Issuers | 69 |
| Total Income | 88,475 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 896 |
| Management and Administrative—Admiral Shares | 3,742 |
| Management and Administrative—Institutional Shares | 214 |
| Marketing and Distribution—Admiral Shares | 270 |
| Marketing and Distribution—Institutional Shares | 10 |
| Custodian Fees | 26 |
| Auditing Fees | 32 |
| Shareholders’ Reports—Admiral Shares | 46 |
| Shareholders’ Reports—Institutional Shares | 3 |
| Trustees’ Fees and Expenses | 4 |
| Total Expenses | 5,243 |
| Net Investment Income | 83,232 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold—Unaffiliated Issuers1 | (158,133) |
| Investment Securities Sold—Affiliated Issuers | (66,264) |
| Futures Contracts | 7,940 |
| Realized Net Gain (Loss) | (216,457) |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities—Unaffiliated Issuers | 758,432 |
| Investment Securities—Affiliated Issuers | 4,488 |
| Futures Contracts | 666 |
| Change in Unrealized Appreciation (Depreciation) | 763,586 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 630,361 |
| 1 | Includes $298,595,000 of net gain (loss) resulting from in-kind redemptions. |
See accompanying Notes, which are an
integral part of the Financial Statements.
118
Tax-Managed Small-Cap Fund
Statement of Changes in Net Assets
| Year Ended December 31, | ||
| 2020 | 2019 | |
| ($000) | ($000) | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 83,232 | 80,873 |
| Realized Net Gain (Loss) | (216,457) | 145,349 |
| Change in Unrealized Appreciation (Depreciation) | 763,586 | 1,119,748 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 630,361 | 1,345,970 |
| Distributions1 | ||
| Admiral Shares | (73,881) | (74,592) |
| Institutional Shares | (7,189) | (6,814) |
| Total Distributions | (81,070) | (81,406) |
| Capital Share Transactions | ||
| Admiral Shares | (307,848) | 41,266 |
| Institutional Shares | (5,978) | 16,943 |
| Net Increase (Decrease) from Capital Share Transactions | (313,826) | 58,209 |
| Total Increase (Decrease) | 235,465 | 1,322,773 |
| Net Assets | ||
| Beginning of Period | 7,099,317 | 5,776,544 |
| End of Period | 7,334,782 | 7,099,317 |
| 1 | Certain prior-period numbers have been reclassified to conform with the current-period presentation. |
See accompanying Notes, which are an
integral part of the Financial Statements.
119
Tax-Managed Small-Cap Fund
Financial Highlights
| Admiral Shares | |||||
|
For a Share Outstanding
Throughout Each Period |
Year Ended December 31, | ||||
| 2020 | 2019 | 2018 | 2017 | 2016 | |
| Net Asset Value, Beginning of Period | $67.84 | $55.70 | $61.63 | $55.16 | $44.37 |
| Investment Operations | |||||
| Net Investment Income | .8191 | .7721 | .7371 | .6661 | .558 |
| Net Realized and Unrealized Gain (Loss) on Investments | 6.451 | 12.146 | (5.965) | 6.486 | 10.788 |
| Total from Investment Operations | 7.270 | 12.918 | (5.228) | 7.152 | 11.346 |
| Distributions | |||||
| Dividends from Net Investment Income | (.810) | (.778) | (.702) | (.664) | (.556) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Return of Capital | — | — | — | (.018) | — |
| Total Distributions | (.810) | (.778) | (.702) | (.682) | (.556) |
| Net Asset Value, End of Period | $74.30 | $67.84 | $55.70 | $61.63 | $55.16 |
| Total Return2 | 11.05% | 23.28% | -8.62% | 13.05% | 25.73% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $6,689 | $6,506 | $5,304 | $5,428 | $4,671 |
| Ratio of Total Expenses to Average Net Assets | 0.09% | 0.09% | 0.09% | 0.09% | 0.09% |
| Ratio of Net Investment Income to Average Net Assets | 1.39% | 1.23% | 1.13% | 1.17% | 1.19% |
| Portfolio Turnover Rate3 | 31% | 53% | 29% | 37% | 45% |
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares. |
See accompanying
Notes, which are an integral part of the Financial Statements.
120
Tax-Managed Small-Cap Fund
Financial Highlights
| Institutional Shares | |||||
|
For a Share Outstanding
Throughout Each Period |
Year Ended December 31, | ||||
| 2020 | 2019 | 2018 | 2017 | 2016 | |
| Net Asset Value, Beginning of Period | $67.99 | $55.83 | $61.77 | $55.29 | $44.47 |
| Investment Operations | |||||
| Net Investment Income | .8441 | .7941 | .7551 | .6931 | .572 |
| Net Realized and Unrealized Gain (Loss) on Investments | 6.466 | 12.164 | (5.972) | 6.488 | 10.818 |
| Total from Investment Operations | 7.310 | 12.958 | (5.217) | 7.181 | 11.390 |
| Distributions | |||||
| Dividends from Net Investment Income | (.830) | (.798) | (.723) | (.683) | (.570) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Return of Capital | — | — | — | (.018) | — |
| Total Distributions | (.830) | (.798) | (.723) | (.701) | (.570) |
| Net Asset Value, End of Period | $74.47 | $67.99 | $55.83 | $61.77 | $55.29 |
| Total Return | 11.10% | 23.30% | -8.59% | 13.08% | 25.78% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $646 | $593 | $473 | $492 | $379 |
| Ratio of Total Expenses to Average Net Assets | 0.06% | 0.06% | 0.06% | 0.06% | 0.06% |
| Ratio of Net Investment Income to Average Net Assets | 1.42% | 1.26% | 1.16% | 1.20% | 1.22% |
| Portfolio Turnover Rate2 | 31% | 53% | 29% | 37% | 45% |
| 1 | Calculated based on average shares outstanding. |
| 2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares. |
See accompanying
Notes, which are an integral part of the Financial Statements.
121
Tax-Managed Small-Cap Fund
Notes to Financial Statements
Vanguard Tax-Managed Small-Cap
Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: Admiral Shares and Institutional Shares. Each of the share classes
has different eligibility and minimum purchase requirements, and is designed for different types of investors.
Market disruptions associated
with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus fund performance.
| A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
1. Security Valuation:
Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official
closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which
market quotations are not readily available, or whose values have been materially affected by events occurring before the fund's pricing time but after the close of the securities’ primary markets, are valued by
methods deemed by the board of trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. Temporary cash investments are valued using the latest bid
prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.
2. Futures Contracts:
The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a
desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of futures contracts are imperfect correlation between
changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is
the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and
has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin
representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued
at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of
Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures
contracts.
During the year ended December
31, 2020, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during
the period.
122
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. The fund’s tax returns are open to examination by the relevant tax authorities until expiration
of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state income tax
years, and has concluded that no provision for income tax is required in the fund’s financial statements.
4. Distributions:
Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial
reporting purposes.
5. Credit Facilities and
Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit
agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be
utilized for temporary or emergency purposes, subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged
administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility; 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 either facility bear interest at a rate based upon the higher of the one-month London Interbank
Offered Rate (or an acceptable alternate rate, if necessary), federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread, except that borrowings under the uncommitted credit facility may
bear interest based upon an alternative rate agreed to by the fund and Vanguard.
In accordance with an
exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each
other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment
objective and investment policies. Interfund loans and borrowings normally extend overnight, but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to
be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the year ended December
31, 2020, the fund did not utilize the credit facilities or the Interfund Lending Program.
6. Other: Dividend
income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received
from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for
premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains
(losses) on the sale of investment securities are those of the specific securities sold.
123
Tax-Managed Small-Cap Fund
Each class of shares has equal
rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and
shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on
investments are allocated to each class of shares based on its relative net assets.
| B. | In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
Upon the request of Vanguard,
the fund may invest up to 0.40% of its net assets as capital in Vanguard. At December 31, 2020, the fund had contributed to Vanguard capital in the amount of $268,000, representing less than 0.01% of the fund’s
net assets and 0.11% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
| C. | Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. |
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant
unobservable inputs are noted on the Schedule of Investments.
The following table summarizes
the market value of the fund's investments and derivatives as of December 31, 2020, based on the inputs used to value them:
|
Level 1
($000) |
Level 2
($000) |
Level 3
($000) |
Total
($000) |
|
| Investments | ||||
| Assets | ||||
| Common Stocks | 7,305,517 | 446 | — | 7,305,963 |
| Temporary Cash Investments | 15,009 | 539 | — | 15,548 |
| Total | 7,320,526 | 985 | — | 7,321,511 |
| Derivative Financial Instruments | ||||
| Liabilities | ||||
| Futures Contracts1 | 20 | — | — | 20 |
| 1 | Represents variation margin on the last day of the reporting period. |
| D. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These |
124
Tax-Managed Small-Cap Fund
reclassifications have no effect on net
assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for in-kind redemptions were reclassified between the following accounts:
|
Amount
($000) |
|
| Paid-in Capital | 298,595 |
| Total Distributable Earnings (Loss) | (298,595) |
Temporary differences between
book-basis and tax-basis components of total distributable earnings (losses) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these
differences will reverse at some time in the future. The differences are primarily related to the deferral of losses from wash sales and the recognition of unrealized gains or losses from certain derivative contracts.
As of period end, the tax-basis components of total distributable earnings (losses) are detailed in the table as follows:
|
Amount
($000) |
|
| Undistributed Ordinary Income | 1,442 |
| Undistributed Long-Term Gains | — |
| Capital Loss Carryforwards | (949,130) |
| Qualified Late-Year Losses | — |
| Net Unrealized Gains (Losses) | 2,976,069 |
The tax character of
distributions paid was as follows:
| Year Ended December 31, | ||
|
2020
Amount ($000) |
2019
Amount ($000) |
|
| Ordinary Income* | 81,070 | 81,406 |
| Long-Term Capital Gains | — | — |
| Total | 81,070 | 81,406 |
| * | Includes short-term capital gains, if any. |
As of December 31, 2020,
gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
125
Tax-Managed Small-Cap Fund
| E. | During the year ended December 31, 2020, the fund purchased $2,020,243,000 of investment securities and sold $2,341,836,000 of investment securities, other than temporary cash investments. Purchases and sales include $0 and $474,951,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares. |
| F. | Capital share transactions for each class of shares were: |
| Year Ended December 31, | |||||
| 2020 | 2019 | ||||
|
Amount
($000) |
Shares
(000) |
Amount
($000) |
Shares
(000) |
||
| Admiral Shares | |||||
| Issued | 1,131,338 | 20,286 | 1,173,529 | 18,603 | |
| Issued in Lieu of Cash Distributions | 52,404 | 905 | 55,426 | 865 | |
| Redeemed | (1,491,590) | (27,073) | (1,187,689) | (18,781) | |
| Net Increase (Decrease)—Admiral Shares | (307,848) | (5,882) | 41,266 | 687 | |
| Institutional Shares | |||||
| Issued | 66,229 | 1,208 | 46,891 | 735 | |
| Issued in Lieu of Cash Distributions | 4,490 | 77 | 4,214 | 66 | |
| Redeemed | (76,697) | (1,343) | (34,162) | (540) | |
| Net Increase (Decrease)—Institutional Shares | (5,978) | (58) | 16,943 | 261 | |
| G. | Transactions during the period in investments where the issuer is another member of The Vanguard Group were as follows: |
| Current Period Transactions | ||||||||
|
Dec. 31, 2019
Market Value ($000) |
Purchases
at Cost ($000) |
Proceeds
from Securities Sold ($000) |
Realized
Net Gain (Loss) ($000) |
Change in
Unrealized App. (Dep.) ($000) |
Income
($000) |
Capital Gain
Distributions Received ($000) |
Dec. 31, 2020
Market Value ($000) |
|
| Vanguard Market Liquidity Fund | 6,697 | NA1 | NA1 | 10 | — | 69 | — | 15,009 |
| Vanguard Real Estate ETF | 324,765 | 288,967 | 551,946 | (66,274) | 4,488 | — | — | — |
| Total | 331,462 | 288,967 | 551,946 | (66,264) | 4,488 | 69 | — | 15,009 |
| 1 | Not applicable—purchases and sales are for temporary cash investment purposes. |
| H. | Management has determined that no events or transactions occurred subsequent to December 31, 2020, that would require recognition or disclosure in these financial statements. |
126
Report of Independent Registered
Public Accounting Firm
To the Board of Trustees of Vanguard
Tax-Managed Funds and Shareholders of Vanguard Tax-Managed Balanced Fund, Vanguard Tax-Managed Capital Appreciation Fund and Vanguard Tax-Managed Small-Cap Fund
Opinions on the Financial
Statements
We have audited the accompanying statements
of assets and liabilities, including the schedules of investments, of Vanguard Tax-Managed Balanced Fund, Vanguard Tax-Managed Capital Appreciation Fund and Vanguard Tax-Managed Small-Cap Fund (three of the funds
constituting Vanguard Tax-Managed Funds, hereafter collectively referred to as the "Funds") as of December 31, 2020, the related statements of operations for the year ended December 31, 2020, the statements of changes
in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (collectively
referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2020, the
results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2020 and each of the financial highlights for each of the
five years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the
responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of
the Securities and Exchange Commission and the PCAOB.
We conducted our audits of
these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of
material misstatement, whether due to error or fraud.
Our audits included performing
procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test
basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian, transfer agent and brokers; when replies
were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers
LLP
Philadelphia, Pennsylvania
February 16, 2021
Philadelphia, Pennsylvania
February 16, 2021
We have served as the auditor
of one or more investment companies in The Vanguard Group of Funds since 1975.
127
Special 2020 tax
information (unaudited) for Vanguard Tax-Managed Funds
This information for the
fiscal year ended December 31, 2020, is included pursuant to provisions of the Internal Revenue Code.
The Tax-Managed Balanced Fund
designates 62% of its income dividends as exempt-interest dividends.
The funds distributed
qualified dividend income to shareholders during the fiscal year as follows:
| Fund | ($000) |
| Tax-Managed Balanced Fund | 42,413 |
| Tax-Managed Capital Appreciation Fund | 186,056 |
| Tax-Managed Small-Cap Fund | 69,972 |
The funds distributed
qualified business income to shareholders during the fiscal year as follows:
| Fund | ($000) |
| Tax-Managed Balanced Fund | 1,402 |
| Tax-Managed Capital Appreciation Fund | — |
| Tax-Managed Small-Cap Fund | 9,769 |
For corporate shareholders,
the percentage of investment income (dividend income plus short-term gains, if any) that qualifies for the dividends-received deduction is as follows:
| Fund | Percentage |
| Tax-Managed Balanced Fund | 93.3% |
| Tax-Managed Capital Appreciation Fund | 99.3 |
| Tax-Managed Small-Cap Fund | 83.6 |
128
BLOOMBERG is a trademark and
service mark of Bloomberg Finance L.P. BARCLAYS is a trademark and service mark of Barclays Bank Plc, used under license. Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (BISL)
(collectively, Bloomberg), or Bloomberg’s licensors, own all proprietary rights in the Bloomberg Barclays 1–15 Year Municipal Bond Index (the Index or Bloomberg Barclays Index).
Neither Barclays Bank Plc,
Barclays Capital Inc., or any affiliate (collectively Barclays) or Bloomberg is the issuer or producer of the Tax-Managed Balanced Fund and neither Bloomberg nor Barclays has any responsibilities, obligations or
duties to investors in the Tax-Managed Balanced Fund. The Index is licensed for use by The Vanguard Group, Inc. (Vanguard) as the sponsor of the Tax-Managed Balanced Fund. Bloomberg and Barclays’ only
relationship with Vanguard in respect of the Index is the licensing of the Index, which is determined, composed and calculated by BISL, or any successor thereto, without regard to the Issuer or the Tax-Managed
Balanced Fund or the owners of the Tax-Managed Balanced Fund.
Additionally, Vanguard may for
itself execute transaction(s) with Barclays in or relating to the Index in connection with the Tax-Managed Balanced Fund. Investors acquire the Tax-Managed Balanced Fund from Vanguard and investors neither acquire any
interest in the Index nor enter into any relationship of any kind whatsoever with Bloomberg or Barclays upon making an investment in the Tax-Managed Balanced Fund. The Tax-Managed Balanced Fund is not sponsored,
endorsed, sold or promoted by Bloomberg or Barclays. Neither Bloomberg nor Barclays makes any representation or warranty, express or implied regarding the advisability of investing in the Tax-Managed Balanced Fund or
the advisability of investing in securities generally or the ability of the Index to track corresponding or relative market performance. Neither Bloomberg nor Barclays has passed on the legality or suitability of the
Tax-Managed Balanced Fund with respect to any person or entity. Neither Bloomberg nor Barclays is responsible for and has not participated in the determination of the timing of, prices at, or quantities of the
Tax-Managed Balanced Fund to be issued. Neither Bloomberg nor Barclays has any obligation to take the needs of the Issuer or the owners of the Tax-Managed Balanced Fund or any other third party into consideration in
determining, composing or calculating the Index. Neither Bloomberg nor Barclays has any obligation or liability in connection with administration, marketing or trading of the Tax-Managed Balanced Fund.
The licensing agreement
between Bloomberg and Barclays is solely for the benefit of Bloomberg and Barclays and not for the benefit of the owners of the Tax-Managed Balanced Fund, investors or other third parties. In addition, the licensing
agreement between Vanguard and Bloomberg is solely for the benefit of Vanguard and Bloomberg and not for the benefit of the owners of the Tax-Managed Balanced Fund, investors or other third parties.
NEITHER BLOOMBERG NOR BARCLAYS
SHALL HAVE ANY LIABILITY TO THE ISSUER, INVESTORS OR TO OTHER THIRD PARTIES FOR THE QUALITY, ACCURACY AND/OR COMPLETENESS OF THE BLOOMBERG BARCLAYS INDEX OR ANY DATA INCLUDED THEREIN OR FOR INTERRUPTIONS IN THE
DELIVERY OF THE BLOOMBERG BARCLAYS INDEX. NEITHER BLOOMBERG NOR BARCLAYS MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER, THE INVESTORS OR ANY OTHER PERSON OR ENTITY FROM THE USE OF
THE BLOOMBERG BARCLAYS INDEX OR ANY DATA INCLUDED THEREIN. NEITHER BLOOMBERG NOR BARCLAYS MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND EACH HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A
PARTICULAR PURPOSE OR USE WITH RESPECT TO THE BLOOMBERG BARCLAYS INDEX OR ANY DATA INCLUDED THEREIN. BLOOMBERG RESERVES THE RIGHT TO CHANGE THE METHODS OF CALCULATION OR PUBLICATION, OR TO CEASE THE CALCULATION OR
PUBLICATION OF THE BLOOMBERG BARCLAYS INDEX, AND NEITHER BLOOMBERG NOR BARCLAYS SHALL BE LIABLE FOR ANY MISCALCULATION OF OR ANY INCORRECT, DELAYED OR INTERRUPTED PUBLICATION WITH RESPECT TO ANY OF THE BLOOMBERG
BARCLAYS INDEX. NEITHER BLOOMBERG NOR BARCLAYS SHALL BE LIABLE FOR ANY DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES, OR ANY LOST PROFITS AND EVEN IF ADVISED OF THE POSSIBILITY
OF SUCH, RESULTING FROM THE USE OF THE BLOOMBERG BARCLAYS INDEX OR ANY DATA INCLUDED THEREIN OR WITH RESPECT TO THE TAX-MANAGED BALANCED FUND.
None of the information
supplied by Bloomberg or Barclays and used in this publication may be reproduced in any manner without the prior written permission of both Bloomberg and Barclays Capital, the investment banking division of Barclays
Bank Plc. Barclays Bank Plc is registered in England No. 1026167. Registered office 1 Churchill Place London E14 5HP.
© 2021 Bloomberg. Used
with Permission.
Source: Bloomberg Index
Services Limited. Copyright 2021, Bloomberg. All rights reserved.
129
The People Who Govern Your Fund
The trustees of your mutual
fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also serve on the board of directors of The
Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them.
A majority of Vanguard’s
board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals. The independent board
members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 211 Vanguard funds.
Information for each trustee
and executive officer of the fund appears below. That information, as well as the Vanguard fund count, is as of the date on the cover of this fund report. The mailing address of the trustees and officers is P.O. Box
876, Valley Forge, PA 19482. More information about the trustees is in the Statement of Additional Information, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.
Interested Trustee1
Mortimer J. Buckley
Born in 1969. Trustee since January 2018.
Principal occupation(s) during the past five years and other experience: chairman of the board (2019–present) of Vanguard and of each of the investment companies served by Vanguard; chief executive officer
(2018–present) of Vanguard; chief executive officer, president, and trustee (2018–present) of each of the investment companies served by Vanguard; president and director (2017–present) of Vanguard;
and president (2018–present) of Vanguard Marketing Corporation. Chief investment officer (2013–2017), managing director (2002–2017), head of the Retail Investor Group (2006–2012), and chief
information officer (2001–2006) of Vanguard. Chairman of the board (2011–2017) and trustee (2009–2017) of the Children’s Hospital of Philadelphia; and trustee (2018–present) and vice
chair (2019–present) of The Shipley School.
Independent Trustees
Emerson U. Fullwood
Born in 1948. Trustee since January 2008.
Principal occupation(s) during the past five years and other experience: executive chief staff and marketing officer for North America and corporate vice president (retired 2008) of Xerox Corporation (document
management products and services). Former president of the Worldwide Channels Group, Latin America, and Worldwide Customer Service and executive chief staff officer of Developing Markets of Xerox. Executive in
residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology. Director of SPX FLOW, Inc. (multi-industry manufacturing). Director of the University of Rochester Medical Center,
the Monroe Community College Foundation, the United Way of Rochester, North Carolina A&T University, and Roberts Wesleyan College. Trustee of the University of Rochester.
Amy Gutmann
Born in 1949. Trustee since June 2006.
Principal occupation(s) during the past five years and other experience: president (2004–present) of the University of Pennsylvania. Christopher H. Browne Distinguished Professor of Political Science, School of
Arts and Sciences, and professor of communication, Annenberg School for Communication, with secondary faculty appointments in the Department of Philosophy, School of Arts and Sciences, and at the Graduate School of
Education, University of Pennsylvania.
1 Mr.
Buckley is considered “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds.
F. Joseph Loughrey
Born in 1949. Trustee since October 2009.
Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2009) and vice chairman of the board (2008–2009) of Cummins Inc. (industrial machinery).
Chairman of the board of Hillenbrand, Inc. (specialized consumer services) and the Lumina Foundation. Director of the V Foundation. Member of the advisory council for the College of Arts and Letters and chair of the
advisory board to the Kellogg Institute for International Studies, both at the University of Notre Dame.
Mark Loughridge
Born in 1953. Trustee since March 2012.
Principal occupation(s) during the past five years and other experience: senior vice president and chief financial officer (retired 2013) of IBM (information technology services). Fiduciary member of IBM’s
Retirement Plan Committee (2004–2013), senior vice president and general manager (2002–2004) of IBM Global Financing, vice president and controller (1998–2002) of IBM, and a variety of other prior
management roles at IBM. Member of the Council on Chicago Booth.
Scott C. Malpass
Born in 1962. Trustee since March 2012.
Principal occupation(s) during the past five years and other experience: chief investment officer (retired June 2020) and vice president (retired June 2020) of the University of Notre Dame. Assistant professor of
finance at the Mendoza College of Business, University of Notre Dame, and member of the Notre Dame 403(b) Investment Committee (retired June 2020). Member of the board of Catholic Investment Services, Inc. (investment
advisors) and the board of superintendence of the Institute for the Works of Religion.
Deanna Mulligan
Born in 1963. Trustee since January 2018.
Principal occupation(s) during the past five years and other experience: board chair (2020–present), chief executive officer (2011–2020), and president (2010–2019) of The Guardian Life Insurance
Company of America. Chief operating officer (2010–2011) and executive vice president (2008–2010) of the individual life and disability division of Guardian Life. Member of the board of the American Council
of Life Insurers and the board of the Economic Club of New York. Trustee of the Partnership for New York City (business leadership), Chief Executives for Corporate Purpose, NewYork-Presbyterian Hospital, Catalyst, and
the Bruce Museum (arts and science). Member of the Advisory Council for the Stanford Graduate School of Business.
André F. Perold
Born in 1952. Trustee since December 2004.
Principal occupation(s) during the past five years and other experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011). Chief investment officer and co-managing
partner of HighVista Strategies (private investment firm). Member of the board of advisors and member of the investment committee of the Museum of Fine Arts Boston. Member of the board (2018–present) of RIT
Capital Partners (investment firm). Member of the investment committee of Partners Health Care System.
Sarah Bloom Raskin
Born in 1961. Trustee since January 2018.
Principal occupation(s) during the past five years and other experience: deputy secretary (2014–2017) of the United States Department of the Treasury. Governor (2010–2014) of the Federal Reserve Board.
Commissioner (2007–2010) of financial regulation for the State of Maryland. Member of the board of directors (2012–2014) of Neighborhood Reinvestment Corporation. Director (2017–present) of i(x)
Investments, LLC; director (2017–present) of Reserve Trust. Rubenstein Fellow (2017–present) of Duke University; trustee (2017–present) of Amherst College, and trustee (2019–present) of the
Folger Shakespeare Library.
Peter F. Volanakis
Born in 1955. Trustee since July 2009.
Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2010) of Corning Incorporated (communications equipment) and director of Corning Incorporated
(2000–2010) and Dow Corning (2001–2010). Director (2012) of SPX Corporation (multi-industry manufacturing). Overseer of the Amos Tuck School of Business Administration, Dartmouth College (2001–2013).
Chairman of the board of trustees of Colby-Sawyer College. Member of the board of Hypertherm Inc. (industrial cutting systems, software, and consumables).
Executive Officers
John Bendl
Born in 1970. Principal occupation(s) during
the past five years and other experience: principal of Vanguard. Chief financial officer (2019–present) of each of the investment companies served by Vanguard. Chief accounting officer, treasurer, and controller
of Vanguard (2017–present). Partner (2003–2016) at KPMG (audit, tax, and advisory services).
Christine M. Buchanan
Born in 1970. Principal occupation(s) during
the past five years and other experience: principal of Vanguard. Treasurer (2017–present) of each of the investment companies served by Vanguard. Partner (2005–2017) at KPMG (audit, tax, and advisory
services).
David Cermak
Born in 1960. Principal occupation(s) during
the past five years and other experience: principal of Vanguard. Finance director (2019–present) of each of the investment companies served by Vanguard. Managing director and head (2017–present) of
Vanguard Investments Singapore. Managing director and head (2017–2019) of Vanguard Investments Hong Kong. Representative director and head (2014–2017) of Vanguard Investments Japan.
John Galloway
Born in 1973. Principal occupation(s) during
the past five years and other experience: principal of Vanguard. Investment stewardship officer (September 2020–present) of each of the investment companies served by Vanguard. Head of Investor Advocacy
(February 2020–present) and head of Marketing Strategy and Planning (2017–2020) at Vanguard. Deputy assistant to the President of the United States (2015).
Thomas J. Higgins
Born in 1957. Principal occupation(s) during
the past five years and other experience: principal of Vanguard. Finance director (2019–present), chief financial officer (2008–2019), and treasurer (1998–2008) of each of the investment companies
served by Vanguard.
Peter Mahoney
Born in 1974. Principal occupation(s) during
the past five years and other experience: principal of Vanguard. Controller (2015–present) of each of the investment companies served by Vanguard. Head of International Fund Services (2008–2014) at
Vanguard.
Anne E. Robinson
Born in 1970. Principal occupation(s) during
the past five years and other experience: general counsel (2016–present) of Vanguard. Secretary (2016–present) of Vanguard and of each of the investment companies served by Vanguard. Managing director
(2016–present) of Vanguard. Managing director and general counsel of Global Cards and Consumer Services (2014–2016) at Citigroup. Counsel (2003–2014) at American Express.
Michael Rollings
Born in 1963. Principal occupation(s) during
the past five years and other experience: finance director (2017–present) and treasurer (2017) of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Chief
financial officer (2016–present) of Vanguard. Director (2016–present) of Vanguard Marketing Corporation. Executive vice president and chief financial officer (2006–2016) of MassMutual Financial
Group.
John E. Schadl
Born in 1972. Principal occupation(s) during
the past five years and other experience: principal of Vanguard. Chief compliance officer (2019–present) of Vanguard and of each of the investment companies served by Vanguard. Assistant vice president
(2019–present) of Vanguard Marketing Corporation.
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All rights reserved.
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Q1030 022021
| Annual Report | December 31, 2020 | |
| Vanguard Developed Markets Index Fund | |
| Contents | |
| Your Fund’s Performance at a Glance | 1 |
| About Your Fund’s Expenses | 2 |
| Performance Summary | 4 |
| Financial Statements | 7 |
Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.
Your Fund’s Performance at a Glance
• Vanguard Developed Markets Index Fund’s returns for the 12 months ended December 31, 2020, ranged from 10.11% for Investor Shares to 10.29% for ETF Shares. The fund’s benchmark, the FTSE Developed All Cap ex US Index, returned 10.00%.
• The emergence of COVID-19 in early 2020 turned into a global health crisis, and aggressive attempts to contain it resulted in a sharp downturn in economic activity. Unemployment spiked, and sectors where social distancing isn’t possible were hit hard. Stocks initially plummeted as infections surged, but they finished the year significantly higher. The gain was thanks in part to rapid and robust monetary and fiscal action by policymakers and the rollout of COVID-19 vaccines as the year drew to a close.
• The technology and industrial sectors contributed the most to results, while financials detracted.
• Over the past decade, the fund recorded an average annual return of almost 6%, in line with its benchmark index.
Market Barometer
|
Average Annual Total Returns Periods Ended December 31, 2020 |
|||
| One Year | Three Years | Five Years | |
| Stocks | |||
| Russell 1000 Index (Large-caps) | 20.96% | 14.82% | 15.60% |
| Russell 2000 Index (Small-caps) | 19.96 | 10.25 | 13.26 |
| Russell 3000 Index (Broad U.S. market) | 20.89 | 14.49 | 15.43 |
| FTSE All-World ex US Index (International) | 11.22 | 5.18 | 9.16 |
| Bonds | |||
| Bloomberg Barclays U.S. Aggregate Bond Index (Broad taxable market) | 7.51% | 5.34% | 4.44% |
| Bloomberg Barclays Municipal Bond Index (Broad tax-exempt market) | 5.21 | 4.64 | 3.91 |
| FTSE Three-Month U.S. Treasury Bill Index | 0.58 | 1.56 | 1.16 |
| CPI | |||
| Consumer Price Index | 1.36% | 1.85% | 1.95% |
1
About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The accompanying table illustrates your fund’s costs in two ways:
• Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During Period.“
• Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
2
Six Months Ended December 31, 2020
| Beginning | Ending | Expenses | |
| Account Value | Account Value | Paid During | |
| Developed Markets Index Fund | 6/30/2020 | 12/31/2020 | Period |
| Based on Actual Fund Return | |||
| Investor Shares | $1,000.00 | $1,234.59 | $0.90 |
| FTSE Developed Markets ETF Shares | 1,000.00 | 1,235.69 | 0.28 |
| Admiral™ Shares | 1,000.00 | 1,235.57 | 0.39 |
| Institutional Shares | 1,000.00 | 1,235.34 | 0.28 |
| Institutional Plus Shares | 1,000.00 | 1,235.64 | 0.22 |
| Based on Hypothetical 5% Yearly Return | |||
| Investor Shares | $1,000.00 | $1,024.33 | $0.81 |
| FTSE Developed Markets ETF Shares | 1,000.00 | 1,024.89 | 0.25 |
| Admiral Shares | 1,000.00 | 1,024.78 | 0.36 |
| Institutional Shares | 1,000.00 | 1,024.89 | 0.25 |
| Institutional Plus Shares | 1,000.00 | 1,024.94 | 0.20 |
The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for that period are 0.16% for Investor Shares, 0.05% for FTSE Developed Markets ETF Shares, 0.07% for Admiral Shares, 0.05% for Institutional Shares, and 0.04% for Institutional Plus Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (184/366).
3
Developed Markets Index Fund
Performance Summary
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: December 31, 2010, Through December 31, 2020
Initial Investment of $10,000
| Average Annual Total Returns | ||||||
| Periods Ended December 31, 2020 | ||||||
| Final Value | ||||||
| One | Five | Ten | of a $10,000 | |||
| Year | Years | Years | Investment | |||
|
FTSE Developed Markets ETF Shares Net Asset Value | 10.29% | 8.34% | 5.93% | $17,783 | |
| FTSE Developed Markets ETF Shares Market Price | 9.81 | 8.30 | 5.86 | 17,669 | ||
|
Spliced Developed ex US Index | 10.00 | 8.18 | 5.92 | 17,779 | |
|
FTSE Global All Cap ex US Index | 11.24 | 9.07 | 5.22 | 16,638 | |
Spliced Developed ex US Index: MSCI EAFE Index through May 28, 2013; FTSE Developed ex North America Index through December 20, 2015; FTSE Developed All Cap ex US Transition Index through May 31, 2016; FTSE Developed All Cap ex US Index thereafter. Benchmark returns are adjusted for withholding taxes.
| Since | Final Value | |||
| One | Five | Inception | of a $10,000 | |
| Year | Years | (12/19/2013) | Investment | |
| Developed Markets Index Fund Investor Shares | 10.11% | 8.21% | 5.33% | $14,404 |
| Spliced Developed ex US Index | 10.00 | 8.18 | 5.43 | 14,504 |
| FTSE Global All Cap ex US Index | 11.24 | 9.07 | 5.61 | 14,678 |
"Since Inception" performance is calculated from the Investor Shares’ inception date for both the fund and its comparative standard(s).
See Financial Highlights for dividend and capital gains information.
4
| Developed Markets Index Fund | |||||
| Average Annual Total Returns | |||||
| Periods Ended December 31, 2020 | |||||
| Final Value | |||||
| One | Five | Ten | of a $10,000 | ||
| Year | Years | Years | Investment | ||
| Developed Markets Index Fund Admiral Shares | 10.26% | 8.31% | 5.92% | $17,773 | |
| Spliced Developed ex US Index | 10.00 | 8.18 | 5.92 | 17,779 | |
| FTSE Global All Cap ex US Index | 11.24 | 9.07 | 5.22 | 16,638 | |
| Final Value | |||||
| One | Five | Ten | of a $5,000,000 | ||
| Year | Years | Years | Investment | ||
| Developed Markets Index Fund Institutional Shares | 10.27% | 8.34% | 5.93% | $8,898,778 | |
| Spliced Developed ex US Index | 10.00 | 8.18 | 5.92 | 8,889,303 | |
| FTSE Global All Cap ex US Index | 11.24 | 9.07 | 5.22 | 8,319,198 | |
| Since | Final Value | ||||
| One | Five | Inception | of a $100,000,000 | ||
| Year | Years | (4/1/2014) | Investment | ||
| Developed Markets Index Fund Institutional Plus Shares | 10.27% | 8.35% | 5.00% | $139,044,784 | |
| Spliced Developed ex US Index | 10.00 | 8.18 | 5.02 | 139,208,918 | |
| FTSE Global All Cap ex US Index | 11.24 | 9.07 | 5.20 | 140,784,065 | |
"Since Inception" performance is calculated from the Institutional Plus Shares’ inception date for both the fund and its comparative standard(s).
Cumulative Returns of ETF Shares: December 31, 2010, Through December 31, 2020
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.
5
Developed Markets Index Fund
Fund Allocation
As of December 31, 2020
| Basic Materials | 7.7% |
| Consumer Discretionary | 14.2 |
| Consumer Staples | 8.4 |
| Energy | 4.1 |
| Financials | 16.8 |
| Health Care | 11.1 |
| Industrials | 16.7 |
| Real Estate | 3.7 |
| Technology | 10.3 |
| Telecommunications | 3.4 |
| Utilities | 3.6 |
The table reflects the fund’s investments, except for short-term investments and derivatives. Sector categories are based on the Industry Classification Benchmark (“ICB”), except for the “Other” category (if applicable), which includes securities that have not been provided an ICB classification as of the effective reporting period.
The fund may invest in derivatives (such as futures and swap contracts) for various reasons, including, but not limited to, at-tempting to remain fully invested and tracking its target index as closely as possible.
The Industry Classification Benchmark (“ICB”) is owned by FTSE. FTSE does not accept any liability to any person for any loss or damage arising out of any error or omission in the ICB.
6
Developed Markets Index Fund
Financial Statements
Schedule of Investments—Investments Summary
As of December 31, 2020
This Statement summarizes the fund’s holdings by asset type. Details are reported for each of the fund’s 50 largest individual holdings and for investments that, in total for any issuer, represent more than 1% of the fund’s net assets. The total value of smaller holdings is reported as a single amount within each category.
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) four times in each fiscal year. For the second and fourth quarters the complete list of the fund’s holdings is available on vanguard.com and on Form N-CSR, or you can have it mailed to you without charge by calling 800-662-7447. For the first and third quarters of each fiscal year, the complete list of the fund’s holdings is available as an exhibit to its reports on Form N-PORT. The fund’s Form N-CSR and Form N-PORT reports are available on the SEC’s website at www.sec.gov.
| Market | Percentage | |||
| Value• | of Net | |||
| Shares | ($000) | Assets | ||
| Common Stocks | ||||
| Australia | ||||
| Commonwealth Bank of Australia | 11,335,622 | 720,516 | 0.5% | |
| CSL Ltd. | 2,901,422 | 633,940 | 0.5% | |
| BHP Group Ltd. | 18,863,138 | 616,345 | 0.4% | |
| §,1 | Australia—Other † | 6,917,560 | 5.0% | |
| 8,888,361 | 6.4% | |||
| 1Austria † | 333,750 | 0.2% | ||
| Belgium † | 1,281,135 | 0.9% | ||
| Canada | ||||
| * | Shopify Inc. Class A (XTSE) | 696,027 | 785,933 | 0.6% |
| Royal Bank of Canada | 9,114,039 | 748,871 | 0.5% | |
| Toronto-Dominion Bank | 11,572,507 | 653,857 | 0.5% | |
| Canadian National Railway Co. | 4,551,131 | 500,342 | 0.4% | |
| Bank of Nova Scotia | 7,738,394 | 418,259 | 0.3% | |
| Enbridge Inc. (XTSE) | 12,867,383 | 411,526 | 0.3% | |
| 1 | Canada—Other † | 8,060,338 | 5.8% | |
| 11,579,126 | 8.4% | |||
| Denmark | ||||
| Novo Nordisk A/S Class B | 10,333,233 | 720,838 | 0.5% | |
| 1 | Denmark—Other † | 2,045,040 | 1.5% | |
| 2,765,878 | 2.0% | |||
| Finland † | 1,554,610 | 1.1% | ||
| France | ||||
| LVMH Moet Hennessy Louis Vuitton SE | 1,593,770 | 997,708 | 0.7% | |
| Sanofi | 6,969,109 | 675,471 | 0.5% | |
7
| Developed Markets Index Fund | ||||
| Market | Percentage | |||
| Value• | of Net | |||
| Shares | ($000) | Assets | ||
| TOTAL SE | 15,519,696 | 669,869 | 0.5% | |
| Schneider Electric SE | 3,364,207 | 486,223 | 0.3% | |
| * | Airbus SE | 3,547,314 | 389,300 | 0.3% |
| §,1 | France—Other † | 8,010,439 | 5.8% | |
| 11,229,010 | 8.1% | |||
| Germany | ||||
| SAP SE | 7,180,804 | 930,055 | 0.7% | |
| Siemens AG | 4,892,189 | 704,707 | 0.5% | |
| Allianz SE | 2,658,199 | 653,052 | 0.5% | |
| BASF SE | 5,856,342 | 462,904 | 0.3% | |
| * | adidas AG | 1,231,208 | 447,922 | 0.3% |
| 1 | Germany—Other † | 7,207,051 | 5.2% | |
| 10,405,691 | 7.5% | |||
| Hong Kong | ||||
| AIA Group Ltd. | 77,418,877 | 943,436 | 0.7% | |
| Hong Kong Exchanges & Clearing Ltd. | 8,120,878 | 445,444 | 0.3% | |
| §,1 | Hong Kong—Other † | 2,485,366 | 1.8% | |
| 3,874,246 | 2.8% | |||
| §Ireland † | 320,069 | 0.2% | ||
| Israel † | 653,137 | 0.5% | ||
| Italy | ||||
| Enel SPA | 49,734,249 | 506,036 | 0.4% | |
| 1 | Italy—Other † | 2,351,417 | 1.7% | |
| 2,857,453 | 2.1% | |||
| Japan | ||||
| Toyota Motor Corp. | 15,735,270 | 1,214,293 | 0.9% | |
| Sony Corp. | 7,890,784 | 795,139 | 0.6% | |
| SoftBank Group Corp. | 9,303,966 | 722,314 | 0.5% | |
| Keyence Corp. | 1,152,374 | 648,230 | 0.5% | |
| Shin-Etsu Chemical Co. Ltd. | 2,541,924 | 446,148 | 0.3% | |
| Nintendo Co. Ltd. | 681,865 | 437,717 | 0.3% | |
| Daiichi Sankyo Co. Ltd. | 12,198,592 | 418,048 | 0.3% | |
| Daikin Industries Ltd. | 1,695,123 | 377,109 | 0.3% | |
| Chugai Pharmaceutical Co. Ltd. | 4,158,609 | 221,883 | 0.1% | |
| Japan—Other † | 25,496,393 | 18.4% | ||
| 30,777,274 | 22.2% | |||
| Netherlands | ||||
| ASML Holding NV | 2,553,323 | 1,236,268 | 0.9% | |
| *,1 | Adyen NV | 171,276 | 397,969 | 0.3% |
| 1 | Netherlands—Other † | 2,733,186 | 2.0% | |
| 4,367,423 | 3.2% | |||
| New Zealand † | 525,034 | 0.4% | ||
| 1Norway † | 966,074 | 0.7% | ||
| 1Poland † | 387,139 | 0.3% | ||
| Portugal † | 241,107 | 0.2% | ||
8
| Developed Markets Index Fund | ||||
| Market | Percentage | |||
| Value• | of Net | |||
| Shares | ($000) | Assets | ||
| §Singapore † | 1,384,973 | 1.0% | ||
| South Korea | ||||
| Samsung Electronics Co. Ltd. | 29,090,533 | 2,172,351 | 1.6% | |
| Samsung Electronics Co. Ltd. Preference Shares | 4,476,062 | 303,642 | 0.2% | |
| 1 | Samsung Electronics Co. Ltd. GDR | 69,460 | 126,333 | 0.1% |
| §,1 | South Korea—Other † | 5,127,858 | 3.7% | |
| 7,730,184 | 5.6% | |||
| Spain | ||||
| * | Iberdrola SA | 37,981,510 | 545,809 | 0.4% |
| 1 | Spain—Other † | 2,224,789 | 1.6% | |
| 2,770,598 | 2.0% | |||
| 1Sweden † | 4,310,724 | 3.1% | ||
| Switzerland | ||||
| Nestle SA | 17,828,756 | 2,107,561 | 1.5% | |
| Roche Holding AG | 4,454,928 | 1,551,645 | 1.1% | |
| Novartis AG | 13,751,476 | 1,294,811 | 0.9% | |
| Zurich Insurance Group AG | 953,618 | 401,875 | 0.3% | |
| Roche Holding AG (Bearer) | 170,436 | 59,641 | 0.1% | |
| 1 | Switzerland—Other † | 5,050,778 | 3.7% | |
| 10,466,311 | 7.6% | |||
| United Kingdom | ||||
| AstraZeneca plc | 8,401,800 | 837,773 | 0.6% | |
| * | HSBC Holdings plc | 130,397,669 | 673,537 | 0.5% |
| Diageo plc | 14,678,097 | 580,795 | 0.4% | |
| GlaxoSmithKline plc | 31,541,225 | 577,141 | 0.4% | |
| Unilever plc (XAMS) | 9,376,176 | 567,741 | 0.4% | |
| British American Tobacco plc | 14,245,910 | 529,050 | 0.4% | |
| Rio Tinto plc | 6,947,518 | 522,962 | 0.4% | |
| Royal Dutch Shell plc Class A | 26,219,024 | 459,788 | 0.3% | |
| BP plc | 126,902,418 | 437,908 | 0.3% | |
| Unilever plc (XLON) | 6,891,693 | 413,321 | 0.3% | |
| Royal Dutch Shell plc Class B | 23,782,136 | 403,077 | 0.3% | |
| §,1 | United Kingdom—Other † | 11,216,949 | 8.1% | |
| 17,220,042 | 12.4% | |||
| Total Common Stocks (Cost $109,834,055) | 136,889,349 | 98.9% | ||
9
| § | Certain of the fund’s securities are valued using significant unobservable inputs. |
| † | Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets. |
| 1 | Certain securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2020, the aggregate value of these securities was $3,291,835,000, representing 2.4% 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 | Collateral of $1,709,320,000 was received for securities on loan. |
| 4 | Securities with a value of $42,874,000 have been segregated as initial margin for open futures contracts. |
| 5 | The total value of securities on loan is $1,618,877,000. |
GDR—Global Depositary Receipt.
10
Developed Markets Index Fund
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| ($000) | |||||||||
| Value and | |||||||||
| Number of | Unrealized | ||||||||
| Long (Short) | Notional | Appreciation | |||||||
| Expiration | Contracts | Amount | (Depreciation) | ||||||
| Long Futures Contracts | |||||||||
| Dow Jones EURO STOXX 50 Index | March 2021 | 11,410 | 494,838 | 4,705 | |||||
| Topix Index | March 2021 | 2,386 | 416,981 | 12,029 | |||||
| FTSE 100 Index | March 2021 | 2,328 | 204,384 | (2,584) | |||||
| S&P TSX 60 Index | March 2021 | 1,180 | 190,762 | (1,839) | |||||
| S&P ASX 200 Index | March 2021 | 1,336 | 168,326 | (1,863) | |||||
| E-mini S&P 500 Index | March 2021 | 188 | 35,239 | 7 | |||||
| 10,455 | |||||||||
| Forward Currency Contracts | |||||||||
| Contract | Unrealized | Unrealized | |||||||
| Settlement | Contract Amount (000) | Appreciation | (Depreciation) | ||||||
| Counterparty | Date | Receive | Deliver | ($000) | ($000) | ||||
| BNP Paribas | 1/14/21 | EUR | 503,083 | USD | 595,323 | 19,486 | — | ||
| Morgan Stanley Capital Services LLC | 1/14/21 | JPY | 41,943,690 | USD | 401,715 | 4,571 | — | ||
| Royal Bank of Canada | 1/14/21 | AUD | 244,468 | USD | 177,973 | 10,529 | — | ||
| Goldman Sachs International | 1/14/21 | CAD | 219,898 | USD | 164,034 | 8,730 | — | ||
| Goldman Sachs International | 1/14/21 | GBP | 121,265 | USD | 155,944 | 9,903 | — | ||
| JPMorgan Chase Bank, N.A. | 1/14/21 | EUR | 117,858 | USD | 139,982 | 4,050 | — | ||
| Toronto-Dominion Bank | 1/14/21 | JPY | 13,227,395 | USD | 126,904 | 1,222 | — | ||
| JPMorgan Chase Bank, N.A. | 1/14/21 | JPY | 7,229,957 | USD | 69,712 | 321 | — | ||
| BNP Paribas | 1/14/21 | JPY | 5,670,290 | USD | 54,038 | 888 | — | ||
| Royal Bank of Canada | 1/14/21 | JPY | 3,442,139 | USD | 33,345 | — | (3) | ||
| Citibank, N.A. | 1/14/21 | CAD | 38,981 | USD | 29,852 | 774 | — | ||
| Royal Bank of Canada | 1/14/21 | CAD | 35,623 | USD | 27,157 | 831 | — | ||
| Morgan Stanley Capital Services LLC | 1/14/21 | KRW | 27,356,500 | USD | 25,248 | — | (62) | ||
| Royal Bank of Canada | 1/14/21 | EUR | 20,046 | USD | 23,853 | 644 | — | ||
| Royal Bank of Canada | 1/14/21 | GBP | 15,517 | USD | 20,548 | 673 | — | ||
| Standard Chartered Bank | 1/14/21 | EUR | 14,250 | USD | 16,991 | 424 | — | ||
| Citibank, N.A. | 1/14/21 | GBP | 12,727 | USD | 16,419 | 987 | — | ||
| State Street Bank & Trust Co. | 1/14/21 | CAD | 20,555 | USD | 15,846 | 303 | — | ||
| HSBC Bank USA, N.A. | 1/14/21 | JPY | 1,372,693 | USD | 13,170 | 126 | — | ||
| Citibank, N.A. | 1/14/21 | AUD | 16,625 | USD | 12,146 | 673 | — | ||
| JPMorgan Chase Bank, N.A. | 1/14/21 | GBP | 7,232 | USD | 9,652 | 240 | — | ||
11
Developed Markets Index Fund
Forward Currency Contracts (continued)
| Contract | Unrealized | Unrealized | |||||
| Settlement | Contract Amount (000) | Appreciation | (Depreciation) | ||||
| Counterparty | Date | Receive | Deliver | ($000) | ($000) | ||
| Morgan Stanley Capital Services LLC | 1/14/21 | AUD | 9,915 | USD | 7,101 | 544 | — |
| Morgan Stanley Capital Services LLC | 1/14/21 | EUR | 5,022 | USD | 5,907 | 231 | — |
| Bank of America, N.A. | 1/14/21 | AUD | 7,555 | USD | 5,398 | 427 | — |
| Morgan Stanley Capital Services LLC | 1/14/21 | CAD | 5,857 | USD | 4,459 | 143 | — |
| BNP Paribas | 1/14/21 | GBP | 1,876 | USD | 2,429 | 137 | — |
| BNP Paribas | 1/14/21 | CAD | 2,710 | USD | 2,065 | 64 | — |
| BNP Paribas | 1/14/21 | AUD | 2,468 | USD | 1,741 | 162 | — |
| BNP Paribas | 1/14/21 | SGD | 1,000 | USD | 733 | 23 | — |
| BNP Paribas | 1/14/21 | USD | 205,084 | JPY | 21,585,557 | — | (4,003) |
| Bank of America, N.A. | 1/14/21 | USD | 151,455 | CHF | 139,865 | — | (6,601) |
| Toronto-Dominion Bank | 1/14/21 | USD | 147,611 | EUR | 124,273 | — | (4,261) |
| Royal Bank of Canada | 1/14/21 | USD | 69,827 | EUR | 56,959 | 219 | — |
| JPMorgan Chase Bank, N.A. | 1/14/21 | USD | 56,663 | EUR | 48,602 | — | (2,733) |
| Royal Bank of Canada | 1/14/21 | USD | 46,749 | JPY | 4,879,417 | — | (515) |
| JPMorgan Chase Bank, N.A. | 1/14/21 | USD | 36,039 | JPY | 3,800,000 | — | (770) |
| Royal Bank of Canada | 1/14/21 | USD | 33,041 | CAD | 42,476 | — | (330) |
| Royal Bank of Canada | 1/14/21 | USD | 23,681 | AUD | 32,453 | — | (1,343) |
| HSBC Bank USA, N.A. | 1/14/21 | USD | 23,344 | KRW | 27,356,500 | — | (1,843) |
| UBS AG | 1/14/21 | USD | 20,087 | GBP | 15,076 | — | (532) |
| HSBC Bank USA, N.A. | 1/14/21 | USD | 19,657 | EUR | 16,749 | — | (812) |
| State Street Bank & Trust Co. | 1/14/21 | USD | 19,287 | JPY | 2,023,495 | — | (314) |
| Toronto-Dominion Bank | 1/14/21 | USD | 18,998 | CAD | 25,064 | — | (694) |
| Royal Bank of Canada | 1/14/21 | USD | 14,957 | GBP | 11,076 | — | (191) |
| Citibank, N.A. | 1/14/21 | USD | 12,716 | DKK | 81,202 | — | (617) |
| BNP Paribas | 1/14/21 | USD | 12,188 | EUR | 10,417 | — | (543) |
| UBS AG | 1/14/21 | USD | 11,197 | JPY | 1,172,049 | — | (155) |
| State Street Bank & Trust Co. | 1/14/21 | USD | 10,402 | AUD | 14,270 | — | (601) |
| Royal Bank of Canada | 1/14/21 | USD | 8,276 | CHF | 7,307 | 18 | — |
| BNP Paribas | 1/14/21 | USD | 5,143 | GBP | 4,004 | — | (333) |
| BNP Paribas | 1/14/21 | USD | 4,449 | CAD | 5,949 | — | (225) |
| Bank of America, N.A. | 1/14/21 | USD | 4,205 | CAD | 5,593 | — | (189) |
| BNP Paribas | 1/14/21 | USD | 3,889 | AUD | 5,498 | — | (350) |
| BNP Paribas | 4/14/21 | USD | 2,876 | EUR | 2,353 | — | (5) |
| BNP Paribas | 4/14/21 | USD | 2,244 | JPY | 231,790 | — | (4) |
| Bank of America, N.A. | 1/14/21 | USD | 1,821 | HKD | 14,121 | — | (1) |
12
Developed Markets Index Fund
Forward Currency Contracts (continued)
| Contract | Unrealized | Unrealized | ||||||
| Settlement | Contract Amount (000) | Appreciation | (Depreciation) | |||||
| Counterparty | Date | Receive | Deliver | ($000) | ($000) | |||
| Morgan Stanley Capital Services LLC | 1/14/21 | USD | 1,602 | CAD | 2,126 | — | (68) | |
| Bank of America, N.A. | 1/14/21 | USD | 1,138 | SEK | 10,330 | — | (118) | |
| BNP Paribas | 4/14/21 | USD | 1,137 | CAD | 1,448 | — | (1) | |
| BNP Paribas | 4/14/21 | USD | 1,135 | GBP | 841 | — | (15) | |
| BNP Paribas | 4/14/21 | USD | 877 | AUD | 1,157 | — | (16) | |
| 67,343 | (28,248) | |||||||
AUD—Australian dollar.
CAD—Canadian dollar.
CHF—Swiss franc.
DKK—Danish krone.
EUR—euro.
GBP—British pound.
HKD—Hong Kong dollar.
JPY—Japanese yen.
KRW—Korean won.
SEK—Swedish krona.
SGD—Singapore dollar.
USD—U.S. dollar.
At December 31, 2020, the counterparties had deposited in segregated accounts securities with a value of $40,858,000 and cash of $16,400,000 in connection with open forward currency contracts. After December 31, 2020, the counterparties posted additional collateral of $3,452,000 in connection with open forward currency contracts as of December 31, 2020.
See accompanying Notes, which are an integral part of the Financial Statements.
13
Developed Markets Index Fund
Statement of Assets and Liabilities
As of December 31, 2020
| ($000s, except shares and per-share amounts) | Amount |
| Assets | |
| Investments in Securities, at Value | |
| Unaffiliated Issuers (Cost $109,876,928) | 136,932,223 |
| Affiliated Issuers (Cost $2,563,394) | 2,563,985 |
| Total Investments in Securities | 139,496,208 |
| Investment in Vanguard | 5,193 |
| Cash Collateral Pledged—Futures Contracts | 82,948 |
| Cash Collateral Pledged—Forward Currency Contracts | 14,770 |
| Foreign Currency, at Value (Cost $69,302) | 69,897 |
| Receivables for Investment Securities Sold | 60,440 |
| Receivables for Accrued Income | 380,648 |
| Receivables for Capital Shares Issued | 108,829 |
| Variation Margin Receivable—Futures Contracts | 7 |
| Unrealized Appreciation—Forward Currency Contracts | 67,343 |
| Total Assets | 140,286,283 |
| Liabilities | |
| Due to Custodian | 10,745 |
| Payables for Investment Securities Purchased | 35,662 |
| Collateral for Securities on Loan | 1,709,320 |
| Payables for Capital Shares Redeemed | 99,571 |
| Payables to Vanguard | 3,883 |
| Variation Margin Payable—Futures Contracts | 13,345 |
| Unrealized Depreciation—Forward Currency Contracts | 28,248 |
| Total Liabilities | 1,900,774 |
| Net Assets | 138,385,509 |
14
Developed Markets Index Fund
Statement of Assets and Liabilities (continued)
| At December 31, 2020, net assets consisted of: | |
| ($000s, except shares and per-share amounts) | Amount |
| Paid-in Capital | 115,015,781 |
| Total Distributable Earnings (Loss) | 23,369,728 |
| Net Assets | 138,385,509 |
| Investor Shares—Net Assets | |
| Applicable to 4,172,141 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 49,193 |
| Net Asset Value Per Share—Investor Shares | $11.79 |
| ETF Shares—Net Assets | |
| Applicable to 1,849,090,687 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 87,578,426 |
| Net Asset Value Per Share—ETF Shares | $47.36 |
| Admiral Shares—Net Assets | |
| Applicable to 1,392,748,082 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 21,206,938 |
| Net Asset Value Per Share—Admiral Shares | $15.23 |
| Institutional Shares—Net Assets | |
| Applicable to 919,478,447 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 14,019,693 |
| Net Asset Value Per Share—Institutional Shares | $15.25 |
| Institutional Plus Shares—Net Assets | |
| Applicable to 651,690,000 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 15,531,259 |
| Net Asset Value Per Share—Institutional Plus Shares | $23.83 |
See accompanying Notes, which are an integral part of the Financial Statements.
15
Developed Markets Index Fund
Statement of Operations
| Year Ended | |
| December 31, 2020 | |
| ($000) | |
| Investment Income | |
| Income | |
| Dividends1 | 2,848,005 |
| Interest2 | 4,976 |
| Securities Lending—Net | 57,990 |
| Total Income | 2,910,971 |
| Expenses | |
| The Vanguard Group—Note B | |
| Investment Advisory Services | 3,618 |
| Management and Administrative—Investor Shares | 66 |
| Management and Administrative—ETF Shares | 28,318 |
| Management and Administrative—Admiral Shares | 10,461 |
| Management and Administrative—Institutional Shares | 4,770 |
| Management and Administrative—Institutional Plus Shares | 4,268 |
| Marketing and Distribution—Investor Shares | 6 |
| Marketing and Distribution—ETF Shares | 2,372 |
| Marketing and Distribution—Admiral Shares | 1,059 |
| Marketing and Distribution—Institutional Shares | 363 |
| Marketing and Distribution—Institutional Plus Shares | 179 |
| Custodian Fees | 3,498 |
| Auditing Fees | 59 |
| Shareholders’ Reports—Investor Shares | — |
| Shareholders’ Reports—ETF Shares | 1,749 |
| Shareholders’ Reports—Admiral Shares | 177 |
| Shareholders’ Reports—Institutional Shares | 60 |
| Shareholders’ Reports—Institutional Plus Shares | 47 |
| Trustees’ Fees and Expenses | 63 |
| Total Expenses | 61,133 |
| Net Investment Income | 2,849,838 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold2,3 | 117,234 |
| Futures Contracts | 46,311 |
| Swap Contracts | 1,159 |
| Forward Currency Contracts | 32,463 |
| Foreign Currencies | 20,636 |
| Realized Net Gain (Loss) | 217,803 |
16
Developed Markets Index Fund
Statement of Operations (continued)
| Year Ended | |
| December 31, 2020 | |
| ($000) | |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities2 | 9,258,622 |
| Futures Contracts | 15,596 |
| Forward Currency Contracts | 37,480 |
| Foreign Currencies | 15,884 |
| Change in Unrealized Appreciation (Depreciation) | 9,327,582 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 12,395,223 |
| 1 | Dividends are net of foreign withholding taxes of $287,750,000. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $4,512,000, $101,000, and $275,000, respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $1,049,142,000 of net gain (loss) resulting from in-kind redemptions. |
See accompanying Notes, which are an integral part of the Financial Statements.
17
Developed Markets Index Fund
Statement of Changes in Net Assets
| Year Ended December 31, | ||
| 2020 | 2019 | |
| ($000) | ($000) | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 2,849,838 | 3,542,323 |
| Realized Net Gain (Loss) | 217,803 | 406,853 |
| Change in Unrealized Appreciation (Depreciation) | 9,327,582 | 18,361,861 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 12,395,223 | 22,311,037 |
| Distributions1 | ||
| Investor Shares | (1,037) | (10,790) |
| ETF Shares | (1,769,743) | (2,348,574) |
| Admiral Shares | (431,441) | (582,985) |
| Institutional Shares | (284,063) | (382,469) |
| Institutional Plus Shares | (317,398) | (383,483) |
| Total Distributions | (2,803,682) | (3,708,301) |
| Capital Share Transactions | ||
| Investor Shares | (13,254) | (756,257) |
| ETF Shares | 3,023,570 | 1,759,759 |
| Admiral Shares | (355,665) | 2,025,678 |
| Institutional Shares | 474,063 | 158,120 |
| Institutional Plus Shares | 470,744 | 2,699,458 |
| Net Increase (Decrease) from Capital Share Transactions | 3,599,458 | 5,886,758 |
| Total Increase (Decrease) | 13,190,999 | 24,489,494 |
| Net Assets | ||
| Beginning of Period | 125,194,510 | 100,705,016 |
| End of Period | 138,385,509 | 125,194,510 |
1 Certain prior-period numbers have been reclassified to conform with the current-period presentation.
See accompanying Notes, which are an integral part of the Financial Statements.
18
Developed Markets Index Fund
Financial Highlights
Investor Shares
| For a Share Outstanding | Year Ended December 31, | ||||
| Throughout Each Period | 2020 | 2019 | 2018 | 2017 | 2016 |
| Net Asset Value, Beginning of Period | $10.95 | $9.26 | $11.16 | $9.09 | $9.15 |
| Investment Operations | |||||
| Net Investment Income | .2351 | .3611 | .3121 | .2841 | .262 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments | .834 | 1.651 | (1.914) | 2.086 | (.054) |
| Total from Investment Operations | 1.069 | 2.012 | (1.602) | 2.370 | .208 |
| Distributions | |||||
| Dividends from Net Investment Income | (.229) | (.322) | (.298) | (.300) | (.268) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (.229) | (.322) | (.298) | (.300) | (.268) |
| Net Asset Value, End of Period | $11.79 | $10.95 | $9.26 | $11.16 | $9.09 |
| Total Return2 | 10.11% | 21.96% | -14.56% | 26.31% | 2.36% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $49 | $59 | $731 | $950 | $875 |
| Ratio of Total Expenses to Average Net Assets | 0.16% | 0.16% | 0.16% | 0.17% | 0.17% |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 2.34% | 3.56% | 2.89% | 2.71% | 3.00% |
| Portfolio Turnover Rate3 | 3% | 2% | 3% | 3% | 11% |
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral part of the Financial Statements.
19
Developed Markets Index Fund
Financial Highlights
FTSE Developed Markets ETF Shares
| For a Share Outstanding | Year Ended December 31, | ||||
| Throughout Each Period | 2020 | 2019 | 2018 | 2017 | 2016 |
| Net Asset Value, Beginning of Period | $43.98 | $37.20 | $44.83 | $36.51 | $36.75 |
| Investment Operations | |||||
| Net Investment Income | .9821 | 1.2891 | 1.2911 | 1.1661 | 1.090 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments | 3.363 | 6.831 | (7.677) | 8.397 | (.216) |
| Total from Investment Operations | 4.345 | 8.120 | (6.386) | 9.563 | .874 |
| Distributions | |||||
| Dividends from Net Investment Income | (.965) | (1.340) | (1.244) | (1.243) | (1.114) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (.965) | (1.340) | (1.244) | (1.243) | (1.114) |
| Net Asset Value, End of Period | $47.36 | $43.98 | $37.20 | $44.83 | $36.51 |
| Total Return | 10.29% | 22.08% | -14.47% | 26.44% | 2.51% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $87,578 | $78,752 | $65,139 | $68,406 | $40,243 |
| Ratio of Total Expenses to Average Net Assets | 0.05% | 0.05% | 0.05% | 0.07% | 0.07% |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 2.43% | 3.13% | 3.00% | 2.81% | 3.10% |
| Portfolio Turnover Rate2 | 3% | 2% | 3% | 3% | 11% |
| 1 | Calculated based on average shares outstanding. |
| 2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral part of the Financial Statements.
20
Developed Markets Index Fund
Financial Highlights
Admiral Shares
| For a Share Outstanding | Year Ended December 31, | ||||
| Throughout Each Period | 2020 | 2019 | 2018 | 2017 | 2016 |
| Net Asset Value, Beginning of Period | $14.14 | $11.96 | $14.41 | $11.74 | $11.82 |
| Investment Operations | |||||
| Net Investment Income | .3131 | .4101 | .4121 | .3751 | .350 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments | 1.085 | 2.198 | (2.464) | 2.695 | (.071) |
| Total from Investment Operations | 1.398 | 2.608 | (2.052) | 3.070 | .279 |
| Distributions | |||||
| Dividends from Net Investment Income | (.308) | (.428) | (.398) | (.400) | (.359) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (.308) | (.428) | (.398) | (.400) | (.359) |
| Net Asset Value, End of Period | $15.23 | $14.14 | $11.96 | $14.41 | $11.74 |
| Total Return2 | 10.26% | 22.05% | -14.46% | 26.40% | 2.45% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $21,207 | $20,143 | $15,209 | $15,180 | $9,702 |
| Ratio of Total Expenses to Average Net Assets | 0.07% | 0.07% | 0.07% | 0.07% | 0.07% |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 2.41% | 3.10% | 2.98% | 2.81% | 3.10% |
| Portfolio Turnover Rate3 | 3% | 2% | 3% | 3% | 11% |
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral part of the Financial Statements.
21
Developed Markets Index Fund
Financial Highlights
Institutional Shares
| For a Share Outstanding | Year Ended December 31, | ||||
| Throughout Each Period | 2020 | 2019 | 2018 | 2017 | 2016 |
| Net Asset Value, Beginning of Period | $14.16 | $11.97 | $14.43 | $11.75 | $11.83 |
| Investment Operations | |||||
| Net Investment Income | .3151 | .4171 | .4161 | .3791 | .352 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments | 1.086 | 2.205 | (2.475) | 2.701 | (.072) |
| Total from Investment Operations | 1.401 | 2.622 | (2.059) | 3.080 | .280 |
| Distributions | |||||
| Dividends from Net Investment Income | (.311) | (.432) | (.401) | (.400) | (.360) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (.311) | (.432) | (.401) | (.400) | (.360) |
| Net Asset Value, End of Period | $15.25 | $14.16 | $11.97 | $14.43 | $11.75 |
| Total Return | 10.27% | 22.14% | -14.49% | 26.46% | 2.46% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $14,020 | $12,449 | $10,361 | $11,998 | $9,092 |
| Ratio of Total Expenses to Average Net Assets | 0.05% | 0.05% | 0.05% | 0.06% | 0.06% |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 2.42% | 3.15% | 3.00% | 2.82% | 3.11% |
| Portfolio Turnover Rate2 | 3% | 2% | 3% | 3% | 11% |
| 1 | Calculated based on average shares outstanding. |
| 2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral part of the Financial Statements.
22
Developed Markets Index Fund
Financial Highlights
Institutional Plus Shares
| For a Share Outstanding | Year Ended December 31, | ||||
| Throughout Each Period | 2020 | 2019 | 2018 | 2017 | 2016 |
| Net Asset Value, Beginning of Period | $22.13 | $18.72 | $22.56 | $18.37 | $18.49 |
| Investment Operations | |||||
| Net Investment Income | .4951 | .6471 | .6431 | .5971 | .552 |
| Net Realized and Unrealized Gain (Loss) | |||||
| on Investments | 1.693 | 3.439 | (3.855) | 4.223 | (.107) |
| Total from Investment Operations | 2.188 | 4.086 | (3.212) | 4.820 | .445 |
| Distributions | |||||
| Dividends from Net Investment Income | (0.488) | (.676) | (.628) | (.630) | (.565) |
| Distributions from Realized Capital Gains | — | — | — | — | — |
| Total Distributions | (0.488) | (.676) | (.628) | (.630) | (.565) |
| Net Asset Value, End of Period | $23.83 | $22.13 | $18.72 | $22.56 | $18.37 |
| Total Return | 10.27% | 22.07% | -14.45% | 26.49% | 2.50% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $15,531 | $13,790 | $9,265 | $10,102 | $7,444 |
| Ratio of Total Expenses to Average Net Assets | 0.04% | 0.04% | 0.04% | 0.05% | 0.05% |
| Ratio of Net Investment Income to | |||||
| Average Net Assets | 2.43% | 3.12% | 3.01% | 2.83% | 3.12% |
| Portfolio Turnover Rate2 | 3% | 2% | 3% | 3% | 11% |
| 1 | Calculated based on average shares outstanding. |
| 2 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral part of the Financial Statements.
23
Developed Markets Index Fund
Notes to Financial Statements
Vanguard Developed Markets Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers five classes of shares: Investor Shares, ETF Shares, Admiral Shares, Institutional Shares, and Institutional Plus Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors. ETF Shares, known as Vanguard FTSE Developed Markets ETF Shares, are listed for trading on NYSE Arca; they can be purchased and sold through a broker.
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. Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus fund performance.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued at their fair values calculated according to procedures adopted by the board of trustees. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund’s pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value. Temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.
2. Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund’s pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).
3. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with
24
Developed Markets Index Fund
the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.
During the year ended December 31, 2020, the fund’s average investments in long and short futures contracts represented 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
4. Forward Currency Contracts: The fund enters into forward currency contracts to protect the value of securities and related receivables and payables against changes in future foreign exchange rates. The fund’s risks in using these contracts include movement in the values of the foreign currencies relative to the U.S. dollar and the ability of the counterparties to fulfill their obligations under the contracts. The fund mitigates its counterparty risk by entering into forward currency contracts only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. The master netting arrangements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate the forward currency contracts, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The forward currency contracts contain provisions whereby a counterparty may terminate open contracts if the fund’s net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the forward currency contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
Forward currency contracts are valued at their quoted daily prices obtained from an independent third party, adjusted for currency risk based on the expiration date of each contract. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on forward currency contracts.
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Developed Markets Index Fund
During the year ended December 31, 2020, the fund’s average investment in forward currency contracts represented 4% of net assets, based on the average of notional amounts at each quarter-end during the period.
5. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks in the fund’s target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund generally invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.
A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund’s maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty’s default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund’s net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
The notional amounts of swap contracts are not recorded in the Statement of Assets and Liabilities. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.
During the year ended December 31, 2020, the fund’s average amounts of investments in total return swaps represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period. The fund had no open swap contracts at December 31, 2020.
6. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. The fund’s tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally
26
Developed Markets Index Fund
three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund’s financial statements.
7. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
8. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counter-party’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.
9. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes, subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility; 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 either facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate (or an acceptable alternate rate, if necessary), federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread, except that borrowings under the uncommitted credit facility may bear interest based upon an alternative rate agreed to by the fund and Vanguard.
In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund
27
Developed Markets Index Fund
Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight, but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the year ended December 31, 2020, the fund did not utilize the credit facilities or the Interfund Lending Program.
10. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Taxes on foreign dividends and capital gains have been provided for in accordance with the fund’s understanding of the applicable countries’ tax rules and rates. Foreign capital gains tax, if any, is accrued daily based upon net unrealized gains. The fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Such tax reclaims received during the year, if any, are included in dividend income. No other amounts for additional tax reclaims are reflected in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At December 31, 2020, the fund had contributed to Vanguard capital in the amount of $5,193,000, representing less than 0.01% of the fund’s net assets and 2.08% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
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Developed Markets Index Fund
C. Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
The following table summarizes the market value of the fund’s investments and derivatives as of December 31, 2020, based on the inputs used to value them:
| Level 1 | Level 2 | Level 3 | Total | |
| ($000) | ($000) | ($000) | ($000) | |
| Investments | ||||
| Assets | ||||
| Common Stocks | 11,562,052 | 125,310,539 | 16,758 | 136,889,349 |
| Temporary Cash Investments | 2,563,985 | 42,874 | — | 2,606,859 |
| Total | 14,126,037 | 125,353,413 | 16,758 | 139,496,208 |
| Derivative Financial Instruments | ||||
| Assets | ||||
| Futures Contracts1 | 7 | — | — | 7 |
| Forward Currency Contracts | — | 67,343 | — | 67,343 |
| Total | 7 | 67,343 | — | 67,350 |
| Liabilities | ||||
| Futures Contracts1 | 13,345 | — | — | 13,345 |
| Forward Currency Contracts | — | 28,248 | — | 28,248 |
| Total | 13,345 | 28,248 | — | 41,593 |
| 1 | Represents variation margin on the last day of the reporting period. |
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Developed Markets Index Fund
D. At December 31, 2020, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows:
| Foreign | |||
| Equity | Exchange | ||
| Contracts | Contracts | Total | |
| Statement of Assets and Liabilities Caption | ($000) | ($000) | ($000) |
| Variation Margin Receivable—Futures Contracts | 7 | — | 7 |
| Unrealized Appreciation—Forward Currency Contracts | — | 67,343 | 67,343 |
| Total Assets | 7 | 67,343 | 67,350 |
| Variation Margin Payable—Futures Contracts | 13,345 | — | 13,345 |
| Unrealized Depreciation—Forward Currency Contracts | — | 28,248 | 28,248 |
| Total Liabilities | 13,345 | 28,248 | 41,593 |
Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the year ended December 31, 2020, were:
| Foreign | |||
| Equity | Exchange | ||
| Contracts | Contracts | Total | |
| Realized Net Gain (Loss) on Derivatives | ($000) | ($000) | ($000) |
| Futures Contracts | 46,311 | — | 46,311 |
| Swap Contracts | 1,159 | — | 1,159 |
| Forward Currency Contracts | — | 32,463 | 32,463 |
| Realized Net Gain (Loss) on Derivatives | 47,470 | 32,463 | 79,933 |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
| Futures Contracts | 15,596 | — | 15,596 |
| Forward Currency Contracts | — | 37,480 | 37,480 |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | 15,596 | 37,480 | 53,076 |
E. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for in-kind redemptions, foreign currency transactions, passive foreign investment companies, swap agreements, and tax expense on capital gains were reclassified between the following accounts:
| Amount | |
| ($000) | |
| Paid-in Capital | 1,024,422 |
| Total Distributable Earnings (Loss) | (1,024,422) |
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Developed Markets Index Fund
Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to the deferral of losses from wash sales; the recognition of unrealized gains or losses from certain derivative contracts; the recognition of unrealized gains from passive foreign investment companies; and the classification of securities for tax purposes. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:
| Amount | |
| ($000) | |
| Undistributed Ordinary Income | 334,405 |
| Undistributed Long-Term Gains | — |
| Capital Loss Carryforwards | (3,339,506) |
| Qualified Late-Year Losses | — |
| Net Unrealized Gains (Losses) | 26,374,829 |
The tax character of distributions paid was as follows:
| Year Ended December 31, | ||
| 2020 | 2019 | |
| Amount | Amount | |
| ($000) | ($000) | |
| Ordinary Income* | 2,803,682 | 3,708,301 |
| Long-Term Capital Gains | — | — |
| Total | 2,803,682 | 3,708,301 |
* Includes short-term capital gains, if any.
As of December 31, 2020, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
| Amount | |
| ($000) | |
| Tax Cost | 113,148,396 |
| Gross Unrealized Appreciation | 42,127,861 |
| Gross Unrealized Depreciation | (15,772,317) |
| Net Unrealized Appreciation (Depreciation) | 26,355,544 |
F. During the year ended December 31, 2020, the fund purchased $10,186,907,000 of investment securities and sold $6,685,995,000 of investment securities, other than temporary cash investments. Purchases and sales include $4,220,206,000 and $2,772,561,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
31
Developed Markets Index Fund
G. Capital share transactions for each class of shares were:
| Year Ended December 31, | |||||
| 2020 | 2019 | ||||
| Amount | Shares | Amount | Shares | ||
| ($000) | (000) | ($000) | (000) | ||
| Investor Shares | |||||
| Issued | 8,465 | 868 | 179,311 | 17,300 | |
| Issued in Lieu of Cash Distributions | 1,037 | 103 | 9,838 | 970 | |
| Redeemed1 | (22,756) | (2,213) | (945,406) | (91,817) | |
| Net Increase (Decrease)—Investor Shares | (13,254) | (1,242) | (756,257) | (73,547) | |
| ETF Shares | |||||
| Issued | 5,546,171 | 128,480 | 3,191,112 | 75,900 | |
| Issued in Lieu of Cash Distributions | — | — | — | — | |
| Redeemed | (2,522,601) | (70,000) | (1,431,353) | (36,500) | |
| Net Increase (Decrease)—ETF Shares | 3,023,570 | 58,480 | 1,759,759 | 39,400 | |
| Admiral Shares | |||||
| Issued1 | 5,693,782 | 462,836 | 5,494,696 | 416,279 | |
| Issued in Lieu of Cash Distributions | 338,012 | 25,835 | 468,526 | 34,970 | |
| Redeemed | (6,387,459) | (520,543) | (3,937,544) | (298,516) | |
| Net Increase (Decrease)—Admiral Shares | (355,665) | (31,872) | 2,025,678 | 152,733 | |
| Institutional Shares | |||||
| Issued | 3,233,752 | 253,662 | 3,150,458 | 238,396 | |
| Issued in Lieu of Cash Distributions | 257,784 | 19,654 | 349,841 | 26,090 | |
| Redeemed | (3,017,473) | (233,104) | (3,342,179) | (250,436) | |
| Net Increase (Decrease)—Institutional Shares | 474,063 | 40,212 | 158,120 | 14,050 | |
| Institutional Plus Shares | |||||
| Issued | 2,646,526 | 131,406 | 4,049,971 | 192,199 | |
| Issued in Lieu of Cash Distributions | 301,006 | 14,700 | 364,062 | 17,328 | |
| Redeemed | (2,476,788) | (117,555) | (1,714,575) | (81,383) | |
| Net Increase (Decrease)—Institutional Plus Shares | 470,744 | 28,551 | 2,699,458 | 128,144 | |
| 1 | In November 2018, the fund announced changes to the availability and minimum investment criteria of the Investor and Admiral share classes. As a result, all of the outstanding Investor Shares automatically converted to Admiral Shares beginning in April 2019, with the exception of those held by Vanguard funds and certain other institutional investors. Investor Shares—Redeemed and Admiral Shares—Issued include 64,858,000 and 50,199,000 shares, respectively, in the amount of $668,306,000 from the conversion during the year ended December 31, 2019. |
H. Management has determined that no events or transactions occurred subsequent to December 31, 2020, that would require recognition or disclosure in these financial statements.
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Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard Tax-Managed Funds and Shareholders of Vanguard Developed Markets Index Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments—investments summary of Vanguard Developed Markets Index Fund (one of the funds constituting Vanguard Tax-Managed Funds, referred to hereafter as the “Fund”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statement of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020 and the financial highlights for each of the five years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian and brokers and by agreement to the underlying ownership records of the transfer agent; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 16, 2021
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
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Special 2020 tax information (unaudited) for Vanguard Developed Markets Index Fund
This information for the fiscal year ended December 31, 2020 is included pursuant to provisions of the Internal Revenue Code.
The fund distributed $2,249,113,000 of qualified dividend income to shareholders during the fiscal year.
The fund designates to shareholders foreign source income of $3,134,826,000 and foreign taxes paid of $277,661,000. Shareholders will receive more detailed information with their Form 1099-DIV in January 2021 to determine the calendar-year amounts to be included on their 2020 tax returns.
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London Stock Exchange Group companies include FTSE International Limited (“FTSE”), Frank Russell Company (“Russell”), MTS Next Limited (“MTS”), and FTSE TMX Global Debt Capital Markets Inc. (“FTSE TMX”). All rights reserved. “FTSE®”, “Russell®”, “MTS®”, “FTSE TMX®” and “FTSE Russell” and other service marks and trademarks related to the FTSE or Russell indexes are trademarks of the London Stock Exchange Group companies and are used by FTSE, MTS, FTSE TMX and Russell under license. All information is provided for information purposes only. Every effort is made to ensure that all information given in this publication is accurate, but no responsibility or liability can be accepted by the London Stock Exchange Group companies nor its licensors for any errors or for any loss from use of this publication. Neither the London Stock Exchange Group companies nor any of their licensors make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the Indices or the fitness or suitability of the Indices for any particular purpose to which they might be put. The London Stock Exchange Group companies do not provide investment advice and nothing in this document should be taken as constituting financial or investment advice. The London Stock Exchange Group companies make no representation regarding the advisability of investing in any asset. A decision to invest in any such asset should not be made in reliance on any information herein. Indexes cannot be invested in directly. Inclusion of an asset in an index is not a recommendation to buy, sell or hold that asset. The general information contained in this publication should not be acted upon without obtaining specific legal, tax, and investment advice from a licensed professional. No part of this information may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior written permission of the London Stock Exchange Group companies. Distribution of the London Stock Exchange Group companies’ index values and the use of their indexes to create financial products require a license with FTSE, FTSE TMX, MTS and/or Russell and/or its licensors.
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The People Who Govern Your Fund
The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them.
A majority of Vanguard’s board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 211 Vanguard funds.
Information for each trustee and executive officer of the fund appears below. That information, as well as the Vanguard fund count, is as of the date on the cover of this fund report. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. More information about the trustees is in the Statement of Additional Information, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.
Interested Trustee1
Mortimer J. Buckley
Born in 1969. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chairman of the board (2019–present) of Vanguard and of each of the investment companies served by Vanguard; chief executive officer (2018– present) of Vanguard; chief executive officer, president, and trustee (2018–present) of each of the investment companies served by Vanguard; president and director (2017–present) of Vanguard; and president (2018–present) of Vanguard Marketing Corporation. Chief investment officer (2013–2017), managing director (2002–2017), head of the Retail Investor Group (2006–2012), and chief information officer (2001–2006) of Vanguard. Chairman of the board (2011–2017) and trustee (2009–2017) of the Children’s Hospital of Philadelphia; and trustee (2018–present) and vice chair (2019–present) of The Shipley School.
Independent Trustees
Emerson U. Fullwood
Born in 1948. Trustee since January 2008. Principal occupation(s) during the past five years and other experience: executive chief staff and marketing officer for North America and corporate vice president (retired 2008) of Xerox Corporation (document management products and services). Former president of the Worldwide Channels Group, Latin America, and Worldwide Customer Service and executive chief staff officer of Developing Markets of Xerox. Executive in residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology. Director of SPX FLOW, Inc. (multi-industry manufacturing). Director of the University of Rochester Medical Center, the Monroe Community College Foundation, the United Way of Rochester, North Carolina A&T University, and Roberts Wesleyan College. Trustee of the University of Rochester.
Amy Gutmann
Born in 1949. Trustee since June 2006. Principal occupation(s) during the past five years and other experience: president (2004–present) of the University of Pennsylvania. Christopher H. Browne Distinguished Professor of Political Science, School of Arts and Sciences, and professor of communication, Annenberg School for Communication, with secondary faculty appointments in the Department of Philosophy, School of Arts and Sciences, and at the Graduate School of Education, University of Pennsylvania.
F. Joseph Loughrey
Born in 1949. Trustee since October 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2009) and vice chairman of the board (2008–2009) of Cummins Inc. (industrial machinery). Chairman of the board of Hillenbrand, Inc. (specialized consumer services) and the Lumina Foundation. Director of the V Foundation. Member of the advisory
| 1 | Mr. Buckley is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds. |
council for the College of Arts and Letters and chair of the advisory board to the Kellogg Institute for International Studies, both at the University of Notre Dame.
Mark Loughridge
Born in 1953. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: senior vice president and chief financial officer (retired 2013) of IBM (information technology services). Fiduciary member of IBM’s Retirement Plan Committee (2004–2013), senior vice president and general manager (2002–2004) of IBM Global Financing, vice president and controller (1998–2002) of IBM, and a variety of other prior management roles at IBM. Member of the Council on Chicago Booth.
Scott C. Malpass
Born in 1962. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: chief investment officer (retired June 2020) and vice president (retired June 2020) of the University of Notre Dame. Assistant professor of finance at the Mendoza College of Business, University of Notre Dame, and member of the Notre Dame 403(b) Investment Committee (retired June 2020). Member of the board of Catholic Investment Services, Inc. (investment advisors) and the board of superintendence of the Institute for the Works of Religion.
Deanna Mulligan
Born in 1963. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: board chair (2020–present), chief executive officer (2011–2020), and president (2010–2019) of The Guardian Life Insurance Company of America. Chief operating officer (2010–2011) and executive vice president (2008–2010) of the individual life and disability division of Guardian Life. Member of the board of the American Council of Life Insurers and the board of the Economic Club of New York. Trustee of the Partnership for New York City (business leadership), Chief Executives for Corporate Purpose, NewYork-Presbyterian Hospital, Catalyst, and the Bruce Museum (arts and science). Member of the Advisory Council for the Stanford Graduate School of Business.
André F. Perold
Born in 1952. Trustee since December 2004. Principal occupation(s) during the past five years and other experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011). Chief investment officer and co-managing partner of HighVista Strategies (private investment firm). Member of the board of advisors and member of the investment committee of the Museum of Fine Arts Boston. Member of the board (2018–present) of RIT Capital Partners (investment firm). Member of the investment committee of Partners Health Care System.
Sarah Bloom Raskin
Born in 1961. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: deputy secretary (2014–2017) of the United States Department of the Treasury. Governor (2010–2014) of the Federal Reserve Board. Commissioner (2007–2010) of financial regulation for the State of Maryland. Member of the board of directors (2012–2014) of Neighborhood Reinvestment Corporation. Director (2017–present) of i(x) Investments, LLC; director (2017–present) of Reserve Trust. Rubenstein Fellow (2017–present) of Duke University; trustee (2017–present) of Amherst College, and trustee (2019–present) of the Folger Shakespeare Library.
Peter F. Volanakis
Born in 1955. Trustee since July 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2010) of Corning Incorporated (communications equipment) and director of Corning Incorporated (2000–2010) and Dow Corning (2001–2010). Director (2012) of SPX Corporation (multi-industry manufacturing). Overseer of the Amos Tuck School of Business Administration, Dartmouth College (2001–2013). Chairman of the board of trustees of Colby-Sawyer College. Member of the board of Hypertherm Inc. (industrial cutting systems, software, and consumables).
Executive Officers
John Bendl
Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief financial officer (2019–present) of each of the investment companies served by Vanguard. Chief accounting officer, treasurer, and controller of Vanguard (2017–present). Partner (2003–2016) at KPMG (audit, tax, and advisory services).
Christine M. Buchanan
Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Treasurer (2017–present) of each of the investment companies served by Vanguard. Partner (2005–2017) at KPMG (audit, tax, and advisory services).
David Cermak
Born in 1960. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Finance director (2019–present) of each of the investment companies served by Vanguard. Managing director and head (2017–present) of Vanguard Investments Singapore. Managing director and head (2017–2019) of Vanguard Investments Hong Kong. Representative director and head (2014–2017) of Vanguard Investments Japan.
John Galloway
Born in 1973. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Investment stewardship officer (September 2020–present) of each of the investment companies served by Vanguard. Head of Investor Advocacy (February 2020–present) and head of Marketing Strategy and Planning (2017–2020) at Vanguard. Deputy assistant to the President of the United States (2015).
Thomas J. Higgins
Born in 1957. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Finance director (2019–present), chief financial officer (2008–2019), and treasurer (1998–2008) of each of the investment companies served by Vanguard.
Peter Mahoney
Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Controller (2015–present) of each of the investment companies served by Vanguard. Head of International Fund Services (2008–2014) at Vanguard.
Anne E. Robinson
Born in 1970. Principal occupation(s) during the past five years and other experience: general counsel (2016–present) of Vanguard. Secretary (2016–present) of Vanguard and of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Managing director and general counsel of Global Cards and Consumer Services (2014–2016) at Citigroup. Counsel (2003–2014) at American Express.
Michael Rollings
Born in 1963. Principal occupation(s) during the past five years and other experience: finance director (2017–present) and treasurer (2017) of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Chief financial officer (2016–present) of Vanguard. Director (2016–present) of Vanguard Marketing Corporation. Executive vice president and chief financial officer (2006–2016) of MassMutual Financial Group.
John E. Schadl
Born in 1972. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief compliance officer (2019–present) of Vanguard and of each of the investment companies served by Vanguard. Assistant vice president (2019–present) of Vanguard Marketing Corporation.
Vanguard Senior Management Team
| Joseph Brennan | James M. Norris |
| Mortimer J. Buckley | Thomas M. Rampulla |
| Gregory Davis | Karin A. Risi |
| John James | Anne E. Robinson |
| John T. Marcante | Michael Rollings |
| Chris D. McIsaac | Lauren Valente |
Connect with Vanguard® > vanguard.com
Fund Information > 800-662-7447
Direct Investor Account Services > 800-662-2739
Institutional Investor Services > 800-523-1036
Text Telephone for People
Who Are Deaf or Hard of Hearing > 800-749-7273
This material may be used in conjunction with the offering of shares of any Vanguard fund only if preceded or accompanied by the fund’s current prospectus.
All comparative mutual fund data are from Morningstar, Inc., unless otherwise noted.
You can obtain a free copy of Vanguard’s proxy voting guidelines by visiting vanguard.com/proxyreporting or by calling Vanguard at 800-662-2739. The guidelines are also available from the SEC’s website, www.sec.gov. In addition, you may obtain a free report on how your fund voted the proxies for securities it owned during the 12 months ended June 30. To get the report, visit either vanguard.com/proxyreporting or www.sec.gov.
You can review information about your fund on the SEC’s website, and you can receive copies of this information, for a fee, by sending a request via email addressed to publicinfo@sec.gov.
Source for Bloomberg Barclays indexes: Bloomberg Index Services Limited. Copyright 2021, Bloomberg. All rights reserved.
|
© 2021 The Vanguard Group, Inc. All rights reserved.
U.S. Patent Nos. 6,879,964; 7,337,138;
7,720,749; 7,925,573; 8,090,646; 8,417,623; and 8,626,636. Vanguard Marketing Corporation, Distributor.
Q1270 022021 |
Item 2: Code of Ethics. The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.
Item 3: Audit Committee Financial Expert. All members of the Audit Committee have been determined by the Registrant’s Board of Trustees to be Audit Committee Financial Experts and to be independent: F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.
Item 4: Principal Accountant Fees and Services.
(a) Audit Fees.
Audit Fees of the Registrant.
Fiscal Year Ended December 31, 2020: $154,000
Fiscal Year Ended December 31, 2019: $160,000
Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.
Fiscal Year Ended December 31, 2020: $10,761,407
Fiscal Year Ended December 31, 2019: $9,568,215
Includes fees billed in connection with audits of the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(b) Audit-Related Fees.
Fiscal Year Ended December 31, 2020: $2,915,863
Fiscal Year Ended December 31, 2019: $3,012,031
Includes fees billed in connection with assurance and related services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(c) Tax Fees.
Fiscal Year Ended December 31, 2020: $247,168
Fiscal Year Ended December 31, 2019: $357,238
Includes fees billed in connection with tax compliance, planning, and advice services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(d) All Other Fees.
Fiscal Year Ended December 31, 2020: $115,000
Fiscal Year Ended December 31, 2019: $0
Includes fees billed for services related to tax reported information provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(e) (1) Pre-Approval Policies. The policy of the Registrant’s Audit Committee is to consider, and, if appropriate, approve before the principal accountant is engaged for such services, all specific audit and non-audit services provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant. In making a determination, the Audit Committee considers whether the services are consistent with maintaining the principal accountant’s independence.
In the event of a contingency situation in which the principal accountant is needed to provide services in between scheduled Audit Committee meetings, the Chairman of the Audit Committee would be called on to consider and, if appropriate, pre-approve audit or permitted non-audit services in an amount sufficient to complete services through the next Audit Committee meeting, and to determine if such services would be consistent with maintaining the accountant’s independence. At the next scheduled Audit Committee meeting, services and fees would be presented to the Audit Committee for formal consideration, and, if appropriate, approval by the entire Audit Committee. The Audit Committee would again consider whether such services and fees are consistent with maintaining the principal accountant’s independence.
The Registrant’s Audit Committee is informed at least annually of all audit and non-audit services provided by the principal accountant to the Vanguard complex, whether such services are provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., or other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant.
(2) No percentage of the principal accountant’s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) For the most recent fiscal year, over 50% of the hours worked under the principal accountant’s engagement were not performed by persons other than full-time, permanent employees of the principal accountant.
(g) Aggregate Non-Audit Fees.
Fiscal Year Ended December 31, 2020: $362,168
Fiscal Year Ended December 31, 2019: $357,238
Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(h) For the most recent fiscal year, the Audit Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant’s independence.
Item 5: Audit Committee of Listed Registrants.
The Registrant is a listed issuer as defined in rule 10A-3 under the Securities Exchange Act of 1934 (“Exchange Act”). The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are: F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.
Item 6: Investments.
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
| Shares |
Market Value ($000) |
|||||
| Common Stocks (98.9%) | ||||||
| Australia (6.4%) | ||||||
| Commonwealth Bank of Australia | 11,335,622 | 720,516 | ||||
| CSL Ltd. | 2,901,422 | 633,940 | ||||
| BHP Group Ltd. | 18,863,138 | 616,345 | ||||
| National Australia Bank Ltd. | 21,065,556 | 367,254 | ||||
| Westpac Banking Corp. | 23,121,909 | 344,085 | ||||
| Australia & New Zealand Banking Group Ltd. | 18,156,523 | 318,613 | ||||
| Wesfarmers Ltd. | 7,246,686 | 281,658 | ||||
| Woolworths Group Ltd. | 8,086,972 | 245,120 | ||||
| Macquarie Group Ltd. | 2,093,807 | 223,492 | ||||
| Rio Tinto Ltd. | 2,376,665 | 209,008 | ||||
| Transurban Group | 17,496,291 | 184,373 | ||||
| Fortescue Metals Group Ltd. | 10,182,054 | 183,912 | ||||
| Goodman Group | 11,602,049 | 169,593 | ||||
| * | Afterpay Ltd. | 1,406,742 | 127,881 | |||
| Amcor plc | 10,020,122 | 118,991 | ||||
| Coles Group Ltd. | 8,120,329 | 113,453 | ||||
| Woodside Petroleum Ltd. | 6,103,225 | 107,085 | ||||
| Newcrest Mining Ltd. | 5,226,237 | 104,304 | ||||
| Aristocrat Leisure Ltd. | 4,083,370 | 98,046 | ||||
| * | Xero Ltd. | 766,684 | 87,018 | |||
| * | James Hardie Industries plc | 2,829,472 | 83,857 | |||
| Brambles Ltd. | 9,622,131 | 78,924 | ||||
| Sonic Healthcare Ltd. | 3,034,915 | 75,196 | ||||
| Scentre Group | 33,154,491 | 71,216 | ||||
| ASX Ltd. | 1,240,452 | 68,841 | ||||
| Suncorp Group Ltd. | 8,178,255 | 61,545 | ||||
| Telstra Corp. Ltd. | 26,616,033 | 61,127 | ||||
| QBE Insurance Group Ltd. | 9,304,381 | 60,650 | ||||
| Cochlear Ltd. | 409,095 | 59,693 | ||||
| South32 Ltd. | 30,991,405 | 59,230 | ||||
| Insurance Australia Group Ltd. | 15,593,569 | 56,590 | ||||
| APA Group | 7,543,323 | 56,126 | ||||
| Santos Ltd. | 11,308,585 | 54,764 | ||||
| Ramsay Health Care Ltd. | 1,117,215 | 53,683 | ||||
| Mirvac Group | 25,112,027 | 51,002 | ||||
| Dexus | 7,012,475 | 50,861 | ||||
| Stockland | 15,304,258 | 49,411 | ||||
| SEEK Ltd. | 2,223,863 | 48,758 | ||||
| Northern Star Resources Ltd. | 4,578,161 | 44,747 | ||||
| Lendlease Corp. Ltd. | 4,392,406 | 44,411 | ||||
| BlueScope Steel Ltd. | 3,211,285 | 43,368 | ||||
| GPT Group | 12,446,010 | 43,291 | ||||
| * | Sydney Airport | 8,455,964 | 41,856 | |||
| Origin Energy Ltd. | 11,227,526 | 41,220 | ||||
| Medibank Pvt Ltd. | 17,609,026 | 40,785 | ||||
| Tabcorp Holdings Ltd. | 13,272,669 | 39,961 | ||||
| Evolution Mining Ltd. | 10,246,980 | 39,434 | ||||
| Oil Search Ltd. | 13,266,194 | 38,020 | ||||
| AGL Energy Ltd. | 4,014,853 | 37,059 | ||||
| REA Group Ltd. | 320,310 | 36,691 | ||||
| Magellan Financial Group Ltd. | 872,792 | 36,150 | ||||
| Ampol Ltd. | 1,594,691 | 34,969 | ||||
| Aurizon Holdings Ltd. | 11,569,641 | 34,760 | ||||
| Computershare Ltd. | 3,074,662 | 34,600 | ||||
| Charter Hall Group | 2,962,659 | 33,646 | ||||
| Treasury Wine Estates Ltd. | 4,628,492 | 33,482 | ||||
| Coca-Cola Amatil Ltd. | 3,264,299 | 32,526 | ||||
| Atlas Arteria Ltd. | 6,130,287 | 30,826 | ||||
| Orica Ltd. | 2,586,068 | 30,246 | ||||
| OZ Minerals Ltd. | 2,062,488 | 30,130 | ||||
| Boral Ltd. | 7,791,890 | 29,833 | ||||
1
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
| Shares |
Market Value ($000) |
|||||
| Vicinity Centres | 24,013,212 | 29,692 | ||||
| * | NEXTDC Ltd. | 2,889,069 | 27,262 | |||
| JB Hi-Fi Ltd. | 721,696 | 27,096 | ||||
| AMP Ltd. | 22,055,119 | 26,504 | ||||
| Domino’s Pizza Enterprises Ltd. | 387,379 | 25,934 | ||||
| * | Saracen Mineral Holdings Ltd. | 7,010,704 | 25,724 | |||
| Mineral Resources Ltd. | 887,852 | 25,670 | ||||
| Bendigo & Adelaide Bank Ltd. | 3,405,236 | 24,532 | ||||
| Alumina Ltd. | 16,001,997 | 22,688 | ||||
| ALS Ltd. | 3,067,395 | 22,643 | ||||
| Ansell Ltd. | 820,488 | 21,933 | ||||
| * | Incitec Pivot Ltd. | 12,397,925 | 21,808 | |||
| carsales.com Ltd. | 1,389,955 | 21,469 | ||||
| Challenger Ltd. | 4,276,872 | 21,252 | ||||
| Qube Holdings Ltd. | 9,275,219 | 21,000 | ||||
| IGO Ltd. | 4,003,853 | 19,733 | ||||
| Downer EDI Ltd. | 4,458,502 | 18,320 | ||||
| Altium Ltd. | 695,431 | 18,262 | ||||
| Worley Ltd. | 2,049,638 | 18,104 | ||||
| * | Lynas Rare Earths Ltd. | 5,743,270 | 17,696 | |||
| Breville Group Ltd. | 891,774 | 17,552 | ||||
| * | Qantas Airways Ltd. | 4,680,242 | 17,550 | |||
| ^ | Bank of Queensland Ltd. | 2,890,509 | 17,268 | |||
| Metcash Ltd. | 6,533,533 | 17,043 | ||||
| Nine Entertainment Co. Holdings Ltd. | 9,346,227 | 16,732 | ||||
| Steadfast Group Ltd. | 5,413,850 | 16,659 | ||||
| Crown Resorts Ltd. | 2,232,874 | 16,618 | ||||
| AusNet Services | 11,741,149 | 15,913 | ||||
| Reliance Worldwide Corp. Ltd. | 5,061,526 | 15,849 | ||||
| Cleanaway Waste Management Ltd. | 8,727,782 | 15,798 | ||||
| Beach Energy Ltd. | 11,313,819 | 15,782 | ||||
| Star Entertainment Grp Ltd. | 5,445,177 | 15,455 | ||||
| Seven Group Holdings Ltd. | 841,450 | 15,195 | ||||
| Link Administration Holdings Ltd. | 3,286,320 | 14,040 | ||||
| Harvey Norman Holdings Ltd. | 3,808,772 | 13,764 | ||||
| ^ | IDP Education Ltd. | 886,376 | 13,586 | |||
| Washington H Soul Pattinson & Co. Ltd. | 580,484 | 13,503 | ||||
| nib holdings Ltd. | 2,934,062 | 13,463 | ||||
| Iluka Resources Ltd. | 2,662,306 | 13,369 | ||||
| Appen Ltd. | 694,044 | 13,251 | ||||
| Shopping Centres Australasia Property Group | 6,822,006 | 13,214 | ||||
| * | TPG Telecom Ltd. | 2,345,660 | 13,028 | |||
| Bapcor Ltd. | 2,163,444 | 13,010 | ||||
| Eagers Automotive Ltd. | 1,238,113 | 12,692 | ||||
| WiseTech Global Ltd. | 533,714 | 12,684 | ||||
| CSR Ltd. | 3,107,970 | 12,589 | ||||
| Orora Ltd. | 6,039,477 | 12,563 | ||||
| * | Vocus Group Ltd. | 3,794,409 | 11,793 | |||
| * | CIMIC Group Ltd. | 611,683 | 11,506 | |||
| *,^ | Zip Co. Ltd. | 2,745,741 | 11,295 | |||
| * | PolyNovo Ltd. | 3,735,528 | 11,189 | |||
| *,^ | Flight Centre Travel Group Ltd. | 911,113 | 11,180 | |||
| IOOF Holdings Ltd. | 4,056,685 | 11,000 | ||||
| Sims Ltd. | 1,055,838 | 10,918 | ||||
| Healius Ltd. | 3,689,623 | 10,586 | ||||
| Charter Hall Long Wale REIT | 2,947,792 | 10,564 | ||||
| BWP Trust | 3,081,608 | 10,501 | ||||
| Waypoint REIT | 4,967,493 | 10,453 | ||||
| ARB Corp. Ltd. | 426,453 | 10,145 | ||||
| * | Deterra Royalties Ltd. | 2,709,224 | 10,026 | |||
| IRESS Ltd. | 1,220,177 | 10,023 | ||||
| * | Champion Iron Ltd. | 2,683,520 | 9,862 | |||
| Perpetual Ltd. | 358,503 | 9,614 | ||||
| National Storage REIT | 6,459,670 | 9,510 |
2
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
| Shares |
Market Value ($000) |
|||||
| Premier Investments Ltd. | 517,510 | 9,389 | ||||
| * | Nanosonics Ltd. | 1,500,626 | 9,284 | |||
| *,^ | Pilbara Minerals Ltd. | 13,742,393 | 9,282 | |||
| Corporate Travel Management Ltd. | 672,754 | 9,142 | ||||
| * | Megaport Ltd. | 829,843 | 9,114 | |||
| Charter Hall Retail REIT | 3,176,754 | 8,971 | ||||
| Pendal Group Ltd. | 1,779,715 | 8,963 | ||||
| Regis Resources Ltd. | 2,965,607 | 8,558 | ||||
| Super Retail Group Ltd. | 1,027,629 | 8,351 | ||||
| *,^ | PointsBet Holdings Ltd. | 907,818 | 8,347 | |||
| 1 | Viva Energy Group Ltd. | 5,621,768 | 8,319 | |||
| Credit Corp. Group Ltd. | 362,650 | 8,315 | ||||
| ^ | Webjet Ltd. | 2,103,114 | 8,237 | |||
| St. Barbara Ltd. | 4,496,960 | 8,180 | ||||
| InvoCare Ltd. | 920,643 | 8,130 | ||||
| * | Perseus Mining Ltd. | 7,898,220 | 7,918 | |||
| Costa Group Holdings Ltd. | 2,436,196 | 7,670 | ||||
| Elders Ltd. | 986,749 | 7,506 | ||||
| Adbri Ltd. | 2,898,764 | 7,498 | ||||
| * | Silver Lake Resources Ltd. | 5,267,752 | 7,270 | |||
| Ingenia Communities Group | 1,890,242 | 7,156 | ||||
| Cromwell Property Group | 10,423,361 | 7,001 | ||||
| Pro Medicus Ltd. | 265,091 | 6,987 | ||||
| ^ | Whitehaven Coal Ltd. | 5,417,945 | 6,886 | |||
| Nickel Mines Ltd. | 7,965,895 | 6,809 | ||||
| Ramelius Resources Ltd. | 5,167,297 | 6,727 | ||||
| Codan Ltd. | 777,658 | 6,714 | ||||
| * | Orocobre Ltd. | 1,906,881 | 6,580 | |||
| Centuria Industrial REIT | 2,762,743 | 6,552 | ||||
| Bega Cheese Ltd. | 1,659,555 | 6,542 | ||||
| * | Nufarm Ltd. | 2,033,063 | 6,429 | |||
| Abacus Property Group | 2,897,893 | 6,406 | ||||
| Netwealth Group Ltd. | 517,159 | 6,380 | ||||
| Centuria Capital Group | 3,092,950 | 6,260 | ||||
| Kogan.com Ltd. | 418,113 | 6,134 | ||||
| * | De Grey Mining Ltd. | 7,773,172 | 6,118 | |||
| * | EML Payments Ltd. | 1,888,472 | 6,068 | |||
| ^ | Technology One Ltd. | 950,343 | 6,015 | |||
| NRW Holdings Ltd. | 2,652,690 | 5,965 | ||||
| Platinum Asset Management Ltd. | 1,891,487 | 5,953 | ||||
| Lifestyle Communities Ltd. | 602,371 | 5,941 | ||||
| Monadelphous Group Ltd. | 560,290 | 5,804 | ||||
| Bingo Industries Ltd. | 3,045,664 | 5,705 | ||||
| Aventus Group | 2,634,284 | 5,571 | ||||
| United Malt Grp Ltd. | 1,740,753 | 5,502 | ||||
| *,^ | Blackmores Ltd. | 94,483 | 5,500 | |||
| AUB Group Ltd. | 437,963 | 5,479 | ||||
| Brickworks Ltd. | 368,131 | 5,467 | ||||
| *,^ | Mesoblast Ltd. | 3,162,015 | 5,459 | |||
| * | Gold Road Resources Ltd. | 5,303,645 | 5,418 | |||
| Charter Hall Social Infrastructure REIT | 2,074,893 | 5,235 | ||||
| Collins Foods Ltd. | 691,120 | 5,146 | ||||
| Domain Holdings Australia Ltd. | 1,478,139 | 5,114 | ||||
| * | Tyro Payments Ltd. | 2,052,454 | 5,036 | |||
| IPH Ltd. | 1,014,097 | 5,022 | ||||
| GUD Holdings Ltd. | 553,308 | 5,001 | ||||
| HUB24 Ltd. | 303,257 | 5,000 | ||||
| Omni Bridgeway Ltd. | 1,506,118 | 4,968 | ||||
| * | Galaxy Resources Ltd. | 2,854,997 | 4,928 | |||
| G8 Education Ltd. | 5,364,077 | 4,884 | ||||
| Perenti Global Ltd. | 4,554,392 | 4,832 | ||||
| Growthpoint Properties Australia Ltd. | 1,785,290 | 4,803 | ||||
| GrainCorp Ltd. Class A | 1,444,191 | 4,667 | ||||
| Arena REIT | 2,058,680 | 4,575 |
3
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
| Shares |
Market Value ($000) |
|||||
| * | West African Resources Ltd. | 5,588,727 | 4,502 | |||
| Sandfire Resources Ltd. | 1,074,256 | 4,440 | ||||
| GWA Group Ltd. | 1,642,452 | 4,433 | ||||
| SeaLink Travel Group Ltd. | 855,629 | 4,429 | ||||
| * | Bellevue Gold Ltd. | 5,044,009 | 4,372 | |||
| *,^ | Nearmap Ltd. | 2,546,936 | 4,355 | |||
| * | Resolute Mining Ltd. | 6,968,005 | 4,276 | |||
| Centuria Office REIT | 2,575,129 | 4,250 | ||||
| Clinuvel Pharmaceuticals Ltd. | 246,587 | 4,242 | ||||
| Austal Ltd. | 2,041,317 | 4,212 | ||||
| Rural Funds Group | 2,080,972 | 4,137 | ||||
| * | Westgold Resources Ltd. | 1,988,691 | 4,056 | |||
| Data#3 Ltd. | 928,727 | 4,028 | ||||
| oOh!media Ltd. | 3,100,881 | 3,972 | ||||
| Bravura Solutions Ltd. | 1,538,510 | 3,831 | ||||
| * | Electro Optic Systems Holdings Ltd. | 817,611 | 3,737 | |||
| Accent Group Ltd. | 2,061,718 | 3,676 | ||||
| *,^ | Uniti Group Ltd. | 2,700,310 | 3,551 | |||
| Infomedia Ltd. | 2,349,559 | 3,496 | ||||
| ^ | Jumbo Interactive Ltd. | 319,890 | 3,472 | |||
| Tassal Group Ltd. | 1,330,154 | 3,440 | ||||
| 1 | Coronado Global Resources Inc. | 3,891,568 | 3,422 | |||
| Western Areas Ltd. | 1,643,794 | 3,341 | ||||
| Mount Gibson Iron Ltd. | 4,592,672 | 3,260 | ||||
| * | Sigma Healthcare Ltd. | 6,872,975 | 3,258 | |||
| * | Opthea Ltd. | 2,141,426 | 3,161 | |||
| * | Starpharma Holdings Ltd. Class A | 2,616,930 | 3,149 | |||
| Integral Diagnostics Ltd. | 936,513 | 3,128 | ||||
| Select Harvests Ltd. | 771,096 | 3,101 | ||||
| McMillan Shakespeare Ltd. | 323,866 | 3,088 | ||||
| Lovisa Holdings Ltd. | 347,869 | 3,057 | ||||
| * | Emeco Holdings Ltd. | 3,426,297 | 3,008 | |||
| Hansen Technologies Ltd. | 1,033,668 | 2,964 | ||||
| * | Southern Cross Media Group Ltd. | 1,689,563 | 2,912 | |||
| Service Stream Ltd. | 2,073,701 | 2,882 | ||||
| SmartGroup Corp. Ltd. | 530,315 | 2,797 | ||||
| * | Mayne Pharma Group Ltd. | 10,521,396 | 2,797 | |||
| Inghams Group Ltd. | 1,140,736 | 2,740 | ||||
| * | Eclipx Group Ltd. | 1,995,730 | 2,732 | |||
| * | Cooper Energy Ltd. | 8,942,266 | 2,691 | |||
| GDI Property Group | 2,850,504 | 2,661 | ||||
| * | Karoon Energy Ltd. | 3,220,969 | 2,641 | |||
| *,^ | Avita Therapeutics Inc. | 680,426 | 2,589 | |||
| ^ | Pact Group Holdings Ltd. | 1,260,266 | 2,575 | |||
| BWX Ltd. | 797,093 | 2,532 | ||||
| * | Capricorn Metals Ltd. | 1,805,181 | 2,488 | |||
| *,^ | Paradigm Biopharmaceuticals Ltd. | 1,264,673 | 2,476 | |||
| Asaleo Care Ltd. | 2,343,668 | 2,444 | ||||
| Australian Pharmaceutical Industries Ltd. | 2,564,238 | 2,431 | ||||
| Hotel Property Investments | 965,929 | 2,423 | ||||
| Genworth Mortgage Insurance Australia Ltd. | 1,282,103 | 2,355 | ||||
| * | Carnarvon Petroleum Ltd. | 9,911,992 | 2,302 | |||
| Macmahon Holdings Ltd. | 11,169,463 | 2,288 | ||||
| MyState Ltd. | 589,114 | 2,246 | ||||
| *,^ | Alkane Resources Ltd. | 2,965,197 | 2,191 | |||
| HT&E Ltd. | 1,496,973 | 2,141 | ||||
| ^ | Humm Group Ltd. | 2,444,923 | 2,118 | |||
| Jupiter Mines Ltd. | 8,849,490 | 2,083 | ||||
| * | Senex Energy Ltd. | 8,188,589 | 1,998 | |||
| Aurelia Metals Ltd. | 5,904,458 | 1,961 | ||||
| Estia Health Ltd. | 1,427,164 | 1,948 | ||||
| *,^ | AMA Group Ltd. | 3,071,818 | 1,905 | |||
| MACA Ltd. | 2,006,156 | 1,885 | ||||
| *,^ | Syrah Resources Ltd. | 2,492,233 | 1,852 |
4
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
5
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
| Shares |
Market Value ($000) |
|||||
| Ackermans & van Haaren NV | 143,151 | 21,501 | ||||
| Etablissements Franz Colruyt NV | 325,441 | 19,224 | ||||
| Proximus SADP | 893,619 | 17,652 | ||||
| Telenet Group Holding NV | 293,494 | 12,553 | ||||
| D’ieteren SA/NV | 144,758 | 11,960 | ||||
| ^ | Melexis NV | 118,509 | 11,551 | |||
| Euronav NV | 1,313,908 | 10,631 | ||||
| * | KBC Ancora | 225,286 | 9,589 | |||
| Barco NV | 436,778 | 9,502 | ||||
| Montea CVA | 82,746 | 9,378 | ||||
| Fagron | 390,276 | 9,076 | ||||
| Bekaert SA | 225,904 | 7,471 | ||||
| Gimv NV | 121,432 | 7,418 | ||||
| VGP NV | 48,573 | 7,279 | ||||
| Shurgard Self Storage SA | 160,937 | 6,971 | ||||
| * | bpost SA | 646,805 | 6,686 | |||
| * | Ontex Group NV | 494,068 | 6,642 | |||
| * | Tessenderlo Chemie NV (Voting Shares) | 164,624 | 6,564 | |||
| Befimmo SA | 138,021 | 6,121 | ||||
| Xior Student Housing NV | 101,507 | 6,107 | ||||
| * | AGFA-Gevaert NV | 1,059,366 | 5,058 | |||
| Orange Belgium SA | 179,469 | 4,784 | ||||
| Retail Estates NV | 64,180 | 4,637 | ||||
| * | Cie d’Entreprises CFE | 44,425 | 4,561 | |||
| *,^ | Kinepolis Group NV | 81,379 | 3,451 | |||
| Econocom Group SA NV | 851,731 | 2,566 | ||||
| *,^ | Mithra Pharmaceuticals SA | 101,051 | 2,427 | |||
| Van de Velde NV | 35,294 | 984 | ||||
| Wereldhave Belgium Comm VA | 14,893 | 717 | ||||
| 1,281,135 | ||||||
| Canada (8.4%) | ||||||
| * | Shopify Inc. Class A (XTSE) | 696,027 | 785,933 | |||
| Royal Bank of Canada | 9,114,039 | 748,871 | ||||
| Toronto-Dominion Bank | 11,572,507 | 653,857 | ||||
| Canadian National Railway Co. | 4,551,131 | 500,342 | ||||
| Bank of Nova Scotia | 7,738,394 | 418,259 | ||||
| Enbridge Inc. (XTSE) | 12,867,383 | 411,526 | ||||
| Brookfield Asset Management Inc. Class A | 8,532,645 | 352,728 | ||||
| Bank of Montreal | 4,095,234 | 311,365 | ||||
| Canadian Pacific Railway Ltd. | 868,056 | 301,102 | ||||
| ^ | TC Energy Corp. | 6,019,474 | 244,723 | |||
| ^ | Canadian Imperial Bank of Commerce | 2,848,966 | 243,334 | |||
| Manulife Financial Corp. | 12,405,821 | 220,749 | ||||
| Alimentation Couche-Tard Inc. Class B | 5,338,327 | 181,928 | ||||
| Canadian Natural Resources Ltd. | 7,401,670 | 177,875 | ||||
| Barrick Gold Corp. (XTSE) | 7,742,035 | 176,384 | ||||
| Nutrien Ltd. | 3,646,261 | 175,424 | ||||
| Sun Life Financial Inc. | 3,747,339 | 166,627 | ||||
| Suncor Energy Inc. | 9,774,385 | 163,943 | ||||
| Constellation Software Inc. | 122,321 | 158,840 | ||||
| Franco-Nevada Corp. | 1,197,299 | 150,121 | ||||
| Magna International Inc. | 1,765,532 | 124,984 | ||||
| ^ | National Bank of Canada | 2,144,823 | 120,713 | |||
| Wheaton Precious Metals Corp. | 2,869,280 | 119,829 | ||||
| Fortis Inc. (XTSE) | 2,885,100 | 117,861 | ||||
| * | CGI Inc. | 1,468,215 | 116,486 | |||
| Waste Connections Inc. (XTSE) | 1,116,335 | 114,466 | ||||
| Restaurant Brands International Inc. (XTSE) | 1,852,564 | 113,273 | ||||
| Agnico Eagle Mines Ltd. | 1,543,209 | 108,615 | ||||
| Intact Financial Corp. | 912,699 | 108,070 | ||||
| Rogers Communications Inc. Class B | 2,241,482 | 104,352 | ||||
| Thomson Reuters Corp. | 1,075,812 | 88,049 | ||||
| Barrick Gold Corp. (XLON) | 3,561,990 | 83,200 | ||||
| ^ | Pembina Pipeline Corp. | 3,512,853 | 83,068 | |||
6
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
| Shares |
Market Value ($000) |
|||||
| BCE Inc. | 1,928,102 | 82,447 | ||||
| ^ | Power Corp. of Canada | 3,486,291 | 80,057 | |||
| Open Text Corp. | 1,712,490 | 77,815 | ||||
| Dollarama Inc. | 1,849,048 | 75,362 | ||||
| ^ | Kirkland Lake Gold Ltd. | 1,750,764 | 72,347 | |||
| Metro Inc. | 1,608,161 | 71,760 | ||||
| ^ | WSP Global Inc. | 717,839 | 68,006 | |||
| Emera Inc. | 1,588,505 | 67,514 | ||||
| First Quantum Minerals Ltd. | 3,555,482 | 63,825 | ||||
| ^ | Algonquin Power & Utilities Corp. | 3,777,382 | 62,170 | |||
| Fairfax Financial Holdings Ltd. | 172,677 | 58,855 | ||||
| Kinross Gold Corp. | 8,015,790 | 58,816 | ||||
| Waste Connections Inc. (XNYS) | 570,366 | 58,502 | ||||
| TELUS Corp. | 2,712,388 | 53,719 | ||||
| Teck Resources Ltd. Class B | 2,957,969 | 53,680 | ||||
| Loblaw Cos. Ltd. | 1,047,197 | 51,673 | ||||
| Shaw Communications Inc. Class B | 2,930,276 | 51,428 | ||||
| Ritchie Bros Auctioneers Inc. | 699,625 | 48,631 | ||||
| Canadian Tire Corp. Ltd. Class A | 362,557 | 47,660 | ||||
| CAE Inc. | 1,698,993 | 47,076 | ||||
| 1 | Hydro One Ltd. | 2,012,529 | 45,297 | |||
| Pan American Silver Corp. | 1,313,412 | 45,297 | ||||
| CCL Industries Inc. Class B | 953,814 | 43,303 | ||||
| Canadian Apartment Properties REIT | 1,080,458 | 42,432 | ||||
| Saputo Inc. | 1,493,463 | 41,804 | ||||
| * | Bausch Health Cos. Inc. | 1,983,823 | 41,160 | |||
| Great-West Lifeco Inc. | 1,723,551 | 41,095 | ||||
| Cenovus Energy Inc. | 6,514,888 | 39,666 | ||||
| ^ | Northland Power Inc. | 1,104,281 | 39,620 | |||
| B2Gold Corp. | 6,553,652 | 36,710 | ||||
| Lundin Mining Corp. | 4,067,510 | 36,109 | ||||
| *,^ | Canopy Growth Corp. | 1,458,669 | 35,891 | |||
| Toromont Industries Ltd. | 509,247 | 35,686 | ||||
| TMX Group Ltd. | 357,099 | 35,668 | ||||
| Gildan Activewear Inc. | 1,245,095 | 34,813 | ||||
| Yamana Gold Inc. | 6,061,469 | 34,619 | ||||
| George Weston Ltd. | 460,271 | 34,380 | ||||
| Cameco Corp. | 2,527,983 | 33,861 | ||||
| *,^ | Ballard Power Systems Inc. | 1,443,722 | 33,776 | |||
| FirstService Corp. | 232,267 | 31,790 | ||||
| * | Descartes Systems Group Inc. | 536,847 | 31,399 | |||
| Parkland Corp. | 942,515 | 29,907 | ||||
| iA Financial Corp. Inc. | 684,421 | 29,670 | ||||
| ^ | Element Fleet Management Corp. | 2,795,940 | 29,389 | |||
| Empire Co. Ltd. | 1,075,181 | 29,386 | ||||
| TFI International Inc. | 564,647 | 29,069 | ||||
| Onex Corp. | 504,217 | 28,940 | ||||
| Quebecor Inc. Class B | 1,098,307 | 28,267 | ||||
| * | SSR Mining Inc. | 1,392,774 | 27,967 | |||
| Imperial Oil Ltd. | 1,436,253 | 27,260 | ||||
| ^ | RioCan REIT | 2,018,009 | 26,555 | |||
| ^ | AltaGas Ltd. | 1,771,975 | 26,060 | |||
| Inter Pipeline Ltd. | 2,717,317 | 25,339 | ||||
| ^ | Keyera Corp. | 1,394,861 | 24,787 | |||
| * | Lightspeed POS Inc. (XTSE) | 351,152 | 24,784 | |||
| * | Kinaxis Inc. | 171,261 | 24,264 | |||
| Boyd Group Services Inc. | 135,869 | 23,436 | ||||
| Allied Properties REIT | 776,097 | 23,065 | ||||
| Stantec Inc. | 710,315 | 23,035 | ||||
| ^ | GFL Environmental Inc. | 778,632 | 22,700 | |||
| Granite REIT | 367,562 | 22,494 | ||||
| Finning International Inc. | 1,034,849 | 21,975 | ||||
| Alamos Gold Inc. Class A | 2,495,181 | 21,798 | ||||
| Tourmaline Oil Corp. | 1,595,060 | 21,503 |
7
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
| Shares |
Market Value ($000) |
|||||
| * | BlackBerry Ltd. | 3,194,479 | 21,181 | |||
| ^ | West Fraser Timber Co. Ltd. | 322,038 | 20,690 | |||
| * | Air Canada | 1,110,709 | 19,869 | |||
| Boralex Inc. Class A | 518,539 | 19,244 | ||||
| Canadian Utilities Ltd. Class A | 785,224 | 19,179 | ||||
| * | Ivanhoe Mines Ltd. | 3,557,612 | 19,173 | |||
| ^ | SNC-Lavalin Group Inc. | 1,122,241 | 19,158 | |||
| H&R REIT | 1,794,960 | 18,741 | ||||
| * | Endeavour Mining Corp. | 804,855 | 18,729 | |||
| ^ | Capital Power Corp. | 670,536 | 18,427 | |||
| Methanex Corp. | 400,068 | 18,383 | ||||
| ^ | Innergex Renewable Energy Inc. | 822,187 | 17,679 | |||
| Colliers International Group Inc. | 193,351 | 17,207 | ||||
| *,^ | First Majestic Silver Corp. | 1,274,102 | 17,096 | |||
| BRP Inc. | 258,611 | 17,084 | ||||
| Premium Brands Holdings Corp. Class A | 214,003 | 16,935 | ||||
| ^ | Choice Properties REIT | 1,636,115 | 16,722 | |||
| Centerra Gold Inc. | 1,381,489 | 15,997 | ||||
| Stella-Jones Inc. | 432,026 | 15,708 | ||||
| Primo Water Corp. | 990,407 | 15,530 | ||||
| ^ | CI Financial Corp. | 1,238,699 | 15,356 | |||
| Linamar Corp. | 288,277 | 15,269 | ||||
| ^ | Gibson Energy Inc. | 931,248 | 15,042 | |||
| ^ | SmartCentres REIT | 825,849 | 14,974 | |||
| * | Eldorado Gold Corp. | 1,105,243 | 14,648 | |||
| * | NovaGold Resources Inc. | 1,508,751 | 14,603 | |||
| ^ | First Capital REIT | 1,371,444 | 14,599 | |||
| Brookfield Infrastructure Corp. Class A | 201,061 | 14,562 | ||||
| IGM Financial Inc. | 515,639 | 13,980 | ||||
| Atco Ltd. Class I | 477,595 | 13,691 | ||||
| * | Pretium Resources Inc. | 1,190,595 | 13,647 | |||
| ^ | Osisko Gold Royalties Ltd. | 1,075,737 | 13,632 | |||
| TransAlta Corp. | 1,772,487 | 13,465 | ||||
| * | Equinox Gold Corp. | 1,248,064 | 12,913 | |||
| *,^ | Aphria Inc. | 1,846,893 | 12,768 | |||
| Norbord Inc. | 295,507 | 12,759 | ||||
| Enghouse Systems Ltd. | 259,126 | 12,550 | ||||
| ^ | Canadian Western Bank | 544,759 | 12,248 | |||
| ^ | Chartwell Retirement Residences | 1,389,211 | 12,212 | |||
| * | Great Canadian Gaming Corp. | 354,208 | 12,099 | |||
| * | Parex Resources Inc. | 863,261 | 11,882 | |||
| ^ | TransAlta Renewables Inc. | 675,369 | 11,545 | |||
| ^ | PrairieSky Royalty Ltd. | 1,442,160 | 11,432 | |||
| * | IAMGOLD Corp. | 3,009,112 | 11,040 | |||
| Maple Leaf Foods Inc. | 481,194 | 10,668 | ||||
| Superior Plus Corp. | 1,114,514 | 10,664 | ||||
| ^ | ARC Resources Ltd. | 2,226,991 | 10,497 | |||
| *,^ | Canada Goose Holdings Inc. | 333,813 | 9,923 | |||
| Hudbay Minerals Inc. | 1,413,715 | 9,896 | ||||
| ^ | Husky Energy Inc. | 1,972,176 | 9,761 | |||
| ^ | Whitecap Resources Inc. | 2,556,324 | 9,760 | |||
| * | Seven Generations Energy Ltd. Class A | 1,767,894 | 9,180 | |||
| * | OceanaGold Corp. | 4,474,100 | 8,647 | |||
| * | ATS Automation Tooling Systems Inc. | 471,088 | 8,272 | |||
| *,^ | Cronos Group Inc. | 1,176,438 | 8,170 | |||
| * | Torex Gold Resources Inc. | 543,895 | 8,157 | |||
| ^ | Genworth MI Canada Inc. | 236,183 | 8,055 | |||
| Crescent Point Energy Corp. | 3,385,462 | 7,899 | ||||
| * | Turquoise Hill Resources Ltd. | 633,377 | 7,877 | |||
| North West Co. Inc. | 307,953 | 7,848 | ||||
| *,^ | Home Capital Group Inc. Class B | 334,046 | 7,794 | |||
| * | Shopify Inc. Class A (XNYS) | 6,666 | 7,546 | |||
| Transcontinental Inc. Class A | 459,678 | 7,407 | ||||
| ECN Capital Corp. | 1,411,781 | 7,176 |
8
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
| Shares |
Market Value ($000) |
|||||
| * | Canfor Corp. | 393,256 | 7,100 | |||
| Cascades Inc. | 612,228 | 6,998 | ||||
| ^ | Russel Metals Inc. | 390,106 | 6,966 | |||
| Cominar REIT | 1,081,930 | 6,893 | ||||
| ^ | Laurentian Bank of Canada | 273,625 | 6,707 | |||
| * | MEG Energy Corp. | 1,915,318 | 6,696 | |||
| ^ | NFI Group Inc. | 349,433 | 6,613 | |||
| Winpak Ltd. | 196,411 | 6,607 | ||||
| ^ | Boardwalk REIT | 239,694 | 6,353 | |||
| Artis REIT | 750,750 | 6,287 | ||||
| *,^ | Aurora Cannabis Inc. | 718,372 | 5,982 | |||
| Martinrea International Inc. | 504,349 | 5,888 | ||||
| * | Celestica Inc. | 702,275 | 5,666 | |||
| Cogeco Communications Inc. | 68,836 | 5,292 | ||||
| *,^ | Bombardier Inc. Class B | 13,214,832 | 4,983 | |||
| Mullen Group Ltd. | 576,147 | 4,934 | ||||
| Aecon Group Inc. | 370,231 | 4,758 | ||||
| ^ | Vermilion Energy Inc. | 983,498 | 4,389 | |||
| Enerplus Corp. | 1,398,649 | 4,373 | ||||
| ^ | Dream Office REIT | 265,821 | 4,135 | |||
| First National Financial Corp. | 109,400 | 3,565 | ||||
| ^ | Westshore Terminals Investment Corp. | 271,110 | 3,320 | |||
| Fortis Inc. (XNYS) | 77,746 | 3,174 | ||||
| Enbridge Inc. (XNYS) | 87,527 | 2,800 | ||||
| * | Lightspeed POS Inc. (XNYS) | 32,620 | 2,296 | |||
| Restaurant Brands International Inc. (XNYS) | 36,684 | 2,242 | ||||
| * | Topicus.com Inc. | 226,925 | 858 | |||
| * | Stars Group Inc. | 3,009 | 140 | |||
| 11,579,126 | ||||||
| Denmark (2.0%) | ||||||
| Novo Nordisk A/S Class B | 10,333,233 | 720,838 | ||||
| Vestas Wind Systems A/S | 1,309,504 | 309,343 | ||||
| 1 | Orsted AS | 1,205,604 | 246,673 | |||
| DSV Panalpina A/S | 1,289,231 | 216,670 | ||||
| * | Genmab A/S | 377,900 | 153,236 | |||
| Coloplast A/S Class B | 851,036 | 130,148 | ||||
| Carlsberg AS Class B | 635,852 | 101,935 | ||||
| AP Moller - Maersk A/S Class B | 37,019 | 82,377 | ||||
| Novozymes A/S | 1,301,998 | 74,162 | ||||
| * | Danske Bank A/S | 4,214,064 | 69,648 | |||
| Pandora A/S | 618,561 | 69,228 | ||||
| * | Chr Hansen Holding A/S | 657,011 | 67,884 | |||
| GN Store Nord AS | 823,387 | 65,636 | ||||
| AP Moller - Maersk A/S Class A | 27,361 | 56,522 | ||||
| Ambu A/S Class B | 1,064,489 | 45,730 | ||||
| SimCorp A/S | 253,629 | 37,709 | ||||
| Royal Unibrew A/S | 310,182 | 35,919 | ||||
| Tryg A/S | 905,800 | 28,488 | ||||
| * | Demant A/S | 674,832 | 26,673 | |||
| *,1 | Netcompany Group A/S | 209,351 | 21,468 | |||
| * | ISS A/S | 1,181,902 | 20,331 | |||
| * | ALK-Abello A/S | 41,383 | 17,046 | |||
| Ringkjoebing Landbobank A/S | 185,900 | 16,919 | ||||
| ROCKWOOL International A/S Class B | 41,261 | 15,442 | ||||
| * | Jyske Bank A/S | 342,634 | 13,083 | |||
| H Lundbeck A/S | 381,554 | 13,062 | ||||
| * | NKT A/S | 276,022 | 12,295 | |||
| * | FLSmidth & Co. A/S | 320,141 | 12,242 | |||
| Topdanmark AS | 270,825 | 11,755 | ||||
| * | Bavarian Nordic A/S | 374,431 | 11,416 | |||
| * | Zealand Pharma A/S | 251,272 | 9,190 | |||
9
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
| Shares |
Market Value ($000) |
|||||
| * | Dfds A/S | 194,980 | 8,859 | |||
| Schouw & Co. A/S | 80,378 | 8,127 | ||||
| * | Sydbank AS | 365,922 | 8,107 | |||
| 1 | Scandinavian Tobacco Group A/S | 403,886 | 6,888 | |||
| * | Spar Nord Bank A/S | 519,216 | 5,087 | |||
| * | Alm Brand A/S | 393,748 | 4,742 | |||
| * | Drilling Co. of 1972 A/S | 140,764 | 4,408 | |||
| * | Nilfisk Holding A/S | 174,656 | 3,740 | |||
| D/S Norden A/S | 157,680 | 2,852 | ||||
| 2,765,878 | ||||||
| Finland (1.1%) | ||||||
| Kone Oyj Class B | 2,509,902 | 204,508 | ||||
| Neste Oyj | 2,661,019 | 193,201 | ||||
| * | Nordea Bank Abp | 19,089,656 | 156,447 | |||
| * | Nokia Oyj (XHEL) | 35,863,489 | 138,517 | |||
| Sampo Oyj Class A | 3,235,599 | 138,334 | ||||
| UPM-Kymmene Oyj | 3,417,251 | 127,436 | ||||
| Stora Enso Oyj | 3,668,673 | 70,247 | ||||
| Fortum Oyj | 2,757,123 | 66,613 | ||||
| Elisa Oyj | 916,529 | 50,244 | ||||
| Kesko Oyj Class B | 1,719,585 | 44,136 | ||||
| Metso Outotec Oyj | 3,871,881 | 38,904 | ||||
| Wartsila Oyj Abp | 3,116,393 | 31,190 | ||||
| Huhtamaki Oyj | 593,130 | 30,760 | ||||
| Nokian Renkaat Oyj | 869,646 | 30,630 | ||||
| Orion Oyj Class B | 657,210 | 30,189 | ||||
| * | Kojamo Oyj | 1,246,388 | 27,664 | |||
| Valmet Oyj | 854,617 | 24,571 | ||||
| * | Nordea Bank Abp (XHEL) | 2,601,894 | 21,252 | |||
| Konecranes Oyj Class A | 463,722 | 16,394 | ||||
| TietoEVRY Oyj (XHEL) | 478,822 | 15,755 | ||||
| Cargotec Oyj Class B | 309,810 | 12,873 | ||||
| Metsa Board Oyj | 1,098,216 | 11,565 | ||||
| Neles Oyj | 685,469 | 9,091 | ||||
| Kemira Oyj | 563,469 | 8,931 | ||||
| Sanoma Oyj | 470,396 | 7,891 | ||||
| Uponor Oyj | 348,410 | 7,756 | ||||
| *,^ | Outokumpu Oyj | 1,945,503 | 7,669 | |||
| YIT Oyj | 1,023,272 | 6,176 | ||||
| Ahlstrom-Munksjo Oyj | 239,563 | 5,298 | ||||
| ^ | Citycon Oyj | 493,828 | 4,813 | |||
| TietoEVRY Oyj (XOSL) | 125,869 | 4,180 | ||||
| *,^ | Finnair Oyj | 3,669,363 | 3,377 | |||
| * | F-Secure Oyj | 643,077 | 3,018 | |||
| Raisio Oyj | 718,894 | 2,806 | ||||
| Oriola Oyj | 814,256 | 1,892 | ||||
| * | Nokia Oyj (XPAR) | 73,124 | 282 | |||
| 1,554,610 | ||||||
| France (8.1%) | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 1,593,770 | 997,708 | ||||
| Sanofi | 6,969,109 | 675,471 | ||||
| TOTAL SE | 15,519,696 | 669,869 | ||||
| Schneider Electric SE | 3,364,207 | 486,223 | ||||
| * | Airbus SE | 3,547,314 | 389,300 | |||
| * | BNP Paribas SA | 6,928,074 | 365,750 | |||
| Kering SA | 474,580 | 344,421 | ||||
| Vinci SA | 3,005,992 | 299,427 | ||||
| Axa SA | 12,308,341 | 295,185 | ||||
| EssilorLuxottica SA | 1,886,613 | 294,001 | ||||
| * | Safran SA | 2,058,355 | 291,740 | |||
| Pernod Ricard SA | 1,327,622 | 254,967 | ||||
| Danone SA | 3,835,445 | 252,397 | ||||
| L’Oreal SA Loyalty Shares | 633,276 | 241,629 | ||||
| Hermes International | 197,386 | 212,246 | ||||
10
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
| Shares |
Market Value ($000) |
|||||
| Air Liquide SA Loyalty Shares | 1,259,450 | 206,484 | ||||
| L’Oreal SA | 451,182 | 172,151 | ||||
| Dassault Systemes SE | 842,367 | 170,850 | ||||
| Vivendi SA | 4,995,453 | 161,127 | ||||
| Capgemini SE | 1,008,333 | 156,850 | ||||
| Air Liquide SA | 956,648 | 156,840 | ||||
| Legrand SA | 1,706,086 | 152,622 | ||||
| STMicroelectronics NV | 4,051,708 | 149,897 | ||||
| *,1 | Worldline SA | 1,524,095 | 148,064 | |||
| Orange SA | 12,236,550 | 145,677 | ||||
| Cie Generale des Etablissements Michelin SCA | 1,122,292 | 144,504 | ||||
| * | Cie de Saint-Gobain | 3,056,068 | 140,557 | |||
| L’Oreal Loyalty Shares 2021 | 358,283 | 136,705 | ||||
| Teleperformance | 371,957 | 123,483 | ||||
| Air Liquide SA Loyalty Shares 2021 | 652,591 | 106,991 | ||||
| * | Societe Generale SA | 4,942,812 | 102,755 | |||
| * | Alstom SA | 1,697,566 | 96,692 | |||
| * | Peugeot SA | 3,479,704 | 95,295 | |||
| * | Credit Agricole SA | 7,380,159 | 93,300 | |||
| Edenred | 1,576,958 | 89,558 | ||||
| Veolia Environnement SA | 3,210,986 | 79,175 | ||||
| Publicis Groupe SA | 1,417,556 | 70,455 | ||||
| * | Engie | 4,330,276 | 66,384 | |||
| * | Eurofins Scientific SE | 775,391 | 65,402 | |||
| Carrefour SA | 3,706,325 | 63,469 | ||||
| Valeo SA | 1,527,586 | 60,255 | ||||
| Thales SA | 640,505 | 58,602 | ||||
| * | Ubisoft Entertainment SA | 604,120 | 58,219 | |||
| Bouygues SA | 1,356,592 | 55,794 | ||||
| * | Atos SE | 602,409 | 55,010 | |||
| Sartorius Stedim Biotech | 153,273 | 54,638 | ||||
| Gecina SA | 333,493 | 51,859 | ||||
| * | Renault SA | 1,177,291 | 51,533 | |||
| * | Getlink SE | 2,905,892 | 50,276 | |||
| Arkema SA | 426,956 | 48,853 | ||||
| * | Bureau Veritas SA | 1,812,064 | 48,373 | |||
| * | Engie SA (XPAR) | 3,110,480 | 47,684 | |||
| Suez SA | 2,372,283 | 47,017 | ||||
| * | Eiffage SA | 481,073 | 46,502 | |||
| 1 | Euronext NV | 391,881 | 43,166 | |||
| * | Accor SA | 1,168,363 | 42,389 | |||
| * | Orpea SA | 312,547 | 40,985 | |||
| BioMerieux | 272,311 | 38,327 | ||||
| * | Engie SA Loyalty Shares 2021 | 2,400,527 | 36,800 | |||
| * | Scor SE | 1,001,561 | 32,487 | |||
| * | Rexel SA | 1,934,704 | 30,536 | |||
| *,1 | Amundi SA | 361,583 | 29,470 | |||
| Covivio | 318,958 | 29,268 | ||||
| Remy Cointreau SA | 155,625 | 29,049 | ||||
| Rubis SCA | 602,964 | 27,874 | ||||
| TechnipFMC plc | 2,927,352 | 27,515 | ||||
| * | Faurecia SE | 528,760 | 27,092 | |||
| Klepierre SA | 1,193,199 | 26,912 | ||||
| * | Soitec | 134,761 | 26,134 | |||
| Bollore SA | 6,311,262 | 26,130 | ||||
| 1 | La Francaise des Jeux SAEM | 555,833 | 25,477 | |||
| * | Aeroports de Paris | 181,133 | 23,435 | |||
| * | Electricite de France SA Loyalty Shares | 1,459,528 | 23,096 | |||
| SES SA Class A | 2,392,036 | 22,450 | ||||
| L’Oreal Loyalty Shares | 55,941 | 21,345 | ||||
| Wendel SE | 173,429 | 20,697 | ||||
| * | Alten SA | 181,680 | 20,601 | |||
| Iliad SA | 97,552 | 20,024 | ||||
| * | Eurazeo SE | 276,691 | 18,801 |
11
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
| Shares |
Market Value ($000) |
|||||
| * | Natixis SA | 5,363,146 | 18,377 | |||
| Ipsen SA | 222,144 | 18,369 | ||||
| * | Lagardere SCA | 732,649 | 18,329 | |||
| * | Elis SA (XPAR) | 1,058,830 | 17,541 | |||
| * | Spie SA | 785,511 | 17,126 | |||
| * | Air Liquide SA Loyalty Shares 2022 | 103,235 | 16,925 | |||
| * | Dassault Aviation SA | 14,864 | 16,186 | |||
| *,^ | Korian SA | 414,156 | 15,854 | |||
| Icade | 202,925 | 15,602 | ||||
| * | CNP Assurances | 955,716 | 15,528 | |||
| * | Electricite de France SA | 963,118 | 15,241 | |||
| Sodexo SA ACT Loyalty Shares | 175,329 | 14,828 | ||||
| * | Sopra Steria Group | 91,052 | 14,677 | |||
| Sodexo SA | 169,849 | 14,365 | ||||
| L’Oreal SA Loyalty Shares 2022 | 36,796 | 14,040 | ||||
| Gaztransport Et Technigaz SA | 142,346 | 13,790 | ||||
| * | Nexans SA | 187,819 | 13,591 | |||
| Eutelsat Communications SA | 1,188,171 | 13,441 | ||||
| SEB SA Loyalty Shares | 70,570 | 12,832 | ||||
| Cie Plastic Omnium SA | 355,828 | 12,243 | ||||
| Nexity SA | 270,823 | 11,696 | ||||
| Imerys SA | 247,033 | 11,647 | ||||
| *,^ | Casino Guichard Perrachon SA | 354,025 | 10,883 | |||
| Sodexo SA Loyalty Shares 2024 | 125,433 | 10,608 | ||||
| * | JCDecaux SA | 464,972 | 10,607 | |||
| *,1 | Neoen SA | 135,730 | 10,422 | |||
| * | Electricite de France Loyalty Shares 2021 | 586,841 | 9,286 | |||
| SEB SA (XPAR) | 50,878 | 9,251 | ||||
| Societe BIC SA | 162,258 | 9,179 | ||||
| Trigano SA | 51,806 | 9,164 | ||||
| *,1 | Verallia SA | 237,414 | 8,419 | |||
| Ipsos | 243,962 | 8,233 | ||||
| * | Virbac SA | 27,711 | 8,039 | |||
| *,^ | Air France-KLM | 1,242,762 | 7,751 | |||
| SEB SA Loyalty Shares 2021 | 41,119 | 7,477 | ||||
| * | Engie Loyalty Shares 2022 | 476,725 | 7,308 | |||
| 1 | ALD SA | 513,648 | 7,170 | |||
| * | Fnac Darty SA | 108,672 | 6,959 | |||
| * | Metropole Television SA | 409,704 | 6,641 | |||
| Albioma ACT Loyalty Shares | 106,262 | 6,079 | ||||
| * | Elis SA (XLON) | 348,824 | 5,821 | |||
| * | Coface SA | 575,893 | 5,773 | |||
| * | Rothschild & Co. | 178,589 | 5,592 | |||
| * | Television Francaise 1 | 677,677 | 5,446 | |||
| *,1 | Maisons du Monde SA | 276,242 | 5,057 | |||
| * | Interparfums SA | 92,536 | 4,849 | |||
| Robertet SA | 4,278 | 4,721 | ||||
| * | CGG SA | 4,567,547 | 4,475 | |||
| 1 | Elior Group SA | 649,659 | 4,367 | |||
| Derichebourg SA | 608,015 | 4,351 | ||||
| Engie SA | 276,743 | 4,242 | ||||
| Quadient SA | 214,287 | 4,116 | ||||
| Vicat SA | 95,468 | 4,001 | ||||
| Sodexo SA Loyalty Shares 2022 | 45,442 | 3,843 | ||||
| FFP | 33,103 | 3,811 | ||||
| * | Tarkett SA | 208,740 | 3,673 | |||
| Carmila SA | 242,372 | 3,491 | ||||
| Mercialys SA | 386,124 | 3,395 | ||||
| Electricite de France SA Loyalty Shares 2023 | 209,376 | 3,313 | ||||
| Pharmagest Interactive | 22,710 | 3,089 | ||||
| * | Eramet SA | 55,071 | 2,884 | |||
| Albioma SA | 48,539 | 2,777 | ||||
| * | Mersen SA | 91,001 | 2,758 | |||
| Beneteau SA | 224,933 | 2,583 |
12
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
| Shares |
Market Value ($000) |
|||||
| *,^ | Akka Technologies | 77,201 | 2,432 | |||
| Sodexo SA Loyalty Shares 2023 | 28,542 | 2,414 | ||||
| Manitou BF SA | 82,117 | 2,395 | ||||
| Vilmorin & Cie SA | 39,297 | 2,357 | ||||
| Bonduelle SCA | 91,884 | 2,329 | ||||
| *,^,1 | X-Fab Silicon Foundries SE | 327,142 | 1,960 | |||
| Lisi SA | 71,212 | 1,748 | ||||
| *,^ | Vallourec SA | 48,183 | 1,573 | |||
| *,^ | DBV Technologies SA | 276,426 | 1,455 | |||
| Jacquet Metals SA | 84,366 | 1,430 | ||||
| Akwel | 50,714 | 1,410 | ||||
| Guerbet | 33,254 | 1,328 | ||||
| SEB SA Loyalty Shares 2022 | 6,108 | 1,111 | ||||
| * | GL Events | 81,920 | 1,011 | |||
| *,1 | SMCP SA | 166,004 | 1,009 | |||
| * | Rallye SA | 141,972 | 999 | |||
| SEB SA Loyalty Shares 2023 | 5,449 | 991 | ||||
| * | Sodexo Loyalty Shares | 11,166 | 944 | |||
| Boiron SA | 18,578 | 937 | ||||
| Electricite de France | 54,608 | 864 | ||||
| * | Etablissements Maurel et Prom SA | 375,115 | 794 | |||
| * | Lisi | 31,624 | 776 | |||
| *,^,1 | Europcar Mobility Group | 672,837 | 615 | |||
| Albioma Loyalty Shares 2022 | 10,688 | 611 | ||||
| * | Union Financiere de France BQE SA | 19,376 | 454 | |||
| Albioma Loyalty Shares 2023 | 6,994 | 400 | ||||
| * | Bourbon Corp. Loyalty Shares 2022 | 26,831 | 120 | |||
| Lisi Loyalty Shares 2022 | 2,575 | 63 | ||||
| *,§ | Bourbon Corp. | 11,499 | 52 | |||
| 11,229,010 | ||||||
| Germany (7.5%) | ||||||
| SAP SE | 7,180,804 | 930,055 | ||||
| Siemens AG | 4,892,189 | 704,707 | ||||
| Allianz SE | 2,658,199 | 653,052 | ||||
| BASF SE | 5,856,342 | 462,904 | ||||
| * | adidas AG | 1,231,208 | 447,922 | |||
| Deutsche Telekom AG | 20,648,389 | 376,889 | ||||
| Bayer AG | 6,290,085 | 370,559 | ||||
| Daimler AG | 5,155,803 | 365,442 | ||||
| Infineon Technologies AG | 8,324,051 | 317,886 | ||||
| Deutsche Post AG | 6,249,112 | 309,557 | ||||
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 896,919 | 266,500 | ||||
| Vonovia SE | 3,625,325 | 264,774 | ||||
| Volkswagen AG Preference Shares | 1,171,274 | 218,894 | ||||
| Deutsche Boerse AG | 1,175,230 | 200,110 | ||||
| Bayerische Motoren Werke AG | 2,056,485 | 181,500 | ||||
| RWE AG | 4,035,303 | 170,724 | ||||
| E. ON SE | 13,863,621 | 153,516 | ||||
| * | Deutsche Bank AG | 13,094,694 | 144,029 | |||
| Merck KGaA | 827,692 | 141,962 | ||||
| *,1 | Delivery Hero SE | 906,960 | 141,839 | |||
| Henkel AG & Co. KGaA Preference Shares | 1,116,537 | 125,895 | ||||
| Fresenius SE & Co. KGaA | 2,584,343 | 119,505 | ||||
| Deutsche Wohnen SE | 2,219,849 | 118,440 | ||||
| *,1 | Zalando SE | 1,037,639 | 115,419 | |||
| Fresenius Medical Care AG & Co. KGaA | 1,300,075 | 108,411 | ||||
| Symrise AG Class A | 808,241 | 107,451 | ||||
| Continental AG | 692,548 | 103,076 | ||||
| Sartorius AG Preference Shares | 219,061 | 92,265 | ||||
| * | Siemens Energy AG | 2,443,334 | 90,214 | |||
| MTU Aero Engines AG | 338,082 | 88,128 | ||||
| Brenntag AG | 991,054 | 77,066 | ||||
| 1 | Siemens Healthineers AG | 1,442,025 | 74,209 | |||
| Beiersdorf AG | 637,458 | 73,282 | ||||
13
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
| Shares |
Market Value ($000) |
|||||
| * | Qiagen NV | 1,409,965 | 73,110 | |||
| *,^ | HelloFresh SE | 942,642 | 72,916 | |||
| LEG Immobilien AG | 461,208 | 71,555 | ||||
| 1 | Covestro AG | 1,151,011 | 70,918 | |||
| HeidelbergCement AG | 949,982 | 70,732 | ||||
| Porsche Automobil Holding SE Preference Shares | 979,588 | 67,667 | ||||
| * | Puma SE | 579,628 | 65,224 | |||
| Henkel AG & Co. KGaA | 649,418 | 62,579 | ||||
| Hannover Rueck SE | 383,742 | 61,152 | ||||
| Knorr-Bremse AG | 422,820 | 57,759 | ||||
| 1 | Scout24 AG | 656,534 | 53,648 | |||
| ^ | Aroundtown SA | 7,017,035 | 52,319 | |||
| *,1 | TeamViewer AG | 921,337 | 49,492 | |||
| ^ | KION Group AG | 500,374 | 43,394 | |||
| * | Commerzbank AG | 6,649,479 | 42,972 | |||
| Volkswagen AG | 205,310 | 42,808 | ||||
| Lanxess AG | 533,552 | 40,577 | ||||
| Evonik Industries AG | 1,221,544 | 39,926 | ||||
| Bechtle AG | 174,557 | 38,331 | ||||
| GEA Group AG | 1,057,556 | 37,826 | ||||
| *,^ | Evotec SE | 929,545 | 34,349 | |||
| Carl Zeiss Meditec AG | 234,027 | 31,036 | ||||
| *,^ | thyssenkrupp AG | 2,973,429 | 29,464 | |||
| United Internet AG | 694,211 | 29,223 | ||||
| Rheinmetall AG | 275,765 | 29,198 | ||||
| Nemetschek SE | 347,067 | 25,794 | ||||
| TAG Immobilien AG | 807,197 | 25,759 | ||||
| Fuchs Petrolub SE Preference Shares | 451,596 | 25,480 | ||||
| *,^ | Deutsche Lufthansa AG | 1,903,393 | 25,186 | |||
| * | CTS Eventim AG & Co. KGaA | 375,726 | 25,114 | |||
| * | Dialog Semiconductor plc | 455,988 | 24,848 | |||
| Uniper SE | 712,468 | 24,687 | ||||
| Bayerische Motoren Werke AG Preference Shares | 363,591 | 24,493 | ||||
| * | MorphoSys AG | 209,137 | 24,452 | |||
| Gerresheimer AG | 200,860 | 21,661 | ||||
| ^ | Siltronic AG | 133,132 | 20,820 | |||
| alstria office REIT-AG | 1,130,806 | 20,574 | ||||
| ^ | Rational AG | 21,253 | 19,752 | |||
| Grand City Properties SA | 723,872 | 18,703 | ||||
| * | Hella GmbH & Co. KGaA | 284,569 | 18,495 | |||
| *,1 | ADLER Group SA | 519,574 | 18,429 | |||
| Aurubis AG | 226,122 | 17,646 | ||||
| Freenet AG | 819,575 | 17,237 | ||||
| *,^ | ProSiebenSat.1 Media SE | 1,002,499 | 16,878 | |||
| * | Hypoport SE | 25,547 | 16,235 | |||
| Stroeer SE & Co. KGaA | 158,768 | 15,690 | ||||
| ^ | Encavis AG | 598,143 | 15,609 | |||
| CompuGroup Medical SE & Co. KGaA | 157,443 | 15,192 | ||||
| 1 | Befesa SA | 219,453 | 13,842 | |||
| Wacker Chemie AG | 95,991 | 13,752 | ||||
| Jungheinrich AG Preference Shares | 307,101 | 13,725 | ||||
| * | Fraport AG Frankfurt Airport Services Worldwide | 225,856 | 13,627 | |||
| Talanx AG | 344,441 | 13,393 | ||||
| Cancom SE | 234,079 | 13,104 | ||||
| *,^ | Varta AG | 90,051 | 12,984 | |||
| Software AG | 314,774 | 12,884 | ||||
| Duerr AG | 314,203 | 12,848 | ||||
| * | Fielmann AG | 156,471 | 12,738 | |||
| Hugo Boss AG | 375,908 | 12,491 | ||||
| Hochtief AG | 125,518 | 12,214 | ||||
| Metro AG | 1,082,876 | 12,164 | ||||
| * | Nordex SE | 443,112 | 12,115 | |||
| * | RTL Group SA | 246,329 | 11,984 | |||
| * | OSRAM Licht AG | 188,578 | 11,981 |
14
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
| Shares |
Market Value ($000) |
|||||
| K&S AG | 1,231,165 | 11,809 | ||||
| * | Aixtron SE | 677,306 | 11,778 | |||
| Telefonica Deutschland Holding AG | 4,262,516 | 11,740 | ||||
| Stabilus SA | 156,792 | 11,084 | ||||
| Norma Group SE | 202,226 | 10,433 | ||||
| * | Sixt SE | 83,826 | 10,015 | |||
| Jenoptik AG | 325,381 | 9,939 | ||||
| Fuchs Petrolub SE | 214,339 | 9,898 | ||||
| 1 | DWS Group GmbH & Co. KGaA | 221,273 | 9,369 | |||
| * | Aareal Bank AG | 385,262 | 9,269 | |||
| Traton SE | 321,484 | 8,897 | ||||
| Patrizia AG | 274,412 | 8,815 | ||||
| *,1 | Deutsche Pfandbriefbank AG | 794,250 | 8,640 | |||
| * | Zooplus AG | 39,451 | 8,261 | |||
| *,1 | Shop Apotheke Europe NV | 45,175 | 8,171 | |||
| Pfeiffer Vacuum Technology AG | 41,736 | 8,050 | ||||
| * | Ceconomy AG | 1,162,725 | 7,986 | |||
| Sixt SE Preference Shares | 112,232 | 7,867 | ||||
| ^ | Grenke AG | 166,262 | 7,842 | |||
| Dermapharm Holding SE | 110,370 | 7,684 | ||||
| Krones AG | 93,429 | 7,532 | ||||
| *,^ | S&T AG | 314,860 | 7,430 | |||
| 1&1 Drillisch AG | 293,591 | 7,321 | ||||
| * | Deutsche EuroShop AG | 322,820 | 7,309 | |||
| Suedzucker AG | 501,315 | 7,160 | ||||
| STRATEC SE | 45,391 | 6,795 | ||||
| * | Salzgitter AG | 246,350 | 6,491 | |||
| New Work SE | 17,874 | 6,151 | ||||
| ^ | Bilfinger SE | 177,690 | 5,645 | |||
| DIC Asset AG | 321,705 | 5,301 | ||||
| KWS Saat SE & Co. KGaA | 64,947 | 5,159 | ||||
| Hornbach Holding AG & Co. KGaA | 53,050 | 5,113 | ||||
| * | Deutz AG | 777,333 | 4,858 | |||
| Indus Holding AG | 118,565 | 4,644 | ||||
| * | Kloeckner & Co. SE | 465,713 | 4,555 | |||
| Draegerwerk AG & Co. KGaA Preference Shares | 55,031 | 4,260 | ||||
| Schaeffler AG Preference Shares | 495,619 | 4,150 | ||||
| TUI AG (XETR) | 619,858 | 3,905 | ||||
| * | SMA Solar Technology AG | 56,422 | 3,877 | |||
| * | Washtec AG | 67,018 | 3,609 | |||
| BayWa AG | 88,778 | 3,608 | ||||
| * | ElringKlinger AG | 180,641 | 3,512 | |||
| Hamburger Hafen und Logistik AG | 154,083 | 3,486 | ||||
| * | Wacker Neuson SE | 156,678 | 3,395 | |||
| Deutsche Beteiligungs AG | 71,593 | 2,879 | ||||
| * | Vossloh AG | 55,521 | 2,825 | |||
| * | Takkt AG | 208,144 | 2,713 | |||
| * | Koenig & Bauer AG | 84,954 | 2,507 | |||
| Wuestenrot & Wuerttembergische AG | 118,815 | 2,387 | ||||
| TLG Immobilien AG | 84,973 | 2,376 | ||||
| Hornbach Baumarkt AG | 48,127 | 2,103 | ||||
| CropEnergies AG | 122,275 | 1,782 | ||||
| * | SGL Carbon SE | 335,599 | 1,481 | |||
| Bertrandt AG | 29,728 | 1,446 | ||||
| *,^ | Corestate Capital Holding SA | 80,602 | 1,442 | |||
| 10,405,691 | ||||||
| Hong Kong (2.8%) | ||||||
| AIA Group Ltd. | 77,418,877 | 943,436 | ||||
| Hong Kong Exchanges & Clearing Ltd. | 8,120,878 | 445,444 | ||||
| CK Hutchison Holdings Ltd. | 17,140,780 | 119,674 | ||||
| Link REIT | 13,156,140 | 119,481 | ||||
| Sun Hung Kai Properties Ltd. | 9,088,259 | 116,230 | ||||
| Techtronic Industries Co. Ltd. | 7,988,187 | 114,179 | ||||
| Galaxy Entertainment Group Ltd. | 13,697,041 | 106,625 | ||||
15
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
| Shares |
Market Value ($000) |
|||||
| Hong Kong & China Gas Co. Ltd. | 66,281,244 | 99,164 | ||||
| CLP Holdings Ltd. | 10,506,621 | 97,151 | ||||
| Hang Seng Bank Ltd. | 4,628,508 | 79,879 | ||||
| CK Asset Holdings Ltd. | 15,195,633 | 77,755 | ||||
| Jardine Matheson Holdings Ltd. | 1,339,569 | 74,933 | ||||
| BOC Hong Kong Holdings Ltd. | 22,922,439 | 69,483 | ||||
| Sands China Ltd. | 15,356,121 | 67,066 | ||||
| Wharf Real Estate Investment Co. Ltd. | 10,482,423 | 54,478 | ||||
| MTR Corp. Ltd. | 9,144,464 | 51,142 | ||||
| Power Assets Holdings Ltd. | 8,731,106 | 47,284 | ||||
| 1 | WH Group Ltd. | 53,720,238 | 45,047 | |||
| Lenovo Group Ltd. | 47,634,000 | 45,033 | ||||
| New World Development Co. Ltd. | 9,095,453 | 42,316 | ||||
| *,1 | ESR Cayman Ltd. | 10,472,052 | 37,591 | |||
| Xinyi Glass Holdings Ltd. | 12,845,109 | 35,928 | ||||
| 1 | Budweiser Brewing Co. APAC Ltd. | 10,814,775 | 35,725 | |||
| Hang Lung Properties Ltd. | 12,934,909 | 34,087 | ||||
| Henderson Land Development Co. Ltd. | 8,301,045 | 32,247 | ||||
| Hongkong Land Holdings Ltd. | 7,397,333 | 30,552 | ||||
| Jardine Strategic Holdings Ltd. | 1,159,299 | 28,817 | ||||
| Sino Land Co. Ltd. | 21,184,785 | 27,568 | ||||
| ASM Pacific Technology Ltd. | 1,948,374 | 25,732 | ||||
| Want Want China Holdings Ltd. | 34,368,109 | 24,848 | ||||
| AAC Technologies Holdings Inc. | 4,357,713 | 24,154 | ||||
| Minth Group Ltd. | 4,468,424 | 23,641 | ||||
| Wharf Holdings Ltd. | 8,691,861 | 23,347 | ||||
| * | Prada SPA | 3,272,755 | 21,626 | |||
| CK Infrastructure Holdings Ltd. | 3,965,404 | 21,296 | ||||
| Man Wah Holdings Ltd. | 9,393,515 | 20,376 | ||||
| Tingyi Cayman Islands Holding Corp. | 11,911,728 | 20,375 | ||||
| Vitasoy International Holdings Ltd. | 5,098,482 | 19,859 | ||||
| Swire Properties Ltd. | 6,723,167 | 19,547 | ||||
| Swire Pacific Ltd. Class A | 3,167,897 | 17,450 | ||||
| Bank of East Asia Ltd. | 8,083,833 | 17,294 | ||||
| Microport Scientific Corp. | 3,035,904 | 16,388 | ||||
| SITC International Holdings Co. Ltd. | 7,490,863 | 16,178 | ||||
| PCCW Ltd. | 26,624,682 | 16,033 | ||||
| * | Wynn Macau Ltd. | 9,364,805 | 15,756 | |||
| *,1 | Samsonite International SA | 8,270,087 | 14,689 | |||
| Hysan Development Co. Ltd. | 3,908,455 | 14,316 | ||||
| Chow Tai Fook Jewellery Group Ltd. | 11,116,973 | 13,978 | ||||
| Hang Lung Group Ltd. | 5,611,455 | 13,949 | ||||
| SJM Holdings Ltd. | 11,928,928 | 13,374 | ||||
| NagaCorp Ltd. | 9,672,432 | 12,704 | ||||
| 1 | BOC Aviation Ltd. | 1,325,107 | 11,469 | |||
| Melco International Development Ltd. | 5,004,639 | 9,747 | ||||
| Kerry Properties Ltd. | 3,815,684 | 9,651 | ||||
| * | United Energy Group Ltd. | 48,205,171 | 9,521 | |||
| Yue Yuen Industrial Holdings Ltd. | 4,532,373 | 9,440 | ||||
| NWS Holdings Ltd. | 9,091,035 | 8,447 | ||||
| Fortune REIT | 8,667,044 | 8,254 | ||||
| MGM China Holdings Ltd. | 4,750,183 | 8,169 | ||||
| Kerry Logistics Network Ltd. | 3,715,362 | 8,154 | ||||
| Dairy Farm International Holdings Ltd. | 1,940,631 | 8,100 | ||||
| VTech Holdings Ltd. | 1,040,325 | 8,075 | ||||
| *,1 | JS Global Lifestyle Co. Ltd. | 4,107,000 | 7,950 | |||
| HKBN Ltd. | 4,987,252 | 7,725 | ||||
| Lee & Man Paper Manufacturing Ltd. | 9,148,000 | 7,506 | ||||
| Uni-President China Holdings Ltd. | 7,368,968 | 7,504 | ||||
| ^ | Huabao International Holdings Ltd. | 5,356,030 | 7,385 | |||
| Champion REIT | 12,558,568 | 7,338 | ||||
| L’Occitane International SA | 2,914,414 | 7,277 | ||||
| *,1 | Razer Inc. | 23,216,723 | 7,136 | |||
| 1 | Xiabuxiabu Catering Management China Holdings Co. Ltd. | 3,080,509 | 7,040 |
16
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
| Shares |
Market Value ($000) |
|||||
| *,^ | MMG Ltd. | 14,829,883 | 6,457 | |||
| * | Shangri-La Asia Ltd. | 7,082,920 | 6,328 | |||
| Swire Pacific Ltd. Class B | 6,353,818 | 5,942 | ||||
| *,^ | Cathay Pacific Airways Ltd. | 6,354,442 | 5,886 | |||
| IGG Inc. | 5,468,937 | 5,734 | ||||
| Johnson Electric Holdings Ltd. | 2,262,975 | 5,604 | ||||
| Nexteer Automotive Group Ltd. | 5,185,943 | 5,582 | ||||
| Pacific Basin Shipping Ltd. | 27,434,148 | 5,175 | ||||
| Luk Fook Holdings International Ltd. | 2,142,780 | 5,173 | ||||
| * | Hong Kong Television Network Ltd. | 3,422,385 | 5,051 | |||
| First Pacific Co. Ltd. | 15,071,867 | 4,846 | ||||
| Vinda International Holdings Ltd. | 1,653,000 | 4,520 | ||||
| Cafe de Coral Holdings Ltd. | 2,078,109 | 4,483 | ||||
| * | Glory Sun Financial Group Ltd. | 104,172,000 | 4,439 | |||
| ^ | Sun Art Retail Group Ltd. | 4,262,500 | 4,337 | |||
| K Wah International Holdings Ltd. | 8,129,451 | 3,909 | ||||
| Haitong International Securities Group Ltd. | 16,114,461 | 3,886 | ||||
| Shun Tak Holdings Ltd. | 11,573,451 | 3,541 | ||||
| SUNeVision Holdings Ltd. | 3,869,000 | 3,522 | ||||
| *,^,1 | AsiaInfo Technologies Ltd. | 2,439,200 | 3,508 | |||
| VSTECS Holdings Ltd. | 4,188,000 | 3,438 | ||||
| Sunlight REIT | 6,857,365 | 3,334 | ||||
| Value Partners Group Ltd. | 6,114,807 | 3,224 | ||||
| Stella International Holdings Ltd. | 2,747,000 | 3,190 | ||||
| Towngas China Co. Ltd. | 6,986,958 | 3,152 | ||||
| * | Pou Sheng International Holdings Ltd. | 13,043,071 | 3,098 | |||
| Shui On Land Ltd. | 21,597,514 | 3,007 | ||||
| CITIC Telecom International Holdings Ltd. | 9,240,595 | 2,908 | ||||
| *,^ | Apollo Future Mobility Group Ltd. | 26,845,041 | 2,669 | |||
| Dah Sing Financial Holdings Ltd. | 923,124 | 2,604 | ||||
| Asia Cement China Holdings Corp. | 2,792,500 | 2,548 | ||||
| Far East Consortium International Ltd. | 6,614,763 | 2,454 | ||||
| Prosperity REIT | 7,692,063 | 2,400 | ||||
| United Laboratories International Holdings Ltd. | 3,383,654 | 2,398 | ||||
| * | FIH Mobile Ltd. | 18,892,100 | 2,318 | |||
| Dah Sing Banking Group Ltd. | 2,240,292 | 2,303 | ||||
| *,^,1 | FIT Hon Teng Ltd. | 6,606,814 | 2,297 | |||
| * | Lifestyle International Holdings Ltd. | 2,888,383 | 2,294 | |||
| * | China Travel International Investment Hong Kong Ltd. | 16,502,841 | 2,258 | |||
| *,^,1 | Frontage Holdings Corp. | 3,938,000 | 2,162 | |||
| *,^ | Cosmopolitan International Holdings Ltd. | 10,874,000 | 2,145 | |||
| Guotai Junan International Holdings Ltd. | 15,806,667 | 2,121 | ||||
| Road King Infrastructure Ltd. | 1,660,105 | 2,120 | ||||
| Pacific Textiles Holdings Ltd. | 3,165,430 | 2,079 | ||||
| Canvest Environmental Protection Group Co. Ltd. | 4,505,821 | 1,930 | ||||
| * | C-Mer Eye Care Holdings Ltd. | 2,598,000 | 1,920 | |||
| Television Broadcasts Ltd. | 1,828,399 | 1,885 | ||||
| *,^,§ | Town Health International Medical Group Ltd. | 20,414,000 | 1,810 | |||
| CMBC Capital Holdings Ltd. | 102,460,000 | 1,772 | ||||
| Dynam Japan Holdings Co. Ltd. | 1,677,081 | 1,733 | ||||
| * | Esprit Holdings Ltd. | 11,364,990 | 1,660 | |||
| *,1 | VPower Group International Holdings Ltd. | 4,745,000 | 1,641 | |||
| Chow Sang Sang Holdings International Ltd. | 1,433,542 | 1,628 | ||||
| ^ | Beijing Tong Ren Tang Chinese Medicine Co. Ltd. | 1,536,000 | 1,615 | |||
| Texhong Textile Group Ltd. | 1,872,000 | 1,609 | ||||
| Chinese Estates Holdings Ltd. | 3,197,553 | 1,558 | ||||
| * | GCL New Energy Holdings Ltd. | 37,854,541 | 1,538 | |||
| Sun Hung Kai & Co. Ltd. | 3,568,891 | 1,505 | ||||
| *,^ | Digital Domain Holdings Ltd. | 122,152,403 | 1,341 | |||
| *,§ | Convoy Global Holdings Ltd. | 62,200,399 | 1,340 | |||
| * | Truly International Holdings Ltd. | 10,491,276 | 1,301 | |||
| *,^ | Suncity Group Holdings Ltd. | 13,840,000 | 1,231 | |||
| Hutchison Telecommunications Hong Kong Holdings Ltd. | 8,216,533 | 1,230 | ||||
| 1 | IMAX China Holding Inc. | 725,210 | 1,229 |
17
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
18
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
| Shares |
Market Value ($000) |
|||||
| Sapiens International Corp. NV | 172,031 | 5,323 | ||||
| Energix-Renewable Energies Ltd. | 1,158,041 | 5,291 | ||||
| Amot Investments Ltd. | 930,336 | 5,214 | ||||
| Gev-Yam Land Ltd. | 608,087 | 4,962 | ||||
| * | Clal Insurance Enterprises Holdings Ltd. | 307,888 | 4,832 | |||
| Danel Adir Yeoshua Ltd. | 28,854 | 4,763 | ||||
| Matrix IT Ltd. | 199,720 | 4,527 | ||||
| * | Israel Corp. Ltd. | 23,085 | 4,415 | |||
| Formula Systems 1985 Ltd. | 49,594 | 4,288 | ||||
| * | AFI Properties Ltd. | 102,711 | 4,206 | |||
| Maytronics Ltd. | 276,774 | 4,167 | ||||
| Hilan Ltd. | 87,200 | 4,141 | ||||
| AudioCodes Ltd. | 146,624 | 4,039 | ||||
| Isracard Ltd. | 1,186,514 | 4,014 | ||||
| Mega Or Holdings Ltd. | 125,223 | 3,824 | ||||
| * | Partner Communications Co. Ltd. | 663,307 | 3,660 | |||
| * | Fattal Holdings 1998 Ltd. | 32,932 | 3,563 | |||
| Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 49,231 | 3,449 | ||||
| FIBI Holdings Ltd. | 111,664 | 3,390 | ||||
| Delek Automotive Systems Ltd. | 329,995 | 3,101 | ||||
| * | Big Shopping Centers Ltd. | 27,638 | 3,078 | |||
| Kenon Holdings Ltd. | 103,829 | 3,059 | ||||
| Gazit-Globe Ltd. | 432,693 | 2,831 | ||||
| * | Menora Mivtachim Holdings Ltd. | 148,621 | 2,791 | |||
| Sella Capital Real Estate Ltd. | 1,225,601 | 2,770 | ||||
| * | Equital Ltd. | 104,060 | 2,719 | |||
| * | Cellcom Israel Ltd. (Registered) | 518,250 | 2,562 | |||
| * | Migdal Insurance & Financial Holdings Ltd. | 2,121,717 | 2,457 | |||
| * | Allot Ltd. | 209,892 | 2,219 | |||
| * | Oil Refineries Ltd. | 9,323,608 | 2,114 | |||
| Delta Galil Industries Ltd. | 56,125 | 1,423 | ||||
| IDI Insurance Co. Ltd. | 44,712 | 1,356 | ||||
| * | Delek Group Ltd. | 42,096 | 1,315 | |||
| * | Brack Capital Properties NV | 14,031 | 1,301 | |||
| * | Kamada Ltd. | 191,190 | 1,231 | |||
| Gilat Satellite Networks Ltd. | 174,451 | 1,139 | ||||
| * | Naphtha Israel Petroleum Corp. Ltd. | 201,360 | 966 | |||
| * | Teva Pharmaceutical Industries Ltd. ADR | 33,295 | 321 | |||
| 653,137 | ||||||
| Italy (2.1%) | ||||||
| Enel SPA | 49,734,249 | 506,036 | ||||
| * | Intesa Sanpaolo SPA (Registered) | 99,389,820 | 234,931 | |||
| Ferrari NV | 777,529 | 180,342 | ||||
| Eni SPA | 15,860,254 | 165,577 | ||||
| Assicurazioni Generali SPA | 8,087,883 | 141,607 | ||||
| * | UniCredit SPA | 13,685,240 | 128,223 | |||
| * | Fiat Chrysler Automobiles NV | 7,053,638 | 127,432 | |||
| * | CNH Industrial NV | 6,290,061 | 79,069 | |||
| Snam SPA | 13,989,872 | 79,010 | ||||
| * | Moncler SPA | 1,226,724 | 75,420 | |||
| Terna Rete Elettrica Nazionale SPA | 8,886,147 | 68,283 | ||||
| * | FinecoBank Banca Fineco SPA | 3,895,261 | 64,241 | |||
| * | Atlantia SPA | 3,145,369 | 56,799 | |||
| *,1 | Nexi SPA | 2,787,734 | 55,474 | |||
| Prysmian SPA | 1,528,783 | 54,414 | ||||
| Exor NV | 664,589 | 53,983 | ||||
| * | Mediobanca Banca di Credito Finanziario SPA | 4,342,707 | 40,200 | |||
| Davide Campari-Milano NV | 3,194,726 | 36,619 | ||||
| Recordati Industria Chimica e Farmaceutica SPA | 617,559 | 34,342 | ||||
| * | Amplifon SPA | 777,079 | 32,300 | |||
| Telecom Italia SPA (Registered) | 67,375,190 | 31,272 | ||||
| DiaSorin SPA | 143,662 | 29,995 | ||||
| 1 | Poste Italiane SPA | 2,912,132 | 29,788 | |||
| Interpump Group SPA | 511,864 | 25,339 | ||||
19
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
| Shares |
Market Value ($000) |
|||||
| 1 | Infrastrutture Wireless Italiane SPA | 2,076,854 | 25,177 | |||
| Tenaris SA | 2,986,090 | 24,199 | ||||
| * | Banco BPM SPA | 9,354,242 | 20,755 | |||
| Telecom Italia SPA (Bearer) | 39,148,992 | 20,399 | ||||
| Italgas SPA | 3,150,044 | 20,066 | ||||
| ^ | Leonardo SPA | 2,518,406 | 18,204 | |||
| Azimut Holding SPA | 778,281 | 16,915 | ||||
| Reply SPA | 143,717 | 16,826 | ||||
| Hera SPA | 4,467,415 | 16,257 | ||||
| A2A SPA | 9,886,591 | 15,847 | ||||
| *,^,1 | Pirelli & C SPA | 2,913,145 | 15,793 | |||
| * | Unipol Gruppo SPA | 3,054,891 | 14,680 | |||
| * | Banca Mediolanum SPA | 1,649,036 | 14,326 | |||
| De’ Longhi SPA | 406,799 | 12,812 | ||||
| * | Freni Brembo SPA | 927,050 | 12,291 | |||
| * | Banca Generali SPA | 357,191 | 11,947 | |||
| * | BPER Banca | 6,436,873 | 11,735 | |||
| Buzzi Unicem SPA | 467,805 | 11,168 | ||||
| * | Cerved Group SPA | 1,196,530 | 10,892 | |||
| Iren SPA | 4,082,757 | 10,656 | ||||
| Erg SPA | 349,849 | 10,052 | ||||
| * | Astm SPA | 390,270 | 9,840 | |||
| ^ | Saipem SPA | 3,516,600 | 9,546 | |||
| * | Brunello Cucinelli SPA | 213,898 | 9,340 | |||
| *,1 | Technogym SPA | 783,873 | 8,873 | |||
| UnipolSai Assicurazioni SPA | 3,190,744 | 8,461 | ||||
| *,^ | Salvatore Ferragamo SPA | 430,744 | 8,364 | |||
| *,1 | GVS SPA | 447,147 | 8,338 | |||
| 1 | Anima Holding SPA | 1,681,401 | 7,994 | |||
| * | Banca Popolare di Sondrio SCPA | 2,812,652 | 7,589 | |||
| 1 | Enav SPA | 1,602,025 | 7,048 | |||
| *,1 | Banca Farmafactoring SPA | 1,006,031 | 6,069 | |||
| Falck Renewables SPA | 745,579 | 6,043 | ||||
| 1 | Carel Industries SPA | 255,700 | 6,002 | |||
| Acea SPA | 279,484 | 5,872 | ||||
| Tamburi Investment Partners SPA | 659,954 | 5,533 | ||||
| * | Autogrill SPA | 793,227 | 5,331 | |||
| *,^ | Mediaset SPA | 1,948,044 | 4,972 | |||
| *,1 | doValue SPA | 378,678 | 4,466 | |||
| * | Marr SPA | 207,406 | 4,273 | |||
| * | Societa Cattolica di Assicurazioni SC | 748,514 | 4,187 | |||
| Buzzi Unicem SPA Saving Shares | 258,510 | 4,156 | ||||
| 1 | RAI Way SPA | 619,073 | 4,147 | |||
| Piaggio & C SPA | 1,044,916 | 3,453 | ||||
| Zignago Vetro SPA | 195,220 | 3,254 | ||||
| Italmobiliare SPA | 86,509 | 3,097 | ||||
| *,^ | Juventus Football Club SPA | 3,061,424 | 3,041 | |||
| * | CIR SPA-Compagnie Industriali | 5,608,088 | 3,021 | |||
| Danieli & C Officine Meccaniche SPA Saving Shares | 235,975 | 2,791 | ||||
| *,^ | Saras SPA | 3,652,320 | 2,664 | |||
| * | Credito Emiliano SPA | 493,115 | 2,661 | |||
| Cementir Holding NV | 286,027 | 2,333 | ||||
| *,^ | Maire Tecnimont SPA | 1,023,867 | 2,297 | |||
| *,^ | Tod’s SPA | 63,372 | 2,215 | |||
| *,^ | Banca Monte dei Paschi di Siena SPA | 1,662,599 | 2,148 | |||
| Datalogic SPA | 125,150 | 2,138 | ||||
| * | Biesse SPA | 90,441 | 2,110 | |||
| *,^ | Fincantieri SPA | 3,023,785 | 2,048 | |||
| ^ | Webuild SPA | 1,390,794 | 2,019 | |||
| Immobiliare Grande Distribuzione SIIQ SPA | 422,008 | 1,868 | ||||
| * | Banca IFIS SPA | 160,966 | 1,815 | |||
| Danieli & C Officine Meccaniche SPA | 91,061 | 1,608 | ||||
| * | Arnoldo Mondadori Editore SPA | 790,471 | 1,465 | |||
| DeA Capital SPA | 540,849 | 752 |
20
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
| Shares |
Market Value ($000) |
|||||
| * | Rizzoli Corriere Della Sera Mediagroup SPA | 743,731 | 518 | |||
| 2,857,453 | ||||||
| Japan (22.2%) | ||||||
| Toyota Motor Corp. | 15,735,270 | 1,214,293 | ||||
| Sony Corp. | 7,890,784 | 795,139 | ||||
| SoftBank Group Corp. | 9,303,966 | 722,314 | ||||
| Keyence Corp. | 1,152,374 | 648,230 | ||||
| Shin-Etsu Chemical Co. Ltd. | 2,541,924 | 446,148 | ||||
| Nintendo Co. Ltd. | 681,865 | 437,717 | ||||
| Daiichi Sankyo Co. Ltd. | 12,198,592 | 418,048 | ||||
| Daikin Industries Ltd. | 1,695,123 | 377,109 | ||||
| Nidec Corp. | 2,963,522 | 374,909 | ||||
| Recruit Holdings Co. Ltd. | 8,622,801 | 362,183 | ||||
| Mitsubishi UFJ Financial Group Inc. | 79,836,526 | 353,486 | ||||
| Tokyo Electron Ltd. | 944,557 | 352,851 | ||||
| Murata Manufacturing Co. Ltd. | 3,644,520 | 329,937 | ||||
| KDDI Corp. | 10,866,225 | 322,186 | ||||
| Takeda Pharmaceutical Co. Ltd. | 8,892,031 | 321,797 | ||||
| Hoya Corp. | 2,318,676 | 321,125 | ||||
| Honda Motor Co. Ltd. | 10,927,870 | 308,344 | ||||
| FANUC Corp. | 1,228,235 | 303,189 | ||||
| Fast Retailing Co. Ltd. | 328,278 | 294,360 | ||||
| Sumitomo Mitsui Financial Group Inc. | 8,296,320 | 257,171 | ||||
| M3 Inc. | 2,694,629 | 254,554 | ||||
| ITOCHU Corp. | 8,691,434 | 249,967 | ||||
| Hitachi Ltd. | 5,917,569 | 233,562 | ||||
| Kao Corp. | 3,004,682 | 232,130 | ||||
| SMC Corp. | 366,865 | 224,058 | ||||
| Chugai Pharmaceutical Co. Ltd. | 4,158,609 | 221,883 | ||||
| SoftBank Corp. | 17,629,291 | 221,283 | ||||
| Tokio Marine Holdings Inc. | 4,158,529 | 214,254 | ||||
| Mizuho Financial Group Inc. | 16,241,440 | 206,139 | ||||
| Nippon Telegraph & Telephone Corp. | 7,932,109 | 203,530 | ||||
| Oriental Land Co. Ltd. | 1,199,310 | 198,164 | ||||
| Mitsui & Co. Ltd. | 10,462,395 | 191,821 | ||||
| Mitsubishi Electric Corp. | 12,634,168 | 190,948 | ||||
| Mitsubishi Corp. | 7,653,567 | 188,675 | ||||
| Astellas Pharma Inc. | 11,907,453 | 184,372 | ||||
| Terumo Corp. | 4,190,614 | 175,362 | ||||
| Fujitsu Ltd. | 1,210,097 | 174,902 | ||||
| Seven & i Holdings Co. Ltd. | 4,923,467 | 174,343 | ||||
| Denso Corp. | 2,908,489 | 173,116 | ||||
| Shiseido Co. Ltd. | 2,482,581 | 171,855 | ||||
| Central Japan Railway Co. | 1,157,429 | 163,664 | ||||
| Komatsu Ltd. | 5,854,192 | 161,566 | ||||
| Panasonic Corp. | 13,641,262 | 159,019 | ||||
| Japan Tobacco Inc. | 7,575,588 | 154,445 | ||||
| East Japan Railway Co. | 2,310,587 | 154,152 | ||||
| Kubota Corp. | 7,034,352 | 153,684 | ||||
| Olympus Corp. | 6,754,188 | 147,875 | ||||
| Aeon Co. Ltd. | 4,489,533 | 147,285 | ||||
| Sysmex Corp. | 1,212,133 | 145,852 | ||||
| Suzuki Motor Corp. | 2,891,738 | 134,048 | ||||
| Mitsui Fudosan Co. Ltd. | 5,924,348 | 124,053 | ||||
| ^ | Canon Inc. | 6,360,162 | 123,212 | |||
| ORIX Corp. | 7,998,273 | 123,046 | ||||
| Daiwa House Industry Co. Ltd. | 4,105,351 | 122,063 | ||||
| Bridgestone Corp. | 3,692,192 | 121,089 | ||||
| Eisai Co. Ltd. | 1,690,820 | 120,916 | ||||
| Kyocera Corp. | 1,967,676 | 120,773 | ||||
| FUJIFILM Holdings Corp. | 2,257,689 | 119,098 | ||||
| Unicharm Corp. | 2,484,675 | 117,838 | ||||
| Mitsubishi Estate Co. Ltd. | 7,291,387 | 117,193 | ||||
| Shimano Inc. | 499,879 | 117,011 | ||||
21
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
| Shares |
Market Value ($000) |
|||||
| TDK Corp. | 766,990 | 115,726 | ||||
| Kirin Holdings Co. Ltd. | 4,897,404 | 115,642 | ||||
| Otsuka Holdings Co. Ltd. | 2,679,362 | 114,801 | ||||
| Secom Co. Ltd. | 1,239,984 | 114,391 | ||||
| Asahi Group Holdings Ltd. | 2,685,110 | 110,579 | ||||
| Nippon Paint Holdings Co. Ltd. | 986,912 | 108,444 | ||||
| Bandai Namco Holdings Inc. | 1,246,970 | 107,989 | ||||
| Omron Corp. | 1,187,195 | 105,982 | ||||
| Dai-ichi Life Holdings Inc. | 6,797,730 | 102,411 | ||||
| Nomura Holdings Inc. | 19,307,119 | 102,078 | ||||
| Z Holdings Corp. | 16,639,198 | 100,688 | ||||
| Nitori Holdings Co. Ltd. | 476,272 | 99,589 | ||||
| Shionogi & Co. Ltd. | 1,786,928 | 97,694 | ||||
| Sumitomo Corp. | 7,177,789 | 95,127 | ||||
| Advantest Corp. | 1,254,387 | 93,956 | ||||
| MS&AD Insurance Group Holdings Inc. | 3,062,981 | 93,191 | ||||
| NEC Corp. | 1,679,728 | 90,218 | ||||
| Japan Exchange Group Inc. | 3,425,670 | 87,532 | ||||
| Obic Co. Ltd. | 427,755 | 85,969 | ||||
| Sompo Holdings Inc. | 2,104,049 | 85,304 | ||||
| Nitto Denko Corp. | 936,244 | 83,869 | ||||
| Ono Pharmaceutical Co. Ltd. | 2,736,285 | 82,457 | ||||
| Yaskawa Electric Corp. | 1,646,172 | 82,071 | ||||
| Toyota Industries Corp. | 1,022,254 | 81,219 | ||||
| Kikkoman Corp. | 1,165,999 | 81,150 | ||||
| Asahi Kasei Corp. | 7,901,475 | 80,991 | ||||
| Nexon Co. Ltd. | 2,604,821 | 80,372 | ||||
| Toshiba Corp. | 2,823,578 | 79,084 | ||||
| Makita Corp. | 1,557,494 | 78,119 | ||||
| Sumitomo Realty & Development Co. Ltd. | 2,529,263 | 78,085 | ||||
| Subaru Corp. | 3,891,492 | 77,865 | ||||
| Daifuku Co. Ltd. | 616,496 | 76,289 | ||||
| Pan Pacific International Holdings Corp. | 3,252,152 | 75,137 | ||||
| Sekisui House Ltd. | 3,659,406 | 74,549 | ||||
| SG Holdings Co. Ltd. | 2,704,748 | 73,748 | ||||
| Sumitomo Mitsui Trust Holdings Inc. | 2,335,889 | 72,073 | ||||
| Ajinomoto Co. Inc. | 3,121,045 | 70,722 | ||||
| ENEOS Holdings Inc. | 19,161,205 | 68,821 | ||||
| Sumitomo Metal Mining Co. Ltd. | 1,512,107 | 67,260 | ||||
| * | Nippon Steel Corp. | 5,213,790 | 67,243 | |||
| * | Nissan Motor Co. Ltd. | 12,331,208 | 66,840 | |||
| Shimadzu Corp. | 1,715,112 | 66,666 | ||||
| Marubeni Corp. | 9,996,031 | 66,598 | ||||
| Japan Post Holdings Co. Ltd. | 8,497,057 | 66,185 | ||||
| Sumitomo Electric Industries Ltd. | 4,808,815 | 63,721 | ||||
| Tokyo Gas Co. Ltd. | 2,705,351 | 62,616 | ||||
| Odakyu Electric Railway Co. Ltd. | 1,961,635 | 61,611 | ||||
| West Japan Railway Co. | 1,156,670 | 60,563 | ||||
| MEIJI Holdings Co. Ltd. | 856,370 | 60,271 | ||||
| Disco Corp. | 177,188 | 59,718 | ||||
| Nomura Research Institute Ltd. | 1,658,022 | 59,313 | ||||
| Yamaha Corp. | 997,788 | 58,794 | ||||
| MISUMI Group Inc. | 1,776,979 | 58,333 | ||||
| Toyota Tsusho Corp. | 1,423,396 | 57,600 | ||||
| Toray Industries Inc. | 9,679,747 | 57,415 | ||||
| Keio Corp. | 734,524 | 56,988 | ||||
| Lasertec Corp. | 484,598 | 56,879 | ||||
| Mitsubishi Heavy Industries Ltd. | 1,827,694 | 55,975 | ||||
| Nihon M&A Center Inc. | 834,288 | 55,792 | ||||
| TOTO Ltd. | 921,246 | 55,448 | ||||
| NTT Data Corp. | 4,020,881 | 55,039 | ||||
| Yamato Holdings Co. Ltd. | 2,136,778 | 54,558 | ||||
| Nissan Chemical Corp. | 861,597 | 54,026 | ||||
| Chubu Electric Power Co. Inc. | 4,463,562 | 53,866 |
22
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
| Shares |
Market Value ($000) |
|||||
| MINEBEA MITSUMI Inc. | 2,613,796 | 52,001 | ||||
| Osaka Gas Co. Ltd. | 2,520,482 | 51,664 | ||||
| Rohm Co. Ltd. | 526,006 | 50,991 | ||||
| Kintetsu Group Holdings Co. Ltd. | 1,146,334 | 50,238 | ||||
| Koito Manufacturing Co. Ltd. | 730,311 | 49,702 | ||||
| Mitsubishi Chemical Holdings Corp. | 8,135,227 | 49,286 | ||||
| Rakuten Inc. | 5,061,228 | 48,703 | ||||
| Resona Holdings Inc. | 13,823,079 | 48,391 | ||||
| * | Renesas Electronics Corp. | 4,567,315 | 47,806 | |||
| Kobayashi Pharmaceutical Co. Ltd. | 390,125 | 47,684 | ||||
| Hamamatsu Photonics KK | 814,516 | 46,602 | ||||
| Hankyu Hanshin Holdings Inc. | 1,395,716 | 46,424 | ||||
| Azbil Corp. | 839,004 | 45,895 | ||||
| Kansai Electric Power Co. Inc. | 4,644,690 | 43,930 | ||||
| Asahi Intecc Co. Ltd. | 1,196,466 | 43,701 | ||||
| Taisei Corp. | 1,263,999 | 43,606 | ||||
| Daiwa Securities Group Inc. | 9,553,227 | 43,513 | ||||
| Kyowa Kirin Co. Ltd. | 1,588,074 | 43,367 | ||||
| Yakult Honsha Co. Ltd. | 850,533 | 42,894 | ||||
| Trend Micro Inc. | 741,587 | 42,696 | ||||
| CyberAgent Inc. | 613,074 | 42,293 | ||||
| Dentsu Group Inc. | 1,401,197 | 41,702 | ||||
| Sekisui Chemical Co. Ltd. | 2,197,065 | 41,659 | ||||
| T&D Holdings Inc. | 3,487,663 | 41,255 | ||||
| AGC Inc. | 1,176,848 | 41,153 | ||||
| Lion Corp. | 1,609,410 | 38,988 | ||||
| Tokyu Corp. | 3,130,684 | 38,899 | ||||
| Sumitomo Chemical Co. Ltd. | 9,621,570 | 38,782 | ||||
| Kajima Corp. | 2,886,724 | 38,725 | ||||
| Tobu Railway Co. Ltd. | 1,296,630 | 38,661 | ||||
| Daito Trust Construction Co. Ltd. | 413,371 | 38,631 | ||||
| Kansai Paint Co. Ltd. | 1,234,489 | 38,054 | ||||
| MonotaRO Co. Ltd. | 746,889 | 37,934 | ||||
| Nissin Foods Holdings Co. Ltd. | 440,755 | 37,780 | ||||
| Toho Gas Co. Ltd. | 567,645 | 37,607 | ||||
| Capcom Co. Ltd. | 576,788 | 37,406 | ||||
| Obayashi Corp. | 4,299,005 | 37,120 | ||||
| Taiyo Yuden Co. Ltd. | 789,300 | 37,059 | ||||
| Santen Pharmaceutical Co. Ltd. | 2,271,193 | 36,887 | ||||
| Yamaha Motor Co. Ltd. | 1,782,209 | 36,377 | ||||
| Lixil Corp. | 1,675,694 | 36,340 | ||||
| SBI Holdings Inc. | 1,523,614 | 36,246 | ||||
| Miura Co. Ltd. | 630,382 | 35,193 | ||||
| Otsuka Corp. | 653,922 | 34,492 | ||||
| GMO Payment Gateway Inc. | 252,575 | 33,942 | ||||
| Konami Holdings Corp. | 596,747 | 33,577 | ||||
| Hikari Tsushin Inc. | 141,726 | 33,254 | ||||
| Idemitsu Kosan Co. Ltd. | 1,502,656 | 33,084 | ||||
| Aisin Seiki Co. Ltd. | 1,102,691 | 33,069 | ||||
| Tsuruha Holdings Inc. | 232,280 | 33,031 | ||||
| Nagoya Railroad Co. Ltd. | 1,243,732 | 32,817 | ||||
| Mitsui Chemicals Inc. | 1,116,666 | 32,802 | ||||
| Nabtesco Corp. | 746,560 | 32,769 | ||||
| SUMCO Corp. | 1,480,525 | 32,510 | ||||
| Hirose Electric Co. Ltd. | 213,593 | 32,417 | ||||
| Oji Holdings Corp. | 5,662,547 | 32,237 | ||||
| JSR Corp. | 1,154,706 | 32,196 | ||||
| Ibiden Co. Ltd. | 688,343 | 32,178 | ||||
| Dai Nippon Printing Co. Ltd. | 1,758,121 | 31,624 | ||||
| * | JFE Holdings Inc. | 3,275,954 | 31,453 | |||
| Inpex Corp. | 5,832,257 | 31,449 | ||||
| Kose Corp. | 183,690 | 31,389 | ||||
| Tokyo Century Corp. | 395,325 | 31,373 | ||||
| Brother Industries Ltd. | 1,507,889 | 31,128 |
23
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
| Shares |
Market Value ($000) |
|||||
| Isuzu Motors Ltd. | 3,257,191 | 31,007 | ||||
| TIS Inc. | 1,509,924 | 30,953 | ||||
| Takeda Pharmaceutical Co. Ltd. ADR | 1,700,083 | 30,942 | ||||
| Hoshizaki Corp. | 336,431 | 30,893 | ||||
| Yokogawa Electric Corp. | 1,542,681 | 30,769 | ||||
| Ryohin Keikaku Co. Ltd. | 1,501,355 | 30,725 | ||||
| Nippon Express Co. Ltd. | 452,112 | 30,412 | ||||
| Toho Co. Ltd. (XTKS) | 719,814 | 30,361 | ||||
| Keihan Holdings Co. Ltd. | 625,214 | 29,975 | ||||
| Keisei Electric Railway Co. Ltd. | 883,764 | 29,915 | ||||
| Square Enix Holdings Co. Ltd. | 493,079 | 29,896 | ||||
| Stanley Electric Co. Ltd. | 922,900 | 29,772 | ||||
| Fuji Electric Co. Ltd. | 799,232 | 28,849 | ||||
| Ricoh Co. Ltd. | 4,329,385 | 28,470 | ||||
| Pigeon Corp. | 689,677 | 28,465 | ||||
| Suntory Beverage & Food Ltd. | 801,558 | 28,391 | ||||
| * | PeptiDream Inc. | 555,591 | 28,261 | |||
| Toyo Suisan Kaisha Ltd. | 575,518 | 28,009 | ||||
| NH Foods Ltd. | 631,148 | 27,799 | ||||
| Tosoh Corp. | 1,774,608 | 27,727 | ||||
| USS Co. Ltd. | 1,348,653 | 27,271 | ||||
| Nippon Building Fund Inc. | 4,699 | 27,253 | ||||
| Keikyu Corp. | 1,587,396 | 27,233 | ||||
| Rinnai Corp. | 233,811 | 27,179 | ||||
| Oracle Corp. Japan | 207,235 | 27,014 | ||||
| Kurita Water Industries Ltd. | 698,009 | 26,681 | ||||
| Hisamitsu Pharmaceutical Co. Inc. | 448,318 | 26,648 | ||||
| Mitsubishi Gas Chemical Co. Inc. | 1,145,280 | 26,336 | ||||
| * | Tokyo Electric Power Co. Holdings Inc. | 9,946,851 | 26,274 | |||
| Nisshin Seifun Group Inc. | 1,640,498 | 26,133 | ||||
| Seiko Epson Corp. | 1,725,053 | 25,635 | ||||
| NGK Insulators Ltd. | 1,658,036 | 25,620 | ||||
| Hulic Co. Ltd. | 2,328,200 | 25,611 | ||||
| Toppan Printing Co. Ltd. | 1,812,466 | 25,595 | ||||
| Shimizu Corp. | 3,504,892 | 25,513 | ||||
| Kyushu Electric Power Co. Inc. | 2,947,690 | 25,429 | ||||
| Casio Computer Co. Ltd. | 1,368,373 | 25,042 | ||||
| Concordia Financial Group Ltd. | 7,092,079 | 25,018 | ||||
| Sushiro Global Holdings Ltd. | 648,296 | 24,870 | ||||
| Tohoku Electric Power Co. Inc. | 3,002,880 | 24,783 | ||||
| Yamada Holdings Co. Ltd. | 4,661,024 | 24,764 | ||||
| NSK Ltd. | 2,808,902 | 24,445 | ||||
| Mazda Motor Corp. | 3,645,718 | 24,404 | ||||
| Welcia Holdings Co. Ltd. | 639,940 | 24,140 | ||||
| Nippon Yusen KK | 1,032,088 | 24,079 | ||||
| Japan Post Insurance Co. Ltd. | 1,172,698 | 24,045 | ||||
| Bank of Kyoto Ltd. | 460,449 | 24,007 | ||||
| Japan Real Estate Investment Corp. | 4,145 | 23,951 | ||||
| THK Co. Ltd. | 728,681 | 23,566 | ||||
| Shizuoka Bank Ltd. | 3,207,773 | 23,546 | ||||
| Kuraray Co. Ltd. | 2,200,687 | 23,431 | ||||
| Marui Group Co. Ltd. | 1,312,191 | 23,108 | ||||
| Ito En Ltd. | 361,231 | 22,874 | ||||
| Koei Tecmo Holdings Co. Ltd. | 373,917 | 22,827 | ||||
| Kakaku.com Inc. | 831,995 | 22,774 | ||||
| Chugoku Electric Power Co. Inc. | 1,921,804 | 22,553 | ||||
| Sohgo Security Services Co. Ltd. | 431,209 | 22,369 | ||||
| COMSYS Holdings Corp. | 717,559 | 22,312 | ||||
| Teijin Ltd. | 1,178,552 | 22,178 | ||||
| Itochu Techno-Solutions Corp. | 615,552 | 21,980 | ||||
| Amada Co. Ltd. | 1,994,726 | 21,950 | ||||
| NOF Corp. | 430,656 | 21,850 | ||||
| Kyushu Railway Co. | 1,010,874 | 21,808 | ||||
| Denka Co. Ltd. | 557,158 | 21,786 |
24
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
| Shares |
Market Value ($000) |
|||||
| * | ANA Holdings Inc. | 980,835 | 21,672 | |||
| Nippon Shinyaku Co. Ltd. | 329,463 | 21,626 | ||||
| Chiba Bank Ltd. | 3,904,498 | 21,546 | ||||
| Japan Post Bank Co. Ltd. | 2,618,692 | 21,525 | ||||
| Mitsui OSK Lines Ltd. | 702,259 | 21,492 | ||||
| Nippon Prologis REIT Inc. | 6,810 | 21,275 | ||||
| NGK Spark Plug Co. Ltd. | 1,239,890 | 21,174 | ||||
| * | Kawasaki Heavy Industries Ltd. | 931,249 | 21,029 | |||
| Nifco Inc. | 534,403 | 20,958 | ||||
| Asics Corp. | 1,087,004 | 20,905 | ||||
| Hakuhodo DY Holdings Inc. | 1,515,772 | 20,828 | ||||
| Matsumotokiyoshi Holdings Co. Ltd. | 486,176 | 20,737 | ||||
| Tokyu Fudosan Holdings Corp. | 3,869,562 | 20,670 | ||||
| GLP J-Reit | 13,047 | 20,588 | ||||
| Nomura Real Estate Master Fund Inc. | 14,314 | 20,484 | ||||
| Alfresa Holdings Corp. | 1,111,429 | 20,372 | ||||
| Air Water Inc. | 1,134,218 | 20,181 | ||||
| Sega Sammy Holdings Inc. | 1,266,388 | 19,991 | ||||
| Haseko Corp. | 1,714,208 | 19,675 | ||||
| Ebara Corp. | 600,316 | 19,647 | ||||
| ^ | Showa Denko KK | 916,007 | 19,545 | |||
| ^ | Anritsu Corp. | 874,607 | 19,525 | |||
| Hitachi Construction Machinery Co. Ltd. | 680,388 | 19,346 | ||||
| Persol Holdings Co. Ltd. | 1,065,850 | 19,256 | ||||
| Hitachi Metals Ltd. | 1,263,029 | 19,203 | ||||
| Nichirei Corp. | 682,287 | 19,172 | ||||
| *,^ | Skylark Holdings Co. Ltd. | 1,225,200 | 18,984 | |||
| TechnoPro Holdings Inc. | 228,481 | 18,981 | ||||
| Taiheiyo Cement Corp. | 749,371 | 18,771 | ||||
| NET One Systems Co. Ltd. | 529,058 | 18,668 | ||||
| Taisho Pharmaceutical Holdings Co. Ltd. | 274,983 | 18,542 | ||||
| Fukuoka Financial Group Inc. | 1,036,255 | 18,471 | ||||
| SCREEN Holdings Co. Ltd. | 249,425 | 18,394 | ||||
| Rohto Pharmaceutical Co. Ltd. | 619,883 | 18,373 | ||||
| Iida Group Holdings Co. Ltd. | 908,617 | 18,371 | ||||
| Kyowa Exeo Corp. | 650,151 | 18,354 | ||||
| Japan Airport Terminal Co. Ltd. | 296,410 | 17,988 | ||||
| Cosmos Pharmaceutical Corp. | 111,206 | 17,957 | ||||
| Sumitomo Forestry Co. Ltd. | 857,147 | 17,932 | ||||
| Sumitomo Heavy Industries Ltd. | 721,185 | 17,825 | ||||
| Nankai Electric Railway Co. Ltd. | 695,627 | 17,660 | ||||
| House Foods Group Inc. | 464,328 | 17,650 | ||||
| ^ | Kagome Co. Ltd. | 499,570 | 17,631 | |||
| Nihon Kohden Corp. | 472,896 | 17,612 | ||||
| * | Japan Airlines Co. Ltd. | 907,402 | 17,499 | |||
| MediPal Holdings Corp. | 926,654 | 17,426 | ||||
| Fancl Corp. | 435,528 | 17,386 | ||||
| Tokyo Tatemono Co. Ltd. | 1,266,297 | 17,386 | ||||
| Suzuken Co. Ltd. | 477,248 | 17,264 | ||||
| Open House Co. Ltd. | 468,214 | 17,225 | ||||
| Sojitz Corp. | 7,694,065 | 17,182 | ||||
| Nippon Sanso Holdings Corp. | 914,803 | 17,017 | ||||
| Sundrug Co. Ltd. | 421,870 | 16,861 | ||||
| Iwatani Corp. | 273,360 | 16,841 | ||||
| ^ | Tokyo Ohka Kogyo Co. Ltd. | 238,603 | 16,762 | |||
| Mitsubishi Materials Corp. | 794,211 | 16,731 | ||||
| Alps Alpine Co. Ltd. | 1,261,739 | 16,649 | ||||
| Relo Group Inc. | 666,313 | 16,150 | ||||
| Nihon Unisys Ltd. | 410,000 | 16,070 | ||||
| Zensho Holdings Co. Ltd. | 614,681 | 16,031 | ||||
| IHI Corp. | 802,930 | 15,986 | ||||
| Nomura Real Estate Holdings Inc. | 720,247 | 15,970 | ||||
| Daiwa House REIT Investment Corp. | 6,417 | 15,875 | ||||
| Sumitomo Dainippon Pharma Co. Ltd. | 1,061,204 | 15,684 |
25
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
| Shares |
Market Value ($000) |
|||||
| ^ | Tokai Carbon Co. Ltd. | 1,249,939 | 15,649 | |||
| Penta-Ocean Construction Co. Ltd. | 1,806,511 | 15,552 | ||||
| ZOZO Inc. | 627,342 | 15,454 | ||||
| SCSK Corp. | 266,667 | 15,249 | ||||
| Kewpie Corp. | 690,435 | 15,201 | ||||
| Japan Retail Fund Investment Corp. | 8,346 | 15,189 | ||||
| K’s Holdings Corp. | 1,085,582 | 15,126 | ||||
| Sugi Holdings Co. Ltd. | 225,799 | 15,083 | ||||
| Justsystems Corp. | 215,962 | 15,002 | ||||
| Sharp Corp. | 985,911 | 14,980 | ||||
| BayCurrent Consulting Inc. | 85,148 | 14,943 | ||||
| Goldwin Inc. | 226,174 | 14,941 | ||||
| Zenkoku Hosho Co. Ltd. | 323,010 | 14,797 | ||||
| Shimamura Co. Ltd. | 139,231 | 14,630 | ||||
| Electric Power Development Co. Ltd. | 1,055,605 | 14,567 | ||||
| Hino Motors Ltd. | 1,703,974 | 14,546 | ||||
| Sanwa Holdings Corp. | 1,244,697 | 14,535 | ||||
| Horiba Ltd. | 245,262 | 14,405 | ||||
| Calbee Inc. | 477,706 | 14,400 | ||||
| Ezaki Glico Co. Ltd. | 326,743 | 14,367 | ||||
| Lawson Inc. | 305,493 | 14,216 | ||||
| SHO-BOND Holdings Co. Ltd. | 291,604 | 14,170 | ||||
| Nishi-Nippon Railroad Co. Ltd. | 479,146 | 14,145 | ||||
| Mabuchi Motor Co. Ltd. | 324,214 | 14,142 | ||||
| Shinsei Bank Ltd. | 1,141,045 | 14,096 | ||||
| GS Yuasa Corp. | 486,366 | 13,997 | ||||
| Coca-Cola Bottlers Japan Holdings Inc. | 889,830 | 13,899 | ||||
| Orix JREIT Inc. | 8,394 | 13,886 | ||||
| Ship Healthcare Holdings Inc. | 249,136 | 13,876 | ||||
| Aozora Bank Ltd. | 749,581 | 13,860 | ||||
| Takara Holdings Inc. | 1,102,098 | 13,792 | ||||
| Toyoda Gosei Co. Ltd. | 475,203 | 13,788 | ||||
| Fuji Corp. | 512,707 | 13,514 | ||||
| Mitsubishi UFJ Lease & Finance Co. Ltd. | 2,813,632 | 13,511 | ||||
| Yamazaki Baking Co. Ltd. | 807,300 | 13,483 | ||||
| As One Corp. | 78,415 | 13,412 | ||||
| Zeon Corp. | 927,580 | 13,325 | ||||
| ^ | DIC Corp. | 521,475 | 13,186 | |||
| Ulvac Inc. | 305,902 | 13,115 | ||||
| Isetan Mitsukoshi Holdings Ltd. | 2,207,471 | 13,089 | ||||
| Kinden Corp. | 803,544 | 13,085 | ||||
| Nikon Corp. | 2,059,313 | 13,010 | ||||
| JGC Holdings Corp. | 1,385,498 | 12,977 | ||||
| Seibu Holdings Inc. | 1,312,431 | 12,874 | ||||
| Mitsui Mining & Smelting Co. Ltd. | 349,758 | 12,855 | ||||
| Kaneka Corp. | 362,693 | 12,707 | ||||
| Morinaga Milk Industry Co. Ltd. | 256,644 | 12,646 | ||||
| Mebuki Financial Group Inc. | 6,407,862 | 12,626 | ||||
| Aeon Mall Co. Ltd. | 762,891 | 12,600 | ||||
| J Front Retailing Co. Ltd. | 1,587,647 | 12,592 | ||||
| Tsumura & Co. | 417,850 | 12,568 | ||||
| Infomart Corp. | 1,315,796 | 12,566 | ||||
| ^ | Mitsubishi Logistics Corp. | 418,028 | 12,539 | |||
| FP Corp. | 297,544 | 12,506 | ||||
| Nippon Gas Co. Ltd. | 232,449 | 12,472 | ||||
| Seino Holdings Co. Ltd. | 877,553 | 12,384 | ||||
| Advance Residence Investment Corp. | 4,115 | 12,341 | ||||
| SMS Co. Ltd. | 321,803 | 12,340 | ||||
| * | Park24 Co. Ltd. | 696,589 | 12,121 | |||
| Daicel Corp. | 1,643,353 | 12,012 | ||||
| Japan Steel Works Ltd. | 400,324 | 11,958 | ||||
| Sotetsu Holdings Inc. | 498,584 | 11,956 | ||||
| Sankyu Inc. | 315,594 | 11,934 | ||||
| Kamigumi Co. Ltd. | 647,591 | 11,830 |
26
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
| Shares |
Market Value ($000) |
|||||
| Ube Industries Ltd. | 647,444 | 11,766 | ||||
| United Urban Investment Corp. | 9,467 | 11,720 | ||||
| Aica Kogyo Co. Ltd. | 336,870 | 11,661 | ||||
| Tokyo Seimitsu Co. Ltd. | 244,152 | 11,488 | ||||
| Nippon Shokubai Co. Ltd. | 202,896 | 11,378 | ||||
| Credit Saison Co. Ltd. | 987,561 | 11,370 | ||||
| Jeol Ltd. | 240,048 | 11,333 | ||||
| Japan Elevator Service Holdings Co. Ltd. | 443,200 | 11,287 | ||||
| ^ | Nippon Electric Glass Co. Ltd. | 514,570 | 11,272 | |||
| Rengo Co. Ltd. | 1,342,901 | 11,256 | ||||
| Benefit One Inc. | 379,804 | 11,243 | ||||
| JTEKT Corp. | 1,445,387 | 11,224 | ||||
| Sawai Pharmaceutical Co. Ltd. | 245,307 | 11,133 | ||||
| Industrial & Infrastructure Fund Investment Corp. | 6,023 | 11,120 | ||||
| Konica Minolta Inc. | 2,898,198 | 11,098 | ||||
| Ain Holdings Inc. | 178,119 | 11,004 | ||||
| PALTAC Corp. | 202,007 | 10,996 | ||||
| ADEKA Corp. | 628,147 | 10,984 | ||||
| Iyo Bank Ltd. | 1,747,344 | 10,977 | ||||
| *,^ | RENOVA Inc. | 282,200 | 10,866 | |||
| GMO internet Inc. | 376,297 | 10,805 | ||||
| Fujitec Co. Ltd. | 498,720 | 10,775 | ||||
| * | Kawasaki Kisen Kaisha Ltd. | 520,559 | 10,688 | |||
| Dowa Holdings Co. Ltd. | 294,271 | 10,667 | ||||
| DeNA Co. Ltd. | 598,888 | 10,661 | ||||
| OKUMA Corp. | 189,321 | 10,619 | ||||
| Mani Inc. | 386,989 | 10,556 | ||||
| Bic Camera Inc. | 946,615 | 10,520 | ||||
| Furukawa Electric Co. Ltd. | 389,557 | 10,519 | ||||
| * | Hirogin Holdings Inc. | 1,861,835 | 10,484 | |||
| Acom Co. Ltd. | 2,441,669 | 10,425 | ||||
| Amano Corp. | 433,295 | 10,379 | ||||
| Toyo Seikan Group Holdings Ltd. | 946,246 | 10,363 | ||||
| Daiwabo Holdings Co. Ltd. | 115,456 | 10,278 | ||||
| * | Kobe Steel Ltd. | 1,913,304 | 10,244 | |||
| TS Tech Co. Ltd. | 328,349 | 10,141 | ||||
| cocokara fine Inc. | 136,683 | 10,095 | ||||
| Daio Paper Corp. | 519,854 | 10,093 | ||||
| Nagase & Co. Ltd. | 688,698 | 10,066 | ||||
| Katitas Co. Ltd. | 311,078 | 10,038 | ||||
| Mirait Holdings Corp. | 583,614 | 10,015 | ||||
| Yokohama Rubber Co. Ltd. | 672,014 | 10,011 | ||||
| Sumitomo Rubber Industries Ltd. | 1,156,319 | 9,949 | ||||
| Kenedix Inc. | 1,365,640 | 9,944 | ||||
| JAFCO Group Co. ltd | 198,492 | 9,919 | ||||
| Kyushu Financial Group Inc. | 2,410,099 | 9,898 | ||||
| ^ | DMG Mori Co. Ltd. | 648,403 | 9,890 | |||
| Toyo Tire Corp. | 648,485 | 9,869 | ||||
| Nippon Kayaku Co. Ltd. | 1,057,079 | 9,813 | ||||
| Toda Corp. | 1,479,636 | 9,801 | ||||
| Tokuyama Corp. | 434,783 | 9,788 | ||||
| NSD Co. Ltd. | 451,908 | 9,749 | ||||
| Fujitsu General Ltd. | 357,833 | 9,704 | ||||
| Menicon Co. Ltd. | 159,513 | 9,675 | ||||
| ^ | Pola Orbis Holdings Inc. | 474,591 | 9,637 | |||
| Shinko Electric Industries Co. Ltd. | 419,197 | 9,596 | ||||
| * | SHIFT Inc. | 69,000 | 9,562 | |||
| Hachijuni Bank Ltd. | 2,865,567 | 9,546 | ||||
| Kadokawa Corp. | 260,618 | 9,473 | ||||
| Morinaga & Co. Ltd. | 251,241 | 9,451 | ||||
| OSG Corp. | 492,318 | 9,426 | ||||
| Daido Steel Co. Ltd. | 225,371 | 9,422 | ||||
| Yaoko Co. Ltd. | 135,265 | 9,421 | ||||
| Sekisui House Reit Inc. | 12,813 | 9,325 |
27
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
| Shares |
Market Value ($000) |
|||||
| Activia Properties Inc. | 2,203 | 9,310 | ||||
| ^ | Japan Prime Realty Investment Corp. | 2,806 | 9,307 | |||
| Toagosei Co. Ltd. | 782,421 | 9,197 | ||||
| Systena Corp. | 434,640 | 9,126 | ||||
| ABC-Mart Inc. | 164,082 | 9,123 | ||||
| Izumi Co. Ltd. | 250,753 | 9,086 | ||||
| Ushio Inc. | 696,578 | 9,074 | ||||
| H.U. Group Holdings Inc. | 336,065 | 9,056 | ||||
| Nippo Corp. | 328,734 | 9,007 | ||||
| IR Japan Holdings Ltd. | 55,800 | 8,940 | ||||
| Daiichikosho Co. Ltd. | 256,136 | 8,862 | ||||
| AEON Financial Service Co. Ltd. | 737,928 | 8,850 | ||||
| Chugoku Bank Ltd. | 1,093,775 | 8,778 | ||||
| Kusuri no Aoki Holdings Co. Ltd. | 100,904 | 8,776 | ||||
| Benesse Holdings Inc. | 447,549 | 8,744 | ||||
| Maruichi Steel Tube Ltd. | 394,470 | 8,738 | ||||
| Shochiku Co. Ltd. | 63,691 | 8,734 | ||||
| Nipro Corp. | 741,666 | 8,734 | ||||
| Seven Bank Ltd. | 4,103,596 | 8,675 | ||||
| Outsourcing Inc. | 645,273 | 8,675 | ||||
| Nippon Accommodations Fund Inc. | 1,536 | 8,634 | ||||
| Kobe Bussan Co. Ltd. | 278,692 | 8,563 | ||||
| Fukuyama Transporting Co. Ltd. | 202,969 | 8,555 | ||||
| Digital Garage Inc. | 204,095 | 8,433 | ||||
| Hazama Ando Corp. | 1,206,196 | 8,423 | ||||
| Nichias Corp. | 352,451 | 8,394 | ||||
| LaSalle Logiport REIT | 5,189 | 8,373 | ||||
| Takuma Co. Ltd. | 467,448 | 8,355 | ||||
| * | Mitsubishi Motors Corp. | 3,963,820 | 8,340 | |||
| JCR Pharmaceuticals Co. Ltd. | 352,564 | 8,339 | ||||
| Yamaguchi Financial Group Inc. | 1,472,701 | 8,314 | ||||
| Fuji Oil Holdings Inc. | 289,532 | 8,281 | ||||
| Asahi Holdings Inc. | 232,124 | 8,254 | ||||
| Ariake Japan Co. Ltd. | 114,295 | 8,225 | ||||
| Gunma Bank Ltd. | 2,656,640 | 8,205 | ||||
| Kenedix Office Investment Corp. | 1,206 | 8,188 | ||||
| Kaken Pharmaceutical Co. Ltd. | 211,104 | 8,158 | ||||
| Topcon Corp. | 655,380 | 8,156 | ||||
| Inaba Denki Sangyo Co. Ltd. | 332,416 | 8,148 | ||||
| Kureha Corp. | 115,100 | 8,128 | ||||
| Mitsui Fudosan Logistics Park Inc. | 1,599 | 8,110 | ||||
| Japan Logistics Fund Inc. | 2,745 | 8,102 | ||||
| Meitec Corp. | 155,534 | 8,088 | ||||
| CKD Corp. | 376,389 | 8,068 | ||||
| Fuyo General Lease Co. Ltd. | 121,191 | 8,028 | ||||
| Mizuho Leasing Co. Ltd. | 265,054 | 7,992 | ||||
| Kyudenko Corp. | 246,159 | 7,950 | ||||
| Takara Bio Inc. | 293,612 | 7,890 | ||||
| Nitto Boseki Co. Ltd. | 176,653 | 7,796 | ||||
| * | Fujikura Ltd. | 1,687,536 | 7,784 | |||
| NOK Corp. | 721,719 | 7,762 | ||||
| Hokuhoku Financial Group Inc. | 815,316 | 7,757 | ||||
| Heiwa Real Estate Co. Ltd. | 214,196 | 7,751 | ||||
| Wacom Co. Ltd. | 918,430 | 7,704 | ||||
| ^ | Sapporo Holdings Ltd. | 397,824 | 7,687 | |||
| Takashimaya Co. Ltd. | 892,174 | 7,678 | ||||
| Sankyo Co. Ltd. | 283,404 | 7,668 | ||||
| ^ | Yoshinoya Holdings Co. Ltd. | 407,126 | 7,528 | |||
| Toyobo Co. Ltd. | 559,308 | 7,487 | ||||
| Maeda Corp. | 840,900 | 7,484 | ||||
| NEC Networks & System Integration Corp. | 431,279 | 7,457 | ||||
| TOKAI Holdings Corp. | 749,040 | 7,453 | ||||
| Cosmo Energy Holdings Co. Ltd. | 416,299 | 7,418 | ||||
| Milbon Co. Ltd. | 115,925 | 7,386 |
28
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
| Shares |
Market Value ($000) |
|||||
| DCM Holdings Co. Ltd. | 642,448 | 7,344 | ||||
| Kokuyo Co. Ltd. | 541,477 | 7,336 | ||||
| Japan Hotel REIT Investment Corp. | 14,263 | 7,334 | ||||
| Elecom Co. Ltd. | 141,739 | 7,320 | ||||
| Daiseki Co. Ltd. | 245,858 | 7,219 | ||||
| ^ | Tokyo Dome Corp. | 572,586 | 7,210 | |||
| Duskin Co. Ltd. | 258,604 | 7,206 | ||||
| Lintec Corp. | 320,740 | 7,092 | ||||
| * | NTN Corp. | 2,752,187 | 7,090 | |||
| Wacoal Holdings Corp. | 349,210 | 7,033 | ||||
| Nippon Paper Industries Co. Ltd. | 606,288 | 7,021 | ||||
| Nippon Suisan Kaisha Ltd. | 1,696,733 | 7,013 | ||||
| Trusco Nakayama Corp. | 248,347 | 6,981 | ||||
| Hokuriku Electric Power Co. | 1,069,064 | 6,975 | ||||
| Sumitomo Bakelite Co. Ltd. | 202,206 | 6,973 | ||||
| NHK Spring Co. Ltd. | 1,012,840 | 6,946 | ||||
| Sakata Seed Corp. | 200,094 | 6,939 | ||||
| Toei Co. Ltd. | 42,357 | 6,934 | ||||
| Internet Initiative Japan Inc. | 351,256 | 6,921 | ||||
| Nippon Light Metal Holdings Co. Ltd. | 372,679 | 6,918 | ||||
| TKC Corp. | 92,024 | 6,909 | ||||
| Japan Lifeline Co. Ltd. | 432,477 | 6,825 | ||||
| Mori Hills REIT Investment Corp. | 4,923 | 6,789 | ||||
| Fuji Kyuko Co. Ltd. | 145,087 | 6,773 | ||||
| Glory Ltd. | 331,342 | 6,692 | ||||
| Canon Marketing Japan Inc. | 292,352 | 6,681 | ||||
| Fuji Soft Inc. | 133,278 | 6,668 | ||||
| Sumitomo Osaka Cement Co. Ltd. | 227,294 | 6,651 | ||||
| Nikkon Holdings Co. Ltd. | 331,529 | 6,647 | ||||
| Nishimatsu Construction Co. Ltd. | 324,061 | 6,646 | ||||
| Senko Group Holdings Co. Ltd. | 677,969 | 6,612 | ||||
| OBIC Business Consultants Co. Ltd. | 93,932 | 6,488 | ||||
| Valor Holdings Co. Ltd. | 252,809 | 6,482 | ||||
| Taiyo Holdings Co. Ltd. | 109,199 | 6,472 | ||||
| Hitachi Capital Corp. | 267,226 | 6,466 | ||||
| Kanematsu Corp. | 516,989 | 6,456 | ||||
| *,^ | Change Inc. | 188,800 | 6,453 | |||
| Shikoku Electric Power Co. Inc. | 988,076 | 6,451 | ||||
| Tri Chemical Laboratories Inc. | 39,751 | 6,429 | ||||
| Hanwa Co. Ltd. | 238,964 | 6,417 | ||||
| AEON REIT Investment Corp. | 4,960 | 6,350 | ||||
| Toyota Boshoku Corp. | 390,498 | 6,342 | ||||
| Pilot Corp. | 225,544 | 6,338 | ||||
| Nisshinbo Holdings Inc. | 864,326 | 6,316 | ||||
| Shiga Bank Ltd. | 307,054 | 6,288 | ||||
| Tadano Ltd. | 729,663 | 6,255 | ||||
| Kotobuki Spirits Co. Ltd. | 120,064 | 6,250 | ||||
| JINS Holdings Inc. | 93,609 | 6,158 | ||||
| 77 Bank Ltd. | 450,466 | 6,147 | ||||
| Hitachi Transport System Ltd. | 206,164 | 6,143 | ||||
| Nihon Parkerizing Co. Ltd. | 589,207 | 6,112 | ||||
| Nishi-Nippon Financial Holdings Inc. | 951,947 | 6,098 | ||||
| Shoei Co. Ltd. | 150,636 | 6,057 | ||||
| NS Solutions Corp. | 204,902 | 6,036 | ||||
| Sanken Electric Co. Ltd. | 138,761 | 6,030 | ||||
| Daishi Hokuetsu Financial Group Inc. | 277,812 | 5,990 | ||||
| Daihen Corp. | 122,971 | 5,990 | ||||
| Mochida Pharmaceutical Co. Ltd. | 157,322 | 5,986 | ||||
| Resorttrust Inc. | 417,031 | 5,967 | ||||
| Prima Meat Packers Ltd. | 186,740 | 5,920 | ||||
| KH Neochem Co. Ltd. | 223,077 | 5,917 | ||||
| Takasago Thermal Engineering Co. Ltd. | 389,731 | 5,916 | ||||
| Yamato Kogyo Co. Ltd. | 220,315 | 5,892 | ||||
| Kiyo Bank Ltd. | 409,816 | 5,869 |
29
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
| Shares |
Market Value ($000) |
|||||
| Paramount Bed Holdings Co. Ltd. | 128,514 | 5,868 | ||||
| Toho Holdings Co. Ltd. | 332,303 | 5,842 | ||||
| Macnica Fuji Electronics Holdings Inc. | 296,898 | 5,840 | ||||
| en-japan Inc. | 193,500 | 5,813 | ||||
| Maruwa Co. Ltd. | 51,144 | 5,752 | ||||
| Okumura Corp. | 231,180 | 5,721 | ||||
| Kyoritsu Maintenance Co. Ltd. | 153,251 | 5,715 | ||||
| Hitachi Zosen Corp. | 1,030,738 | 5,701 | ||||
| Digital Arts Inc. | 61,624 | 5,682 | ||||
| ^ | Colowide Co. Ltd. | 356,835 | 5,653 | |||
| Kansai Mirai Financial Group Inc. | 1,165,153 | 5,647 | ||||
| Frontier Real Estate Investment Corp. | 1,455 | 5,634 | ||||
| Megmilk Snow Brand Co. Ltd. | 262,216 | 5,609 | ||||
| Comforia Residential REIT Inc. | 1,946 | 5,607 | ||||
| Kandenko Co. Ltd. | 661,668 | 5,605 | ||||
| Meidensha Corp. | 248,529 | 5,604 | ||||
| Kumagai Gumi Co. Ltd. | 221,698 | 5,590 | ||||
| Nojima Corp. | 203,614 | 5,585 | ||||
| Iriso Electronics Co. Ltd. | 128,877 | 5,578 | ||||
| Joyful Honda Co. Ltd. | 389,085 | 5,577 | ||||
| Nichiha Corp. | 176,714 | 5,572 | ||||
| Daiwa Securities Living Investments Corp. | 5,982 | 5,553 | ||||
| EDION Corp. | 545,623 | 5,548 | ||||
| Daiwa Office Investment Corp. | 871 | 5,537 | ||||
| Kumiai Chemical Industry Co. Ltd. | 612,799 | 5,524 | ||||
| Toshiba TEC Corp. | 152,301 | 5,502 | ||||
| Hulic Reit Inc. | 3,684 | 5,500 | ||||
| Central Glass Co. Ltd. | 251,961 | 5,494 | ||||
| Kenedix Residential Next Investment Corp. | 2,985 | 5,485 | ||||
| Itoham Yonekyu Holdings Inc. | 837,088 | 5,464 | ||||
| * | UT Group Co. Ltd. | 175,300 | 5,457 | |||
| Tsubakimoto Chain Co. | 207,098 | 5,446 | ||||
| Sangetsu Corp. | 361,220 | 5,436 | ||||
| Mitsui High-Tec Inc. | 143,943 | 5,415 | ||||
| ^ | Maruwa Unyu Kikan Co. Ltd. | 249,864 | 5,333 | |||
| Starts Corp. Inc. | 191,440 | 5,326 | ||||
| Anicom Holdings Inc. | 509,196 | 5,321 | ||||
| Kintetsu World Express Inc. | 221,972 | 5,272 | ||||
| Tokai Rika Co. Ltd. | 309,887 | 5,245 | ||||
| Awa Bank Ltd. | 229,755 | 5,213 | ||||
| Create SD Holdings Co. Ltd. | 138,337 | 5,193 | ||||
| DTS Corp. | 251,734 | 5,192 | ||||
| Matsui Securities Co. Ltd. | 659,250 | 5,178 | ||||
| JCU Corp. | 133,781 | 5,161 | ||||
| Takeuchi Manufacturing Co. Ltd. | 218,497 | 5,160 | ||||
| Earth Corp. | 91,391 | 5,155 | ||||
| Ichibanya Co. Ltd. | 103,172 | 5,155 | ||||
| Autobacs Seven Co. Ltd. | 371,157 | 5,143 | ||||
| Raito Kogyo Co. Ltd. | 291,744 | 5,133 | ||||
| Fuji Seal International Inc. | 262,030 | 5,127 | ||||
| GungHo Online Entertainment Inc. | 225,760 | 5,055 | ||||
| Tomy Co. Ltd. | 572,497 | 5,053 | ||||
| Invincible Investment Corp. | 15,585 | 5,017 | ||||
| Maruha Nichiro Corp. | 231,984 | 4,995 | ||||
| Premier Investment Corp. | 4,036 | 4,993 | ||||
| Arcs Co. Ltd. | 221,419 | 4,989 | ||||
| Japan Material Co. Ltd. | 362,290 | 4,979 | ||||
| Ogaki Kyoritsu Bank Ltd. | 244,269 | 4,967 | ||||
| ^ | NIPPON REIT Investment Corp. | 1,380 | 4,965 | |||
| Kohnan Shoji Co. Ltd. | 158,494 | 4,938 | ||||
| Nichicon Corp. | 387,675 | 4,912 | ||||
| Komeri Co. Ltd. | 173,713 | 4,911 | ||||
| Japan Excellent Inc. | 3,959 | 4,911 | ||||
| Sanrio Co. Ltd. | 357,456 | 4,893 |
30
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
| Shares |
Market Value ($000) |
|||||
| Zojirushi Corp. | 273,177 | 4,888 | ||||
| Nippon Soda Co. Ltd. | 163,622 | 4,867 | ||||
| Nippon Flour Mills Co. Ltd. | 311,504 | 4,865 | ||||
| ASKUL Corp. | 130,059 | 4,853 | ||||
| MCUBS MidCity Investment Corp | 5,285 | 4,819 | ||||
| Taikisha Ltd. | 183,418 | 4,818 | ||||
| Mitsubishi Logisnext Co. Ltd. | 416,391 | 4,787 | ||||
| Citizen Watch Co. Ltd. | 1,667,761 | 4,762 | ||||
| Funai Soken Holdings Inc. | 194,432 | 4,758 | ||||
| San-A Co. Ltd. | 112,483 | 4,757 | ||||
| Fujimi Inc. | 124,942 | 4,745 | ||||
| Prestige International Inc. | 535,328 | 4,737 | ||||
| Totetsu Kogyo Co. Ltd. | 177,737 | 4,704 | ||||
| Nachi-Fujikoshi Corp. | 112,985 | 4,696 | ||||
| Makino Milling Machine Co. Ltd. | 129,140 | 4,674 | ||||
| Heiwa Corp. | 338,479 | 4,670 | ||||
| Oki Electric Industry Co. Ltd. | 524,953 | 4,642 | ||||
| Toyo Ink SC Holdings Co. Ltd. | 242,033 | 4,635 | ||||
| Kato Sangyo Co. Ltd. | 136,234 | 4,618 | ||||
| San-In Godo Bank Ltd. | 966,303 | 4,616 | ||||
| Nippon Densetsu Kogyo Co. Ltd. | 223,107 | 4,615 | ||||
| Atom Corp. | 542,225 | 4,576 | ||||
| Okamura Corp. | 510,909 | 4,575 | ||||
| MOS Food Services Inc. | 161,540 | 4,569 | ||||
| Ai Holdings Corp. | 224,885 | 4,533 | ||||
| Nagaileben Co. Ltd. | 158,356 | 4,531 | ||||
| Information Services International-Dentsu Ltd. | 149,130 | 4,518 | ||||
| Tocalo Co. Ltd. | 328,616 | 4,515 | ||||
| KYORIN Holdings Inc. | 239,839 | 4,514 | ||||
| Takara Standard Co. Ltd. | 306,721 | 4,513 | ||||
| Showa Sangyo Co. Ltd. | 152,284 | 4,492 | ||||
| Solasto Corp. | 289,371 | 4,485 | ||||
| Japan Aviation Electronics Industry Ltd. | 291,813 | 4,479 | ||||
| Saibu Gas Co. Ltd. | 148,432 | 4,473 | ||||
| * | Aiful Corp. | 1,859,344 | 4,471 | |||
| Fujimori Kogyo Co. Ltd. | 96,330 | 4,457 | ||||
| * | M&A Capital Partners Co. Ltd. | 77,678 | 4,454 | |||
| Tokyu REIT Inc. | 2,805 | 4,451 | ||||
| Mitsubishi Estate Logistics REIT Investment Corp. | 1,065 | 4,443 | ||||
| Strike Co. Ltd. | 89,032 | 4,428 | ||||
| Fuso Chemical Co. Ltd. | 122,637 | 4,422 | ||||
| Hogy Medical Co. Ltd. | 135,875 | 4,422 | ||||
| ZERIA Pharmaceutical Co. Ltd. | 239,771 | 4,421 | ||||
| Musashi Seimitsu Industry Co. Ltd. | 277,812 | 4,419 | ||||
| Shibuya Corp. | 128,351 | 4,407 | ||||
| * | Grace Technology Inc. | 65,673 | 4,406 | |||
| Axial Retailing Inc. | 90,137 | 4,390 | ||||
| Tsugami Corp. | 289,384 | 4,383 | ||||
| Sumitomo Warehouse Co. Ltd. | 339,012 | 4,343 | ||||
| Eizo Corp. | 122,967 | 4,340 | ||||
| eGuarantee Inc. | 198,800 | 4,333 | ||||
| Tokyotokeiba Co. Ltd. | 95,243 | 4,323 | ||||
| MCJ Co. Ltd. | 401,448 | 4,315 | ||||
| Morita Holdings Corp. | 253,322 | 4,310 | ||||
| Nisshin Oillio Group Ltd. | 145,639 | 4,286 | ||||
| Noevir Holdings Co. Ltd. | 96,417 | 4,273 | ||||
| Life Corp. | 123,501 | 4,265 | ||||
| eRex Co. Ltd. | 210,992 | 4,254 | ||||
| Yamazen Corp. | 424,223 | 4,251 | ||||
| Seiren Co. Ltd. | 279,976 | 4,240 | ||||
| Topre Corp. | 275,146 | 4,222 | ||||
| Nishimatsuya Chain Co. Ltd. | 293,556 | 4,216 | ||||
| Kissei Pharmaceutical Co. Ltd. | 193,470 | 4,201 | ||||
| Transcosmos Inc. | 165,891 | 4,195 |
31
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
| Shares |
Market Value ($000) |
|||||
| Infocom Corp. | 127,575 | 4,191 | ||||
| Kenedix Retail REIT Corp. | 1,712 | 4,178 | ||||
| Yokogawa Bridge Holdings Corp. | 196,521 | 4,159 | ||||
| Hokkaido Electric Power Co. Inc. | 1,138,820 | 4,152 | ||||
| * | Descente Ltd. | 239,437 | 4,139 | |||
| ^ | Keihanshin Building Co. Ltd. | 227,749 | 4,112 | |||
| Kameda Seika Co. Ltd. | 86,796 | 4,075 | ||||
| Tokai Tokyo Financial Holdings Inc. | 1,375,916 | 4,072 | ||||
| Heiwado Co. Ltd. | 189,399 | 4,070 | ||||
| Mori Trust Sogo Reit Inc. | 3,154 | 4,068 | ||||
| Invesco Office J-Reit Inc. | 27,713 | 4,068 | ||||
| Orient Corp. | 3,611,944 | 4,064 | ||||
| Monex Group Inc. | 1,084,086 | 4,063 | ||||
| Juroku Bank Ltd. | 222,868 | 4,059 | ||||
| Sumitomo Mitsui Construction Co. Ltd. | 966,068 | 4,014 | ||||
| Nomura Co. Ltd. | 483,380 | 3,999 | ||||
| Dexerials Corp. | 305,258 | 3,997 | ||||
| Hirata Corp. | 53,202 | 3,988 | ||||
| Eiken Chemical Co. Ltd. | 199,891 | 3,985 | ||||
| Sanki Engineering Co. Ltd. | 338,406 | 3,982 | ||||
| Suruga Bank Ltd. | 1,194,419 | 3,922 | ||||
| Kanamoto Co. Ltd. | 181,931 | 3,912 | ||||
| Ohsho Food Service Corp. | 69,528 | 3,904 | ||||
| Comture Corp. | 137,300 | 3,888 | ||||
| SKY Perfect JSAT Holdings Inc. | 789,003 | 3,887 | ||||
| BML Inc. | 124,881 | 3,881 | ||||
| United Super Markets Holdings Inc. | 353,989 | 3,874 | ||||
| TBS Holdings Inc. | 219,779 | 3,865 | ||||
| S Foods Inc. | 117,776 | 3,845 | ||||
| Hyakugo Bank Ltd. | 1,327,352 | 3,839 | ||||
| Rorze Corp. | 59,010 | 3,825 | ||||
| Ichigo Inc. | 1,266,709 | 3,816 | ||||
| FCC Co. Ltd. | 219,560 | 3,801 | ||||
| Japan Wool Textile Co. Ltd. | 392,337 | 3,798 | ||||
| ^ | Cybozu Inc. | 151,766 | 3,794 | |||
| Hokkoku Bank Ltd. | 149,252 | 3,791 | ||||
| Okinawa Electric Power Co. Inc. | 279,787 | 3,763 | ||||
| Kura Sushi Inc. | 61,725 | 3,750 | ||||
| San-Ai Oil Co. Ltd. | 345,419 | 3,748 | ||||
| Mandom Corp. | 227,101 | 3,741 | ||||
| Inabata & Co. Ltd. | 267,033 | 3,737 | ||||
| Token Corp. | 47,000 | 3,728 | ||||
| Optex Group Co. Ltd. | 203,501 | 3,726 | ||||
| Arata Corp. | 78,378 | 3,725 | ||||
| Yokowo Co. Ltd. | 123,730 | 3,724 | ||||
| Daibiru Corp. | 293,813 | 3,723 | ||||
| Aruhi Corp. | 211,613 | 3,718 | ||||
| Toridoll Holdings Corp. | 276,902 | 3,716 | ||||
| Mitsubishi Pencil Co. Ltd. | 277,696 | 3,706 | ||||
| Okasan Securities Group Inc. | 1,017,062 | 3,700 | ||||
| North Pacific Bank Ltd. | 1,746,766 | 3,696 | ||||
| Giken Ltd. | 88,532 | 3,663 | ||||
| Nikkiso Co. Ltd. | 375,146 | 3,655 | ||||
| Sekisui Jushi Corp. | 172,520 | 3,648 | ||||
| KOMEDA Holdings Co. Ltd. | 201,616 | 3,647 | ||||
| Mitsuuroko Group Holdings Co. Ltd. | 279,659 | 3,618 | ||||
| Daiho Corp. | 102,388 | 3,615 | ||||
| Monogatari Corp. | 29,587 | 3,605 | ||||
| H2O Retailing Corp. | 531,851 | 3,605 | ||||
| Maeda Road Construction Co. Ltd. | 214,126 | 3,592 | ||||
| Shizuoka Gas Co. Ltd. | 357,806 | 3,588 | ||||
| Maeda Kosen Co. Ltd. | 136,228 | 3,582 | ||||
| Bank of Okinawa Ltd. | 134,751 | 3,580 | ||||
| Nissha Co. Ltd. | 245,193 | 3,564 |
32
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
| Shares |
Market Value ($000) |
|||||
| ^ | Pressance Corp. | 205,106 | 3,534 | |||
| Adastria Co. Ltd. | 175,249 | 3,519 | ||||
| Sanyo Chemical Industries Ltd. | 65,725 | 3,514 | ||||
| Japan Petroleum Exploration Co. Ltd. | 192,805 | 3,509 | ||||
| Dip Corp. | 131,147 | 3,504 | ||||
| Yodogawa Steel Works Ltd. | 171,063 | 3,497 | ||||
| Raiznext Corp. | 293,438 | 3,489 | ||||
| Heiwa Real Estate REIT Inc. | 2,793 | 3,485 | ||||
| *,^ | HIS Co. Ltd. | 222,364 | 3,453 | |||
| Max Co. Ltd. | 246,201 | 3,437 | ||||
| Chudenko Corp. | 160,616 | 3,435 | ||||
| Okamoto Industries Inc. | 89,489 | 3,433 | ||||
| Nissin Electric Co. Ltd. | 289,743 | 3,432 | ||||
| Tokyo Steel Manufacturing Co. Ltd. | 529,154 | 3,428 | ||||
| *,^ | Create Restaurants Holdings Inc. | 568,848 | 3,424 | |||
| Gree Inc. | 583,243 | 3,421 | ||||
| Fukuoka REIT Corp. | 2,302 | 3,418 | ||||
| ^ | Hoshino Resorts REIT Inc. | 700 | 3,417 | |||
| Round One Corp. | 378,858 | 3,409 | ||||
| Nanto Bank Ltd. | 201,559 | 3,408 | ||||
| Restar Holdings Corp. | 157,432 | 3,393 | ||||
| Belc Co. Ltd. | 55,992 | 3,385 | ||||
| Shibaura Machine Co. Ltd. | 147,964 | 3,383 | ||||
| UACJ Corp. | 184,183 | 3,381 | ||||
| * | Raksul Inc. | 78,200 | 3,377 | |||
| Hokuetsu Corp. | 849,243 | 3,376 | ||||
| Hosiden Corp. | 348,891 | 3,362 | ||||
| Belluna Co. Ltd. | 303,977 | 3,348 | ||||
| ^ | Broadleaf Co. Ltd. | 505,947 | 3,346 | |||
| Gunze Ltd. | 102,603 | 3,344 | ||||
| Nippon Steel Trading Corp. | 92,108 | 3,338 | ||||
| *,^ | Optim Corp. | 121,848 | 3,317 | |||
| Nitto Kogyo Corp. | 167,177 | 3,316 | ||||
| * | euglena Co. Ltd. | 440,835 | 3,311 | |||
| Maruzen Showa Unyu Co. Ltd. | 97,727 | 3,299 | ||||
| Trancom Co. Ltd. | 38,035 | 3,292 | ||||
| Nippon Ceramic Co. Ltd. | 116,831 | 3,288 | ||||
| Bell System24 Holdings Inc. | 209,035 | 3,281 | ||||
| Osaka Soda Co. Ltd. | 123,986 | 3,275 | ||||
| Yuasa Trading Co. Ltd. | 101,634 | 3,269 | ||||
| Nippon Signal Company Ltd. | 357,241 | 3,261 | ||||
| Star Micronics Co. Ltd. | 202,966 | 3,260 | ||||
| V Technology Co. Ltd. | 56,772 | 3,241 | ||||
| Bunka Shutter Co. Ltd. | 342,148 | 3,230 | ||||
| Nippon Seiki Co. Ltd. | 284,601 | 3,225 | ||||
| Nissan Shatai Co. Ltd. | 386,599 | 3,212 | ||||
| Towa Corp. | 156,647 | 3,197 | ||||
| Aida Engineering Ltd. | 340,900 | 3,196 | ||||
| ^ | Teikoku Sen-I Co. Ltd. | 137,833 | 3,195 | |||
| ^ | SAMTY Co. Ltd. | 183,000 | 3,190 | |||
| Noritz Corp. | 204,055 | 3,189 | ||||
| Ringer Hut Co. Ltd. | 145,189 | 3,172 | ||||
| Mitsui-Soko Holdings Co. Ltd. | 141,531 | 3,161 | ||||
| Kanematsu Electronics Ltd. | 78,559 | 3,161 | ||||
| Riken Keiki Co. Ltd. | 106,161 | 3,158 | ||||
| * | Maxell Holdings Ltd. | 252,774 | 3,154 | |||
| Kitz Corp. | 517,844 | 3,151 | ||||
| Chugoku Marine Paints Ltd. | 312,166 | 3,147 | ||||
| Siix Corp. | 209,361 | 3,136 | ||||
| Kisoji Co. Ltd. | 134,434 | 3,130 | ||||
| Relia Inc. | 252,030 | 3,129 | ||||
| Osaka Organic Chemical Industry Ltd. | 100,600 | 3,124 | ||||
| Global One Real Estate Investment Corp. | 3,070 | 3,120 | ||||
| Megachips Corp. | 114,220 | 3,119 | ||||
33
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
| Shares |
Market
Value ($000) |
||||||
| Sato Holdings Corp. | 143,552 | 3,103 | |||||
| YA-MAN Ltd. | 170,677 | 3,096 | |||||
| Fuji Media Holdings Inc. | 289,587 | 3,091 | |||||
| Yellow Hat Ltd. | 189,364 | 3,084 | |||||
| Shima Seiki Manufacturing Ltd. | 181,717 | 3,083 | |||||
| METAWATER Co. Ltd. | 136,696 | 3,078 | |||||
| Noritsu Koki Co. Ltd. | 129,963 | 3,068 | |||||
| Keiyo Bank Ltd. | 758,037 | 3,068 | |||||
| TechMatrix Corp. | 147,000 | 3,058 | |||||
| Joshin Denki Co. Ltd. | 115,487 | 3,052 | |||||
| Towa Pharmaceutical Co. Ltd. | 163,585 | 3,036 | |||||
| Sakata INX Corp. | 267,995 | 3,012 | |||||
| Shinmaywa Industries Ltd. | 350,939 | 3,009 | |||||
| Fukushima Galilei Co. Ltd. | 69,160 | 3,006 | |||||
| ValueCommerce Co. Ltd. | 96,800 | 3,002 | |||||
| Nohmi Bosai Ltd. | 137,477 | 3,001 | |||||
| Musashino Bank Ltd. | 205,140 | 2,978 | |||||
| Pacific Industrial Co. Ltd. | 285,238 | 2,972 | |||||
| Tsukishima Kikai Co. Ltd. | 219,262 | 2,962 | |||||
| Elan Corp. | 201,600 | 2,932 | |||||
| Aeon Delight Co. Ltd. | 112,120 | 2,921 | |||||
| Argo Graphics Inc. | 93,000 | 2,918 | |||||
| COLOPL Inc. | 294,066 | 2,912 | |||||
| *,^ | Royal Holdings Co. Ltd. | 163,034 | 2,910 | ||||
| ^ | Nextage Co. Ltd. | 226,298 | 2,905 | ||||
| Curves Holdings Co. Ltd. | 386,189 | 2,890 | |||||
| Nissei ASB Machine Co. Ltd. | 50,486 | 2,886 | |||||
| Itochu Enex Co. Ltd. | 292,653 | 2,884 | |||||
| Sanyo Denki Co. Ltd. | 53,402 | 2,877 | |||||
| Saizeriya Co. Ltd. | 155,050 | 2,869 | |||||
| Nichi-iko Pharmaceutical Co. Ltd. | 303,179 | 2,868 | |||||
| * | KYB Corp. | 124,899 | 2,862 | ||||
| ^ | GMO GlobalSign Holdings KK | 33,330 | 2,858 | ||||
| Daikyonishikawa Corp. | 352,441 | 2,850 | |||||
| Idec Corp. | 161,127 | 2,848 | |||||
| Japan Securities Finance Co. Ltd. | 543,695 | 2,842 | |||||
| ^ | Tsubaki Nakashima Co. Ltd. | 257,970 | 2,812 | ||||
| Media Do Co. Ltd. | 39,011 | 2,806 | |||||
| Jaccs Co. Ltd. | 158,021 | 2,802 | |||||
| Oiles Corp. | 177,902 | 2,798 | |||||
| Hamakyorex Co. Ltd. | 98,344 | 2,797 | |||||
| DyDo Group Holdings Inc. | 53,798 | 2,795 | |||||
| *,^ | Chiyoda Corp. | 1,013,634 | 2,787 | ||||
| Sakai Moving Service Co. Ltd. | 55,008 | 2,783 | |||||
| Hiday Hidaka Corp. | 165,209 | 2,779 | |||||
| T Hasegawa Co. Ltd. | 131,915 | 2,777 | |||||
| Aomori Bank Ltd. | 118,514 | 2,763 | |||||
| Inageya Co. Ltd. | 156,132 | 2,758 | |||||
| ^ | Shoei Foods Corp. | 78,978 | 2,749 | ||||
| Wakita & Co. Ltd. | 268,194 | 2,744 | |||||
| Daito Pharmaceutical Co. Ltd. | 75,622 | 2,730 | |||||
| Ichigo Office REIT Investment Corp. | 3,773 | 2,725 | |||||
| TOMONY Holdings Inc. | 897,327 | 2,718 | |||||
| Ryosan Co. Ltd. | 150,027 | 2,716 | |||||
| Miroku Jyoho Service Co. Ltd. | 133,534 | 2,711 | |||||
| Nitta Corp. | 125,180 | 2,708 | |||||
| Arcland Sakamoto Co. Ltd. | 162,985 | 2,706 | |||||
| Kaga Electronics Co. Ltd. | 116,480 | 2,699 | |||||
| Nippon Road Co. Ltd. | 36,104 | 2,696 | |||||
| ^ | Medical Data Vision Co. Ltd. | 97,708 | 2,689 | ||||
| Zenrin Co. Ltd. | 219,030 | 2,683 | |||||
| *,^ | Nippon Sheet Glass Co. Ltd. | 580,805 | 2,682 | ||||
| Obara Group Inc. | 70,117 | 2,676 | |||||
| Konishi Co. Ltd. | 164,775 | 2,675 | |||||
34
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
| Shares |
Market
Value ($000) |
||||||
| Doshisha Co. Ltd. | 141,585 | 2,674 | |||||
| SBS Holdings Inc. | 105,500 | 2,674 | |||||
| YAMABIKO Corp. | 211,544 | 2,660 | |||||
| Fujibo Holdings Inc. | 71,143 | 2,656 | |||||
| Fujicco Co. Ltd. | 136,482 | 2,650 | |||||
| Bank of Nagoya Ltd. | 106,980 | 2,649 | |||||
| Yokohama Reito Co. Ltd. | 314,829 | 2,632 | |||||
| Tamura Corp. | 472,966 | 2,627 | |||||
| Hankyu Hanshin REIT Inc. | 2,113 | 2,615 | |||||
| Koa Corp. | 182,558 | 2,615 | |||||
| GLOBERIDE Inc. | 63,800 | 2,599 | |||||
| ^ | Taiko Pharmaceutical Co. Ltd. | 165,991 | 2,595 | ||||
| ^ | S-Pool Inc. | 354,485 | 2,589 | ||||
| Fukui Bank Ltd. | 139,419 | 2,565 | |||||
| ^ | Nippon Carbon Co. Ltd. | 66,836 | 2,559 | ||||
| Dai-Dan Co. Ltd. | 88,476 | 2,553 | |||||
| Torii Pharmaceutical Co. Ltd. | 81,552 | 2,547 | |||||
| Toppan Forms Co. Ltd. | 246,477 | 2,529 | |||||
| Tokushu Tokai Paper Co. Ltd. | 52,171 | 2,524 | |||||
| Hosokawa Micron Corp. | 40,942 | 2,523 | |||||
| ESPEC Corp. | 125,889 | 2,523 | |||||
| KFC Holdings Japan Ltd. | 88,033 | 2,514 | |||||
| Ryoyo Electro Corp. | 81,236 | 2,503 | |||||
| ^ | Micronics Japan Co. Ltd. | 198,689 | 2,501 | ||||
| Ricoh Leasing Co. Ltd. | 83,811 | 2,498 | |||||
| Kyokuto Kaihatsu Kogyo Co. Ltd. | 183,486 | 2,497 | |||||
| Yondoshi Holdings Inc. | 128,906 | 2,495 | |||||
| Hokuto Corp. | 123,254 | 2,494 | |||||
| Organo Corp. | 41,829 | 2,489 | |||||
| RS Technologies Co. Ltd. | 45,054 | 2,486 | |||||
| Chofu Seisakusho Co. Ltd. | 123,063 | 2,484 | |||||
| Seikagaku Corp. | 251,746 | 2,483 | |||||
| Plenus Co. Ltd. | 146,658 | 2,481 | |||||
| Noritake Co. Ltd. | 85,293 | 2,477 | |||||
| Yamashin-Filter Corp. | 225,526 | 2,468 | |||||
| T-Gaia Corp. | 130,361 | 2,448 | |||||
| Zuken Inc. | 86,504 | 2,424 | |||||
| Tonami Holdings Co. Ltd. | 41,839 | 2,421 | |||||
| Toho Bank Ltd. | 1,198,925 | 2,420 | |||||
| Shikoku Chemicals Corp. | 207,858 | 2,420 | |||||
| United Arrows Ltd. | 162,833 | 2,415 | |||||
| Senshu Ikeda Holdings Inc. | 1,678,019 | 2,409 | |||||
| Hyakujushi Bank Ltd. | 165,660 | 2,387 | |||||
| Mitsubishi Shokuhin Co. Ltd. | 85,895 | 2,381 | |||||
| Japan Pulp & Paper Co. Ltd. | 67,515 | 2,376 | |||||
| Doutor Nichires Holdings Co. Ltd. | 165,091 | 2,374 | |||||
| SWCC Showa Holdings Co. Ltd. | 139,196 | 2,370 | |||||
| Nippon Koei Co. Ltd. | 85,789 | 2,361 | |||||
| Furukawa Co. Ltd. | 197,975 | 2,354 | |||||
| Fuji Co. Ltd. | 124,103 | 2,354 | |||||
| Enplas Corp. | 62,043 | 2,348 | |||||
| TPR Co. Ltd. | 170,723 | 2,345 | |||||
| Star Asia Investment Corp. | 4,786 | 2,341 | |||||
| Avex Inc. | 210,301 | 2,333 | |||||
| Marudai Food Co. Ltd. | 141,706 | 2,325 | |||||
| ARTERIA Networks Corp. | 159,800 | 2,317 | |||||
| Sumitomo Densetsu Co. Ltd. | 90,777 | 2,312 | |||||
| Exedy Corp. | 187,151 | 2,299 | |||||
| Daiichi Jitsugyo Co. Ltd. | 57,691 | 2,298 | |||||
| Meisei Industrial Co. Ltd. | 301,461 | 2,290 | |||||
| Tokai Corp. | 116,010 | 2,289 | |||||
| Tsurumi Manufacturing Co. Ltd. | 132,960 | 2,275 | |||||
| Sanshin Electronics Co. Ltd. | 113,441 | 2,275 | |||||
| Mimasu Semiconductor Industry Co. Ltd. | 90,818 | 2,275 | |||||
35
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
| Shares |
Market
Value ($000) |
||||||
| Pasona Group Inc. | 112,800 | 2,272 | |||||
| Piolax Inc. | 147,716 | 2,268 | |||||
| Ichikoh Industries Ltd. | 337,849 | 2,260 | |||||
| Sodick Co. Ltd. | 261,882 | 2,238 | |||||
| ^ | Modec Inc. | 123,070 | 2,238 | ||||
| Sinko Industries Ltd. | 129,939 | 2,237 | |||||
| Intage Holdings Inc. | 203,353 | 2,232 | |||||
| Uchida Yoko Co. Ltd. | 53,982 | 2,220 | |||||
| ^ | Alpen Co. Ltd. | 96,650 | 2,218 | ||||
| Computer Engineering & Consulting Ltd. | 150,829 | 2,218 | |||||
| Hioki EE Corp. | 54,691 | 2,217 | |||||
| Nippon Kanzai Co. Ltd. | 110,061 | 2,212 | |||||
| Iino Kaiun Kaisha Ltd. | 530,924 | 2,209 | |||||
| Mizuno Corp. | 113,121 | 2,206 | |||||
| Sintokogio Ltd. | 294,615 | 2,200 | |||||
| TV Asahi Holdings Corp. | 133,514 | 2,192 | |||||
| Sinfonia Technology Co. Ltd. | 161,258 | 2,192 | |||||
| VT Holdings Co. Ltd. | 529,643 | 2,191 | |||||
| Nittetsu Mining Co. Ltd. | 36,832 | 2,191 | |||||
| Seiko Holdings Corp. | 171,046 | 2,190 | |||||
| EM Systems Co. Ltd. | 237,300 | 2,178 | |||||
| Komatsu Matere Co. Ltd. | 218,062 | 2,176 | |||||
| Kanto Denka Kogyo Co. Ltd. | 282,331 | 2,169 | |||||
| Ehime Bank Ltd. | 224,168 | 2,161 | |||||
| Chubu Shiryo Co. Ltd. | 158,766 | 2,153 | |||||
| Sumitomo Seika Chemicals Co. Ltd. | 53,795 | 2,142 | |||||
| TOC Co. Ltd. | 316,198 | 2,136 | |||||
| Taihei Dengyo Kaisha Ltd. | 93,527 | 2,131 | |||||
| ^ | Nippon Denko Co. Ltd. | 734,117 | 2,130 | ||||
| Unipres Corp. | 225,839 | 2,127 | |||||
| *,^ | W-Scope Corp. | 232,481 | 2,127 | ||||
| Key Coffee Inc. | 101,960 | 2,119 | |||||
| Gakken Holdings Co. Ltd. | 124,804 | 2,117 | |||||
| ^ | Genky DrugStores Co. Ltd. | 53,751 | 2,112 | ||||
| Tokyu Construction Co. Ltd. | 439,142 | 2,110 | |||||
| DKS Co. Ltd. | 50,100 | 2,103 | |||||
| * | Nichireki Co. Ltd. | 132,100 | 2,103 | ||||
| * | Ryobi Ltd. | 173,132 | 2,101 | ||||
| Mitsuboshi Belting Ltd. | 126,981 | 2,093 | |||||
| Insource Co. Ltd. | 126,400 | 2,090 | |||||
| Sanyo Electric Railway Co. Ltd. | 108,814 | 2,088 | |||||
| Cawachi Ltd. | 72,875 | 2,076 | |||||
| * | Kappa Create Co. Ltd. | 147,923 | 2,073 | ||||
| Riso Kagaku Corp. | 151,962 | 2,055 | |||||
| ASKA Pharmaceutical Co. Ltd. | 132,752 | 2,053 | |||||
| Anest Iwata Corp. | 200,043 | 2,053 | |||||
| Kurabo Industries Ltd. | 115,947 | 2,042 | |||||
| * | Litalico Inc. | 54,500 | 2,038 | ||||
| Okuwa Co. Ltd. | 161,515 | 2,035 | |||||
| Shin-Etsu Polymer Co. Ltd. | 222,015 | 2,033 | |||||
| Takasago International Corp. | 88,228 | 2,031 | |||||
| Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 86,387 | 2,018 | |||||
| Nishio Rent All Co. Ltd. | 96,343 | 2,018 | |||||
| Hibiya Engineering Ltd. | 109,300 | 2,010 | |||||
| Yamagata Bank Ltd. | 201,042 | 2,004 | |||||
| * | Toho Zinc Co. Ltd. | 88,298 | 1,999 | ||||
| Poletowin Pitcrew Holdings Inc. | 176,500 | 1,999 | |||||
| ^ | SOSiLA Logistics REIT Inc. | 1,631 | 1,994 | ||||
| Future Corp. | 116,570 | 1,993 | |||||
| Daikokutenbussan Co. Ltd. | 29,804 | 1,986 | |||||
| Bank of Iwate Ltd. | 101,632 | 1,976 | |||||
| Geo Holdings Corp. | 168,053 | 1,972 | |||||
| Toa Corp. (XTKS) | 101,610 | 1,965 | |||||
| Miyazaki Bank Ltd. | 91,914 | 1,965 | |||||
36
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
| Shares |
Market
Value ($000) |
||||||
| * | Nippon Chemi-Con Corp. | 110,363 | 1,962 | ||||
| Starzen Co. Ltd. | 47,766 | 1,960 | |||||
| Denyo Co. Ltd. | 93,601 | 1,953 | |||||
| ^ | Itochu Advance Logistics Investment Corp. | 1,511 | 1,948 | ||||
| ^ | Taki Chemical Co. Ltd. | 30,700 | 1,942 | ||||
| Futaba Corp. | 224,146 | 1,939 | |||||
| ^ | Pack Corp. | 70,453 | 1,931 | ||||
| SB Technology Corp. | 57,000 | 1,930 | |||||
| Toyo Construction Co. Ltd. | 453,042 | 1,929 | |||||
| J-Oil Mills Inc. | 56,166 | 1,926 | |||||
| Komori Corp. | 273,895 | 1,921 | |||||
| Tosei Corp. | 167,300 | 1,920 | |||||
| JM Holdings Co. Ltd. | 86,000 | 1,918 | |||||
| Weathernews Inc. | 35,298 | 1,904 | |||||
| Okabe Co. Ltd. | 253,614 | 1,904 | |||||
| Bank of the Ryukyus Ltd. | 256,710 | 1,900 | |||||
| Tachi-S Co. Ltd. | 166,746 | 1,899 | |||||
| EPS Holdings Inc. | 200,443 | 1,898 | |||||
| Pacific Metals Co. Ltd. | 87,521 | 1,896 | |||||
| Futaba Industrial Co. Ltd. | 370,251 | 1,893 | |||||
| Stella Chemifa Corp. | 58,511 | 1,884 | |||||
| FULLCAST Holdings Co. Ltd. | 120,648 | 1,880 | |||||
| Keiyo Co. Ltd. | 264,524 | 1,879 | |||||
| ^ | Fujio Food Group Inc. | 154,000 | 1,877 | ||||
| ^ | Arcland Service Holdings Co. Ltd. | 89,399 | 1,875 | ||||
| Aichi Steel Corp. | 69,947 | 1,871 | |||||
| Yurtec Corp. | 231,338 | 1,870 | |||||
| LEC Inc. | 147,956 | 1,862 | |||||
| Sakai Chemical Industry Co. Ltd. | 97,340 | 1,859 | |||||
| G-Tekt Corp. | 126,680 | 1,848 | |||||
| DKK Co. Ltd. | 70,966 | 1,844 | |||||
| * | Sanyo Special Steel Co. Ltd. | 147,898 | 1,840 | ||||
| CRE Logistics REIT Inc. | 1,206 | 1,837 | |||||
| Ines Corp. | 135,521 | 1,836 | |||||
| Union Tool Co. | 61,015 | 1,832 | |||||
| Tachibana Eletech Co. Ltd. | 112,500 | 1,829 | |||||
| Kyoei Steel Ltd. | 131,658 | 1,828 | |||||
| Oita Bank Ltd. | 92,424 | 1,825 | |||||
| Mirai Corp. | 4,884 | 1,823 | |||||
| Takamatsu Construction Group Co. Ltd. | 91,821 | 1,821 | |||||
| Alconix Corp. | 128,406 | 1,820 | |||||
| Valqua Ltd. | 91,328 | 1,820 | |||||
| Marvelous Inc. | 211,097 | 1,812 | |||||
| I'll Inc. | 118,800 | 1,805 | |||||
| Hoosiers Holdings | 279,500 | 1,803 | |||||
| JAC Recruitment Co. Ltd. | 97,548 | 1,793 | |||||
| Tenma Corp. | 90,018 | 1,783 | |||||
| Rock Field Co. Ltd. | 117,181 | 1,782 | |||||
| Hodogaya Chemical Co. Ltd. | 36,115 | 1,781 | |||||
| Itochu-Shokuhin Co. Ltd. | 33,190 | 1,771 | |||||
| Enigmo Inc. | 147,700 | 1,770 | |||||
| *,^ | Leopalace21 Corp. | 1,495,441 | 1,769 | ||||
| San ju San Financial Group Inc. | 144,753 | 1,769 | |||||
| Kintetsu Department Store Co. Ltd. | 57,966 | 1,767 | |||||
| One REIT Inc. | 695 | 1,767 | |||||
| Shin Nippon Air Technologies Co. Ltd. | 81,200 | 1,767 | |||||
| Toyo Tanso Co. Ltd. | 90,116 | 1,765 | |||||
| Konoike Transport Co. Ltd. | 177,815 | 1,764 | |||||
| Tokyo Kiraboshi Financial Group Inc. | 164,180 | 1,762 | |||||
| Nichiden Corp. | 80,475 | 1,746 | |||||
| IDOM Inc. | 327,281 | 1,740 | |||||
| Furuno Electric Co. Ltd. | 147,635 | 1,739 | |||||
| Toenec Corp. | 44,324 | 1,736 | |||||
| Halows Co. Ltd. | 51,651 | 1,729 | |||||
37
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
| Shares |
Market
Value ($000) |
||||||
| Matsuya Co. Ltd. | 237,186 | 1,726 | |||||
| Sinanen Holdings Co. Ltd. | 60,068 | 1,725 | |||||
| Japan Medical Dynamic Marketing Inc. | 75,237 | 1,725 | |||||
| ^ | Fukuda Corp. | 31,600 | 1,725 | ||||
| ^ | Mie Kotsu Group Holdings Inc. | 358,843 | 1,724 | ||||
| Press Kogyo Co. Ltd. | 576,317 | 1,709 | |||||
| Digital Holdings Inc. | 100,978 | 1,708 | |||||
| Mitsui Sugar Co. Ltd. | 96,861 | 1,706 | |||||
| Nippon Television Holdings Inc. | 156,165 | 1,702 | |||||
| Financial Products Group Co. Ltd. | 347,938 | 1,698 | |||||
| * | Japan Display Inc. | 3,879,237 | 1,695 | ||||
| ^ | Katakura Industries Co. Ltd. | 130,938 | 1,690 | ||||
| * | Vision Inc. | 166,825 | 1,680 | ||||
| OSJB Holdings Corp. | 619,161 | 1,676 | |||||
| ^ | Kitanotatsujin Corp. | 372,568 | 1,675 | ||||
| Toho Titanium Co. Ltd. | 194,496 | 1,674 | |||||
| Kyokuyo Co. Ltd. | 58,408 | 1,671 | |||||
| Cosel Co. Ltd. | 135,886 | 1,658 | |||||
| Icom Inc. | 62,805 | 1,656 | |||||
| Kamei Corp. | 148,604 | 1,653 | |||||
| Matsuyafoods Holdings Co. Ltd. | 50,375 | 1,646 | |||||
| Tatsuta Electric Wire and Cable Co. Ltd. | 224,959 | 1,640 | |||||
| Ebase Co. Ltd. | 166,100 | 1,638 | |||||
| Daiwa Industries Ltd. | 160,434 | 1,637 | |||||
| ^ | Link And Motivation Inc. | 287,997 | 1,637 | ||||
| * | KLab Inc. | 187,918 | 1,635 | ||||
| Vital KSK Holdings Inc. | 207,625 | 1,635 | |||||
| Canon Electronics Inc. | 112,099 | 1,630 | |||||
| CI Takiron Corp. | 242,605 | 1,623 | |||||
| ^ | Fujiya Co. Ltd. | 71,219 | 1,623 | ||||
| Bando Chemical Industries Ltd. | 259,606 | 1,623 | |||||
| Japan Transcity Corp. | 301,857 | 1,619 | |||||
| Nagatanien Holdings Co. Ltd. | 73,648 | 1,618 | |||||
| Marusan Securities Co. Ltd. | 359,627 | 1,614 | |||||
| Maxvalu Tokai Co. Ltd. | 63,900 | 1,612 | |||||
| * | Mitsui E&S Holdings Co. Ltd. | 470,205 | 1,600 | ||||
| Qol Holdings Co. Ltd. | 146,199 | 1,598 | |||||
| Mitsubishi Research Institute Inc. | 38,138 | 1,581 | |||||
| CTS Co. Ltd. | 169,473 | 1,576 | |||||
| Fukui Computer Holdings Inc. | 40,420 | 1,573 | |||||
| Tsukui Holdings Corp. | 295,377 | 1,570 | |||||
| Oyo Corp. | 131,904 | 1,567 | |||||
| Daiken Corp. | 91,809 | 1,559 | |||||
| Advan Co. Ltd. | 133,272 | 1,555 | |||||
| Tanseisha Co. Ltd. | 195,506 | 1,555 | |||||
| PAL GROUP Holdings Co. Ltd. | 130,878 | 1,554 | |||||
| Eagle Industry Co. Ltd. | 161,375 | 1,553 | |||||
| Aichi Bank Ltd. | 54,304 | 1,547 | |||||
| Feed One Co. Ltd. | 183,178 | 1,545 | |||||
| Toyo Corp. | 136,311 | 1,542 | |||||
| Amuse Inc. | 61,521 | 1,540 | |||||
| JVCKenwood Corp. | 997,101 | 1,538 | |||||
| Nippon Thompson Co. Ltd. | 410,338 | 1,537 | |||||
| Foster Electric Co. Ltd. | 124,208 | 1,534 | |||||
| Riso Kyoiku Co. Ltd. | 515,700 | 1,530 | |||||
| Goldcrest Co. Ltd. | 97,767 | 1,524 | |||||
| Takara Leben Co. Ltd. | 509,965 | 1,520 | |||||
| * | Vector Inc. | 156,508 | 1,516 | ||||
| Kanagawa Chuo Kotsu Co. Ltd. | 39,316 | 1,513 | |||||
| YAKUODO Holdings Co. Ltd. | 63,020 | 1,511 | |||||
| Osaki Electric Co. Ltd. | 268,182 | 1,506 | |||||
| * | Aoyama Trading Co. Ltd. | 288,123 | 1,506 | ||||
| Tayca Corp. | 102,572 | 1,504 | |||||
| *,^ | BrainPad Inc. | 33,319 | 1,485 | ||||
38
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
| Shares |
Market
Value ($000) |
||||||
| Rheon Automatic Machinery Co. Ltd. | 120,861 | 1,479 | |||||
| Central Security Patrols Co. Ltd. | 42,388 | 1,475 | |||||
| Macromill Inc. | 226,171 | 1,471 | |||||
| Shikoku Bank Ltd. | 222,890 | 1,470 | |||||
| Sun Frontier Fudousan Co. Ltd. | 169,691 | 1,470 | |||||
| Kenko Mayonnaise Co. Ltd. | 82,099 | 1,470 | |||||
| Tekken Corp. | 82,587 | 1,466 | |||||
| CONEXIO Corp. | 105,239 | 1,459 | |||||
| *,^ | FDK Corp. | 84,263 | 1,458 | ||||
| Nippon Yakin Kogyo Co. Ltd. | 86,857 | 1,455 | |||||
| BeNEXT Group Inc. | 117,050 | 1,452 | |||||
| Shinwa Co. Ltd. | 69,629 | 1,447 | |||||
| Tosho Co. Ltd. | 95,227 | 1,446 | |||||
| Shinko Shoji Co. Ltd. | 198,182 | 1,441 | |||||
| Alpha Systems Inc. | 42,323 | 1,435 | |||||
| ZIGExN Co. Ltd. | 372,700 | 1,433 | |||||
| Yamanashi Chuo Bank Ltd. | 191,338 | 1,429 | |||||
| Sparx Group Co. Ltd. | 577,400 | 1,427 | |||||
| Onward Holdings Co. Ltd. | 708,835 | 1,423 | |||||
| LIFULL Co. Ltd. | 396,216 | 1,419 | |||||
| Moriroku Holdings Co. Ltd. | 66,700 | 1,416 | |||||
| Proto Corp. | 139,700 | 1,411 | |||||
| *,^ | Sagami Holdings Corp. | 121,561 | 1,411 | ||||
| Tamron Co. Ltd. | 79,454 | 1,408 | |||||
| * | Unitika Ltd. | 367,900 | 1,408 | ||||
| Kamakura Shinsho Ltd. | 126,600 | 1,405 | |||||
| Dai Nippon Toryo Co. Ltd. | 150,009 | 1,399 | |||||
| Yonex Co. Ltd. | 239,878 | 1,395 | |||||
| Koatsu Gas Kogyo Co. Ltd. | 179,329 | 1,383 | |||||
| Daido Metal Co. Ltd. | 278,997 | 1,382 | |||||
| Starts Proceed Investment Corp. | 705 | 1,377 | |||||
| Kansai Super Market Ltd. | 117,932 | 1,377 | |||||
| MTI Ltd. | 172,309 | 1,374 | |||||
| Asahi Diamond Industrial Co. Ltd. | 314,535 | 1,370 | |||||
| Ishihara Sangyo Kaisha Ltd. | 225,768 | 1,368 | |||||
| Matsuda Sangyo Co. Ltd. | 78,607 | 1,363 | |||||
| Akita Bank Ltd. | 102,233 | 1,359 | |||||
| Sourcenext Corp. | 500,000 | 1,359 | |||||
| Aichi Corp. | 152,505 | 1,356 | |||||
| ST Corp. | 71,324 | 1,353 | |||||
| ^ | ES-Con Japan Ltd. | 170,600 | 1,351 | ||||
| Happinet Corp. | 88,793 | 1,350 | |||||
| Teikoku Electric Manufacturing Co. Ltd. | 114,854 | 1,344 | |||||
| Chukyo Bank Ltd. | 71,015 | 1,343 | |||||
| Shinnihon Corp. | 166,590 | 1,340 | |||||
| * | Iseki & Co. Ltd. | 99,757 | 1,338 | ||||
| *,^ | Roland DG Corp. | 73,229 | 1,336 | ||||
| * | Atrae Inc. | 49,307 | 1,334 | ||||
| World Co. Ltd. | 109,600 | 1,333 | |||||
| * | Sumida Corp. | 127,576 | 1,333 | ||||
| Kanaden Corp. | 106,133 | 1,331 | |||||
| Nippon Parking Development Co. Ltd. | 890,781 | 1,330 | |||||
| Akatsuki Inc. | 32,841 | 1,319 | |||||
| Sumitomo Riko Co. Ltd. | 223,579 | 1,318 | |||||
| Shibusawa Warehouse Co. Ltd. | 58,691 | 1,313 | |||||
| Sankyo Tateyama Inc. | 166,294 | 1,311 | |||||
| Shindengen Electric Manufacturing Co. Ltd. | 52,478 | 1,306 | |||||
| ^ | Rokko Butter Co. Ltd. | 74,125 | 1,301 | ||||
| Kyodo Printing Co. Ltd. | 46,176 | 1,295 | |||||
| Yahagi Construction Co. Ltd. | 150,623 | 1,294 | |||||
| Riken Technos Corp. | 295,700 | 1,294 | |||||
| ^ | BRONCO BILLY Co. Ltd. | 57,887 | 1,288 | ||||
| Nissin Sugar Co. Ltd. | 71,800 | 1,285 | |||||
| Riken Vitamin Co. Ltd. | 97,060 | 1,281 | |||||
39
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
| Shares |
Market
Value ($000) |
||||||
| France Bed Holdings Co. Ltd. | 146,400 | 1,279 | |||||
| JDC Corp. | 230,200 | 1,268 | |||||
| Chiyoda Co. Ltd. | 142,764 | 1,267 | |||||
| Towa Bank Ltd. | 205,216 | 1,256 | |||||
| Kyosan Electric Manufacturing Co. Ltd. | 304,128 | 1,245 | |||||
| Yushin Precision Equipment Co. Ltd. | 133,733 | 1,240 | |||||
| Nichiban Co. Ltd. | 77,374 | 1,238 | |||||
| G-7 Holdings Inc. | 54,600 | 1,237 | |||||
| Melco Holdings Inc. | 38,043 | 1,236 | |||||
| WDB Holdings Co. Ltd. | 48,104 | 1,233 | |||||
| Tama Home Co. Ltd. | 86,000 | 1,230 | |||||
| K&O Energy Group Inc. | 85,018 | 1,228 | |||||
| Takara Leben Real Estate Investment Corp. | 1,370 | 1,227 | |||||
| Fuso Pharmaceutical Industries Ltd. | 45,135 | 1,227 | |||||
| Nihon Tokushu Toryo Co. Ltd. | 104,572 | 1,224 | |||||
| Nihon Chouzai Co. Ltd. | 83,896 | 1,216 | |||||
| * | Topy Industries Ltd. | 105,891 | 1,210 | ||||
| * | Istyle Inc. | 305,276 | 1,209 | ||||
| Koshidaka Holdings Co. Ltd. | 280,689 | 1,209 | |||||
| CMK Corp. | 308,746 | 1,208 | |||||
| ^ | Sanoh Industrial Co. Ltd. | 131,782 | 1,202 | ||||
| Riken Corp. | 58,279 | 1,201 | |||||
| Fudo Tetra Corp. | 70,353 | 1,190 | |||||
| Ryoden Corp. | 79,074 | 1,189 | |||||
| AOKI Holdings Inc. | 235,356 | 1,182 | |||||
| Optorun Co. Ltd. | 57,406 | 1,175 | |||||
| Yorozu Corp. | 116,628 | 1,171 | |||||
| Onoken Co. Ltd. | 96,315 | 1,170 | |||||
| Tokyo Electron Device Ltd. | 37,824 | 1,161 | |||||
| St. Marc Holdings Co. Ltd. | 85,332 | 1,159 | |||||
| SRA Holdings | 45,453 | 1,156 | |||||
| JSP Corp. | 68,636 | 1,153 | |||||
| Aiphone Co. Ltd. | 69,885 | 1,153 | |||||
| Maezawa Kyuso Industries Co. Ltd. | 51,364 | 1,152 | |||||
| Fixstars Corp. | 125,600 | 1,147 | |||||
| Nitto Kohki Co. Ltd. | 67,614 | 1,147 | |||||
| KAWADA TECHNOLOGIES Inc. | 27,599 | 1,146 | |||||
| ASAHI YUKIZAI Corp. | 77,851 | 1,141 | |||||
| Tokyo Energy & Systems Inc. | 129,405 | 1,138 | |||||
| Asahi Co. Ltd. | 72,124 | 1,135 | |||||
| Fuji Pharma Co. Ltd. | 93,814 | 1,131 | |||||
| Shimizu Bank Ltd. | 67,977 | 1,129 | |||||
| PC Depot Corp. | 207,140 | 1,127 | |||||
| Studio Alice Co. Ltd. | 59,624 | 1,116 | |||||
| FIDEA Holdings Co. Ltd. | 1,083,754 | 1,114 | |||||
| Hisaka Works Ltd. | 134,936 | 1,113 | |||||
| Achilles Corp. | 80,825 | 1,110 | |||||
| Ministop Co. Ltd. | 81,266 | 1,109 | |||||
| Arakawa Chemical Industries Ltd. | 96,278 | 1,104 | |||||
| Nihon Trim Co. Ltd. | 27,300 | 1,103 | |||||
| Nippon Beet Sugar Manufacturing Co. Ltd. | 70,822 | 1,103 | |||||
| Kurimoto Ltd. | 70,113 | 1,092 | |||||
| Torishima Pump Manufacturing Co. Ltd. | 130,328 | 1,092 | |||||
| Toa Corp. | 132,225 | 1,091 | |||||
| ^ | World Holdings Co. Ltd. | 57,291 | 1,091 | ||||
| Chiyoda Integre Co. Ltd. | 64,427 | 1,088 | |||||
| SMK Corp. | 37,119 | 1,087 | |||||
| Warabeya Nichiyo Holdings Co. Ltd. | 78,996 | 1,086 | |||||
| Nihon Nohyaku Co. Ltd. | 221,855 | 1,085 | |||||
| Sanei Architecture Planning Co. Ltd. | 65,601 | 1,083 | |||||
| Toho Co. Ltd. | 59,173 | 1,080 | |||||
| Zuiko Corp. | 97,920 | 1,078 | |||||
| Aeon Fantasy Co. Ltd. | 45,544 | 1,075 | |||||
| Xebio Holdings Co. Ltd. | 134,494 | 1,075 | |||||
40
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
| Shares |
Market
Value ($000) |
||||||
| Taisei Lamick Co. Ltd. | 36,117 | 1,074 | |||||
| Mori Trust Hotel Reit Inc. | 958 | 1,070 | |||||
| Hochiki Corp. | 86,424 | 1,069 | |||||
| ^ | GCA Corp. | 149,558 | 1,066 | ||||
| Godo Steel Ltd. | 56,079 | 1,056 | |||||
| * | Nippon Sharyo Ltd. | 44,911 | 1,052 | ||||
| Hokkaido Gas Co. Ltd. | 70,006 | 1,050 | |||||
| Wowow Inc. | 38,033 | 1,045 | |||||
| Kojima Co. Ltd. | 151,201 | 1,044 | |||||
| FAN Communications Inc. | 256,471 | 1,043 | |||||
| *,^ | Open Door Inc. | 76,284 | 1,031 | ||||
| Samty Residential Investment Corp. | 974 | 1,028 | |||||
| * | RPA Holdings Inc. | 164,847 | 1,025 | ||||
| Tochigi Bank Ltd. | 609,057 | 1,017 | |||||
| Toyo Kanetsu KK | 49,790 | 1,015 | |||||
| Honeys Holdings Co. Ltd. | 99,406 | 1,011 | |||||
| Elematec Corp. | 101,020 | 993 | |||||
| Takaoka Toko Co. Ltd. | 62,022 | 993 | |||||
| Ohara Inc. | 61,687 | 986 | |||||
| JP-Holdings Inc. | 360,632 | 983 | |||||
| * | OSAKA Titanium Technologies Co. Ltd. | 118,003 | 981 | ||||
| * | Mitsuba Corp. | 221,871 | 979 | ||||
| Sankyo Seiko Co. Ltd. | 208,137 | 968 | |||||
| Okura Industrial Co. Ltd. | 52,159 | 966 | |||||
| J Trust Co. Ltd. | 491,937 | 964 | |||||
| Tsutsumi Jewelry Co. Ltd. | 46,523 | 964 | |||||
| ^ | PIA Corp. | 35,338 | 959 | ||||
| Bank of Saga Ltd. | 75,153 | 959 | |||||
| Toa Oil Co. Ltd. | 38,449 | 959 | |||||
| Neturen Co. Ltd. | 208,665 | 955 | |||||
| Fujikura Kasei Co. Ltd. | 179,478 | 955 | |||||
| Ichiyoshi Securities Co. Ltd. | 209,794 | 949 | |||||
| Michinoku Bank Ltd. | 97,413 | 947 | |||||
| Tomoku Co. Ltd. | 57,094 | 946 | |||||
| Aisan Industry Co. Ltd. | 202,476 | 942 | |||||
| Chori Co. Ltd. | 61,953 | 941 | |||||
| I-PEX Inc. | 48,835 | 937 | |||||
| ^ | WATAMI Co. Ltd. | 110,567 | 934 | ||||
| Kanamic Network Co. Ltd. | 130,900 | 918 | |||||
| Tsukuba Bank Ltd. | 509,982 | 915 | |||||
| Krosaki Harima Corp. | 23,787 | 911 | |||||
| NS United Kaiun Kaisha Ltd. | 67,215 | 909 | |||||
| * | Juki Corp. | 176,129 | 903 | ||||
| Hokkan Holdings Ltd. | 66,103 | 898 | |||||
| Pronexus Inc. | 87,917 | 895 | |||||
| TSI Holdings Co. Ltd. | 447,405 | 894 | |||||
| Jimoto Holdings Inc. | 111,715 | 893 | |||||
| Shimojima Co. Ltd. | 63,984 | 893 | |||||
| Kyokuto Securities Co. Ltd. | 132,842 | 889 | |||||
| Kita-Nippon Bank Ltd. | 44,446 | 879 | |||||
| NEC Capital Solutions Ltd. | 47,537 | 872 | |||||
| * | Kourakuen Holdings Corp. | 56,133 | 871 | ||||
| Tv Tokyo Holdings Corp. | 38,913 | 869 | |||||
| Sekisui Kasei Co. Ltd. | 168,360 | 866 | |||||
| Japan Best Rescue System Co. Ltd. | 98,576 | 862 | |||||
| Hakuto Co. Ltd. | 82,362 | 858 | |||||
| Gurunavi Inc. | 167,564 | 851 | |||||
| * | Heroz Inc. | 32,700 | 844 | ||||
| CAC Holdings Corp. | 60,680 | 838 | |||||
| * | COOKPAD Inc. | 274,525 | 829 | ||||
| Hito Communications Holdings Inc. | 60,129 | 827 | |||||
| Shin Nippon Biomedical Laboratories Ltd. | 124,229 | 814 | |||||
| Itoki Corp. | 249,460 | 809 | |||||
| Corona Corp. Class A | 89,691 | 809 | |||||
41
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
| Shares |
Market
Value ($000) |
||||||
| Osaka Steel Co. Ltd. | 67,527 | 804 | |||||
| Chuo Spring Co. Ltd. | 27,263 | 784 | |||||
| Nissin Corp. | 66,345 | 783 | |||||
| Mars Group Holdings Corp. | 51,685 | 779 | |||||
| CMIC Holdings Co. Ltd. | 59,210 | 779 | |||||
| Seika Corp. | 58,117 | 774 | |||||
| ^ | Airtrip Corp. | 62,644 | 760 | ||||
| Central Sports Co. Ltd. | 35,454 | 748 | |||||
| ^ | Airtech Japan Ltd. | 48,200 | 740 | ||||
| Tokyo Rakutenchi Co. Ltd. | 17,452 | 732 | |||||
| Nisso Corp. | 109,300 | 727 | |||||
| Toli Corp. | 300,768 | 721 | |||||
| ^ | Tokyo Individualized Educational Institute Inc. | 121,387 | 719 | ||||
| Artnature Inc. | 111,327 | 705 | |||||
| Yushiro Chemical Industry Co. Ltd. | 64,612 | 694 | |||||
| Inaba Seisakusho Co. Ltd. | 51,448 | 693 | |||||
| Maezawa Kasei Industries Co. Ltd. | 72,358 | 686 | |||||
| Nippon Coke & Engineering Co. Ltd. | 787,278 | 680 | |||||
| Ateam Inc. | 63,015 | 657 | |||||
| Kitano Construction Corp. | 27,091 | 657 | |||||
| Meiko Network Japan Co. Ltd. | 119,294 | 639 | |||||
| *,^ | KNT-CT Holdings Co. Ltd. | 69,863 | 638 | ||||
| *,^ | Fujita Kanko Inc. | 46,051 | 637 | ||||
| Gun-Ei Chemical Industry Co. Ltd. | 27,199 | 621 | |||||
| Kitagawa Corp. | 47,870 | 618 | |||||
| Sac's Bar Holdings Inc. | 116,961 | 614 | |||||
| Kasai Kogyo Co. Ltd. | 162,017 | 594 | |||||
| Takihyo Co. Ltd. | 32,385 | 593 | |||||
| Chuetsu Pulp & Paper Co. Ltd. | 50,703 | 593 | |||||
| Kato Works Co. Ltd. | 61,446 | 575 | |||||
| Gecoss Corp. | 61,164 | 569 | |||||
| *,^ | Akebono Brake Industry Co. Ltd. | 463,971 | 563 | ||||
| Takamiya Co. Ltd. | 109,775 | 560 | |||||
| * | Gunosy Inc. | 79,800 | 553 | ||||
| Taiho Kogyo Co. Ltd. | 77,263 | 538 | |||||
| Japan Cash Machine Co. Ltd. | 97,177 | 500 | |||||
| ^ | Daisyo Corp. | 51,616 | 492 | ||||
| Cleanup Corp. | 104,814 | 487 | |||||
| Mitsubishi Paper Mills Ltd. | 160,325 | 485 | |||||
| * | Tokyo Base Co. Ltd. | 93,810 | 483 | ||||
| Airport Facilities Co. Ltd. | 101,608 | 469 | |||||
| * | CHIMNEY Co. Ltd. | 38,732 | 436 | ||||
| Nakayama Steel Works Ltd. | 107,585 | 400 | |||||
| Linical Co. Ltd. | 56,843 | 390 | |||||
| ^ | Yomiuri Land Co. Ltd. | 6,588 | 385 | ||||
| *,^ | Right On Co. Ltd. | 63,885 | 379 | ||||
| Daikoku Denki Co. Ltd. | 43,834 | 367 | |||||
| Jamco Corp. | 59,211 | 357 | |||||
| Paris Miki Holdings Inc. | 120,822 | 337 | |||||
| * | Funai Electric Co. Ltd. | 82,615 | 328 | ||||
| * | Tateru Inc. | 186,055 | 318 | ||||
| *,^ | Laox Co. Ltd. | 137,705 | 243 | ||||
| 30,777,274 | |||||||
| Netherlands (3.2%) | |||||||
| ASML Holding NV | 2,553,323 | 1,236,268 | |||||
| *,1 | Adyen NV | 171,276 | 397,969 | ||||
| Koninklijke Philips NV | 5,820,297 | 313,527 | |||||
| Prosus NV | 2,765,536 | 298,621 | |||||
| * | ING Groep NV | 24,989,103 | 232,346 | ||||
| Koninklijke Ahold Delhaize NV | 6,866,883 | 193,725 | |||||
| Koninklijke DSM NV | 1,104,738 | 189,984 | |||||
| Heineken NV | 1,523,476 | 169,579 | |||||
| Wolters Kluwer NV | 1,706,256 | 143,796 | |||||
| Akzo Nobel NV | 1,224,081 | 131,387 | |||||
42
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
43
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
| Shares |
Market
Value ($000) |
||||||
| Kiwi Property Group Ltd. | 9,911,801 | 8,721 | |||||
| Precinct Properties New Zealand Ltd. | 6,820,950 | 8,648 | |||||
| Genesis Energy Ltd. | 3,263,004 | 8,530 | |||||
| Freightways Ltd. | 1,014,305 | 7,354 | |||||
| * | Z Energy Ltd. | 2,988,173 | 6,893 | ||||
| * | Pushpay Holdings Ltd. | 4,672,200 | 6,100 | ||||
| Argosy Property Ltd. | 5,244,917 | 6,008 | |||||
| Vital Healthcare Property Trust | 2,398,949 | 5,655 | |||||
| Vector Ltd. | 1,627,873 | 4,984 | |||||
| Arvida Group Ltd. | 3,449,298 | 4,453 | |||||
| * | Air New Zealand Ltd. | 3,199,869 | 4,159 | ||||
| * | Kathmandu Holdings Ltd. | 3,679,694 | 3,399 | ||||
| Heartland Group Holdings Ltd. | 2,588,509 | 3,101 | |||||
| Scales Corp. Ltd. | 708,096 | 2,541 | |||||
| Oceania Healthcare Ltd. | 2,262,103 | 2,368 | |||||
| * | Synlait Milk Ltd. | 615,907 | 2,316 | ||||
| * | Tourism Holdings Ltd. | 941,344 | 1,765 | ||||
| * | Restaurant Brands New Zealand Ltd. | 196,945 | 1,636 | ||||
| * | Vista Group International Ltd. | 1,324,652 | 1,605 | ||||
| * | SKY Network Television Ltd. | 10,889,596 | 1,263 | ||||
| * | New Zealand Refining Co. Ltd. | 1,207,954 | 478 | ||||
| 525,034 | |||||||
| Norway (0.7%) | |||||||
| * | DNB ASA | 6,561,272 | 128,572 | ||||
| Equinor ASA | 6,156,183 | 103,895 | |||||
| Telenor ASA | 4,002,806 | 67,947 | |||||
| Mowi ASA | 2,722,291 | 60,781 | |||||
| Orkla ASA | 4,877,228 | 49,516 | |||||
| Yara International ASA | 1,100,043 | 45,636 | |||||
| Norsk Hydro ASA | 8,538,652 | 39,740 | |||||
| TOMRA Systems ASA | 746,892 | 36,744 | |||||
| 1 | Scatec ASA | 732,121 | 29,156 | ||||
| * | NEL ASA | 8,521,387 | 28,834 | ||||
| * | Adevinta ASA Class B | 1,438,473 | 24,181 | ||||
| 1 | Entra ASA | 1,065,364 | 24,163 | ||||
| Gjensidige Forsikring ASA | 1,060,276 | 23,665 | |||||
| * | Bakkafrost P/F | 328,582 | 23,459 | ||||
| * | Storebrand ASA | 2,986,031 | 22,369 | ||||
| * | Schibsted ASA Class B | 600,128 | 22,277 | ||||
| * | Schibsted ASA Class A | 512,417 | 21,839 | ||||
| Salmar ASA | 331,855 | 19,444 | |||||
| Aker BP ASA | 690,597 | 17,426 | |||||
| * | Nordic Semiconductor ASA | 986,389 | 15,847 | ||||
| * | Subsea 7 SA | 1,501,357 | 15,426 | ||||
| * | SpareBank 1 SR-Bank ASA | 1,140,591 | 12,111 | ||||
| Leroy Seafood Group ASA | 1,646,712 | 11,618 | |||||
| TGS NOPEC Geophysical Co. ASA | 727,247 | 11,275 | |||||
| Borregaard ASA | 634,007 | 10,496 | |||||
| Kongsberg Gruppen ASA | 486,428 | 10,007 | |||||
| Aker ASA | 152,909 | 9,985 | |||||
| SpareBank 1 SMN | 831,523 | 9,464 | |||||
| Veidekke ASA | 696,470 | 9,013 | |||||
| * | Norwegian Finans Holding ASA | 995,268 | 8,511 | ||||
| Atea ASA | 526,421 | 7,458 | |||||
| Austevoll Seafood ASA | 574,687 | 5,869 | |||||
| 1 | Elkem ASA | 1,570,232 | 5,206 | ||||
| *,1 | Sbanken ASA | 529,682 | 4,257 | ||||
| Frontline Ltd. | 575,875 | 3,650 | |||||
| * | Bonheur ASA | 127,942 | 3,614 | ||||
| * | Grieg Seafood ASA | 351,204 | 3,481 | ||||
| 1 | BW LPG Ltd. | 503,327 | 3,471 | ||||
| BW Offshore Ltd. | 579,556 | 2,552 | |||||
| * | DNO ASA | 3,102,533 | 2,477 | ||||
| Norway Royal Salmon ASA | 94,160 | 2,352 | |||||
44
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
| Shares |
Market
Value ($000) |
||||||
| Sparebank 1 Oestlandet | 191,832 | 2,186 | |||||
| Stolt-Nielsen Ltd. | 167,240 | 2,141 | |||||
| * | Wallenius Wilhelmsen ASA | 658,747 | 1,788 | ||||
| * | BW Energy Ltd. | 379,908 | 1,217 | ||||
| Ocean Yield ASA | 309,324 | 958 | |||||
| 966,074 | |||||||
| Poland (0.3%) | |||||||
| *,1 | Allegro.eu SA | 1,979,210 | 44,875 | ||||
| * | KGHM Polska Miedz SA | 872,368 | 42,973 | ||||
| * | Powszechna Kasa Oszczednosci Bank Polski SA | 5,444,469 | 42,028 | ||||
| * | Powszechny Zaklad Ubezpieczen SA | 3,578,029 | 31,085 | ||||
| Polski Koncern Naftowy ORLEN SA | 1,982,376 | 30,690 | |||||
| *,^ | CD Projekt SA | 399,624 | 29,468 | ||||
| *,1 | Dino Polska SA | 307,134 | 23,819 | ||||
| Polskie Gornictwo Naftowe i Gazownictwo SA | 11,078,578 | 16,542 | |||||
| * | Bank Polska Kasa Opieki SA | 1,000,653 | 16,436 | ||||
| Cyfrowy Polsat SA | 1,705,421 | 13,905 | |||||
| * | LPP SA | 5,371 | 11,957 | ||||
| * | Santander Bank Polska SA | 190,200 | 9,460 | ||||
| * | PGE Polska Grupa Energetyczna SA | 4,714,915 | 8,240 | ||||
| * | Orange Polska SA | 4,204,916 | 7,454 | ||||
| Grupa Lotos SA | 623,515 | 6,922 | |||||
| Asseco Poland SA | 361,521 | 6,594 | |||||
| Kernel Holding SA | 335,611 | 4,437 | |||||
| * | CCC SA | 186,283 | 4,379 | ||||
| * | Tauron Polska Energia SA | 5,924,301 | 4,330 | ||||
| * | mBank SA | 81,502 | 3,932 | ||||
| * | KRUK SA | 102,587 | 3,887 | ||||
| * | Bank Millennium SA | 3,948,670 | 3,460 | ||||
| *,^ | AmRest Holdings SE | 455,872 | 3,384 | ||||
| * | Alior Bank SA | 593,698 | 2,700 | ||||
| * | Enea SA | 1,353,889 | 2,383 | ||||
| *,^ | Jastrzebska Spolka Weglowa SA | 339,136 | 2,369 | ||||
| * | Grupa Azoty SA | 285,751 | 2,108 | ||||
| Warsaw Stock Exchange | 167,697 | 2,055 | |||||
| * | Eurocash SA | 521,356 | 1,962 | ||||
| * | Bank Handlowy w Warszawie SA | 205,215 | 1,936 | ||||
| * | Ciech SA | 158,367 | 1,369 | ||||
| 387,139 | |||||||
| Portugal (0.2%) | |||||||
| EDP - Energias de Portugal SA | 17,994,035 | 112,940 | |||||
| Galp Energia SGPS SA | 3,291,083 | 34,874 | |||||
| EDP Renovaveis SA | 971,625 | 26,913 | |||||
| Jeronimo Martins SGPS SA | 1,556,317 | 26,161 | |||||
| * | Banco Comercial Portugues SA | 49,017,625 | 7,364 | ||||
| REN - Redes Energeticas Nacionais SGPS SA | 2,486,971 | 7,166 | |||||
| Sonae SGPS SA | 6,078,737 | 4,872 | |||||
| Nos Sgps SA | 1,395,281 | 4,851 | |||||
| Navigator Co. SA | 1,581,141 | 4,800 | |||||
| Corticeira Amorim SGPS SA | 213,095 | 3,019 | |||||
| Altri SGPS SA | 458,666 | 2,885 | |||||
| * | CTT-Correios de Portugal SA | 953,283 | 2,721 | ||||
| Semapa-Sociedade de Investimento e Gestao | 155,718 | 1,706 | |||||
| *,^ | Mota-Engil SGPS SA | 502,250 | 835 | ||||
| * | Banco Espirito Santo SA | 10,412,510 | — | ||||
| 241,107 | |||||||
| Singapore (1.0%) | |||||||
| DBS Group Holdings Ltd. | 11,434,119 | 216,685 | |||||
| Oversea-Chinese Banking Corp. Ltd. | 22,375,155 | 170,510 | |||||
| United Overseas Bank Ltd. | 8,211,478 | 139,960 | |||||
| Singapore Telecommunications Ltd. | 47,538,389 | 83,009 | |||||
| Wilmar International Ltd. | 13,540,198 | 47,673 | |||||
| Ascendas REIT | 20,886,256 | 47,150 | |||||
45
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
| Shares |
Market
Value ($000) |
||||||
| CapitaLand Integrated Commercial Trust | 27,837,954 | 45,527 | |||||
| CapitaLand Ltd. | 16,430,629 | 40,769 | |||||
| Keppel Corp. Ltd. | 9,165,980 | 37,327 | |||||
| Singapore Exchange Ltd. | 5,248,080 | 36,862 | |||||
| Singapore Technologies Engineering Ltd. | 9,772,526 | 28,282 | |||||
| Mapletree Logistics Trust | 17,644,604 | 26,854 | |||||
| * | Singapore Airlines Ltd. | 8,144,856 | 26,428 | ||||
| Venture Corp. Ltd. | 1,661,040 | 24,424 | |||||
| Genting Singapore Ltd. | 37,004,848 | 23,833 | |||||
| Mapletree Industrial Trust | 10,428,373 | 22,827 | |||||
| Mapletree Commercial Trust | 13,955,936 | 22,497 | |||||
| UOL Group Ltd. | 3,132,137 | 18,264 | |||||
| City Developments Ltd. | 2,991,974 | 18,036 | |||||
| Frasers Logistics & Commercial Trust | 16,611,000 | 17,756 | |||||
| ComfortDelGro Corp. Ltd. | 13,167,958 | 16,685 | |||||
| Keppel DC REIT | 7,729,366 | 16,459 | |||||
| Suntec REIT | 13,225,566 | 14,916 | |||||
| NetLink NBN Trust | 18,768,528 | 13,718 | |||||
| Frasers Centrepoint Trust | 6,816,420 | 12,687 | |||||
| * | SATS Ltd. | 4,045,801 | 12,207 | ||||
| Mapletree North Asia Commercial Trust | 14,372,083 | 10,546 | |||||
| Keppel REIT | 12,400,632 | 10,504 | |||||
| Keppel Infrastructure Trust | 22,906,194 | 9,454 | |||||
| Jardine Cycle & Carriage Ltd. | 628,391 | 9,310 | |||||
| Ascott Residence Trust | 11,376,505 | 9,294 | |||||
| Singapore Press Holdings Ltd. | 10,245,083 | 8,764 | |||||
| Sembcorp Industries Ltd. | 5,802,011 | 7,504 | |||||
| Parkway Life REIT | 2,462,430 | 7,213 | |||||
| Manulife US REIT | 9,071,401 | 6,751 | |||||
| Hutchison Port Holdings Trust | 32,824,316 | 6,504 | |||||
| Ascendas India Trust | 5,442,200 | 5,682 | |||||
| CapitaLand Retail China Trust | 4,962,094 | 5,228 | |||||
| Singapore Post Ltd. | 9,505,059 | 5,079 | |||||
| Golden Agri-Resources Ltd. | 41,410,523 | 4,981 | |||||
| * | Sembcorp Marine Ltd. | 45,631,049 | 4,946 | ||||
| Cromwell European REIT | 8,415,800 | 4,944 | |||||
| CDL Hospitality Trusts | 5,003,414 | 4,809 | |||||
| Olam International Ltd. | 3,994,900 | 4,628 | |||||
| Raffles Medical Group Ltd. | 6,045,012 | 4,552 | |||||
| ESR-REIT | 14,910,532 | 4,461 | |||||
| OUE Commercial REIT | 13,780,332 | 4,018 | |||||
| StarHub Ltd. | 3,641,616 | 3,607 | |||||
| AIMS APAC REIT | 3,775,300 | 3,576 | |||||
| Wing Tai Holdings Ltd. | 2,390,153 | 3,524 | |||||
| Starhill Global REIT | 8,899,092 | 3,400 | |||||
| Keppel Pacific Oak US REIT | 4,906,700 | 3,393 | |||||
| AEM Holdings Ltd. | 1,287,000 | 3,364 | |||||
| ARA LOGOS Logistics Trust | 7,176,719 | 3,315 | |||||
| Sheng Siong Group Ltd. | 2,719,065 | 3,190 | |||||
| First Resources Ltd. | 3,272,927 | 3,175 | |||||
| Lendlease Global Commercial REIT | 5,584,600 | 3,083 | |||||
| Far East Hospitality Trust | 6,274,210 | 2,946 | |||||
| Prime US REIT | 3,691,978 | 2,923 | |||||
| Soilbuild Business Space REIT | 6,497,456 | 2,632 | |||||
| SPH REIT | 4,060,209 | 2,597 | |||||
| SIA Engineering Co. Ltd. | 1,493,128 | 2,228 | |||||
| Frasers Property Ltd. | 2,279,058 | 2,138 | |||||
| Frasers Hospitality Trust | 5,218,692 | 2,072 | |||||
| Sabana Shari'ah Compliant Industrial REIT | 6,155,301 | 1,653 | |||||
| * | Yoma Strategic Holdings Ltd. | 7,510,568 | 1,651 | ||||
| § | Best World International Ltd. | 1,646,200 | 1,617 | ||||
| * | Thomson Medical Group Ltd. | 42,110,700 | 1,594 | ||||
| * | COSCO Shipping International Singapore Co. Ltd. | 6,207,100 | 1,316 | ||||
| Asian Pay Television Trust | 11,559,936 | 1,042 | |||||
46
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
47
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
| Shares |
Market
Value ($000) |
||||||
| CJ CheilJedang Corp. | 50,013 | 17,566 | |||||
| Hyundai Steel Co. | 477,298 | 17,444 | |||||
| E-MART Inc. | 124,073 | 17,326 | |||||
| LG Chem Ltd. Preference Shares | 48,992 | 17,247 | |||||
| Hankook Tire & Technology Co. Ltd. | 474,111 | 17,225 | |||||
| * | Doosan Heavy Industries & Construction Co. Ltd. | 1,371,263 | 17,117 | ||||
| Hyundai Heavy Industries Holdings Co. Ltd. | 64,574 | 16,884 | |||||
| S-Oil Corp. | 260,212 | 16,590 | |||||
| Seegene Inc. | 91,198 | 16,230 | |||||
| Hyundai Engineering & Construction Co. Ltd. | 463,203 | 15,995 | |||||
| Hanmi Pharm Co. Ltd. | 46,774 | 15,806 | |||||
| Orion Corp. | 137,242 | 15,673 | |||||
| * | SK Biopharmaceuticals Co. Ltd. | 100,211 | 15,622 | ||||
| Hanon Systems | 1,030,210 | 15,424 | |||||
| LG Innotek Co. Ltd. | 89,696 | 15,108 | |||||
| Samsung Securities Co. Ltd. | 402,156 | 15,004 | |||||
| Kumho Petrochemical Co. Ltd. | 111,342 | 14,897 | |||||
| Hotel Shilla Co. Ltd. | 196,257 | 14,889 | |||||
| LG Uplus Corp. | 1,370,812 | 14,844 | |||||
| Kangwon Land Inc. | 677,657 | 14,683 | |||||
| * | Korean Air Lines Co. Ltd. | 559,737 | 14,049 | ||||
| *,^ | KMW Co. Ltd. | 183,541 | 13,646 | ||||
| ^ | SK Telecom Co. Ltd. ADR | 554,580 | 13,576 | ||||
| * | Genexine Inc. | 115,790 | 13,292 | ||||
| Fila Holdings Corp. | 327,261 | 13,198 | |||||
| *,1 | Netmarble Corp. | 108,828 | 13,193 | ||||
| Daelim Industrial Co. Ltd. | 172,381 | 13,079 | |||||
| POSCO Chemical Co. Ltd. | 136,019 | 13,060 | |||||
| GS Engineering & Construction Corp. | 371,352 | 12,942 | |||||
| Green Cross Corp. | 34,361 | 12,865 | |||||
| * | Samsung Engineering Co. Ltd. | 997,880 | 12,201 | ||||
| Industrial Bank of Korea | 1,472,760 | 12,010 | |||||
| Hyundai Motor Co. Preference Shares | 140,890 | 11,509 | |||||
| DB Insurance Co. Ltd. | 285,104 | 11,490 | |||||
| Mando Corp. | 209,754 | 11,379 | |||||
| GS Holdings Corp. | 325,465 | 11,261 | |||||
| LG Electronics Inc. Preference Shares | 187,500 | 11,038 | |||||
| Douzone Bizon Co. Ltd. | 114,612 | 10,981 | |||||
| ^ | Hanjin Kal Corp. | 188,457 | 10,956 | ||||
| DB HiTek Co. Ltd. | 227,263 | 10,676 | |||||
| SKC Co. Ltd. | 120,023 | 10,407 | |||||
| * | OCI Co. Ltd. | 116,595 | 9,997 | ||||
| SK Materials Co. Ltd. | 29,851 | 9,840 | |||||
| Shinsegae Inc. | 44,291 | 9,783 | |||||
| Korea Aerospace Industries Ltd. | 409,171 | 9,732 | |||||
| BNK Financial Group Inc. | 1,857,101 | 9,729 | |||||
| Chong Kun Dang Pharmaceutical Corp. | 46,462 | 9,697 | |||||
| S-1 Corp. | 121,964 | 9,550 | |||||
| Hansol Chemical Co. Ltd. | 52,466 | 9,513 | |||||
| *,^ | Pearl Abyss Corp. | 39,028 | 9,358 | ||||
| AMOREPACIFIC Group | 183,558 | 9,288 | |||||
| * | WONIK IPS Co. Ltd. | 223,922 | 9,138 | ||||
| * | Oscotec Inc. | 149,570 | 9,051 | ||||
| LG Household & Health Care Ltd. Preference Shares | 13,474 | 8,913 | |||||
| Com2uSCorp | 60,102 | 8,830 | |||||
| * | MedPacto Inc. | 80,182 | 8,710 | ||||
| NH Investment & Securities Co. Ltd. | 809,276 | 8,434 | |||||
| KIWOOM Securities Co. Ltd. | 71,991 | 8,410 | |||||
| Ecopro BM Co. Ltd. | 53,146 | 8,344 | |||||
| Cheil Worldwide Inc. | 437,985 | 8,321 | |||||
| * | Hanall Biopharma Co. Ltd. | 234,741 | 8,124 | ||||
| Hyundai Marine & Fire Insurance Co. Ltd. | 382,953 | 8,029 | |||||
| CJ ENM Co. Ltd. | 61,140 | 7,874 | |||||
| * | Daewoo Shipbuilding & Marine Engineering Co. Ltd. | 306,091 | 7,742 | ||||
48
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
| Shares |
Market
Value ($000) |
||||||
| * | Doosan Fuel Cell Co. Ltd. | 156,063 | 7,705 | ||||
| Koh Young Technology Inc. | 76,567 | 7,408 | |||||
| LS Corp. | 110,451 | 7,277 | |||||
| * | CJ Logistics Corp. | 47,068 | 7,179 | ||||
| L&F Co. Ltd. | 108,140 | 7,136 | |||||
| HDC Hyundai Development Co-Engineering & Construction | 296,288 | 7,129 | |||||
| LEENO Industrial Inc. | 57,306 | 7,127 | |||||
| CJ Corp. | 82,302 | 6,987 | |||||
| * | Hugel Inc. | 39,498 | 6,833 | ||||
| Lotte Shopping Co. Ltd. | 71,523 | 6,764 | |||||
| Hanwha Corp. | 258,948 | 6,763 | |||||
| Green Cross Holdings Corp. | 175,396 | 6,712 | |||||
| * | Soulbrain Co. Ltd. | 26,662 | 6,698 | ||||
| * | Cellivery Therapeutics Inc. | 38,515 | 6,686 | ||||
| * | LegoChem Biosciences Inc. | 103,183 | 6,676 | ||||
| Meritz Securities Co. Ltd. | 1,876,252 | 6,344 | |||||
| Bukwang Pharmaceutical Co. Ltd. | 242,939 | 6,298 | |||||
| Dongjin Semichem Co. Ltd. | 185,654 | 6,256 | |||||
| *,^ | Doosan Infracore Co. Ltd. | 856,146 | 6,255 | ||||
| Dongsuh Cos. Inc. | 198,861 | 6,222 | |||||
| Hanmi Science Co. ltd | 88,659 | 6,220 | |||||
| * | HLB Life Science Co. Ltd. | 247,522 | 6,211 | ||||
| Sam Chun Dang Pharm Co. Ltd. | 81,762 | 6,197 | |||||
| Daewoong Co. Ltd. | 133,405 | 6,192 | |||||
| ^ | Hyundai Department Store Co. Ltd. | 93,692 | 6,173 | ||||
| DGB Financial Group Inc. | 980,555 | 6,144 | |||||
| JYP Entertainment Corp. | 172,518 | 6,110 | |||||
| Hanssem Co. Ltd. | 60,782 | 5,856 | |||||
| Samsung Card Co. Ltd. | 193,333 | 5,786 | |||||
| * | Hanwha Aerospace Co. Ltd. | 219,695 | 5,774 | ||||
| Hyundai Mipo Dockyard Co. Ltd. | 129,152 | 5,719 | |||||
| Eo Technics Co. Ltd. | 52,856 | 5,705 | |||||
| *,^ | Helixmith Co. Ltd. | 185,602 | 5,653 | ||||
| Hite Jinro Co. Ltd. | 192,380 | 5,649 | |||||
| LS Electric Co. Ltd. | 96,560 | 5,621 | |||||
| LOTTE Fine Chemical Co. Ltd. | 110,066 | 5,602 | |||||
| Youngone Corp. | 191,574 | 5,600 | |||||
| NongShim Co. Ltd. | 20,201 | 5,584 | |||||
| * | Hyundai Bioscience Co. Ltd. | 204,778 | 5,515 | ||||
| * | Pan Ocean Co. Ltd. | 1,188,041 | 5,498 | ||||
| KCC Corp. | 29,905 | 5,445 | |||||
| Lotte Corp. | 166,709 | 5,423 | |||||
| GS Retail Co. Ltd. | 170,730 | 5,421 | |||||
| * | ST Pharm Co. Ltd. | 56,360 | 5,391 | ||||
| * | Pharmicell Co. Ltd. | 334,941 | 5,345 | ||||
| Ecopro Co. Ltd. | 116,383 | 5,340 | |||||
| Hyundai Elevator Co. Ltd. | 145,736 | 5,333 | |||||
| NHN KCP Corp. | 82,991 | 5,238 | |||||
| GeneOne Life Science Inc. | 260,695 | 5,185 | |||||
| * | Daewoo Engineering & Construction Co. Ltd. | 1,119,926 | 5,147 | ||||
| Ilyang Pharmaceutical Co. Ltd. | 84,313 | 5,117 | |||||
| Iljin Materials Co. Ltd. | 108,101 | 5,077 | |||||
| * | Mezzion Pharma Co. Ltd. | 31,220 | 5,061 | ||||
| Hyundai Wia Corp. | 100,436 | 4,961 | |||||
| BGF retail Co. Ltd. | 39,654 | 4,954 | |||||
| * | Chabiotech Co. Ltd. | 266,988 | 4,936 | ||||
| * | GemVax & Kael Co. Ltd. | 223,298 | 4,922 | ||||
| NICE Information Service Co. Ltd. | 214,277 | 4,901 | |||||
| * | Hyundai Rotem Co. Ltd. | 306,941 | 4,871 | ||||
| Meritz Fire & Marine Insurance Co. Ltd. | 360,726 | 4,854 | |||||
| * | Ace Technologies Corp. | 190,224 | 4,760 | ||||
| JB Financial Group Co. Ltd. | 913,332 | 4,747 | |||||
| Zinus Inc. | 49,502 | 4,701 | |||||
| Korea Gas Corp. | 160,876 | 4,583 | |||||
49
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
| Shares |
Market
Value ($000) |
||||||
| Daewoong Pharmaceutical Co. Ltd. | 29,479 | 4,484 | |||||
| Chunbo Co. Ltd. | 26,630 | 4,483 | |||||
| Medytox Inc. | 27,731 | 4,478 | |||||
| Kolmar Korea Co. Ltd. | 94,740 | 4,447 | |||||
| Seoul Semiconductor Co. Ltd. | 234,590 | 4,443 | |||||
| Kolon Industries Inc. | 116,980 | 4,429 | |||||
| Ottogi Corp. | 8,297 | 4,412 | |||||
| * | ABLBio Inc. | 151,322 | 4,343 | ||||
| Hanjin Transportation Co. Ltd. | 97,572 | 4,300 | |||||
| NEPES Corp. | 109,363 | 4,282 | |||||
| Posco International Corp. | 318,532 | 4,273 | |||||
| * | Korea Electric Power Corp. ADR | 346,074 | 4,246 | ||||
| Doosan Bobcat Inc. | 154,223 | 4,223 | |||||
| * | NHN Corp. | 61,113 | 4,204 | ||||
| ^ | Paradise Co. Ltd. | 295,449 | 4,168 | ||||
| DongKook Pharmaceutical Co. Ltd. | 154,541 | 4,165 | |||||
| IS Dongseo Co. Ltd. | 84,553 | 4,163 | |||||
| * | Enzychem Lifesciences Corp. | 42,247 | 4,103 | ||||
| Ssangyong Cement Industrial Co. Ltd. | 655,471 | 4,037 | |||||
| * | iNtRON Biotechnology Inc. | 156,882 | 4,033 | ||||
| SFA Engineering Corp. | 112,769 | 4,013 | |||||
| ^ | Innocean Worldwide Inc. | 72,966 | 4,007 | ||||
| * | Yungjin Pharmaceutical Co. Ltd. | 540,062 | 4,004 | ||||
| SK Discovery Co. Ltd. | 65,752 | 3,990 | |||||
| Cosmax Inc. | 43,266 | 3,970 | |||||
| * | CrystalGenomics Inc. | 239,995 | 3,963 | ||||
| ^ | RFHIC Corp. | 95,183 | 3,915 | ||||
| Hyosung Corp. | 55,300 | 3,896 | |||||
| Mirae Asset Daewoo Co. Ltd. Preference Shares | 924,536 | 3,889 | |||||
| Hanwha Life Insurance Co. Ltd. | 1,718,517 | 3,870 | |||||
| Amorepacific Corp. Preference Shares | 67,653 | 3,867 | |||||
| * | Amicogen Inc. | 108,603 | 3,848 | ||||
| SK Networks Co. Ltd. | 857,988 | 3,839 | |||||
| Korean Reinsurance Co. | 527,226 | 3,833 | |||||
| *,^,§ | SillaJen Inc. | 340,708 | 3,795 | ||||
| * | TY Holdings Co. Ltd. | 148,140 | 3,785 | ||||
| Korea Petrochemical Ind Co. Ltd. | 17,776 | 3,772 | |||||
| S&S Tech Corp. | 92,969 | 3,729 | |||||
| Hyosung TNC Co. Ltd. | 19,098 | 3,717 | |||||
| * | Binex Co. Ltd. | 150,978 | 3,699 | ||||
| KEPCO Plant Service & Engineering Co. Ltd. | 133,132 | 3,644 | |||||
| * | CMG Pharmaceutical Co. Ltd. | 675,393 | 3,602 | ||||
| *,^ | G-treeBNT Co. Ltd. | 132,900 | 3,576 | ||||
| Foosung Co. Ltd. | 319,784 | 3,483 | |||||
| LG International Corp. | 150,614 | 3,431 | |||||
| * | Solus Advanced Materials Co. Ltd. | 74,878 | 3,421 | ||||
| * | Webzen Inc. | 104,573 | 3,338 | ||||
| * | Studio Dragon Corp. | 38,537 | 3,289 | ||||
| Sebang Global Battery Co. Ltd. | 51,267 | 3,248 | |||||
| F&F Co. Ltd. | 41,471 | 3,227 | |||||
| Samsung Fire & Marine Insurance Co. Ltd. Preference Shares | 24,411 | 3,217 | |||||
| Huchems Fine Chemical Corp. | 135,815 | 3,212 | |||||
| * | NKMax Co. Ltd. | 164,891 | 3,196 | ||||
| *,^ | Hana Tour Service Inc. | 61,267 | 3,163 | ||||
| Poongsan Corp. | 122,471 | 3,158 | |||||
| DoubleUGames Co. Ltd. | 56,819 | 3,155 | |||||
| Tokai Carbon Korea Co. Ltd. | 27,270 | 3,148 | |||||
| Daou Technology Inc. | 153,386 | 3,098 | |||||
| * | SM Entertainment Co. Ltd. | 112,569 | 3,089 | ||||
| * | CJ CGV Co. Ltd. | 131,335 | 3,054 | ||||
| * | Osstem Implant Co. Ltd. | 64,789 | 3,046 | ||||
| Silicon Works Co. Ltd. | 56,543 | 3,032 | |||||
| Daesang Corp. | 125,871 | 3,025 | |||||
| BH Co. Ltd. | 148,468 | 3,009 | |||||
50
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
|
Shares |
Market
|
|||||
| * | Medipost Co. Ltd. | 92,491 | 2,951 | |||
| * | Kumho Tire Co. Inc. | 845,316 | 2,943 | |||
| PI Advanced Materials Co. Ltd. | 85,604 | 2,922 | ||||
| * | YG Entertainment Inc. | 69,987 | 2,885 | |||
| *,^ | Hyosung Advanced Materials Corp. | 20,372 | 2,803 | |||
| * | Lotte Tour Development Co. Ltd. | 202,596 | 2,803 | |||
| *,^ | Komipharm International Co. Ltd. | 225,822 | 2,801 | |||
| Samwha Capacitor Co. Ltd. | 45,867 | 2,789 | ||||
| Daishin Securities Co. Ltd. | 232,151 | 2,783 | ||||
| Jeil Pharmaceutical Co. Ltd. | 48,063 | 2,776 | ||||
| * | Dongkuk Steel Mill Co. Ltd. | 365,345 | 2,735 | |||
| LG Hausys Ltd. | 37,993 | 2,731 | ||||
| LOTTE Reit Co. Ltd. | 548,324 | 2,702 | ||||
| Ahnlab Inc. | 38,362 | 2,696 | ||||
| ^ | Mcnex Co. Ltd. | 72,092 | 2,687 | |||
| *,§ | Asiana Airlines Inc. | 216,270 | 2,676 | |||
| *,^ | Naturecell Co. Ltd. | 282,318 | 2,668 | |||
| ^ | JW Pharmaceutical Corp. | 82,170 | 2,659 | |||
| Eugene Technology Co. Ltd. | 86,278 | 2,655 | ||||
| Hyundai Greenfood Co. Ltd. | 327,534 | 2,645 | ||||
| Hyundai Home Shopping Network Corp. | 34,732 | 2,613 | ||||
| Taekwang Industrial Co. Ltd. | 3,505 | 2,587 | ||||
| Samyang Holdings Corp. | 37,387 | 2,566 | ||||
| AfreecaTV Co. Ltd. | 45,953 | 2,563 | ||||
| * | Telcon RF Pharmaceutical Inc. | 453,804 | 2,534 | |||
| * | SFA Semicon Co. Ltd. | 474,580 | 2,524 | |||
| * | AbClon Inc. | 74,682 | 2,513 | |||
| * | JR Reit XXVII | 525,937 | 2,499 | |||
| Korea Electric Terminal Co. Ltd. | 43,419 | 2,490 | ||||
| Partron Co. Ltd. | 239,406 | 2,475 | ||||
| OptoElectronics Solutions Co. Ltd. | 47,743 | 2,460 | ||||
| * | Kuk-il Paper Manufacturing Co. Ltd. | 513,055 | 2,459 | |||
| * | Hyosung Heavy Industries Corp. | 42,636 | 2,448 | |||
| L&C Bio Co. Ltd. | 76,956 | 2,448 | ||||
| Handsome Co. Ltd. | 87,730 | 2,446 | ||||
| ^ | Dawonsys Co. Ltd. | 129,199 | 2,432 | |||
| HDC Holdings Co. Ltd. | 235,933 | 2,403 | ||||
| Daeduck Electronics Co. Ltd. | 206,053 | 2,396 | ||||
| * | Duk San Neolux Co. Ltd. | 74,443 | 2,393 | |||
| TES Co. Ltd. | 87,029 | 2,380 | ||||
| Posco ICT Co. Ltd. | 326,875 | 2,336 | ||||
| GS Home Shopping Inc. | 17,928 | 2,299 | ||||
| * | ITM Semiconductor Co. Ltd. | 43,798 | 2,297 | |||
| Dong-A ST Co. Ltd. | 28,071 | 2,291 | ||||
| * | Hyundai Construction Equipment Co. Ltd. | 75,533 | 2,284 | |||
| Chongkundang Holdings Corp. | 19,363 | 2,276 | ||||
| NICE Holdings Co. Ltd. | 126,639 | 2,270 | ||||
| Lotte Chilsung Beverage Co. Ltd. | 22,662 | 2,265 | ||||
| Shinsegae International Inc. | 15,090 | 2,247 | ||||
| Huons Co. Ltd. | 39,160 | 2,234 | ||||
| Dong-A Socio Holdings Co. Ltd. | 19,253 | 2,174 | ||||
| * | DIO Corp. | 73,924 | 2,158 | |||
| * | Eutilex Co. Ltd. | 62,134 | 2,156 | |||
| * | Hyundai Electric & Energy System Co. Ltd. | 140,669 | 2,129 | |||
| LOTTE Himart Co. Ltd. | 73,816 | 2,121 | ||||
| S&T Motiv Co. Ltd. | 46,362 | 2,111 | ||||
| * | Cafe24 Corp. | 35,463 | 2,077 | |||
| Hankook Technology Group Co. Ltd. | 153,497 | 2,075 | ||||
| Hanwha Corp. Preference Shares | 161,307 | 2,029 | ||||
| * | KH Vatec Co. Ltd. | 107,165 | 2,018 | |||
| * | Korea Line Corp. | 709,244 | 1,987 | |||
| * | Ananti Inc. | 266,330 | 1,983 | |||
| * | Insun ENT Co. Ltd. | 191,100 | 1,975 | |||
| Hyosung Chemical Corp. | 13,518 | 1,950 | ||||
51
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
|
Shares |
Market
|
|||||
| INTOPS Co. Ltd. | 69,896 | 1,944 | ||||
| Daea TI Co. Ltd. | 359,056 | 1,913 | ||||
| Grand Korea Leisure Co. Ltd. | 124,199 | 1,913 | ||||
| * | Taihan Electric Wire Co. Ltd. | 1,508,562 | 1,905 | |||
| LIG Nex1 Co. Ltd. | 67,713 | 1,903 | ||||
| HS Industries Co. Ltd. | 286,809 | 1,886 | ||||
| * | Anterogen Co. Ltd. | 32,535 | 1,871 | |||
| Green Cross Cell Corp. | 39,247 | 1,853 | ||||
| * | Feelux Co. Ltd. | 488,899 | 1,846 | |||
| Wemade Co. Ltd. | 51,776 | 1,840 | ||||
| * | Samsung Pharmaceutical Co. Ltd. | 329,251 | 1,837 | |||
| SK Gas Ltd. | 18,993 | 1,832 | ||||
| Kwang Dong Pharmaceutical Co. Ltd. | 193,657 | 1,832 | ||||
| * | Korea Real Estate Investment & Trust Co. Ltd. | 972,620 | 1,810 | |||
| * | Peptron Inc. | 119,458 | 1,808 | |||
| KC Tech Co. Ltd. | 63,275 | 1,795 | ||||
| Hansae Co. Ltd. | 110,958 | 1,791 | ||||
| Dongwon Industries Co. Ltd. | 8,655 | 1,774 | ||||
| ^ | Shinhan Financial Group Co. Ltd. ADR | 58,558 | 1,743 | |||
| * | Doosan Co. Ltd. | 35,752 | 1,728 | |||
| * | Hancom Inc. | 98,567 | 1,715 | |||
| Modetour Network Inc. | 89,442 | 1,695 | ||||
| * | Hanwha General Insurance Co. Ltd. | 478,779 | 1,692 | |||
| * | Stcube | 178,517 | 1,679 | |||
| Binggrae Co. Ltd. | 31,845 | 1,676 | ||||
| * | KCC Glass Corp. | 49,308 | 1,674 | |||
| * | Innox Advanced Materials Co. Ltd. | 39,730 | 1,670 | |||
| Halla Holdings Corp. | 47,325 | 1,632 | ||||
| * | Aprogen pharmaceuticals Inc. | 1,345,802 | 1,632 | |||
| i-SENS Inc. | 58,739 | 1,625 | ||||
| SK Securities Co. Ltd. | 2,192,004 | 1,622 | ||||
| * | Neowiz | 77,979 | 1,615 | |||
| ^ | Jusung Engineering Co. Ltd. | 212,874 | 1,611 | |||
| * | Namsun Aluminum Co. Ltd. | 371,961 | 1,611 | |||
| Advanced Process Systems Corp. | 69,357 | 1,589 | ||||
| Mirae Asset Life Insurance Co. Ltd. | 447,245 | 1,587 | ||||
| Meritz Financial Group Inc. | 175,036 | 1,583 | ||||
| ^ | Hyundai Bioland Co. Ltd. | 69,481 | 1,567 | |||
| * | Hansol Technics Co. Ltd. | 166,478 | 1,559 | |||
| * | Dentium Co. Ltd. | 41,087 | 1,557 | |||
| Orion Holdings Corp. | 127,512 | 1,551 | ||||
| Youlchon Chemical Co. Ltd. | 81,283 | 1,540 | ||||
| Songwon Industrial Co. Ltd. | 103,406 | 1,521 | ||||
| Kumho Industrial Co. Ltd. | 181,159 | 1,517 | ||||
| Young Poong Corp. | 3,038 | 1,506 | ||||
| * | Yuanta Securities Korea Co. Ltd. | 531,497 | 1,499 | |||
| Hanil Cement Co. Ltd. | 15,268 | 1,477 | ||||
| SL Corp. | 98,389 | 1,475 | ||||
| * | Hanwha Investment & Securities Co. Ltd. | 712,719 | 1,445 | |||
| LF Corp. | 105,084 | 1,424 | ||||
| Taeyoung Engineering & Construction Co. Ltd. | 129,791 | 1,413 | ||||
| Harim Holdings Co. Ltd. | 169,902 | 1,411 | ||||
| Eugene Investment & Securities Co. Ltd. | 380,747 | 1,388 | ||||
| ^ | Sangsangin Co. Ltd. | 233,930 | 1,384 | |||
| Sungwoo Hitech Co. Ltd. | 256,964 | 1,351 | ||||
| CJ CheilJedang Corp. Preference Shares | 8,708 | 1,345 | ||||
| Hansol Paper Co. Ltd. | 105,300 | 1,345 | ||||
| Daishin Securities Co. Ltd. Preference Shares | 143,638 | 1,344 | ||||
| ICD Co. Ltd. | 79,230 | 1,337 | ||||
| Maeil Dairies Co. Ltd. | 20,547 | 1,323 | ||||
| Toptec Co. Ltd. | 116,323 | 1,320 | ||||
| Cuckoo Homesys Co. Ltd. | 36,463 | 1,314 | ||||
| Nexen Tire Corp. | 230,574 | 1,314 | ||||
| Korea Asset In Trust Co. Ltd. | 357,814 | 1,299 | ||||
52
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
|
Shares |
Market
|
|||||
| * | Dongsung Pharmaceutical Co. Ltd. | 110,312 | 1,267 | |||
| KEPCO Engineering & Construction Co. Inc. | 76,726 | 1,264 | ||||
| Samyang Corp. | 22,461 | 1,249 | ||||
| * | Vidente Co. Ltd. | 171,765 | 1,247 | |||
| Tongyang Inc. | 1,135,709 | 1,246 | ||||
| Soulbrain Holdings Co. Ltd. | 29,927 | 1,246 | ||||
| *,^ | Inscobee Inc. | 628,890 | 1,224 | |||
| Dongwon F&B Co. Ltd. | 7,333 | 1,209 | ||||
| JW Holdings Corp. | 221,572 | 1,192 | ||||
| * | Wonik Holdings Co. Ltd. | 202,877 | 1,186 | |||
| * | Interflex Co. Ltd. | 72,908 | 1,168 | |||
| * | Lutronic Corp. | 131,610 | 1,166 | |||
| Vieworks Co. Ltd. | 41,458 | 1,160 | ||||
| Youngone Holdings Co. Ltd. | 33,272 | 1,157 | ||||
| GOLFZON Co. Ltd. | 18,018 | 1,151 | ||||
| Seobu T&D | 164,221 | 1,144 | ||||
| KC Co. Ltd. | 44,827 | 1,144 | ||||
| InBody Co. Ltd. | 70,586 | 1,128 | ||||
| *,^ | CUROCOM Co. Ltd. | 590,197 | 1,108 | |||
| NS Shopping Co. Ltd. | 97,273 | 1,084 | ||||
| Samchully Co. Ltd. | 14,365 | 1,078 | ||||
| Kolmar Korea Holdings Co. Ltd. | 42,246 | 1,011 | ||||
| Namhae Chemical Corp. | 132,560 | 1,004 | ||||
| * | Lock&Lock Co. Ltd. | 106,002 | 993 | |||
| iMarketKorea Inc. | 122,050 | 983 | ||||
| * | Gamevil Inc. | 28,917 | 983 | |||
| Hankook Shell Oil Co. Ltd. | 4,121 | 981 | ||||
| Aekyung Industrial Co. Ltd. | 43,393 | 980 | ||||
| Dae Han Flour Mills Co. Ltd. | 6,231 | 953 | ||||
| KISCO Corp. | 158,153 | 953 | ||||
| KTB Investment & Securities Co. Ltd. | 322,563 | 948 | ||||
| Dae Hwa Pharmaceutical Co. Ltd. | 65,917 | 938 | ||||
| SPC Samlip Co. Ltd. | 13,957 | 926 | ||||
| Huons Global Co. Ltd. | 33,762 | 911 | ||||
| * | POSCO Chemical Co. Ltd. Rights Exp. 01/14/2021 | 32,407 | 908 | |||
| Lotte Confectionery Co. Ltd. | 9,366 | 881 | ||||
| Kolon Corp. | 43,765 | 880 | ||||
| * | Hansol Holdings Co. Ltd. | 257,533 | 875 | |||
| BGF Co. Ltd. | 193,806 | 874 | ||||
| KT Skylife Co. Ltd. | 103,629 | 842 | ||||
| KISWIRE Ltd. | 61,779 | 837 | ||||
| * | Able C&C Co. Ltd. | 120,276 | 821 | |||
| Hyundai Livart Furniture Co. Ltd. | 53,890 | 793 | ||||
| Lotte Food Co. Ltd. | 2,595 | 792 | ||||
| Namyang Dairy Products Co. Ltd. | 3,014 | 791 | ||||
| E1 Corp. | 19,205 | 790 | ||||
| Interpark Corp. | 379,096 | 751 | ||||
| Seah Besteel Corp. | 76,256 | 745 | ||||
| Sung Kwang Bend Co. Ltd. | 107,988 | 729 | ||||
| ^ | Kyobo Securities Co. Ltd. | 103,347 | 728 | |||
| DB Financial Investment Co. Ltd. | 167,685 | 720 | ||||
| Woongjin Thinkbig Co. Ltd. | 280,495 | 712 | ||||
| AK Holdings Inc. | 30,661 | 711 | ||||
| Humedix Co. Ltd. | 32,250 | 707 | ||||
| Hanil Holdings Co. Ltd. | 70,305 | 706 | ||||
| TK Corp. | 98,388 | 694 | ||||
| Cell Biotech Co. Ltd. | 31,477 | 682 | ||||
| * | Coreana Cosmetics Co. Ltd. | 148,739 | 680 | |||
| Cuckoo Holdings Co. Ltd. | 7,240 | 666 | ||||
| Sam Young Electronics Co. Ltd. | 66,608 | 626 | ||||
| Hyundai Corp. | 42,262 | 622 | ||||
| * | Byucksan Corp. | 263,447 | 609 | |||
| Tongyang Life Insurance Co. Ltd. | 187,336 | 608 | ||||
| Daekyo Co. Ltd. | 177,908 | 604 | ||||
53
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
|
Shares |
Market
|
|||||
| *,^,§ | Cellumed Co. Ltd. | 109,221 | 601 | |||
| CJ Freshway Corp. | 33,552 | 590 | ||||
| * | Muhak Co. Ltd. | 87,541 | 580 | |||
| LG HelloVision Co. Ltd. | 155,972 | 558 | ||||
| Daeduck Co. Ltd. | 85,865 | 553 | ||||
| Sindoh Co. Ltd. | 22,140 | 541 | ||||
| * | Eusu Holdings Co. Ltd. | 102,233 | 541 | |||
| *,^ | Homecast Co. Ltd. | 189,088 | 525 | |||
| * | Agabang&Company | 166,714 | 511 | |||
| S&T Dynamics Co. Ltd. | 93,447 | 507 | ||||
| * | SBS Media Holdings Co. Ltd. | 284,727 | 488 | |||
| *,^ | GNCO Co. Ltd. | 494,396 | 486 | |||
| *,§ | Yuyang DNU Co. Ltd. | 336,958 | 378 | |||
| *,§ | APAM Corp. | 100,608 | 188 | |||
| * | COSON Co. Ltd. | 22,075 | 90 | |||
| KB Financial Group Inc. ADR | 1,473 | 58 | ||||
| * | DL E&C Co. Ltd. | 95,893 | — | |||
| 7,730,184 | ||||||
| Spain (2.0%) | ||||||
| * | Iberdrola SA | 37,981,510 | 545,809 | |||
| * | Banco Santander SA | 109,531,772 | 341,559 | |||
| Industria de Diseno Textil SA | 6,722,666 | 213,378 | ||||
| Banco Bilbao Vizcaya Argentaria SA | 42,626,924 | 211,286 | ||||
| Amadeus IT Group SA | 2,723,080 | 201,012 | ||||
| 1 | Cellnex Telecom SA | 2,183,779 | 131,143 | |||
| * | Telefonic SA (XMAD) | 30,203,380 | 120,139 | |||
| * | Repsol SA | 8,597,462 | 86,612 | |||
| * | Ferrovial SA | 3,108,659 | 85,956 | |||
| *,1 | Aena SME SA | 449,717 | 78,183 | |||
| ^ | Grifols SA | 2,115,622 | 61,769 | |||
| CaixaBank SA | 22,940,974 | 58,965 | ||||
| Siemens Gamesa Renewable Energy SA | 1,431,226 | 58,117 | ||||
| Red Electrica Corp. SA | 2,753,315 | 56,529 | ||||
| ^ | Endesa SA | 2,031,380 | 55,719 | |||
| ACS Actividades de Construccion y Servicios SA | 1,430,219 | 47,517 | ||||
| Naturgy Energy Group SA | 1,868,465 | 43,450 | ||||
| ^ | Enagas SA | 1,589,038 | 34,959 | |||
| Bankinter SA | 4,377,012 | 23,742 | ||||
| Acciona SA | 146,584 | 20,975 | ||||
| Inmobiliaria Colonial Socimi SA | 2,072,499 | 20,465 | ||||
| Merlin Properties Socimi SA | 2,115,307 | 20,170 | ||||
| Viscofan SA | 248,041 | 17,559 | ||||
| Banco de Sabadell SA | 35,854,037 | 15,516 | ||||
| Bankia SA | 7,656,021 | 13,629 | ||||
| ^ | Mapfre SA | 6,306,434 | 12,325 | |||
| Acerinox SA | 1,079,566 | 11,956 | ||||
| Ebro Foods SA | 489,399 | 11,314 | ||||
| * | Solaria Energia y Medio Ambiente SA | 387,418 | 11,250 | |||
| * | Applus Services SA | 914,440 | 10,148 | |||
| Fluidra SA | 393,783 | 10,109 | ||||
| CIE Automotive SA | 336,470 | 9,065 | ||||
| Zardoya Otis SA | 1,140,574 | 8,012 | ||||
| Cia de Distribucion Integral Logista Holdings SA | 404,623 | 7,863 | ||||
| Faes Farma SA | 1,802,625 | 7,686 | ||||
| Pharma Mar SA | 87,401 | 7,641 | ||||
| * | Indra Sistemas SA | 793,542 | 6,786 | |||
| * | Telefonic SA (Interim Line) | 1,689,937 | 6,699 | |||
| 1 | Euskaltel SA | 621,369 | 6,598 | |||
| Almirall SA | 463,209 | 6,166 | ||||
| *,1 | Neinor Homes SA | 459,840 | 6,103 | |||
| * | Construcciones y Auxiliar de Ferrocarriles SA | 117,833 | 5,627 | |||
| * | Sacyr SA | 2,264,603 | 5,596 | |||
| * | Mediaset Espana Comunicacion SA | 970,245 | 5,043 | |||
| 1 | Gestamp Automocion SA | 993,990 | 4,812 | |||
54
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
|
Shares |
Market
|
|||||
| * | Melia Hotels International SA | 645,070 | 4,493 | |||
| Prosegur Cia de Seguridad SA | 1,478,686 | 4,436 | ||||
| *,1 | Unicaja Banco SA | 4,963,928 | 4,362 | |||
| *,1 | Aedas Homes SA | 133,618 | 3,425 | |||
| 1 | Global Dominion Access SA | 737,970 | 3,387 | |||
| * | Ence Energia y Celulosa SA | 809,889 | 3,357 | |||
| * | Repsol SA Rights Exp. 01/08/2021 | 9,165,480 | 3,143 | |||
| * | Promotora de Informaciones SA | 2,634,473 | 2,875 | |||
| * | Tecnicas Reunidas SA | 192,590 | 2,554 | |||
| * | Liberbank SA | 8,262,551 | 2,543 | |||
| 1 | Prosegur Cash SA | 2,467,802 | 2,406 | |||
| Lar Espana Real Estate Socimi SA | 398,686 | 2,277 | ||||
| *,1 | Metrovacesa SA | 288,532 | 2,120 | |||
| * | Atresmedia Corp. de Medios de Comunicacion SA | 519,052 | 1,825 | |||
| * | Distribuidora Internacional de Alimentacion SA | 10,091,867 | 1,411 | |||
| *,^ | NH Hotel Group SA | 157,953 | 661 | |||
| * | Faes Farma SA (Interim Line) | 85,839 | 366 | |||
| 2,770,598 | ||||||
| Sweden (3.1%) | ||||||
| Telefonaktiebolaget LM Ericsson Class B | 19,177,154 | 228,121 | ||||
| * | Volvo AB Class B | 9,176,289 | 217,231 | |||
| Investor AB Class B | 2,908,003 | 211,654 | ||||
| Atlas Copco AB Class A | 3,970,336 | 204,061 | ||||
| * | Sandvik AB | 6,891,986 | 169,981 | |||
| Hexagon AB Class B | 1,632,335 | 149,656 | ||||
| Assa Abloy AB Class B | 5,871,151 | 145,088 | ||||
| Essity AB Class B | 3,890,361 | 125,344 | ||||
| * | Hennes & Mauritz AB Class B | 5,614,935 | 117,869 | |||
| * | Swedbank AB Class A | 6,421,931 | 112,643 | |||
| Atlas Copco AB Class B | 2,483,569 | 111,481 | ||||
| 1 | Evolution Gaming Group AB | 999,647 | 100,499 | |||
| * | Svenska Handelsbanken AB Class A | 9,449,303 | 95,249 | |||
| * | Skandinaviska Enskilda Banken AB Class A | 9,111,345 | 93,824 | |||
| * | Kinnevik AB | 1,529,106 | 76,817 | |||
| Swedish Match AB | 981,594 | 76,388 | ||||
| Epiroc AB Class A | 4,011,900 | 72,915 | ||||
| Telia Co. AB | 16,400,248 | 67,731 | ||||
| * | Svenska Cellulosa AB SCA Class B | 3,788,919 | 66,246 | |||
| Nibe Industrier AB Class B | 1,912,800 | 62,728 | ||||
| Boliden AB | 1,748,650 | 62,038 | ||||
| SKF AB | 2,378,758 | 61,894 | ||||
| Investor AB Class A | 846,612 | 61,318 | ||||
| Skanska AB Class B | 2,284,505 | 58,218 | ||||
| * | Alfa Laval AB | 2,004,429 | 55,355 | |||
| Tele2 AB | 3,409,971 | 45,107 | ||||
| * | Industrivarden AB Class A | 1,323,511 | 44,096 | |||
| Castellum AB | 1,720,931 | 43,868 | ||||
| *,1 | Sinch AB | 256,649 | 41,738 | |||
| Epiroc AB Class B | 2,414,249 | 40,757 | ||||
| * | Indutrade AB | 1,785,567 | 38,222 | |||
| * | Industrivarden AB Class C | 1,073,150 | 34,687 | |||
| * | Trelleborg AB Class B | 1,551,804 | 34,469 | |||
| Electrolux AB Class B | 1,469,684 | 34,195 | ||||
| Husqvarna AB | 2,598,735 | 33,726 | ||||
| Getinge AB | 1,425,628 | 33,362 | ||||
| Lundin Energy AB | 1,205,869 | 32,682 | ||||
| EQT AB | 1,285,898 | 32,641 | ||||
| * | Fastighets AB Balder Class B | 618,852 | 32,313 | |||
| Securitas AB Class B | 1,974,005 | 31,848 | ||||
| Elekta AB Class B | 2,288,955 | 30,665 | ||||
| * | Volvo AB Class A | 1,270,126 | 30,270 | |||
| Holmen AB | 613,733 | 29,432 | ||||
| Lifco AB Class B | 289,962 | 27,741 | ||||
| Fabege AB | 1,684,650 | 26,616 | ||||
55
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
|
Shares |
Market
|
|||||
| * | L E Lundbergforetagen AB Class B | 471,124 | 25,275 | |||
| *,1 | Dometic Group AB | 1,892,472 | 25,097 | |||
| *,1 | Thule Group AB | 669,633 | 25,054 | |||
| ICA Gruppen AB | 494,385 | 24,729 | ||||
| Beijer Ref AB Class B | 518,041 | 23,703 | ||||
| * | Nordic Entertainment Group AB Class B | 416,814 | 23,323 | |||
| Sweco AB Class B | 1,268,474 | 23,247 | ||||
| * | Swedish Orphan Biovitrum AB | 1,144,633 | 23,035 | |||
| Avanza Bank Holding AB | 784,281 | 22,256 | ||||
| AAK AB | 1,086,680 | 21,973 | ||||
| ^ | Samhallsbyggnadsbolaget i Norden AB (Ordinary Shares) | 6,124,309 | 21,437 | |||
| BillerudKorsnas AB | 1,120,391 | 19,718 | ||||
| Wihlborgs Fastigheter AB | 844,996 | 19,099 | ||||
| * | AF Poyry AB | 617,017 | 18,855 | |||
| Investment AB Latour Class B | 768,788 | 18,622 | ||||
| * | Saab AB Class B | 589,145 | 17,142 | |||
| 1 | Bravida Holding AB | 1,285,125 | 17,087 | |||
| Hexpol AB | 1,580,299 | 16,920 | ||||
| Wallenstam AB | 1,036,596 | 16,474 | ||||
| AddTech AB | 1,208,284 | 16,058 | ||||
| JM AB | 444,517 | 15,674 | ||||
| Axfood AB | 667,335 | 15,546 | ||||
| * | Sectra AB Class B | 165,023 | 14,611 | |||
| * | Peab AB Class B | 1,270,861 | 13,844 | |||
| Loomis AB Class B | 481,359 | 13,274 | ||||
| ^ | Kungsleden AB | 1,204,522 | 13,204 | |||
| Mycronic AB | 441,183 | 13,104 | ||||
| Bure Equity AB | 350,314 | 12,459 | ||||
| * | SSAB AB Class B | 3,807,743 | 12,069 | |||
| Hufvudstaden AB Class A | 703,276 | 11,634 | ||||
| Intrum AB | 431,471 | 11,251 | ||||
| * | Nyfosa AB | 1,124,596 | 11,235 | |||
| * | Nolato AB Class B | 110,458 | 11,168 | |||
| NCC AB Class B | 607,585 | 11,029 | ||||
| Arjo AB | 1,433,582 | 11,010 | ||||
| * | Vitrolife AB | 404,574 | 10,593 | |||
| * | Pandox AB Class B | 565,350 | 9,920 | |||
| Lindab International AB | 438,937 | 9,105 | ||||
| * | Electrolux Professional AB Class B | 1,453,592 | 8,321 | |||
| * | Hansa Biopharma AB | 284,419 | 8,282 | |||
| Klovern AB | 4,016,711 | 7,652 | ||||
| Catena AB | 161,736 | 7,601 | ||||
| * | Modern Times Group MTG AB Class B | 412,702 | 7,337 | |||
| * | Biotage AB | 418,500 | 7,045 | |||
| * | Betsson AB | 765,806 | 6,835 | |||
| *,1 | Munters Group AB | 676,351 | 6,808 | |||
| Atrium Ljungberg AB | 294,819 | 6,252 | ||||
| * | Bilia AB | 501,065 | 6,134 | |||
| Ratos AB | 1,258,152 | 5,865 | ||||
| * | Nobia AB | 730,741 | 5,856 | |||
| * | SSAB AB Class A | 1,534,346 | 5,439 | |||
| Concentric AB | 239,277 | 5,346 | ||||
| * | Bonava AB | 548,805 | 5,244 | |||
| Dios Fastigheter AB | 544,903 | 5,091 | ||||
| *,^ | SAS AB | 22,586,254 | 5,006 | |||
| *,1 | Resurs Holding AB | 895,867 | 4,883 | |||
| Cloetta AB | 1,337,923 | 3,975 | ||||
| Klovern AB Preference Shares | 99,359 | 3,865 | ||||
| *,^,1 | Scandic Hotels Group AB | 849,108 | 3,588 | |||
| *,1 | Attendo AB | 655,818 | 3,541 | |||
| * | SkiStar AB | 258,668 | 3,370 | |||
| Telefonaktiebolaget LM Ericsson Class A | 260,893 | 3,337 | ||||
| *,^ | Svenska Handelsbanken AB Class B | 282,362 | 3,147 | |||
| * | Karo Pharma AB | 492,177 | 3,138 | |||
56
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
|
Shares |
Market
|
|||||
| * | Adapteo Oyj | 264,288 | 3,061 | |||
| * | Mekonomen AB | 265,460 | 2,939 | |||
| Investment AB Oresund | 185,469 | 2,805 | ||||
| Sagax AB | 675,951 | 2,643 | ||||
| * | Svenska Cellulosa AB SCA Class A | 142,409 | 2,566 | |||
| ^ | Clas Ohlson AB | 254,868 | 2,424 | |||
| * | Skandinaviska Enskilda Banken AB Class C | 199,111 | 2,126 | |||
| SKF AB Class A | 76,818 | 1,995 | ||||
| *,^ | Collector AB | 535,969 | 1,571 | |||
| Samhallsbyggnadsbolaget i Norden AB | 293,516 | 1,075 | ||||
| * | Annehem Fastigheter AB Class B | 254,172 | 978 | |||
| Sagax AB Preference Shares | 132,815 | 575 | ||||
| NCC AB Class A | 21,615 | 390 | ||||
| 4,310,724 | ||||||
| Switzerland (7.6%) | ||||||
| Nestle SA | 17,828,756 | 2,107,561 | ||||
| Roche Holding AG | 4,454,928 | 1,551,645 | ||||
| Novartis AG | 13,751,476 | 1,294,811 | ||||
| Zurich Insurance Group AG | 953,618 | 401,875 | ||||
| ABB Ltd. | 11,424,443 | 320,447 | ||||
| Lonza Group AG | 474,220 | 305,477 | ||||
| UBS Group AG | 21,447,741 | 301,981 | ||||
| Cie Financiere Richemont SA | 3,262,781 | 294,766 | ||||
| Givaudan SA | 59,022 | 249,712 | ||||
| Sika AG | 887,309 | 241,874 | ||||
| * | Alcon Inc. | 2,935,075 | 194,878 | |||
| Credit Suisse Group AG | 14,945,710 | 192,962 | ||||
| Swiss Re AG | 1,798,084 | 169,403 | ||||
| Partners Group Holding AG | 143,951 | 169,148 | ||||
| LafargeHolcim Ltd. (XVTX) | 2,639,977 | 144,903 | ||||
| Geberit AG | 227,441 | 142,372 | ||||
| SGS SA | 37,685 | 113,597 | ||||
| Swiss Life Holding AG | 201,796 | 94,132 | ||||
| Logitech International SA | 938,057 | 91,081 | ||||
| Swisscom AG | 162,942 | 87,750 | ||||
| * | Sonova Holding AG | 336,761 | 87,589 | |||
| Julius Baer Group Ltd. | 1,381,407 | 79,585 | ||||
| Straumann Holding AG | 64,515 | 75,574 | ||||
| Kuehne & Nagel International AG | 320,950 | 72,830 | ||||
| Schindler Holding AG | 253,816 | 68,641 | ||||
| Adecco Group AG | 986,078 | 65,676 | ||||
| Chocoladefabriken Lindt & Spruengli AG (Registered) | 652 | 65,487 | ||||
| Chocoladefabriken Lindt & Spruengli AG | 6,287 | 61,281 | ||||
| Roche Holding AG (Bearer) | 170,436 | 59,641 | ||||
| Temenos AG | 387,090 | 53,933 | ||||
| Vifor Pharma AG | 330,234 | 51,904 | ||||
| Baloise Holding AG | 285,886 | 50,794 | ||||
| Swatch Group AG (Bearer) | 186,114 | 50,594 | ||||
| * | SIG Combibloc Group AG | 2,034,577 | 47,372 | |||
| Swiss Prime Site AG | 479,837 | 47,039 | ||||
| Barry Callebaut AG | 19,271 | 45,925 | ||||
| EMS-Chemie Holding AG | 45,313 | 43,589 | ||||
| 1 | VAT Group AG | 164,059 | 41,065 | |||
| Tecan Group AG | 75,700 | 37,130 | ||||
| PSP Swiss Property AG | 274,886 | 36,620 | ||||
| * | ams AG | 1,621,603 | 35,334 | |||
| Schindler Holding AG (Registered) | 127,763 | 34,534 | ||||
| LafargeHolcim Ltd. (XPAR) | 635,227 | 34,469 | ||||
| Georg Fischer AG | 26,166 | 33,770 | ||||
| Clariant AG | 1,443,454 | 30,624 | ||||
| Belimo Holding AG | 2,951 | 25,637 | ||||
| Helvetia Holding AG | 221,794 | 23,427 | ||||
| Cembra Money Bank AG | 187,623 | 22,725 | ||||
| * | Dufry AG | 347,438 | 21,887 | |||
57
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
|
Shares |
Market
|
|||||
| * | Flughafen Zurich AG | 121,108 | 21,368 | |||
| * | Idorsia Ltd. | 719,083 | 20,751 | |||
| Allreal Holding AG | 90,241 | 20,722 | ||||
| 1 | Galenica AG | 308,164 | 20,465 | |||
| Banque Cantonale Vaudoise | 179,754 | 19,566 | ||||
| Bucher Industries AG | 41,388 | 18,983 | ||||
| Siegfried Holding AG | 25,323 | 18,637 | ||||
| * | Softwareone Holding AG | 619,550 | 18,331 | |||
| DKSH Holding AG | 227,085 | 17,014 | ||||
| Bachem Holding AG | 35,765 | 15,995 | ||||
| * | Zur Rose Group AG | 48,378 | 15,523 | |||
| Swatch Group AG (Registered) | 281,681 | 14,865 | ||||
| ^ | Stadler Rail AG | 312,622 | 14,282 | |||
| Vontobel Holding AG | 176,547 | 14,035 | ||||
| Daetwyler Holding AG | 47,029 | 13,654 | ||||
| Mobimo Holding AG | 41,527 | 13,408 | ||||
| BKW AG | 114,953 | 12,953 | ||||
| SFS Group AG | 108,245 | 12,897 | ||||
| Emmi AG | 12,422 | 12,801 | ||||
| OC Oerlikon Corp. AG | 1,221,981 | 12,679 | ||||
| Landis&Gyr Group AG | 154,459 | 12,134 | ||||
| Sulzer AG | 111,650 | 11,808 | ||||
| Forbo Holding AG | 6,631 | 11,415 | ||||
| Inficon Holding AG | 12,271 | 11,241 | ||||
| ^ | dormakaba Holding AG | 19,283 | 10,949 | |||
| Interroll Holding AG | 3,531 | 10,776 | ||||
| Comet Holding AG | 47,843 | 10,751 | ||||
| Conzzeta AG | 8,240 | 10,134 | ||||
| Schweiter Technologies AG | 5,991 | 9,983 | ||||
| Valiant Holding AG | 99,884 | 9,732 | ||||
| Huber & Suhner AG | 109,953 | 8,636 | ||||
| St. Galler Kantonalbank AG | 17,670 | 8,344 | ||||
| Kardex Holding AG | 37,076 | 8,170 | ||||
| VZ Holding AG | 86,235 | 7,905 | ||||
| Berner Kantonalbank AG | 28,746 | 7,408 | ||||
| Burckhardt Compression Holding AG | 20,219 | 7,016 | ||||
| LEM Holding SA | 3,012 | 5,903 | ||||
| Vetropack Holding AG | 79,660 | 5,378 | ||||
| Swissquote Group Holding SA | 54,945 | 5,339 | ||||
| Intershop Holding AG | 7,177 | 4,996 | ||||
| ALSO Holding AG | 16,998 | 4,837 | ||||
| * | Aryzta AG | 5,904,100 | 4,619 | |||
| *,^ | COSMO Pharmaceuticals NV | 46,257 | 4,442 | |||
| * | Komax Holding AG | 22,332 | 4,435 | |||
| * | Arbonia AG | 272,208 | 4,389 | |||
| Liechtensteinische Landesbank AG | 69,818 | 4,129 | ||||
| *,^ | Basilea Pharmaceutica AG | 67,911 | 4,076 | |||
| * | Valora Holding AG | 20,757 | 4,068 | |||
| Zehnder Group AG | 60,721 | 4,029 | ||||
| *,1 | Medacta Group SA | 39,873 | 3,948 | |||
| * | Ascom Holding AG | 230,411 | 3,433 | |||
| * | Autoneum Holding AG | 18,608 | 3,402 | |||
| Ypsomed Holding AG | 20,185 | 3,387 | ||||
| Bell Food Group AG | 12,163 | 3,277 | ||||
| Bossard Holding AG | 16,172 | 3,265 | ||||
| EFG International AG | 485,563 | 3,200 | ||||
| Bobst Group SA | 48,581 | 2,932 | ||||
| u-blox Holding AG | 41,824 | 2,782 | ||||
| Leonteq AG | 68,748 | 2,698 | ||||
| Implenia AG | 94,660 | 2,566 | ||||
| * | GAM Holding AG | 1,023,926 | 2,523 | |||
| * | Hiag Immobilien Holding AG | 18,884 | 2,339 | |||
| Rieter Holding AG | 19,112 | 2,093 | ||||
| VP Bank AG | 15,160 | 1,920 | ||||
58
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
|
Shares |
Market
|
|||||
| * | APG SGA SA | 6,792 | 1,511 | |||
| BB Biotech AG | 160 | 13 | ||||
| 10,466,311 | ||||||
| United Kingdom (12.4%) | ||||||
| AstraZeneca plc | 8,401,800 | 837,773 | ||||
| * | HSBC Holdings plc | 130,397,669 | 673,537 | |||
| Diageo plc | 14,678,097 | 580,795 | ||||
| GlaxoSmithKline plc | 31,541,225 | 577,141 | ||||
| Unilever plc (XAMS) | 9,376,176 | 567,741 | ||||
| British American Tobacco plc | 14,245,910 | 529,050 | ||||
| Rio Tinto plc | 6,947,518 | 522,962 | ||||
| Royal Dutch Shell plc Class A | 26,219,024 | 459,788 | ||||
| BP plc | 126,902,418 | 437,908 | ||||
| Unilever plc (XLON) | 6,891,693 | 413,321 | ||||
| Royal Dutch Shell plc Class B | 23,782,136 | 403,077 | ||||
| Reckitt Benckiser Group plc | 4,035,694 | 360,203 | ||||
| BHP Group plc | 13,305,690 | 351,329 | ||||
| Prudential plc | 16,694,567 | 306,980 | ||||
| RELX plc | 11,896,372 | 291,074 | ||||
| Vodafone Group plc | 171,388,806 | 281,505 | ||||
| National Grid plc | 22,448,503 | 265,284 | ||||
| Anglo American plc | 7,868,476 | 259,835 | ||||
| London Stock Exchange Group plc | 2,014,308 | 248,640 | ||||
| * | Lloyds Banking Group plc | 450,309,754 | 224,506 | |||
| * | Barclays plc | 110,638,654 | 221,952 | |||
| Experian plc | 5,795,253 | 220,154 | ||||
| * | Glencore plc | 68,999,115 | 219,127 | |||
| Compass Group plc | 11,407,385 | 212,764 | ||||
| Tesco plc | 61,879,800 | 195,279 | ||||
| CRH plc (XLON) | 4,332,657 | 183,072 | ||||
| Ferguson plc | 1,438,347 | 174,760 | ||||
| * | Flutter Entertainment plc (XLON) | 808,057 | 167,155 | |||
| Legal & General Group plc | 37,942,601 | 138,279 | ||||
| BAE Systems plc | 20,579,730 | 137,242 | ||||
| SSE plc | 6,662,710 | 136,474 | ||||
| Ashtead Group plc | 2,861,907 | 134,799 | ||||
| Imperial Brands plc | 6,031,871 | 126,516 | ||||
| Smith & Nephew plc | 5,599,862 | 116,323 | ||||
| Aviva plc | 25,082,176 | 111,567 | ||||
| * | Standard Chartered plc | 16,564,345 | 105,183 | |||
| * | BT Group plc | 55,738,140 | 100,466 | |||
| Segro plc | 7,613,717 | 98,794 | ||||
| * | Ocado Group plc | 3,102,275 | 97,009 | |||
| 3i Group plc | 6,099,717 | 96,479 | ||||
| * | Rentokil Initial plc | 11,891,210 | 82,908 | |||
| WPP plc | 7,585,812 | 82,200 | ||||
| Halma plc | 2,420,919 | 81,077 | ||||
| Intertek Group plc | 1,033,876 | 79,857 | ||||
| * | Next plc | 813,237 | 78,418 | |||
| Croda International plc | 863,171 | 77,625 | ||||
| Persimmon plc | 2,027,701 | 76,531 | ||||
| * | InterContinental Hotels Group plc | 1,167,327 | 75,661 | |||
| * | Melrose Industries plc | 30,749,188 | 74,917 | |||
| Smurfit Kappa Group plc (XLON) | 1,578,259 | 73,999 | ||||
| Mondi plc | 3,106,542 | 72,792 | ||||
| Spirax-Sarco Engineering plc | 471,177 | 72,733 | ||||
| * | Rolls-Royce Holdings plc | 47,721,790 | 72,224 | |||
| Bunzl plc | 2,157,032 | 72,019 | ||||
| * | Informa plc | 9,558,400 | 71,472 | |||
| * | Associated British Foods plc | 2,221,323 | 68,583 | |||
| * | Natwest Group plc | 29,031,683 | 66,366 | |||
| * | Burberry Group plc | 2,564,125 | 62,616 | |||
| *,1 | Just Eat Takeaway.com NV (XLON) | 553,975 | 62,321 | |||
| RSA Insurance Group plc | 6,600,601 | 61,180 | ||||
59
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
|
Shares |
Market
|
|||||
| * | Barratt Developments plc | 6,466,904 | 59,121 | |||
| * | Entain plc | 3,707,479 | 57,506 | |||
| Sage Group plc | 6,972,651 | 55,365 | ||||
| * | Whitbread plc | 1,289,541 | 54,621 | |||
| Standard Life Aberdeen plc | 13,925,537 | 53,377 | ||||
| United Utilities Group plc | 4,357,515 | 53,297 | ||||
| Admiral Group plc | 1,333,150 | 52,715 | ||||
| St. James's Place plc | 3,381,072 | 52,319 | ||||
| * | Taylor Wimpey plc | 23,112,488 | 52,280 | |||
| Polymetal International plc | 2,265,805 | 52,159 | ||||
| Smiths Group plc | 2,533,067 | 52,103 | ||||
| * | Kingfisher plc | 13,492,017 | 49,855 | |||
| * | Rightmove plc | 5,538,518 | 49,209 | |||
| 1 | Auto Trader Group plc | 6,031,802 | 49,097 | |||
| Berkeley Group Holdings plc | 745,356 | 48,215 | ||||
| Hargreaves Lansdown plc | 2,291,661 | 47,717 | ||||
| Severn Trent plc | 1,527,045 | 47,671 | ||||
| * | Weir Group plc | 1,655,369 | 45,009 | |||
| M&G plc | 16,593,918 | 44,790 | ||||
| DCC plc | 629,446 | 44,541 | ||||
| ^ | Pearson plc | 4,796,304 | 44,022 | |||
| Antofagasta plc | 2,211,378 | 43,385 | ||||
| Intermediate Capital Group plc | 1,799,656 | 42,346 | ||||
| Land Securities Group plc | 4,549,018 | 42,015 | ||||
| * | DS Smith plc | 8,147,585 | 41,648 | |||
| Coca-Cola HBC AG | 1,245,218 | 40,324 | ||||
| Johnson Matthey plc | 1,212,777 | 40,180 | ||||
| British Land Co. plc | 5,902,679 | 39,533 | ||||
| B&M European Value Retail SA | 5,440,156 | 38,297 | ||||
| Direct Line Insurance Group plc | 8,726,927 | 38,169 | ||||
| Hikma Pharmaceuticals plc | 1,073,793 | 36,907 | ||||
| Pennon Group plc | 2,682,432 | 34,719 | ||||
| * | ITV plc | 23,810,371 | 34,696 | |||
| * | G4S plc | 9,892,833 | 34,363 | |||
| * | Howden Joinery Group plc | 3,642,655 | 34,315 | |||
| Wm Morrison Supermarkets plc | 14,170,263 | 34,288 | ||||
| Electrocomponents plc | 2,852,567 | 33,918 | ||||
| Phoenix Group Holdings plc | 3,473,927 | 33,291 | ||||
| Schroders plc | 716,912 | 32,688 | ||||
| * | JD Sports Fashion plc | 2,745,885 | 32,259 | |||
| J Sainsbury plc | 10,427,515 | 32,051 | ||||
| Games Workshop Group plc | 208,393 | 31,910 | ||||
| Bellway plc | 788,698 | 31,842 | ||||
| * | Meggitt plc | 4,975,841 | 31,642 | |||
| AVEVA Group plc | 722,502 | 31,544 | ||||
| Dechra Pharmaceuticals plc | 669,418 | 31,527 | ||||
| * | Travis Perkins plc | 1,612,750 | 29,692 | |||
| * | Hiscox Ltd. | 2,141,180 | 29,158 | |||
| * | UNITE Group plc | 2,030,669 | 29,009 | |||
| Spectris plc | 740,652 | 28,527 | ||||
| 1 | ConvaTec Group plc | 10,232,515 | 27,779 | |||
| * | Signature Aviation plc | 5,247,663 | 27,657 | |||
| Tate & Lyle plc | 2,988,083 | 27,533 | ||||
| IMI plc | 1,714,863 | 27,327 | ||||
| IG Group Holdings plc | 2,321,769 | 27,274 | ||||
| Derwent London plc | 641,533 | 27,265 | ||||
| * | Royal Mail plc | 5,856,610 | 26,993 | |||
| 1 | Avast plc | 3,536,959 | 25,971 | |||
| Tritax Big Box REIT plc | 10,873,312 | 24,982 | ||||
| * | William Hill plc | 6,692,048 | 24,640 | |||
| HomeServe plc | 1,757,192 | 24,604 | ||||
| Rotork plc | 5,562,651 | 24,197 | ||||
| Genus plc | 415,878 | 23,797 | ||||
| * | Centrica plc | 37,285,602 | 23,659 | |||
60
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
|
Shares |
Market
|
|||||
| Evraz plc | 3,689,471 | 23,579 | ||||
| 1 | Quilter plc | 11,164,479 | 23,382 | |||
| Diploma plc | 776,322 | 23,213 | ||||
| * | Marks & Spencer Group plc | 12,464,820 | 23,121 | |||
| * | Inchcape plc | 2,501,329 | 22,020 | |||
| * | IWG plc | 4,590,707 | 21,574 | |||
| *,1 | Countryside Properties plc | 3,297,762 | 21,029 | |||
| * | Hays plc | 9,961,046 | 19,541 | |||
| Beazley plc | 3,829,091 | 19,092 | ||||
| Britvic plc | 1,693,378 | 18,810 | ||||
| *,1 | Trainline plc | 2,957,434 | 18,803 | |||
| Fresnillo plc | 1,179,692 | 18,221 | ||||
| Close Brothers Group plc | 962,370 | 18,149 | ||||
| * | Vistry Group plc | 1,401,922 | 18,018 | |||
| * | John Wood Group plc | 4,251,884 | 17,936 | |||
| Assura plc | 16,768,467 | 17,648 | ||||
| * | Grafton Group plc | 1,396,527 | 17,644 | |||
| LondonMetric Property plc | 5,593,128 | 17,539 | ||||
| * | Renishaw plc | 219,656 | 17,321 | |||
| Pets at Home Group plc | 3,044,290 | 17,319 | ||||
| Primary Health Properties plc | 8,252,129 | 17,251 | ||||
| Man Group PLC | 9,126,969 | 17,234 | ||||
| UDG Healthcare plc | 1,610,648 | 17,192 | ||||
| Ashmore Group plc | 2,902,313 | 17,138 | ||||
| Victrex plc | 525,924 | 16,825 | ||||
| Grainger plc | 4,281,433 | 16,654 | ||||
| WH Smith plc | 804,667 | 16,594 | ||||
| * | Balfour Beatty plc | 4,372,834 | 16,185 | |||
| easyJet plc | 1,425,787 | 16,182 | ||||
| Carnival plc | 847,000 | 16,110 | ||||
| Cranswick plc | 329,892 | 15,853 | ||||
| QinetiQ Group plc | 3,586,249 | 15,678 | ||||
| * | Greggs plc | 636,765 | 15,581 | |||
| * | International Consolidated Airlines Group SA (London Shares) | 7,155,291 | 15,570 | |||
| Big Yellow Group plc | 1,034,348 | 15,497 | ||||
| Lancashire Holdings Ltd. | 1,544,542 | 15,320 | ||||
| SSP Group plc | 3,369,489 | 15,297 | ||||
| Computacenter plc | 454,619 | 15,224 | ||||
| *,1 | Wizz Air Holdings plc | 241,809 | 15,097 | |||
| Softcat plc | 795,090 | 14,956 | ||||
| Great Portland Estates plc | 1,626,559 | 14,878 | ||||
| Future plc | 621,261 | 14,726 | ||||
| * | Virgin Money UK plc | 7,919,773 | 14,584 | |||
| 1 | John Laing Group plc | 3,173,370 | 14,436 | |||
| Safestore Holdings plc | 1,303,232 | 13,929 | ||||
| OSB Group plc | 2,401,563 | 13,912 | ||||
| Spirent Communications plc | 3,826,271 | 13,833 | ||||
| ^ | TUI AG (XLON) | 2,170,457 | 13,633 | |||
| *,1 | Network International Holdings plc | 2,985,936 | 13,454 | |||
| British American Tobacco plc ADR | 358,284 | 13,432 | ||||
| *,1 | Ascential plc | 2,534,210 | 13,267 | |||
| Aggreko plc | 1,547,015 | 13,261 | ||||
| Synthomer plc | 2,141,896 | 13,142 | ||||
| Drax Group plc | 2,534,664 | 13,012 | ||||
| * | Marshalls plc | 1,267,298 | 12,965 | |||
| Domino's Pizza Group plc | 2,995,552 | 12,908 | ||||
| Plus500 Ltd. | 645,166 | 12,782 | ||||
| KAZ Minerals plc | 1,423,980 | 12,781 | ||||
| * | Serco Group plc | 7,753,208 | 12,730 | |||
| IntegraFin Holdings plc | 1,670,871 | 12,674 | ||||
| Ultra Electronics Holdings plc | 446,241 | 12,560 | ||||
| Shaftesbury plc | 1,590,597 | 12,403 | ||||
| Bodycote plc | 1,205,623 | 12,293 | ||||
| * | Pagegroup plc | 1,995,399 | 12,195 | |||
61
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
|
Shares |
Market
|
|||||
| Moneysupermarket.com Group plc | 3,329,556 | 11,892 | ||||
| TP ICAP plc | 3,626,846 | 11,793 | ||||
| Centamin plc | 6,947,126 | 11,760 | ||||
| * | Redrow plc | 1,464,051 | 11,421 | |||
| * | Polypipe Group plc | 1,381,516 | 11,280 | |||
| * | National Express Group plc | 3,467,747 | 11,261 | |||
| * | Savills plc | 851,720 | 11,114 | |||
| AJ Bell plc | 1,838,863 | 10,916 | ||||
| Investec plc | 4,237,066 | 10,889 | ||||
| Jupiter Fund Management plc | 2,788,864 | 10,781 | ||||
| Paragon Banking Group plc | 1,605,225 | 10,759 | ||||
| * | Playtech plc | 1,934,473 | 10,627 | |||
| * | Cairn Energy plc | 3,701,294 | 10,613 | |||
| *,^,1 | Aston Martin Lagonda Global Holdings plc | 384,525 | 10,583 | |||
| * | Micro Focus International plc | 1,818,343 | 10,462 | |||
| * | Dunelm Group plc | 625,400 | 10,355 | |||
| * | Dixons Carphone plc | 6,480,772 | 10,276 | |||
| * | AO World plc | 1,811,666 | 10,218 | |||
| Euromoney Institutional Investor plc | 684,613 | 10,003 | ||||
| Vesuvius plc | 1,350,714 | 9,880 | ||||
| Hill & Smith Holdings plc | 508,885 | 9,813 | ||||
| * | Mediclinic International plc | 2,520,804 | 9,739 | |||
| Capital & Counties Properties plc | 4,722,001 | 9,386 | ||||
| * | Oxford Instruments plc | 341,839 | 9,330 | |||
| Daily Mail & General Trust plc | 902,240 | 9,155 | ||||
| ^ | RHI Magnesita NV | 188,827 | 9,050 | |||
| Workspace Group plc | 858,465 | 9,037 | ||||
| * | Petropavlovsk plc | 19,263,207 | 8,545 | |||
| FDM Group Holdings plc | 550,626 | 8,511 | ||||
| * | Coats Group plc | 9,166,727 | 8,446 | |||
| ^ | Hammerson plc | 24,686,451 | 8,356 | |||
| * | Essentra plc | 1,916,528 | 8,044 | |||
| Telecom Plus plc | 405,249 | 7,935 | ||||
| *,1 | Watches of Switzerland Group plc | 1,001,670 | 7,934 | |||
| Sirius Real Estate Ltd. | 6,149,934 | 7,878 | ||||
| Avon Rubber plc | 182,135 | 7,870 | ||||
| * | Firstgroup plc | 7,722,004 | 7,852 | |||
| * | J D Wetherspoon plc | 511,823 | 7,830 | |||
| Gamesys Group plc | 502,834 | 7,828 | ||||
| Brewin Dolphin Holdings plc | 1,872,011 | 7,792 | ||||
| Rathbone Brothers plc | 368,174 | 7,749 | ||||
| Morgan Advanced Materials plc | 1,796,528 | 7,651 | ||||
| Sanne Group plc | 879,786 | 7,412 | ||||
| * | Frasers Group plc | 1,190,910 | 7,334 | |||
| Ferrexpo plc | 1,844,541 | 7,109 | ||||
| *,1 | Ibstock plc | 2,507,432 | 7,074 | |||
| Chemring Group plc | 1,806,889 | 7,035 | ||||
| * | Crest Nicholson Holdings plc | 1,576,366 | 7,029 | |||
| * | Indivior plc | 4,688,303 | 6,973 | |||
| * | Provident Financial plc | 1,634,539 | 6,849 | |||
| 1 | Airtel Africa plc | 6,571,133 | 6,777 | |||
| 888 Holdings plc | 1,695,704 | 6,637 | ||||
| * | Vectura Group plc | 3,829,153 | 6,513 | |||
| Ninety One plc | 2,054,447 | 6,509 | ||||
| * | Just Group plc | 6,638,676 | 6,394 | |||
| * | Energean plc | 636,769 | 6,260 | |||
| St. Modwen Properties plc | 1,139,187 | 6,259 | ||||
| * | Babcock International Group plc | 1,612,665 | 6,162 | |||
| Kainos Group plc | 354,308 | 5,913 | ||||
| Clarkson plc | 159,048 | 5,869 | ||||
| * | Elementis plc | 3,717,000 | 5,835 | |||
| NCC Group plc | 1,663,206 | 5,764 | ||||
| Redde Northgate plc | 1,567,298 | 5,715 | ||||
| * | Capita plc | 10,594,568 | 5,677 | |||
62
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
| Shares |
Market
Value ($000) |
|||||
| *,^ | Cineworld Group plc | 6,435,039 | 5,663 | |||
| * | Bytes Technology Group plc | 1,230,599 | 5,638 | |||
| TalkTalk Telecom Group plc | 4,218,524 | 5,631 | ||||
| *,1 | McCarthy & Stone plc | 3,423,292 | 5,623 | |||
| *,1 | TI Fluid Systems plc | 1,456,145 | 4,882 | |||
| * | Mitchells & Butlers plc | 1,392,673 | 4,591 | |||
| Greencore Group plc | 2,867,042 | 4,570 | ||||
| * | Halfords Group plc | 1,248,894 | 4,570 | |||
| UK Commercial Property REIT Ltd. | 4,740,635 | 4,488 | ||||
| Hochschild Mining plc | 1,569,558 | 4,473 | ||||
| Keller Group plc | 453,413 | 4,320 | ||||
| * | Marston's plc | 4,068,969 | 4,201 | |||
| * | Mitie Group plc | 7,388,646 | 4,156 | |||
| * | Bank of Georgia Group plc | 241,942 | 4,052 | |||
| *,1 | Spire Healthcare Group plc | 1,815,196 | 3,883 | |||
| * | TBC Bank Group plc | 223,083 | 3,806 | |||
| * | AG Barr plc | 533,397 | 3,781 | |||
| 1 | CMC Markets plc | 701,726 | 3,773 | |||
| PZ Cussons plc | 1,191,777 | 3,747 | ||||
| * | Go-Ahead Group plc | 276,307 | 3,736 | |||
| BMO Commercial Property Trust Ltd. | 3,360,495 | 3,675 | ||||
| Picton Property Income Ltd. | 3,544,845 | 3,640 | ||||
| *,^ | Tullow Oil plc | 8,811,685 | 3,556 | |||
| GoCo Group plc | 1,906,078 | 3,374 | ||||
| Helical plc | 649,566 | 3,324 | ||||
| * | Senior plc | 2,657,083 | 3,244 | |||
| *,1 | Equiniti Group plc | 2,107,845 | 3,184 | |||
| * | Petrofac Ltd. | 1,673,428 | 3,153 | |||
| *,^ | Calisen plc | 885,034 | 3,120 | |||
| * | Restaurant Group plc | 3,530,839 | 3,111 | |||
| Hunting plc | 918,020 | 2,790 | ||||
| Stagecoach Group plc | 2,611,043 | 2,632 | ||||
| Devro plc | 1,088,275 | 2,282 | ||||
| Redefine International plc | 1,669,839 | 2,176 | ||||
| Rank Group plc | 1,100,289 | 2,098 | ||||
| * | SIG plc | 4,218,154 | 1,817 | |||
| * | Premier Oil plc | 5,708,235 | 1,520 | |||
| * | Micro Focus International plc ADR | 264,847 | 1,512 | |||
| Smurfit Kappa Group plc (XDUB) | 28,206 | 1,318 | ||||
| *,^,1 | Funding Circle Holdings plc | 887,565 | 1,087 | |||
| *,1 | Bakkavor Group plc | 977,341 | 1,083 | |||
| 1 | Alfa Financial Software Holdings plc | 562,101 | 1,015 | |||
| * | C&C Group plc (XLON) | 90,929 | 283 | |||
| *,§,1 | Finablr plc | 1,120,022 | 169 | |||
| *,^,§ | Intu Properties plc | 5,470,032 | 133 | |||
| Glanbia plc (XLON) | 771 | 10 | ||||
| *,§ | Carillion plc | 2,500,529 | — | |||
| *,§ | NMC Health plc | 510,606 | — | |||
| 17,220,042 | ||||||
|
Total Common Stocks (Cost $109,834,055) |
136,889,349 |
|||||
| Coupon | |||||||||
| Temporary Cash Investments (1.9%) | |||||||||
| Money Market Fund (1.9%) | |||||||||
| 2,3 | Vanguard Market Liquidity Fund | 0.111% | 25,639,844 | 2,563,985 | |||||
| Face | |||||||||
| Maturity | Amount | ||||||||
| Date | ($000) | ||||||||
| U.S. Government and Agency Obligations (0.0%) | |||||||||
| 4 | United States Treasury Bill | 0.095% | 1/28/21 | 42,876 | 42,874 | ||||
63
Vanguard® Developed Markets Index Fund
Schedule of Investments
December 31, 2020
|
Market
Value ($000) |
|
| Total Temporary Cash Investments (Cost $2,606,267) | 2,606,859 |
| Total Investments (100.8%) (Cost $112,440,322) | 139,496,208 |
| Other Assets and Liabilities—Net (-0.8%) | (1,110,699) |
| Net Assets (100%) | 138,385,509 |
Cost is in $000
| * | Non-income-producing security. |
| ^ | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $1,618,877,000. |
| § | Security value determined using significant unobservable inputs. |
| 1 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2020, the aggregate value of these securities was $3,291,835,000, representing 2.4% 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 | Collateral of $1,709,320,000 was received for securities on loan. |
| 4 | Securities with a value of $42,874,000 have been segregated as initial margin for open futures contracts. |
| ADR—American Depositary Receipt. | |
| GDR—Global Depositary Receipt. | |
| REIT—Real Estate Investment Trust. |
64
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| © 2021 The Vanguard Group, Inc. | |
| All rights reserved. | |
| Vanguard Marketing Corporation, Distributor. | |
| SNA1270 022021 |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Vanguard Tax-Managed Funds and Shareholders of Vanguard Developed Markets Index Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments - investments summary of Vanguard Developed Markets Index Fund (one of the funds constituting Vanguard Tax-Managed Funds, referred to hereafter as the "Fund”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statement of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (included in Item 1 of this Form N-CSR) and the schedule of investments (included in Item 6 of this Form N-CSR) as of December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020 and the financial highlights for each of the five years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian and brokers and by agreement to the underlying ownership records of the transfer agent; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
February 16, 2021
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
PricewaterhouseCoopers LLP, Two Commerce Square, Suite 1800, 2001 Market Street, Philadelphia, PA 19103-7042 T: (267) 330 3000, F: (267) 330 3300, www.pwc.com/us
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. Vanguard Tax-Managed Balanced Fund,
Vanguard Tax-Managed Capital Appreciation Fund, and Vanguard Tax-Managed Small-Cap Fund. There were no other significant changes in the Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12: Disclosure of Securities Lending Activities for
Closed-End Management
Investment Companies.
Not applicable.
Item 13: Exhibits.
| (a) | Code of Ethics. |
| (b) | Certifications. |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
VANGUARD TAX-MANAGED FUNDS
BY: /s/ MORTIMER J. BUCKLEY*
___________________________
MORTIMER J. BUCKLEY
CHIEF EXECUTIVE OFFICER
Date: February 19, 2021
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
VANGUARD TAX-MANAGED FUNDS
BY: /s/ MORTIMER J. BUCKLEY*
___________________________
MORTIMER J. BUCKLEY
CHIEF EXECUTIVE OFFICER
Date: February 19, 2021
VANGUARD TAX-MANAGED FUNDS
BY: /s/ JOHN BENDL*
___________________________
JOHN BENDL
CHIEF FINANCIAL OFFICER
Date: February 19, 2021
* By: /s/ Anne E. Robinson
Anne E. Robinson, pursuant to a Power of Attorney filed on December 18, 2020 (see File Number 33-64845), Incorporated by Reference